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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2017	Feb. 21, 2018	Jun. 30, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	Armada Hoffler Properties, Inc.
Entity Central Index Key	0001569187
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 573.6
Entity Common Stock, Shares Outstanding		45,100,351

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real estate investments:
Income producing property	$ 910,686	$ 894,078
Held for development	680	680
Construction in progress	83,071	13,529
Real estate investments	994,437	908,287
Accumulated depreciation	(164,521)	(139,553)
Net real estate investments	829,916	768,734
Cash and cash equivalents	19,959	21,942
Restricted cash	2,957	3,251
Accounts receivable, net	15,691	15,052
Notes receivable	83,058	59,546
Construction receivables, including retentions	23,933	39,433
Construction contract costs and estimated earnings in excess of billings	245	110
Equity method investments	11,411	10,235
Other assets	55,953	64,165
Total Assets	1,043,123	982,468
LIABILITIES AND EQUITY
Indebtedness, net	517,272	522,180
Accounts payable and accrued liabilities	15,180	10,804
Construction payables, including retentions	47,445	51,130
Billings in excess of construction contract costs and estimated earnings	3,591	10,167
Other liabilities	39,352	39,209
Total Liabilities	622,840	633,490
Stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding as of December 31, 2017 and 2016, respectively	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized, 44,937,763 and 37,490,361 shares issued and outstanding as of December 31, 2017 and 2016, respectively	449	374
Additional paid-in capital	287,407	197,114
Distributions in excess of earnings	(61,166)	(49,345)
Total stockholders’ equity	226,690	148,143
Noncontrolling interests	193,593	200,835
Total Equity	420,283	348,978
Total Liabilities and Equity	$ 1,043,123	$ 982,468

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	44,937,763	37,490,361
Common stock, shares outstanding (in shares)	44,937,763	37,490,361

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues
Rental revenues	$ 108,737	$ 99,355	$ 81,172
General contracting and real estate services revenues	194,034	159,030	171,268
Total revenues	302,771	258,385	252,440
Expenses
Rental expenses	25,422	21,904	19,204
Real estate taxes	10,528	9,629	7,782
General contracting and real estate services expenses	186,590	153,375	165,344
Depreciation and amortization	37,321	35,328	23,153
General and administrative expenses	10,435	9,552	8,397
Acquisition, development and other pursuit costs	648	1,563	1,935
Impairment charges	110	355	41
Total expenses	271,054	231,706	225,856
Operating income	31,717	26,679	26,584
Interest income	7,077	3,228	126
Interest expense	(17,439)	(16,466)	(13,333)
Loss on extinguishment of debt	(50)	(82)	(512)
Gain on real estate dispositions	8,087	30,533	18,394
Change in fair value of interest rate derivatives	1,127	(941)	(229)
Other income	131	147	119
Income before taxes	30,650	43,098	31,149
Income tax benefit (provision)	(725)	(343)	34
Net income	29,925	42,755	31,183
Net income attributable to noncontrolling interests	(8,878)	(14,681)	(11,541)
Net income attributable to stockholders	$ 21,047	$ 28,074	$ 19,642
Net income per share and unit:
Basic and diluted (in dollars per share)	$ 0.50	$ 0.85	$ 0.75
Weighted-average outstanding:
Common shares (in shares)	42,423	33,057	26,006
Common units (in shares)	17,758	17,167	15,377
Basic and diluted (in shares)	60,181	50,224	41,383
Comprehensive income:
Net income	$ 29,925	$ 42,755	$ 31,183
Unrealized cash flow hedge losses	0	0	(1,075)
Realized cash flow hedge losses reclassified to net income	0	0	27
Comprehensive income	29,925	42,755	30,135
Comprehensive income attributable to noncontrolling interests	(8,878)	(14,681)	(11,141)
Comprehensive income attributable to stockholders	$ 21,047	$ 28,074	$ 18,994

