0001569187-24-000159 | 10-Q | XBRL Viewer | Armada Hoffler Properties INC

Notes Receivable and Current Expected Credit Losses

9 Months Ended

Sep. 30, 2024

Notes Receivable and Current Expected Credit Losses

Notes Receivable

The Company had the following notes receivable outstanding as of September 30, 2024 and December 31, 2023 ($ in thousands):


		Outstanding loan amount
		September 30, 2024						December 31, 2023
Real Estate Financing Project(a)	Maturity Date	Principal		Accrued interest and fees(b)		Total loan amount(c)		Total loan amount(c)		Maximum principal commitment		Interest rate			Interest compounding
Solis Gainesville II	10/3/2026	19,595		5,041		24,636		22,268		19,595		14.0	%	(d)	Annually
Solis Kennesaw	5/25/2027	37,870		6,230		44,100		15,922		37,870		14.0	%	(d)	Annually
Solis Peachtree Corners	10/31/2027	20,533		3,917		24,450		11,092		28,440		15.0	%	(d)	Annually
The Allure at Edinburgh	1/16/2028	9,228		1,639		10,867		9,830		9,228		15.0	%	(e)	None
Solis City Park II(f)	4/23/2028	—		—		—		24,313		—		13.0	%		Annually
Solis North Creek	8/8/2030	2,364		299		2,663		—		26,767		12.0	%	(d)	Annually
Total mezzanine & preferred equity		$	89,590	$	17,126	106,716		83,425		$	121,900
Other notes receivable						12,787		12,219

Allowance for credit losses(g)						(1,706)		(1,472)

Total notes receivable						$	117,797	$	94,172

________________________________________

(a) The Company does not intend to sell the real estate financing investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

(b) Reflects accrued interest and unused commitment fees, net of discounts due to unamortized equity fees.

(d) The interest rate varies over the life of the loans and the Company also earns an unused commitment fee on amounts not drawn on the loans.

(e) The interest rate varies over the life of the loan.

(f) This note receivable was redeemed on July 10, 2024. Refer below under “Solis City Park II” for further details.

(g) The amounts as of September 30, 2024 and December 31, 2023 exclude $0.6 million and $0.7 million, respectively, of Current Expected Credit Losses (“CECL”) allowance that relates to the unfunded commitments, which were recorded as a liability under other liabilities in the consolidated balance sheets.

Interest on the notes receivable is accrued and funded utilizing the interest reserves for each loan and such accrued interest is generally added to the loan receivable balances. The Company recognized interest income for the three and nine months ended September 30, 2024 and 2023 as follows (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
Real Estate Financing Project	2024			2023			2024			2023
Solis Gainesville II	$	794	(a)(b)	$	717	(a)(b)	$	2,366	(a)(b)	$	1,964	(a)(b)
Solis Kennesaw	1,437		(a)(b)	1,164		(a)	3,988		(a)(b)	1,629		(a)
Solis Peachtree Corners	1,067		(a)(b)	617		(a)(b)	2,867		(a)(b)	617		(a)(b)
The Allure at Edinburgh	348			258			1,036			258
Solis City Park II(c)	127		(a)	740		(a)	1,482		(a)	2,142		(a)
Solis North Creek	299		(b)	—			299		(b)	—
The Interlock(d)	—			—			—			3,647		(a)
Total mezzanine & preferred equity	4,072			3,496			12,038			10,257
Other interest income	629			194			1,921			566
Total interest income	$	4,701		$	3,690		$	13,959		$	10,823

________________________________________

(a) Includes recognition of interest income related to fee amortization.

(b) Includes recognition of unused commitment fees.

(d) This note receivable was redeemed on May 19, 2023 in connection with the Company’s acquisition of The Interlock.

Solis City Park II

On July 10, 2024, the Company's preferred equity investment in Solis City Park II was redeemed in full for total consideration of $25.8 million, including $5.2 million of interest. Interest for the month of June 2024 was waived as part of the note redemption.

Solis Gainesville II

On July 10, 2024, the Company signed an amendment to the operating agreement for the entity through which the Company owns its real estate financing investment with respect to Solis Gainesville II to reduce the preference rate on the investment from 14.0% to 6.0% starting on January 1, 2025. The Company also received a call option to purchase a controlling interest in the entity that owns Solis Gainesville II at fair market value during the period from January 1, 2025 to December 31, 2025, which option also gives the Company a right of first refusal to buy the property during the same period.

Solis North Creek

On July 10, 2024, the Company entered into a $27.0 million preferred equity investment for the development of a multifamily property located in Huntersville, North Carolina ("Solis North Creek"). The preferred equity investment has economic terms consistent with a note receivable, including a mandatory redemption feature effective on August 8, 2030, and is accounted for as a note receivable. The Company's investment bears interest at a rate of 12.0% for the first 24 months. Beginning on July 10, 2026, the investment will bear interest at a rate of 9.0% for 12 months. On July 10, 2027, the investment will again bear interest at 12.0% through maturity. The interest compounds annually. The Company also earns an unused commitment fee of 4.5% on the unfunded portion of the investment's maximum loan commitment, which also compounds annually. The preferred equity investment was initially subject to a minimum interest guarantee of $8.9 million over the life of the investment.

On August 8, 2024, the Company signed an amendment to the operating agreement for the entity through which the Company owns its real estate financing investment with respect to Solis North Creek to reduce the equity funding requirement from $27.0 million to $26.8 million and the minimum interest guarantee from $8.9 million to $8.8 million.

Allowance for Loan Losses

The Company is exposed to credit losses primarily through its real estate financing investments. As of September 30, 2024, the Company had five real estate financing investments, which are financing development projects in various stages of completion or lease-up. Each of these projects is subject to a loan that is senior to the Company’s loan. Interest on these loans is paid in kind and is generally not expected to be paid until a sale of the project after completion of the development.

The Company's management performs a quarterly analysis of the loan portfolio to determine the risk of credit loss based on

the progress of development activities, including leasing activities, projected development costs, and current and projected

subordinated and senior loan balances. The Company estimates future losses on its notes receivable using risk

ratings that correspond to probabilities of default and loss given default. The Company's risk ratings are as follows:

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

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

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

The Company updated the risk ratings for each of its notes receivable as of September 30, 2024 and obtained industry loan loss data relative to these risk ratings. Each of the outstanding loans as of September 30, 2024 was "Pass" rated. The Company's analysis resulted in an allowance for loan losses of approximately $2.3 million as of September 30, 2024, of which an allowance related to unfunded commitments of approximately $0.6 million as of September 30, 2024 was recorded as other liabilities on the consolidated balance sheet.

At September 30, 2024, the Company reported $117.8 million of notes receivable, net of allowances of $1.7 million. At December 31, 2023, the Company reported $94.2 million of notes receivable, net of allowances of $1.5 million. Changes in the allowance for the nine months ended September 30, 2024 and 2023 were as follows (in thousands):


	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
	Funded		Unfunded		Total		Funded		Unfunded		Total
Beginning balance	$	1,472	$	732	$	2,204	$	1,292	$	338	$	1,630

Unrealized credit loss provision (release)	294		(181)		113		817		519		1,336
Release due to redemption	(60)		—		(60)		(465)		—		(465)




Ending balance	$	1,706	$	551	$	2,257	$	1,644	$	857	$	2,501

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 September 30, 2024, no loans were placed on non-accrual status.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the date on which this Quarterly Report on Form 10-Q was filed, the date on which these financial statements were issued, and identified the items below for disclosure. Indebtedness In October 2024, the Company had net borrowings of $20.0 million on the revolving credit facility. In October 2024, the Company borrowed $4.6 million on its construction loan to fund development activities. Equity In October 2024, in connection with the tender by holders of Class A Units of 1,550 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption request with a cash payment of less than $0.1 million.

Indebtedness (Details)						9 Months Ended
Indebtedness (Details)	Sep. 27, 2024 USD ($)	Jun. 10, 2024 USD ($)	May 19, 2023 USD ($)	Dec. 06, 2022 USD ($)	Aug. 23, 2022 USD ($) extension_option	Sep. 30, 2024 USD ($)	Jun. 21, 2024 USD ($)	Jun. 14, 2024 USD ($)	Dec. 31, 2023 USD ($)	Aug. 29, 2023 USD ($)	Jun. 29, 2023 USD ($)
Line of Credit \| Amended And Restated Credit Agreement
Indebtedness
Aggregate capacity under the credit facility					$ 550,000,000.0
Accordion feature maximum borrowing capacity					1,000,000,000.0
Line of Credit \| M&T Term Loan Agreement
Indebtedness
Aggregate capacity under the credit facility				$ 100,000,000
Accordion feature maximum borrowing capacity				$ 200,000,000
Line of Credit \| TD Term Loan Facility
Indebtedness
Aggregate capacity under the credit facility			$ 75,000,000
Accordion feature maximum borrowing capacity			$ 150,000,000
Line of Credit \| Revolving credit facility \| Amended And Restated Credit Agreement
Indebtedness
Aggregate capacity under the credit facility					$ 250,000,000.0					$ 355,000,000.0
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								$ 50,000,000		105,000,000
Credit spread adjustment					0.10%
Line of credit, amount outstanding						$ 164,000,000.0			$ 267,000,000.0
Interest rate on credit facility as of end of period						6.42%
Interest rate on credit facility as of end of period after giving effect to interest rate swaps						4.73%
Line of Credit \| Revolving credit facility \| M&T Term Loan Agreement
Indebtedness
Duration of extension option				1 year
Extension fee percentage				0.075%
Increased the capacity of the revolving credit facility							$ 35,000,000
Credit spread adjustment				0.10%
Line of credit, amount outstanding						$ 135,000,000	$ 135,000,000		100,000,000
Interest rate on credit facility as of end of period						4.95%
Interest rate on credit facility as of end of period after giving effect to interest rate swaps						6.37%
Line of Credit \| Revolving credit facility \| TD Term Loan Facility
Indebtedness
Aggregate capacity under the credit facility											$ 95,000,000
Duration of extension option			1 year
Extension fee percentage			0.15%
Credit spread adjustment			0.10%
Line of credit, amount outstanding						$ 95,000,000			95,000,000
Interest rate on credit facility as of end of period						6.47%
Interest rate on credit facility as of end of period after giving effect to interest rate swaps						4.85%
Line of Credit \| Revolving credit facility \| Chronicle Mill
Indebtedness
Duration of extension option						1 year
Line of Credit \| Revolving credit facility \| Secured Overnight Financing Rate (SOFR) \| M&T Term Loan Agreement
Indebtedness
Stated interest rate, basis spread on variable rate				1.00%
Line of Credit \| Revolving credit facility \| Secured Overnight Financing Rate (SOFR) \| TD Term Loan Facility
Indebtedness
Stated interest rate, basis spread on variable rate			1.00%
Line of Credit \| Revolving credit facility \| Federal Funds Rate \| M&T Term Loan Agreement
Indebtedness
Stated interest rate, basis spread on variable rate				0.50%
Line of Credit \| Revolving credit facility \| Federal Funds Rate \| TD Term Loan Facility
Indebtedness
Stated interest rate, basis spread on variable rate			0.50%
Line of Credit \| Revolving credit facility \| Base Rate \| TD Term Loan Facility
Indebtedness
Stated interest rate, basis spread on variable rate			1.00%
Line of Credit \| Revolving credit facility \| Minimum \| Amended And Restated Credit Agreement
Indebtedness
Basis points on unused commitment fee					0.15%
Line of Credit \| Revolving credit facility \| Minimum \| Secured Overnight Financing Rate (SOFR) \| Amended And Restated Credit Agreement
Indebtedness
Stated interest rate, basis spread on variable rate					1.30%
Line of Credit \| Revolving credit facility \| Maximum \| Amended And Restated Credit Agreement
Indebtedness
Basis points on unused commitment fee					0.25%
Line of Credit \| Revolving credit facility \| Maximum \| Secured Overnight Financing Rate (SOFR) \| Amended And Restated Credit Agreement
Indebtedness
Stated interest rate, basis spread on variable rate					1.85%
Line of Credit \| Term Loan Facility \| Amended And Restated Credit Agreement
Indebtedness
Aggregate capacity under the credit facility					$ 300,000,000.0			$ 350,000,000		$ 655,000,000.0
Credit spread adjustment					0.10%
Line of credit, amount outstanding						$ 350,000,000.0			$ 300,000,000
Interest rate on credit facility as of end of period						6.37%
Interest rate on credit facility as of end of period after giving effect to interest rate swaps						4.75%
Line of Credit \| Term Loan Facility \| Minimum \| Secured Overnight Financing Rate (SOFR) \| Amended And Restated Credit Agreement
Indebtedness
Stated interest rate, basis spread on variable rate					1.25%
Line of Credit \| Term Loan Facility \| Maximum \| Secured Overnight Financing Rate (SOFR) \| Amended And Restated Credit Agreement
Indebtedness
Stated interest rate, basis spread on variable rate					1.80%
Construction loans
Indebtedness
Borrowings under construction loans						$ 25,700,000
Secured debt \| Red Mill Commons
Indebtedness
Extinguishment of debt		$ 1,760,000
Secured debt \| Chronicle Mill Mixed Use Multifamily
Indebtedness
Extinguishment of debt	$ 35,000,000
Secured debt \| Premier Mixed Use Multifamily
Indebtedness
Extinguishment of debt	23,700,000
Secured debt \| Market at Mill Creek Retail Property
Indebtedness
Extinguishment of debt	$ 10,900,000

Equity - Schedule of Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)	$ 0.205	$ 0.205	$ 0.205		$ 0.195	$ 0.195	$ 0.19
Aggregate common stock dividends	$ 18,658		$ 18,183		$ 17,476	$ 17,470	$ 16,824
Aggregate preferred stock dividends	$ 2,887	$ 2,887	$ 2,887		$ 2,887	$ 2,887	$ 2,887
Common Stock/Class A Units
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)	$ 0.205	$ 0.205	$ 0.205	$ 0.195
Aggregate common stock dividends	$ 18,658	$ 18,272	$ 18,183	$ 17,233
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.421875	$ 0.421875	$ 0.421875	$ 0.421875
Aggregate preferred stock dividends	$ 2,887	$ 2,887	$ 2,887	$ 2,887

- 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.

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+ Details

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividend declared (in dollars per share)	$ 0.205	$ 0.205	$ 0.205	$ 0.195	$ 0.195	$ 0.19
Distributions declared (in dollars per share)	$ 0.205	$ 0.205	$ 0.205	$ 0.195	$ 0.195	$ 0.19

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

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 — quoted prices in active markets for identical assets or liabilities

Level 2 — observable inputs other than quoted prices in active markets for identical assets and liabilities

Level 3 — unobservable inputs

Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair values. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and caps. The Company measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques.

Financial assets and liabilities whose fair values are not measured at fair value but for which the fair value is disclosed include the Company's notes receivable and indebtedness. The fair value is estimated by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs under the fair value hierarchy.

In certain cases, the inputs used to estimate the fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments.

