0001569187-24-000012 | 10-K | XBRL Viewer | Armada Hoffler Properties INC

Print Document View Excel Document

Construction Contracts - Schedule of Balances and Changes of Construction Contracts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Change In Contract With Customer, Asset [Roll Forward]
Beginning balance	$ 342	$ 243
Transferred to receivables	(394)	(965)
Construction contract costs and estimated earnings not billed during the period	104	342
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	52	722
Ending balance	104	342
Change In Contract With Customer, Liability [Roll Forward]
Beginning balance	17,515	4,881
Revenue recognized that was included in the balance at the beginning of the period	(17,515)	(4,881)
Increases due to new billings, excluding amounts recognized as revenue during the period	23,309	18,238
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	(1,895)	(723)
Ending balance	$ 21,414	$ 17,515

Acquired Lease Intangibles - Schedule of Amortization of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of below market lease	$ 3,324	$ 2,395	$ 2,148
In-place lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	29,351	15,767	13,210
Above-market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	577	641	595
Above/Below-market ground lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 138	$ 138	$ 144

Significant Accounting Policies - Schedule of Estimated Useful Lives (Details)	Dec. 31, 2023
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years
Capital improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Capital improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years

Segments

12 Months Ended

Dec. 31, 2023

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, 2023, 2022, and 2021 was as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Retail real estate
Rental revenues	$	97,762	$	86,344	$	78,572
Rental expenses	16,170		13,769		12,512
Real estate taxes	8,806		8,873		8,416
Segment net operating income	72,786		63,702		57,644
Office real estate
Rental revenues	82,517		74,036		47,363
Rental expenses	22,477		18,710		12,412
Real estate taxes	8,742		7,625		6,112
Segment net operating income	51,298		47,701		28,839
Multifamily residential real estate
Rental revenues	58,645		58,914		66,205
Rental expenses	17,772		18,263		21,570
Real estate taxes	4,894		5,559		7,324
Segment net operating income	35,979		35,092		37,311
General contracting and real estate services
Segment revenues	413,131		234,859		91,936
Segment expenses	399,713		227,158		88,100
Segment gross profit	13,418		7,701		3,836
Real estate financing
Interest income	14,176		16,461		18,026
Interest expense(a)	3,667		3,497		2,833
Segment gross profit	10,509		12,964		15,193
Net operating income	$	183,990	$	167,160	$	142,823

________________________________________

(a) Interest expense within the real estate financing segment is allocated based on the average outstanding principal of notes receivable in the real estate financing portfolio, and the effective interest rate on the amended credit facility, the M&T term loan facility, and the TD term loan facility, each as defined in Note 8.

The following table reconciles net operating income to net income for the years ended December 31, 2023, 2022, and 2021 (in thousands):


	Years Ended December 31,
	2023		2022		2021
Net operating income	$	183,990	$	167,160	$	142,823
Interest income(a)	927		517		431
Depreciation and amortization	(96,078)		(72,974)		(68,853)
Amortization of right-of-use assets - finance leases	(1,349)		(1,110)		(1,022)
General and administrative expenses	(18,122)		(15,691)		(14,610)
Acquisition, development, and other pursuit costs	(84)		(37)		(112)
Impairment charges	(102)		(416)		(21,378)
Gain on real estate dispositions, net	738		53,466		19,040
Interest expense(b)	(54,143)		(36,183)		(31,072)
Loss on extinguishment of debt	—		(3,374)		(3,810)

Change in fair value of derivatives and other	(6,242)		8,698		2,182
Unrealized credit loss (provision) release	(574)		(626)		792
Other income (expense), net	31		378		302
Income tax (provision) benefit	(1,329)		145		742
Net income	$	7,663	$	99,953	$	25,455

________________________________________

(a) Excludes real estate financing segment interest income of $14.2 million, $16.5 million, and $18.0 million for the years ended 2023, 2022, and 2021, respectively.

(b) Excludes real estate financing segment interest expense of $3.7 million, $3.5 million, and $2.8 million for the years ended 2023, 2022, and 2021, respectively.

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, 2023, 2022, and 2021 exclude revenues related to intercompany construction contracts of $53.1 million, $58.1 million, and $27.8 million, respectively, which are eliminated in consolidation. General contracting and real estate services expenses for the years ended December 31, 2023, 2022, and 2021 exclude expenses related to intercompany construction contracts of $52.5 million, $57.5 million, and $27.6 million, respectively, which are eliminated in consolidation.

Depreciation and amortization expense for the year ended December 31, 2023 was $34.3 million, $44.3 million, and $16.9 million for the retail, office, and multifamily real estate segments, respectively. Depreciation and amortization expense for the year ended December 31, 2022 was $28.3 million, $27.0 million, and $17.3 million for the retail, office, and multifamily real estate segments, respectively. Depreciation and amortization expense for the year ended December 31, 2021 was $26.9 million, $17.8 million, and $23.8 million for the retail, office, and multifamily real estate segments, respectively.

General and administrative expenses represent costs not directly associated with the operation and management of the Company’s real estate properties 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.

Interest expense on secured property debt for the year ended December 31, 2023 was $9.2 million $10.2 million, and $12.1 million for the retail, office, and multifamily real estate segments, respectively. Interest expense on secured property debt for the year ended December 31, 2022 was $8.4 million, $11.6 million, and $13.0 million for the retail, office, and multifamily real estate segments, respectively. Interest expense on secured property debt for the year ended December 31, 2021 was $7.9 million, $5.1 million, and $14.0 million for the retail, office, and multifamily real estate segments, respectively.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Business and Organization - Additional Information (Details)	Dec. 31, 2023	Dec. 31, 2022
Business and Organization
Percentage of operating partnerships held	75.60%	76.70%
General Partner
Business and Organization
Percentage of operating partnerships held	0.10%

Acquired Lease Intangibles - Schedule of Estimated Amortization of Acquired Lease Intangibles (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Rental Revenues
2024	$ 2,080
2025	2,007
2026	2,014
2027	1,866
2028	1,413
Depreciation and Amortization
2024	14,794
2025	13,766
2026	13,059
2027	12,183
2028	$ 8,402

Stock-Based Compensation - Schedule of the Changes in the Company's Nonvested Restricted Stock Awards (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Restricted Stock
Restricted Stock Awards
Unvested as of beginning of period (in shares) \| shares	219,306
Granted (in shares) \| shares	394,359
Vested (in shares) \| shares	(254,030)
Forfeited (in shares) \| shares	(88,095)
Unvested as of end of period (in shares) \| shares	271,540
Weighted Average Grant Date Fair Value Per Share
Unvested as of beginning of period (in dollars per share) \| $ / shares	$ 14.15
Granted (in dollars per share) \| $ / shares	12.70
Vested (in dollars per share) \| $ / shares	13.42
Forfeited (in dollars per share) \| $ / shares	13.52
Unvested as of end of period (in dollars per share) \| $ / shares	$ 12.93
LTIP Unit Awards
Restricted Stock Awards
Unvested as of beginning of period (in shares) \| shares	0
Granted (in shares) \| shares	39,694
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Unvested as of end of period (in shares) \| shares	39,694
Weighted Average Grant Date Fair Value Per Share
Unvested as of beginning of period (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	10.14
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Unvested as of end of period (in dollars per share) \| $ / shares	$ 10.14

Business and Organization - Schedule of Properties Under Development or Construction (Details)	Dec. 31, 2023
Mixed-use \| Southern Post
Business and Organization
Ownership interest percentage in property	100.00%
Retail \| Columbus Village II
Business and Organization
Ownership interest percentage in property	100.00%

Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount	$ 1,786,163	$ 1,288,349
Asset, fair value	28,862	29,115
Liability, fair value	0	0
Change in fair value of derivatives and other	(14,185)	8,886	$ 2,319
Unrealized cash flow hedge gains	6,879	20,165	3,678
Total unrealized change in fair value of interest rate derivatives	(7,306)	29,051	5,997
Realized gains in fair value of derivatives	7,900
Interest rate swaps
Derivative [Line Items]
Total unrealized change in fair value of interest rate derivatives	(6,981)	16,210	4,775
Interest rate caps
Derivative [Line Items]
Notional amount	98,269
Total unrealized change in fair value of interest rate derivatives	(325)	12,841	$ 1,222
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	1,020,000	539,479
Asset, fair value	20,761	4,303
Liability, fair value	0	0
Not Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Notional amount	1,020,000	250,000
Asset, fair value	20,761	2,201
Liability, fair value	0	0
Not Designated as Hedging Instrument \| Interest rate caps
Derivative [Line Items]
Notional amount	0	289,479
Asset, fair value	0	2,102
Liability, fair value	0	0
Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Notional amount	667,894	187,670
Asset, fair value	7,141	11,247
Liability, fair value	0	0
Designated as Hedging Instrument \| Interest rate caps
Derivative [Line Items]
Notional amount	98,269	561,200
Asset, fair value	960	13,565
Liability, fair value	$ 0	$ 0

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing costs, net	$ 15,753	$ 15,005
Leasing incentives, net	2,160	2,697
Interest rate swaps and caps	28,862	29,115
Prepaid expenses and other	33,006	30,516
Pre-acquisition and pre-development costs	7,767	8,030
Other assets	$ 87,548	$ 85,363

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5A

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-22

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-10

+ Details

Notes Receivable and Current Expected Credit Losses - Schedule of Interest Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Notes Receivable
Interest income	$ 15,103	$ 16,978	$ 18,457
Mezzanine Loan
Notes Receivable
Interest income	14,176	16,461	18,026
Other interest income
Notes Receivable
Interest income	927	517	431
Nexton Multifamily
Notes Receivable
Prepayment premium		2,700
Nexton Multifamily \| Mezzanine Loan
Notes Receivable
Interest income	0	5,348	1,252
Solis Apartments at Interlock
Notes Receivable
Prepayment premium			2,400
Solis Apartments at Interlock \| Mezzanine Loan
Notes Receivable
Interest income	0	0	4,005
Solis City Park II \| Mezzanine Loan
Notes Receivable
Interest income	2,887	1,038	0
Solis Gainesville II \| Mezzanine Loan
Notes Receivable
Interest income	2,757	205	0
Solis Kennesaw \| Mezzanine Loan
Notes Receivable
Interest income	2,810	0	0
Solis Peachtree Corners \| Mezzanine Loan
Notes Receivable
Interest income	1,472	0	0
The Allure at Edinburgh \| Mezzanine Loan
Notes Receivable
Interest income	603	0	0
The Interlock \| Mezzanine Loan
Notes Receivable
Interest income	$ 3,647	$ 9,870	$ 12,769

Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2023

Acquired Lease Intangibles

Acquired Lease Intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2023 (in thousands):


	December 31, 2023
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	215,832	$	108,772	$	107,060
Above-market lease assets	7,810		5,733		2,077
Above/Below-market ground lease assets	5,075		1,085		3,990


Below-market lease liabilities	36,282		17,261		19,021

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2022 (in thousands):


	December 31, 2022
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	180,598	$	79,320	$	101,278
Above-market lease assets	7,748		5,156		2,592
Above/Below-market ground lease assets	5,075		948		4,127


Below-market lease liabilities	32,355		13,937		18,418

During the years ended December 31, 2023, 2022, and 2021, the Company recognized the following amortization of intangible lease assets and liabilities (in thousands):


	Years Ended December 31,
	2023		2022		2021
Intangible lease assets
In-place lease assets	$	29,351	$	15,767	$	13,210
Above-market lease assets	577		641		595
Above/Below-market ground lease assets	138		138		144



Intangible lease liabilities
Below-market lease liabilities	3,324		2,395		2,148

As of December 31, 2023, the weighted-average remaining lives of in-place lease assets, above-market lease assets, above/below-market ground lease assets, and below-market lease liabilities were 7.6 years, 4.2 years, 41.2 years and 9.4 years, respectively. As of December 31, 2023, the weighted-average remaining life of below-market lease renewal options was 9.3 years.

Estimated amortization of acquired lease intangibles for each of the five succeeding years is as follows (in thousands):


	Rental Revenues		Depreciation and Amortization
Year ending December 31,
2024	$	2,080	$	14,794
2025	2,007		13,766
2026	2,014		13,059
2027	1,866		12,183
2028	1,413		8,402

Leases - Schedule of Rental Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Base rent and tenant charges	$ 230,379	$ 212,046	$ 186,137
Accrued straight-line rental adjustment	6,355	6,178	4,938
Lease incentive amortization	(557)	(684)	(660)
Below/(above) market lease amortization	2,747	1,754	1,725
Total rental revenue	$ 238,924	$ 219,294	$ 192,140

Notes Receivable and Current Expected Credit Losses - Schedule of Loans Receivable Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jul. 26, 2023	May 25, 2023	Dec. 31, 2022	Oct. 03, 2022	Mar. 23, 2022	Dec. 31, 2021
Notes Receivable
Notes receivable guarantee premium	$ 0			$ 701
Allowance for credit losses	(1,472)			(1,292)			$ (994)
Total notes receivable	94,172			136,039
Allowance related to unfunded commitments	700			338			$ 10
Other liabilities
Notes Receivable
Allowance related to unfunded commitments	732			338
The Allure at Edinburgh
Notes Receivable
Maximum loan commitment		$ 9,200
Mezzanine Loan
Notes Receivable
Notes receivable	83,425			112,284
Maximum loan commitment	222,727
Mezzanine Loan \| Solis City Park II
Notes Receivable
Notes receivable	24,313			19,062
Maximum loan commitment	$ 20,594					$ 20,600
Interest rate	13.00%					13.00%
Mezzanine Loan \| Solis Gainesville II
Notes Receivable
Notes receivable	$ 22,268			6,638
Maximum loan commitment	$ 19,595				$ 19,600
Interest rate	14.00%				14.00%
Mezzanine Loan \| Solis Kennesaw
Notes Receivable
Notes receivable	$ 15,922			0
Maximum loan commitment	$ 37,870		$ 37,900
Interest rate	14.00%
Mezzanine Loan \| Solis Peachtree Corners
Notes Receivable
Notes receivable	$ 11,092			0
Maximum loan commitment	$ 28,440	$ 28,400
Interest rate	15.00%
Mezzanine Loan \| The Allure at Edinburgh
Notes Receivable
Notes receivable	$ 9,830			0
Maximum loan commitment	$ 9,228
Interest rate	15.00%
Mezzanine Loan \| The Interlock
Notes Receivable
Notes receivable	$ 0			86,584
Maximum loan commitment	$ 107,000
Interest rate	15.00%
Constellation Energy Building note receivable
Notes Receivable
Notes receivable	$ 0			12,834
Other interest income
Notes Receivable
Notes receivable				$ 11,512

Income Taxes - Additional Information (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Net deferred tax assets	$ 700,000	$ 1,400,000
Uncertain income tax positions	$ 0	$ 0

Segments - Schedule of Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information
Net operating income	$ 183,990	$ 167,160	$ 142,823
Depreciation and amortization	(96,078)	(72,974)	(68,853)
Amortization of right-of-use assets - finance leases	(1,349)	(1,110)	(1,022)
General and administrative expenses	(18,122)	(15,691)	(14,610)
Acquisition Development And Other Pursuit Costs	(84)	(37)	(112)
Impairment charges	(102)	(416)	(21,378)
Gain on real estate dispositions, net	738	53,466	19,040
Interest expense	(57,810)	(39,680)	(33,905)
Loss on extinguishment of debt	0	(3,374)	(3,810)
Change in fair value of derivatives and other	(6,242)	8,698	2,182
Unrealized credit loss (provision) release	(574)	(626)	792
Other income (expense), net	31	378	302
Income tax (provision) benefit	(1,329)	145	742
Net income	7,663	99,953	25,455
Real estate financing
Segment Reporting Information
Net operating income	10,509	12,964	15,193
Corporate And Reconciling Items
Segment Reporting Information
Interest income	927	517	431
Gain on real estate dispositions, net	738	53,466	19,040
Interest expense	(54,143)	(36,183)	(31,072)
Operating Segments \| Real estate financing
Segment Reporting Information
Interest income	$ 14,176	$ 16,461	$ 18,026

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Richmond, Virginia

Real Estate Investments and Equity Method Investments - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Land	$ 296,113	$ 296,324
Land improvements	73,313	71,308
Buildings and improvements	1,740,584	1,527,876
Development and construction costs	97,277	48,067
Real estate investments	2,207,287	1,943,575	$ 1,737,438
Income producing property
Real Estate Properties [Line Items]
Land	279,135	285,030
Land improvements	73,313	71,308
Buildings and improvements	1,740,584	1,527,876
Development and construction costs	0	0
Real estate investments	2,093,032	1,884,214
Held for development
Real Estate Properties [Line Items]
Land	11,978	6,294
Land improvements	0	0
Buildings and improvements	0	0
Development and construction costs	0	0
Real estate investments	11,978	6,294
Construction in progress
Real Estate Properties [Line Items]
Land	5,000	5,000
Land improvements	0	0
Buildings and improvements	0	0
Development and construction costs	97,277	48,067
Real estate investments	$ 102,277	$ 53,067

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of LIBOR Interest Rate Caps

As of December 31, 2023, the Company had the following interest rate caps ($ in thousands):

Effective Date

Maturity Date

Notional Amount

Strike Rate

Premium Paid

7/5/2022

1/1/2024

35,100

(a)

1.00%-3.00% (SOFR)

(b)

120

(c)

9/1/2022

9/1/2024

63,169

(a)(d)

1.00%-3.00% (SOFR)

(b)

1,370

98,269

1,490

________________________________________

(a) Designated as a cash flow hedge.

(b) The Company purchased interest rate caps at 1.00% and sold interest rate caps at 3.00%, resulting in interest rate cap corridors of 1.00% and 3.00%. The intended goal of these corridors is to provide a level of protection from the effect of rising interest rates and reduce the all-in cost of the derivative instrument.

(c) This amount represents the sum of the premiums paid on the original instruments. The caps were blended and extended during the year ended December 31, 2022.

(d) Represents the notional amount as of December 31, 2023. The notional amount is scheduled to increase over the term of the corridor in accordance with projected borrowings on the associated loan. The maximum notional amount that will eventually be in effect is $73.6 million.

As of December 31, 2023, the Company held the following floating-to-fixed interest rate swaps ($ in thousands):


Related Debt	Notional Amount			Index		Swap Fixed Rate		Debt effective rate		Effective Date	Expiration Date
Floating rate pool of loans	$	50,000	(a)(b)	1-month SOFR		3.40	%	4.91	%	7/5/2023	1/1/2024
Constellation Energy Building	175,000		(a)(c)	1-month SOFR		1.84	%	3.46	%	4/3/2023	2/1/2024
Floating rate pool of loans	200,000		(a)(d)	1-month SOFR		3.39	%	4.90	%	7/1/2023	3/1/2024
Senior unsecured term loan	25,000		(a)	1-month SOFR	(e)	0.42	%	1.82	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		(a)	1-month SOFR	(e)	0.33	%	1.73	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		(a)	Daily SOFR	(e)	0.44	%	1.84	%	4/1/2020	4/1/2024
Harbor Point Parcel 3 senior construction loan	90,000		(f)	1-month SOFR		2.75	%	4.82	%	10/2/2023	10/1/2025
Floating rate pool of loans	330,000		(g)	1-month SOFR		2.75	%	4.26	%	10/1/2023	10/1/2025
Harbor Point Parcel 4 senior construction loan	100,000		(h)	1-month SOFR		2.75	%	5.12	%	11/1/2023	11/1/2025
Floating rate pool of loans	300,000		(i)	1-month SOFR		2.75	%	4.26	%	12/1/2023	12/1/2025
Revolving credit facility and TD unsecured term loan	100,000			Daily SOFR		3.20	%	4.70	%	5/19/2023	5/19/2026	(j)
Thames Street Wharf	67,894		(a)	Daily SOFR	(e)	0.93	%	2.33	%	9/30/2021	9/30/2026
M&T unsecured term loan	100,000		(a)	1-month SOFR		3.50	%	4.90	%	12/6/2022	12/6/2027
Senior unsecured term loan	100,000			1-month SOFR		3.43	%	4.83	%	12/13/2022	1/21/2028
Total	$	1,687,894

________________________________________

(a) Designated as a cash flow hedge.

(b) On July 6, 2023, the Company terminated a SOFR corridor of 1.00%-3.00% with a notional amount of $50.0 million and entered into this interest rate swap agreement. The Company paid a net zero premium for this transaction.

(c) Effective April 4, 2023, the Company terminated its 4.00% BSBY interest rate cap with a notional amount of $175.0 million and its BSBY corridor of 1.00%-3.00% with a notional amount of $175.0 million and, effective April 3, 2023, entered into this interest rate swap agreement. The Company paid a net zero premium for this transaction.

(d) On July 5, 2023, the Company terminated a SOFR corridor of 1.00%-3.00% with a notional amount of $200.0 million and entered into this interest rate swap agreement. The Company paid a net zero premium for this transaction.

(e) Transitioned to SOFR during the year ended December 31, 2023.

(f) This interest rate swap agreement reduces the Company's interest rate exposure on the $180.4 million senior construction loan secured by the Company's Harbor Point Parcel 3 equity method investment as described in Note 5. As such, the loan is not reflected on the Company's consolidated balance sheets. The Company also paid $3.6 million to reduce the swap fixed rate.

(g) The Company paid $13.3 million to reduce the swap fixed rate.

(h) This interest rate swap agreement reduces the Company's interest rate exposure on the $109.7 million senior construction loan secured by the Company's Harbor Point Parcel 4 equity method investment as described in Note 5. As such, the loan is not reflected on the Company's consolidated balance sheets. The Company also paid $3.9 million to reduce the swap fixed rate.

(i) The Company paid $10.5 million to reduce the swap fixed rate.

(j) Subject to cancellation by the counterparty beginning on May 1, 2025 and the first day of each month thereafter.

Schedule of Derivatives

The Company’s derivatives comprised the following as of December 31, 2023 and 2022 (in thousands):


	December 31, 2023						December 31, 2022
			Fair Value						Fair Value
	Notional Amount		Asset		Liability		Notional Amount		Asset		Liability
Derivatives not designated as accounting hedges
Interest rate swaps	$	1,020,000	$	20,761	$	—	$	250,000	$	2,201	$	—
Interest rate caps	—		—		—		289,479		2,102		—
Total derivatives not designated as accounting hedges	1,020,000		20,761		—		539,479		4,303		—
Derivatives designated as accounting hedges
Interest rate swaps	667,894		7,141		—		187,670		11,247		—
Interest rate caps	98,269		960		—		561,200		13,565		—
Total derivatives	$	1,786,163	$	28,862	$	—	$	1,288,349	$	29,115	$	—

Schedule of Changes in Fair Value of Derivatives

The unrealized changes in the fair value of the Company’s derivatives during the years ended December 31, 2023, 2022, and 2021 was as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Interest rate swaps	$	(6,981)	$	16,210	$	4,775
Interest rate caps	(325)		12,841		1,222
Total unrealized change in fair value of interest rate derivatives	$	(7,306)	$	29,051	$	5,997
Comprehensive income statement presentation:
Change in fair value of derivatives and other(1)	$	(14,185)	$	8,886	$	2,319
Unrealized cash flow hedge gains	6,879		20,165		3,678
Total unrealized change in fair value of interest rate derivatives	$	(7,306)	$	29,051	$	5,997

________________________________________

(1) Excludes $7.9 million of realized changes in the fair value of derivatives for the year-ended December 31, 2023.

- Definition

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.

+ References + Details

Derivative Financial Instruments - Schedule of Floating-to-Fixed Interest Rate Swaps (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Jul. 06, 2023	Jul. 05, 2023	Apr. 03, 2023	Dec. 31, 2022	Sep. 01, 2022	Jul. 05, 2022
Derivative [Line Items]
Notional amount	$ 1,786,163					$ 1,288,349
Interest rate swaps \| Secured Overnight Financing Rate (SOFR) \| Floating rate pool of loans 3.40%
Derivative [Line Items]
Notional amount, terminated			$ 50,000
Interest rate swaps \| Secured Overnight Financing Rate (SOFR) \| Floating rate pool of loans 3.39%
Derivative [Line Items]
Notional amount, terminated				$ 200,000
Interest rate swaps \| Minimum \| Secured Overnight Financing Rate (SOFR)
Derivative [Line Items]
Rate corridor, terminated			1.00%	1.00%
Interest rate swaps \| Maximum \| Secured Overnight Financing Rate (SOFR)
Derivative [Line Items]
Rate corridor, terminated			3.00%	3.00%
Interest rate caps
Derivative [Line Items]
Notional amount	98,269
Interest rate caps \| Bloomberg Short Term Bank Yield Index (BSBY)
Derivative [Line Items]
Notional amount, terminated					$ 175,000
Interest rate cap, terminated					4.00%
Interest rate caps \| Minimum \| Bloomberg Short Term Bank Yield Index (BSBY)
Derivative [Line Items]
Rate corridor, terminated					1.00%
Interest rate caps \| Maximum \| Bloomberg Short Term Bank Yield Index (BSBY)
Derivative [Line Items]
Rate corridor, terminated					3.00%
Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Notional amount	667,894					187,670
Designated as Hedging Instrument \| Interest rate swaps \| Floating rate pool of loans 3.40%
Derivative [Line Items]
Notional amount	$ 50,000
Swap Fixed Rate	3.40%
Debt effective rate	4.91%
Designated as Hedging Instrument \| Interest rate swaps \| Constellation Energy Building
Derivative [Line Items]
Notional amount	$ 175,000
Swap Fixed Rate	1.84%
Debt effective rate	3.46%
Designated as Hedging Instrument \| Interest rate swaps \| Floating rate pool of loans 3.39%
Derivative [Line Items]
Notional amount	$ 200,000
Swap Fixed Rate	3.39%
Debt effective rate	4.90%
Designated as Hedging Instrument \| Interest rate swaps \| Senior unsecured term loan 0.42%
Derivative [Line Items]
Notional amount	$ 25,000
Swap Fixed Rate	0.42%
Debt effective rate	1.82%
Designated as Hedging Instrument \| Interest rate swaps \| Senior unsecured term loan 0.33%
Derivative [Line Items]
Notional amount	$ 25,000
Swap Fixed Rate	0.33%
Debt effective rate	1.73%
Designated as Hedging Instrument \| Interest rate swaps \| Senior unsecured term loan 0.44%
Derivative [Line Items]
Notional amount	$ 25,000
Swap Fixed Rate	0.44%
Debt effective rate	1.84%
Designated as Hedging Instrument \| Interest rate swaps \| Harbor Point Parcel 3 senior construction loan
Derivative [Line Items]
Notional amount	$ 90,000
Swap Fixed Rate	2.75%
Debt effective rate	4.82%
Designated as Hedging Instrument \| Interest rate swaps \| M&T unsecured term loan
Derivative [Line Items]
Notional amount	$ 100,000
Swap Fixed Rate	3.50%
Debt effective rate	4.90%
Designated as Hedging Instrument \| Interest rate swaps \| Senior unsecured term loan 3.43%
Derivative [Line Items]
Notional amount	$ 100,000
Swap Fixed Rate	3.43%
Debt effective rate	4.83%
Designated as Hedging Instrument \| Interest rate caps
Derivative [Line Items]
Notional amount	$ 98,269					561,200
Designated as Hedging Instrument \| Interest rate caps \| Secured Overnight Financing Rate (SOFR)
Derivative [Line Items]
Notional amount	73,600						$ 63,169	$ 35,100
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	1,020,000					539,479
Not Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Notional amount	1,020,000					250,000
Not Designated as Hedging Instrument \| Interest rate swaps \| Harbor Point Parcel 3 senior construction loan
Derivative [Line Items]
Notional amount, terminated		$ 180,400
Amount paid to buy down the swap fixed rate		3,600
Not Designated as Hedging Instrument \| Interest rate swaps \| Floating rate pool of loans 2.75%
Derivative [Line Items]
Notional amount	$ 330,000
Swap Fixed Rate	2.75%
Debt effective rate	4.26%
Amount paid to buy down the swap fixed rate		$ 13,300
Not Designated as Hedging Instrument \| Interest rate swaps \| Harbor Point Parcel 4 senior construction loan
Derivative [Line Items]
Notional amount	$ 100,000
Swap Fixed Rate	2.75%
Debt effective rate	5.12%
Notional amount, terminated	$ 109,700
Amount paid to buy down the swap fixed rate	3,900
Not Designated as Hedging Instrument \| Interest rate swaps \| Floating rate pool of loans 2.75%
Derivative [Line Items]
Notional amount	$ 300,000
Swap Fixed Rate	2.75%
Debt effective rate	4.26%
Amount paid to buy down the swap fixed rate	$ 10,500
Not Designated as Hedging Instrument \| Interest rate swaps \| Revolving credit facility and TD unsecured term loan
Derivative [Line Items]
Notional amount	$ 100,000
Swap Fixed Rate	3.20%
Debt effective rate	4.70%
Not Designated as Hedging Instrument \| Interest rate swaps \| Thames Street Wharf
Derivative [Line Items]
Notional amount	$ 67,894
Swap Fixed Rate	0.93%
Debt effective rate	2.33%
Not Designated as Hedging Instrument \| Interest rate swaps \| Senior Unsecured Revolving Credit Facility
Derivative [Line Items]
Notional amount	$ 1,687,894
Not Designated as Hedging Instrument \| Interest rate caps
Derivative [Line Items]
Notional amount	$ 0					$ 289,479

Leases - Additional Information (Details)	12 Months Ended
Leases - Additional Information (Details)	Dec. 31, 2023 lease property extension
Lessee, Lease, Description [Line Items]
Number of ground leases	9
Number of properties subject to ground leases \| property	9
Number of operating leases	5
Number of finance leases	4
Number of options to extend \| extension	1
Minimum
Lessee, Lease, Description [Line Items]
Term of renewal options	1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of renewal options	25 years

Real Estate Investments and Equity Method Investments (Tables)

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Schedule of Real Estate Investments

The Company’s real estate investments comprised the following as of December 31, 2023 and 2022 (in thousands):


	December 31, 2023
	Income producing property		Held for development		Construction in progress		Total
Land	$	279,135	$	11,978	$	5,000	$	296,113
Land improvements	73,313		—		—		73,313
Buildings and improvements	1,740,584		—		—		1,740,584
Development and construction costs	—		—		97,277		97,277
Real estate investments	$	2,093,032	$	11,978	$	102,277	$	2,207,287


	December 31, 2022
	Income producing property		Held for development		Construction in progress		Total
Land	$	285,030	$	6,294	$	5,000	$	296,324
Land improvements	71,308		—		—		71,308
Buildings and improvements	1,527,876		—		—		1,527,876
Development and construction costs	—		—		48,067		48,067
Real estate investments	$	1,884,214	$	6,294	$	53,067	$	1,943,575

Schedule of Purchase Price Allocation

The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired for the operating property purchased during the year ended December 31, 2023 (in thousands):


	The Interlock(1)


Building	$	183,907


In-place leases	35,234
Above-market leases	62
Below-market leases	(3,931)

Finance lease right-of-use assets(2)	46,616
Finance lease liabilities	(46,616)



Net assets acquired	$	215,272

________________________________________

(1) The net assets acquired attributable to the office and retail real estate segments were $134.6 million and $80.6 million, respectively.

(2) Excludes $1.1 million of rent for the finance lease, which was prepaid on the acquisition date. The total finance lease right-of-use asset recognized on the acquisition date was $47.7 million.

Schedule of the Purchase Price Allocation Assets acquired and Intangible Liabilities

The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired for the three operating properties purchased during the year ended December 31, 2022 (in thousands):


	Constellation Energy Building(1)		Pembroke Square
Land	$	23,317	$	14,513
Site improvements	141		465
Building	194,916		8,825


In-place leases	53,705		4,445
Above-market leases	306		—
Below-market leases	—		(1,557)




Net assets acquired	$	272,385	$	26,691

________________________________________

(1) The Constellation Energy Building is comprised of two properties which include the Constellation Office and 1305 Dock Street.