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common stock	Additional paid- in capital	Distributions in excess of earnings	Accumulated other comprehensive loss	Total stockholders’ equity (deficit)	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2014		25,022,701
Beginning balance at Dec. 31, 2014	$ 161,906	$ 250	$ 51,472	$ (54,413)	$ 0	$ (2,691)	$ 164,597
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	31,183			19,642		19,642	11,541
Unrealized cash flow hedge losses	(1,075)				(665)	(665)	(410)
Realized cash flow hedge losses reclassified to net income	27				17	17	10
Net proceeds from sale of common stock (in shares)		4,560,049
Net proceeds from sale of common stock	46,035	$ 45	45,990			46,035
Restricted stock award (in shares)		78,109
Restricted stock awards	993	$ 1	992			993
Acquisitions of real estate investments (in shares)		415,500
Acquisitions of real estate investments	15,169	$ 4	4,429			4,433	10,736
Exchange of owners’ equity for common units	(241)		23			23	(264)
Dividends and distributions declared	(28,277)			(18,239)		(18,239)	(10,038)
Ending balance (in shares) at Dec. 31, 2015		30,076,359
Ending balance at Dec. 31, 2015	225,720	$ 300	102,906	(53,010)	(648)	49,548	176,172
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	42,755			28,074		28,074	14,681
Unrealized cash flow hedge losses	0
Realized cash flow hedge losses reclassified to net income	0
Dedesignation of cash flow hedge	1,048				648	648	400
Net proceeds from sale of common stock (in shares)		5,312,855
Net proceeds from sale of common stock	67,022	$ 53	66,969			67,022
Restricted stock award (in shares)		101,147
Restricted stock awards	1,162	$ 1	1,161			1,162
Acquisitions of real estate investments (in shares)		2,000,000
Acquisitions of real estate investments	47,278	$ 20	26,080			26,100	21,178
Redemption of operating partnership units	(58)		(2)			(2)	(56)
Dividends and distributions declared	$ (35,949)			(24,409)		(24,409)	(11,540)
Ending balance (in shares) at Dec. 31, 2016	37,490,361	37,490,361
Ending balance at Dec. 31, 2016	$ 348,978	$ 374	197,114	(49,345)	0	148,143	200,835
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	29,925			21,047		21,047	8,878
Unrealized cash flow hedge losses	0
Realized cash flow hedge losses reclassified to net income	0
Net proceeds from sale of common stock (in shares)		7,350,690
Net proceeds from sale of common stock	91,381	$ 74	91,307			91,381
Restricted stock award (in shares)		97,173
Restricted stock awards	1,443	$ 1	1,442			1,443
Restricted stock award forfeitures (in shares)		(461)
Restricted stock award forfeitures	(2)		(2)			(2)
Acquisitions of real estate investments	(511)		(1,493)			(1,493)	982
Redemption of operating partnership units	(5,155)		(961)			(961)	(4,194)
Dividends and distributions declared	$ (45,776)			(32,868)		(32,868)	(12,908)
Ending balance (in shares) at Dec. 31, 2017	44,937,763	44,937,763
Ending balance at Dec. 31, 2017	$ 420,283	$ 449	$ 287,407	$ (61,166)	$ 0	$ 226,690	$ 193,593

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

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

OPERATING ACTIVITIES

Net income

$ 29,925

$ 42,755

$ 31,183

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

Depreciation of buildings and tenant improvements

25,974

23,453

18,678

Amortization of leasing costs and in-place lease intangibles

11,347

11,875

4,475

Accrued straight-line rental revenue

(1,222)

(1,091)

(1,924)

Amortization of leasing incentives and above or below-market rents

(195)

(85)

738

Accrued straight-line ground rent expense

530

371

290

Bad debt expense

564

203

131

Noncash stock compensation

1,323

1,082

931

Impairment charges

110

355

Noncash interest expense

1,274

980

1,006

Noncash loss on extinguishment of debt

512

Gain on real estate dispositions

(8,087)

(30,533)

(18,394)

Change in the fair value of interest rate derivatives

(1,127)

941

229

Changes in operating assets and liabilities:

Property assets

(2,415)

(2,964)

(2,283)

Property liabilities

2,504

3,761

2,326

Construction assets

17,573

(6,385)

(17,337)

Construction liabilities

(20,110)

15,189

12,664

Net cash provided by operating activities

58,018

59,989

33,266

INVESTING ACTIVITIES

Development of real estate investments

(45,730)

(57,425)

(52,719)

Tenant and building improvements

(12,252)

(6,698)

(5,157)

Acquisitions of real estate investments, net of cash received

(30,026)

(195,645)

(68,445)

Dispositions of real estate investments

12,557

96,670

79,566

Notes receivable issuances

(23,290)

(51,721)

(7,825)

Government development grants

300

Leasing costs

(2,235)

(2,374)

(2,118)

Leasing incentives

(274)

(236)

(1,563)

Contributions to equity method investments

(1,176)

(8,824)

Net cash used for investing activities

(102,426)

(226,253)

(57,961)

FINANCING ACTIVITIES

Proceeds from sales of common stock

96,044

68,475

46,462

Offering costs

(4,663)

(1,453)

(427)