The carrying amounts and fair values of the Company’s financial instruments as of September 30, 2024 and December 31, 2023 were as follows (in thousands):


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Indebtedness, net(a)	$	1,336,246	$	1,317,011	$	1,407,323	$	1,389,296
Notes receivable, net	117,797		117,797		94,172		94,172
Interest rate swap liabilities	1,126		1,126		—		—
Interest rate swap and cap assets	12,248		12,248		28,862		28,862

________________________________________

(a) Excludes $8.3 million and $10.4 million of deferred financing costs as of September 30, 2024 and December 31, 2023, 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.

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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Derivative Financial Instruments - Schedule of Floating to Fixed Interest Rate Swaps (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 29, 2024	Apr. 17, 2024	Apr. 16, 2024	Feb. 01, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional Amount	$ 1,186,819					$ 1,786,163
Interest rate swaps
Derivative [Line Items]
Notional Amount	1,186,819
Derivatives not designated as accounting hedges
Derivative [Line Items]
Notional Amount	1,020,000					1,020,000
Derivatives not designated as accounting hedges \| Interest rate swaps
Derivative [Line Items]
Notional Amount	1,020,000		$ 100,000	$ 79,000		1,020,000
Derivatives not designated as accounting hedges \| Harbor Point Parcel 3 senior construction loan 4.70% \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 90,000
Swap Fixed Rate	2.75%
Debt Effective Rate	4.82%
Notional amount, terminated	$ 180,400
Amount paid to buy down the swap fixed rate	3,600
Derivatives not designated as accounting hedges \| Floating rate pool of loans 2.75% \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 330,000
Swap Fixed Rate	2.75%
Debt Effective Rate	4.33%
Amount paid to buy down the swap fixed rate	$ 13,300
Derivatives not designated as accounting hedges \| Harbor Point Parcel 4 Senior Construction Loan \| Interest rate swaps
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
Derivatives not designated as accounting hedges \| Floating rate pool of loans \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 300,000
Swap Fixed Rate	2.75%
Debt Effective Rate	4.33%
Amount paid to buy down the swap fixed rate	$ 10,500
Derivatives not designated as accounting hedges \| Revolving credit facility and TD unsecured term loan \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 100,000
Swap Fixed Rate	3.20%
Debt Effective Rate	4.84%
Derivatives not designated as accounting hedges \| Liberty Retail & Apartments loan \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 21,000				$ 21,000
Swap Fixed Rate	3.43%
Debt Effective Rate	4.93%
Derivatives not designated as accounting hedges \| Senior Unsecured Term Loan 3.43% \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 79,000	$ 67,900
Swap Fixed Rate	3.43%
Debt Effective Rate	4.98%
Derivatives not designated as accounting hedges \| Market at Mill Creek Loan \| Interest rate swaps
Derivative [Line Items]
Notional Amount			$ 11,100
Swap Fixed Rate			3.43%
Derivatives designated as accounting hedges \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 166,819					$ 667,894
Derivatives designated as accounting hedges \| Thames Street Wharf loan \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 66,819
Swap Fixed Rate	0.93%
Debt Effective Rate	2.33%
Derivatives designated as accounting hedges \| M&T unsecured term loan \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 100,000
Swap Fixed Rate	3.50%
Debt Effective Rate	5.05%

Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Dividends and Distributions

During the nine months ended September 30, 2024, the following dividends/distributions were declared or paid:

Equity type

Declaration Date

Record Date

Payment Date

Dividends per Share/Unit

Aggregate Dividends/Distributions on Stock and Units (in thousands)

Common Stock/Class A Units

12/14/2023

12/27/2023

01/04/2024

0.195

17,233

Common Stock/Class A Units

02/20/2024

03/27/2024

04/04/2024

0.205

18,183

Common Stock/Class A Units

06/13/2024

06/26/2024

07/05/2024

0.205

18,272

Common Stock/Class A Units

09/10/2024

09/25/2024

10/03/2024

0.205

18,658

Series A Preferred Stock

12/14/2023

01/02/2024

01/12/2024

0.421875

2,887

Series A Preferred Stock

02/20/2024

04/01/2024

04/15/2024

0.421875

2,887

Series A Preferred Stock

06/13/2024

07/01/2024

07/15/2024

0.421875

2,887

Series A Preferred Stock

09/10/2024

10/01/2024

10/15/2024

0.421875

2,887

Commitments and Contingencies - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) note_receivable	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Commitments and Contingencies
Line of credit, performance and payment bonds	$ 8,300	$ 6,500
Number of notes receivable \| note_receivable	6
Loans and leases receivable, commitments, variable rates	$ 43,300
Allowance related to unfunded commitments	551	732	$ 857	$ 338
Unfunded Principal
Commitments and Contingencies
Loans and leases receivable, commitments, variable rates	34,800
Unfunded Contingency
Commitments and Contingencies
Loans and leases receivable, commitments, variable rates	8,500
Other liabilities
Commitments and Contingencies
Allowance related to unfunded commitments	600	$ 700
Harbor Point Parcel 4 \| Payment Guarantee
Commitments and Contingencies
Outstanding guarantee	100
Senior loan	$ 32,900

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company enters into interest rate derivative contracts to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. Derivative financial instruments are recognized at fair value and presented within other assets and other liabilities in the condensed consolidated balance sheets. Gains and losses resulting from changes in the fair value of derivatives that are neither designated nor qualify as hedging instruments are recognized within the change in fair value of derivatives and other in the condensed consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings.

As of September 30, 2024, 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
Harbor Point Parcel 3 senior construction loan	$	90,000	(a)	1-month SOFR	2.75	%	4.82	%	10/2/2023	10/1/2025
Floating rate pool of loans	330,000		(b)	1-month SOFR	2.75	%	4.33	%	10/1/2023	10/1/2025
Harbor Point Parcel 4 senior construction loan	100,000		(c)	1-month SOFR	2.75	%	5.12	%	11/1/2023	11/1/2025
Floating rate pool of loans	300,000		(d)	1-month SOFR	2.75	%	4.33	%	12/1/2023	12/1/2025
Revolving credit facility and TD unsecured term loan	100,000		(e)	Daily SOFR	3.20	%	4.84	%	5/19/2023	5/19/2026
Thames Street Wharf loan	66,819		(f)	Daily SOFR	0.93	%	2.33	%	9/30/2021	9/30/2026
M&T unsecured term loan	100,000		(f)	1-month SOFR	3.50	%	5.05	%	12/6/2022	12/6/2027
Liberty Retail & Apartments loan	21,000		(g)	1-month SOFR	3.43	%	4.93	%	12/13/2022	1/21/2028
Senior unsecured term loan	79,000		(g)	1-month SOFR	3.43	%	4.98	%	12/13/2022	1/21/2028
Total	$	1,186,819

________________________________________

(a) 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 6. 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 in the period in which it was purchased.

(b) The Company paid $13.3 million to reduce the swap fixed rate in the period in which it was purchased.

(c) 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 6. 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 in the period in which it was purchased.

(d) The Company paid $10.5 million to reduce the swap fixed rate in the period in which it was purchased.

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

(f) Designated as a cash flow hedge.

(g) The Company novated an existing 3.43% fixed rate swap with a $100.0 million notional and assigned (A) $11.1 million notional to the loan secured by Market at Mill Creek, effective April 17, 2024 and (B) $21.0 million to the loan secured by Liberty Retail & Apartments, effective February 1, 2024. Once the Market at Mill Creek loan was repaid, the $67.9 million swap on the senior unsecured loan increased to $79.0 million.

For the interest rate swaps and caps designated as cash flow hedges, realized gains and losses are reclassified out of accumulated other comprehensive income to interest expense in the condensed consolidated statements of comprehensive income due to payments received from and paid to the counterparty. During the next 12 months, the Company anticipates recognizing approximately $2.1 million of net hedging gains as reductions to interest expense. These amounts will be reclassified from accumulated other comprehensive income into earnings to offset the variability of the hedged items during this period.

The Company’s derivatives were comprised of the following as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024						December 31, 2023
	Notional Amount		Fair Value				Notional Amount		Fair Value
			Asset		Liability				Asset		Liability
Derivatives not designated as accounting hedges
Interest rate swaps	$	1,020,000	$	9,157	$	(505)	$	1,020,000	$	20,761	$	—
Total derivatives not designated as accounting hedges	1,020,000		9,157		(505)		1,020,000		20,761		—
Derivatives designated as accounting hedges
Interest rate swaps	166,819		3,091		(621)		667,894		7,141		—
Interest rate caps	—		—		—		98,269		960		—
Total derivatives	$	1,186,819	$	12,248	$	(1,126)	$	1,786,163	$	28,862	$	—

The unrealized changes in the fair value of the Company’s derivatives during the three and nine months ended September 30, 2024 and 2023 were comprised of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest rate swaps	$	(20,018)	$	4,952	$	(10,943)	$	12,188
Interest rate caps	(1)		20		22		(346)
Total unrealized change in fair value of interest rate derivatives	$	(20,019)	$	4,972	$	(10,921)	$	11,842
Comprehensive income statement presentation:
Change in fair value of derivatives and other	$	(16,669)	$	1,484	$	(12,109)	$	1,974
Unrealized cash flow hedge gains	(3,350)		3,488		1,188		9,868
Total unrealized change in fair value of interest rate derivatives	$	(20,019)	$	4,972	$	(10,921)	$	11,842

Segments - Schedule of Reconciliation of Net (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information
Net operating income	$ 51,476			$ 48,371			$ 148,402	$ 138,287
Depreciation and amortization	(23,289)			(22,462)			(64,513)	(60,808)
Amortization of right-of-use assets - finance leases	(395)			(425)			(1,184)	(1,049)
General and administrative expenses	(5,187)			(4,286)			(15,564)	(13,786)
Acquisition, development, and other pursuit costs	(2)			0			(5,530)	(18)
Impairment charges	0			(5)			(1,494)	(107)
Gain on real estate dispositions, net	0			227			0	738
Interest expense	(21,387)			(15,444)			(60,589)	(41,375)
Loss on extinguishment of debt	(113)			0			(113)	0
Change in fair value of derivatives and other	(10,308)			2,466			6,978	5,024
Unrealized credit loss provision	(198)			(694)			(53)	(871)
Other income (expense), net	96			63			254	324
Income tax (provision) benefit	(592)			(310)			120	(834)
Net (loss) income	(7,546)	$ 3,279	$ 17,725	8,423	$ 14,885	$ 5,417	13,458	28,725
Corporate And Reconciling Items
Segment Reporting Information
Interest income	629			194			1,921	566
Gain on real estate dispositions, net	0			227			0	738
Interest expense	(19,663)			(14,716)			(55,766)	(38,741)
Real estate financing
Segment Reporting Information
Net operating income	2,348			2,768			7,215	7,623
Interest income	4,072			3,496			12,038	10,257
Real estate financing \| Operating Segments
Segment Reporting Information
Interest income	4,100			3,500			12,000	10,300
Interest expense	$ (1,700)			$ (700)			$ (4,800)	$ (2,600)

Subsequent Events (Details) - USD ($) $ in Millions				1 Months Ended	9 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	Aug. 16, 2024	Jul. 01, 2024	Jan. 02, 2024	Oct. 31, 2024	Sep. 30, 2024
Common Class A
Subsequent Event [Line Items]
Stock redeemed (in shares)	6,053	79,650	9,286
Subsequent event \| Common Class A
Subsequent Event [Line Items]
Stock redeemed (in shares)				1,550
Stock redeemed value				$ 0.1
Construction loans
Subsequent Event [Line Items]
Borrowings under construction loans					$ 25.7
Construction loans \| Subsequent event
Subsequent Event [Line Items]
Borrowings under construction loans				4.6
Revolving credit facility \| Line of Credit \| Subsequent event
Subsequent Event [Line Items]
Proceeds from lines of credit				$ 20.0

Equity Method Investment	9 Months Ended
Equity Method Investment	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	Equity Method Investments Harbor Point Parcel 3 The Company owns a 50% interest in Harbor Point Parcel 3, a joint venture with Beatty Development Group, for purposes of developing T. Rowe Price's new global headquarters office building in Baltimore, Maryland. The Company is a noncontrolling partner in the joint venture and will serve as the project's general contractor. During the nine months ended September 30, 2024, the Company invested $2.1 million in Harbor Point Parcel 3. The Company has an estimated equity commitment of up to $52.7 million relating to this project. As of September 30, 2024 and December 31, 2023, the carrying value of the Company's investment in Harbor Point Parcel 3 was $42.8 million and $40.7 million, respectively, which excludes $2.7 million and $2.2 million, respectively, of intra-entity profits eliminated in consolidation. For the nine months ended September 30, 2024 and 2023, Harbor Point Parcel 3 had no operating activity; therefore, the Company received no allocated income. Based on the terms of the operating agreement, the Company has concluded that Harbor Point Parcel 3 is a VIE and that the Company holds a variable interest. The Company has significant influence over the project due to its 50% ownership interest; however, the Company does not have the power to direct the activities of the project that most significantly impact its performance. This includes activity as the managing member of the entity, which is a power that is retained by the Company's joint venture partner. Accordingly, the Company is not the project's primary beneficiary and, therefore, does not consolidate Harbor Point Parcel 3 in its consolidated financial statements. The Company's investment in the project is recorded as an equity method investment in the consolidated balance sheets. Harbor Point Parcel 4 On April 1, 2022, the Company acquired a 78% interest in Harbor Point Parcel 4, a real estate venture with Beatty Development Group, for purposes of developing a mixed-use project ("Allied \| Harbor Point"), which is planned to include multifamily units, retail space, and a parking garage. The Company holds an option to increase its ownership to 90%. The Company is a noncontrolling partner in the real estate venture and will serve as the project's general contractor. During the nine months ended September 30, 2024, the Company invested $11.2 million in Harbor Point Parcel 4. The Company has an estimated equity commitment of up to $114.3 million relating to this project. As of September 30, 2024 and December 31, 2023, the carrying value of the Company's investment in Harbor Point Parcel 4 was $112.5 million and $101.3 million, respectively, which excludes $1.3 million and $0.8 million, respectively, of intra-entity profits eliminated in consolidation. For the nine months ended September 30, 2024, Harbor Point Parcel 4 had no operating activity; therefore, the Company received no allocated income. Based on the terms of the operating agreement, the Company has concluded that Harbor Point Parcel 4 is a VIE and that the Company holds a variable interest. The Company has significant influence over the project due to its 78% ownership interest; however, the Company does not have the power to direct the activities of the project that most significantly impact its performance. This includes activity as the managing member of the entity, which is a power that is retained by the Company's partner. Accordingly, the Company is not the project's primary beneficiary and, therefore, does not consolidate Harbor Point Parcel 4 in its consolidated financial statements. The Company's investment in the project is recorded as an equity method investment in the consolidated balance sheets.