The following table summarizes the purchase price allocation (including acquisition costs) based on relative fair value of the assets acquired and intangible liabilities assumed for the three operating properties purchased during the year ended December 31, 2021 (in thousands):


	Delray Beach Plaza		Overlook Village		Greenbrier Square
Land	$	—	$	6,328	$	8,549
Site improvements	4,607		1,727		1,974
Building and improvements	22,544		18,375		19,196

In-place leases	7,209		3,997		6,659
Above-market leases	—		81		1,753
Below-market leases	(3,121)		(2,146)		(1,365)
Finance lease liabilities	(27,940)		—		—
Finance lease right-of-use assets	24,466		—		—
Fair value adjustment on acquired debt	—		—		11
Net assets acquired	$	27,765	$	28,362	$	36,777

Business and Organization - Schedule of Operating Portfolio (Details)	Dec. 31, 2023
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%
Columbus Village \| 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%
Fountain Plaza Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Pembroke Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Premier Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
South Retail \| 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%
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%
Delray Beach Plaza \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Greenbrier Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Greentree Shopping Center \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Hanbury Village \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
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	100.00%
North Pointe Center \| 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%
Perry Hall Marketplace \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Sandbridge Commons \| 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%
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%
Overlook Village \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Patterson Place \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Providence Plaza \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
South Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
The Interlock Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Wendover Village \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Dimmock Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Harrisonburg Regal \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Marketplace at Hilltop \| 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%
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%
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%
One Columbus \| Office
Business and Organization
Ownership interest percentage in property	100.00%
Two Columbus \| Office
Business and Organization
Ownership interest percentage in property	100.00%
Constellation Office \| Office
Business and Organization
Ownership interest percentage in property	90.00%
Thames Street Wharf \| Office
Business and Organization
Ownership interest percentage in property	100.00%
Wills Wharf \| 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%
The Interlock Office \| 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%
Encore 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%
The Cosmopolitan \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
1305 Dock Street \| Multifamily
Business and Organization
Ownership interest percentage in property	90.00%
1405 Point \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Chronicle Mill \| Multifamily
Business and Organization
Ownership interest percentage in property	85.00%
Greenside Apartments \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
The Everly \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
The Edison \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Liberty 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%

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

OPERATING ACTIVITIES

Net income

$ 7,663

$ 99,953

$ 25,455

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

Depreciation of buildings and tenant improvements

63,462

54,548

51,549

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

32,616

18,426

17,304

Accrued straight-line rental revenue

(6,272)

(6,178)

(4,938)

Amortization of leasing incentives and above or below-market rents

(2,190)

(1,070)

(1,065)

Amortization of right-of-use assets - finance leases

1,349

1,110

1,022

Accrued straight-line ground rent expense

119

236

Unrealized credit loss provision (release)

574

626

(792)

Adjustment for uncollectible lease accounts

4,013

515

945

Noncash stock compensation

3,677

3,273

2,230

Impairment charges

102

416

21,378

Noncash interest expense

7,106

6,828

2,878

Noncash loss on extinguishment of debt

3,374

3,810

Gain on real estate dispositions, net

(738)

(53,466)

(19,040)

Unrealized change in the fair value of derivatives and other

14,185

(8,698)

(2,182)

Adjustment for receipts on off-market interest rate derivatives

(7,947)

Changes in operating assets and liabilities:

Property assets

(5,794)

(12,029)

(3,721)

Property liabilities

12,092

2,960

7,175

Construction assets

(59,226)

(60,756)

19,284

Construction liabilities

42,487

71,642

(27,904)

Interest receivable

(13,909)

(4,735)

(2,440)

Net cash provided by operating activities

93,314

116,858

91,184

INVESTING ACTIVITIES

Development of real estate investments

(58,793)

(76,182)

(48,625)

Tenant and building improvements

(24,650)

(17,085)

(15,496)

Acquisitions of real estate investments, net of cash received

(8,394)

(119,739)

(73,595)

Dispositions of real estate investments, net of selling costs

246

252,270

85,322

Notes receivable issuances

(48,184)

(37,791)

(30,656)

Notes receivable paydowns

35,848

42,301

Payments to purchase off-market interest rate derivatives

(31,311)

Receipts on off-market interest rate derivatives

7,947

Leasing costs

(4,059)

(7,640)

(4,585)

Leasing incentives

(20)

(51)

(688)

Contributions to equity method investments

(70,048)

(62,872)

(11,607)

Net cash used for investing activities

(237,266)

(33,242)

(57,629)

FINANCING ACTIVITIES

Proceeds from issuance of common stock, net

(208)

65,159

51,677

Common shares tendered for tax withholding

(1,111)

(774)

(553)

Repurchase and retirement of common stock, net

(12,628)

Debt issuances, credit facility, and construction loan borrowings

402,568

678,574

161,806

Debt and credit facility repayments, including principal amortization

(180,869)

(723,739)

(187,758)

Debt issuance costs

(2,839)

(8,316)

(2,831)

Cash paid on extinguishment of debt

(3,417)

Acquisition of noncontrolling interests in consolidated real estate investments

(4,651)

(804)

Redemption of operating partnership units

(705)

(130)

(2,949)

Distributions to noncontrolling interests

(1,557)

(5,756)

Contributions from noncontrolling interests

Dividends and distributions

(80,398)

(72,575)

(58,713)

Net cash provided by (used for) financing activities

122,253

(72,194)

(43,542)

Net (decrease) increase in cash, cash equivalents, and restricted cash

(21,699)

11,422

(9,987)

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

^[1]

51,865

40,443

50,430

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

^[1]

30,166

51,865

40,443

Supplemental cash flow information:

Cash paid for interest

44,920

29,878

29,237

Cash refunded (paid) for income taxes

(1)

Increase in dividends and distributions payable

153

2,532

5,492

Other liability issued in acquisition of noncontrolling interest in real estate investment

750

(Decrease) increase in accrued capital improvements and development costs

(4,825)

110

15,111

Issuance of operating partnership units for acquisitions

12,194

Operating partnership units redeemed for common shares

514

132

411

Debt assumed at fair value in conjunction with real estate purchases

105,584

156,071

19,989

Note receivable redeemed in conjunction with real estate purchase

90,232

Equity method investment redeemed for a note receivable

3,772

Acquisitions of noncontrolling interests

12,834

Noncontrolling interest in acquired real estate entity

23,065

Other liability satisfied in connection with a real estate disposal

750

Recognition of operating lease right-of-use assets

110

Recognition of operating lease liabilities

110

Recognition of finance lease right-of-use assets

47,742

24,466

Recognition of finance lease liabilities

46,616

27,940

Derecognition of operating lease ROU assets - lease termination

9,037

Derecognition of operating lease liabilities - lease termination

10,143

Adjustment to finance lease ROU assets

1,705

Adjustment to finance lease liabilities

$ 1,705

$ 0

[1]

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


	As of December 31,
	2023		2022
Cash and cash equivalents	$	27,920	$	48,139
Restricted cash (a)	2,246		3,726
Cash, cash equivalents, and restricted cash	$	30,166	$	51,865

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

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Schedule of Other Liabilities

Other liabilities were comprised of the following as of December 31, 2023 and 2022 (in thousands):


	December 31,
	2023		2022
Dividends and distributions payable	$	19,930	$	19,777
Acquired lease intangibles, net	19,021		18,418
Prepaid rent and other	12,763		10,935
Security deposits	4,752		4,026

Guarantee liability	147		899
Other liabilities	$	56,613	$	54,055

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of 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 real estate financing activities and equity method investments, the Company has made guarantees to pay portions of certain senior loans of third parties associated with the development projects. As of December 31, 2023, the Company had an outstanding guarantee liability of $0.1 million related to the $32.9 million senior loan on the Harbor Point Parcel 4. As of December 31, 2023, no amounts have been funded on this senior loan. Commitments The Company has a bonding line of credit for its general contracting construction business and is contingently liable under performance and payment bonds, bonds for cancellation of mechanics liens, and defect bonds. Such bonds collectively totaled $6.5 million and $8.5 million as of December 31, 2023 and 2022, 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 expired on August 16, 2023 and was not required to be renewed. On January 7, 2021, the Operating Partnership entered into a $15.0 million standby letter of credit using the available capacity under the amended credit facility to guarantee the funding of its investment in the Harbor Point Parcel 3 joint venture, which is the developer of T. Rowe Price's new global headquarters. This letter of credit was available for draw down on the revolving credit facility in the event the Company did not meet its equity requirement. The letter of credit expired on January 4, 2022 and was not required to be renewed. Unfunded Loan Commitments The Company has certain commitments related to its notes receivable investments that it may be required to fund in the future. The Company is generally obligated to fund these commitments at the request of the borrower or upon the occurrence of events outside of the Company's direct control. As of December 31, 2023, the Company had six notes receivable with a total of $46.3 million of unfunded commitments. If commitments are funded in the future, interest will be charged at rates consistent with the existing investments. As of December 31, 2023, the Company has recorded a $0.7 million CECL allowance that relates to the unfunded commitments, which was recorded as a liability in Other liabilities in the consolidated balance sheet. See Note 6 for more information. The Operating Partnership has entered into standby letters of credit related to the guarantee of future performance on certain of the Company’s construction contracts. Letters of credit generally are available for draw down in the event the Company does not perform. The Operating Partnership had no letters of credit outstanding as of December 31, 2023. As of December 31, 2022, the Operating Partnership had outstanding letters of credit totaling $9.5 million. Concentrations of Credit Risk The majority of the Company’s properties are located in Hampton Roads, Virginia. For the years ended December 31, 2023, 2022, and 2021, rental revenues from Hampton Roads properties represented 37%, 38% and 40%, 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, 2023, 2022, and 2021, rental revenues from Town Center properties represented 24%, 25% and 26%, respectively, of the Company’s rental revenues. The Company also has a concentration of properties at Harbor Point in Baltimore, Maryland. For the years ended December 31, 2023, 2022, and 2021, rental revenues from Harbor Point properties represented 25%, 26% and 14%, respectively, of the Company's rental revenues. A group of three construction customers comprised 94%, 89%, and 58% of the Company’s general contracting and real estate services revenues for the years ended December 31, 2023, 2022, and 2021, respectively.

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

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Statement of Cash Flows [Abstract]

Cash and cash equivalents

$ 27,920

$ 48,139

Restricted cash

^[1]

2,246

3,726

Cash, cash equivalents, and restricted cash

^[2]

$ 30,166

$ 51,865

$ 40,443

$ 50,430

[1]

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

[2]

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


	As of December 31,
	2023		2022
Cash and cash equivalents	$	27,920	$	48,139
Restricted cash (a)	2,246		3,726
Cash, cash equivalents, and restricted cash	$	30,166	$	51,865

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

Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	66,793,294	67,729,854
Common stock, shares outstanding (in shares)	66,793,294	67,729,854
Redeemable convertible preferred stock
Preferred stock, shares authorized (in shares)	9,980,000	9,980,000
Preferred Stock dividend rate percentage	6.75%	6.75%
Preferred stock, shares issued (in shares)	6,843,418	6,843,418
Preferred stock, shares outstanding (in shares)	6,843,418	6,843,418

Derivative Financial Instruments - Schedule of Interest Rate Caps (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Sep. 01, 2022	Jul. 05, 2022
Derivative [Line Items]
Notional amount	$ 1,786,163	$ 1,288,349
Interest rate caps
Derivative [Line Items]
Notional amount	98,269
Premium paid	$ 1,490
Cap rate purchased, interest rate	1.00%
Interest rate caps \| Minimum
Derivative [Line Items]
Strike Rate	1.00%
Interest rate caps \| Maximum
Derivative [Line Items]
Strike Rate	3.00%
Interest rate caps \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 98,269	$ 561,200
Interest rate caps \| Designated as Hedging Instrument \| Secured Overnight Financing Rate (SOFR)
Derivative [Line Items]
Notional amount	$ 73,600		$ 63,169	$ 35,100
Premium paid			$ 1,370	$ 120
Interest rate caps \| Designated as Hedging Instrument \| Secured Overnight Financing Rate (SOFR) \| Minimum
Derivative [Line Items]
Strike Rate			1.00%	1.00%
Interest rate caps \| Designated as Hedging Instrument \| Secured Overnight Financing Rate (SOFR) \| Maximum
Derivative [Line Items]
Strike Rate			3.00%	3.00%
Interest Rate Cap Two
Derivative [Line Items]
Derivative, cap rate corridor, sold, interest rate	3.00%

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

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, 2023


				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
Retail
249 Central Park Retail	$	—	(2)	$	713	$	—	$	17,464	$	713	$	17,464	$	18,177	$	10,694	$	7,483	2004
Apex Entertainment	—		(2)	67		—		17,920		67		17,920		17,987		8,432		9,555		2002
Broad Creek Shopping Center	—		(2)	—		—		9,763		—		9,763		9,763		5,486		4,277		1997/2001
Broadmoor Plaza	—		(2)	2,410		9,010		1,607		2,410		10,617		13,027		3,827		9,200		1980/2016
Brooks Crossing Retail	—			117		—		2,512		117		2,512		2,629		537		2,092		2016
Columbus Village	—		(2)	7,631		10,135		8,536		7,631		18,671		26,302		6,057		20,245		1980/2015
Columbus Village II	—		(2) (3)	8,853		10,922		153		8,853		11,075		19,928		6,035		13,893		1995/2016
Commerce Street Retail	—		(2)	118		—		3,357		118		3,357		3,475		2,185		1,290		2008
Delray Beach Plaza	—		(2)	—		27,151		486		—		27,637		27,637		2,720		24,917		2021
Dimmock Square	—		(2)	5,100		13,126		1,210		5,100		14,336		19,436		3,777		15,659		1998/2014
Fountain Plaza Retail	—		(2)	425		—		8,543		425		8,543		8,968		4,547		4,421		2004
Greenbrier Square	19,569			8,549		21,170		605		8,549		21,775		30,324		1,679		28,645		2017/2021
Greentree Shopping Center	—		(2)	1,103		—		4,197		1,103		4,197		5,300		1,661		3,639		2014
Hanbury Village	—		(2)	2,566		—		16,655		2,566		16,655		19,221		8,553		10,668		2006
Harrisonburg Regal	—			1,554		—		4,148		1,554		4,148		5,702		2,628		3,074		1999
Lexington Square	13,599			3,035		20,581		341		3,035		20,922		23,957		3,956		20,001		2017/2018
Market at Mill Creek	11,347			2,042		—		21,167		2,042		21,167		23,209		3,484		19,725		2018
Marketplace at Hilltop	—		(2)	2,023		19,886		1,388		2,023		21,274		23,297		2,752		20,545		2000/2019
Nexton Square	21,581			9,086		27,760		6,304		9,086		34,064		43,150		3,880		39,270		2020/2020
North Hampton Market	—		(2)	7,250		10,210		1,017		7,250		11,227		18,477		3,415		15,062		2004/2016
North Pointe Center	—		(4)	1,276		—		23,292		1,276		23,292		24,568		12,513		12,055		1998
Overlook Village	—		(2)	6,328		20,101		701		6,328		20,802		27,130		1,764		25,366		1990/2021
Parkway Centre	—		(2)	1,372		7,864		184		1,372		8,048		9,420		1,467		7,953		2017/2018
Parkway Marketplace	—		(2)	1,150		—		4,175		1,150		4,175		5,325		2,534		2,791		1998
Patterson Place	—		(2)	15,060		20,180		1,447		15,060		21,627		36,687		5,162		31,525		2004/2016
Pembroke Square	—		(2)	14,513		9,290		446		14,513		9,736		24,249		799		23,450		1966/2015/2022
Perry Hall Marketplace	—		(2)	3,240		8,316		667		3,240		8,983		12,223		2,991		9,232		2001/2015
Premier Retail	7,898			318		—		15,496		318		15,496		15,814		2,756		13,058		2018
Providence Plaza	—		(2)	9,950		12,369		2,530		9,950		14,899		24,849		4,225		20,624		2007/2015
Red Mill Commons	10,654		(4)	44,252		30,348		6,375		44,252		36,723		80,975		8,532		72,443		2000/2019
Sandbridge Commons	—		(2)	4,118		—		7,509		4,118		7,509		11,627		2,861		8,766		2015
South Retail	—		(2)	190		—		8,316		190		8,316		8,506		5,637		2,869		2002
South Square	—		(2)	14,130		12,670		1,296		14,130		13,966		28,096		3,762		24,334		1977/2016
Southgate Square	25,331			10,238		25,950		7,076		10,238		33,026		43,264		7,949		35,315		1991/2016
Southshore Shops	—		(2)	1,770		6,509		726		1,770		7,235		9,005		1,704		7,301		2006/2016
Studio 56 Retail	—		(2)	76		—		3,806		76		3,806		3,882		1,375		2,507		2007


				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
Tyre Neck Harris Teeter	—		(2)	—		—		3,306		—		3,306		3,306		1,920		1,386		2011
Wendover Village	—		(2)	19,893		22,638		1,393		19,893		24,031		43,924		5,256		38,668		2004/2016-2019
The Interlock Retail	—		(2)	—		66,104		841		—		66,945		66,945		1,162		65,783		2021/2023
Total retail	$	109,979		$	210,516	$	412,290	$	216,955	$	210,516	$	629,245	$	839,761	$	160,674	$	679,087
Office
4525 Main Street	30,074			982		—		47,170		982		47,170		48,152		15,795		32,357		2014
Armada Hoffler Tower	—		(2)	1,976		—		72,567		1,976		72,567		74,543		45,789		28,754		2002
Brooks Crossing Office	—		(2)	295		—		19,497		295		19,497		19,792		3,123		16,669		2016/2019
Constellation Office	175,000			21,152		176,943		1,910		21,152		178,853		200,005		9,279		190,726		2016/2022
One City Center	—		(2)	2,911		28,202		6,463		2,911		34,665		37,576		5,058		32,518		2019
One Columbus	—		(2)	960		10,269		16,244		960		26,513		27,473		16,063		11,410		1984
Thames Street Wharf	67,894			15,861		64,689		2,152		15,861		66,841		82,702		7,708		74,994		2010/2019
Two Columbus	—		(2)	53		—		22,167		53		22,167		22,220		11,693		10,527		2009
Wills Wharf	—		(2)	—		—		113,200		—		113,200		113,200		11,893		101,307		2020
The Interlock Office	—		(2)	—		117,864		758		—		118,622		118,622		2,022		116,600		2021/2023
Total office	$	272,968		$	44,190	$	397,967	$	302,128	$	44,190	$	700,095	$	744,285	$	128,423	$	615,862
Multifamily
1305 Dock Street	$	—		$	2,165	$	18,114	$	313	$	2,165	$	18,427	$	20,592	$	965	$	19,627	2016/2022
1405 Point	—		(2)	—		95,466		4,258		—		99,724		99,724		15,090		84,634		2018/2019
Chronicle Mill	34,438			1,788		533		57,523		1,788		58,056		59,844		2,301		57,543		2021
The Edison	15,179			3,428		18,582		1,592		3,428		20,174		23,602		2,819		20,783		1919/ 2014/2020
Encore Apartments	23,421			1,293		—		31,913		1,293		31,913		33,206		9,002		24,204		2014
The Everly	30,000			4,832		—		45,386		4,832		45,386		50,218		2,299		47,919		2020
Greenside Apartments	31,104			5,711		—		45,735		5,711		45,735		51,446		7,934		43,512		2018
Liberty Apartments	20,588			3,580		23,494		2,768		3,580		26,262		29,842		8,503		21,339		2013/2014
Premier Apartments	16,036			647		—		29,371		647		29,371		30,018		4,772		25,246		2018
Smith’s Landing	14,578			—		35,105		5,595		—		40,700		40,700		12,928		27,772		2009/2013
Southern Post	30,546			5,000		—		87,502		5,000		87,502		92,502		—		92,502		2021	(5)
The Cosmopolitan	40,367			985		—		78,584		985		78,584		79,569		37,459		42,110		2006
Total multifamily	$	256,257		$	29,429	$	191,294	$	390,540	$	29,429	$	581,834	$	611,263	$	104,072	$	507,191
Held for development	$	—	(6)	$	11,978	$	—	$	—	$	11,978	$	—	$	11,978	$	—	$	11,978
Real estate investments	$	639,204		$	296,113	$	1,001,551	$	909,623	$	296,113	$	1,911,174	$	2,207,287	$	393,169	$	1,814,118

________________________________________

(1)The net carrying amount of real estate for federal income tax purposes was $1,579.1 million as of December 31, 2023.

(2)Borrowing base collateral for the amended credit facility, M&T term loan facility, and TD term loan facility as of December 31, 2023.

(3)As of December 31, 2023, $5.7 million of this property's land value was included in held for development related to redevelopment plans.

(4)A portion of this property is borrowing base collateral for the amended credit facility, M&T term loan facility, and TD term loan facility as of December 31, 2023.

(5)Construction in progress as of December 31, 2023.

(6)Held for development includes Columbus Village II land held for redevelopment and Ten Tryon, both of which are borrowing base collateral for the amended credit facility, M&T term loan facility, and TD term loan facility as of December 31, 2023.

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,
	2023		2022		2023		2022
Balance at beginning of the year	$	1,943,575	$	1,737,438	$	329,963	$	285,814
Construction costs and improvements	80,089		93,467		—		—
Acquisitions	183,982		242,423		—		—
Dispositions	(260)		(129,342)		(260)		(10,396)
Reclassifications	(99)		(411)		—		—
Depreciation	—		—		63,466		54,545
Balance at end of the year	$	2,207,287	$	1,943,575	$	393,169	$	329,963

Business and Organization

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and Organization

Armada Hoffler Properties, Inc. (the "Company") is a vertically integrated, self-managed real estate investment trust ("REIT") with over four decades of experience developing, building, acquiring, and managing high-quality retail, office, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. The Company also provides general construction and development services to third-party clients, in addition to developing and building properties to be placed in its stabilized portfolio.

The Company is the sole general partner of Armada Hoffler, L.P. (the "Operating Partnership"), and as of December 31, 2023, owned 75.6% of the economic interest in the Operating Partnership, of which 0.1% is held as general partnership units. The operations of the Company are carried on primarily through the Operating Partnership and the wholly-owned subsidiaries thereof. 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, 2023, the Company's operating portfolio consisted of the following properties:


Property	Location	Ownership Interest
Retail
Town Center of Virginia Beach
249 Central Park Retail*	Virginia Beach, Virginia	100	%
Apex Entertainment*	Virginia Beach, Virginia	100	%
Columbus Village*	Virginia Beach, Virginia	100	%
Commerce Street Retail*	Virginia Beach, Virginia	100	%
Fountain Plaza Retail*	Virginia Beach, Virginia	100	%
Pembroke Square*	Virginia Beach, Virginia	100	%
Premier Retail*	Virginia Beach, Virginia	100	%
South Retail*	Virginia Beach, Virginia	100	%
Studio 56 Retail*	Virginia Beach, Virginia	100	%
Grocery Anchored
Broad Creek Shopping Center	Norfolk, Virginia	100	%
Broadmoor Plaza	South Bend, Indiana	100	%
Brooks Crossing Retail*	Newport News, Virginia	65	%	(1)
Delray Beach Plaza*	Delray Beach, Florida	100	%
Greenbrier Square	Chesapeake, Virginia	100	%
Greentree Shopping Center	Chesapeake, Virginia	100	%
Hanbury Village	Chesapeake, Virginia	100	%
Lexington Square	Lexington, South Carolina	100	%
Market at Mill Creek	Mount Pleasant, South Carolina	100	%
North Pointe Center	Durham, North Carolina	100	%
Parkway Centre	Moultrie, Georgia	100	%
Parkway Marketplace	Virginia Beach, Virginia	100	%
Perry Hall Marketplace	Perry Hall, Maryland	100	%
Sandbridge Commons	Virginia Beach, Virginia	100	%
Tyre Neck Harris Teeter	Portsmouth, Virginia	100	%
Southeast Sunbelt
Nexton Square*	Summerville, South Carolina	100	%
North Hampton Market	Taylors, South Carolina	100	%


Property	Location	Ownership Interest
Overlook Village	Asheville, North Carolina	100	%
Patterson Place	Durham, North Carolina	100	%
Providence Plaza*	Charlotte, North Carolina	100	%
South Square	Durham, North Carolina	100	%
The Interlock Retail*	Atlanta, Georgia	100	%
Wendover Village	Greensboro, North Carolina	100	%
Mid-Atlantic
Dimmock Square	Colonial Heights, Virginia	100	%
Harrisonburg Regal	Harrisonburg, Virginia	100	%
Marketplace at Hilltop	Virginia Beach, Virginia	100	%
Red Mill Commons	Virginia Beach, Virginia	100	%
Southgate Square	Colonial Heights, Virginia	100	%
Southshore Shops	Chesterfield, Virginia	100	%

Office
Town Center of Virginia Beach
4525 Main Street*	Virginia Beach, Virginia	100	%
Armada Hoffler Tower*	Virginia Beach, Virginia	100	%
One Columbus*	Virginia Beach, Virginia	100	%
Two Columbus*	Virginia Beach, Virginia	100	%
Harbor Point - Baltimore Waterfront
Constellation Office*	Baltimore, Maryland	90	%
Thames Street Wharf*	Baltimore, Maryland	100	%
Wills Wharf*	Baltimore, Maryland	100	%
Southeast Sunbelt
One City Center*	Durham, North Carolina	100	%
The Interlock Office*	Atlanta, Georgia	100	%
Mid-Atlantic
Brooks Crossing Office*	Newport News, Virginia	100	%

Multifamily
Town Center of Virginia Beach
Encore Apartments*	Virginia Beach, Virginia	100	%
Premier Apartments*	Virginia Beach, Virginia	100	%
The Cosmopolitan*	Virginia Beach, Virginia	100	%
Harbor Point - Baltimore Waterfront
1305 Dock Street*	Baltimore, Maryland	90	%
1405 Point*	Baltimore, Maryland	100	%
Southeast Sunbelt
Chronicle Mill*	Belmont, North Carolina	85	%	(1)
Greenside Apartments	Charlotte, North Carolina	100	%
The Everly(2)*	Gainesville, Georgia	100	%
Mid-Atlantic
The Edison*	Richmond, Virginia	100	%
Liberty Apartments*	Newport News, Virginia	100	%
Smith's Landing	Blacksburg, Virginia	100	%

________________________________________

* Located in a mixed-use development

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

(2) Formerly known as Gainesville Apartments.

As of December 31, 2023, the following properties were under development, redevelopment or not yet stabilized:

Property

Segment

Location

Ownership Interest

Southern Post

Mixed-use

Roswell, Georgia

100%

Columbus Village II

Retail

Virginia Beach, Virginia

100%

Real Estate Investments and Equity Method Investments - Operating Property Acquisitions (Details) $ in Thousands									12 Months Ended
	May 19, 2023 USD ($) ft² property	Jan. 14, 2023 USD ($)	Nov. 04, 2022 USD ($) ft²	Jan. 14, 2022 USD ($)	Aug. 24, 2021 USD ($)	Jul. 28, 2021 USD ($)	Jun. 28, 2021 USD ($)	Feb. 26, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate [Line Items]
Payments to acquire real estate held-for-investment									$ 8,394	$ 119,739	$ 73,595
Notes receivable paydowns									$ 0	$ 35,848	$ 42,301
Delray Beach Plaza
Real Estate [Line Items]
Capitalized acquisition costs								$ 200
Total consideration								27,600
Delray Beach Plaza \| Mezzanine Loan
Real Estate [Line Items]
Notes receivable paydowns								$ 14,300
Hoffler Place
Real Estate [Line Items]
Percentage of ownership interest							0.075
Payments to acquire real estate held-for-investment							$ 300
Summit Place
Real Estate [Line Items]
Percentage of ownership interest							0.10
Acquisition, cash consideration							$ 500
Greenbrier Square
Real Estate [Line Items]
Capitalized acquisition costs					$ 300
Total consideration					36,500
Loans payable					$ 20,000
Minimum \| Interest rate caps
Real Estate [Line Items]
Strike Rate									1.00%
Maximum \| Interest rate caps
Real Estate [Line Items]
Strike Rate									3.00%
Constellation Energy Building
Real Estate [Line Items]
Economic interest acquired		11.00%		11.00%
Percentage of ownership interest		0.90
Loan issued to seller		$ 12,800		$ 12,800
Acquisition, assumption of debt				$ 156,100
Membership interest acquired				79.00%
Payments to acquire real estate held-for-investment				$ 92,200
Debt, face value				$ 175,000
Constellation Energy Building \| Interest rate caps \| Not Designated as Hedging Instrument
Real Estate [Line Items]
Strike Rate				4.00%
Constellation Energy Building \| Bloomberg Short-Term Bank Yield
Real Estate [Line Items]
Stated interest rate, basis spread on variable rate				1.50%
Constellation Energy Building \| Bloomberg Short-Term Bank Yield \| Minimum \| Interest rate caps \| Not Designated as Hedging Instrument
Real Estate [Line Items]
Derivative, variable interest rate				1.00%
Constellation Energy Building \| Bloomberg Short-Term Bank Yield \| Maximum \| Interest rate caps \| Not Designated as Hedging Instrument
Real Estate [Line Items]
Derivative, variable interest rate				3.00%
Interlock
Real Estate [Line Items]
Area of real estate property (in sqft) \| ft²	311,000
Number of properties \| property	2
Consideration transferred	$ 214,100
Acquisition related costs	1,200
Payments to acquire assets	6,100
Redemption of mezzanine loan	90,200
Acquisition, assumption of debt	105,600
Interlock \| Class A units
Real Estate [Line Items]
Equity interest transferred	$ 12,200
Pembroke Square \| Grocery-Anchored Shopping Center
Real Estate [Line Items]
Area of real estate property (in sqft) \| ft²			124,000
Payments to acquire real estate held-for-investment			$ 26,500
Capitalized acquisition costs			$ 200
Overlook Village \| Overlook Village
Real Estate [Line Items]
Consideration transferred						$ 28,300
Capitalized acquisition costs						$ 100

Construction Contracts

12 Months Ended

Dec. 31, 2023

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, 2023 during the year ending December 31, 2024.

Billings in excess of construction contract costs and estimated earnings represent billings or collections on contracts made in advance of revenue recognized.

The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the years ended December 31, 2023 and 2022 (in thousands):


	Year ended December 31, 2023				Year ended December 31, 2022
	Construction contract costs and estimated earnings in excess of billings		Billings in excess of construction contract costs and estimated earnings		Construction contract costs and estimated earnings in excess of billings		Billings in excess of construction contract costs and estimated earnings
Beginning balance	$	342	$	17,515	$	243	$	4,881
Revenue recognized that was included in the balance at the beginning of the period	—		(17,515)		—		(4,881)
Increases due to new billings, excluding amounts recognized as revenue during the period	—		23,309		—		18,238
Transferred to receivables	(394)		—		(965)		—
Construction contract costs and estimated earnings not billed during the period	104		—		342		—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	52		(1,895)		722		(723)
Ending balance	$	104	$	21,414	$	342	$	17,515

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 $1.9 million and $1.3 million were deferred as of December 31, 2023 and 2022, respectively. Amortization of pre-contract costs for the years ended December 31, 2023 and 2022 was $0.2 million and $1.1 million, respectively.

Construction receivables and payables include retentions, which are amounts that are generally withheld until the completion of the contract or the satisfaction of certain restrictive conditions such as fulfillment guarantees. As of December 31, 2023 and 2022, construction receivables included retentions of $28.7 million and $8.3 million, respectively. The Company expects to collect substantially all construction receivables as of December 31, 2023 during the year ending December 31, 2024. As of December 31, 2023 and 2022, construction payables included retentions of $38.2 million and $24.7 million, respectively. The Company expects to pay substantially all construction payables as of December 31, 2023 during the year ending December 31, 2024.

The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2023 and 2022 (in thousands):


	December 31,
	2023		2022
Costs incurred on uncompleted construction contracts	$	718,571	$	571,465
Estimated earnings	26,089		22,162
Billings	(765,970)		(610,800)
Net position	$	(21,310)	$	(17,173)

Construction contract costs and estimated earnings in excess of billings	$	104	$	342
Billings in excess of construction contract costs and estimated earnings	(21,414)		(17,515)
Net position	$	(21,310)	$	(17,173)

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, 2023, 2022 and 2021 were as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Beginning backlog	$	665,565	$	215,519	$	71,258
New contracts/change orders	221,473		685,753		236,077
Work performed	(414,868)		(235,707)		(91,816)
Ending backlog	$	472,170	$	665,565	$	215,519

The Company expects to complete a majority of the uncompleted contracts as of December 31, 2023 during the next 12 to 24 months.