Debt issuances, credit facility and construction loan borrowings

162,585

316,852

214,407

Debt and credit facility repayments, including principal amortization

(160,661)

(186,533)

(206,889)

Debt issuance costs

(2,403)

(1,796)

(1,887)

Redemption of operating partnership units

(5,155)

(58)

(241)

Dividends and distributions

(43,616)

(33,843)

(27,024)

Net cash provided by financing activities

42,131

161,644

24,401

Net decrease in cash, cash equivalents, and restricted cash

(2,277)

(4,620)

(294)

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

25,193

29,813

30,107

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

22,916

25,193

29,813

Supplemental cash flow information:

Cash paid for interest

(16,318)

(15,326)

(12,993)

Cash refunded (paid) for income taxes

(371)

(121)

276

Common shares and OP Units issued for acquisitions

^[1]

506

47,278

15,169

Change in accrued capital improvements and development costs

(10,899)

8,183

1,825

Debt principal extinguished in conjunction with real estate sales

5,594

6,400

Debt principal assumed in conjunction with real estate acquisitions

$ 0

$ 21,150

$ 13,824

[1]	(1) 2017 issuance consists of OP Units contingently issuable upon the satisfaction of certain conditions relating to the Johns Hopkins Village property

Business and Organization

12 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and Organization

Armada Hoffler Properties, Inc. (the “Company”) is a full service real estate company with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets primarily throughout the Mid-Atlantic and Southeastern United States.

The Company is a real estate investment trust ("REIT"), and is the sole general partner of Armada Hoffler, L.P. (the “Operating Partnership”), and as of December 31, 2017, owned 72.0% of the economic interest in the Operating Partnership, of which 0.1% is held as general partnership units. The operations of the Company are carried on primarily through the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. Both the Company and the Operating Partnership were formed on October 12, 2012 and commenced operations upon completion of the underwritten initial public offering of shares of the Company’s common stock (the “IPO”) and certain related formation transactions on May 13, 2013.

As of December 31, 2017, the Company's operating portfolio consisted of the following properties:



Property	Segment	Location	Ownership Interest
4525 Main Street	Office	Virginia Beach, Virginia*	100%
Armada Hoffler Tower	Office	Virginia Beach, Virginia*	100%
One Columbus	Office	Virginia Beach, Virginia*	100%
Two Columbus	Office	Virginia Beach, Virginia*	100%
249 Central Park Retail	Retail	Virginia Beach, Virginia*	100%
Alexander Pointe	Retail	Salisbury, North Carolina	100%
Bermuda Crossroads	Retail	Chester, Virginia	100%
Broad Creek Shopping Center	Retail	Norfolk, Virginia	100%
Broadmoor Plaza	Retail	South Bend, Indiana	100%
Brooks Crossing	Retail	Newport News, Virginia	65%	(1)
Columbus Village	Retail	Virginia Beach, Virginia*	100%
Columbus Village II	Retail	Virginia Beach, Virginia*	100%
Commerce Street Retail	Retail	Virginia Beach, Virginia*	100%
Courthouse 7-Eleven	Retail	Virginia Beach, Virginia	100%
Dick’s at Town Center	Retail	Virginia Beach, Virginia*	100%
Dimmock Square	Retail	Colonial Heights, Virginia	100%
Fountain Plaza Retail	Retail	Virginia Beach, Virginia*	100%
Gainsborough Square	Retail	Chesapeake, Virginia	100%
Greentree Shopping Center	Retail	Chesapeake, Virginia	100%
Hanbury Village	Retail	Chesapeake, Virginia	100%
Harper Hill Commons	Retail	Winston-Salem, North Carolina	100%
Harrisonburg Regal	Retail	Harrisonburg, Virginia	100%
Lightfoot Marketplace	Retail	Williamsburg, Virginia	70%	(2)
North Hampton Market	Retail	Taylors, South Carolina	100%
North Point Center	Retail	Durham, North Carolina	100%
Oakland Marketplace	Retail	Oakland, Tennessee	100%
Parkway Marketplace	Retail	Virginia Beach, Virginia	100%
Patterson Place	Retail	Durham, North Carolina	100%
Perry Hall Marketplace	Retail	Perry Hall, Maryland	100%
Providence Plaza	Retail	Charlotte, North Carolina	100%
Renaissance Square	Retail	Davidson, North Carolina	100%
Sandbridge Commons	Retail	Virginia Beach, Virginia	100%
Socastee Commons	Retail	Myrtle Beach, South Carolina	100%
Southgate Square	Retail	Colonial Heights, Virginia	100%
Southshore Shops	Retail	Chesterfield, Virginia	100%
South Retail	Retail	Virginia Beach, Virginia*	100%
South Square	Retail	Durham, North Carolina	100%
Stone House Square	Retail	Hagerstown, Maryland	100%
Studio 56 Retail	Retail	Virginia Beach, Virginia*	100%
Tyre Neck Harris Teeter	Retail	Portsmouth, Virginia	100%
Waynesboro Commons	Retail	Waynesboro, Virginia	100%
Wendover Village	Retail	Greensboro, North Carolina	100%
Encore Apartments	Multifamily	Virginia Beach, Virginia*	100%
Johns Hopkins Village	Multifamily	Baltimore, Maryland	100%
Liberty Apartments	Multifamily	Newport News, Virginia	100%
Smith’s Landing	Multifamily	Blacksburg, Virginia	100%
The Cosmopolitan	Multifamily	Virginia Beach, Virginia*	100%