Construction Contracts - Schedule of Changes of Construction Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, Remaining Performance Obligation [Roll Forward]
Beginning backlog	$ 302,850	$ 592,787	$ 472,169	$ 665,564
New contracts/change orders	4,886	20,646	80,067	135,414
Work performed	(114,614)	(99,855)	(359,114)	(287,400)
Ending backlog	$ 193,122	$ 513,578	$ 193,122	$ 513,578

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Rental Revenue

Rental revenue for the three and nine months ended September 30, 2024 and 2023 comprised the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Base rent and tenant charges	$	65,840	$	61,021	$	187,018	$	172,585
Accrued straight-line rental adjustment	2,333		1,505		5,499		4,748
Lease incentive amortization	(105)		(123)		(343)		(438)
(Above) below market lease amortization, net	530		510		1,570		2,187
Total rental revenue	$	68,598	$	62,913	$	193,744	$	179,082

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The condensed consolidated financial statements include the financial position and results of operations of the Company and its subsidiaries. The Company’s subsidiaries include the Operating Partnership and the subsidiaries that are wholly owned or in which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity ("VIE") in accordance with the consolidation guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). All significant intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition, and results of operations for the interim periods presented. The accompanying condensed consolidated financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim financial statements should be read in conjunction with the audited consolidated financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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.
Segments	Segments The Company operates its business in five reportable 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. Refer to Note 1 for the composition of properties within each property segment. Net operating income ("NOI") is the primary measure used by the Company’s chief operating decision-maker to assess segment performance. NOI is calculated as segment revenues less segment expenses. Segment revenues include rental revenues for the property segments, general contracting and real estate services revenues for the general contracting and real estate services segment, and interest income for the real estate financing segment. Segment expenses include rental expenses and real estate taxes for the property segments, general contracting and real estate services expenses for the general contracting and real estate services segment, and interest expense for the real estate financing segment. Segment NOI for the general contracting and real estate services and real estate financing segments is also referred to as segment gross profit as illustrated in the table below. NOI is not a measure of operating income or cash flows from operating activities as measured by GAAP and is not indicative of cash available to fund cash needs. As a result, NOI should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s real estate, construction, and real estate financing businesses.
Allowance for Loan Losses	Allowance for Loan Losses The Company is exposed to credit losses primarily through its real estate financing investments. As of September 30, 2024, the Company had five real estate financing investments, which are financing development projects in various stages of completion or lease-up. Each of these projects is subject to a loan that is senior to the Company’s loan. Interest on these loans is paid in kind and is generally not expected to be paid until a sale of the project after completion of the development. The Company's management performs a quarterly analysis of the loan portfolio to determine the risk of credit loss based on the progress of development activities, including leasing activities, projected development costs, and current and projected subordinated and senior loan balances. The Company estimates future losses on its notes receivable using risk ratings that correspond to probabilities of default and loss given default. The Company's risk ratings are as follows: •Pass: loans in this category are adequately collateralized by a development project with conditions materially consistent with the Company's underwriting assumptions. •Special Mention: loans in this category show signs that the economic performance of the project may suffer as a result of slower-than-expected leasing activity or an extended development or marketing timeline. Loans in this category warrant increased monitoring by management. •Substandard: loans in this category may not be fully collected by the Company unless remediation actions are taken. Remediation actions may include obtaining additional collateral or assisting the borrower with asset management activities to prepare the project for sale. The Company will also consider placing the loan on non-accrual status if it does not believe that additional interest accruals will ultimately be collected.
Construction Contracts	Construction Contracts Construction contract costs and estimated earnings in excess of billings represent reimbursable costs and amounts earned under contracts in progress as of the balance sheet date. Such amounts become billable according to contract terms, which usually consider the passage of time, achievement of certain milestones, or completion of the project. The Company expects to bill and collect substantially all construction contract costs and estimated earnings in excess of billings as of September 30, 2024 during the next 12 to 24 months. Billings in excess of construction contract costs and estimated earnings represent billings or collections on contracts made in advance of revenue recognized. The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 — unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair values. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and caps. The Company measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. Financial assets and liabilities whose fair values are not measured at fair value but for which the fair value is disclosed include the Company's notes receivable and indebtedness. The fair value is estimated by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs under the fair value hierarchy. In certain cases, the inputs used to estimate the fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments.
Legal Proceedings	Legal Proceedings The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental, and other matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs, and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

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+ Details

Business of Organization

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business of Organization

Armada Hoffler Properties, Inc. (the "Company") is a vertically integrated, self-managed real estate investment trust ("REIT") with over four decades of experience managing, building, acquiring, and developing high-quality retail, office, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. In addition to the ownership of the Company's operating property portfolio, the Company develops and builds properties for its own account and through joint ventures between the Company and unaffiliated partners and also invests in development projects through real estate financing arrangements. The Company also provides general construction and development services to third-party clients. The Company's construction and development experience includes mid- and high-rise office buildings, retail strip malls, retail power centers, multifamily apartment communities, hotels and conference centers, single- and multi-tenant industrial, distribution, and manufacturing facilities, educational, medical, and special purpose facilities, government projects, parking garages, and mixed-use town centers.

The Company is the sole general partner of Armada Hoffler, L.P. (the "Operating Partnership") and, as of September 30, 2024, owned 78.6% of the economic interest in the Operating Partnership, of which 0.1% is held as general partnership units. The operations of the Company are conducted primarily through the Operating Partnership and the wholly owned subsidiaries thereof.

As of September 30, 2024, the Company's stabilized 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	%
4525 Main Street Retail* (1)	Virginia Beach, Virginia	100	%
4621 Columbus Retail* (2)	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	%
The Cosmopolitan Retail* (3)	Virginia Beach, Virginia	100	%
Two Columbus Retail* (1)	Virginia Beach, Virginia	100	%
West Retail* (1)	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	%	(4)
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	%
Harbor Point - Baltimore Waterfront
Constellation Retail* (1)	Baltimore, Maryland	90	%
Point Street Retail* (3)	Baltimore, Maryland	100	%
Southeast Sunbelt
Chronicle Mill Retail* (3)	Belmont, North Carolina	85	%	(4)
Nexton Square*	Summerville, South Carolina	100	%
North Hampton Market	Taylors, South Carolina	100	%
One City Center Retail* (1)	Durham, North Carolina	100	%
Overlook Village	Asheville, North Carolina	100	%
Patterson Place	Durham, North Carolina	100	%
Providence Plaza Retail*	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	%
Liberty Retail* (3)	Newport News, 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	%
The Edison Retail* (3)	Richmond, Virginia	100	%

Office
Town Center of Virginia Beach
249 Central Park Office* (5)	Virginia Beach, Virginia	100	%
4525 Main Street Office*	Virginia Beach, Virginia	100	%
4605 Columbus Office* (5)	Virginia Beach, Virginia	100	%
Armada Hoffler Tower*	Virginia Beach, Virginia	100	%
One Columbus*	Virginia Beach, Virginia	100	%
Two Columbus Office*	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
Chronicle Mill Office* (3)	Belmont, North Carolina	85	%	(4)
One City Center Office*	Durham, North Carolina	100	%
Providence Plaza Office* (5)	Charlotte, North Carolina	100	%
The Interlock Office*	Atlanta, Georgia	100	%
Mid-Atlantic


Brooks Crossing Office* (5)	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 Apartments*	Belmont, North Carolina	85	%	(4)
Greenside Apartments	Charlotte, North Carolina	100	%
The Everly*	Gainesville, Georgia	100	%
Mid-Atlantic
The Edison*	Richmond, Virginia	100	%
Liberty Apartments*	Newport News, Virginia	100	%
Smith's Landing	Blacksburg, Virginia	100	%

________________________________________

*Mixed-use asset or located in a mixed-use development.

(1) Formerly reported in the office real estate segment. Refer to Note 3 for further information.

(2) Formerly known as Apex Entertainment.

(3) Formerly reported in the multifamily real estate segment. Refer to Note 3 for further information.

(4) We are entitled to a preferred return on our investment in this property.

(5) Formerly reported in the retail real estate segment. Refer to Note 3 for further information.

As of September 30, 2024, the following properties were under development, under redevelopment, or unstabilized:

Development, Not Stabilized

Segment

Location

AHH Ownership

Southern Post Retail*

Retail

Roswell, Georgia

100%

Southern Post Office*

Office

Roswell, Georgia

100%

Chandler Residences*

Multifamily

Roswell, Georgia

100%

Redevelopment

Segment

Location

AHH Ownership

Columbus Village II*

Retail

Virginia Beach, Virginia

100

________________________________________

*Mixed-use asset or located in a mixed-use development.

Real Estate Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2025
Real Estate Properties [Line Items]
Impairment charges	$ 0	$ 5	$ 1,494	$ 107
Development costs wrote off			5,500
Income tax benefit			$ 1,600
Forecast
Real Estate Properties [Line Items]
Proceeds from sale of investment real estate					$ 4,800

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 1.0	$ 0.9	$ 4.1	$ 3.3
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock granted (in shares)			286,868
Restricted stock granted, grant date fair value (in dollars per share)			$ 10.72
Restricted stock surrendered, forfeited in period (in shares)			11,453
Employee restricted stock award, vesting period			2 years
Nonvested restricted shares outstanding (in shares)	280,636		280,636
Unrecognized compensation cost	$ 3.1		$ 3.1
Unrecognized compensation cost, recognition period			63 months
Restricted Stock \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Employee restricted stock award, vesting period			3 years
Restricted Stock \| Non-Employee Director
Share-based Compensation Arrangement by Share-based Payment Award
Non-employee restricted stock award vest grant over period			1 year
Restricted Stock \| Grant Date
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage			33.33%
Restricted Stock \| Grant Date \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage			40.00%
Restricted Stock \| First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage			33.33%
Restricted Stock \| First Anniversary \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage			20.00%
Restricted Stock \| Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage			33.33%
Restricted Stock \| Second Anniversary \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage			20.00%
Restricted Stock \| Third Anniversary \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage			20.00%
LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock granted (in shares)			170,203
Restricted stock granted, grant date fair value (in dollars per share)			$ 9.65
Nonvested restricted shares outstanding (in shares)	119,872		119,872
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock granted (in shares)			50,000
Restricted stock granted, grant date fair value (in dollars per share)			$ 9.23
Restricted stock surrendered, forfeited in period (in shares)			23,750
Nonvested restricted shares outstanding (in shares)	136,875		136,875
Performance Shares \| Grant Date
Share-based Compensation Arrangement by Share-based Payment Award
Employee restricted stock award, vesting period			6 years
Restricted stock award, vesting percentage			40.00%
Performance Shares \| First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Employee restricted stock award, vesting period			3 years
Restricted stock award, vesting percentage			20.00%
Performance Shares \| Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Employee restricted stock award, vesting period			3 years
Restricted stock award, vesting percentage			20.00%
Performance Shares \| Third Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage			20.00%
Service Conditions
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock surrendered, forfeited in period (in shares)			105,404
Amended and Restated 2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares reserved for issuance (in shares)	3,400,000		3,400,000
Shares available for issuance (in shares)	1,112,489		1,112,489

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Amounts and Fair Values of Financial Instruments Measured

The carrying amounts and fair values of the Company’s financial instruments as of September 30, 2024 and December 31, 2023 were as follows (in thousands):


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Indebtedness, net(a)	$	1,336,246	$	1,317,011	$	1,407,323	$	1,389,296
Notes receivable, net	117,797		117,797		94,172		94,172
Interest rate swap liabilities	1,126		1,126		—		—
Interest rate swap and cap assets	12,248		12,248		28,862		28,862

________________________________________

(a) Excludes $8.3 million and $10.4 million of deferred financing costs as of September 30, 2024 and December 31, 2023, respectively.

Leases - Additional Information (Details)	9 Months Ended
Leases - Additional Information (Details)	Sep. 30, 2024 lease property renewal_option
Lessee, Lease, Description [Line Items]
Number of ground leases	9
Number of properties subject to ground leases \| property	9
Number of operating leases	5
Number of finance leases	4
Number of options to extend, more than \| renewal_option	1
Minimum
Lessee, Lease, Description [Line Items]
Renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	25 years

Business and Organization (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Operating Portfolio

As of September 30, 2024, the Company's stabilized 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	%
4525 Main Street Retail* (1)	Virginia Beach, Virginia	100	%
4621 Columbus Retail* (2)	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	%
The Cosmopolitan Retail* (3)	Virginia Beach, Virginia	100	%
Two Columbus Retail* (1)	Virginia Beach, Virginia	100	%
West Retail* (1)	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	%	(4)
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	%
Harbor Point - Baltimore Waterfront
Constellation Retail* (1)	Baltimore, Maryland	90	%
Point Street Retail* (3)	Baltimore, Maryland	100	%
Southeast Sunbelt
Chronicle Mill Retail* (3)	Belmont, North Carolina	85	%	(4)
Nexton Square*	Summerville, South Carolina	100	%
North Hampton Market	Taylors, South Carolina	100	%
One City Center Retail* (1)	Durham, North Carolina	100	%
Overlook Village	Asheville, North Carolina	100	%
Patterson Place	Durham, North Carolina	100	%
Providence Plaza Retail*	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	%
Liberty Retail* (3)	Newport News, 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	%
The Edison Retail* (3)	Richmond, Virginia	100	%

Office
Town Center of Virginia Beach
249 Central Park Office* (5)	Virginia Beach, Virginia	100	%
4525 Main Street Office*	Virginia Beach, Virginia	100	%
4605 Columbus Office* (5)	Virginia Beach, Virginia	100	%
Armada Hoffler Tower*	Virginia Beach, Virginia	100	%
One Columbus*	Virginia Beach, Virginia	100	%
Two Columbus Office*	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
Chronicle Mill Office* (3)	Belmont, North Carolina	85	%	(4)
One City Center Office*	Durham, North Carolina	100	%
Providence Plaza Office* (5)	Charlotte, North Carolina	100	%
The Interlock Office*	Atlanta, Georgia	100	%
Mid-Atlantic


Brooks Crossing Office* (5)	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 Apartments*	Belmont, North Carolina	85	%	(4)
Greenside Apartments	Charlotte, North Carolina	100	%
The Everly*	Gainesville, Georgia	100	%
Mid-Atlantic
The Edison*	Richmond, Virginia	100	%
Liberty Apartments*	Newport News, Virginia	100	%
Smith's Landing	Blacksburg, Virginia	100	%

________________________________________

*Mixed-use asset or located in a mixed-use development.

(1) Formerly reported in the office real estate segment. Refer to Note 3 for further information.

(2) Formerly known as Apex Entertainment.

(3) Formerly reported in the multifamily real estate segment. Refer to Note 3 for further information.

(4) We are entitled to a preferred return on our investment in this property.

(5) Formerly reported in the retail real estate segment. Refer to Note 3 for further information.

Schedule of Properties Under Development Redevelopment, or Unstabilized

As of September 30, 2024, the following properties were under development, under redevelopment, or unstabilized:

Development, Not Stabilized

Segment

Location

AHH Ownership

Southern Post Retail*

Retail

Roswell, Georgia

100%

Southern Post Office*

Office

Roswell, Georgia

100%

Chandler Residences*

Multifamily

Roswell, Georgia

100%

Redevelopment

Segment

Location

AHH Ownership

Columbus Village II*

Retail

Virginia Beach, Virginia

100

________________________________________

*Mixed-use asset or located in a mixed-use development.

Leases

9 Months Ended

Sep. 30, 2024

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. The exercise of lease renewal options is at the Company's sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term. Five of these leases have been classified as operating leases and four of these leases have been classified as finance leases. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants.