- Definition

The entire disclosure for long-term contracts or programs.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-SubTopic 35
-Topic 605
-Publisher FASB
-URI https://asc.fasb.org//605-35/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(c)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(d)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//912/tableOfContent

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 275
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482094/912-275-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 275
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482094/912-275-50-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 275
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482094/912-275-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 275
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482094/912-275-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 275
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482094/912-275-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482283/912-310-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482283/912-310-50-4

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 405
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482379/912-405-45-4

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 405
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482363/912-405-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 405
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482363/912-405-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 910
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482332/910-20-50-1

Reference 16: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 910
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482546/910-10-50-4

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(c)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 18: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 910
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482546/910-10-50-5

+ Details

Acquired Lease Intangibles - Schedule of the Company's Acquired Lease Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Below Market Lease
Gross Carrying Amount	$ 36,282	$ 32,355
Accumulated Amortization	17,261	13,937
Net Carrying Amount	19,021	18,418
In-place lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	215,832	180,598
Accumulated Amortization	108,772	79,320
Net Carrying Amount	107,060	101,278
Above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,810	7,748
Accumulated Amortization	5,733	5,156
Net Carrying Amount	2,077	2,592
Above/Below-market ground lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,075	5,075
Accumulated Amortization	1,085	948
Net Carrying Amount	$ 3,990	$ 4,127

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 8,287	$ 74,747	$ 21,892

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Construction Contracts - Schedule of Backlog (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue, Remaining Performance Obligation [Roll Forward]
Beginning backlog	$ 665,565	$ 215,519	$ 71,258
New contracts/change orders	221,473	685,753	236,077
Work performed	(414,868)	(235,707)	(91,816)
Ending backlog	$ 472,170	$ 665,565	$ 215,519

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease Costs

The components of lease cost for the years ended December 31, 2023, 2022, and 2021 were as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Operating lease cost (a)	$	1,969	$	1,969	$	2,448
Finance lease cost:
Amortization of right-of-use assets (a)	1,349		1,110		1,022
Interest on lease liabilities	3,636		2,573		2,251

________________________________________

(a) Includes amortization of above & below-market ground lease intangible assets.

The table below presents supplemental cash flow information related to leases during the years ended December 31, 2023, 2022, and 2021 (in thousands):


	Years Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,852	$	1,797	$	2,085
Operating cash flows from finance leases	2,876		2,256		1,986

Additional information related to leases as of December 31, 2023 and 2022 were as follows:


	December 31,
	2023		2022
Weighted Average Remaining Lease Term (years)
Operating leases	34.8		35.8
Finance leases	76.9		42.7

Weighted Average Discount Rate
Operating leases	5.5	%	5.5	%
Finance leases	4.5	%	5.7	%

Schedule of Maturities of Operating Lease Liabilities

The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount.


Year Ending December 31,	Operating Leases		Finance Leases
	(in thousands)
2024	$	1,881	$	3,538
2025	1,897		3,575
2026	1,882		3,580
2027	1,890		3,602
2028	1,930		3,697
Thereafter	64,565		374,471
Total undiscounted cash flows	74,045		392,463
Present value discount	(42,517)		(300,594)
Discounted cash flows	$	31,528	$	91,869

Schedule of Maturities of Finance Lease Liabilities


Year Ending December 31,	Operating Leases		Finance Leases
	(in thousands)
2024	$	1,881	$	3,538
2025	1,897		3,575
2026	1,882		3,580
2027	1,890		3,602
2028	1,930		3,697
Thereafter	64,565		374,471
Total undiscounted cash flows	74,045		392,463
Present value discount	(42,517)		(300,594)
Discounted cash flows	$	31,528	$	91,869

Schedule of Rental Revenue

Rental revenue for the years ended December 31, 2023, 2022, and 2021 comprised the following (in thousands):


	Years Ended December 31,
	2023		2022		2021
Base rent and tenant charges	$	230,379	$	212,046	$	186,137
Accrued straight-line rental adjustment	6,355		6,178		4,938
Lease incentive amortization	(557)		(684)		(660)
Below/(above) market lease amortization	2,747		1,754		1,725
Total rental revenue	$	238,924	$	219,294	$	192,140

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
2024	$	144,114
2025	139,816
2026	131,619
2027	119,741
2028	107,561
Thereafter	520,189
Total	$	1,163,040

Indebtedness - Scheduled Principal Repayments and Term-loan Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Principal repayments and maturities
2024	$ 70,207
2025	150,495
2026	348,072
2027	428,562
2028	319,322
Thereafter	84,546
Total principal balances	1,401,204	$ 1,073,132
Scheduled Principal Payments
Principal repayments and maturities
2024	10,377
2025	10,736
2026	8,150
2027	4,796
2028	3,983
Thereafter	57,780
Total principal balances	95,822
Maturities
Principal repayments and maturities
2024	59,830
2025	139,759
2026	339,922
2027	423,766
2028	315,339
Thereafter	26,766
Total principal balances	$ 1,305,382

Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Equity

Stockholders’ Equity

As of each of December 31, 2023 and 2022, the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 66.8 million and 67.7 million shares of common stock issued and outstanding as of December 31, 2023 and 2022, respectively. The Company had 6.8 million shares of its Series A Preferred Stock (as defined below) issued and outstanding as of December 31, 2023 and 2022.

Common Stock

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. During the year ended December 31, 2023, the Company did not issue any shares of common stock under the ATM Program. During the years ended December 31, 2022 and 2021, the Company issued and sold 475,074 and 3,801,731 shares of common stock at a weighted average price of $15.21 and $13.87 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $7.1 million and $51.7 million, respectively. During the years ended December 31, 2023, 2022, and 2021, the Company did not issue any shares of the Series A Preferred Stock under the ATM Program.

On January 11, 2022, the Company completed an underwritten public offering of 4,025,000 shares of common stock, which were pre-purchased from the Company by the underwriter at a purchase price of $14.45 per share of common stock including fees, resulting in net proceeds after offering costs of $58.0 million.

On April 3, 2023, in connection with the tender by a holder of Class A Units of 51,000 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption request with a cash payment of $0.6 million.

On July 14, 2023, in connection with the tender by a holder of Class A Units of 10,146 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption request with a cash payment of $0.1 million.

On October 2, 2023, in connection with the tender by a holder of Class A Units of 50,000 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption request through the issuance of an equal number of shares of common stock.

Preferred Stock

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;

Such conversions are subject 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, 2023 and 2022, the Company held a 75.6% and 76.7% common interest in the Operating Partnership, respectively. As of December 31, 2023, the Company also held a preferred interest in the Operating Partnership in the form of preferred units with a liquidation preference of $171.1 million. The Company is the primary beneficiary of the Operating Partnership as it has the power to direct the activities of the Operating Partnership and the rights to absorb 75.6% of the net income of the Operating Partnership. As the primary beneficiary, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Operating Partnership represent units of limited partnership interest in the Operating Partnership not held by the Company. As of December 31, 2023, there were 21,553,062 Class A Units and 39,694 LTIP Units in the Operating Partnership ("LTIP Units") not held by the Company. The Company's financial position and results of operations are the same as those of the Operating Partnership. See Note 11 for a description of LTIP Units.

Additionally, the Operating Partnership owns a majority interest in certain non-wholly-owned operating and development properties. The noncontrolling interest in investment entities was $10.0 million and $24.1 million as of December 31, 2023 and 2022, respectively, which represents the minority partners' interest in certain consolidated real estate entities.

Holders of Class A 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 Class A Units of the Operating Partnership not held by the Company as noncontrolling interests within equity in the consolidated balance sheets.

Share Repurchase Program

On June 15, 2023, the Company adopted a $50.0 million share repurchase program (the "Share Repurchase Program"). Under the Share Repurchase Program, the Company may repurchase shares of common stock and Series A Preferred Stock from time to time in the open market, in block purchases, through privately negotiated transactions, the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or other means. The Share Repurchase Program does not obligate the Company to acquire any specific number of shares or acquire shares over any specific period of time. The Share Repurchase Program may be suspended or discontinued at any time by the Company and does not have an expiration date.

During the year ended December 31, 2023, the Company repurchased 1,204,838 shares of common stock for a total of $12.6 million. During the year ended December 31, 2023, the Company did not repurchase any shares of Series A Preferred Stock. As of December 31, 2023, $37.4 million remained available for repurchases under the Share Repurchase Program.

Dividends and Class A Unit Distributions

During the years ended December 31, 2023, 2022, and 2021, the Company declared dividends per common share and distributions per Class A Unit of $0.775, $0.72, and $0.64, respectively. During the years ended December 31, 2023, 2022, and 2021, these common stock dividends totaled $52.4 million, $48.7 million, and $39.3 million, respectively, and these Operating Partnership distributions totaled $16.6 million, $14.8 million, and $13.3 million, respectively.

The tax treatment of dividends paid to common stockholders during the years ended December 31, 2023, 2022, and 2021 was as follows (unaudited):


	Years ended December 31,
	2023		2022		2021
Capital gains	2.84	%	—	%	8.98	%
Ordinary income	35.77	%	65.64	%	66.71	%
Return of capital	61.39	%	34.36	%	24.31	%
Total	100.00	%	100.00	%	100.00	%

During each of the years ended December 31, 2023, 2022, and 2021, the Company declared dividends of $1.6875 per share to holders of Series A Preferred Stock. During each of the years ended December 31, 2023, 2022, and 2021, these preferred stock dividends totaled $11.5 million.

The tax treatment of dividends paid to preferred stockholders during the years ended December 31, 2023, 2022, and 2021 was as follows (unaudited):


	Years ended December 31,
	2023		2022		2021
Capital gains	5.03	%	—	%	11.96	%
Ordinary income	94.97	%	100.00	%	88.04	%
Total	100.00	%	100.00	%	100.00	%

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
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. Indebtedness Borrowings under the revolving credit facility were $299.0 million on February 23, 2024. Equity On January 2, 2024, in connection with the tender by a holder of Class A Units of 9,286 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption request with a cash payment of $0.1 million.

Equity - Additional Information (Details) - USD ($)						12 Months Ended
Equity - Additional Information (Details) - USD ($)	Oct. 02, 2023	Jul. 14, 2023	Apr. 03, 2023	Jan. 11, 2022	Mar. 10, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 15, 2023	Jun. 18, 2019
Class of Stock [Line Items]
Authorized capital shares of common stock (in shares)						500,000,000	500,000,000
Preferred stock, shares authorized (in shares)						100,000,000	100,000,000
Common stock, shares outstanding (in shares)						66,793,294	67,729,854
Common stock, shares issued (in shares)						66,793,294	67,729,854
Payments for repurchase of common stock						$ 12,628,000	$ 0	$ 0
Percent of total voting power for voting stock						0.50
Percentage of operating partnerships held						75.60%	76.70%
Preferred stock issued						$ 171,085,000	$ 171,085,000
Operating partnership units redemption ratio						1
Stock repurchase program									$ 50,000,000
Stock repurchase program remaining amount						$ 37,400,000
Dividend declared (in dollars per share)						$ 0.775	$ 0.72	$ 0.64
Aggregate cash dividends and distributions, paid						$ 80,398,000	$ 72,575,000	$ 58,713,000
Consolidated Entities Under Development Or Construction \| Operating Partnership
Class of Stock [Line Items]
Nonredeemable noncontrolling interest						$ 10,000,000	24,100,000
Class A units
Class of Stock [Line Items]
Units not held by company (in shares)						21,553,062
Class A units \| Operating Partnership
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid						$ 16,600,000	14,800,000	13,300,000
Long-term Incentive Plan Units
Class of Stock [Line Items]
Units not held by company (in shares)						39,694
Common stock
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid						$ 52,400,000	$ 48,700,000	$ 39,300,000
At The Market Program \| Common stock
Class of Stock [Line Items]
Stock issued during period (in shares)						0	475,074	3,801,731
Sale of stock, weighted average price per share (in dollars per share)							$ 15.21	$ 13.87
Net proceeds after offering costs and commissions from sale of shares							$ 7,100,000	$ 51,700,000
Public Stock Offering
Class of Stock [Line Items]
Net proceeds after offering costs and commissions from sale of shares				$ 58,000,000
Number of shares issued in public offering (in shares)				4,025,000
Issuance of common stock, price per share (in dollars per share)				$ 14.45
Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)						6,800,000	6,800,000
Preferred stock, shares issued (in shares)						6,800,000	6,800,000
Stock repurchased during period, shares (in shares)						0
Dividends declared (in dollars per share)						$ 1.6875	$ 1.6875	$ 1.6875
Preferred stock dividends						$ 11,500,000	$ 11,500,000	$ 11,500,000
Series A Cumulative Redeemable Preferred Stock \| At The Market Program
Class of Stock [Line Items]
Stock issued during period (in shares)						0	0	0
Redeemable convertible preferred stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)						9,980,000	9,980,000
Preferred stock, shares outstanding (in shares)						6,843,418	6,843,418
Preferred stock, shares issued (in shares)						6,843,418	6,843,418
Dividend rate						6.75%	6.75%
Liquidation preference (in dollars per share)										$ 25.00
Preferred stock, redemption price (in dollars per share)						$ 25.00
Maximum conversion price (in dollars per share)						2.97796
Redeemable convertible preferred stock \| At The Market Program
Class of Stock [Line Items]
Dividend rate					6.75%
Maximum aggregate offering price of shares to be sold (up to)					$ 300,000,000
Common Class A
Class of Stock [Line Items]
Stock redeemed (in shares)	50,000	10,146	51,000
Payments for repurchase of common stock		$ 100,000	$ 600,000
Stock repurchased during period, shares (in shares)						1,204,838
Common stock for a total value						$ 12,600,000

Real Estate Investments and Equity Method Investments - Other Real Estate Transactions (Details) - USD ($)																				3 Months Ended		12 Months Ended
	Sep. 20, 2023	Apr. 11, 2023	Dec. 31, 2022	Sep. 23, 2022	Jul. 26, 2022	Jul. 22, 2022	Jun. 29, 2022	Apr. 25, 2022	Apr. 01, 2022	Jan. 14, 2022	Dec. 15, 2021	Nov. 16, 2021	Oct. 28, 2021	Aug. 25, 2021	Jun. 28, 2021	Mar. 18, 2021	Mar. 16, 2021	Jan. 14, 2021	Jan. 04, 2021	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2022	Apr. 11, 2022
Real Estate [Line Items]
Debt repayments																						$ 180,869,000	$ 723,739,000	$ 187,758,000
Payments to acquire interest in joint venture																						$ 70,048,000	62,872,000	11,607,000
The Residences At Annapolis Junction
Real Estate [Line Items]
Interests in equity method investments																										95.00%
Ten Tryon Project
Real Estate [Line Items]
Interest acquired										20.00%
Acquisition, cash consideration										$ 3,900,000
The Residences At Annapolis Junction
Real Estate [Line Items]
Interest acquired																										16.00%
The Everly
Real Estate [Line Items]
Interest acquired																									5.00%
Earn-out payments																							4,200,000
Payments to acquire interest in joint venture																							$ 800,000
Market at Mill Creek
Real Estate [Line Items]
Interest acquired			30.00%																				30.00%
Total consideration			$ 1,500,000
Market at Mill Creek \| Discontinued Operations, Disposed of by Sale
Real Estate [Line Items]
Gain (loss) on sales of investment real estate		$ 500,000
Brooks Crossing Retail Outparcel \| Discontinued Operations, Disposed of by Sale
Real Estate [Line Items]
Gain (loss) on sales of investment real estate	$ 200,000
Hoffler Place
Real Estate [Line Items]
Gain (loss) on sales of investment real estate									$ (800,000)
Dispositions of real estate investments, net of selling costs									$ 43,100,000
Summit Place
Real Estate [Line Items]
Gain (loss) on sales of investment real estate								$ (500,000)
Acquisition, cash consideration															$ 500,000
Dispositions of real estate investments, net of selling costs								$ 37,800,000
Hoffler Place and Summit Place
Real Estate [Line Items]
Impairment of real estate																				$ 18,300,000				18,300,000
The Residences At Annapolis Junction
Real Estate [Line Items]
Gain (loss) on sales of investment real estate						$ 31,500,000
Dispositions of real estate investments, net of selling costs						150,000,000
The Residences At Annapolis Junction \| Noncontrolling interests in Operating Partnership
Real Estate [Line Items]
Gain (loss) on sales of investment real estate						$ 5,400,000
Home Depot And Costco Outparcels at North Point
Real Estate [Line Items]
Gain (loss) on sales of investment real estate							$ 20,900,000
Dispositions of real estate investments, net of selling costs							$ 23,900,000
Autozone and Valvoline Outparcels at Sandbridge Commmons
Real Estate [Line Items]
Gain (loss) on sales of investment real estate					$ 2,400,000
Dispositions of real estate investments, net of selling costs					$ 3,500,000
The Everly \| Retail
Real Estate [Line Items]
Gain (loss) on sales of investment real estate				$ 0
Dispositions of real estate investments, net of selling costs				1,500,000
Debt repayments				$ 800,000
Hanbury Village
Real Estate [Line Items]
Gain (loss) on sales of investment real estate																			$ 2,400,000
Dispositions of real estate investments, net of selling costs																			$ 2,900,000
Nexton Square
Real Estate [Line Items]
Gain (loss) on sales of investment real estate																		$ 0
Dispositions of real estate investments, net of selling costs																		900,000
Debt repayments																		$ 800,000
Oakland Marketplace
Real Estate [Line Items]
Gain (loss) on sales of investment real estate																	$ 1,100,000
Dispositions of real estate investments, net of selling costs																	$ 5,500,000
Easement Rights at Courthouse 7-Eleven
Real Estate [Line Items]
Gain (loss) on sales of investment real estate																$ 200,000
Dispositions of real estate investments, net of selling costs																$ 300,000
Socastee Commons Shopping Center
Real Estate [Line Items]
Gain (loss) on sales of investment real estate														$ (100,000)
Acquisition, cash consideration														$ 3,800,000
Impairment of real estate																					$ 3,000,000			$ 3,000,000
Courthouse 7-Eleven
Real Estate [Line Items]
Gain (loss) on sales of investment real estate													$ 1,100,000
Dispositions of real estate investments, net of selling costs													$ 3,100,000
Johns Hopkins Village
Real Estate [Line Items]
Gain (loss) on sales of investment real estate												$ 14,400,000
Dispositions of real estate investments, net of selling costs												$ 75,000,000
Brooks Crossing
Real Estate [Line Items]
Gain (loss) on sales of investment real estate											$ 0
Dispositions of real estate investments, net of selling costs											$ 500,000

Other Liabilities

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities were comprised of the following as of December 31, 2023 and 2022 (in thousands):


	December 31,
	2023		2022
Dividends and distributions payable	$	19,930	$	19,777
Acquired lease intangibles, net	19,021		18,418
Prepaid rent and other	12,763		10,935
Security deposits	4,752		4,026

Guarantee liability	147		899
Other liabilities	$	56,613	$	54,055

Construction Contracts - Schedule of Net Position of Uncompleted Construction Contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contractors [Abstract]
Costs incurred on uncompleted construction contracts	$ 718,571	$ 571,465
Estimated earnings	26,089	22,162
Billings	(765,970)	(610,800)
Net position	(21,310)	(17,173)
Construction contract costs and estimated earnings in excess of billings	104	342	$ 243
Billings in excess of construction contract costs and estimated earnings	$ (21,414)	$ (17,515)	$ (4,881)

Indebtedness

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Indebtedness

The Company’s indebtedness comprised the following as of December 31, 2023 and 2022 (dollars in thousands):


	Principal Balance				Interest Rate (a)			Maturity Date (b)
	December 31,				December 31,
	2023		2022		2023
Secured Debt
Chronicle Mill	$	34,438	$	27,630	SOFR+	3.00%		May 5, 2024
Red Mill Central	1,838		2,013			4.80%		June 17, 2024
Premier Apartments(c)	16,036		16,269		SOFR+	1.55%		October 31, 2024
Premier Retail(c)	7,898		8,013		SOFR+	1.55%		October 31, 2024
Red Mill South	4,853		5,191			3.57%		May 1, 2025
Market at Mill Creek	11,347		12,494		SOFR+	1.55%		July 12, 2025
The Everly	30,000		30,000		SOFR+	1.50%		December 20, 2025
Encore Apartments(d)	23,421		23,980			2.93%		February 10, 2026
4525 Main Street(d)	30,074		30,785			2.93%		February 10, 2026
Southern Post	30,546		—		SOFR+	2.25%		August 25, 2026
Thames Street Wharf	67,894		69,327		SOFR+	1.30%	(e)	September 30, 2026
Constellation Energy Building	175,000		175,000		SOFR+	1.50%		November 1, 2026
Southgate Square	25,331		26,195		SOFR+	1.90%		December 21, 2026
Nexton Square	21,581		22,195		SOFR+	1.95%		June 30, 2027
Liberty Apartments	20,588		20,926		SOFR+	1.50%		September 27, 2027
Greenbrier Square	19,569		19,940			3.74%		October 10, 2027
Lexington Square	13,599		13,892			4.50%		September 1, 2028
Red Mill North	3,963		4,079			4.73%		December 31, 2028
Greenside Apartments	31,104		31,862			3.17%		December 15, 2029
Smith's Landing	14,578		15,535			4.05%		June 1, 2035
The Edison	15,179		15,563			5.30%		December 1, 2044
The Cosmopolitan	40,367		41,243			3.35%		July 1, 2051
Total secured debt	$	639,204	$	612,132
Unsecured Debt
TD unsecured term loan	$	95,000	$	—	SOFR+	1.35%-1.90%	(e)	May 19, 2025
Senior unsecured revolving credit facility	262,000		61,000		SOFR+	1.30%-1.85%		January 22, 2027
Senior unsecured revolving credit facility (fixed)	5,000		—		SOFR+	1.30%-1.85%	(e)	January 22, 2027
M&T unsecured term loan	100,000		100,000		SOFR+	1.25%-1.80%	(e)	March 8, 2027
Senior unsecured term loan	125,000		31,658		SOFR+	1.25%-1.80%		January 21, 2028
Senior unsecured term loan (fixed)	175,000		268,342		SOFR+	1.25%-1.80%	(e)	January 21, 2028
Total unsecured debt	762,000		461,000
Total principal balances	1,401,204		1,073,132
Other note payable(f)	6,127		6,131
Unamortized GAAP adjustments	(10,366)		(11,002)

Indebtedness, net	$	1,396,965	$	1,068,261

________________________________________

(a) The Secured Overnight Financing Rate ("SOFR") is determined by individual lenders.

(b) Does not reflect the effect of any maturity extension options.

(d) Cross collateralized.

(e) Includes debt subject to interest rate swap locks.

(f) Represents the fair value of additional ground lease payments at 1405 Point over the approximately 39-year remaining lease term.

The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2023 and 2022 (in thousands):


	December 31,
	2023		2022
Fixed-rate debt	$	816,439	$	641,752
Variable-rate debt	584,765		431,380
Total principal balance	$	1,401,204	$	1,073,132

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, 2023, the Company was in compliance with all loan covenants.

Scheduled principal repayments and maturities during each of the next five years and thereafter are as follows (in thousands):


Year (1)	Scheduled Principal Payments		Maturities		Total Payments
2024	$	10,377	$	59,830	$	70,207
2025	10,736		139,759		150,495
2026	8,150		339,922		348,072
2027	4,796		423,766		428,562
2028	3,983		315,339		319,322
Thereafter	57,780		26,766		84,546
Total	$	95,822	$	1,305,382	$	1,401,204

________________________________________

(1)Debt principal payments and maturities exclude increased ground lease payments at 1405 Point which are classified as a note payable in the Company's consolidated balance sheets.

Amended Credit Facility

On August 23, 2022, the Company, as parent guarantor, and the Operating Partnership, as borrower, entered into an amended and restated credit agreement (the "Credit Agreement"), which provides for a $550.0 million credit facility comprised of a $250.0 million senior unsecured revolving credit facility (the "revolving credit facility") and a $300.0 million senior unsecured term loan facility (the "term loan facility" and, together with the revolving credit facility, the "amended credit facility"), with a syndicate of banks. The amended credit facility replaces the prior $150.0 million revolving credit facility, which was scheduled to mature on January 24, 2024, and the prior $205.0 million term loan facility, which was scheduled to mature on January 24, 2025.

The amended credit facility includes an accordion feature that allows the total commitments to be increased to $1.0 billion, subject to certain conditions, including obtaining commitments from any one or more lenders. The revolving credit facility has a scheduled maturity date of January 22, 2027, with two six-month extension options, subject to the Company's satisfaction of certain conditions, including payment of a 0.075% extension fee at each extension. The term loan facility has a scheduled maturity date of January 21, 2028.

On August 29, 2023, the Company increased the capacity of the revolving credit facility by $105.0 million by exercising the accordion feature in part, bringing the revolving credit facility capacity to $355.0 million and the total credit facility capacity to $655.0 million.

The revolving credit facility bears interest at SOFR plus a margin ranging from 1.30% to 1.85%, and the term loan facility bears interest at SOFR plus a margin ranging from 1.25% to 1.80%, in each case depending on the Company's total leverage and in each case subject to a credit spread adjustment of 0.10%. The Company is also obligated to pay an unused commitment fee of 15 or 25 basis points on the unused portions of the commitments under the revolving credit facility, depending on the amount of borrowings under the revolving credit facility. If the Company or the Operating Partnership attains investment grade credit ratings from both S&P Global Ratings and Moody’s Investors Service, Inc., the Operating Partnership may elect to have borrowings become subject to interest rates based on such credit ratings. The Company may, at any time, voluntarily prepay any loan under the amended credit facility in whole or in part without premium or penalty.

As of December 31, 2023, the outstanding balance on the revolving credit facility was $267.0 million, and the outstanding balance on the term loan facility was $300.0 million. As of December 31, 2023, the effective interest rates on the revolving credit facility and the term loan facility, before giving effect to interest rate caps and swaps, were 6.85% and 6.75%, respectively. After giving effect to interest rate caps and swaps, the effective interest rates on the revolving credit facility and the term loan facility were 4.41% and 3.08%, respectively, as of December 31, 2023.

The Operating Partnership is the borrower under the amended credit facility, and its obligations under the amended credit facility are guaranteed by the Company and certain of its subsidiaries that are not otherwise prohibited from providing such guaranty. The Credit Agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Company's ability to borrow under the amended credit facility is subject to ongoing compliance with a number of financial covenants, affirmative covenants, and other restrictions. The Credit Agreement includes customary events of default, in certain cases subject to customary cure periods. The occurrence of an event of default, if not cured within the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest, and all other amounts payable under the amended credit facility to be immediately due and payable.

On January 7, 2021, the Operating Partnership entered into a $15.0 million standby letter of credit using the available capacity under the prior credit facility to guarantee the funding of its investment in the Harbor Point Parcel 3 joint venture, which is the developer of T. Rowe Price's new global headquarters. This letter of credit was available for draw down on the prior revolving credit facility in the event the Company did not meet its equity requirement. The letter of credit expired on January 4, 2022 and was not required to be renewed.

M&T Term Loan Facility

On December 6, 2022, the Company, as parent guarantor, and the Operating Partnership, as borrower, entered into a term loan agreement (the "M&T term loan agreement") with Manufacturers and Traders Trust Company, as lender and administrative agent, which provides a $100.0 million senior unsecured term loan facility (the "M&T term loan facility"), with the option to increase the total capacity to $200.0 million, subject to the Company's satisfaction of certain conditions. The proceeds from the M&T term loan facility were used to repay the loans secured by the Wills Wharf, 249 Central Park Retail, Fountain Plaza Retail, and South Retail properties. The M&T term loan facility has a scheduled maturity date of March 8, 2027, with a one-year extension option, subject to the Company's satisfaction of certain conditions, including payment of a 0.075% extension fee.

The M&T term loan facility bears interest at a rate elected by the Operating Partnership based on term SOFR, Daily Simple SOFR, or the Base Rate (as defined below), and in each case plus a margin. A term SOFR or Daily Simple SOFR loan is also subject to a credit spread adjustment of 0.10%. The margin under each interest rate election depends on the Company's total leverage. The "Base Rate" is equal to the highest of: (a) the rate of interest in effect for such day as publicly announced from time to time by M&T Bank as its “prime rate” for such day, (b) the Federal Funds Rate for such day, plus 0.50%, (c) one month term SOFR for such day plus 100 basis points and (d) 1.00%. The Operating Partnership has elected for the loan to bear interest at term SOFR plus margin. If the Company or the Operating Partnership attains investment grade credit ratings from both S&P Global Ratings and Moody's Investor Service, Inc., the Operating Partnership may elect to have borrowings become subject to interest rates based on such credit ratings. The Company may, at any time, voluntarily prepay the M&T term loan facility in whole or in part without premium or penalty, provided certain conditions are met.

As of December 31, 2023, the outstanding balance on the M&T term loan facility was $100.0 million. As of December 31, 2023, the effective interest rate on the M&T term loan facility, before giving effect to interest rate swaps, was 6.75%. After giving effect to interest rate swaps, the effective interest rate on the M&T term loan facility was 4.90% as of December 31, 2023. The Operating Partnership may, at any time, voluntarily prepay the M&T term loan facility in whole or in part without premium or penalty, provided certain conditions are met.

The Operating Partnership is the borrower under the M&T term loan facility, and its obligations under the M&T term loan facility are guaranteed by the Company and certain of its subsidiaries that are not otherwise prohibited from providing such guaranty. The M&T term loan agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Company's ability to borrow under the M&T term loan facility is subject to ongoing compliance with a number of financial covenants, affirmative covenants, and other restrictions. The term loan agreement includes customary events of default, in certain cases subject to customary cure periods. The occurrence of an event of default, if not cured within the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest, and all other amounts payable under

the M&T term loan facility to be immediately due and payable.

TD Term Loan Facility

On May 19, 2023, the Company, as parent guarantor, and the Operating Partnership, as borrower, entered into a term loan agreement (the "TD term loan agreement") with Toronto Dominion (Texas) LLC, as administrative agent, and TD Bank, N.A. as lender, which provides a $75.0 million senior unsecured term loan facility (the "TD term loan facility"), with the option to increase the total capacity to $150.0 million, subject to the Company's satisfaction of certain conditions. The proceeds from the TD term loan facility were used in connection with the acquisition of The Interlock, which is detailed in Note 5. The TD term loan facility has a scheduled maturity date of May 19, 2025, with a one-year extension option, subject to the Company's satisfaction of certain conditions, including payment of a 0.15% extension fee.

The TD term loan facility bears interest at a rate elected by the Operating Partnership based on term SOFR, Daily Simple SOFR, or the Base Rate (as defined below), and in each case plus a margin. A term SOFR or Daily Simple SOFR loan is also subject to a credit spread adjustment of 0.10%. The margin under each interest rate election depends on the Company's total leverage. The "Base Rate" is equal to the highest of: (a) the Federal Funds Rate for such day, plus 0.50% (b) the rate of interest in effect for such day as publicly announced from time to time by the administrative agent as its “prime rate” for such day, (c) one month term SOFR for such day plus 100 basis points and (d) 1.00%. The Operating Partnership has elected for the loan to bear interest at term SOFR plus margin. If the Company or the Operating Partnership attains investment grade credit ratings from both S&P Global Ratings and Moody's Investor Service, Inc., the Operating Partnership may elect to have borrowings become subject to interest rates based on such credit ratings. The Operating Partnership may, at any time, voluntarily prepay the TD term loan facility in whole or in part without premium or penalty, provided certain conditions are met.

On June 29, 2023, the TD term loan facility commitment increased to $95.0 million as a result of the addition of a second lender to the facility.

As of December 31, 2023, the outstanding balance on the TD term loan facility was $95.0 million. As of December 31, 2023, the effective interest rate on the TD term loan facility, before giving effect to interest rate swaps, was 6.85%. After giving effect to interest rate swaps, the effective interest rate on the TD term loan facility was 4.70% as of December 31, 2023.

The Operating Partnership is the borrower under the TD term loan facility, and its obligations under the TD term loan facility are guaranteed by the Company and certain of its subsidiaries that are not otherwise prohibited from providing such guaranty. The TD term loan agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Company's ability to borrow under the TD term loan facility is subject to ongoing compliance with a number of financial covenants, affirmative covenants, and other restrictions. The TD term loan agreement includes customary events of default, in certain cases subject to customary cure periods. The occurrence of an event of default, if not cured within the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest, and all other amounts payable under the TD term loan facility to be immediately due and payable.

The Company is currently in compliance with all covenants under the Credit Agreement, the M&T term loan agreement, and TD term loan agreement, all of which are substantially similar.

Other 2023 Financing Activity

Effective April 3, 2023, the Company transitioned the $69.0 million loan secured by Thames Street Wharf to SOFR, previously indexed to the Bloomberg Short-Term Yield Index (BSBY). The modified loan bears interest at a rate of SOFR plus a spread of 1.30% and a credit spread adjustment of 0.10%.

Effective April 3, 2023, the Company transitioned the $175.0 million loan secured by the Constellation Energy Building to SOFR, previously indexed to BSBY. The modified loan bears interest at a rate of SOFR plus a spread of 1.50% and a credit spread adjustment of 0.11%.

On April 11, 2023, the Company paid down $0.5 million of the loan secured by Market at Mill Creek in connection with the disposition of a non-operating outparcel.

During the year ended December 31, 2023, the Company borrowed $37.4 million under its existing construction loans to fund new development and construction.

Other 2022 Financing Activity

On January 5, 2022, the Company contributed $2.6 million to the Harbor Point Parcel 3 joint venture in order to meet the lender's equity funding requirement since the $15.0 million standby letter of credit discussed above expired on January 4, 2022.