________________________________________

(1) The Company is entitled to a preferred return of 8% on its investment in Brooks Crossing.

(2) The Company is entitled to a preferred return of 9% on its investment in Lightfoot Marketplace.

* Located in the Town Center of Virginia Beach

As of December 31, 2017, the following properties were under development or construction:



Property	Segment	Location	Ownership Interest
Town Center Phase VI	Mixed-use	Virginia Beach, Virginia*	100	%
Harding Place	Multifamily	Charlotte, North Carolina	80	%	(1)
595 King Street	Multifamily	Charleston, South Carolina	92.5	%
530 Meeting Street	Multifamily	Charleston, South Carolina	90	%
Brooks Crossing	Office	Newport News, Virginia	65	%	(2)

*Located in the Town Center of Virginia Beach

(1) The Company is entitled to a preferred return of 9% on a portion of its investment in Harding Place.

(2) The Company is entitled to a preferred return of 8% on its investment in Brooks Crossing.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).

The consolidated financial statements include the financial position and results of operations of the Company, the Operating Partnership, its wholly owned subsidiaries, and any interests in variable interest entities ("VIEs") where the Company has been determined to be the primary beneficiary. All significant intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

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

Segments

Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of the Company’s properties individually and aggregates such properties into segments based on their economic characteristics and classes of tenants. The Company operates in four business segments: (i) office real estate, (ii) retail real estate, (iii) multifamily residential real estate, and (iv) general contracting and real estate services. The Company’s general contracting and real estate services business develops and builds properties for its own account and also provides construction and development services to both related and third parties.

Revenue Recognition

Rental Revenues

The Company leases its properties under operating leases and recognizes base rents when earned on a straight-line basis over the lease term. Rental revenues include $1.2 million, $1.1 million and $1.9 million of straight-line rent adjustments for the years ended December 31, 2017, 2016, and 2015, respectively. The Company begins recognizing rental revenue when the tenant has the right to take possession of or controls the physical use of the property under lease. The extended collection period for accrued straight-line rental revenue along with the Company’s evaluation of tenant credit risk may result in the nonrecognition of all or a portion of straight-line rental revenue until the collection of such revenue is reasonably assured. The Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Contingent rents included in rental revenues were $0.4 million, $0.4 million, and $0.5 million for the years ended December 31, 2017, 2016, and 2015, respectively. The Company recognizes leasing incentives as reductions to rental revenue on a straight-line basis over the lease term. Leasing incentive amortization was $0.8 million for each of the years ended December 31, 2017, 2016, and 2015. The Company recognizes fair value adjustments recorded at the time of lease assumption in rental income on a straight line basis as a reduction to revenue over the remaining life of the lease or any renewal periods for which the Company determines have value at the time of acquisition. The Company recognizes cost reimbursement revenue for real estate taxes, operating expenses and common area maintenance costs on an accrual basis during the periods in which the expenses are incurred. The Company recognizes lease termination fees either upon termination or amortizes them over any remaining lease term.

General Contracting and Real Estate Services Revenues

The Company recognizes general contracting revenue on construction contracts using the percentage-of-completion method. Under this method, the Company recognizes revenue and an estimated profit as construction contract costs are incurred based on the proportion of incurred costs to total estimated construction contract costs at completion. Construction contract costs include all direct material, labor, and subcontract costs as well as any indirect costs related to contract performance. Provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined. Changes in job performance, job conditions and estimated profitability, including those arising from contract penalty provisions and final contract settlements, may result in revisions to costs and income and are recognized in the period in which they are determined. Profit incentives are included in revenues when their realization is probable and when they can be reasonably estimated.

The Company recognizes real estate services revenues from property development and management when realized and earned, generally as such services are provided. Multiple contracts with a single counterparty are not combined into a single contract for the revenue recognition purposes.