Lessor Disclosures

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

Rental revenue for the three and nine months ended September 30, 2024 and 2023 comprised the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Base rent and tenant charges	$	65,840	$	61,021	$	187,018	$	172,585
Accrued straight-line rental adjustment	2,333		1,505		5,499		4,748
Lease incentive amortization	(105)		(123)		(343)		(438)
(Above) below market lease amortization, net	530		510		1,570		2,187
Total rental revenue	$	68,598	$	62,913	$	193,744	$	179,082

Leases

Lessee Disclosures

Lessor Disclosures

Rental revenue for the three and nine months ended September 30, 2024 and 2023 comprised the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Base rent and tenant charges	$	65,840	$	61,021	$	187,018	$	172,585
Accrued straight-line rental adjustment	2,333		1,505		5,499		4,748
Lease incentive amortization	(105)		(123)		(343)		(438)
(Above) below market lease amortization, net	530		510		1,570		2,187
Total rental revenue	$	68,598	$	62,913	$	193,744	$	179,082

Notes Receivable and Current Expected Credit Losses (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Schedule of Notes Receivable Outstanding

The Company had the following notes receivable outstanding as of September 30, 2024 and December 31, 2023 ($ in thousands):


		Outstanding loan amount
		September 30, 2024						December 31, 2023
Real Estate Financing Project(a)	Maturity Date	Principal		Accrued interest and fees(b)		Total loan amount(c)		Total loan amount(c)		Maximum principal commitment		Interest rate			Interest compounding
Solis Gainesville II	10/3/2026	19,595		5,041		24,636		22,268		19,595		14.0	%	(d)	Annually
Solis Kennesaw	5/25/2027	37,870		6,230		44,100		15,922		37,870		14.0	%	(d)	Annually
Solis Peachtree Corners	10/31/2027	20,533		3,917		24,450		11,092		28,440		15.0	%	(d)	Annually
The Allure at Edinburgh	1/16/2028	9,228		1,639		10,867		9,830		9,228		15.0	%	(e)	None
Solis City Park II(f)	4/23/2028	—		—		—		24,313		—		13.0	%		Annually
Solis North Creek	8/8/2030	2,364		299		2,663		—		26,767		12.0	%	(d)	Annually
Total mezzanine & preferred equity		$	89,590	$	17,126	106,716		83,425		$	121,900
Other notes receivable						12,787		12,219

Allowance for credit losses(g)						(1,706)		(1,472)

Total notes receivable						$	117,797	$	94,172

________________________________________

(b) Reflects accrued interest and unused commitment fees, net of discounts due to unamortized equity fees.

(d) The interest rate varies over the life of the loans and the Company also earns an unused commitment fee on amounts not drawn on the loans.

(e) The interest rate varies over the life of the loan.

(f) This note receivable was redeemed on July 10, 2024. Refer below under “Solis City Park II” for further details.

Schedule of Interest Income

The Company recognized interest income for the three and nine months ended September 30, 2024 and 2023 as follows (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
Real Estate Financing Project	2024			2023			2024			2023
Solis Gainesville II	$	794	(a)(b)	$	717	(a)(b)	$	2,366	(a)(b)	$	1,964	(a)(b)
Solis Kennesaw	1,437		(a)(b)	1,164		(a)	3,988		(a)(b)	1,629		(a)
Solis Peachtree Corners	1,067		(a)(b)	617		(a)(b)	2,867		(a)(b)	617		(a)(b)
The Allure at Edinburgh	348			258			1,036			258
Solis City Park II(c)	127		(a)	740		(a)	1,482		(a)	2,142		(a)
Solis North Creek	299		(b)	—			299		(b)	—
The Interlock(d)	—			—			—			3,647		(a)
Total mezzanine & preferred equity	4,072			3,496			12,038			10,257
Other interest income	629			194			1,921			566
Total interest income	$	4,701		$	3,690		$	13,959		$	10,823

________________________________________

(a) Includes recognition of interest income related to fee amortization.

(b) Includes recognition of unused commitment fees.

(d) This note receivable was redeemed on May 19, 2023 in connection with the Company’s acquisition of The Interlock.

Schedule Allowance for Credit Losses on Financing Receivables

Changes in the allowance for the nine months ended September 30, 2024 and 2023 were as follows (in thousands):


	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
	Funded		Unfunded		Total		Funded		Unfunded		Total
Beginning balance	$	1,472	$	732	$	2,204	$	1,292	$	338	$	1,630

Unrealized credit loss provision (release)	294		(181)		113		817		519		1,336
Release due to redemption	(60)		—		(60)		(465)		—		(465)




Ending balance	$	1,706	$	551	$	2,257	$	1,644	$	857	$	2,501

Notes Receivable and Current Expected Credit Losses - Additional Information (Details) $ in Thousands			9 Months Ended
	Aug. 08, 2024 USD ($)	Jul. 10, 2024 USD ($)	Sep. 30, 2024 USD ($) investment	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses			$ 2,257	$ 2,204	$ 2,501	$ 1,630
Allowance related to unfunded commitments			551	732	857	338
Notes receivable, net			117,797	94,172
Allowance for credit losses			1,706	1,472	$ 1,644	$ 1,292
Other liabilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance related to unfunded commitments			600	$ 700
Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum principal commitment			$ 121,900
Number of financial instruments \| investment			5
Solis City Park II \| Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum principal commitment		$ 25,800	$ 0
Minimum interest		$ 5,200
Interest rate			13.00%
Solis Gainesville II \| Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum principal commitment			$ 19,595
Interest rate			14.00%
Solis Gainesville II \| Mezzanine loan \| Financing Receivable Effective Period, Period One
Accounts, Notes, Loans and Financing Receivable [Line Items]
Preference rate		14.00%
Solis Gainesville II \| Mezzanine loan \| Financing Receivable Effective Period, Period Two
Accounts, Notes, Loans and Financing Receivable [Line Items]
Preference rate		6.00%
Solis North Creek \| Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum principal commitment	$ 26,800	$ 27,000	$ 26,767
Minimum interest	$ 8,800	$ 8,900
Interest rate			12.00%
Unused commitment fee percentage		4.50%
Solis North Creek \| Mezzanine loan \| First 24 Months
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate		12.00%
Solis North Creek \| Mezzanine loan \| Twenty Four and Thirty Six Months
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate		9.00%
Solis North Creek \| Mezzanine loan \| Thirty Six Months Through Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate		12.00%

Equity - Additional Information (Details) - USD ($)							1 Months Ended	9 Months Ended	12 Months Ended
Equity - Additional Information (Details) - USD ($)	Nov. 05, 2024	Sep. 27, 2024	Aug. 16, 2024	Jul. 01, 2024	Jan. 02, 2024	Mar. 10, 2020	Oct. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Jun. 15, 2023
Class of Stock [Line Items]
Percentage of operating partnership held								78.60%	75.60%
Preferred stock issued								$ 171,085,000	$ 171,085,000
Stock repurchase program										$ 50,000,000
Stock repurchase program remaining amount								37,400,000
Consolidated Entities Under Development Or Construction \| Operating Partnership
Class of Stock [Line Items]
Ownership interest percentage in properties								$ 9,400,000	$ 10,000,000.0
Class A units
Class of Stock [Line Items]
Class A units not held by company (in shares)								21,458,073
LTIP Units
Class of Stock [Line Items]
Class A units not held by company (in shares)								209,897
At The Market Program \| Common stock
Class of Stock [Line Items]
Shares issued (in shares)								2,288,541
Sale of stock, weighted average price per share (in dollars per share)								$ 11.58
Consideration received on transaction								$ 26,100,000
The Amendments \| Subsequent event
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to)	$ 178,500,000
Public Stock Offering
Class of Stock [Line Items]
Consideration received on transaction		$ 94,500,000
Number of shares issued in public offering (in shares)		9,000,000
Issuance of common stock, price per share (in dollars per share)		$ 10.50
Over-Allotment Option
Class of Stock [Line Items]
Consideration received on transaction		$ 14,200,000
Number of shares issued in public offering (in shares)		1,350,000
Issuance of common stock, price per share (in dollars per share)		$ 10.50
Public Stock Offering and Over-Allotment Option
Class of Stock [Line Items]
Consideration received on transaction		$ 103,500,000
Redeemable convertible preferred stock
Class of Stock [Line Items]
Preferred stock dividend rate percentage								6.75%	6.75%
Redeemable convertible preferred stock \| At The Market Program
Class of Stock [Line Items]
Preferred stock dividend rate percentage						6.75%
Maximum aggregate offering price of shares to be sold (up to)						$ 300,000,000.0
Series A Preferred Stock
Class of Stock [Line Items]
Stock repurchased during period, shares (in shares)								0
Common Class A
Class of Stock [Line Items]
Stock redeemed (in shares)			6,053	79,650	9,286
Repurchase and retirement of common stock, net			$ 100,000		$ 100,000
Common Class A \| Subsequent event
Class of Stock [Line Items]
Stock redeemed (in shares)							1,550

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company provides general contracting services to certain related party entities that are included in these condensed consolidated financial statements. Revenue and gross profit from construction contracts with these entities for the nine months ended September 30, 2024 and 2023 were nominal. There were no outstanding construction receivables due from related parties as of September 30, 2024 and December 31, 2023. The Company provides general contracting services to the Harbor Point Parcel 3 and Harbor Point Parcel 4 ventures. See Note 6 for more information. During the three and nine months ended September 30, 2024, the Company recognized gross profit of $0.2 million and $0.5 million, respectively, relating to these construction contracts. During the three and nine months ended September 30, 2023, the Company recognized gross profit of $0.3 million and $1.0 million, respectively, relating to these construction contracts.

- 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/1943274/2147477968/946-235-50-2

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/1943274/2147477968/946-235-50-2

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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
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)	79,696,160	66,793,294
Common stock, shares outstanding (in shares)	79,696,160	66,793,294
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

Construction Contracts - Schedule of Balances and Changes of Construction Contracts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Construction contract costs and estimated earnings in excess of billings
Beginning balance	$ 104	$ 342
Transferred to receivables	(106)	(342)
Construction contract costs and estimated earnings not billed during the period	315	440
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	2	0
Ending balance	315	440
Billings in excess of construction contract costs and estimated earnings
Beginning balance	21,414	17,515
Revenue recognized that was included in the balance at the beginning of the period	(21,414)	(17,515)
Increases due to new billings, excluding amounts recognized as revenue during the period	14,318	24,570
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	(2,437)	(1,443)
Ending balance	$ 11,881	$ 23,127

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Rental revenues	$ 68,598	$ 62,913	$ 193,744	$ 179,082
Revenue, Product and Service [Extensible List]	Real Estate [Member]	Real Estate [Member]
General contracting and real estate services revenues	$ 114,353	$ 99,408	358,167	286,220
Interest income	4,701	3,690	13,959	10,823
Total revenues	187,652	166,011	565,870	476,125
Expenses
Rental expenses	16,652	14,756	46,344	41,392
Real estate taxes	6,184	5,867	17,995	16,910
General contracting and real estate services expenses	110,987	96,095	346,385	276,336
Depreciation and amortization	23,289	22,462	64,513	60,808
Amortization of right-of-use assets - finance leases	395	425	1,184	1,049
General and administrative expenses	5,187	4,286	15,564	13,786
Acquisition, development, and other pursuit costs	2	0	5,530	18
Impairment charges	0	5	1,494	107
Total expenses	162,696	143,896	499,009	410,406
Gain on real estate dispositions, net	0	227	0	738
Operating Income	24,956	22,342	66,861	66,457
Interest expense	(21,387)	(15,444)	(60,589)	(41,375)
Loss on extinguishment of debt	(113)	0	(113)	0
Change in fair value of derivatives and other	(10,308)	2,466	6,978	5,024
Unrealized credit loss provision	(198)	(694)	(53)	(871)
Other income (expense), net	96	63	254	324
(Loss) income before taxes	(6,954)	8,733	13,338	29,559
Income tax (provision) benefit	(592)	(310)	120	(834)
Net (loss) income	(7,546)	8,423	13,458	28,725
Net loss (income) attributable to noncontrolling interests:
Investment entities	17	(193)	(34)	(616)
Operating Partnership	2,491	(1,290)	(1,217)	(4,597)
Net (loss) income attributable to Armada Hoffler Properties, Inc.	(5,038)	6,940	12,207	23,512
Preferred stock dividends	(2,887)	(2,887)	(8,661)	(8,661)
Net (loss) income attributable to common stockholders	$ (7,925)	$ 4,053	$ 3,546	$ 14,851
Net (loss) income attributable to common stockholders per share (basic) (in dollars per share)	$ (0.11)	$ 0.06	$ 0.05	$ 0.22
Net (loss) income attributable to common stockholders per share (diluted) (in dollars per share)	$ (0.11)	$ 0.06	$ 0.05	$ 0.22
Weighted-average common shares outstanding (basic) (in shares)	68,931	67,945	67,630	67,878
Weighted-average common shares outstanding (diluted) (in shares)	68,931	67,945	67,630	67,878
Comprehensive income:
Net (loss) income	$ (7,546)	$ 8,423	$ 13,458	$ 28,725
Unrealized cash flow hedge (losses) gains	(3,350)	3,488	1,188	9,868
Realized cash flow hedge gains reclassified to net income	(1,325)	(6,315)	(6,365)	(14,292)
Comprehensive (loss) income	(12,221)	5,596	8,281	24,301
Comprehensive (loss) income attributable to Armada Hoffler Properties, Inc.	(8,595)	4,874	8,300	20,265
Investment entities
Expenses
Net (loss) income	(17)	193
Comprehensive income:
Net (loss) income	(17)	193
Unrealized cash flow hedge (losses) gains		86
Realized cash flow hedge gains reclassified to net income		(191)
Comprehensive loss (income) attributable to noncontrolling interests:	17	(89)	5	(452)
Operating Partnership
Expenses
Net (loss) income	(2,491)	1,290
Comprehensive income:
Net (loss) income	(2,491)	1,290
Unrealized cash flow hedge (losses) gains	(801)	822
Realized cash flow hedge gains reclassified to net income	(317)	(1,479)
Comprehensive loss (income) attributable to noncontrolling interests:	$ 3,609	$ (633)	$ 14	$ (3,584)

Notes Receivable and Current Expected Credit Losses - Schedule of Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 4,701	$ 3,690	$ 13,959	$ 10,823
Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	4,072	3,496	12,038	10,257
Other interest income
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	629	194	1,921	566
Solis Gainesville II \| Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	794	717	2,366	1,964
Solis Kennesaw \| Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	1,437	1,164	3,988	1,629
Solis Peachtree Corners \| Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	1,067	617	2,867	617
The Allure at Edinburgh \| Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	348	258	1,036	258
Solis City Park II \| Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	127	740	1,482	2,142
Solis North Creek \| Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	299	0	299	0
The Interlock \| Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 0	$ 0	$ 0	$ 3,647

Construction Contracts (Tables)

9 Months Ended

Sep. 30, 2024

Contractors [Abstract]

Schedule of Balances and Changes of Construction Contracts

The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the nine months ended September 30, 2024 and 2023 (in thousands):