On January 14, 2022, the Company acquired a 79% membership interest and an additional 11% economic interest in the partnership that owns the mixed-use property known as the Constellation Energy Building. The property was subject to a $156.1 million loan, which the Company immediately refinanced following the acquisition with a new $175.0 million loan. The new loan originally bore interest at a rate of BSBY plus a spread of 1.50% and will mature on November 1, 2026. The index for this loan was subsequently transitioned to SOFR. See “—Other 2023 Financing Activity.”

On January 19, 2022, the Company paid off the $14.1 million balance of the loan secured by the Delray Beach Plaza shopping center.

On March 3, 2022, the Company paid off the $10.3 million balance of the loan secured by the Red Mill West Commons shopping center.

On April 25, 2022, Harbor Point Parcel 3, a joint venture to which the Company is party, entered into a construction loan agreement for $161.5 million.

On April 1, 2022, the Company paid off the $18.4 million loan secured by Hoffler Place in conjunction with the sale of the property.

On April 25, 2022, the Company paid off the $23.1 million loan secured by Summit Place in conjunction with the sale of the property.

On April 25, 2022, Harbor Point Parcel 4, a real estate venture to which the Company is party, entered into a construction loan agreement for $109.7 million.

On June 29, 2022, the Company paid off the $1.9 million loan balance associated with North Pointe Phase II in conjunction with the sale of the property leased and occupied by Costco.

On June 30, 2022, the Company refinanced the $20.1 million loan secured by Nexton Square. The new $22.5 million loan bears interest at a rate of SOFR plus a spread of 1.95% (SOFR has a 0.30% floor) and will mature on June 30, 2027.

On July 22, 2022, the Company paid off the $84.4 million loan secured by The Residences at Annapolis Junction in conjunction with the sale of the property.

On August 15, 2022, the Company paid off the $9.4 million balance of the loan secured by the Marketplace at Hilltop shopping center.

On August 25, 2022, the Company paid off the $51.8 million, $14.6 million, and $23.6 million balances of the loans secured by the 1405 Point, Brooks Crossing Office, and One City Center properties, respectively.

On August 25, 2022, the Company entered into a $73.6 million construction loan agreement for the Southern Post development project. The loan bears interest at a rate of SOFR plus a spread of 2.25%. The loan matures on August 25, 2026 and has two 12-month extension options.

On September 27, 2022, the Company refinanced the $13.4 million loan secured by Liberty Apartments. The new $21.0 million loan bears interest at a rate of SOFR plus a spread of 1.50% and will mature on September 27, 2027.

On December 6, 2022, the Company paid off the $64.3 million, $16.1 million, $9.7 million, and $7.1 million balances of the loans secured by the Wills Wharf, 249 Central Park Retail, Fountain Plaza Retail, and South Retail properties, respectively.

On December 20, 2022, the Company refinanced the $29.6 million loan secured by The Everly. The new $30.0 million loan bears interest at a rate of SOFR plus a spread of 1.50%. The loan matures on December 20, 2025 and has two 12-month extension options, subject to certain conditions.

During the year ended December 31, 2022, the Company borrowed $39.8 million under its existing construction loans to fund new development and construction.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Fair Value of Financial Instruments - Schedule ofCarrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value of Financial Instruments]
Indebtedness, net	$ 1,396,965	$ 1,068,261
Deferred financing costs	10,400	11,000
Carrying Value
Fair Value of Financial Instruments]
Indebtedness, net	1,407,323	1,079,233
Notes receivable	94,172	136,039
Interest rate swap and cap assets	28,862	29,115
Fair Value
Fair Value of Financial Instruments]
Indebtedness, net	1,389,296	1,058,530
Notes receivable	94,172	136,039
Interest rate swap and cap assets	$ 28,862	$ 29,115

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Tax Treatment of Dividends Paid

The tax treatment of dividends paid to common stockholders during the years ended December 31, 2023, 2022, and 2021 was as follows (unaudited):


	Years ended December 31,
	2023		2022		2021
Capital gains	2.84	%	—	%	8.98	%
Ordinary income	35.77	%	65.64	%	66.71	%
Return of capital	61.39	%	34.36	%	24.31	%
Total	100.00	%	100.00	%	100.00	%

The tax treatment of dividends paid to preferred stockholders during the years ended December 31, 2023, 2022, and 2021 was as follows (unaudited):


	Years ended December 31,
	2023		2022		2021
Capital gains	5.03	%	—	%	11.96	%
Ordinary income	94.97	%	100.00	%	88.04	%
Total	100.00	%	100.00	%	100.00	%

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Preferred stock	Common stock	Additional paid-in capital	Distributions in excess of earnings	Accumulated other comprehensive loss	Total stockholders' equity	Noncontrolling interests in investment entities	Noncontrolling interests in Operating Partnership
Beginning balance at Dec. 31, 2020	$ 756,802	$ 171,085	$ 591	$ 472,747	$ (112,356)	$ (8,868)	$ 523,199	$ 488	$ 233,115
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	25,455				21,892		21,892	(5)	3,568
Unrealized cash flow hedge gains	3,678					2,739	2,739		939
Realized cash flow hedge losses (gains) reclassified to net income	8,163					6,096	6,096		2,067
Net proceeds from issuance of common stock	51,677		38	51,639			51,677
Restricted stock awards, net	2,006		1	2,005			2,006
Acquisitions of noncontrolling interests in real estate entities	(804)			(950)			(950)	146
Redemption of operating partnership units	(2,949)			(411)			(411)		(2,538)
Dividends declared on preferred stock	(11,548)				(11,548)		(11,548)
Dividends and distributions declared on common shares and units	(52,657)				(39,348)		(39,348)		(13,309)
Ending balance at Dec. 31, 2021	779,823	171,085	630	525,030	(141,360)	(33)	555,352	629	223,842
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	99,953				74,747		74,747	5,948	19,258
Unrealized cash flow hedge gains	20,165					15,333	15,333	148	4,684
Realized cash flow hedge losses (gains) reclassified to net income	(800)				1	(621)	(620)	(7)	(187)
Net proceeds from issuance of common stock	65,159		45	65,114			65,159
Restricted stock awards, net	3,029		2	3,027			3,029
Noncontrolling interest in acquired real estate entity	23,065							23,065
Acquisitions of noncontrolling interests in real estate entities	(5,401)			(5,401)			(5,401)
Redemption of operating partnership units	(130)			114			114		(244)
Distributions to noncontrolling interests	(5,742)							(5,742)
Dividends declared on preferred stock	(11,548)				(11,548)		(11,548)
Dividends and distributions declared on common shares and units	(63,559)				(48,715)		(48,715)		(14,844)
Ending balance at Dec. 31, 2022	904,014	171,085	677	587,884	(126,875)	14,679	647,450	24,055	232,509
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	7,663				8,287		8,287	605	(1,229)
Unrealized cash flow hedge gains	6,879					5,026	5,026	315	1,538
Realized cash flow hedge losses (gains) reclassified to net income	(20,047)					(14,799)	(14,799)	598	(4,650)
Net proceeds from issuance of common stock	(208)			(208)			(208)
Retirement of common stock	12,628		(12)	(10,458)	(2,158)		(12,628)
Restricted stock awards, net	2,958		3	2,955			2,958
Issuance of operating partnership units for acquisitions	12,194								12,194
Acquisitions of noncontrolling interests in real estate entities	(12,834)							(12,834)
Redemption of operating partnership units	(705)			514			514		(1,219)
Distributions to noncontrolling interests	(1,557)							(1,557)
Dividends declared on preferred stock	(11,548)				(11,548)		(11,548)
Dividends and distributions declared on common shares and units	(69,003)				(52,430)		(52,430)		(16,573)
Ending balance at Dec. 31, 2023	$ 805,178	$ 171,085	$ 668	$ 580,687	$ (184,724)	$ 4,906	$ 572,622	$ 9,986	$ 222,570

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Rental revenues	$ 238,924	$ 219,294	$ 192,140
Revenue, Product and Service [Extensible List]	Real Estate [Member]
General contracting and real estate services revenues	$ 413,131	234,859	91,936
Interest income	15,103	16,978	18,457
Total revenues	667,158	471,131	302,533
Expenses
Rental expenses	56,419	50,742	46,494
Real estate taxes	22,442	22,057	21,852
General contracting and real estate services expenses	399,713	227,158	88,100
Depreciation and amortization	96,078	72,974	68,853
Amortization of right-of-use assets - finance leases	1,349	1,110	1,022
General and administrative expenses	18,122	15,691	14,610
Acquisition, development, and other pursuit costs	84	37	112
Impairment charges	102	416	21,378
Total expenses	594,309	390,185	262,421
Gain on real estate dispositions, net	738	53,466	19,040
Operating income	73,587	134,412	59,152
Interest expense	(57,810)	(39,680)	(33,905)
Loss on extinguishment of debt	0	(3,374)	(3,810)
Change in fair value of derivatives and other	(6,242)	8,698	2,182
Unrealized credit loss (provision) release	(574)	(626)	792
Other income (expense), net	31	378	302
Income before taxes	8,992	99,808	24,713
Income tax (provision) benefit	(1,329)	145	742
Net income	7,663	99,953	25,455
Net (income) loss attributable to noncontrolling interests:
Investment entities	(605)	(5,948)	5
Operating Partnership	1,229	(19,258)	(3,568)
Net income attributable to Armada Hoffler Properties, Inc.	8,287	74,747	21,892
Preferred stock dividends	(11,548)	(11,548)	(11,548)
Net (loss) income attributable to common stockholders	$ (3,261)	$ 63,199	$ 10,344
Net income attributable to common stockholders per share (basic) (in dollars per share)	$ (0.05)	$ 0.94	$ 0.17
Net income attributable to common stockholders per share (diluted) (in dollars per share)	$ (0.05)	$ 0.94	$ 0.17
Weighted-average common shares outstanding (basic) (in shares)	67,692	67,576	60,647
Weighted-average common shares outstanding (diluted) (in shares)	67,692	67,576	60,647
Comprehensive income:
Net income	$ 7,663	$ 99,953	$ 25,455
Unrealized cash flow hedge gains	6,879	20,165	3,678
Realized cash flow hedge (gains) losses reclassified to net income	(20,047)	(800)	8,163
Comprehensive income	(5,505)	119,318	37,296
Comprehensive (loss) income attributable to Armada Hoffler Properties, Inc.	(1,486)	89,460	30,728
Noncontrolling interests in investment entities
Expenses
Net income	605	5,948	(5)
Comprehensive income:
Net income	605	5,948	(5)
Unrealized cash flow hedge gains	315	148
Realized cash flow hedge (gains) losses reclassified to net income	598	(7)
Comprehensive (income) loss attributable to noncontrolling interests:	(322)	(6,103)	5
Noncontrolling interests in Operating Partnership
Expenses
Net income	(1,229)	19,258	3,568
Comprehensive income:
Net income	(1,229)	19,258	3,568
Unrealized cash flow hedge gains	1,538	4,684	939
Realized cash flow hedge (gains) losses reclassified to net income	(4,650)	(187)	2,067
Comprehensive (income) loss attributable to noncontrolling interests:	$ 4,341	$ (23,755)	$ (6,573)

Segments - Schedule of Net Operating Income of Reportable Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information
Rental revenues	$ 238,924	$ 219,294	$ 192,140
Rental expenses	56,419	50,742	46,494
Real estate taxes	22,442	22,057	21,852
Segment revenues	413,131	234,859	91,936
Segment gross profit	183,990	167,160	142,823
Retail real estate
Segment Reporting Information
Rental revenues	97,762	86,344	78,572
Rental expenses	16,170	13,769	12,512
Real estate taxes	8,806	8,873	8,416
Interest expense	9,200	8,400	7,900
Segment gross profit	72,786	63,702	57,644
Office real estate
Segment Reporting Information
Rental revenues	82,517	74,036	47,363
Rental expenses	22,477	18,710	12,412
Real estate taxes	8,742	7,625	6,112
Interest expense	10,200	11,600	5,100
Segment gross profit	51,298	47,701	28,839
Multifamily residential real estate
Segment Reporting Information
Rental revenues	58,645	58,914	66,205
Rental expenses	17,772	18,263	21,570
Real estate taxes	4,894	5,559	7,324
Interest expense	12,100	13,000	14,000
Segment gross profit	35,979	35,092	37,311
General contracting and real estate services
Segment Reporting Information
Segment revenues	413,131	234,859	91,936
Segment expenses	399,713	227,158	88,100
Segment gross profit	13,418	7,701	3,836
Real estate financing
Segment Reporting Information
Interest expense	3,667	3,497	2,833
Segment gross profit	10,509	12,964	15,193
Real estate financing \| Operating Segments
Segment Reporting Information
Interest income	$ 14,176	$ 16,461	$ 18,026

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Real estate investments:

Income producing property

$ 2,093,032

$ 1,884,214

Held for development

11,978

6,294

Construction in progress

102,277

53,067

Gross real estate investments

2,207,287

1,943,575

Accumulated depreciation

(393,169)

(329,963)

Net real estate investments

1,814,118

1,613,612

Cash and cash equivalents

27,920

48,139

Restricted cash

^[1]

2,246

3,726

Accounts receivable, net

45,529

39,186

Notes receivable, net

94,172

136,039

Construction receivables, including retentions, net

126,443

70,822

Construction contract costs and estimated earnings in excess of billings

104

342

Equity method investment

142,031

71,983

Operating lease right-of-use assets

23,085

23,350

Finance lease right-of-use assets

90,565

45,878

Acquired lease intangible assets

109,137

103,870

Other assets

87,548

85,363

Total Assets

2,562,898

2,242,310

LIABILITIES AND EQUITY

Indebtedness, net

1,396,965

1,068,261

Accounts payable and accrued liabilities

31,041

26,839

Construction payables, including retentions

128,290

93,472

Billings in excess of construction contract costs and estimated earnings

21,414

17,515

Operating lease liabilities

31,528

31,677

Finance lease liabilities

91,869

46,477

Other liabilities

56,613

54,055

Total Liabilities

1,757,720

1,338,296

Stockholders’ equity:

Preferred stock, $0.01 par value, 100,000,000 shares authorized: 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, 9,980,000 shares authorized, 6,843,418 shares issued and outstanding as of December 31, 2023 and 2022

171,085

Common stock, $0.01 par value, 500,000,000 shares authorized; 66,793,294 and 67,729,854 shares issued and outstanding as of December 31, 2023 and 2022, respectively

668

677

Additional paid-in capital

580,687

587,884

Distributions in excess of earnings

(184,724)

(126,875)

Accumulated other comprehensive income

4,906

14,679

Total stockholders’ equity

572,622

647,450

Noncontrolling interests in investment entities

9,986

24,055

Noncontrolling interests in Operating Partnership

222,570

232,509

Total Equity

805,178

904,014

Total Liabilities and Equity

$ 2,562,898

$ 2,242,310

[1]	Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.

Real Estate Investments and Equity Method Investments

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Real Estate Investments and Equity Method Investments

The Company’s real estate investments comprised the following as of December 31, 2023 and 2022 (in thousands):


	December 31, 2023
	Income producing property		Held for development		Construction in progress		Total
Land	$	279,135	$	11,978	$	5,000	$	296,113
Land improvements	73,313		—		—		73,313
Buildings and improvements	1,740,584		—		—		1,740,584
Development and construction costs	—		—		97,277		97,277
Real estate investments	$	2,093,032	$	11,978	$	102,277	$	2,207,287


	December 31, 2022
	Income producing property		Held for development		Construction in progress		Total
Land	$	285,030	$	6,294	$	5,000	$	296,324
Land improvements	71,308		—		—		71,308
Buildings and improvements	1,527,876		—		—		1,527,876
Development and construction costs	—		—		48,067		48,067
Real estate investments	$	1,884,214	$	6,294	$	53,067	$	1,943,575

2023 Operating Property Acquisitions

Constellation Energy Building

On January 14, 2023, the Company acquired an additional 11% membership interest in the Constellation Energy Building, increasing its ownership interest to 90%, in exchange for full satisfaction of the $12.8 million loan that was extended to the seller upon the acquisition of the property in January 2022.

The Interlock

On May 19, 2023, the Company acquired The Interlock, a 311,000 square foot Class A commercial mixed-use asset in West Midtown Atlanta anchored by Georgia Tech. The Interlock consists of office and retail space as well as structured parking. For segment reporting purposes, management has separated office and retail components of The Interlock into two operating properties respectively presented in the office and retail real estate segments. The Company acquired the asset for total consideration of $214.1 million plus capitalized acquisition costs of $1.2 million. As part of this acquisition, the Company paid $6.1 million in cash, redeemed its outstanding $90.2 million mezzanine loan, issued $12.2 million of Class A units of limited partnership interest in the Operating Partnership ("Class A Units") to the seller, and assumed the asset's senior construction loan of $105.6 million, that was paid off on the acquisition date using the proceeds of the TD term loan facility and an increase in borrowings under the revolving credit facility, as defined in Note 8. The Company also assumed the leasehold interest in the underlying land owned by Georgia Tech. The ground lease has an expiration in 2117 after considering renewal options.


	The Interlock(1)


Building	$	183,907


In-place leases	35,234
Above-market leases	62
Below-market leases	(3,931)

Finance lease right-of-use assets(2)	46,616
Finance lease liabilities	(46,616)



Net assets acquired	$	215,272

________________________________________

(1) The net assets acquired attributable to the office and retail real estate segments were $134.6 million and $80.6 million, respectively.

(2) Excludes $1.1 million of rent for the finance lease, which was prepaid on the acquisition date. The total finance lease right-of-use asset recognized on the acquisition date was $47.7 million.

2022 Operating Property Acquisitions

Constellation Energy Building

On January 14, 2022, the Company acquired a 79% membership interest and an additional 11% economic interest in the partnership that owns the Constellation Energy Building for a purchase price of approximately $92.2 million in cash and a loan to the seller of $12.8 million. The Constellation Energy Building is a mixed-use structure located in Baltimore's Harbor Point and is comprised of an office building, the Constellation Office, that serves as the headquarters for Constellation Energy Corp., which was spun-off from Exelon, a Fortune 100 energy company, in February 2022, as well as a multifamily component, 1305 Dock Street. The Constellation Office includes a parking garage and retail space. The Constellation Energy Building was subject to a $156.1 million loan, which the Company immediately refinanced following the acquisition with a new $175.0 million loan. The new loan bears interest at a rate of the Bloomberg Short-Term Bank Yield Index ("BSBY") plus a spread of 1.50% and will mature on November 1, 2026. This loan is hedged by an interest rate derivative of 1.00% and 3.00% as well as an interest rate cap of 4.00%. See Note 9 for further details.

Pembroke Square

On November 4, 2022, the Company acquired a 124,000 square foot grocery-anchored shopping center in Virginia Beach, Virginia for a purchase price of $26.5 million plus capitalized acquisition costs of $0.2 million.


	Constellation Energy Building(1)		Pembroke Square
Land	$	23,317	$	14,513
Site improvements	141		465
Building	194,916		8,825


In-place leases	53,705		4,445
Above-market leases	306		—
Below-market leases	—		(1,557)




Net assets acquired	$	272,385	$	26,691

________________________________________

(1) The Constellation Energy Building is comprised of two properties which include the Constellation Office and 1305 Dock Street.

2021 Operating Property Acquisitions

On February 26, 2021, the Company acquired Delray Beach Plaza, a Whole Foods-anchored retail property located in Delray Beach, Florida, for a contract price of $27.6 million plus capitalized transaction costs of $0.2 million. The

developer of this property repaid the Company's mezzanine note receivable of $14.3 million at the time of the acquisition.

On June 28, 2021, the Company purchased the remaining 7.5% ownership interest in Hoffler Place for a cash payment of $0.3 million.

On June 28, 2021, the Company purchased the remaining 10% ownership interest in Summit Place for a cash payment of $0.5 million.

On July 28, 2021, the Company acquired Overlook Village, a retail center in Asheville, North Carolina, for a contract price of $28.3 million plus capitalized acquisition costs of $0.1 million.

On August 24, 2021, the Company acquired Greenbrier Square, a Kroger-anchored retail center in Chesapeake, Virginia, for total consideration of $36.5 million plus capitalized acquisition costs of $0.3 million. As a part of this acquisition, the Company assumed a note payable of $20.0 million.


	Delray Beach Plaza		Overlook Village		Greenbrier Square
Land	$	—	$	6,328	$	8,549
Site improvements	4,607		1,727		1,974
Building and improvements	22,544		18,375		19,196

In-place leases	7,209		3,997		6,659
Above-market leases	—		81		1,753
Below-market leases	(3,121)		(2,146)		(1,365)
Finance lease liabilities	(27,940)		—		—
Finance lease right-of-use assets	24,466		—		—
Fair value adjustment on acquired debt	—		—		11
Net assets acquired	$	27,765	$	28,362	$	36,777

Other 2023 Real Estate Transactions

On April 11, 2023, the Company completed the sale of a non-operating outparcel at Market at Mill Creek in full satisfaction of the outstanding consideration payable for the acquisition of the noncontrolling interest in the property completed on December 31, 2022. The gain recorded on this disposition was $0.5 million.

On September 20, 2023, the Company exercised its option to purchase an outparcel adjacent to Brooks Crossing Retail and subsequently sold the outparcel. The gain recorded on this disposition was $0.2 million.

Other 2022 Real Estate Transactions

On January 14, 2022, the Company acquired the remaining 20% ownership interest in the entity that is developing the Ten Tryon project in Charlotte, North Carolina for a cash payment of $3.9 million. The Company recorded the amount as an adjustment to additional paid-in-capital.

On April 1, 2022, the Company completed the sale of Hoffler Place for a sale price of $43.1 million. The loss recognized upon sale was $0.8 million.

On April 11, 2022, the Company exercised its option to acquire an additional 16% of the partnership that owns The Residences at Annapolis Junction, increasing its ownership to 95%. In exchange for this increased partnership interest, the terms of the partnership waterfall calculation in the event of a capital event were modified.

On April 25, 2022, the Company completed the sale of Summit Place for a sale price of $37.8 million. The loss recognized upon sale was $0.5 million.

In addition to the losses recognized on the sales of the Hoffler Place and Summit Place student-housing properties during the year ended December 31, 2022 described above, the Company recognized impairment of real estate of $18.3 million to record these properties at their fair values during the three months ended December 31, 2021.

On June 29, 2022, the Company completed the sale of the Home Depot and Costco outparcels at North Pointe for a sale price of $23.9 million. The gain on disposition was $20.9 million.

On July 22, 2022, the Company completed the sale of The Residences at Annapolis Junction for a sale price of $150.0 million. The gain recognized on disposition was $31.5 million, $5.4 million of which was allocated to the Company's noncontrolling interest partner.

On July 26, 2022, the Company completed the sale of the AutoZone and Valvoline outparcels at Sandbridge Commons for a sale price of $3.5 million. The gain recognized on disposition was $2.4 million.

On September 23, 2022, the Company completed the sale of the retail portion of The Everly for a sale price of $1.5 million. There was no gain or loss on the disposition. In conjunction with the sale, the Company paid down The Everly loan by $0.8 million.

In October 2022, the Company acquired the remaining 5% ownership interest in the entity that developed The Everly. During 2022, the Company made earn-out payments totaling $4.2 million to its development partner in addition to development cost savings of $0.8 million paid to the partner.

On December 31, 2022, the Company acquired the remaining 30% of the partnership that owns the Market at Mill Creek shopping center in Mount Pleasant, South Carolina for total consideration of $1.5 million.

Other 2021 Real Estate Transactions

On January 4, 2021, the Company completed the sale of the 7-Eleven outparcel at Hanbury Village for a sales price of $2.9 million. The gain on disposition was $2.4 million.

On January 14, 2021, the Company completed the sale of a land outparcel at Nexton Square for a sale price of $0.9 million. There was no gain or loss on the disposition. In conjunction with the sale, the Company paid down the Nexton Square loan by $0.8 million.

On March 16, 2021, the Company completed the sale of Oakland Marketplace for a sale price of $5.5 million. The gain on disposition was $1.1 million.

On March 18, 2021, the Company completed the sale of easement rights at Courthouse 7-Eleven for a sale price of $0.3 million. The gain on disposition was $0.2 million.

During the three months ended March 31, 2021, the Company recognized impairment of real estate of $3.0 million related to the Socastee Commons shopping center in Myrtle Beach, South Carolina. The Company anticipated a decline in cash flows due to the expiration of the anchor tenant lease. The Company had not re-leased the anchor tenant space and had determined that it was not probable that this space would be leased at rates sufficient to recover the Company’s investment in the property. The Company recorded an impairment loss equal to the excess of the book value of the property’s assets over the estimated fair value of the property during the first quarter of 2021. On August 25, 2021, the Company completed the sale of Socastee Commons for a price of $3.8 million. The loss on disposition was $0.1 million.

On October 28, 2021 the Company completed the sale of Courthouse 7-Eleven for a sale price of $3.1 million. The gain on disposition was $1.1 million.

On November 16, 2021 the Company completed the sale of Johns Hopkins Village for a sale price of $75.0 million. The gain on disposition was $14.4 million.

On December 15, 2021, the Company completed the sale of a land parcel at Brooks Crossing for a sale price of $0.5 million. The loss recognized upon disposition was immaterial.

Equity Method Investments

Harbor Point Parcel 3

The Company owns a 50% interest in Harbor Point Parcel 3, a joint venture with Beatty Development Group, for purposes of developing T. Rowe Price's new global headquarters office building in Baltimore, Maryland. The Company is a noncontrolling partner in the joint venture and serves as the project's general contractor. During the year ended December 31, 2023, the Company invested $1.0 million in Harbor Point Parcel 3. The Company has a current estimated total equity commitment of $47.0 million relating to this project. In October 2022, Harbor Point Parcel 3 modified its construction loan, which was increased from $161.7 million to $180.4 million as a result of an increase in the scope of the project. In accordance with a preexisting promissory note secured by the development partner's ownership interest in Harbor Point Parcel 4, the Company advanced $3.8 million to the Harbor Point Parcel 3 development partner to satisfy its additional equity contribution required under the Harbor Point Parcel 3 operating agreement. As of December 31, 2023 and 2022, the carrying value of the Company's investment in Harbor Point Parcel 3 was $40.7 million and $39.8 million, respectively, which excludes $2.2 million and $0.9 million, respectively, of intra-entity profits. For the years ended December 31, 2023 and 2022, Harbor Point Parcel 3 had no operating activity, and therefore the Company received no allocated income.

Based on the terms of the operating agreement, the Company has concluded that Harbor Point Parcel 3 is a VIE and that the Company holds a variable interest. The Company has significant influence over the project due to its 50% ownership interest; however, the Company does not have the power to direct the activities of the project that most significantly impact its performance. This includes activity as the managing member of the entity, which is a power that is retained by the Company's joint venture partner. Accordingly, the Company is not the project's primary beneficiary and, therefore, does not consolidate Harbor Point Parcel 3 in its consolidated financial statements. The Company's investment in the project is recorded as an equity method investment in the consolidated balance sheets.

Harbor Point Parcel 4

On April 1, 2022, the Company acquired a 78% interest in Harbor Point Parcel 4, a real estate venture with Beatty Development Group, for purposes of developing a mixed-use project, which is planned to include multifamily units, retail space, and a parking garage. The Company holds an option to increase its ownership to 90%. The Company is a noncontrolling partner in the real estate venture and serves as the project's general contractor. During the year ended December 31, 2023, the Company invested $69.1 million in Harbor Point Parcel 4. The Company has a current estimated total equity commitment of $113.3 million relating to this project. As of December 31, 2023 and 2022, the carrying value of the Company's investment in Harbor Point Parcel 4 was $101.3 million and $32.2 million, respectively, which excludes $0.8 million and $0.2 million, respectively, of intra-entity profits. For the years ended December 31, 2023 and 2022, Harbor Point Parcel 4 had no operating activity, and therefore the Company received no allocated income.

Based on the terms of the operating agreement, the Company has concluded that Harbor Point Parcel 4 is a VIE and that the Company holds a variable interest. The Company has significant influence over the project due to its 78% ownership interest; however, the Company does not have the power to direct the activities of the project that most significantly impact its performance. This includes activity as the managing member of the entity, which is a power that is retained by the Company's partner. Accordingly, the Company is not the project's primary beneficiary and, therefore, does not consolidate Harbor Point Parcel 4 in its consolidated financial statements. The Company's investment in the project is recorded as an equity method investment in the consolidated balance sheets.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The income tax benefit (provision) for the years ended December 31, 2023, 2022, and 2021 comprised the following (in thousands):


	Years Ended December 31,
	2023		2022		2021
Federal income taxes:
Current	$	(496)	$	—	$	722
Deferred	(559)		122		(100)
State income taxes:
Current	(166)		—		139
Deferred	(108)		23		(19)
Income tax (provision) benefit	$	(1,329)	$	145	$	742

As of December 31, 2023 and 2022, the Company had $0.7 million and $1.4 million, respectively, of net deferred tax assets representing net operating losses of the TRS that are being carried forward and basis differences in the assets of the TRS. The deferred tax assets are presented within other assets in the consolidated balance sheets.

Management has evaluated the Company’s income tax positions and concluded that the Company has no uncertain income tax positions as of December 31, 2023 and 2022. The Company is generally subject to examination by the applicable taxing authorities for the tax years 2020 through 2023. The Company does not currently have any ongoing tax examinations by taxing authorities.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Real Estate Investments and Equity Method Investments - Schedule of the Purchase Price Allocation Assets acquired and Intangible Liabilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 property	Dec. 31, 2023 USD ($) property
Business Acquisition [Line Items]
Number of operating properties acquired \| property	3	3
Constellation Energy Building
Business Acquisition [Line Items]
Land			$ 23,317
Above-market leases			306
Below-market leases			0
Net assets acquired			$ 272,385
Number of properties \| property			2
Pembroke Square
Business Acquisition [Line Items]
Land			$ 14,513
Above-market leases			0
Below-market leases			(1,557)
Net assets acquired			26,691
Delray Beach Plaza
Business Acquisition [Line Items]
Land	$ 0
Above-market leases	0
Below-market leases	(3,121)
Finance lease liabilities	(27,940)
Finance lease right-of-use assets	24,466
Fair value adjustment on acquired debt	0
Net assets acquired	27,765
Overlook Village
Business Acquisition [Line Items]
Land	6,328
Above-market leases	81
Below-market leases	(2,146)
Finance lease liabilities	0
Finance lease right-of-use assets	0
Fair value adjustment on acquired debt	0
Net assets acquired	28,362
Greenbrier Square
Business Acquisition [Line Items]
Land	8,549
Above-market leases	1,753
Below-market leases	(1,365)
Finance lease liabilities	0
Finance lease right-of-use assets	0
Fair value adjustment on acquired debt	11
Net assets acquired	36,777
Site improvements \| Constellation Energy Building
Business Acquisition [Line Items]
Property, plant, and equipment			141
Site improvements \| Pembroke Square
Business Acquisition [Line Items]
Property, plant, and equipment			465
Site improvements \| Delray Beach Plaza
Business Acquisition [Line Items]
Property, plant, and equipment	4,607
Site improvements \| Overlook Village
Business Acquisition [Line Items]
Property, plant, and equipment	1,727
Site improvements \| Greenbrier Square
Business Acquisition [Line Items]
Property, plant, and equipment	1,974
Building \| Constellation Energy Building
Business Acquisition [Line Items]
Property, plant, and equipment			194,916
Building \| Pembroke Square
Business Acquisition [Line Items]
Property, plant, and equipment			8,825
Building \| Delray Beach Plaza
Business Acquisition [Line Items]
Property, plant, and equipment	22,544
Building \| Overlook Village
Business Acquisition [Line Items]
Property, plant, and equipment	18,375
Building \| Greenbrier Square
Business Acquisition [Line Items]
Property, plant, and equipment	19,196
In-place lease assets \| Constellation Energy Building
Business Acquisition [Line Items]
In-place leases			53,705
In-place lease assets \| Pembroke Square
Business Acquisition [Line Items]
In-place leases			$ 4,445
In-place lease assets \| Delray Beach Plaza
Business Acquisition [Line Items]
In-place leases	7,209
In-place lease assets \| Overlook Village
Business Acquisition [Line Items]
In-place leases	3,997
In-place lease assets \| Greenbrier Square
Business Acquisition [Line Items]
In-place leases	$ 6,659

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2023	Feb. 23, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35908
Entity Registrant Name	ARMADA HOFFLER PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-1214914
Entity Address, Address Line One	222 Central Park Avenue
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Virginia Beach
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23462
City Area Code	757
Local Phone Number	366-4000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 779.1
Entity Common Stock, Shares Outstanding		66,793,248
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement relating to its 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this report. The registrant expects to file its Definitive Proxy Statement with the Securities and Exchange Commission within 120 days after December 31, 2023.
Entity Central Index Key	0001569187
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Common stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	AHH
Security Exchange Name	NYSE
Redeemable convertible preferred stock
Document Information [Line Items]
Title of 12(b) Security	6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Trading Symbol	AHHPrA
Security Exchange Name	NYSE

Related Party Transactions - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions
Revenues	$ 667,158,000	$ 471,131,000	$ 302,533,000
Net operating income	183,990,000	167,160,000	142,823,000
Construction receivables, including retentions, net	126,443,000	70,822,000
Related Party
Related Party Transactions
Net operating income		$ 3,900,000
Gross profit margin, related parties		5.10%
Related Party \| Beatty Development Group
Related Party Transactions
Net operating income	$ 1,400,000	$ 900,000
Related Party \| Beatty Development Group \| Harbor Point Parcel 3
Related Party Transactions
Percentage of gross profit on contracts	50.00%
Related Party \| Beatty Development Group \| Harbor Point Parcel 4
Related Party Transactions
Percentage of gross profit on contracts	10.00%
Related Party \| Letter of Credit
Related Party Transactions
Aggregate capacity under the credit facility		9,500,000
Related Party \| Construction Contracts
Related Party Transactions
Revenues			23,600,000
Net operating income			$ 1,700,000
Construction receivables, including retentions, net	$ 0	$ 0
Related party amount of transaction	$ 81,600,000

Leases - Schedule of Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 144,114
2025	139,816
2026	131,619
2027	119,741
2028	107,561
Thereafter	520,189
Total	$ 1,163,040

Real Estate Investments and Equity Method Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Oct. 31, 2022	Sep. 30, 2022	Apr. 25, 2022	Apr. 01, 2022
Real Estate [Line Items]
Equity method investment	$ 142,031	$ 71,983
Harbor Point Parcel 3
Real Estate [Line Items]
Equity method investment	2,200	900
Harbor Point Parcel 3 \| Construction Loans
Real Estate [Line Items]
Debt, face value			$ 180,400	$ 161,700	$ 161,500
Harbor Point Parcel 4
Real Estate [Line Items]
Equity method investment	800	200
Beatty Development Group \| Harbor Point Parcel 3
Real Estate [Line Items]
Payments to acquire equity method investments	1,000
Maximum commitment	47,000
Equity method investment	$ 40,700	39,800
Interests in equity method investments	50.00%
Beatty Development Group \| Harbor Point Parcel 3 \| Co-venturer
Real Estate [Line Items]
Advance issued	$ 3,800
Beatty Development Group \| Harbor Point Parcel 4
Real Estate [Line Items]
Payments to acquire equity method investments	69,100
Maximum commitment	113,300
Equity method investment	$ 101,300	$ 32,200
Interests in equity method investments	78.00%					78.00%
Potential increase in ownership percentage	90.00%

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of 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, 2023 and 2022 were as follows (in thousands):


	December 31,
	2023				2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Indebtedness, net (a)	$	1,407,323	$	1,389,296	$	1,079,233	$	1,058,530
Notes receivable	94,172		94,172		136,039		136,039

Interest rate swap and cap assets	28,862		28,862		29,115		29,115

_______________________________________

(a) Excludes $10.4 million and $11.0 million of deferred financing costs as of December 31, 2023 and 2022, respectively.