	Nine Months Ended September 30, 2024				Nine Months Ended September 30, 2023
	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	$	104	$	21,414	$	342	$	17,515
Revenue recognized that was included in the balance at the beginning of the period	—		(21,414)		—		(17,515)
Increases due to new billings, excluding amounts recognized as revenue during the period	—		14,318		—		24,570
Transferred to receivables	(106)		—		(342)		—
Construction contract costs and estimated earnings not billed during the period	315		—		440		—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	2		(2,437)		—		(1,443)
Ending balance	$	315	$	11,881	$	440	$	23,127

The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of September 30, 2024 and 2023 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Beginning backlog	$	302,850	$	592,787	$	472,169	$	665,564
New contracts/change orders	4,886		20,646		80,067		135,414
Work performed	(114,614)		(99,855)		(359,114)		(287,400)
Ending backlog	$	193,122	$	513,578	$	193,122	$	513,578

Schedule of Net Position of Uncompleted Construction Contracts

The Company’s net position on uncompleted construction contracts comprised the following as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024		December 31, 2023
Costs incurred on uncompleted construction contracts	$	931,153	$	718,571
Estimated earnings	33,585		26,089
Billings	(976,304)		(765,970)
Net position	$	(11,566)	$	(21,310)

Construction contract costs and estimated earnings in excess of billings	$	315	$	104
Billings in excess of construction contract costs and estimated earnings	(11,881)		(21,414)
Net position	$	(11,566)	$	(21,310)

Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
Related Party Transactions (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transactions
Construction receivables, including retentions, net	$ 106,190,000		$ 106,190,000		$ 126,443,000
Segment gross profit	51,476,000	$ 48,371,000	148,402,000	$ 138,287,000
Related Party \| Beatty Development Group
Related Party Transactions
Segment gross profit	200,000	$ 300,000	500,000	$ 1,000,000
Related Party \| Construction Contracts
Related Party Transactions
Construction receivables, including retentions, net	$ 0		$ 0		$ 0

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

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-Topic 280
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Business and Organization - Schedule of Operating Portfolio (Details)	Sep. 30, 2024
249 Central Park Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
4525 Main Street Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
4621 Columbus Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Columbus Village \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Commerce Street Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Fountain Plaza Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Pembroke Square \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Premier Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
South Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Studio 56 Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
The Cosmopolitan Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Two Columbus Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
West Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Broad Creek Shopping Center \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Broadmoor Plaza \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Brooks Crossing Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	65.00%
Delray Beach Plaza \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Greenbrier Square \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Greentree Shopping Center \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Hanbury Village \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Lexington Square \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Market at Mill Creek \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
North Pointe Center \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Parkway Centre \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Parkway Marketplace \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Perry Hall Marketplace \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Sandbridge Commons \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Tyre Neck Harris Teeter \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Constellation Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	90.00%
Point Street Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Chronicle Mill Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	85.00%
Nexton Square \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
North Hampton Market \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
One City Center Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Overlook Village \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Patterson Place \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Providence Plaza Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
South Square \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
The Interlock Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Wendover Village \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Dimmock Square \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Harrisonburg Regal \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Liberty Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Marketplace at Hilltop \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Red Mill Commons \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Southgate Square \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Southshore Shops \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
The Edison Retail \| Retail
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
249 Central Park Office \| Office
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
4525 Main Street Office \| Office
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
4605 Columbus Office \| Office
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Armada Hoffler Tower \| Office
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
One Columbus \| Office
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Two Columbus Office \| Office
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Constellation Office \| Office
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	90.00%
Thames Street Wharf \| Office
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Wills Wharf \| Office
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Chronicle Mill Office \| Office
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	85.00%
One City Center Office \| Office
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Providence Plaza Office \| Office
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
The Interlock Office \| Office
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Brooks Crossing Office \| Office
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Encore Apartments \| Multifamily
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Premier Apartments \| Multifamily
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
The Cosmopolitan Apartments \| Multifamily
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
1305 Dock Street \| Multifamily
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	90.00%
1405 Point \| Multifamily
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Chronicle Mill Apartments \| Multifamily
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	85.00%
Greenside Apartments \| Multifamily
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
The Everly \| Multifamily
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
The Edison Apartments \| Multifamily
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Liberty Apartments \| Multifamily
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%
Smith's Landing \| Multifamily
Business And Organization [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%

Construction Contracts - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Construction receivables retentions	$ 41,300		$ 28,700
Retentions	11,881	$ 23,127	21,414	$ 17,515
Construction
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Retentions	45,100		38,200
Portion Attributable To Pending Contracts
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Pre-contract costs	1,600		$ 1,900
Amortization of pre-contract costs	$ 100	$ 300
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	12 months
Minimum \| Construction \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
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]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	24 months
Maximum \| Construction \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	24 months

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 04, 2024
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-35908
Entity Registrant Name	ARMADA HOFFLER PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-1214914
Entity Address, Address Line One	222 Central Park Avenue
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Virginia Beach
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23462
City Area Code	757
Local Phone Number	366-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		79,693,739
Entity Central Index Key	0001569187
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Common stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	AHH
Security Exchange Name	NYSE
Redeemable convertible preferred stock
Entity Listings [Line Items]
Title of 12(b) Security	6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Trading Symbol	AHHPrA
Security Exchange Name	NYSE

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company’s Amended and Restated 2013 Equity Incentive Plan, as amended June 14, 2023 (the "Equity Plan"), permits the grant of restricted stock awards, stock options, stock appreciation rights, LTIP Units, performance units, and other equity-based awards up to an aggregate of 3,400,000 shares of common stock. As of September 30, 2024, there were 1,112,489 shares available for issuance under the Equity Plan. During the nine months ended September 30, 2024, the Company granted an aggregate of 286,868 shares of restricted stock, 170,203 LTIP Units, and 50,000 performance units to employees and non-employee directors with a weighted average grant date fair value of $10.72 per share of restricted stock, $9.65 per LTIP Unit, and $9.23 per performance unit, respectively. During the nine months ended September 30, 2024, employees surrendered 105,404 shares of stock for income tax withholdings. During the nine months ended September 30, 2024, 11,453 shares of restricted stock and 23,750 performance units were forfeited in accordance with service conditions of grants. Employee restricted stock awards generally vest over a period of two years: one-third immediately on the grant date and the remaining two-thirds in equal amounts on the first two anniversaries following the grant date, subject to continued service to the Company. Executive officers' restricted shares or LTIP Units 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. Employee performance units generally vest over a period of six years: two-fifths on the last day of a three year performance period, and the remaining three-fifths in equal amounts on the first three anniversaries following the end of the three year performance period, subject to continued service to the Company and certain market conditions. Unvested restricted stock awards, LTIP Units, and performance units are entitled to receive distributions from their grant date. During the three months ended September 30, 2024 and 2023, the Company recognized $1.0 million and $0.9 million, respectively, of stock-based compensation cost. During the nine months ended September 30, 2024 and 2023, the Company recognized $4.1 million and $3.3 million, respectively, of stock-based compensation cost. As of September 30, 2024, there were 280,636 unvested shares of restricted stock, 119,872 unvested LTIP Units, and 136,875 unvested performance units outstanding; the total unrecognized compensation expense related to unvested shares of restricted stock, unvested LTIP Units, and unvested performance units was $3.1 million, which the Company expects to recognize over the next 63 months.

Construction Contracts

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 during the next 12 to 24 months.

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


	Nine Months Ended September 30, 2024				Nine Months Ended September 30, 2023
	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	$	104	$	21,414	$	342	$	17,515
Revenue recognized that was included in the balance at the beginning of the period	—		(21,414)		—		(17,515)
Increases due to new billings, excluding amounts recognized as revenue during the period	—		14,318		—		24,570
Transferred to receivables	(106)		—		(342)		—
Construction contract costs and estimated earnings not billed during the period	315		—		440		—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	2		(2,437)		—		(1,443)
Ending balance	$	315	$	11,881	$	440	$	23,127

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 $1.6 million and $1.9 million were deferred as of September 30, 2024 and December 31, 2023, respectively. Amortization of pre-contract costs for the nine months ended September 30, 2024 and 2023 was $0.1 million and $0.3 million, respectively.

Construction receivables and payables include retentions, which are amounts that are generally withheld until the completion of the contract or the satisfaction of certain restrictive conditions such as fulfillment guarantees. As of September 30, 2024 and December 31, 2023, construction receivables included retentions of $41.3 million and $28.7 million, respectively. The Company expects to collect substantially all construction receivables outstanding as

of September 30, 2024 during the next 12 to 24 months. As of September 30, 2024 and December 31, 2023, construction payables included retentions of $45.1 million and $38.2 million, respectively. The Company expects to pay substantially all construction payables outstanding as of September 30, 2024 during the next 12 to 24 months.

The Company’s net position on uncompleted construction contracts comprised the following as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024		December 31, 2023
Costs incurred on uncompleted construction contracts	$	931,153	$	718,571
Estimated earnings	33,585		26,089
Billings	(976,304)		(765,970)
Net position	$	(11,566)	$	(21,310)

Construction contract costs and estimated earnings in excess of billings	$	315	$	104
Billings in excess of construction contract costs and estimated earnings	(11,881)		(21,414)
Net position	$	(11,566)	$	(21,310)

The above table reflects the net effect of projects closed as of September 30, 2024 and December 31, 2023, as applicable.

The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of September 30, 2024 and 2023 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Beginning backlog	$	302,850	$	592,787	$	472,169	$	665,564
New contracts/change orders	4,886		20,646		80,067		135,414
Work performed	(114,614)		(99,855)		(359,114)		(287,400)
Ending backlog	$	193,122	$	513,578	$	193,122	$	513,578

The Company expects to complete a majority of the uncompleted contracts in place as of September 30, 2024 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental, and other matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs, and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant. Guarantees In connection with certain of the Company's real estate financing activities and equity method investments, the Company has made guarantees to pay portions of certain senior loans of third parties associated with the development projects. As of September 30, 2024, the Company had an outstanding guarantee liability of $0.1 million related to the $32.9 million guarantee of the senior loan secured by Harbor Point Parcel 4. Commitments The Company has a bonding line of credit for its general contracting construction business and is contingently liable under performance and payment bonds, bonds for cancellation of mechanics liens and defect bonds. Such bonds collectively totaled $8.3 million and $6.5 million as of September 30, 2024 and December 31, 2023, respectively. 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 September 30, 2024, the Company had six notes receivable with a total of $43.3 million of unfunded commitments. These unfunded commitments consist of $34.8 million of unfunded principal and $8.5 million of unfunded contingency. The Company considers the probability of contingency funding to be remote. If commitments are funded in the future, interest will be charged at rates consistent with the existing investments. As of September 30, 2024, the Company has recorded a $0.6 million CECL allowance that relates to the unfunded commitments, which was recorded as a liability in other liabilities in the consolidated balance sheet. See Note 7 for more information.

Derivative Financial Instruments - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain reclassified during next 12 months	$ 2.1

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

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

OPERATING ACTIVITIES

Net income

$ 13,458

$ 28,725

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

Depreciation of buildings and tenant improvements

50,347

46,742

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

14,166

14,066

Accrued straight-line rental revenue

(5,499)

(4,748)

Amortization of leasing incentives and above or below-market rents

(1,227)

(1,749)

Amortization of right-of-use assets - finance leases

1,184

1,049

Accrued straight-line ground rent expense

Unrealized credit loss provision

871

Adjustment for uncollectible lease accounts

1,532

1,251

Noncash stock compensation

3,857

2,951

Noncash acquisition, development, and other pursuit costs

5,528

Impairment charges

1,494

107

Noncash interest expense

2,967

5,721

Noncash loss on extinguishment of debt

113

Gain on real estate dispositions, net

(738)

Change in fair value of derivatives and other

12,109

(1,974)

Adjustment for receipts on off-market interest rate derivatives

(7,582)

(3,155)

Changes in operating assets and liabilities:

Property assets

(9,239)

(4,439)

Property liabilities

9,442

5,113

Construction assets

28,290

(23,531)

Construction liabilities

(17,188)

21,770

Interest receivable

(12,611)

(9,797)

Net cash provided by operating activities

91,217

78,290

INVESTING ACTIVITIES

Development of real estate investments

(27,083)

(40,538)

Tenant and building improvements

(19,064)

(16,004)

Acquisitions of real estate investments, net of cash received

(8,394)

Dispositions of real estate investments, net of selling costs

246

Notes receivable issuances

(37,044)

(42,010)

Notes receivable paydowns

25,796

Payments to purchase off-market interest rate derivatives

(16,856)

Receipts on off-market interest rate derivatives

7,582

3,155

Leasing costs

(4,462)

(3,217)

Leasing incentives

(10)

(20)

Contributions to equity method investments

(13,299)

(53,689)

Net cash used for investing activities

(67,584)

(177,327)

FINANCING ACTIVITIES

Proceeds (costs) from issuance of common stock, net of issuance cost

129,474

(204)

Common shares tendered for tax withholding

(1,140)

(1,111)

Debt issuances, credit facility, and construction loan borrowings

215,581

310,402

Debt and credit facility repayments, including principal amortization

(146,233)

(162,393)

Debt issuance costs

(1,048)

(2,839)

Cash paid on extinguishment of debt

(141,579)

Redemption of operating partnership units

(186)

(705)

Distributions to noncontrolling interests

(593)

(1,231)

Dividends and distributions

(62,349)

(59,742)

Net cash (used for) provided by financing activities

(8,073)

82,177

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

15,560

(16,860)

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

30,166

51,865

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

^[1]

45,726

35,005

Supplemental Disclosures (noncash transactions):

Increase in dividends and distributions payable

1,323

683

Increase in accrued capital improvements and development costs

2,283

2,033

Increase in settlement liability for the repurchase of common stock

643

Issuance of operating partnership units for acquisitions

12,194

Operating Partnership units redeemed for common shares

767

Debt assumed at fair value in conjunction with real estate purchases

105,584

Note receivable redeemed in conjunction with real estate purchase

90,232

Acquisitions of noncontrolling interests

12,834

Other liability satisfied in connection with a real estate disposal

750

Recognition of finance lease right-of-use assets

47,742

Recognition of finance lease liabilities

$ 0

$ 46,616

[1]

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the Condensed Consolidated Statements of Cash Flows (in thousands):


	September 30, 2024		September 30, 2023
Cash and cash equivalents	$	43,852	$	32,662
Restricted cash (a)	1,874		2,343
Cash, cash equivalents, and restricted cash	$	45,726	$	35,005

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

Notes Receivable and Current Expected Credit Losses - Schedule Allowance for Credit Losses on Financing Receivables (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Funded
Beginning balance	$ 1,472	$ 1,292
Unrealized credit loss provision (release)	294	817
Release due to redemption	(60)	(465)
Ending balance	1,706	1,644
Unfunded
Beginning balance	732	338
Unrealized credit loss provision (release)	(181)	519
Release due to redemption	0	0
Ending balance	551	857
Total
Beginning balance	2,204	1,630
Unrealized credit loss provision (release)	113	1,336
Release due to redemption	(60)	(465)
Ending balance	$ 2,257	$ 2,501

Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Apr. 17, 2024	Apr. 16, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional Amount	$ 1,186,819			$ 1,786,163
Asset, fair value	12,248			28,862
Liability, fair value	(1,126)			0
Interest rate swaps
Derivative [Line Items]
Notional Amount	1,186,819
Derivatives not designated as accounting hedges
Derivative [Line Items]
Notional Amount	1,020,000			1,020,000
Asset, fair value	9,157			20,761
Liability, fair value	(505)			0
Derivatives not designated as accounting hedges \| Interest rate swaps
Derivative [Line Items]
Notional Amount	1,020,000	$ 100,000	$ 79,000	1,020,000
Asset, fair value	9,157			20,761
Liability, fair value	(505)			0
Derivatives designated as accounting hedges \| Interest rate swaps
Derivative [Line Items]
Notional Amount	166,819			667,894
Asset, fair value	3,091			7,141
Liability, fair value	(621)			0
Derivatives designated as accounting hedges \| Interest rate caps
Derivative [Line Items]
Notional Amount	0			98,269
Asset, fair value	0			960
Liability, fair value	$ 0			$ 0

Equity Method Investment (Details) - USD ($) $ in Thousands	9 Months Ended
Equity Method Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Apr. 01, 2022
Schedule of Equity Method Investments [Line Items]
Investment in equity method investment during period	$ 13,299	$ 53,689
Equity method investments	155,330		$ 142,031
Harbor Point Parcel 3
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 2,700		2,200
Harbor Point Parcel 3 \| Beatty Development Group
Schedule of Equity Method Investments [Line Items]
Interests in equity method investments	50.00%
Investment in equity method investment during period	$ 2,100
Maximum commitment	52,700
Equity method investments	42,800		40,700
Harbor Point Parcel 4
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 1,300		800
Harbor Point Parcel 4 \| Beatty Development Group
Schedule of Equity Method Investments [Line Items]
Interests in equity method investments	78.00%			78.00%
Investment in equity method investment during period	$ 11,200
Maximum commitment	114,300
Equity method investments	$ 112,500		$ 101,300
Potential increase in ownership percentage	90.00%

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Business of Organization - Additional Information (Details)	Sep. 30, 2024	Dec. 31, 2023
Business And Organization [Line Items]
Percentage of operating partnership held	78.60%	75.60%
General Partner
Business And Organization [Line Items]
Percentage of operating partnership held	0.10%

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Floating to Fixed Interest Rate Swaps

As of September 30, 2024, 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
Harbor Point Parcel 3 senior construction loan	$	90,000	(a)	1-month SOFR	2.75	%	4.82	%	10/2/2023	10/1/2025
Floating rate pool of loans	330,000		(b)	1-month SOFR	2.75	%	4.33	%	10/1/2023	10/1/2025
Harbor Point Parcel 4 senior construction loan	100,000		(c)	1-month SOFR	2.75	%	5.12	%	11/1/2023	11/1/2025
Floating rate pool of loans	300,000		(d)	1-month SOFR	2.75	%	4.33	%	12/1/2023	12/1/2025
Revolving credit facility and TD unsecured term loan	100,000		(e)	Daily SOFR	3.20	%	4.84	%	5/19/2023	5/19/2026
Thames Street Wharf loan	66,819		(f)	Daily SOFR	0.93	%	2.33	%	9/30/2021	9/30/2026
M&T unsecured term loan	100,000		(f)	1-month SOFR	3.50	%	5.05	%	12/6/2022	12/6/2027
Liberty Retail & Apartments loan	21,000		(g)	1-month SOFR	3.43	%	4.93	%	12/13/2022	1/21/2028
Senior unsecured term loan	79,000		(g)	1-month SOFR	3.43	%	4.98	%	12/13/2022	1/21/2028
Total	$	1,186,819

________________________________________

(b) The Company paid $13.3 million to reduce the swap fixed rate in the period in which it was purchased.

(d) The Company paid $10.5 million to reduce the swap fixed rate in the period in which it was purchased.

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

(f) Designated as a cash flow hedge.

Schedule of Derivatives

The Company’s derivatives were comprised of the following as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024						December 31, 2023
	Notional Amount		Fair Value				Notional Amount		Fair Value
			Asset		Liability				Asset		Liability
Derivatives not designated as accounting hedges
Interest rate swaps	$	1,020,000	$	9,157	$	(505)	$	1,020,000	$	20,761	$	—
Total derivatives not designated as accounting hedges	1,020,000		9,157		(505)		1,020,000		20,761		—
Derivatives designated as accounting hedges
Interest rate swaps	166,819		3,091		(621)		667,894		7,141		—
Interest rate caps	—		—		—		98,269		960		—
Total derivatives	$	1,186,819	$	12,248	$	(1,126)	$	1,786,163	$	28,862	$	—

Schedule of Changes in Fair Value of Derivatives

The unrealized changes in the fair value of the Company’s derivatives during the three and nine months ended September 30, 2024 and 2023 were comprised of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest rate swaps	$	(20,018)	$	4,952	$	(10,943)	$	12,188
Interest rate caps	(1)		20		22		(346)
Total unrealized change in fair value of interest rate derivatives	$	(20,019)	$	4,972	$	(10,921)	$	11,842
Comprehensive income statement presentation:
Change in fair value of derivatives and other	$	(16,669)	$	1,484	$	(12,109)	$	1,974
Unrealized cash flow hedge gains	(3,350)		3,488		1,188		9,868
Total unrealized change in fair value of interest rate derivatives	$	(20,019)	$	4,972	$	(10,921)	$	11,842

- 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

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Real estate investments:

Income producing property

$ 2,211,991

$ 2,093,032

Held for development

10,483

11,978

Construction in progress

33,714

102,277

Gross real estate investments

2,256,188

2,207,287

Accumulated depreciation

(443,515)

(393,169)

Net real estate investments

1,812,673

1,814,118

Cash and cash equivalents

43,852

27,920

Restricted cash

1,874

^[1]

2,246

Accounts receivable, net

51,408

45,529

Notes receivable, net

117,797

94,172

Construction receivables, including retentions, net

106,190

126,443

Construction contract costs and estimated earnings in excess of billings

315

104

Equity method investments

155,330

142,031

Operating lease right-of-use assets

22,898

23,085

Finance lease right-of-use assets

89,381

90,565

Acquired lease intangible assets

97,698

109,137

Other assets

61,723

87,548

Total Assets

2,561,139

2,562,898

LIABILITIES AND EQUITY

Indebtedness, net

1,327,971

1,396,965

Accounts payable and accrued liabilities

44,798

31,041

Construction payables, including retentions

115,472

128,290

Billings in excess of construction contract costs and estimated earnings

11,881

21,414

Operating lease liabilities

31,404

31,528

Finance lease liabilities

92,457

91,869

Other liabilities

55,664

56,613

Total Liabilities

1,679,647

1,757,720

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 September 30, 2024 and December 31, 2023

171,085

Common stock, $0.01 par value, 500,000,000 shares authorized; 79,696,160 and 66,793,294 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively

797

668

Additional paid-in capital

713,809

580,687

Distributions in excess of earnings

(222,839)

(184,724)

Accumulated other comprehensive income

1,000

4,906

Total stockholders’ equity

663,852

572,622

Noncontrolling interests in investment entities

9,388

9,986

Noncontrolling interests in Operating Partnership

208,252

222,570

Total Equity

881,492

805,178

Total Liabilities and Equity

$ 2,561,139

$ 2,562,898

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

Leases - Schedule of Rental Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Base rent and tenant charges	$ 65,840	$ 61,021	$ 187,018	$ 172,585
Accrued straight-line rental adjustment	2,333	1,505	5,499	4,748
Lease incentive amortization	(105)	(123)	(343)	(438)
(Above) below market lease amortization, net	530	510	1,570	2,187
Total rental revenue	$ 68,598	$ 62,913	$ 193,744	$ 179,082

Business and Organization - Schedule of Properties Under Development or Construction (Details)	Sep. 30, 2024
Retail \| Southern Post Retail
Business And Organization [Line Items]
Ownership interest percentage in property	100.00%
Retail \| Columbus Village II*
Business And Organization [Line Items]
Ownership interest percentage in property	100.00%
Office \| Southern Post Office
Business And Organization [Line Items]
Ownership interest percentage in property	100.00%
Multifamily \| Chandler Residences
Business And Organization [Line Items]
Ownership interest percentage in property	100.00%

Notes Receivable and Current Expected Credit Losses - Schedule of Notes Receivable Outstanding (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Aug. 08, 2024	Jul. 10, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (1,706)			$ (1,472)	$ (1,644)	$ (1,292)
Total notes receivable	117,797			94,172
Allowance related to unfunded commitments	551			732	$ 857	$ 338
Other liabilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance related to unfunded commitments	600			700
Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal	89,590
Accrued interest and fees	17,126
Notes receivable	106,716			83,425
Maximum principal commitment	121,900
Mezzanine loan \| Solis Gainesville II
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal	19,595
Accrued interest and fees	5,041
Notes receivable	24,636			22,268
Maximum principal commitment	$ 19,595
Interest rate	14.00%
Mezzanine loan \| Solis Kennesaw
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal	$ 37,870
Accrued interest and fees	6,230
Notes receivable	44,100			15,922
Maximum principal commitment	$ 37,870
Interest rate	14.00%
Mezzanine loan \| Solis Peachtree Corners
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal	$ 20,533
Accrued interest and fees	3,917
Notes receivable	24,450			11,092
Maximum principal commitment	$ 28,440
Interest rate	15.00%
Mezzanine loan \| The Allure at Edinburgh
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal	$ 9,228
Accrued interest and fees	1,639
Notes receivable	10,867			9,830
Maximum principal commitment	$ 9,228
Interest rate	15.00%
Mezzanine loan \| Solis City Park II
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal	$ 0
Accrued interest and fees	0
Notes receivable	0			24,313
Maximum principal commitment	$ 0		$ 25,800
Interest rate	13.00%
Mezzanine loan \| Solis North Creek
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal	$ 2,364
Accrued interest and fees	299
Notes receivable	2,663			0
Maximum principal commitment	$ 26,767	$ 26,800	$ 27,000
Interest rate	12.00%
Other notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 12,787			$ 12,219

Real Estate Investments	9 Months Ended
Real Estate Investments	Sep. 30, 2024
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments The Company did not acquire or dispose of any properties during the nine months ended September 30, 2024. Other Real Estate Transactions During the nine months ended September 30, 2024, the Company recognized impairment of real estate of $1.5 million and wrote off development costs of $5.5 million related to undeveloped land under predevelopment, which reflects the excess of the book value of the property's assets over the estimated fair value of the property. The Company also recognized an income tax benefit of $1.6 million as a result of the recognized impairment and the development costs. On June 25, 2024, the Company entered into a non-binding letter of intent to sell the property to an unrelated third party for $4.8 million, which was used as an approximation of fair value as a level 3 input in the fair value hierarchy. The Company anticipates completing the transaction in 2025, subject to customary closing conditions. The land parcel did not meet the criteria to be classified as held-for-sale as of September 30, 2024.

Construction Contracts - Schedule of Net Position of Uncompleted Construction Contracts (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Contractors [Abstract]
Costs incurred on uncompleted construction contracts	$ 931,153	$ 718,571
Estimated earnings	33,585	26,089
Billings	(976,304)	(765,970)
Net position	(11,566)	(21,310)
Construction contract costs and estimated earnings in excess of billings	315	104	$ 440	$ 342
Billings in excess of construction contract costs and estimated earnings	$ (11,881)	$ (21,414)	$ (23,127)	$ (17,515)

Derivative Financial Instruments - Schedule of Changes in Fair Value of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Total unrealized change in fair value of interest rate derivatives	$ (20,019)			$ 4,972			$ (10,921)	$ 11,842
Change in fair value of derivatives and other	(16,669)			1,484			(12,109)	1,974
Unrealized cash flow hedge gains	(3,350)	$ 984	$ 3,554	3,488	$ 6,806	$ (426)	1,188	9,868
Interest rate swaps
Derivative [Line Items]
Total unrealized change in fair value of interest rate derivatives	(20,018)			4,952			(10,943)	12,188
Interest rate caps
Derivative [Line Items]
Total unrealized change in fair value of interest rate derivatives	$ (1)			$ 20			$ 22	$ (346)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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

Segments - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segments - Additional Information (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting Information
Number of reportable segments \| segment			5
Segment gross profit	$ 51,476	$ 48,371	$ 148,402	$ 138,287
General contracting and real estate services revenues	114,353	99,408	358,167	286,220
Depreciation and amortization	23,289	22,462	64,513	60,808
Retail real estate
Segment Reporting Information
Segment gross profit	18,591	19,891	56,506	55,813
Depreciation and amortization	4,100	4,300	11,500	12,800
Interest expense	3,900	2,900	11,300	8,100
Net carrying amount	696,800		696,800
Retail real estate \| Revision of Prior Period, Reclassification, Adjustment
Segment Reporting Information
Segment gross profit		500		1,300
Office real estate
Segment Reporting Information
Segment gross profit	19,117	13,850	48,029	39,403
Depreciation and amortization	10,600	8,100	26,900	22,600
Interest expense	3,700	2,800	10,500	7,500
Net carrying amount	645,400		645,400
Office real estate \| Revision of Prior Period, Reclassification, Adjustment
Segment Reporting Information
Segment gross profit		(100)		100
Multifamily real estate
Segment Reporting Information
Segment gross profit	8,054	8,549	24,870	25,564
Depreciation and amortization	8,400	9,900	25,700	25,000
Interest expense	2,800	2,400	8,500	6,900
Net carrying amount	444,500		444,500
Multifamily real estate \| Revision of Prior Period, Reclassification, Adjustment
Segment Reporting Information
Segment gross profit		(400)		(1,400)
General contracting and real estate services
Segment Reporting Information
Segment gross profit	3,366	3,313	11,782	9,884
General contracting and real estate services revenues	114,353	99,408	358,167	286,220
General contracting and real estate services expenses	110,987	96,095	346,385	276,336
General contracting and real estate services \| Intercompany Eliminations
Segment Reporting Information
General contracting and real estate services revenues	2,300	13,400	15,000	40,000
General contracting and real estate services expenses	2,300	$ 13,300	14,900	$ 39,600
Mixed-Use Development
Segment Reporting Information
Net carrying amount	$ 26,100		$ 26,100

Segments - Schedule of Net Operating Income of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information
Rental revenues	$ 68,598	$ 62,913	$ 193,744	$ 179,082
Rental expenses	16,652	14,756	46,344	41,392
Real estate taxes	6,184	5,867	17,995	16,910
General contracting and real estate services revenues	114,353	99,408	358,167	286,220
Segment gross profit	51,476	48,371	148,402	138,287
Retail real estate
Segment Reporting Information
Rental revenues	26,161	26,502	77,905	74,749
Rental expenses	5,104	4,227	14,099	11,944
Real estate taxes	2,466	2,384	7,300	6,992
Interest expense	3,900	2,900	11,300	8,100
Segment gross profit	18,591	19,891	56,506	55,813
Office real estate
Segment Reporting Information
Rental revenues	27,784	22,052	72,532	62,338
Rental expenses	6,307	5,950	17,793	16,441
Real estate taxes	2,360	2,252	6,710	6,494
Interest expense	3,700	2,800	10,500	7,500
Segment gross profit	19,117	13,850	48,029	39,403
Multifamily real estate
Segment Reporting Information
Rental revenues	14,653	14,359	43,307	41,995
Rental expenses	5,241	4,579	14,452	13,007
Real estate taxes	1,358	1,231	3,985	3,424
Interest expense	2,800	2,400	8,500	6,900
Segment gross profit	8,054	8,549	24,870	25,564
General contracting and real estate services
Segment Reporting Information
General contracting and real estate services revenues	114,353	99,408	358,167	286,220
General contracting and real estate services expenses	110,987	96,095	346,385	276,336
Segment gross profit	3,366	3,313	11,782	9,884
Real estate financing
Segment Reporting Information
Interest income	4,072	3,496	12,038	10,257
Interest expense	1,724	728	4,823	2,634
Segment gross profit	$ 2,348	$ 2,768	$ 7,215	$ 7,623