Indebtedness - Schedule of Fixed and Variable-Rate Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total principal balances	$ 1,401,204	$ 1,073,132
Fixed-rate debt
Debt Instrument [Line Items]
Total principal balances	816,439	641,752
Variable-rate debt
Debt Instrument [Line Items]
Total principal balances	$ 584,765	$ 431,380

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Jun. 20, 2023	May 09, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares)					1,926
Restricted stock granted (in shares)			0	0	5,760
Vesting period			3 years
Service period following expiration of performance period			2 years
Granted (in dollars per share)					$ 15.19
Restricted Stock Units (RSUs) \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares)		75,321
Restricted stock granted (in shares)	75,321
Restricted Stock Units (RSUs) \| Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares)		8,975
Restricted stock granted (in shares)	8,975
Restricted Stock Units (RSUs) \| Grant Date \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date			33.33%
Restricted Stock Units (RSUs) \| Grant Date \| Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date			33.33%
Restricted Stock Units (RSUs) \| First Anniversary \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date			33.33%
Restricted Stock Units (RSUs) \| First Anniversary \| Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date			33.33%
Restricted Stock Units (RSUs) \| Second Anniversary \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date			33.33%
Restricted Stock Units (RSUs) \| Second Anniversary \| Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date			33.33%
LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares)			0
Restricted stock granted (in shares)			39,694
Conversion basis ratio			1
Granted (in dollars per share)			$ 10.14
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares)			88,095
Restricted stock granted (in shares)			394,359
Vesting period			2 years
Nonemployee restricted stock award vest grant over period			1 year
Granted (in dollars per share)			$ 12.70
Unrecognized compensation cost			$ 1.7
Unrecognized compensation cost, recognition period			27 months
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares)			87,986
Restricted Stock \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Restricted Stock \| Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date			33.33%
Restricted Stock \| Grant Date \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date			40.00%
Restricted Stock \| First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date			33.33%
Restricted Stock \| First Anniversary \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date			20.00%
Restricted Stock \| Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date			33.33%
Restricted Stock \| Second Anniversary \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date			20.00%
Restricted Stock \| Third Anniversary \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date			20.00%
Restricted Stock and LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)			434,053	288,677	166,768
Restricted stock, weighted average fair value			$ 5.4	$ 4.2	$ 2.1
Amended and Restated 2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares of common stock permitted to be granted (in shares)			3,400,000
Shares available for issuance (in shares)			1,566,590
2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation			$ 4.1	$ 3.8	$ 2.6

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s indebtedness comprised the following as of December 31, 2023 and 2022 (dollars in thousands):


	Principal Balance				Interest Rate (a)			Maturity Date (b)
	December 31,				December 31,
	2023		2022		2023
Secured Debt
Chronicle Mill	$	34,438	$	27,630	SOFR+	3.00%		May 5, 2024
Red Mill Central	1,838		2,013			4.80%		June 17, 2024
Premier Apartments(c)	16,036		16,269		SOFR+	1.55%		October 31, 2024
Premier Retail(c)	7,898		8,013		SOFR+	1.55%		October 31, 2024
Red Mill South	4,853		5,191			3.57%		May 1, 2025
Market at Mill Creek	11,347		12,494		SOFR+	1.55%		July 12, 2025
The Everly	30,000		30,000		SOFR+	1.50%		December 20, 2025
Encore Apartments(d)	23,421		23,980			2.93%		February 10, 2026
4525 Main Street(d)	30,074		30,785			2.93%		February 10, 2026
Southern Post	30,546		—		SOFR+	2.25%		August 25, 2026
Thames Street Wharf	67,894		69,327		SOFR+	1.30%	(e)	September 30, 2026
Constellation Energy Building	175,000		175,000		SOFR+	1.50%		November 1, 2026
Southgate Square	25,331		26,195		SOFR+	1.90%		December 21, 2026
Nexton Square	21,581		22,195		SOFR+	1.95%		June 30, 2027
Liberty Apartments	20,588		20,926		SOFR+	1.50%		September 27, 2027
Greenbrier Square	19,569		19,940			3.74%		October 10, 2027
Lexington Square	13,599		13,892			4.50%		September 1, 2028
Red Mill North	3,963		4,079			4.73%		December 31, 2028
Greenside Apartments	31,104		31,862			3.17%		December 15, 2029
Smith's Landing	14,578		15,535			4.05%		June 1, 2035
The Edison	15,179		15,563			5.30%		December 1, 2044
The Cosmopolitan	40,367		41,243			3.35%		July 1, 2051
Total secured debt	$	639,204	$	612,132
Unsecured Debt
TD unsecured term loan	$	95,000	$	—	SOFR+	1.35%-1.90%	(e)	May 19, 2025
Senior unsecured revolving credit facility	262,000		61,000		SOFR+	1.30%-1.85%		January 22, 2027
Senior unsecured revolving credit facility (fixed)	5,000		—		SOFR+	1.30%-1.85%	(e)	January 22, 2027
M&T unsecured term loan	100,000		100,000		SOFR+	1.25%-1.80%	(e)	March 8, 2027
Senior unsecured term loan	125,000		31,658		SOFR+	1.25%-1.80%		January 21, 2028
Senior unsecured term loan (fixed)	175,000		268,342		SOFR+	1.25%-1.80%	(e)	January 21, 2028
Total unsecured debt	762,000		461,000
Total principal balances	1,401,204		1,073,132
Other note payable(f)	6,127		6,131
Unamortized GAAP adjustments	(10,366)		(11,002)

Indebtedness, net	$	1,396,965	$	1,068,261

________________________________________

(a) The Secured Overnight Financing Rate ("SOFR") is determined by individual lenders.

(b) Does not reflect the effect of any maturity extension options.

(d) Cross collateralized.

(e) Includes debt subject to interest rate swap locks.

(f) Represents the fair value of additional ground lease payments at 1405 Point over the approximately 39-year remaining lease term.

Schedule of Fixed and Variable-Rate Debt

The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2023 and 2022 (in thousands):


	December 31,
	2023		2022
Fixed-rate debt	$	816,439	$	641,752
Variable-rate debt	584,765		431,380
Total principal balance	$	1,401,204	$	1,073,132

Scheduled Principal Repayments and Term-loan Maturities

Scheduled principal repayments and maturities during each of the next five years and thereafter are as follows (in thousands):


Year (1)	Scheduled Principal Payments		Maturities		Total Payments
2024	$	10,377	$	59,830	$	70,207
2025	10,736		139,759		150,495
2026	8,150		339,922		348,072
2027	4,796		423,766		428,562
2028	3,983		315,339		319,322
Thereafter	57,780		26,766		84,546
Total	$	95,822	$	1,305,382	$	1,401,204

________________________________________

(1)Debt principal payments and maturities exclude increased ground lease payments at 1405 Point which are classified as a note payable in the Company's consolidated balance sheets.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Other Assets (Tables)

12 Months Ended

Dec. 31, 2023

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

Schedule of Other Assets

Other assets were comprised of the following as of December 31, 2023 and 2022 (in thousands):


	December 31,
	2023		2022
Leasing costs, net	$	15,753	$	15,005
Leasing incentives, net	2,160		2,697
Interest rate swaps and caps	28,862		29,115
Prepaid expenses and other	33,006		30,516
Pre-acquisition and pre-development costs	7,767		8,030
Other assets	$	87,548	$	85,363

Subsequent Events (Details) - USD ($) $ in Thousands					12 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Jan. 02, 2024	Oct. 02, 2023	Jul. 14, 2023	Apr. 03, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 23, 2024
Subsequent Events [Abstract]
Total principal balances					$ 1,401,204	$ 1,073,132
Subsequent Event [Line Items]
Total principal balances					1,401,204	1,073,132
Payments for repurchase of common stock					$ 12,628	$ 0	$ 0
Common Class A
Subsequent Event [Line Items]
Stock redeemed (in shares)		50,000	10,146	51,000
Payments for repurchase of common stock			$ 100	$ 600
Subsequent Event \| Common Class A
Subsequent Event [Line Items]
Stock redeemed (in shares)	9,286
Payments for repurchase of common stock	$ 100
Revolving Credit Facility \| Line of Credit \| Subsequent Event
Subsequent Events [Abstract]
Total principal balances								$ 299,000
Subsequent Event [Line Items]
Total principal balances								$ 299,000

Segments (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Net Operating Income of Reportable Segments

Net operating income of the Company’s reportable segments for the years ended December 31, 2023, 2022, and 2021 was as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Retail real estate
Rental revenues	$	97,762	$	86,344	$	78,572
Rental expenses	16,170		13,769		12,512
Real estate taxes	8,806		8,873		8,416
Segment net operating income	72,786		63,702		57,644
Office real estate
Rental revenues	82,517		74,036		47,363
Rental expenses	22,477		18,710		12,412
Real estate taxes	8,742		7,625		6,112
Segment net operating income	51,298		47,701		28,839
Multifamily residential real estate
Rental revenues	58,645		58,914		66,205
Rental expenses	17,772		18,263		21,570
Real estate taxes	4,894		5,559		7,324
Segment net operating income	35,979		35,092		37,311
General contracting and real estate services
Segment revenues	413,131		234,859		91,936
Segment expenses	399,713		227,158		88,100
Segment gross profit	13,418		7,701		3,836
Real estate financing
Interest income	14,176		16,461		18,026
Interest expense(a)	3,667		3,497		2,833
Segment gross profit	10,509		12,964		15,193
Net operating income	$	183,990	$	167,160	$	142,823

________________________________________

Schedule of Reconciliation of Net Operating Income to Net Income

The following table reconciles net operating income to net income for the years ended December 31, 2023, 2022, and 2021 (in thousands):


	Years Ended December 31,
	2023		2022		2021
Net operating income	$	183,990	$	167,160	$	142,823
Interest income(a)	927		517		431
Depreciation and amortization	(96,078)		(72,974)		(68,853)
Amortization of right-of-use assets - finance leases	(1,349)		(1,110)		(1,022)
General and administrative expenses	(18,122)		(15,691)		(14,610)
Acquisition, development, and other pursuit costs	(84)		(37)		(112)
Impairment charges	(102)		(416)		(21,378)
Gain on real estate dispositions, net	738		53,466		19,040
Interest expense(b)	(54,143)		(36,183)		(31,072)
Loss on extinguishment of debt	—		(3,374)		(3,810)

Change in fair value of derivatives and other	(6,242)		8,698		2,182
Unrealized credit loss (provision) release	(574)		(626)		792
Other income (expense), net	31		378		302
Income tax (provision) benefit	(1,329)		145		742
Net income	$	7,663	$	99,953	$	25,455

________________________________________

(a) Excludes real estate financing segment interest income of $14.2 million, $16.5 million, and $18.0 million for the years ended 2023, 2022, and 2021, respectively.

(b) Excludes real estate financing segment interest expense of $3.7 million, $3.5 million, and $2.8 million for the years ended 2023, 2022, and 2021, respectively.

Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2023

Acquired Lease Intangibles

Schedule of the Company's Acquired Lease Intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2023 (in thousands):


	December 31, 2023
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	215,832	$	108,772	$	107,060
Above-market lease assets	7,810		5,733		2,077
Above/Below-market ground lease assets	5,075		1,085		3,990


Below-market lease liabilities	36,282		17,261		19,021

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2022 (in thousands):


	December 31, 2022
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	180,598	$	79,320	$	101,278
Above-market lease assets	7,748		5,156		2,592
Above/Below-market ground lease assets	5,075		948		4,127


Below-market lease liabilities	32,355		13,937		18,418

Schedule of Finite-Lived Intangible Assets

During the years ended December 31, 2023, 2022, and 2021, the Company recognized the following amortization of intangible lease assets and liabilities (in thousands):


	Years Ended December 31,
	2023		2022		2021
Intangible lease assets
In-place lease assets	$	29,351	$	15,767	$	13,210
Above-market lease assets	577		641		595
Above/Below-market ground lease assets	138		138		144



Intangible lease liabilities
Below-market lease liabilities	3,324		2,395		2,148

Schedule of Estimated Amortization of Acquired Lease Intangibles

Estimated amortization of acquired lease intangibles for each of the five succeeding years is as follows (in thousands):


	Rental Revenues		Depreciation and Amortization
Year ending December 31,
2024	$	2,080	$	14,794
2025	2,007		13,766
2026	2,014		13,059
2027	1,866		12,183
2028	1,413		8,402

Leases - Schedule of Additional Information Related to Leases (Details)	Dec. 31, 2023	Dec. 31, 2022
Weighted Average Remaining Lease Term (years)
Operating leases	34 years 9 months 18 days	35 years 9 months 18 days
Finance leases	76 years 10 months 24 days	42 years 8 months 12 days
Weighted Average Discount Rate
Operating leases	5.50%	5.50%
Finance leases	4.50%	5.70%

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

As of December 31, 2023, the Company had the following interest rate caps ($ in thousands):

Effective Date

Maturity Date

Notional Amount

Strike Rate

Premium Paid

7/5/2022

1/1/2024

35,100

(a)

1.00%-3.00% (SOFR)

(b)

120

(c)

9/1/2022

9/1/2024

63,169

(a)(d)

1.00%-3.00% (SOFR)

(b)

1,370

98,269

1,490

________________________________________

(a) Designated as a cash flow hedge.

(c) This amount represents the sum of the premiums paid on the original instruments. The caps were blended and extended during the year ended December 31, 2022.

As of December 31, 2023, the Company held the following floating-to-fixed interest rate swaps ($ in thousands):


Related Debt	Notional Amount			Index		Swap Fixed Rate		Debt effective rate		Effective Date	Expiration Date
Floating rate pool of loans	$	50,000	(a)(b)	1-month SOFR		3.40	%	4.91	%	7/5/2023	1/1/2024
Constellation Energy Building	175,000		(a)(c)	1-month SOFR		1.84	%	3.46	%	4/3/2023	2/1/2024
Floating rate pool of loans	200,000		(a)(d)	1-month SOFR		3.39	%	4.90	%	7/1/2023	3/1/2024
Senior unsecured term loan	25,000		(a)	1-month SOFR	(e)	0.42	%	1.82	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		(a)	1-month SOFR	(e)	0.33	%	1.73	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		(a)	Daily SOFR	(e)	0.44	%	1.84	%	4/1/2020	4/1/2024
Harbor Point Parcel 3 senior construction loan	90,000		(f)	1-month SOFR		2.75	%	4.82	%	10/2/2023	10/1/2025
Floating rate pool of loans	330,000		(g)	1-month SOFR		2.75	%	4.26	%	10/1/2023	10/1/2025
Harbor Point Parcel 4 senior construction loan	100,000		(h)	1-month SOFR		2.75	%	5.12	%	11/1/2023	11/1/2025
Floating rate pool of loans	300,000		(i)	1-month SOFR		2.75	%	4.26	%	12/1/2023	12/1/2025
Revolving credit facility and TD unsecured term loan	100,000			Daily SOFR		3.20	%	4.70	%	5/19/2023	5/19/2026	(j)
Thames Street Wharf	67,894		(a)	Daily SOFR	(e)	0.93	%	2.33	%	9/30/2021	9/30/2026
M&T unsecured term loan	100,000		(a)	1-month SOFR		3.50	%	4.90	%	12/6/2022	12/6/2027
Senior unsecured term loan	100,000			1-month SOFR		3.43	%	4.83	%	12/13/2022	1/21/2028
Total	$	1,687,894

________________________________________

(a) Designated as a cash flow hedge.

(e) Transitioned to SOFR during the year ended December 31, 2023.

(g) The Company paid $13.3 million to reduce the swap fixed rate.

(i) The Company paid $10.5 million to reduce the swap fixed rate.

(j) Subject to cancellation by the counterparty beginning on May 1, 2025 and the first day of each month thereafter.

For the interest rate swaps and caps designated as cash flow hedges for accounting purposes, realized gains and losses are reclassified out of accumulated other comprehensive gain (loss) to interest expense in the consolidated statements of comprehensive income due to payments received from and paid to the counterparty. During the next 12 months, the Company anticipates reclassifying approximately $6.3 million of net hedging gains as reductions to interest expense. These amounts will be reclassified from accumulated other comprehensive gain into earnings to offset the variability of the hedged items during this period.

The Company’s derivatives comprised the following as of December 31, 2023 and 2022 (in thousands):


	December 31, 2023						December 31, 2022
			Fair Value						Fair Value
	Notional Amount		Asset		Liability		Notional Amount		Asset		Liability
Derivatives not designated as accounting hedges
Interest rate swaps	$	1,020,000	$	20,761	$	—	$	250,000	$	2,201	$	—
Interest rate caps	—		—		—		289,479		2,102		—
Total derivatives not designated as accounting hedges	1,020,000		20,761		—		539,479		4,303		—
Derivatives designated as accounting hedges
Interest rate swaps	667,894		7,141		—		187,670		11,247		—
Interest rate caps	98,269		960		—		561,200		13,565		—
Total derivatives	$	1,786,163	$	28,862	$	—	$	1,288,349	$	29,115	$	—

The unrealized changes in the fair value of the Company’s derivatives during the years ended December 31, 2023, 2022, and 2021 was as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Interest rate swaps	$	(6,981)	$	16,210	$	4,775
Interest rate caps	(325)		12,841		1,222
Total unrealized change in fair value of interest rate derivatives	$	(7,306)	$	29,051	$	5,997
Comprehensive income statement presentation:
Change in fair value of derivatives and other(1)	$	(14,185)	$	8,886	$	2,319
Unrealized cash flow hedge gains	6,879		20,165		3,678
Total unrealized change in fair value of interest rate derivatives	$	(7,306)	$	29,051	$	5,997

________________________________________

(1) Excludes $7.9 million of realized changes in the fair value of derivatives for the year-ended December 31, 2023.

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
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 and its subsidiaries. The Company’s subsidiaries include the Operating Partnership and the subsidiaries that are, directly or indirectly, wholly owned or in which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity ("VIE") in accordance with the consolidation guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current, and expected events and economic conditions. Actual results could differ significantly from management’s estimates.
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 five business segments: (i) retail real estate, (ii) office real estate, (iii) multifamily real estate, (iv) general contracting and real estate services, and (v) real estate financing. 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. The Company's real estate financing segment includes the Company's mezzanine loans and preferred equity investments on development projects. 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.
Reclassifications	Reclassifications Certain items have been reclassified from their prior year classifications to conform to the current year presentation. Effective for the year ended December 31, 2023, the Company has changed the presentation of its consolidated statements of comprehensive income. For the years ended December 31, 2022 and 2021, the Company reclassified interest income of $17.0 million and $18.5 million, respectively, from non-operating income to operating income. As a result, total revenues and operating income increased by $17.0 million and $18.5 million, respectively, compared to previous reporting. These reclassifications had no effect on net income or stockholder's equity as previously reported.
Revenue Recognition	Revenue Recognition Rental Revenues The Company leases its properties under operating leases and recognizes base rents when earned on a straight-line basis over the lease term. Rental revenues include $6.4 million, $6.2 million and $4.9 million of straight-line rent adjustments for the years ended December 31, 2023, 2022, and 2021, 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 $0.6 million for the year ended December 31, 2023 and $0.7 million for each of the years ended December 31, 2022 and 2021. The Company recognizes fair value adjustments recorded at the time of lease assumption in rental income on a straight-line basis as a reduction to revenue over the remaining life of the lease or any renewal periods for which the Company determines have value at the time of acquisition. The Company recognizes cost reimbursement revenue for real estate taxes, operating expenses, and common area maintenance costs on an accrual basis during the periods in which the expenses are incurred. The Company recognizes lease termination fees either upon termination or amortizes them over any remaining lease term. General Contracting and Real Estate Services Revenues The Company recognizes general contracting revenues as a customer obtains control of promised goods or services in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. For each construction contract, the Company identifies the performance obligations, which typically include the delivery of a single building constructed according to the specifications of the contract. The Company estimates the total transaction price, which generally includes a fixed contract price and may also include variable components such as early completion bonuses, liquidated damages, or cost savings to be shared with the customer. Variable components of the contract price are included in the transaction price to the extent that it is probable that a significant reversal of revenue will not occur. The Company recognizes the estimated transaction price as revenue as it satisfies its performance obligations; the Company estimates its progress in satisfying performance obligations for each contract using the input method, based on the proportion of incurred costs relative to total estimated construction costs at completion. Construction contract costs include all direct material, direct labor, subcontract costs, and overhead costs directly related to contract performance. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, are all significant judgments that may result in revisions to costs and income and are recognized in the period in which they are determined. Additionally, the estimated costs at completion are affected by management’s forecasts of anticipated costs to be incurred and contingency reserves for exposures related to unknown costs, such as design deficiencies and subcontractor defaults. The estimated variable consideration is also affected by claims and unapproved change orders, which may result from changes in the scope of the contract. Provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined. The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. The Company recognizes real estate services revenues from property development and management as it satisfies its performance obligations under these service arrangements. The Company assesses whether multiple contracts with a single counterparty may be combined into a single contract for the revenue recognition purposes based on factors such as the timing of the negotiation and execution of the contracts and whether the economic substance of the contracts was contemplated separately or in tandem.
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. Interest income is also accrued as earned on interest-bearing deposits.
Real Estate Investments	Real Estate Investments Income producing property primarily includes land, buildings, and tenant improvements and is stated at cost. Real estate investments held for development include land. The Company reclassifies real estate investments held for development to construction in progress upon commencement of construction. Construction in progress is stated at cost. Direct and certain indirect costs clearly associated with the development, redevelopment, construction, leasing, or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred. The Company capitalizes direct and indirect project costs associated with the initial development of a property until the property is substantially complete and ready for its intended use. Capitalized project costs include pre-acquisition, development, and preconstruction costs including overhead, salaries, and related costs of personnel directly involved, real estate taxes, insurance, utilities, ground rent, and interest. Interest is also capitalized in relation to the Company's equity method investments for development projects. Interest capitalized during the years ended December 31, 2023, 2022, and 2021 was $8.3 million, $4.0 million and $1.5 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.
Operating Property Acquisitions	Operating Property Acquisitions Acquisitions of operating properties have been and will generally be accounted for as acquisitions of a group of assets, with costs incurred to effect an acquisition, including title, legal, accounting, brokerage commissions, and other related costs, being capitalized as part of the cost of the assets acquired. In connection with such acquisitions, the Company identifies and recognizes all assets acquired and liabilities assumed at their relative fair values as of the acquisition date. The purchase price allocations to tangible assets, such as land, site improvements, and buildings and improvements are presented within income producing property in the consolidated balance sheets and depreciated over their estimated useful lives. Acquired lease intangible assets are presented as a separate component of assets on the consolidated balance sheets. Acquired lease intangible liabilities are presented within other liabilities in the consolidated balance sheets. The Company amortizes in-place lease assets as depreciation and amortization expense on a straight-line basis over the remaining term of the related leases. The Company amortizes above-market lease assets as reductions to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market lease liabilities as increases to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market ground lease assets as increases to amortization of right-of-use assets - finance leases expense on a straight-line basis over the remaining term of the related leases. Conversely, the Company amortizes above-market ground lease assets as decreases to amortization of right-of-use assets - finance leases expense on a straight-line basis over the remaining term of the related leases. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement, as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach. The approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of the structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time. The value of current leases relative to market-rate leases is based on market rents obtained for comparable leases. Given the significance of unobservable inputs used in the valuation of acquired real estate assets, the Company classifies them as Level 3 inputs in the fair value hierarchy. 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.
Equity Method Investments	Equity Method Investments The Company owns investments in partnerships in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with GAAP. Therefore, the Company accounts for these investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company's equity in earnings less distributions received and the Company's share of losses. The Company evaluates its equity method investments for impairments and records a loss if the carrying value is greater than the fair value of the investment and the impairment is other-than-temporary. No other-than-temporary impairment charges were recorded in relation to the Company's equity method investments for the years ended December 31, 2023, 2022, and 2021.
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 accounts receivable, current economic conditions, historical experience, and other relevant factors. The Company establishes a reserve for any receivable associated with a tenant when collection of substantially all operating lease payments for a tenant is not probable.
Notes Receivable and Allowance for Loan Losses	Notes Receivable and Allowance for Loan Losses Notes receivable primarily represent financing to third parties in the form of mezzanine loans or preferred equity investments for the development of new real estate. The Company's loans are typically made to borrowers who have little or no equity in the underlying development projects. Real estate financing investments are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. The loans generally have junior liens on the respective real estate projects. The Company’s allowance for loan losses on notes receivable is evaluated using risk ratings that correspond to probabilities of default and loss given default. Risk ratings are determined for each loan after consideration of progress of development activities, including leasing activities, projected development costs, and current and projected mezzanine and senior loan balances. The Company's risk ratings are as follows: •Pass: loans in this category are adequately collateralized by a development project with conditions materially consistent with the Company's underwriting assumptions. •Special Mention: loans in this category show signs that the economic performance of the project may suffer as a result of slower-than-expected leasing activity or an extended development or marketing timeline. Loans in this category warrant increased monitoring by management. •Substandard: loans in this category may not be fully collected by the Company unless remediation actions are taken. Remediation actions may include obtaining additional collateral or assisting the borrower with asset management activities to prepare the project for sale. The Company will also consider placing the loan on nonaccrual status if it does not believe that additional interest accruals will ultimately be collected. At the end of each reporting period, the Company measures expected credit losses to be incurred over the remaining contractual term based on the risk rating of each loan. If a loan is rated as substandard, the Company then estimates expected credit losses as the difference between the amortized cost basis of the outstanding loan and the estimated projected sales proceeds of the underlying collateral. Changes to the allowance for loan losses resulting from quarterly evaluations are recorded through provision for unrealized credit losses on the consolidated statements of comprehensive income. The Company's loans typically include commitments to fund incremental proceeds to the borrowers over the life of the loan, which future funding commitments are also subject to the current expected credit losses ("CECL") model. The CECL provision related to future loan fundings is recorded as a component of Other Liabilities on the Company's consolidated balance sheet. This provision is estimated using the same process outlined above for the Company's outstanding loan balances, and changes in this component of the provision will similarly impact the Company's consolidated net income. For both the funded and unfunded portions of the Company's loans, the Company consider the risk rating of each loan as the primary credit quality indicator underlying its assessment. The Company places loans on nonaccrual status when the loan balance, together with the balance of any senior loans, approximately equals the estimated realizable value of the underlying development project.
Guarantees	Guarantees 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 real estate financing 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. The amortization of debt issuance costs as interest expense is also subject to capitalization when those costs are associated with a development property, including equity method investments for development projects.
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 from derivatives that are neither designated nor qualify as hedging instruments are recognized within the change in fair value of derivatives and other caption in the consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. For interest rate caps that qualify as cash flow hedges, the premium paid by the Company at inception represents the time value of the instrument and is excluded from the hedge effectiveness assessment. The excluded component is amortized over the life of the derivative instrument and presented within interest expense in the consolidated statements of comprehensive income. Cash flows for derivative financial instruments are classified as cash flows from operating activities within the consolidated statements of cash flows, unless there is an other-than-insignificant financing element present at inception of the derivative financial instrument. For derivatives with an other-than-insignificant financing element at inception due to off-market terms, cash flows are classified as cash flows from investing or financing activities within the consolidated statements of cash flows depending on the derivative's off-market nature at inception.
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 a TRS. The related income tax provision or benefit attributable to the profits or losses of a TRS and any taxable income of the Company is reflected in the consolidated financial statements. The Company uses the liability method of accounting for deferred income tax in accordance with GAAP. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the carrying value of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the statutory rates expected to be applied in the periods in which those temporary differences are settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change. A valuation allowance is recorded on the Company’s deferred tax assets when it is more likely than not that such assets will not be realized. When evaluating the realizability of the Company’s deferred tax assets, all evidence, both positive and negative, is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings. Under GAAP, the amount of tax benefit to be recognized is the amount of benefit that is more likely than not to be sustained upon examination. Management analyzes its tax filing positions in the U.S. federal, state and local jurisdictions where it is required to file income tax returns for all open tax years. If, based on this analysis, management determines that uncertainties in tax positions exist, a liability is established. The Company recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction to the provision for income taxes.
Discontinued Operations	Discontinued Operations Disposals representing a strategic shift that has or will have a major effect on the Company’s operations and financial results are reported as discontinued operations.
Net Income Per Share	Net Income Per Share The Company calculates net income per share based upon the weighted average shares outstanding. Diluted net income per share is calculated after giving effect to all significant potential dilutive shares outstanding during the period. Potential dilutive shares outstanding during the period include unvested restricted stock awards.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Standards: Reference Rate Reform In March 2020, the FASB issued Accounting Standards Update ("ASU") 2020-04 Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which became effective on March 12, 2020. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. This ASU also provides optional expedients to enable companies to continue to apply hedge accounting to certain hedging relationships impacted by reference rate reform. Application of the guidance is optional and only available in certain situations. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848). The amendments in this standard are elective and principally apply to entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Similar to ASU No. 2020-04, provisions of this ASU are effective upon issuance. In December 2022, the FASB issued ASU 2022-06 Deferral of the Sunset Date of Topic 848 which became effective immediately upon issuance. ASU 2022-06 deferred the sunset date of Topic 848 to December 31, 2024. During the year ended December 31, 2023, the Company elected to apply the practical expedients to modifications of qualifying contracts as continuations of the existing contracts rather than as new contracts. The adoption of the new guidance did not have a material impact on the consolidated financial statements. Earnings Per Share In August 2020, the FASB issued ASU 2020-06 as an update to ASC Topic 470 and ASC Topic 815, which became effective January 1, 2022. ASU 2020-06 simplifies the accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies diluted earnings per share calculation in certain areas and provides updated disclosure requirements. The Company adopted ASU 2020-06 effective January 1, 2022 and the adoption did not have a material impact on the consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: Segment Reporting In November 2023, the FASB issued ASU 2023-07 as an update to ASC Topic 280, which will be effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. ASU 2023-07 requires an entity to disclose significant segment expenses regularly provided to the chief operating decision maker, a description of "other segment items," and the title and position of the chief operating decision maker and allows for more than one measure of a segment's profit or loss if used by the chief operating decision maker. The update also enhances interim disclosure requirements and requirements for entities with a single reportable segment. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statements. Income Taxes In December 2023, the FASB issued ASU 2023-09 as an update to ASC Topic 740, which will become effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-09 enhances the disclosures surrounding income taxes, specifically in relation to the rate reconciliation table and income taxes paid. The Company is currently evaluating the impact of ASU 2023-09 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.

Segments - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information
General contracting and real estate services revenues	$ 413,131	$ 234,859	$ 91,936
Depreciation and amortization	96,078	72,974	68,853
General contracting and real estate services
Segment Reporting Information
General contracting and real estate services revenues	413,131	234,859	91,936
General contracting and real estate services expenses	399,713	227,158	88,100
Retail real estate
Segment Reporting Information
Depreciation and amortization	34,300	28,300	26,900
Interest expense, debt	9,200	8,400	7,900
Office real estate
Segment Reporting Information
Depreciation and amortization	44,300	27,000	17,800
Interest expense, debt	10,200	11,600	5,100
Multifamily residential real estate
Segment Reporting Information
Depreciation and amortization	16,900	17,300	23,800
Interest expense, debt	12,100	13,000	14,000
Intersegment Eliminations \| General contracting and real estate services
Segment Reporting Information
General contracting and real estate services revenues	53,100	58,100	27,800
General contracting and real estate services expenses	$ 52,500	$ 57,500	$ 27,600

Indebtedness - Additional Information (Details)																				12 Months Ended
Indebtedness - Additional Information (Details)	Jun. 29, 2023 USD ($)	May 19, 2023 USD ($)	Apr. 11, 2023 USD ($)	Apr. 03, 2023 USD ($)	Dec. 20, 2022 USD ($) extension_option	Dec. 06, 2022 USD ($)	Sep. 27, 2022 USD ($)	Aug. 25, 2022 USD ($) extension_option	Aug. 23, 2022 USD ($) extension_option	Aug. 15, 2022 USD ($)	Jul. 22, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 29, 2022 USD ($)	Apr. 25, 2022 USD ($)	Apr. 01, 2022 USD ($)	Mar. 03, 2022 USD ($)	Jan. 19, 2022 USD ($)	Jan. 14, 2022 USD ($)	Jan. 05, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Aug. 29, 2023 USD ($)	Jan. 14, 2023	Oct. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Aug. 22, 2022 USD ($)	Jan. 04, 2022 USD ($)	Jan. 07, 2021 USD ($)
Debt Instrument [Line Items]
Indebtedness, net																				$ 1,396,965,000	$ 1,068,261,000
Constellation Energy Building
Debt Instrument [Line Items]
Debt, face value																		$ 175,000,000
Membership interest acquired																		79.00%
Economic interest acquired																		11.00%					11.00%
Acquisition, assumption of debt																		$ 156,100,000
Harbor Point Parcel 3 Partnership
Debt Instrument [Line Items]
Outstanding letters of credit																											$ 15,000,000	$ 15,000,000
Payments to acquire equity method investments																			$ 2,600,000
Secured Overnight Financing Rate (SOFR) \| Southern Post
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate								2.25%
Bloomberg Short-Term Bank Yield \| Constellation Energy Building
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																		1.50%
New Credit Facility \| Harbor Point Parcel 3 Partnership
Debt Instrument [Line Items]
Outstanding letters of credit																												$ 15,000,000
Construction Loans
Debt Instrument [Line Items]
Borrowings under construction loans																				$ 37,400,000	$ 39,800,000
Construction Loans \| Southern Post
Debt Instrument [Line Items]
Number of extension options \| extension_option								2
Duration of extension option								12 months
Indebtedness, net								$ 73,600,000
Construction Loans \| Harbor Point Parcel 3
Debt Instrument [Line Items]
Debt, face value														$ 161,500,000										$ 180,400,000	$ 161,700,000
Secured Debt \| Thames Street Wharf
Debt Instrument [Line Items]
Debt, face value				$ 69,000,000
Secured Debt \| Market at Mill Creek
Debt Instrument [Line Items]
Repayments of debt			$ 500,000
Secured Debt \| Constellation Energy Building
Debt Instrument [Line Items]
Debt, face value				$ 175,000,000
Secured Debt \| Delray Beach Plaza
Debt Instrument [Line Items]
Extinguishment of debt																	$ 14,100,000
Secured Debt \| Red Mill West Commons
Debt Instrument [Line Items]
Extinguishment of debt																$ 10,300,000
Secured Debt \| Hoffler Place
Debt Instrument [Line Items]
Extinguishment of debt															$ 18,400,000
Secured Debt \| Summit Place
Debt Instrument [Line Items]
Extinguishment of debt														23,100,000
Secured Debt \| Harbor Point Parcel 4
Debt Instrument [Line Items]
Extinguishment of debt														$ 109,700,000
Secured Debt \| North Point
Debt Instrument [Line Items]
Extinguishment of debt													$ 1,900,000
Secured Debt \| Nexton Square
Debt Instrument [Line Items]
Repayment of debt												$ 20,100,000
Indebtedness, net												$ 22,500,000
Secured Debt \| The Residences At Annapolis Junction
Debt Instrument [Line Items]
Extinguishment of debt											$ 84,400,000
Secured Debt \| Hilltop Shopping Center
Debt Instrument [Line Items]
Extinguishment of debt										$ 9,400,000
Secured Debt \| 1405 Point Street
Debt Instrument [Line Items]
Extinguishment of debt								51,800,000
Secured Debt \| Brooks Crossing Office
Debt Instrument [Line Items]
Extinguishment of debt								14,600,000
Secured Debt \| One City Center properties
Debt Instrument [Line Items]
Extinguishment of debt								$ 23,600,000
Secured Debt \| Liberty Apartments
Debt Instrument [Line Items]
Repayment of debt							$ 13,400,000
Indebtedness, net							$ 21,000,000
Secured Debt \| Wills Wharf, Baltimore, Maryland
Debt Instrument [Line Items]
Extinguishment of debt						$ 64,300,000
Secured Debt \| 249 Central Park Retail
Debt Instrument [Line Items]
Extinguishment of debt						16,100,000
Secured Debt \| Fountain Plaza Retail
Debt Instrument [Line Items]
Extinguishment of debt						9,700,000
Secured Debt \| South Retail
Debt Instrument [Line Items]
Extinguishment of debt						7,100,000
Secured Debt \| The Everly
Debt Instrument [Line Items]
Number of extension options \| extension_option					2
Duration of extension option					12 months
Repayment of debt					$ 29,600,000
Indebtedness, net					$ 30,000,000
Secured Debt \| Secured Overnight Financing Rate (SOFR) \| Thames Street Wharf
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.30%																1.30%
Credit spread adjustment				0.10%
Secured Debt \| Secured Overnight Financing Rate (SOFR) \| Constellation Energy Building
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.50%																1.50%
Credit spread adjustment				0.11%
Secured Debt \| Secured Overnight Financing Rate (SOFR) \| Nexton Square
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate												1.95%								1.95%
Secured Debt \| Secured Overnight Financing Rate (SOFR) \| Liberty Apartments
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							1.50%													1.50%
Secured Debt \| Secured Overnight Financing Rate (SOFR) \| The Everly
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.50%															1.50%
Secured Debt \| Minimum \| Secured Overnight Financing Rate (SOFR) \| Nexton Square
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate												0.30%
Amended And Restated Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Aggregate capacity under the credit facility									$ 550,000,000
Accordion feature maximum borrowing capacity									1,000,000,000
Amended And Restated Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility									$ 250,000,000													$ 355,000,000
Number of extension options \| extension_option									2
Duration of extension option									6 months
Extension fee percentage									0.075%
Increased the capacity of the revolving credit facility																						105,000,000
Line of credit, amount outstanding																				$ 267,000,000
Interest rate on credit facility as of end of period (as a percent)																				6.85%
Interest rate on credit facility as of end of period after giving effect to interest rate caps and swaps																				4.41%
Amended And Restated Credit Agreement \| Line of Credit \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Unused commitment fee									0.15%
Amended And Restated Credit Agreement \| Line of Credit \| Revolving Credit Facility \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate									1.30%
Amended And Restated Credit Agreement \| Line of Credit \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Unused commitment fee									0.25%
Amended And Restated Credit Agreement \| Line of Credit \| Revolving Credit Facility \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate									1.85%
Amended And Restated Credit Agreement \| Line of Credit \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate capacity under the credit facility									$ 300,000,000													$ 655,000,000
Credit spread adjustment									0.10%
Line of credit, amount outstanding																				$ 300,000,000
Interest rate on credit facility as of end of period (as a percent)																				6.75%
Interest rate on credit facility as of end of period after giving effect to interest rate caps and swaps																				3.08%
Amended And Restated Credit Agreement \| Line of Credit \| Unsecured Debt \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate									1.25%
Amended And Restated Credit Agreement \| Line of Credit \| Unsecured Debt \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate									1.80%
Prior Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																										$ 150,000,000
Prior Credit Agreement \| Line of Credit \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																										$ 205,000,000
M&T Term Loan Agreement \| Line of Credit
Debt Instrument [Line Items]
Aggregate capacity under the credit facility						100,000,000
Accordion feature maximum borrowing capacity						$ 200,000,000
M&T Term Loan Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Duration of extension option						1 year
Extension fee percentage						0.075%
Credit spread adjustment						0.10%
Line of credit, amount outstanding																				$ 100,000,000
Interest rate on credit facility as of end of period (as a percent)																				6.75%
Interest rate on credit facility as of end of period after giving effect to interest rate caps and swaps																				4.90%
M&T Term Loan Agreement \| Line of Credit \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate						1.00%
M&T Term Loan Agreement \| Line of Credit \| Revolving Credit Facility \| Federal Funds Rate
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate						0.50%
TD Term Loan Facility \| Line of Credit
Debt Instrument [Line Items]
Aggregate capacity under the credit facility		$ 75,000,000
Accordion feature maximum borrowing capacity		$ 150,000,000
TD Term Loan Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Duration of extension option		1 year
Extension fee percentage		0.15%
Credit spread adjustment		0.10%
TD term loan	$ 95,000,000
Line of credit, amount outstanding																				$ 95,000,000
Interest rate on credit facility as of end of period (as a percent)																				6.85%
Interest rate on credit facility as of end of period after giving effect to interest rate caps and swaps																				4.70%
TD Term Loan Facility \| Line of Credit \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		1.00%
TD Term Loan Facility \| Line of Credit \| Revolving Credit Facility \| Federal Funds Rate
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		0.50%
TD Term Loan Facility \| Line of Credit \| Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		1.00%

Notes Receivable and Current Expected Credit Losses

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Notes Receivable and Current Expected Credit Losses

Notes Receivable

The Company had the following loans receivable outstanding as of December 31, 2023 and 2022 ($ in thousands):


	Outstanding loan amount (a)						Maximum loan commitment			Interest rate			Interest compounding
Development Project	December 31, 2023			December 31, 2022
Solis City Park II	$	24,313	(a)	$	19,062	(a)	$	20,594		13.0	%		Annually
Solis Gainesville II	22,268		(a)	6,638		(a)	19,595			14.0	%	(b)	Annually
Solis Kennesaw	15,922		(a)	—			37,870			14.0	%	(b)	Annually
Solis Peachtree Corners	11,092		(a)	—			28,440			15.0	%	(b)	Annually
The Allure at Edinburgh	9,830		(a)	—			9,228			15.0	%	(c)	None
The Interlock(d)	—			86,584		(a)	107,000		(e)	15.0	%		None
Total mezzanine & preferred equity	83,425			112,284			$	222,727
Constellation Energy Building note receivable	—			12,834
Other notes receivable	12,219		(a)	11,512		(a)
Notes receivable guarantee premium	—			701
Allowance for credit losses(f)	(1,472)			(1,292)
Total notes receivable	$	94,172		$	136,039

_______________________________________

(a) Outstanding loan amounts include any accrued and unpaid interest, and accrued exit fees, as applicable.

(b) The interest rate varies over the life of the loans, and the Company also earns an unused commitment fee. Refer below under “Solis Gainesville II,” “Solis Kennesaw,” and “Solis Peachtree Corners” for further details.

(d) This note receivable was repaid on May 19, 2023 in connection with the Company’s acquisition of The Interlock. Refer below under “The Interlock” for further details.

(e) This amount includes interest reserves.

(f) The amounts as of December 31, 2023 and 2022 exclude $0.7 million and $0.3 million, respectively, of CECL allowance that relates to the unfunded commitments, which were recorded as a liability under other liabilities in the consolidated balance sheets.

Interest on notes receivable is accrued and funded utilizing the interest reserves for each loan, which are components of the respective maximum loan commitments, and such accrued interest is added to the loan receivable balances. The Company recognized interest income for the years ended December 31, 2023, 2022, and 2021 as follows (in thousands):


	Years Ended December 31,
Development Project	2023			2022			2021

Nexton Multifamily	$	—		$	5,348	(a)	$	1,252
Solis Apartments at Interlock	—			—			4,005		(b)(c)
Solis City Park II	2,887		(c)	1,038		(c)	—
Solis Gainesville II	2,757		(c)(d)	205			—
Solis Kennesaw	2,810		(c)(d)	—			—
Solis Peachtree Corners	1,472		(c)(d)	—			—
The Allure at Edinburgh	603			—			—
The Interlock	3,647		(c)	9,870		(c)	12,769		(c)
Total mezzanine & preferred equity interest income	14,176			16,461			18,026
Other interest income	927			517			431
Total interest income	$	15,103		$	16,978		$	18,457

________________________________________

(a) Includes prepayment premium of $2.7 million received from the early payoff of the loan.

(b) Includes prepayment premium of $2.4 million received from the early payoff of the loan.

(d) Includes recognition of unused commitment fees.

Management has concluded that each entity that owns the respective projects denoted below is a VIE. Because the other investor in each project is the developer and managing member of each entity that owns the respective project, the Company does not have the power to direct the activities that most significantly impact their performance. Accordingly, the Company is not the primary beneficiary and does not consolidate any of these projects in its consolidated financial statements.

Solis City Park II

On March 23, 2022, the Company entered into a $20.6 million preferred equity investment for the development of a multifamily property located in Charlotte, North Carolina ("Solis City Park II"). The investment has economic terms consistent with a note receivable, including a mandatory redemption or maturity on April 28, 2026, and it is accounted for as a note receivable. The Company's investment bears interest at a rate of 13%, compounded annually, with minimum interest of $5.7 million over the life of the investment.

Solis Gainesville II

On October 3, 2022, the Company entered into a $19.6 million preferred equity investment for the development of a multifamily property located in Gainesville, Georgia ("Solis Gainesville II"). The investment has economic terms consistent with a note receivable, including a mandatory redemption or maturity on October 3, 2026, and it is accounted for as a note receivable. The Company's investment bears interest at a rate of 14%, compounded annually, with minimum interest of $5.9 million over the life of the investment.

On March 29, 2023, the Solis Gainesville II preferred equity investment agreement was modified to adjust the interest rate. The interest rate of 14% remains effective through the first 24 months of the investment. Beginning on October 3, 2024, the investment will bear interest at a rate of 10% for 12 months. On October 3, 2025, the investment will again bear interest at a rate of 14% per annum through maturity. Additionally, the amendment introduced an unused commitment fee of 10% on the unfunded portion of the investment's maximum loan commitment, which is effective January 1, 2023. Both the interest and unused commitment fee compound annually.

Solis Kennesaw

On May 25, 2023, the Company entered into a $37.9 million preferred equity investment for the development of a multifamily property located in Marietta, Georgia ("Solis Kennesaw"). The investment has economic terms consistent with a note receivable, including a mandatory redemption or maturity on May 25, 2027, and it is accounted for as a note receivable. The Company's investment bears interest at a rate of 14.0% for the first 24 months. Beginning on May 25, 2025, the investment will bear interest at a rate of 9.0% for 12 months. On May 25, 2026, the investment will again bear interest at a rate of 14.0% through maturity. The interest compounds annually. The Company also earns an unused commitment fee of 11.0% on the unfunded portion of the investment's maximum loan commitment, which does not compound, and an equity fee on its commitment of $0.6 million to be amortized through redemption. The preferred equity investment is subject to a minimum interest guarantee of $13.1 million over the life of the investment.

Solis Peachtree Corners

On July 26, 2023, the Company entered into a $28.4 million preferred equity investment for the development of a multifamily property located in Peachtree Corners, Georgia ("Solis Peachtree Corners"). The preferred equity investment has economic and other terms consistent with a note receivable, including a mandatory redemption feature effective on October 27, 2027. The Company's investment bears interest at a rate of 15.0% for the first 27 months. Beginning on November 1, 2025, the investment will bear interest at a rate of 9.0% for 12 months. On November 1, 2026, the investment will again bear interest at a rate of 15.0% through maturity. The interest compounds annually. The Company also earns an unused commitment fee of 10.0% on the unfunded portion of the investment's maximum loan commitment, which also compounds annually, and an equity fee on its commitment of $0.4 million to be amortized through redemption. The preferred equity investment is subject to a minimum interest guarantee of $12.0 million over the life of the investment.

The Allure at Edinburgh

On July 26, 2023, the Company entered into a $9.2 million preferred equity investment for the development of a multifamily property located in Chesapeake, Virginia ("The Allure at Edinburgh"). The preferred equity investment has economic and other terms consistent with a note receivable, including a mandatory redemption feature effective on January 16, 2028. The Company's investment bears interest at a rate of 15.0%, which does not compound. Upon The Allure at Edinburgh obtaining a certificate of occupancy, the investment will bear interest at a rate of 10.0%. The common equity partner in the development property holds an option to sell the property to the Company at a predetermined amount if certain conditions are met. The Company also holds an option to purchase the property at any time prior to maturity of the preferred equity investment, and at the same predetermined amount as the common equity partner's option to sell.

The Interlock

On May 19, 2023, the Company acquired The Interlock. The consideration for such acquisition included the repayment of the Company's outstanding $90.2 million mezzanine loan on the project. Refer to Note 5 for further information regarding the acquisition.

Guarantee liabilities

As of December 31, 2023, the Company had outstanding payment guarantees for the senior loans on Harbor Point Parcel 4 as described above. As of December 31, 2023 and 2022, the Company has recorded a guarantee liability of $0.1 million and $0.9 million, respectively, representing the unamortized fair value. These guarantees are classified as other liabilities on the Company's consolidated balance sheets, with a corresponding adjustment to the notes receivable balance on the consolidated balance sheets. See Note 18 for additional information on the Company's outstanding guarantees.

Allowance for Loan Losses

The Company is exposed to credit losses primarily through its real estate financing investments. As of December 31, 2023, the Company had five real estate financing investments, which are accounted for as notes receivable, each of which are financing development projects in various stages of completion or lease-up. Each of these projects is subject to a loan that is senior to the Company’s 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 also has $12.2 million outstanding in other notes receivable.

The Company updated the risk ratings for each of its notes receivable as of December 31, 2023 and obtained industry loan loss data relative to these risk ratings. Each of the outstanding loans as of December 31, 2023 was "Pass" rated. The Company’s analysis resulted in an allowance for loan losses of approximately $2.2 million for the year ended December 31, 2023. An allowance related to unfunded commitments of approximately $0.7 million as of December 31, 2023 was recorded as Other liabilities on the consolidated balance sheet.

At December 31, 2023, the Company reported $94.2 million of notes receivable, net of allowances of $1.5 million. At December 31, 2022, the Company reported $136.0 million of notes receivable, net of allowances of $1.3 million.

Changes in the allowance for funded and unfunded commitments for the years ended December 31, 2023 and 2022 were as follows (in thousands):


	Year ended December 31, 2023						Year ended December 31, 2022
	Funded		Unfunded		Total		Funded		Unfunded		Total
Beginning balance	$	1,292	$	338	$	1,630	$	994	$	10	$	1,004
Unrealized credit loss provision (release)	645		394		1,039		298		328		626
Extinguishment due to acquisition	(465)		—		(465)		—		—		—
Ending balance	$	1,472	$	732	$	2,204	$	1,292	$	338	$	1,630

The Company places loans on non-accrual status when the loan balance, together with the balance of any senior loan, approximately equals the estimated realizable value of the underlying development project. As of December 31, 2022, the Company had the Constellation Energy Building note, which bore interest at 3% per annum, on non-accrual status. The principal balance of the note receivable was adequately secured by the seller's partnership interest. On January 14,

2023, the Company acquired an additional 11% membership interest in the Constellation Energy Building, increasing its ownership interest to 90%, in exchange for full satisfaction of the note. As of December 31, 2023, there were no loans on non-accrual status.

Notes Receivable and Current Expected Credit Losses - Schedule of Allowance for Funded and Unfunded Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 1,292	$ 994
Unrealized credit loss provision (release)	645	298
Extinguishment due to acquisition	(465)	0
Ending balance	1,472	1,292
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]
Beginning balance	338	10
Unrealized credit loss provision (release)	394	328
Extinguishment due to acquisition	0	0
Ending balance	700	338
Allowance For Finance Receivable And Off-Balance-Sheet, Liability [Roll Forward]
Beginning balance	1,630	1,004
Unrealized credit loss provision (release)	1,039	626
Extinguishment due to acquisition	(465)	0
Ending balance	$ 2,204	$ 1,630

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company provides general contracting and real estate services to certain related party entities that are included in these consolidated financial statements. Revenue and gross profits from construction contracts with related party entities of the Company were nominal for the years ended December 31, 2023 and 2022. Revenue and gross profits from construction contracts with related party entities of the Company were $23.6 million and $1.7 million, respectively, for the year ended December 31, 2021. As of each of December 31, 2023 and 2022, there was no outstanding balance from related parties of the Company. Real estate services fees from affiliated entities of the Company were not material for any of the years ended December 31, 2023, 2022, and 2021. 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, 2023, 2022, and 2021. The general contracting services described above include contracts with an aggregate price of $81.6 million with the developer of a mixed-use project, including an apartment building, retail space, and a parking garage located in Virginia Beach, Virginia. The developer is owned in part by executives and non-independent directors of the Company, not including the Chief Executive Officer, Chief Operating Officer, and Chief Financial Officer. These contracts were executed in October and December 2019 and as of December 31, 2022 were completed and resulted in aggregate gross profit of $3.9 million to the Company, representing a gross profit margin of 5.1%. As part of these contracts and per the requirements of the lender for this project, the Company issued a letter of credit for $9.5 million to secure certain performances of the Company's subsidiary construction company under the contracts, which letter of credit expired on August 16, 2023 and was not required to be renewed. The Company provides general contracting services to the Harbor Point Parcel 3 and Harbor Point Parcel 4 ventures. See Note 5 for more information. During the years ended December 31, 2023 and 2022, the Company recognized gross profit of $1.4 million and $0.9 million, respectively, relating to these construction contracts, associated with 50% of gross profit on contracts for Harbor Point Parcel 3 and 10% of gross profit on contracts for Harbor Point Parcel 4.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 1,969	$ 1,969	$ 2,448
Finance lease cost:
Amortization of right-of-use assets	1,349	1,110	1,022
Interest on lease liabilities	3,636	2,573	2,251
Operating cash flows from operating leases	1,852	1,797	2,085
Operating cash flows from finance leases	$ 2,876	$ 2,256	$ 1,986