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

Sep. 30, 2024

Dec. 31, 2023

Sep. 30, 2023

Dec. 31, 2022

Statement of Cash Flows [Abstract]

Cash and cash equivalents

$ 43,852

$ 27,920

$ 32,662

Restricted cash

1,874

^[1]

2,246

2,343

^[1]

Cash, cash equivalents, and restricted cash

$ 45,726

^[2]

$ 30,166

$ 35,005

^[2]

$ 51,865

[1]

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

[2]

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the Condensed Consolidated Statements of Cash Flows (in thousands):


	September 30, 2024		September 30, 2023
Cash and cash equivalents	$	43,852	$	32,662
Restricted cash (a)	1,874		2,343
Cash, cash equivalents, and restricted cash	$	45,726	$	35,005

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

Fair Value of Financial Instruments - Schedule of Carrying Amounts and Fair Values of Financial Instruments Measured (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value of Financial Instruments
Deferred financing costs	$ 8,300	$ 10,400
Carrying Value
Fair Value of Financial Instruments
Indebtedness, net	1,336,246	1,407,323
Notes receivable, net	117,797	94,172
Interest rate swap liabilities	1,126	0
Interest rate swap and cap assets	12,248	28,862
Fair Value
Fair Value of Financial Instruments
Indebtedness, net	1,317,011	1,389,296
Notes receivable, net	117,797	94,172
Interest rate swap liabilities	1,126	0
Interest rate swap and cap assets	$ 12,248	$ 28,862

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (5,038)	$ 6,940	$ 12,207	$ 23,512

- 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 250
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: 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 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Equity

Stockholders’ Equity

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

During the nine months ended September 30, 2024, the Company issued and sold 2,288,541 shares of common stock at a weighted average price of $11.58 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $26.1 million. During the nine months ended September 30, 2024, the Company did not issue any shares of Series A Preferred Stock under the ATM Program. Shares having an aggregate offering price of $178.5 million remained unsold under the ATM Program as of November 4, 2024.

On January 2, 2024, in connection with the tender by a holder of 9,286 units of limited partnership interest in the Operating Partnership ("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 July 1, 2024, in connection with the tender by holders of Class A Units of 79,650 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption requests through the issuance of an equal number of shares of common stock.

On August 16, 2024, in connection with the tender by a holder of 6,053 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 September 27, 2024, the Company completed an underwritten public offering of 9.00 million shares of common stock at a public offering price of $10.50 per share, which resulted in gross proceeds of $94.5 million. The Company granted the underwriters an option to purchase 1.35 million shares of common stock at a public offering price of $10.50 per share, which resulted in gross proceeds of $14.2 million. The Company had net proceeds, after deducting the underwriting discount and offering expenses, of $103.5 million.

Noncontrolling Interests

As of September 30, 2024 and December 31, 2023, the Company held a 78.6% and 75.6%, respectively, economic interest in the Operating Partnership. As of September 30, 2024, 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 78.6% 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 September 30, 2024, there were 21,458,073 Class A Units and 209,897 LTIP Units in the Operating Partnership ("LTIP Units") not held by the Company. The Company's financial position and results of operations are the same as those of the Operating Partnership.

Additionally, the Operating Partnership owns a majority interest in certain non-wholly owned operating and development properties. The noncontrolling interest for consolidated real estate entities was $9.4 million and $10.0 million as of September 30, 2024 and December 31, 2023, respectively, which represents the minority partners' interest in certain joint venture entities.

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 nine months ended September 30, 2024, the Company did not repurchase any shares of common stock or Series A Preferred Stock. As of September 30, 2024, $37.4 million remained available for repurchases under the Share Repurchase Program.

Dividends and Distributions

During the nine months ended September 30, 2024, the following dividends/distributions were declared or paid:

Equity type

Declaration Date

Record Date

Payment Date

Dividends per Share/Unit

Aggregate Dividends/Distributions on Stock and Units (in thousands)

Common Stock/Class A Units

12/14/2023

12/27/2023

01/04/2024

0.195

17,233

Common Stock/Class A Units

02/20/2024

03/27/2024

04/04/2024

0.205

18,183

Common Stock/Class A Units

06/13/2024

06/26/2024

07/05/2024

0.205

18,272

Common Stock/Class A Units

09/10/2024

09/25/2024

10/03/2024

0.205

18,658

Series A Preferred Stock

12/14/2023

01/02/2024

01/12/2024

0.421875

2,887

Series A Preferred Stock

02/20/2024

04/01/2024

04/15/2024

0.421875

2,887

Series A Preferred Stock

06/13/2024

07/01/2024

07/15/2024

0.421875

2,887

Series A Preferred Stock

09/10/2024

10/01/2024

10/15/2024

0.421875

2,887

- 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
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-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-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
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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-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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

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

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-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
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Segments (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Net Operating Income of Reportable Segments

The following table presents NOI for the Company's five reportable segments for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Retail real estate
Rental revenues	$	26,161	$	26,502	$	77,905	$	74,749
Rental expenses	5,104		4,227		14,099		11,944
Real estate taxes	2,466		2,384		7,300		6,992
Segment net operating income	18,591		19,891		56,506		55,813
Office real estate
Rental revenues	27,784		22,052		72,532		62,338
Rental expenses	6,307		5,950		17,793		16,441
Real estate taxes	2,360		2,252		6,710		6,494
Segment net operating income	19,117		13,850		48,029		39,403
Multifamily real estate
Rental revenues	14,653		14,359		43,307		41,995
Rental expenses	5,241		4,579		14,452		13,007
Real estate taxes	1,358		1,231		3,985		3,424
Segment net operating income	8,054		8,549		24,870		25,564
General contracting and real estate services
General contracting and real estate services revenues	114,353		99,408		358,167		286,220
General contracting and real estate services expenses	110,987		96,095		346,385		276,336
Segment gross profit	3,366		3,313		11,782		9,884
Real estate financing
Interest income	4,072		3,496		12,038		10,257
Interest expense(a)	1,724		728		4,823		2,634
Segment gross profit	2,348		2,768		7,215		7,623
Net operating income	$	51,476	$	48,371	$	148,402	$	138,287

________________________________________

(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 rates on the credit facility, the M&T term loan facility, and the TD term loan facility, each as defined in Note 9.

Schedule of Reconciliation of Net (Loss) Income

The following table reconciles NOI to net (loss) income, the most directly comparable GAAP measure, for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net operating income	$	51,476	$	48,371	$	148,402	$	138,287
Interest income(a)	629		194		1,921		566
Depreciation and amortization	(23,289)		(22,462)		(64,513)		(60,808)
Amortization of right-of-use assets - finance leases	(395)		(425)		(1,184)		(1,049)
General and administrative expenses	(5,187)		(4,286)		(15,564)		(13,786)
Acquisition, development, and other pursuit costs	(2)		—		(5,530)		(18)
Impairment charges	—		(5)		(1,494)		(107)
Gain on real estate dispositions, net	—		227		—		738
Interest expense(b)	(19,663)		(14,716)		(55,766)		(38,741)

Loss on extinguishment of debt	(113)		—		(113)		—
Change in fair value of derivatives and other	(10,308)		2,466		6,978		5,024
Unrealized credit loss provision	(198)		(694)		(53)		(871)
Other income (expense), net	96		63		254		324
Income tax (provision) benefit	(592)		(310)		120		(834)
Net (loss) income	$	(7,546)	$	8,423	$	13,458	$	28,725

________________________________________

(a) Excludes real estate financing segment interest income of $4.1 million and $3.5 million for the three months ended September 30, 2024 and 2023, respectively, and $12.0 million and $10.3 million for the nine months ended September 30, 2024 and 2023, respectively.

(b) Excludes real estate financing segment interest expense of $1.7 million and $0.7 million for the three months ended September 30, 2024 and 2023, respectively, and $4.8 million and $2.6 million for the nine months ended September 30, 2024 and 2023, respectively.

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total stockholders' equity	Preferred stock	Common stock	Additional paid-in capital	Distributions in excess of earnings	Accumulated other comprehensive income	Noncontrolling interests in investment entities	Noncontrolling interests in Operating Partnership
Beginning balance at Dec. 31, 2022	$ 904,014	$ 647,450	$ 171,085	$ 677	$ 587,884	$ (126,875)	$ 14,679	$ 24,055	$ 232,509
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	5,417	4,709				4,709		154	554
Unrealized cash flow hedge (losses) gains	(426)	(328)					(328)	2	(100)
Realized cash flow hedge gains reclassified to net income	(2,922)	(2,211)					(2,211)	(39)	(672)
Net (costs) proceeds from issuance of common stock	(149)	(149)			(149)
Restricted stock awards, net	979	979		2	977
Acquisitions of noncontrolling interest in real estate entity	(12,834)							(12,834)
Distributions to noncontrolling interests	(506)							(506)
Dividends declared on preferred stock	(2,887)	(2,887)				(2,887)
Dividends and distributions declared on common shares and units	(16,824)	(12,908)				(12,908)			(3,916)
Ending balance at Mar. 31, 2023	873,862	634,655	171,085	679	588,712	(137,961)	12,140	10,832	228,375
Beginning balance at Dec. 31, 2022	904,014	647,450	171,085	677	587,884	(126,875)	14,679	24,055	232,509
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	28,725
Unrealized cash flow hedge (losses) gains	9,868
Realized cash flow hedge gains reclassified to net income	(14,292)
Ending balance at Sep. 30, 2023	866,644	620,954	171,085	679	589,291	(151,534)	11,433	10,441	235,249
Beginning balance at Mar. 31, 2023	873,862	634,655	171,085	679	588,712	(137,961)	12,140	10,832	228,375
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	14,885	11,863				11,863		269	2,753
Unrealized cash flow hedge (losses) gains	6,806	5,093					5,093	151	1,562
Realized cash flow hedge gains reclassified to net income	(5,055)	(3,735)					(3,735)	(174)	(1,146)
Restricted stock awards, net	337	337			337
Issuance of operating partnership units for acquisitions	12,194								12,194
Redemption of operating partnership units	(583)	(19)			(19)				(564)
Distributions to noncontrolling interests	(427)							(427)
Dividends declared on preferred stock	(2,887)	(2,887)				(2,887)
Dividends and distributions declared on common shares and units	(17,470)	(13,248)				(13,248)			(4,222)
Ending balance at Jun. 30, 2023	881,662	632,059	171,085	679	589,030	(142,233)	13,498	10,651	238,952
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	8,423	6,940				6,940		193	1,290
Unrealized cash flow hedge (losses) gains	3,488	2,580					2,580	86	822
Realized cash flow hedge gains reclassified to net income	(6,315)	(4,645)					(4,645)	(191)	(1,479)
Net (costs) proceeds from issuance of common stock	(55)	(55)			(55)
Retirement of common stock	(643)	(643)		(1)	(540)	(102)
Restricted stock awards, net	867	867		1	866
Redemption of operating partnership units	(122)	(10)			(10)				(112)
Distributions to noncontrolling interests	(298)							(298)
Dividends declared on preferred stock	(2,887)	(2,887)				(2,887)
Dividends and distributions declared on common shares and units	(17,476)	(13,252)				(13,252)			(4,224)
Ending balance at Sep. 30, 2023	866,644	620,954	171,085	679	589,291	(151,534)	11,433	10,441	235,249
Ending balance at Dec. 31, 2023	805,178	572,622	171,085	668	580,687	(184,724)	4,906	9,986	222,570
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	17,725	14,073				14,073		34	3,618
Unrealized cash flow hedge (losses) gains	3,554	2,664					2,664	29	861
Realized cash flow hedge gains reclassified to net income	(3,642)	(2,700)					(2,700)	(68)	(874)
Net (costs) proceeds from issuance of common stock	(10)	(10)			(10)
Restricted stock awards, net	1,396	1,396		2	1,394
Redemption of operating partnership units	(118)	(22)			(22)				(96)
Distributions to noncontrolling interests	(336)							(336)
Dividends declared on preferred stock	(2,887)	(2,887)				(2,887)
Dividends and distributions declared on common shares and units	(18,183)	(13,733)				(13,733)			(4,450)
Ending balance at Mar. 31, 2024	802,677	571,403	171,085	670	582,049	(187,271)	4,870	9,645	221,629
Beginning balance at Dec. 31, 2023	805,178	572,622	171,085	668	580,687	(184,724)	4,906	9,986	222,570
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	13,458
Unrealized cash flow hedge (losses) gains	1,188
Realized cash flow hedge gains reclassified to net income	(6,365)
Ending balance at Sep. 30, 2024	881,492	663,852	171,085	797	713,809	(222,839)	1,000	9,388	208,252
Beginning balance at Mar. 31, 2024	802,677	571,403	171,085	670	582,049	(187,271)	4,870	9,645	221,629
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	3,279	3,172				3,172		17	90
Unrealized cash flow hedge (losses) gains	984	743					743		241
Realized cash flow hedge gains reclassified to net income	(1,398)	(1,056)					(1,056)		(342)
Net (costs) proceeds from issuance of common stock	4,263	4,263		4	4,259
Restricted stock awards, net	809	809			809
Distributions to noncontrolling interests	(151)							(151)
Dividends declared on preferred stock	(2,887)	(2,887)				(2,887)
Dividends and distributions declared on common shares and units	(18,170)	(13,713)				(13,713)			(4,457)
Ending balance at Jun. 30, 2024	789,406	562,734	171,085	674	587,117	(200,699)	4,557	9,511	217,161
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(7,546)	(5,038)				(5,038)		(17)	(2,491)
Unrealized cash flow hedge (losses) gains	(3,350)	(2,549)					(2,549)		(801)
Realized cash flow hedge gains reclassified to net income	(1,325)	(1,008)					(1,008)		(317)
Net (costs) proceeds from issuance of common stock	125,221	125,221		122	125,099
Restricted stock awards, net	805	805			805
Redemption of operating partnership units	(68)	789		1	788				(857)
Distributions to noncontrolling interests	(106)							(106)
Dividends declared on preferred stock	(2,887)	(2,887)				(2,887)
Dividends and distributions declared on common shares and units	(18,658)	(14,215)				(14,215)			(4,443)
Ending balance at Sep. 30, 2024	$ 881,492	$ 663,852	$ 171,085	$ 797	$ 713,809	$ (222,839)	$ 1,000	$ 9,388	$ 208,252

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The condensed consolidated financial statements include the financial position and results of operations of the Company and its subsidiaries. The Company’s subsidiaries include the Operating Partnership and the subsidiaries that are wholly owned or in which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity ("VIE") in accordance with the consolidation guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). All significant intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition, and results of operations for the interim periods presented. The accompanying condensed consolidated financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim financial statements should be read in conjunction with the audited consolidated financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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. Recent Accounting Pronouncements 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. Other Accounting Policies See the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for a description of other accounting principles upon which basis the accompanying consolidated financial statements were prepared.