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 639,204
Land	296,113
Building and Improvements	1,001,551
Cost Capitalized Subsequent to Acquisition	909,623
Land	296,113
Building and improvements	1,911,174
Total	2,207,287
Accumulated Depreciation	393,169	$ 329,963
Net Carrying Amount	1,814,118
Amount of real estate for federal income tax purposes	1,579,100
Real estate investments
Balance at beginning of the year	1,943,575	1,737,438
Construction costs and improvements	80,089	93,467
Acquisitions	183,982	242,423
Dispositions	(260)	(129,342)
Reclassifications	(99)	(411)
Balance at end of the year	2,207,287	1,943,575
Accumulated Depreciation
Balance at beginning of the year	329,963	285,814
Dispositions	(260)	(10,396)
Reclassifications	0	0
Depreciation	63,466	54,545
Balance at end of the year	$ 393,169	$ 329,963
Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	39 years
Capital improvements \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	5 years
Capital improvements \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	20 years
Equipment \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	3 years
Equipment \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	7 years
Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 109,979
Land	210,516
Building and Improvements	412,290
Cost Capitalized Subsequent to Acquisition	216,955
Land	210,516
Building and improvements	629,245
Total	839,761
Accumulated Depreciation	160,674
Net Carrying Amount	679,087
Accumulated Depreciation
Balance at end of the year	160,674
Retail \| 249 Central Park Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	713
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	17,464
Land	713
Building and improvements	17,464
Total	18,177
Accumulated Depreciation	10,694
Net Carrying Amount	7,483
Accumulated Depreciation
Balance at end of the year	10,694
Retail \| Apex Entertainment
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	67
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	17,920
Land	67
Building and improvements	17,920
Total	17,987
Accumulated Depreciation	8,432
Net Carrying Amount	9,555
Accumulated Depreciation
Balance at end of the year	8,432
Retail \| Broad Creek Shopping Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	0
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	9,763
Land	0
Building and improvements	9,763
Total	9,763
Accumulated Depreciation	5,486
Net Carrying Amount	4,277
Accumulated Depreciation
Balance at end of the year	5,486
Retail \| Broadmoor Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	2,410
Building and Improvements	9,010
Cost Capitalized Subsequent to Acquisition	1,607
Land	2,410
Building and improvements	10,617
Total	13,027
Accumulated Depreciation	3,827
Net Carrying Amount	9,200
Accumulated Depreciation
Balance at end of the year	3,827
Retail \| Brooks Crossing Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	117
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	2,512
Land	117
Building and improvements	2,512
Total	2,629
Accumulated Depreciation	537
Net Carrying Amount	2,092
Accumulated Depreciation
Balance at end of the year	537
Retail \| Columbus Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	7,631
Building and Improvements	10,135
Cost Capitalized Subsequent to Acquisition	8,536
Land	7,631
Building and improvements	18,671
Total	26,302
Accumulated Depreciation	6,057
Net Carrying Amount	20,245
Accumulated Depreciation
Balance at end of the year	6,057
Retail \| Columbus Village II
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	8,853
Building and Improvements	10,922
Cost Capitalized Subsequent to Acquisition	153
Land	8,853
Building and improvements	11,075
Total	19,928
Accumulated Depreciation	6,035
Net Carrying Amount	13,893
Accumulated Depreciation
Balance at end of the year	6,035
Retail \| Commerce Street Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	118
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	3,357
Land	118
Building and improvements	3,357
Total	3,475
Accumulated Depreciation	2,185
Net Carrying Amount	1,290
Accumulated Depreciation
Balance at end of the year	2,185
Retail \| Delray Beach Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	0
Building and Improvements	27,151
Cost Capitalized Subsequent to Acquisition	486
Land	0
Building and improvements	27,637
Total	27,637
Accumulated Depreciation	2,720
Net Carrying Amount	24,917
Accumulated Depreciation
Balance at end of the year	2,720
Retail \| Dimmock Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	5,100
Building and Improvements	13,126
Cost Capitalized Subsequent to Acquisition	1,210
Land	5,100
Building and improvements	14,336
Total	19,436
Accumulated Depreciation	3,777
Net Carrying Amount	15,659
Accumulated Depreciation
Balance at end of the year	3,777
Retail \| Fountain Plaza Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	425
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	8,543
Land	425
Building and improvements	8,543
Total	8,968
Accumulated Depreciation	4,547
Net Carrying Amount	4,421
Accumulated Depreciation
Balance at end of the year	4,547
Retail \| Greenbrier Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	19,569
Land	8,549
Building and Improvements	21,170
Cost Capitalized Subsequent to Acquisition	605
Land	8,549
Building and improvements	21,775
Total	30,324
Accumulated Depreciation	1,679
Net Carrying Amount	28,645
Accumulated Depreciation
Balance at end of the year	1,679
Retail \| Greentree Shopping Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	1,103
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	4,197
Land	1,103
Building and improvements	4,197
Total	5,300
Accumulated Depreciation	1,661
Net Carrying Amount	3,639
Accumulated Depreciation
Balance at end of the year	1,661
Retail \| Hanbury Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	2,566
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	16,655
Land	2,566
Building and improvements	16,655
Total	19,221
Accumulated Depreciation	8,553
Net Carrying Amount	10,668
Accumulated Depreciation
Balance at end of the year	8,553
Retail \| Harrisonburg Regal
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	1,554
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	4,148
Land	1,554
Building and improvements	4,148
Total	5,702
Accumulated Depreciation	2,628
Net Carrying Amount	3,074
Accumulated Depreciation
Balance at end of the year	2,628
Retail \| Lexington Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	13,599
Land	3,035
Building and Improvements	20,581
Cost Capitalized Subsequent to Acquisition	341
Land	3,035
Building and improvements	20,922
Total	23,957
Accumulated Depreciation	3,956
Net Carrying Amount	20,001
Accumulated Depreciation
Balance at end of the year	3,956
Retail \| Market at Mill Creek
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	11,347
Land	2,042
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	21,167
Land	2,042
Building and improvements	21,167
Total	23,209
Accumulated Depreciation	3,484
Net Carrying Amount	19,725
Accumulated Depreciation
Balance at end of the year	3,484
Retail \| Marketplace at Hilltop
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	2,023
Building and Improvements	19,886
Cost Capitalized Subsequent to Acquisition	1,388
Land	2,023
Building and improvements	21,274
Total	23,297
Accumulated Depreciation	2,752
Net Carrying Amount	20,545
Accumulated Depreciation
Balance at end of the year	2,752
Retail \| Nexton Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	21,581
Land	9,086
Building and Improvements	27,760
Cost Capitalized Subsequent to Acquisition	6,304
Land	9,086
Building and improvements	34,064
Total	43,150
Accumulated Depreciation	3,880
Net Carrying Amount	39,270
Accumulated Depreciation
Balance at end of the year	3,880
Retail \| North Hampton Market
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	7,250
Building and Improvements	10,210
Cost Capitalized Subsequent to Acquisition	1,017
Land	7,250
Building and improvements	11,227
Total	18,477
Accumulated Depreciation	3,415
Net Carrying Amount	15,062
Accumulated Depreciation
Balance at end of the year	3,415
Retail \| North Pointe Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	1,276
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	23,292
Land	1,276
Building and improvements	23,292
Total	24,568
Accumulated Depreciation	12,513
Net Carrying Amount	12,055
Accumulated Depreciation
Balance at end of the year	12,513
Retail \| Overlook Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	6,328
Building and Improvements	20,101
Cost Capitalized Subsequent to Acquisition	701
Land	6,328
Building and improvements	20,802
Total	27,130
Accumulated Depreciation	1,764
Net Carrying Amount	25,366
Accumulated Depreciation
Balance at end of the year	1,764
Retail \| Parkway Centre
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	1,372
Building and Improvements	7,864
Cost Capitalized Subsequent to Acquisition	184
Land	1,372
Building and improvements	8,048
Total	9,420
Accumulated Depreciation	1,467
Net Carrying Amount	7,953
Accumulated Depreciation
Balance at end of the year	1,467
Retail \| Parkway Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	1,150
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	4,175
Land	1,150
Building and improvements	4,175
Total	5,325
Accumulated Depreciation	2,534
Net Carrying Amount	2,791
Accumulated Depreciation
Balance at end of the year	2,534
Retail \| Patterson Place
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	15,060
Building and Improvements	20,180
Cost Capitalized Subsequent to Acquisition	1,447
Land	15,060
Building and improvements	21,627
Total	36,687
Accumulated Depreciation	5,162
Net Carrying Amount	31,525
Accumulated Depreciation
Balance at end of the year	5,162
Retail \| Pembroke Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	14,513
Building and Improvements	9,290
Cost Capitalized Subsequent to Acquisition	446
Land	14,513
Building and improvements	9,736
Total	24,249
Accumulated Depreciation	799
Net Carrying Amount	23,450
Accumulated Depreciation
Balance at end of the year	799
Retail \| Perry Hall Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	3,240
Building and Improvements	8,316
Cost Capitalized Subsequent to Acquisition	667
Land	3,240
Building and improvements	8,983
Total	12,223
Accumulated Depreciation	2,991
Net Carrying Amount	9,232
Accumulated Depreciation
Balance at end of the year	2,991
Retail \| Premier Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	7,898
Land	318
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	15,496
Land	318
Building and improvements	15,496
Total	15,814
Accumulated Depreciation	2,756
Net Carrying Amount	13,058
Accumulated Depreciation
Balance at end of the year	2,756
Retail \| Providence Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	9,950
Building and Improvements	12,369
Cost Capitalized Subsequent to Acquisition	2,530
Land	9,950
Building and improvements	14,899
Total	24,849
Accumulated Depreciation	4,225
Net Carrying Amount	20,624
Accumulated Depreciation
Balance at end of the year	4,225
Retail \| Red Mill Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	10,654
Land	44,252
Building and Improvements	30,348
Cost Capitalized Subsequent to Acquisition	6,375
Land	44,252
Building and improvements	36,723
Total	80,975
Accumulated Depreciation	8,532
Net Carrying Amount	72,443
Accumulated Depreciation
Balance at end of the year	8,532
Retail \| Sandbridge Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	4,118
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	7,509
Land	4,118
Building and improvements	7,509
Total	11,627
Accumulated Depreciation	2,861
Net Carrying Amount	8,766
Accumulated Depreciation
Balance at end of the year	2,861
Retail \| South Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	190
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	8,316
Land	190
Building and improvements	8,316
Total	8,506
Accumulated Depreciation	5,637
Net Carrying Amount	2,869
Accumulated Depreciation
Balance at end of the year	5,637
Retail \| South Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	14,130
Building and Improvements	12,670
Cost Capitalized Subsequent to Acquisition	1,296
Land	14,130
Building and improvements	13,966
Total	28,096
Accumulated Depreciation	3,762
Net Carrying Amount	24,334
Accumulated Depreciation
Balance at end of the year	3,762
Retail \| Southgate Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	25,331
Land	10,238
Building and Improvements	25,950
Cost Capitalized Subsequent to Acquisition	7,076
Land	10,238
Building and improvements	33,026
Total	43,264
Accumulated Depreciation	7,949
Net Carrying Amount	35,315
Accumulated Depreciation
Balance at end of the year	7,949
Retail \| Southshore Shops
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	1,770
Building and Improvements	6,509
Cost Capitalized Subsequent to Acquisition	726
Land	1,770
Building and improvements	7,235
Total	9,005
Accumulated Depreciation	1,704
Net Carrying Amount	7,301
Accumulated Depreciation
Balance at end of the year	1,704
Retail \| Studio 56 Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	76
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	3,806
Land	76
Building and improvements	3,806
Total	3,882
Accumulated Depreciation	1,375
Net Carrying Amount	2,507
Accumulated Depreciation
Balance at end of the year	1,375
Retail \| Tyre Neck Harris Teeter\
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	0
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	3,306
Land	0
Building and improvements	3,306
Total	3,306
Accumulated Depreciation	1,920
Net Carrying Amount	1,386
Accumulated Depreciation
Balance at end of the year	1,920
Retail \| Wendover Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	19,893
Building and Improvements	22,638
Cost Capitalized Subsequent to Acquisition	1,393
Land	19,893
Building and improvements	24,031
Total	43,924
Accumulated Depreciation	5,256
Net Carrying Amount	38,668
Accumulated Depreciation
Balance at end of the year	5,256
Retail \| The Interlock Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	0
Building and Improvements	66,104
Cost Capitalized Subsequent to Acquisition	841
Land	0
Building and improvements	66,945
Total	66,945
Accumulated Depreciation	1,162
Net Carrying Amount	65,783
Accumulated Depreciation
Balance at end of the year	1,162
Office
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	272,968
Land	44,190
Building and Improvements	397,967
Cost Capitalized Subsequent to Acquisition	302,128
Land	44,190
Building and improvements	700,095
Total	744,285
Accumulated Depreciation	128,423
Net Carrying Amount	615,862
Accumulated Depreciation
Balance at end of the year	128,423
Office \| 4525 Main Street
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	30,074
Land	982
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	47,170
Land	982
Building and improvements	47,170
Total	48,152
Accumulated Depreciation	15,795
Net Carrying Amount	32,357
Accumulated Depreciation
Balance at end of the year	15,795
Office \| Armada Hoffler Tower
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	1,976
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	72,567
Land	1,976
Building and improvements	72,567
Total	74,543
Accumulated Depreciation	45,789
Net Carrying Amount	28,754
Accumulated Depreciation
Balance at end of the year	45,789
Office \| Brooks Crossing Office
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	295
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	19,497
Land	295
Building and improvements	19,497
Total	19,792
Accumulated Depreciation	3,123
Net Carrying Amount	16,669
Accumulated Depreciation
Balance at end of the year	3,123
Office \| Constellation Office
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	175,000
Land	21,152
Building and Improvements	176,943
Cost Capitalized Subsequent to Acquisition	1,910
Land	21,152
Building and improvements	178,853
Total	200,005
Accumulated Depreciation	9,279
Net Carrying Amount	190,726
Accumulated Depreciation
Balance at end of the year	9,279
Office \| One City Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	2,911
Building and Improvements	28,202
Cost Capitalized Subsequent to Acquisition	6,463
Land	2,911
Building and improvements	34,665
Total	37,576
Accumulated Depreciation	5,058
Net Carrying Amount	32,518
Accumulated Depreciation
Balance at end of the year	5,058
Office \| One Columbus
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	960
Building and Improvements	10,269
Cost Capitalized Subsequent to Acquisition	16,244
Land	960
Building and improvements	26,513
Total	27,473
Accumulated Depreciation	16,063
Net Carrying Amount	11,410
Accumulated Depreciation
Balance at end of the year	16,063
Office \| Thames Street Wharf
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	67,894
Land	15,861
Building and Improvements	64,689
Cost Capitalized Subsequent to Acquisition	2,152
Land	15,861
Building and improvements	66,841
Total	82,702
Accumulated Depreciation	7,708
Net Carrying Amount	74,994
Accumulated Depreciation
Balance at end of the year	7,708
Office \| Two Columbus
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	53
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	22,167
Land	53
Building and improvements	22,167
Total	22,220
Accumulated Depreciation	11,693
Net Carrying Amount	10,527
Accumulated Depreciation
Balance at end of the year	11,693
Office \| Wills Wharf
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	0
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	113,200
Land	0
Building and improvements	113,200
Total	113,200
Accumulated Depreciation	11,893
Net Carrying Amount	101,307
Accumulated Depreciation
Balance at end of the year	11,893
Office \| The Interlock Office
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	0
Building and Improvements	117,864
Cost Capitalized Subsequent to Acquisition	758
Land	0
Building and improvements	118,622
Total	118,622
Accumulated Depreciation	2,022
Net Carrying Amount	116,600
Accumulated Depreciation
Balance at end of the year	2,022
Multifamily
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	256,257
Land	29,429
Building and Improvements	191,294
Cost Capitalized Subsequent to Acquisition	390,540
Land	29,429
Building and improvements	581,834
Total	611,263
Accumulated Depreciation	104,072
Net Carrying Amount	507,191
Accumulated Depreciation
Balance at end of the year	104,072
Multifamily \| 1305 Dock Street
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	2,165
Building and Improvements	18,114
Cost Capitalized Subsequent to Acquisition	313
Land	2,165
Building and improvements	18,427
Total	20,592
Accumulated Depreciation	965
Net Carrying Amount	19,627
Accumulated Depreciation
Balance at end of the year	965
Multifamily \| 1405 Point
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	0
Building and Improvements	95,466
Cost Capitalized Subsequent to Acquisition	4,258
Land	0
Building and improvements	99,724
Total	99,724
Accumulated Depreciation	15,090
Net Carrying Amount	84,634
Accumulated Depreciation
Balance at end of the year	15,090
Multifamily \| Chronicle Mill
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	34,438
Land	1,788
Building and Improvements	533
Cost Capitalized Subsequent to Acquisition	57,523
Land	1,788
Building and improvements	58,056
Total	59,844
Accumulated Depreciation	2,301
Net Carrying Amount	57,543
Accumulated Depreciation
Balance at end of the year	2,301
Multifamily \| The Edison
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	15,179
Land	3,428
Building and Improvements	18,582
Cost Capitalized Subsequent to Acquisition	1,592
Land	3,428
Building and improvements	20,174
Total	23,602
Accumulated Depreciation	2,819
Net Carrying Amount	20,783
Accumulated Depreciation
Balance at end of the year	2,819
Multifamily \| Encore Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	23,421
Land	1,293
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	31,913
Land	1,293
Building and improvements	31,913
Total	33,206
Accumulated Depreciation	9,002
Net Carrying Amount	24,204
Accumulated Depreciation
Balance at end of the year	9,002
Multifamily \| The Everly
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	30,000
Land	4,832
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	45,386
Land	4,832
Building and improvements	45,386
Total	50,218
Accumulated Depreciation	2,299
Net Carrying Amount	47,919
Accumulated Depreciation
Balance at end of the year	2,299
Multifamily \| Greenside Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	31,104
Land	5,711
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	45,735
Land	5,711
Building and improvements	45,735
Total	51,446
Accumulated Depreciation	7,934
Net Carrying Amount	43,512
Accumulated Depreciation
Balance at end of the year	7,934
Multifamily \| Liberty Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	20,588
Land	3,580
Building and Improvements	23,494
Cost Capitalized Subsequent to Acquisition	2,768
Land	3,580
Building and improvements	26,262
Total	29,842
Accumulated Depreciation	8,503
Net Carrying Amount	21,339
Accumulated Depreciation
Balance at end of the year	8,503
Multifamily \| Premier Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	16,036
Land	647
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	29,371
Land	647
Building and improvements	29,371
Total	30,018
Accumulated Depreciation	4,772
Net Carrying Amount	25,246
Accumulated Depreciation
Balance at end of the year	4,772
Multifamily \| Smith’s Landing
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	14,578
Land	0
Building and Improvements	35,105
Cost Capitalized Subsequent to Acquisition	5,595
Land	0
Building and improvements	40,700
Total	40,700
Accumulated Depreciation	12,928
Net Carrying Amount	27,772
Accumulated Depreciation
Balance at end of the year	12,928
Multifamily \| Southern Post
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	30,546
Land	5,000
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	87,502
Land	5,000
Building and improvements	87,502
Total	92,502
Accumulated Depreciation	0
Net Carrying Amount	92,502
Accumulated Depreciation
Balance at end of the year	0
Multifamily \| The Cosmopolitan
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	40,367
Land	985
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	78,584
Land	985
Building and improvements	78,584
Total	79,569
Accumulated Depreciation	37,459
Net Carrying Amount	42,110
Accumulated Depreciation
Balance at end of the year	37,459
Held for development
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	11,978
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	0
Land	11,978
Building and improvements	0
Total	11,978
Accumulated Depreciation	0
Net Carrying Amount	11,978
Accumulated Depreciation
Balance at end of the year	0
Held for development \| Columbus Village II
SEC Schedule III, Real Estate and Accumulated Depreciation
Land	$ 5,700

Notes Receivable and Current Expected Credit Losses (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Loans Receivable Outstanding

The Company had the following loans receivable outstanding as of December 31, 2023 and 2022 ($ in thousands):


	Outstanding loan amount (a)						Maximum loan commitment			Interest rate			Interest compounding
Development Project	December 31, 2023			December 31, 2022
Solis City Park II	$	24,313	(a)	$	19,062	(a)	$	20,594		13.0	%		Annually
Solis Gainesville II	22,268		(a)	6,638		(a)	19,595			14.0	%	(b)	Annually
Solis Kennesaw	15,922		(a)	—			37,870			14.0	%	(b)	Annually
Solis Peachtree Corners	11,092		(a)	—			28,440			15.0	%	(b)	Annually
The Allure at Edinburgh	9,830		(a)	—			9,228			15.0	%	(c)	None
The Interlock(d)	—			86,584		(a)	107,000		(e)	15.0	%		None
Total mezzanine & preferred equity	83,425			112,284			$	222,727
Constellation Energy Building note receivable	—			12,834
Other notes receivable	12,219		(a)	11,512		(a)
Notes receivable guarantee premium	—			701
Allowance for credit losses(f)	(1,472)			(1,292)
Total notes receivable	$	94,172		$	136,039

_______________________________________

(a) Outstanding loan amounts include any accrued and unpaid interest, and accrued exit fees, as applicable.

(d) This note receivable was repaid on May 19, 2023 in connection with the Company’s acquisition of The Interlock. Refer below under “The Interlock” for further details.

(e) This amount includes interest reserves.

Schedule of Interest Income

The Company recognized interest income for the years ended December 31, 2023, 2022, and 2021 as follows (in thousands):


	Years Ended December 31,
Development Project	2023			2022			2021

Nexton Multifamily	$	—		$	5,348	(a)	$	1,252
Solis Apartments at Interlock	—			—			4,005		(b)(c)
Solis City Park II	2,887		(c)	1,038		(c)	—
Solis Gainesville II	2,757		(c)(d)	205			—
Solis Kennesaw	2,810		(c)(d)	—			—
Solis Peachtree Corners	1,472		(c)(d)	—			—
The Allure at Edinburgh	603			—			—
The Interlock	3,647		(c)	9,870		(c)	12,769		(c)
Total mezzanine & preferred equity interest income	14,176			16,461			18,026
Other interest income	927			517			431
Total interest income	$	15,103		$	16,978		$	18,457

________________________________________

(a) Includes prepayment premium of $2.7 million received from the early payoff of the loan.

(b) Includes prepayment premium of $2.4 million received from the early payoff of the loan.

(d) Includes recognition of unused commitment fees.

Schedule of Allowance for Funded and Unfunded Commitments

Changes in the allowance for funded and unfunded commitments for the years ended December 31, 2023 and 2022 were as follows (in thousands):


	Year ended December 31, 2023						Year ended December 31, 2022
	Funded		Unfunded		Total		Funded		Unfunded		Total
Beginning balance	$	1,292	$	338	$	1,630	$	994	$	10	$	1,004
Unrealized credit loss provision (release)	645		394		1,039		298		328		626
Extinguishment due to acquisition	(465)		—		(465)		—		—		—
Ending balance	$	1,472	$	732	$	2,204	$	1,292	$	338	$	1,630

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities
Dividends and distributions payable	$ 19,930	$ 19,777
Acquired lease intangibles, net	19,021	18,418
Prepaid rent and other	12,763	10,935
Security deposits	4,752	4,026
Guarantee liability	147	899
Other liabilities	$ 56,613	$ 54,055

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision

The income tax benefit (provision) for the years ended December 31, 2023, 2022, and 2021 comprised the following (in thousands):


	Years Ended December 31,
	2023		2022		2021
Federal income taxes:
Current	$	(496)	$	—	$	722
Deferred	(559)		122		(100)
State income taxes:
Current	(166)		—		139
Deferred	(108)		23		(19)
Income tax (provision) benefit	$	(1,329)	$	145	$	742

Construction Contracts (Tables)

12 Months Ended

Dec. 31, 2023

Contractors [Abstract]

Schedule of Balances and Changes of Construction Contracts


	Year ended December 31, 2023				Year ended December 31, 2022
	Construction contract costs and estimated earnings in excess of billings		Billings in excess of construction contract costs and estimated earnings		Construction contract costs and estimated earnings in excess of billings		Billings in excess of construction contract costs and estimated earnings
Beginning balance	$	342	$	17,515	$	243	$	4,881
Revenue recognized that was included in the balance at the beginning of the period	—		(17,515)		—		(4,881)
Increases due to new billings, excluding amounts recognized as revenue during the period	—		23,309		—		18,238
Transferred to receivables	(394)		—		(965)		—
Construction contract costs and estimated earnings not billed during the period	104		—		342		—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	52		(1,895)		722		(723)
Ending balance	$	104	$	21,414	$	342	$	17,515


	Years Ended December 31,
	2023		2022		2021
Beginning backlog	$	665,565	$	215,519	$	71,258
New contracts/change orders	221,473		685,753		236,077
Work performed	(414,868)		(235,707)		(91,816)
Ending backlog	$	472,170	$	665,565	$	215,519

Schedule of Net Position of Uncompleted Construction Contracts

The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2023 and 2022 (in thousands):


	December 31,
	2023		2022
Costs incurred on uncompleted construction contracts	$	718,571	$	571,465
Estimated earnings	26,089		22,162
Billings	(765,970)		(610,800)
Net position	$	(21,310)	$	(17,173)

Construction contract costs and estimated earnings in excess of billings	$	104	$	342
Billings in excess of construction contract costs and estimated earnings	(21,414)		(17,515)
Net position	$	(21,310)	$	(17,173)

Construction Contracts - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Construction receivables retentions	$ 28,700	$ 8,300
Billing in excess of construction contract costs	$ 21,414	17,515	$ 4,881
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
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]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	24 months
Construction
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Billing in excess of construction contract costs	$ 38,200	24,700
Portion Attributable To Pending Contracts
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred precontract costs	1,900	1,300
Amortization of pre-contract costs	$ 200	$ 1,100

Derivative Financial Instruments - Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) reclassified during next 12 months	$ 6.3

Real Estate Investments and Equity Method Investments - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands		12 Months Ended
	May 19, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset Acquisition [Line Items]
Finance lease right-of-use assets		$ 47,742	$ 0	$ 24,466
Finance lease right-of-use assets		90,565	$ 45,878
The Interlock
Asset Acquisition [Line Items]
Below-market leases	$ (3,931)
Finance lease right-of-use assets	46,616
Finance lease liabilities	(46,616)
Net assets acquired	215,272
Prepaid rent liability assumed	1,100
Finance lease right-of-use assets		$ 47,700
The Interlock \| Office real estate
Asset Acquisition [Line Items]
Net assets acquired	134,600
The Interlock \| Retail real estate
Asset Acquisition [Line Items]
Net assets acquired	80,600
The Interlock \| In-place lease assets
Asset Acquisition [Line Items]
Finite-lived intangible assets	35,234
The Interlock \| Above-market leases
Asset Acquisition [Line Items]
Finite-lived intangible assets	62
The Interlock \| Building
Asset Acquisition [Line Items]
Building	$ 183,907

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Lessee Disclosures

As a lessee, the Company has nine ground leases on nine properties. These ground leases have maximum lease terms (including renewal options) that expire between 2074 and 2117. In connection with the acquisition of The Interlock during the year ended December 31, 2023, the Company assumed a sublease of a ground lease with a sublessee. The agreement with the sublessee requires that the Company exercise all renewal options over the associated ground lease. The sub-lease has a maximum lease term (including renewal options) that expires in 2117. The exercise of other lease renewal options is at the Company's sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term. Five of these leases have been classified as operating leases and four of these leases have been classified as finance leases. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants.

The components of lease cost for the years ended December 31, 2023, 2022, and 2021 were as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Operating lease cost (a)	$	1,969	$	1,969	$	2,448
Finance lease cost:
Amortization of right-of-use assets (a)	1,349		1,110		1,022
Interest on lease liabilities	3,636		2,573		2,251

________________________________________

(a) Includes amortization of above & below-market ground lease intangible assets.

The table below presents supplemental cash flow information related to leases during the years ended December 31, 2023, 2022, and 2021 (in thousands):


	Years Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,852	$	1,797	$	2,085
Operating cash flows from finance leases	2,876		2,256		1,986

Additional information related to leases as of December 31, 2023 and 2022 were as follows:


	December 31,
	2023		2022
Weighted Average Remaining Lease Term (years)
Operating leases	34.8		35.8
Finance leases	76.9		42.7

Weighted Average Discount Rate
Operating leases	5.5	%	5.5	%
Finance leases	4.5	%	5.7	%


Year Ending December 31,	Operating Leases		Finance Leases
	(in thousands)
2024	$	1,881	$	3,538
2025	1,897		3,575
2026	1,882		3,580
2027	1,890		3,602
2028	1,930		3,697
Thereafter	64,565		374,471
Total undiscounted cash flows	74,045		392,463
Present value discount	(42,517)		(300,594)
Discounted cash flows	$	31,528	$	91,869

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 25 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, 2023, 2022, and 2021 comprised the following (in thousands):


	Years Ended December 31,
	2023		2022		2021
Base rent and tenant charges	$	230,379	$	212,046	$	186,137
Accrued straight-line rental adjustment	6,355		6,178		4,938
Lease incentive amortization	(557)		(684)		(660)
Below/(above) market lease amortization	2,747		1,754		1,725
Total rental revenue	$	238,924	$	219,294	$	192,140

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
2024	$	144,114
2025	139,816
2026	131,619
2027	119,741
2028	107,561
Thereafter	520,189
Total	$	1,163,040

Leases

Lessee Disclosures

The components of lease cost for the years ended December 31, 2023, 2022, and 2021 were as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Operating lease cost (a)	$	1,969	$	1,969	$	2,448
Finance lease cost:
Amortization of right-of-use assets (a)	1,349		1,110		1,022
Interest on lease liabilities	3,636		2,573		2,251

________________________________________

(a) Includes amortization of above & below-market ground lease intangible assets.

The table below presents supplemental cash flow information related to leases during the years ended December 31, 2023, 2022, and 2021 (in thousands):


	Years Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,852	$	1,797	$	2,085
Operating cash flows from finance leases	2,876		2,256		1,986

Additional information related to leases as of December 31, 2023 and 2022 were as follows:


	December 31,
	2023		2022
Weighted Average Remaining Lease Term (years)
Operating leases	34.8		35.8
Finance leases	76.9		42.7

Weighted Average Discount Rate
Operating leases	5.5	%	5.5	%
Finance leases	4.5	%	5.7	%


Year Ending December 31,	Operating Leases		Finance Leases
	(in thousands)
2024	$	1,881	$	3,538
2025	1,897		3,575
2026	1,882		3,580
2027	1,890		3,602
2028	1,930		3,697
Thereafter	64,565		374,471
Total undiscounted cash flows	74,045		392,463
Present value discount	(42,517)		(300,594)
Discounted cash flows	$	31,528	$	91,869

Lessor Disclosures

Rental revenue for the years ended December 31, 2023, 2022, and 2021 comprised the following (in thousands):


	Years Ended December 31,
	2023		2022		2021
Base rent and tenant charges	$	230,379	$	212,046	$	186,137
Accrued straight-line rental adjustment	6,355		6,178		4,938
Lease incentive amortization	(557)		(684)		(660)
Below/(above) market lease amortization	2,747		1,754		1,725
Total rental revenue	$	238,924	$	219,294	$	192,140

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
2024	$	144,114
2025	139,816
2026	131,619
2027	119,741
2028	107,561
Thereafter	520,189
Total	$	1,163,040

Acquired Lease Intangibles - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023
In-place lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease assets	7 years 7 months 6 days
Above-market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease assets	4 years 2 months 12 days
Above/Below-market ground lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease assets	41 years 2 months 12 days
Below Market Lease
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease liabilities	9 years 4 months 24 days
Below Market Lease Renewal Options
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease assets	9 years 3 months 18 days

Stock-Based Compensation - Schedule of Compensation Cost for Share-based Payment Arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capitalized in conjunction with development projects	$ 392	$ 530	$ 329
Share-based compensation cost	4,071	3,777	2,572
General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	2,319	1,905	1,505
General contracting and real estate services expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 1,360	$ 1,342	$ 738

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022 were as follows (in thousands):


	December 31,
	2023				2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Indebtedness, net (a)	$	1,407,323	$	1,389,296	$	1,079,233	$	1,058,530
Notes receivable	94,172		94,172		136,039		136,039

Interest rate swap and cap assets	28,862		28,862		29,115		29,115

_______________________________________

(a) Excludes $10.4 million and $11.0 million of deferred financing costs as of December 31, 2023 and 2022, respectively.

- Definition

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.

+ References + Details

Commitments and Contingencies (Details)	12 Months Ended
Commitments and Contingencies (Details)	Dec. 31, 2023 USD ($) note_receivable	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 04, 2022 USD ($)	Jan. 07, 2021 USD ($)	Dec. 31, 2019 USD ($)
Commitments and Contingencies
Contractual obligation	$ 6,500,000	$ 8,500,000
Number of notes receivable \| note_receivable	6
Loans and leases receivable, commitments, variable rates	$ 46,300,000
Allowance related to unfunded commitments	700,000	$ 338,000	$ 10,000
Harbor Point Parcel 4 \| Payment Guarantee
Commitments and Contingencies
Outstanding guarantee liability	100,000
Guarantor obligations of the senior construction loan (up to)	$ 32,900,000
Rental Revenues \| Geographic Concentration Risk \| Hampton Roads Properties
Commitments and Contingencies
Concentrations of credit risk	37.00%	38.00%	40.00%
Rental Revenues \| Geographic Concentration Risk \| Town Center Properties
Commitments and Contingencies
Concentrations of credit risk	24.00%	25.00%	26.00%
Rental Revenues \| Geographic Concentration Risk \| Harbor Point
Commitments and Contingencies
Concentrations of credit risk	25.00%	26.00%	14.00%
General Contracting and Real Estate Services Revenues \| Customer Concentration Risk \| Group Of Three Construction Customers
Commitments and Contingencies
Concentrations of credit risk	94.00%	89.00%	58.00%
Other liabilities
Commitments and Contingencies
Allowance related to unfunded commitments	$ 732,000	$ 338,000
Harbor Point Parcel 3 Partnership
Commitments and Contingencies
Outstanding letters of credit				$ 15,000,000	$ 15,000,000
Operating Partnership
Commitments and Contingencies
Outstanding letters of credit	$ 0	$ 9,500,000				$ 9,500,000

Other Assets

12 Months Ended

Dec. 31, 2023

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

Other Assets

Other assets were comprised of the following as of December 31, 2023 and 2022 (in thousands):


	December 31,
	2023		2022
Leasing costs, net	$	15,753	$	15,005
Leasing incentives, net	2,160		2,697
Interest rate swaps and caps	28,862		29,115
Prepaid expenses and other	33,006		30,516
Pre-acquisition and pre-development costs	7,767		8,030
Other assets	$	87,548	$	85,363

Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal income taxes:
Current	$ (496)	$ 0	$ 722
Deferred	(559)	122	(100)
State income taxes:
Current	(166)	0	139
Deferred	(108)	23	(19)
Income tax (provision) benefit	$ (1,329)	$ 145	$ 742

- Definition

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

+ References + Details

Notes Receivable and Current Expected Credit Losses - Additional Information (Details)						12 Months Ended
	Jul. 26, 2023 USD ($)	May 25, 2023 USD ($)	May 19, 2023 USD ($)	Oct. 03, 2022 USD ($)	Mar. 23, 2022 USD ($)	Dec. 31, 2023 USD ($) loan	Mar. 29, 2023	Jan. 14, 2023	Jan. 01, 2023	Dec. 31, 2022 USD ($)	Jan. 14, 2022	Dec. 31, 2021 USD ($)
Notes Receivable
Guaranty liabilities						$ 147,000				$ 899,000
Allowance for notes receivable and unfunded commitments						2,204,000				1,630,000		$ 1,004,000
Allowance related to unfunded commitments						700,000				338,000		10,000
Total notes receivable						94,172,000				136,039,000
Allowances for loan losses						1,472,000				1,292,000		$ 994,000
Financing receivable, nonaccrual						0
Interlock
Notes Receivable
Redemption of mezzanine loan			$ 90,200,000
Constellation Energy Building
Notes Receivable
Economic interest acquired								11.00%			11.00%
Percentage of ownership interest								0.90
Mezzanine Loan
Notes Receivable
Maximum loan commitment						$ 222,727,000
Number of loans \| loan						5
Solis City Park II \| Mezzanine Loan
Notes Receivable
Maximum loan commitment					$ 20,600,000	$ 20,594,000
Interest rate					13.00%	13.00%
Minimum interest					$ 5,700,000
Solis Gainesville II \| Mezzanine Loan
Notes Receivable
Maximum loan commitment				$ 19,600,000		$ 19,595,000
Interest rate				14.00%		14.00%
Minimum interest				$ 5,900,000
Financing receivable, unused commitment fee, percentage									10.00%
Solis Gainesville II \| Mezzanine Loan \| First Twenty Four Months
Notes Receivable
Interest rate							14.00%
Solis Gainesville II \| Mezzanine Loan \| Twenty Four and Thirty Six Months
Notes Receivable
Interest rate							10.00%
Solis Gainesville II \| Mezzanine Loan \| Thirty Six Months Through Maturity
Notes Receivable
Interest rate							14.00%
Solis Kennesaw
Notes Receivable
Financing receivable, amortized through redemption		$ 600,000
Solis Kennesaw \| Mezzanine Loan
Notes Receivable
Maximum loan commitment		37,900,000				$ 37,870,000
Interest rate						14.00%
Minimum interest		$ 13,100,000
Financing receivable, unused commitment fee, percentage		11.00%
Solis Kennesaw \| Mezzanine Loan \| First Twenty Four Months
Notes Receivable
Interest rate		14.00%
Solis Kennesaw \| Mezzanine Loan \| Twenty Four and Thirty Six Months
Notes Receivable
Interest rate		9.00%
Solis Kennesaw \| Mezzanine Loan \| Thirty Six Months Through Maturity
Notes Receivable
Interest rate		14.00%
Solis Peachtree Corners \| Mezzanine Loan
Notes Receivable
Maximum loan commitment	$ 28,400,000					$ 28,440,000
Interest rate						15.00%
Minimum interest	$ 12,000,000
Financing receivable, unused commitment fee, percentage	10.00%
Financing receivable, amortized through redemption	$ 400,000
Solis Peachtree Corners \| Mezzanine Loan \| First Twenty Seven Months
Notes Receivable
Interest rate	15.00%
Solis Peachtree Corners \| Mezzanine Loan \| Twelve Months Beginning November 2025
Notes Receivable
Interest rate	9.00%
Solis Peachtree Corners \| Mezzanine Loan \| November 2026 Through Maturity
Notes Receivable
Interest rate	15.00%
Nexton Multifamily \| Mezzanine Loan
Notes Receivable
Guaranty liabilities						$ 100,000				$ 900,000
The Allure at Edinburgh
Notes Receivable
Maximum loan commitment	$ 9,200,000
The Allure at Edinburgh \| Mezzanine Loan
Notes Receivable
Maximum loan commitment						$ 9,228,000
Interest rate						15.00%
The Allure at Edinburgh \| Mezzanine Loan \| Prior To Certificate Of Occupancy
Notes Receivable
Interest rate	15.00%
The Allure at Edinburgh \| Mezzanine Loan \| After Certificate Of Occupancy
Notes Receivable
Interest rate	10.00%
Constellation Energy Building \| Constellation Energy Building note receivable
Notes Receivable
Interest rate, nonacrrual						3.00%