Indebtedness	9 Months Ended
Indebtedness	Sep. 30, 2024
Debt Disclosure [Abstract]
Indebtedness	Indebtedness 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 "credit facility"), with a syndicate of banks. The credit facility includes an accordion feature that allows the total commitments to be increased to $1.0 billion, subject to certain conditions, including obtaining commitments from any one or more lenders. The revolving credit facility has a scheduled maturity date of January 22, 2027, with two six-month extension options, subject to the Company's satisfaction of certain conditions, including payment of a 0.075% extension fee at each extension. The term loan facility has a scheduled maturity date of January 21, 2028. 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. On June 14, 2024, the term loan facility commitment increased by $50 million to $350.0 million as a result of an existing lender increasing its outstanding commitment. The revolving credit facility bears interest at the Secured Overnight Financing Rate ("SOFR") plus a margin ranging from 1.30% to 1.85% and a credit spread adjustment of 0.10%, and the term loan facility bears interest at SOFR plus a margin ranging from 1.25% to 1.80% and a credit spread adjustment of 0.10%, in each case depending on the Company's total leverage. The Company is also obligated to pay an unused commitment fee of 15 or 25 basis points on the unused portions of the commitments under the revolving credit facility, depending on the amount of borrowings under the revolving credit facility. If the Company or the Operating Partnership attains investment grade credit ratings from both S&P Global Ratings and Moody's Investors Service, Inc., the Operating Partnership may elect to have borrowings become subject to interest rates based on such credit ratings. As of September 30, 2024 and December 31, 2023, the outstanding balance on the revolving credit facility was $164.0 million and $267.0 million, respectively. The outstanding balance on the term loan facility was $350.0 million as of September 30, 2024 and $300.0 million as of December 31, 2023. As of September 30, 2024, the effective interest rates on the revolving credit facility and the term loan facility, before giving effect to interest rate swaps, were 6.42% and 6.37%, respectively. After giving effect to interest rate swaps, the effective interest rates on the revolving credit facility and the term loan facility were 4.73% and 4.75%, respectively, as of September 30, 2024. The Operating Partnership may, at any time, voluntarily prepay any loan under the credit facility in whole or in part without premium or penalty. The Operating Partnership is the borrower, and its obligations under the credit facility are guaranteed by the Company and certain of its subsidiaries that are not otherwise prohibited from providing such guaranty. The Credit Agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Company's ability to borrow under the credit facility is subject to ongoing compliance with a number of financial covenants, affirmative covenants, and other restrictions. The Credit Agreement includes customary events of default, in certain cases subject to customary cure periods. The occurrence of an event of default, if not cured within the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest, and all other amounts payable under the credit facility to be immediately due and payable. M&T Term Loan Facility On December 6, 2022, the Company, as parent guarantor, and the Operating Partnership, as borrower, entered into a term loan agreement (the "M&T term loan agreement") with Manufacturers and Traders Trust Company, as lender and administrative agent, which provides a $100.0 million senior unsecured term loan facility (the "M&T term loan facility"), with the option to increase the total capacity to $200.0 million, subject to the Company's satisfaction of certain conditions. The proceeds from the M&T term loan facility were used to repay the loans secured by the Wills Wharf, 249 Central Park Retail, Fountain Plaza Retail, and South Retail properties. The M&T term loan facility has a scheduled maturity date of March 8, 2027, with a one-year extension option, subject to the Company's satisfaction of certain conditions, including payment of a 0.075% extension fee. The M&T term loan facility bears interest at a rate elected by the Operating Partnership based on term SOFR, Daily Simple SOFR, or the Base Rate (as defined below), and in each case plus a margin. A term SOFR or Daily Simple SOFR loan is also subject to a credit spread adjustment of 0.10%. The margin under each interest rate election depends on the Company's total leverage. The "Base Rate" is equal to the highest of: (a) the rate of interest in effect for such day as publicly announced from time to time by M&T Bank as its “prime rate” for such day, (b) the Federal Funds Rate for such day, plus 0.50%, (c) one month term SOFR for such day plus 100 basis points and (d) 1.00%. The Operating Partnership has elected for the loan to bear interest at term SOFR plus margin. If the Company or the Operating Partnership attains investment grade credit ratings from both S&P Global Ratings and Moody's Investor Service, Inc., the Operating Partnership may elect to have borrowings become subject to interest rates based on such credit ratings. On June 21, 2024, the M&T term loan facility commitment increased by $35 million to $135.0 million as a result of adding a new lender to the facility. As of September 30, 2024 and December 31, 2023, the outstanding balance on the M&T term loan facility was $135.0 million and $100.0 million, respectively. As of September 30, 2024, the effective interest rate on the M&T term loan facility, before giving effect to interest rate swaps, was 6.37%. After giving effect to interest rate swaps, the effective interest rate on the M&T term loan facility was 4.95% as of September 30, 2024. 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 TD term loan facility has a scheduled maturity date of May 19, 2025, with a one-year extension option, subject to the Company's satisfaction of certain conditions, including payment of a 0.15% extension fee. The TD term loan facility bears interest at a rate elected by the Operating Partnership based on term SOFR, Daily Simple SOFR, or the Base Rate (as defined below), and in each case plus a margin. A term SOFR or Daily Simple SOFR loan is also subject to a credit spread adjustment of 0.10%. The margin under each interest rate election depends on the Company's total leverage. The "Base Rate" is equal to the highest of: (a) the Federal Funds Rate for such day, plus 0.50% (b) the rate of interest in effect for such day as publicly announced from time to time by the administrative agent as its “prime rate” for such day, (c) one month term SOFR for such day plus 100 basis points and (d) 1.00%. The Operating Partnership has elected for the loan to bear interest at term SOFR plus margin. If the Company or the Operating Partnership attains investment grade credit ratings from both S&P Global Ratings and Moody's Investor Service, Inc., the Operating Partnership may elect to have borrowings become subject to interest rates based on such credit ratings. On June 29, 2023, the TD term loan facility commitment increased to $95.0 million as a result of the addition of a second lender to the facility. As of each of September 30, 2024 and December 31, 2023, the outstanding balance on the TD term loan facility was $95.0 million. As of September 30, 2024, the effective interest rate on the TD term loan facility, before giving effect to interest rate swaps, was 6.47%. After giving effect to interest rate swaps, the effective interest rate on the TD term loan facility was 4.85% as of September 30, 2024. The Operating Partnership may, at any time, voluntarily prepay the TD term loan facility in whole or in part without premium or penalty, provided certain conditions are met. The Operating Partnership is the borrower under the TD term loan facility, and its obligations under the TD term loan facility are guaranteed by the Company and certain of its subsidiaries that are not otherwise prohibited from providing such guaranty. The TD term loan agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Company's ability to borrow under the TD term loan facility is subject to ongoing compliance with a number of financial covenants, affirmative covenants, and other restrictions. The TD term loan agreement includes customary events of default, in certain cases subject to customary cure periods. The occurrence of an event of default, if not cured within the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest, and all other amounts payable under the TD term loan facility to be immediately due and payable. The Company is currently in compliance with all covenants under the Credit Agreement, the M&T term loan agreement, and the TD term loan agreement, all of which are substantially similar. Other 2024 Financing Activity The Company exercised its option to extend the maturity date on the loan secured by Chronicle Mill by one year, which will now mature on May 5, 2025. The Company paid a nominal extension fee. On June 10, 2024, the Company paid off the $1.76 million balance of the loan secured by the Red Mill Central shopping center and added the property to the unencumbered borrowing base. On September 27, 2024, the Company paid off the $35.0 million, $23.7 million, and $10.9 million balances of the loans secured by the Chronicle Mill mixed-use multifamily, retail, and office property, the Premier mixed-use multifamily and retail property, and the Market at Mill Creek retail property, respectively. During the nine months ended September 30, 2024, the Company borrowed $25.7 million under its existing construction loans to fund ongoing 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1B
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segments

The Company operates its business in five reportable 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. Refer to Note 1 for the composition of properties within each property segment.

Net operating income ("NOI") is the primary measure used by the Company’s chief operating decision-maker to assess segment performance. NOI is calculated as segment revenues less segment expenses. Segment revenues include rental revenues for the property segments, general contracting and real estate services revenues for the general contracting and real estate services segment, and interest income for the real estate financing segment. Segment expenses include rental expenses and real estate taxes for the property segments, general contracting and real estate services expenses for the general contracting and real estate services segment, and interest expense for the real estate financing segment. Segment NOI for the general contracting and real estate services and real estate financing segments is also referred to as segment gross profit as illustrated in the table below. NOI is not a measure of operating income or cash flows from operating

activities as measured by GAAP and is not indicative of cash available to fund cash needs. As a result, NOI should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s real estate, construction, and real estate financing businesses.

Since the Company's Annual Report on Form 10-K for the year ended December 31, 2023, the Company retrospectively reclassified certain components of mixed-use properties between the retail, office, and multifamily real estate segments in order to align the components of those properties with their tenant composition. As a result, NOI for the three months ended September 30, 2023 increased $0.5 million for the retail real estate segment, and decreased less than $0.1 million and $0.4 million for the office and multifamily real estate segments, respectively. NOI for the nine months ended September 30, 2023 increased $1.3 million and less than $0.1 million for the retail and office real estate segments, respectively, and decreased $1.4 million for the multifamily real estate segment. These reclassifications had no effect on total property NOI as previously reported. These reclassifications also had no impact on our general contracting and real estate services or real estate financing segments.

The following table presents NOI for the Company's five reportable segments for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Retail real estate
Rental revenues	$	26,161	$	26,502	$	77,905	$	74,749
Rental expenses	5,104		4,227		14,099		11,944
Real estate taxes	2,466		2,384		7,300		6,992
Segment net operating income	18,591		19,891		56,506		55,813
Office real estate
Rental revenues	27,784		22,052		72,532		62,338
Rental expenses	6,307		5,950		17,793		16,441
Real estate taxes	2,360		2,252		6,710		6,494
Segment net operating income	19,117		13,850		48,029		39,403
Multifamily real estate
Rental revenues	14,653		14,359		43,307		41,995
Rental expenses	5,241		4,579		14,452		13,007
Real estate taxes	1,358		1,231		3,985		3,424
Segment net operating income	8,054		8,549		24,870		25,564
General contracting and real estate services
General contracting and real estate services revenues	114,353		99,408		358,167		286,220
General contracting and real estate services expenses	110,987		96,095		346,385		276,336
Segment gross profit	3,366		3,313		11,782		9,884
Real estate financing
Interest income	4,072		3,496		12,038		10,257
Interest expense(a)	1,724		728		4,823		2,634
Segment gross profit	2,348		2,768		7,215		7,623
Net operating income	$	51,476	$	48,371	$	148,402	$	138,287

________________________________________

The following table reconciles NOI to net (loss) income, the most directly comparable GAAP measure, for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net operating income	$	51,476	$	48,371	$	148,402	$	138,287
Interest income(a)	629		194		1,921		566
Depreciation and amortization	(23,289)		(22,462)		(64,513)		(60,808)
Amortization of right-of-use assets - finance leases	(395)		(425)		(1,184)		(1,049)
General and administrative expenses	(5,187)		(4,286)		(15,564)		(13,786)
Acquisition, development, and other pursuit costs	(2)		—		(5,530)		(18)
Impairment charges	—		(5)		(1,494)		(107)
Gain on real estate dispositions, net	—		227		—		738
Interest expense(b)	(19,663)		(14,716)		(55,766)		(38,741)

Loss on extinguishment of debt	(113)		—		(113)		—
Change in fair value of derivatives and other	(10,308)		2,466		6,978		5,024
Unrealized credit loss provision	(198)		(694)		(53)		(871)
Other income (expense), net	96		63		254		324
Income tax (provision) benefit	(592)		(310)		120		(834)
Net (loss) income	$	(7,546)	$	8,423	$	13,458	$	28,725

________________________________________

Rental expenses represent costs directly associated with the operation and management of the Company’s real estate properties. Rental expenses include asset management expenses, property management fees, repairs and maintenance, insurance, and utilities.

General contracting and real estate services revenues for the three months ended September 30, 2024 and 2023 exclude revenues related to intercompany construction contracts of $2.3 million and $13.4 million, respectively, which are eliminated in consolidation. General contracting and real estate services revenues for the nine months ended September 30, 2024 and 2023 exclude revenues related to intercompany construction contracts of $15.0 million and $40.0 million, respectively, which are eliminated in consolidation.

General contracting and real estate services expenses for the three months ended September 30, 2024 and 2023 exclude expenses related to intercompany construction contracts of $2.3 million and $13.3 million, respectively, which are eliminated in consolidation. General contracting and real estate services expenses for the nine months ended September 30, 2024 and 2023 exclude expenses related to intercompany construction contracts of $14.9 million and $39.6 million, respectively, which are eliminated in consolidation.

Depreciation and amortization expense for the three months ended September 30, 2024 was $8.4 million, $10.6 million, and $4.1 million for the retail, office, and multifamily real estate segments, respectively. Depreciation and amortization expense for the nine months ended September 30, 2024 was $25.7 million, $26.9 million, and $11.5 million for the retail, office, and multifamily real estate segments, respectively.

Depreciation and amortization expense for the three months ended September 30, 2023 was $9.9 million, $8.1 million, and $4.3 million for the retail, office, and multifamily real estate segments, respectively. Depreciation and amortization expense for the nine months ended September 30, 2023 was $25.0 million, $22.6 million, and $12.8 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, general contracting and real estate services, and real estate financing businesses. These costs include corporate office personnel compensation and benefits, bank fees, accounting fees, legal fees, and other corporate office expenses.

Interest expense on secured property debt for the three months ended September 30, 2024 was $2.8 million, $3.7 million, and $3.9 million for the retail, office, and multifamily real estate segments, respectively. Interest expense on secured property debt for the nine months ended September 30, 2024 was $8.5 million, $10.5 million, and $11.3 million for the retail, office, and multifamily real estate segments, respectively.

Interest expense on secured property debt and finance leases for the three months ended September 30, 2023 was $2.4 million, $2.8 million, and $2.9 million for the retail, office, and multifamily real estate segments, respectively. Interest expense on secured property debt for the nine months ended September 30, 2023 was $6.9 million, $7.5 million, and $8.1 million for the retail, office, and multifamily real estate segments, respectively.

As of September 30, 2024, the net carrying amount of consolidated real estate investments was $696.8 million, $645.4 million, and $444.5 million for the retail, office, and multifamily real estate segments, respectively, which excludes $26.1 million attributable to our mixed-use development projects. Assets attributable to the general contracting and real estate services segment are presented in Note 8 of these financial statements. Assets attributable to the real estate financing segment are presented in Note 7 of these financial statements.

- 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.

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+ Details