Indebtedness - Schedule of Debt (Details) - USD ($) $ in Thousands					12 Months Ended
	Apr. 03, 2023	Dec. 20, 2022	Sep. 27, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total principal balances					$ 1,401,204	$ 1,073,132
Other notes payable					6,127	6,131
Unamortized GAAP adjustments					(10,366)	(11,002)
Indebtedness, net					$ 1,396,965	1,068,261
1405 Point
Debt Instrument [Line Items]
Remaining lease term					39 years
Secured Debt
Debt Instrument [Line Items]
Total principal balances					$ 639,204	612,132
Secured Debt \| Chronicle Mill
Debt Instrument [Line Items]
Total principal balances					$ 34,438	27,630
Secured Debt \| Chronicle Mill \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					3.00%
Secured Debt \| Red Mill Central
Debt Instrument [Line Items]
Total principal balances					$ 1,838	2,013
Stated interest rate					4.80%
Secured Debt \| Premier Apartments
Debt Instrument [Line Items]
Total principal balances					$ 16,036	16,269
Secured Debt \| Premier Apartments \| Secured Overnight Financing Rate (SOFR)
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					$ 7,898	8,013
Secured Debt \| Premier Retail \| Secured Overnight Financing Rate (SOFR)
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					$ 4,853	5,191
Stated interest rate					3.57%
Secured Debt \| Market at Mill Creek
Debt Instrument [Line Items]
Total principal balances					$ 11,347	12,494
Secured Debt \| Market at Mill Creek \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Stated interest rate					1.55%
Secured Debt \| The Everly
Debt Instrument [Line Items]
Total principal balances					$ 30,000	30,000
Indebtedness, net		$ 30,000
Secured Debt \| The Everly \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		1.50%			1.50%
Secured Debt \| Encore Apartments
Debt Instrument [Line Items]
Total principal balances					$ 23,421	23,980
Stated interest rate					2.93%
Secured Debt \| 4525 Main Street
Debt Instrument [Line Items]
Total principal balances					$ 30,074	30,785
Stated interest rate					2.93%
Secured Debt \| Southern Post
Debt Instrument [Line Items]
Total principal balances					$ 30,546	0
Secured Debt \| Southern Post \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					2.25%
Secured Debt \| Thames Street Wharf
Debt Instrument [Line Items]
Total principal balances					$ 67,894	69,327
Secured Debt \| Thames Street Wharf \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.30%				1.30%
Secured Debt \| Constellation Energy Building
Debt Instrument [Line Items]
Total principal balances					$ 175,000	175,000
Secured Debt \| Constellation Energy Building \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.50%				1.50%
Secured Debt \| Southgate Square
Debt Instrument [Line Items]
Total principal balances					$ 25,331	26,195
Secured Debt \| Southgate Square \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.90%
Secured Debt \| Nexton Square
Debt Instrument [Line Items]
Total principal balances					$ 21,581	22,195
Indebtedness, net				$ 22,500
Secured Debt \| Nexton Square \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.95%	1.95%
Secured Debt \| Nexton Square \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				0.30%
Secured Debt \| Liberty Apartments
Debt Instrument [Line Items]
Total principal balances					$ 20,588	20,926
Indebtedness, net			$ 21,000
Secured Debt \| Liberty Apartments \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.50%		1.50%
Secured Debt \| Greenbrier Square
Debt Instrument [Line Items]
Total principal balances					$ 19,569	19,940
Stated interest rate					3.74%
Secured Debt \| Lexington Square
Debt Instrument [Line Items]
Total principal balances					$ 13,599	13,892
Stated interest rate					4.50%
Secured Debt \| Red Mill North
Debt Instrument [Line Items]
Total principal balances					$ 3,963	4,079
Stated interest rate					4.73%
Secured Debt \| Greenside Apartments
Debt Instrument [Line Items]
Total principal balances					$ 31,104	31,862
Stated interest rate					3.17%
Secured Debt \| Smith's Landing
Debt Instrument [Line Items]
Total principal balances					$ 14,578	15,535
Stated interest rate					4.05%
Secured Debt \| The Edison
Debt Instrument [Line Items]
Total principal balances					$ 15,179	15,563
Stated interest rate					5.30%
Secured Debt \| The Cosmopolitan
Debt Instrument [Line Items]
Total principal balances					$ 40,367	41,243
Stated interest rate					3.35%
Unsecured Debt
Debt Instrument [Line Items]
Total principal balances					$ 762,000	461,000
Unsecured Debt \| TD Term Loan Facility
Debt Instrument [Line Items]
Total principal balances					95,000	0
Unsecured Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Total principal balances					262,000	61,000
Unsecured Debt \| Fixed Revolving Credit Facility
Debt Instrument [Line Items]
Total principal balances					5,000	0
Unsecured Debt \| M&T unsecured term loan
Debt Instrument [Line Items]
Total principal balances					100,000	100,000
Unsecured Debt \| Senior unsecured term loan
Debt Instrument [Line Items]
Total principal balances					125,000	31,658
Unsecured Debt \| Senior unsecured term loan (fixed)
Debt Instrument [Line Items]
Total principal balances					$ 175,000	$ 268,342
Unsecured Debt \| Secured Overnight Financing Rate (SOFR) \| TD Term Loan Facility \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					135.00%
Unsecured Debt \| Secured Overnight Financing Rate (SOFR) \| TD Term Loan Facility \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					190.00%
Unsecured Debt \| Secured Overnight Financing Rate (SOFR) \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					130.00%
Unsecured Debt \| Secured Overnight Financing Rate (SOFR) \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					185.00%
Unsecured Debt \| Secured Overnight Financing Rate (SOFR) \| Fixed Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					130.00%
Unsecured Debt \| Secured Overnight Financing Rate (SOFR) \| Fixed Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					185.00%
Unsecured Debt \| Secured Overnight Financing Rate (SOFR) \| M&T unsecured term loan \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					125.00%
Unsecured Debt \| Secured Overnight Financing Rate (SOFR) \| M&T unsecured term loan \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					180.00%
Unsecured Debt \| Secured Overnight Financing Rate (SOFR) \| Senior unsecured term loan \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					125.00%
Unsecured Debt \| Secured Overnight Financing Rate (SOFR) \| Senior unsecured term loan \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					180.00%
Unsecured Debt \| Secured Overnight Financing Rate (SOFR) \| Senior unsecured term loan (fixed) \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					125.00%
Unsecured Debt \| Secured Overnight Financing Rate (SOFR) \| Senior unsecured term loan (fixed) \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					180.00%

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023, 2022, and 2021 was recorded as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
General and administrative expense	$	2,319	$	1,905	$	1,505
General contracting and real estate services expenses	1,360		1,342		738
Capitalized in conjunction with development projects	392		530		329
Total stock-based compensation cost	$	4,071	$	3,777	$	2,572

Schedule of the Changes in the Company's Nonvested Restricted Stock Awards

The following table summarizes the changes in the Company’s unvested restricted stock awards during the year ended December 31, 2023:


	Restricted Stock Awards	Weighted Average Grant Date Fair Value Per Share
Unvested as of January 1, 2023	219,306	$	14.15
Granted	394,359	12.70
Vested	(254,030)	13.42
Forfeited	(88,095)	13.52
Unvested as of December 31, 2023	271,540	$	12.93

The following table summarizes the changes in the Company’s unvested LTIP Unit awards during the year ended December 31, 2023:


	LTIP Unit Awards	Weighted Average Grant Date Fair Value Per Share
Unvested as of January 1, 2023	—	$	—
Granted	39,694	10.14
Vested	—	—
Forfeited	—	—
Unvested as of December 31, 2023	39,694	$	10.14

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

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 and its subsidiaries. The Company’s subsidiaries include the Operating Partnership and the subsidiaries that are, directly or indirectly, wholly owned or in which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity ("VIE") in accordance with the consolidation guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). All significant intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current, and expected events and economic conditions. Actual results could differ significantly from management’s estimates.

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 five business segments: (i) retail real estate, (ii) office real estate, (iii) multifamily real estate, (iv) general contracting and real estate services, and (v) real estate financing. 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. The Company's real estate financing segment includes the Company's mezzanine loans and preferred equity investments on development projects.

Reclassifications

Certain items have been reclassified from their prior year classifications to conform to the current year presentation. Effective for the year ended December 31, 2023, the Company has changed the presentation of its consolidated statements of comprehensive income. For the years ended December 31, 2022 and 2021, the Company reclassified interest income of $17.0 million and $18.5 million, respectively, from non-operating income to operating income. As a result, total revenues and operating income increased by $17.0 million and $18.5 million, respectively, compared to previous reporting. These reclassifications had no effect on net income or stockholder's equity as previously reported.

Revenue Recognition

Rental Revenues

The Company leases its properties under operating leases and recognizes base rents when earned on a straight-line

basis over the lease term. Rental revenues include $6.4 million, $6.2 million and $4.9 million of straight-line rent adjustments for the years ended December 31, 2023, 2022, and 2021, 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 $0.6 million for the year ended December 31, 2023 and $0.7 million for each of the years ended December 31, 2022 and 2021. The Company recognizes fair value adjustments recorded at the time of lease assumption in rental income on a straight-line basis as a reduction to revenue over the remaining life of the lease or any renewal periods for which the Company determines have value at the time of acquisition. The Company recognizes cost reimbursement revenue for real estate taxes, operating expenses, and common area maintenance costs on an accrual basis during the periods in which the expenses are incurred. The Company recognizes lease termination fees either upon termination or amortizes them over any remaining lease term.

General Contracting and Real Estate Services Revenues

The Company recognizes general contracting revenues as a customer obtains control of promised goods or services in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. For each construction contract, the Company identifies the performance obligations, which typically include the delivery of a single building constructed according to the specifications of the contract. The Company estimates the total transaction price, which generally includes a fixed contract price and may also include variable components such as early completion bonuses, liquidated damages, or cost savings to be shared with the customer. Variable components of the contract price are included in the transaction price to the extent that it is probable that a significant reversal of revenue will not occur. The Company recognizes the estimated transaction price as revenue as it satisfies its performance obligations; the Company estimates its progress in satisfying performance obligations for each contract using the input method, based on the proportion of incurred costs relative to total estimated construction costs at completion. Construction contract costs include all direct material, direct labor, subcontract costs, and overhead costs directly related to contract performance. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, are all significant judgments that may result in revisions to costs and income and are recognized in the period in which they are determined. Additionally, the estimated costs at completion are affected by management’s forecasts of anticipated costs to be incurred and contingency reserves for exposures related to unknown costs, such as design deficiencies and subcontractor defaults. The estimated variable consideration is also affected by claims and unapproved change orders, which may result from changes in the scope of the contract. Provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined. The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable.

The Company recognizes real estate services revenues from property development and management as it satisfies its performance obligations under these service arrangements.

The Company assesses whether multiple contracts with a single counterparty may be combined into a single contract for the revenue recognition purposes based on factors such as the timing of the negotiation and execution of the contracts and whether the economic substance of the contracts was contemplated separately or in tandem.

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. Interest income is also accrued as earned on interest-bearing deposits.

Real Estate Investments

Income producing property primarily includes land, buildings, and tenant improvements and is stated at cost. Real estate investments held for development include land. The Company reclassifies real estate investments held for development to construction in progress upon commencement of construction. Construction in progress is stated at cost. Direct and certain indirect costs clearly associated with the development, redevelopment, construction, leasing, or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred.

The Company capitalizes direct and indirect project costs associated with the initial development of a property until the property is substantially complete and ready for its intended use. Capitalized project costs include pre-acquisition, development, and preconstruction costs including overhead, salaries, and related costs of personnel directly involved, real estate taxes, insurance, utilities, ground rent, and interest. Interest is also capitalized in relation to the Company's equity method investments for development projects. Interest capitalized during the years ended December 31, 2023, 2022, and 2021 was $8.3 million, $4.0 million and $1.5 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, 2023 and 2022 were $7.8 million and $8.0 million, respectively. Costs attributable to unsuccessful projects are expensed.

Income producing property is depreciated on a straight-line basis over the following estimated useful lives:


Buildings			39 years
Capital improvements			5—20 years
Equipment			3—7 years
Tenant improvements			Term of the related lease (or estimated useful life, if shorter)

Operating Property Acquisitions

Acquisitions of operating properties have been and will generally be accounted for as acquisitions of a group of assets, with costs incurred to effect an acquisition, including title, legal, accounting, brokerage commissions, and other related costs, being capitalized as part of the cost of the assets acquired. In connection with such acquisitions, the Company identifies and recognizes all assets acquired and liabilities assumed at their relative fair values as of the acquisition date. The purchase price allocations to tangible assets, such as land, site improvements, and buildings and improvements are presented within income producing property in the consolidated balance sheets and depreciated over their estimated useful lives. Acquired lease intangible assets are presented as a separate component of assets on the consolidated balance sheets. Acquired lease intangible liabilities are presented within other liabilities in the consolidated balance sheets. The Company amortizes in-place lease assets as depreciation and amortization expense on a straight-line basis over the remaining term of the related leases. The Company amortizes above-market lease assets as reductions to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market lease liabilities as increases to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market ground lease assets as increases to amortization of right-of-use assets - finance leases expense on a straight-line basis over the remaining term of the related leases. Conversely, the Company amortizes above-market ground lease assets as decreases to amortization of right-of-use assets - finance leases expense on a straight-line basis over the remaining term of the related leases.

The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement, as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach. The approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of the structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time. The value of current

leases relative to market-rate leases is based on market rents obtained for comparable leases. Given the significance of unobservable inputs used in the valuation of acquired real estate assets, the Company classifies them as Level 3 inputs in the fair value hierarchy.

The Company values debt assumed in connection with operating property acquisitions based on a discounted cash flow analysis of the expected cash flows of the debt. Such analysis considers the contractual terms of the debt, including the period to maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs in the fair value hierarchy.

Real Estate Sales

The Company accounts for the sale of real estate assets and any related gain in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions other than retail land sales. The Company recognizes the sale and associated gain or loss once it transfers control of the real estate asset and the Company does not have significant continuing involvement.

Real Estate Investments Held for Sale

Real estate assets classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. Once a property is classified as held for sale, it is no longer depreciated. A property is classified as held for sale when: (i) senior management commits to a plan to sell the property, (ii) the property is available for immediate sale in its present condition, subject only to conditions usual and customary for such sales, (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated, (iv) the sale is expected to be completed within one year, (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

As of each of December 31, 2023 and 2022, no properties were classified as held for sale.

Impairment of Long-Lived Assets

The Company evaluates its real estate assets for impairment on a property-by-property basis whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If such an evaluation is necessary, the Company compares the carrying amount of any such real estate asset with the undiscounted expected future cash flows that are directly associated with, and that are expected to arise as a direct result of, its use and eventual disposition. If the carrying amount of a real estate asset exceeds the associated estimate of undiscounted expected future cash flows, an impairment loss is recognized to reduce the real estate asset’s carrying value to its fair value. The impairment charges recognized during the years ended December 31, 2023 and 2022 represent unamortized leasing or acquired intangible assets related to vacated tenants. The impairment charges recognized during the year ended December 31, 2021 primarily relate to the $3.0 million impairment of Socastee Commons, which was sold during the year ended December 31, 2021, and the $18.3 million impairment of Hoffler Place and Summit Place, which were classified as held for sale as of December 31, 2021.

Equity Method Investments

The Company owns investments in partnerships in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with GAAP. Therefore, the Company accounts for these investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company's equity in earnings less distributions received and the Company's share of losses.

The Company evaluates its equity method investments for impairments and records a loss if the carrying value is greater than the fair value of the investment and the impairment is other-than-temporary. No other-than-temporary impairment charges were recorded in relation to the Company's equity method investments for the years ended December 31, 2023, 2022, and 2021.

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, 2023 and 2022, accrued straight-line rental revenue presented within accounts receivable in the consolidated balance sheets was $33.6 million and $30.2 million, respectively.

The Company’s evaluation of the collectability of accounts receivable and the adequacy of the allowance for doubtful accounts is based primarily upon evaluations of individual accounts receivable, current economic conditions, historical experience, and other relevant factors. The Company establishes a reserve for any receivable associated with a tenant when collection of substantially all operating lease payments for a tenant is not probable. As of December 31, 2023 and 2022, the allowance for doubtful accounts was $1.8 million and $1.5 million, respectively. The Company reflects these amounts as a component of rental income on the consolidated statements of comprehensive income.

Notes Receivable and Allowance for Loan Losses

Notes receivable primarily represent financing to third parties in the form of mezzanine loans or preferred equity investments for the development of new real estate. The Company's loans are typically made to borrowers who have little or no equity in the underlying development projects. Real estate financing investments are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. The loans generally have junior liens on the respective real estate projects.

The Company’s allowance for loan losses on notes receivable is evaluated using risk ratings that correspond to probabilities of default and loss given default. Risk ratings are determined for each loan after consideration of progress of development activities, including leasing activities, projected development costs, and current and projected mezzanine and senior loan balances. The Company's risk ratings are as follows:

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

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

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

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

The Company's loans typically include commitments to fund incremental proceeds to the borrowers over the life of the loan, which future funding commitments are also subject to the current expected credit losses ("CECL") model. The CECL provision related to future loan fundings is recorded as a component of Other Liabilities on the Company's consolidated balance sheet. This provision is estimated using the same process outlined above for the Company's outstanding loan balances, and changes in this component of the provision will similarly impact the Company's

consolidated net income. For both the funded and unfunded portions of the Company's loans, the Company consider the risk rating of each loan as the primary credit quality indicator underlying its assessment.

The Company places loans on nonaccrual status when the loan balance, together with the balance of any senior loans, approximately equals the estimated realizable value of the underlying development project.

Guarantees

The Company measures and records a liability for the fair value of its guarantees on a nonrecurring basis upon issuance using Level 3 internally-developed inputs. These guarantees typically relate to payments that could be required of the Company to senior lenders on its real estate financing 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. The amortization of debt issuance costs as interest expense is also subject to capitalization when those costs are associated with a development property, including equity method investments for development projects.

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 from derivatives that are neither designated nor qualify as hedging instruments are recognized within the change in fair value of derivatives and other caption in the consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings.

For interest rate caps that qualify as cash flow hedges, the premium paid by the Company at inception represents the time value of the instrument and is excluded from the hedge effectiveness assessment. The excluded component is amortized over the life of the derivative instrument and presented within interest expense in the consolidated statements of comprehensive income. The Company recognized amortization of interest rate cap premiums of $3.2 million, $3.8 million and $0.2 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Cash flows for derivative financial instruments are classified as cash flows from operating activities within the consolidated statements of cash flows, unless there is an other-than-insignificant financing element present at inception of the derivative financial instrument. For derivatives with an other-than-insignificant financing element at inception

due to off-market terms, cash flows are classified as cash flows from investing or financing activities within the consolidated statements of cash flows depending on the derivative's off-market nature at inception.

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 a TRS. The related income tax provision or benefit attributable to the profits or losses of a TRS and any taxable income of the Company is reflected in the consolidated financial statements.

The Company uses the liability method of accounting for deferred income tax in accordance with GAAP. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the carrying value of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the statutory rates expected to be applied in the periods in which those temporary differences are settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change. A valuation allowance is recorded on the Company’s deferred tax assets when it is more likely than not that such assets will not be realized. When evaluating the realizability of the Company’s deferred tax assets, all evidence, both positive and negative, is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings.

Under GAAP, the amount of tax benefit to be recognized is the amount of benefit that is more likely than not to be sustained upon examination. Management analyzes its tax filing positions in the U.S. federal, state and local jurisdictions where it is required to file income tax returns for all open tax years. If, based on this analysis, management determines that uncertainties in tax positions exist, a liability is established. The Company recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction to the provision for income taxes.

Discontinued Operations

Disposals representing a strategic shift that has or will have a major effect on the Company’s operations and financial results are reported as discontinued operations.

Net Income Per Share

The Company calculates net income per share based upon the weighted average shares outstanding. Diluted net income per share is calculated after giving effect to all significant potential dilutive shares outstanding during the period. Potential dilutive shares outstanding during the period include unvested restricted stock awards. However, there were no significant potential dilutive shares outstanding for each of the three years ended December 31, 2023, 2022, and 2021. As a result, basic and diluted outstanding shares were the same for each period presented.

Recent Accounting Pronouncements

Recently Adopted Accounting Standards:

Reference Rate Reform

In March 2020, the FASB issued Accounting Standards Update ("ASU") 2020-04 Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which became effective on March 12, 2020. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. This ASU also provides optional expedients to enable companies to continue to apply hedge accounting to certain hedging relationships impacted by reference rate reform. Application of the guidance is optional and only available in certain situations. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848). The amendments in this standard are elective and principally apply to entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Similar to ASU No. 2020-04, provisions of this ASU are effective upon issuance. In December 2022, the FASB issued ASU 2022-06 Deferral of the Sunset Date of Topic 848 which became effective immediately upon issuance. ASU 2022-06 deferred the sunset date of Topic 848 to December 31, 2024. During the year ended December 31, 2023, the Company elected to apply the practical expedients to modifications of qualifying contracts as continuations of the existing contracts rather than as new contracts. The adoption of the new guidance did not have a material impact on the consolidated financial statements.

Earnings Per Share

In August 2020, the FASB issued ASU 2020-06 as an update to ASC Topic 470 and ASC Topic 815, which became effective January 1, 2022. ASU 2020-06 simplifies the accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies diluted earnings per share calculation in certain areas and provides updated disclosure requirements. The Company adopted ASU 2020-06 effective January 1, 2022 and the adoption did not have a material impact on the consolidated financial statements.

Recently Issued Accounting Standards Not Yet Adopted:

Segment Reporting

In November 2023, the FASB issued ASU 2023-07 as an update to ASC Topic 280, which will be effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. ASU 2023-07 requires an entity to disclose significant segment expenses regularly provided to the chief operating decision maker, a description of "other segment items," and the title and position of the chief operating decision maker and allows for more than one measure of a segment's profit or loss if used by the chief operating decision maker. The update also enhances interim disclosure requirements and requirements for entities with a single reportable segment. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statements.

Income Taxes

In December 2023, the FASB issued ASU 2023-09 as an update to ASC Topic 740, which will become effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-09 enhances the disclosures surrounding income taxes, specifically in relation to the rate reconciliation table and income taxes paid. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements.

Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) segment shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Accounting Policies [Line Items]
Business segments \| segment			5
Interest income, Operating			$ 15,103	$ 16,978	$ 18,457
Revenues			667,158	471,131	302,533
Operating income			73,587	134,412	59,152
Accrued straight-line rental adjustment			6,355	6,178	4,938
Leasing incentive amortization			600	700	700
Interest capitalized			8,300	4,000	$ 1,500
Capitalized pre-acquisition development costs			7,767	8,030
Accounts receivable, net			45,529	39,186
Allowance for doubtful accounts			$ 1,800	$ 1,500
Percentage of taxable income for distributions to stockholders			90.00%
Dilutive shares outstanding (in shares) \| shares			0	0	0
Interest rate caps
Accounting Policies [Line Items]
Amortization of premiums			$ 3,200	$ 3,800	$ 200
Accrued Straight-line Rental Revenue
Accounting Policies [Line Items]
Accounts receivable, net			$ 33,600	30,200
Socastee Commons Shopping Center
Accounting Policies [Line Items]
Impairment of real estate		$ 3,000			3,000
Hoffler Place and Summit Place
Accounting Policies [Line Items]
Impairment of real estate	$ 18,300				18,300
Revision of Prior Period, Reclassification, Adjustment
Accounting Policies [Line Items]
Interest income, nonoperating				(17,000)	(18,500)
Interest income, Operating				17,000	18,500
Revenues				17,000	18,500
Operating income				$ 17,000	$ 18,500

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

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)

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 1,881
2025	1,897
2026	1,882
2027	1,890
2028	1,930
Thereafter	64,565
Total undiscounted cash flows	74,045
Present value discount	(42,517)
Discounted cash flows	31,528	$ 31,677
Finance Leases
2024	3,538
2025	3,575
2026	3,580
2027	3,602
2028	3,697
Thereafter	374,471
Total undiscounted cash flows	392,463
Present value discount	(300,594)
Discounted cash flows	$ 91,869	$ 46,477

Equity - Schedule of Tax Treatment of Dividends Paid (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common stock
Dividends Payable [Line Items]
Tax treatment of dividends, percent	100.00%	100.00%	100.00%
Preferred stock
Dividends Payable [Line Items]
Tax treatment of dividends, percent	100.00%	100.00%	100.00%
Capital gains \| Common stock
Dividends Payable [Line Items]
Tax treatment of dividends, percent	2.84%	0.00%	8.98%
Capital gains \| Preferred stock
Dividends Payable [Line Items]
Tax treatment of dividends, percent	5.03%	0.00%	11.96%
Ordinary income \| Common stock
Dividends Payable [Line Items]
Tax treatment of dividends, percent	35.77%	65.64%	66.71%
Ordinary income \| Preferred stock
Dividends Payable [Line Items]
Tax treatment of dividends, percent	94.97%	100.00%	88.04%
Return of capital \| Common stock
Dividends Payable [Line Items]
Tax treatment of dividends, percent	61.39%	34.36%	24.31%

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The Company’s Amended and Restated 2013 Equity Incentive Plan, as amended (the "Equity Plan"), permits the grant of restricted stock awards, stock options, stock appreciation rights, performance units, LTIP Units and other equity-based awards up to an aggregate of 3,400,000 shares of common stock. As of December 31, 2023, the Company had 1,566,590 shares of common stock available for issuance under the Equity Plan.

As a result of the Company inadvertently issuing more shares of common stock than were available for issuance under the Equity Plan (prior to the amendment adopted on June 14, 2023), on May 9, 2023, the Company's Chief Executive Officer and the Company's Chief Financial Officer forfeited 75,321 and 8,975 restricted shares of common stock, respectively. Following approval by the Company’s board of directors and stockholders of the amendment to the Equity Plan to increase the number of shares available for issuance thereunder, on June 20, 2023, 75,321 and 8,975 restricted shares of common stock were granted to the Company's Chief Executive Officer and the Company's Chief Financial Officer, respectively, one-third of which will vest on March 3, 2024, one-third of which will vest on March 3, 2025, and one-third of which will vest on March 3, 2026, subject to the executives' continued employment on such dates.

LTIP Units are a special class of partnership interests in the Operating Partnership. Each LTIP Unit awarded will be deemed equivalent to an award of one share of stock under the Equity Plan, reducing the availability for other equity awards on a one-for-one basis. The vesting period for LTIP Units, if any, will be determined at the time of issuance. Under the terms of the Operating Partnership's agreement of limited partnership, the Operating Partnership will revalue for tax purposes its assets upon the occurrence of certain specified events, and any increase in valuation from the time of grant until such event will be allocated first to the holders of LTIP Units to equalize the capital accounts of such holders with the capital accounts of Class A unitholders. Subject to any agreed upon exceptions (including pursuant to the applicable LTIP Unit award agreement), once vested and having achieved parity with Class A unitholders, LTIP Units are convertible into Class A Units on a one-for-one basis.

During the years ended December 31, 2023, 2022, and 2021, the Company granted an aggregate of 434,053, 288,677 and 166,768 shares of restricted stock and LTIP Units to employees and non-employee directors, respectively. The grant date fair value of the restricted stock and LTIP Unit awards granted during the years ended December 31, 2023, 2022, and 2021 was $5.4 million, $4.2 million and $2.1 million, respectively. Employee restricted stock awards (except for awards made to executive officers) generally vest over a period of two years: one-third immediately on the grant date and the remaining two-thirds in equal amounts on the first two anniversaries following the grant date, subject to continued service to the Company. Executive officers' restricted shares generally vest over a period of three years: two-fifths immediately on the grant date and the remaining three-fifths in equal amounts on the first three anniversaries following the grant date, subject to continued service to the Company. Non-employee director restricted stock awards or LTIP Units may vest either immediately upon grant or over a period of one year, subject to continued service to the Company. Unvested restricted stock awards and LTIP Units are entitled to receive dividends or distributions, respectively, from their grant date.

During the years ended December 31, 2023, 2022, and 2021, the Company issued performance-based awards in the form of restricted stock units to certain employees. The performance period for these awards is three years, with a required two-year service period immediately following the expiration of the performance period in order to fully vest. There were no shares issued due to vesting of performance-based awards in 2023 and 2022. During the year ended December 31, 2021, 5,760 shares were issued with a grant date fair value of $15.19 per share due to the partial vesting of performance units awarded to certain employees in 2017. Of those shares, 1,926 were surrendered by the employees for income tax withholdings.

During the years ended December 31, 2023, 2022, and 2021, the Company recognized $4.1 million, $3.8 million and $2.6 million, respectively, of stock-based compensation. As of December 31, 2023, the total unrecognized compensation cost related to unvested restricted shares and LTIP Units was $1.7 million, substantially all of which the Company expects to recognize over the next 27 months.

Compensation cost relating to stock-based compensation for the years ended December 31, 2023, 2022, and 2021 was recorded as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
General and administrative expense	$	2,319	$	1,905	$	1,505
General contracting and real estate services expenses	1,360		1,342		738
Capitalized in conjunction with development projects	392		530		329
Total stock-based compensation cost	$	4,071	$	3,777	$	2,572

The following table summarizes the changes in the Company’s unvested restricted stock awards during the year ended December 31, 2023:


	Restricted Stock Awards	Weighted Average Grant Date Fair Value Per Share
Unvested as of January 1, 2023	219,306	$	14.15
Granted	394,359	12.70
Vested	(254,030)	13.42
Forfeited	(88,095)	13.52
Unvested as of December 31, 2023	271,540	$	12.93

Restricted stock awards granted and vested during the year ended December 31, 2023 include 87,986 shares tendered by employees to satisfy minimum statutory tax withholding obligations.

The following table summarizes the changes in the Company’s unvested LTIP Unit awards during the year ended December 31, 2023:


	LTIP Unit Awards	Weighted Average Grant Date Fair Value Per Share
Unvested as of January 1, 2023	—	$	—
Granted	39,694	10.14
Vested	—	—
Forfeited	—	—
Unvested as of December 31, 2023	39,694	$	10.14

Business and Organization (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Operating Portfolio

As of December 31, 2023, the Company's operating portfolio consisted of the following properties:


Property	Location	Ownership Interest
Retail
Town Center of Virginia Beach
249 Central Park Retail*	Virginia Beach, Virginia	100	%
Apex Entertainment*	Virginia Beach, Virginia	100	%
Columbus Village*	Virginia Beach, Virginia	100	%
Commerce Street Retail*	Virginia Beach, Virginia	100	%
Fountain Plaza Retail*	Virginia Beach, Virginia	100	%
Pembroke Square*	Virginia Beach, Virginia	100	%
Premier Retail*	Virginia Beach, Virginia	100	%
South Retail*	Virginia Beach, Virginia	100	%
Studio 56 Retail*	Virginia Beach, Virginia	100	%
Grocery Anchored
Broad Creek Shopping Center	Norfolk, Virginia	100	%
Broadmoor Plaza	South Bend, Indiana	100	%
Brooks Crossing Retail*	Newport News, Virginia	65	%	(1)
Delray Beach Plaza*	Delray Beach, Florida	100	%
Greenbrier Square	Chesapeake, Virginia	100	%
Greentree Shopping Center	Chesapeake, Virginia	100	%
Hanbury Village	Chesapeake, Virginia	100	%
Lexington Square	Lexington, South Carolina	100	%
Market at Mill Creek	Mount Pleasant, South Carolina	100	%
North Pointe Center	Durham, North Carolina	100	%
Parkway Centre	Moultrie, Georgia	100	%
Parkway Marketplace	Virginia Beach, Virginia	100	%
Perry Hall Marketplace	Perry Hall, Maryland	100	%
Sandbridge Commons	Virginia Beach, Virginia	100	%
Tyre Neck Harris Teeter	Portsmouth, Virginia	100	%
Southeast Sunbelt
Nexton Square*	Summerville, South Carolina	100	%
North Hampton Market	Taylors, South Carolina	100	%


Property	Location	Ownership Interest
Overlook Village	Asheville, North Carolina	100	%
Patterson Place	Durham, North Carolina	100	%
Providence Plaza*	Charlotte, North Carolina	100	%
South Square	Durham, North Carolina	100	%
The Interlock Retail*	Atlanta, Georgia	100	%
Wendover Village	Greensboro, North Carolina	100	%
Mid-Atlantic
Dimmock Square	Colonial Heights, Virginia	100	%
Harrisonburg Regal	Harrisonburg, Virginia	100	%
Marketplace at Hilltop	Virginia Beach, Virginia	100	%
Red Mill Commons	Virginia Beach, Virginia	100	%
Southgate Square	Colonial Heights, Virginia	100	%
Southshore Shops	Chesterfield, Virginia	100	%

Office
Town Center of Virginia Beach
4525 Main Street*	Virginia Beach, Virginia	100	%
Armada Hoffler Tower*	Virginia Beach, Virginia	100	%
One Columbus*	Virginia Beach, Virginia	100	%
Two Columbus*	Virginia Beach, Virginia	100	%
Harbor Point - Baltimore Waterfront
Constellation Office*	Baltimore, Maryland	90	%
Thames Street Wharf*	Baltimore, Maryland	100	%
Wills Wharf*	Baltimore, Maryland	100	%
Southeast Sunbelt
One City Center*	Durham, North Carolina	100	%
The Interlock Office*	Atlanta, Georgia	100	%
Mid-Atlantic
Brooks Crossing Office*	Newport News, Virginia	100	%

Multifamily
Town Center of Virginia Beach
Encore Apartments*	Virginia Beach, Virginia	100	%
Premier Apartments*	Virginia Beach, Virginia	100	%
The Cosmopolitan*	Virginia Beach, Virginia	100	%
Harbor Point - Baltimore Waterfront
1305 Dock Street*	Baltimore, Maryland	90	%
1405 Point*	Baltimore, Maryland	100	%
Southeast Sunbelt
Chronicle Mill*	Belmont, North Carolina	85	%	(1)
Greenside Apartments	Charlotte, North Carolina	100	%
The Everly(2)*	Gainesville, Georgia	100	%
Mid-Atlantic
The Edison*	Richmond, Virginia	100	%
Liberty Apartments*	Newport News, Virginia	100	%
Smith's Landing	Blacksburg, Virginia	100	%

________________________________________

* Located in a mixed-use development

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

(2) Formerly known as Gainesville Apartments.

Schedule of Properties Under Development or Construction

As of December 31, 2023, the following properties were under development, redevelopment or not yet stabilized:

Property

Segment

Location

Ownership Interest

Southern Post

Mixed-use

Roswell, Georgia

100%

Columbus Village II

Retail

Virginia Beach, Virginia

100%