Real Estate Investments

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

The Company capitalizes direct and indirect project costs associated with the initial development of a property until the property is substantially complete and ready for its intended use. Capitalized project costs include preacquisition, development, and preconstruction costs including overhead, salaries, and related costs of personnel directly involved, real estate taxes, insurance, utilities, ground rent, and interest. Interest capitalized during the years ended December 31, 2017, 2016, and 2015 was $1.3 million, $1.0 million and $1.0 million, respectively. Overhead, salaries and related personnel costs capitalized during the years ended December 31, 2017, 2016, and 2015 were $2.4 million, $1.7 million and $2.1 million, respectively.

The Company capitalizes preacquisition development costs directly identifiable with specific properties when the acquisition of such properties is probable. Capitalized preacquisition development costs are presented within other assets in the consolidated balance sheets. Capitalized preacquisition development costs as of December 31, 2017 and 2016 were $1.4 million and $1.1 million, respectively. Costs attributable to unsuccessful projects are expensed.

The Company recognizes real estate development grants from state and local governments as reductions to the carrying amounts of the related real estate investments when any attached conditions are satisfied and when there is reasonable assurance that the grant will be received.

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



Buildings	39 years
Capital improvements	15—20 years
Equipment	5—15 years
Tenant improvements	Term of the related lease
	(or estimated useful life, if shorter)

Operating Property Acquisitions

In connection with operating property acquisitions, the Company identifies and recognizes all assets acquired and liabilities assumed at their estimated fair values or relative fair values subsequent to the adoption of the new accounting guidance discussed below, as of the acquisition date. The purchase price allocations to tangible assets, such as land, site improvements, and buildings and improvements are presented within income producing property in the consolidated balance sheets and depreciated over their estimated useful lives. Acquired lease intangibles are presented within other assets and other liabilities in the consolidated balance sheets and amortized over their respective lease terms. The Company amortizes in-place lease assets as depreciation and amortization expense on a straight-line basis over the remaining term of the related leases. The Company amortizes above-market lease assets as reductions to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market lease liabilities as increases to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market ground lease assets as increases to rental expenses on a straight-line basis over the remaining term of the related leases. Prior to October 1, 2016, the Company expensed all costs incurred related to operating property acquisitions. On October 1, 2016, the Company adopted newly issued accounting guidance that allows capitalization of costs related to operating property acquisitions that do not meet the definition of a business under the new guidance discussed below under "Recent Accounting Pronouncements".

The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement, as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach. The approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of the structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time. The value of current leases relative to market-rate leases is based on market rents obtained for market comparables. Given the significance of unobservable inputs used in the valuation of acquired real estate assets, the Company classifies them as Level 3 inputs in the fair value hierarchy.

The Company values debt assumed in connection with operating property acquisitions based on a discounted cash flow analysis of the expected cash flows of the debt. Such analysis considers the contractual terms of the debt, including the period to maturity, and uses observable market-based inputs, including interest rate information as of the acquisition date. The Company also considers credit valuation adjustments for potential nonperformance risk. The Company classifies the inputs used to value debt assumed in connection with operating property acquisitions as Level 2 inputs in the fair value hierarchy as they are predominantly observable and market-based.

Real Estate Investments Held for Sale

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

No properties were held for sale as of December 31, 2017 or 2016.

Impairment of Long Lived Assets

The Company evaluates its real estate assets for impairment on a property by property basis whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If such an evaluation is necessary, the Company compares the carrying amount of any such real estate asset with the undiscounted expected future cash flows that are directly associated with, and that are expected to arise as a direct result of, its use and eventual disposition. If the carrying amount of a real estate asset exceeds the associated estimate of undiscounted expected future cash flows, an impairment loss is recognized to reduce the real estate asset’s carrying value to its fair value. Impairment charges recognized during the years ended December 31, 2017, 2016, and 2015 represent unamortized leasing or acquired intangible assets related to vacated tenants.

Cash and Cash Equivalents

Cash and cash equivalents include demand deposits, investments in money market funds and investments with an original maturity of three months or less.

Restricted Cash

Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements. The Company presents changes in cash restricted for real estate taxes and insurance as operating activities in the consolidated statements of cash flows. The Company presents changes in cash restricted for capital improvements as investing activities in the consolidated statements of cash flows.

Accounts Receivable, net

Accounts receivable include amounts from tenants for base rents, contingent rents, and cost reimbursements as well as accrued straight-line rental revenue. As of December 31, 2017 and 2016, accrued straight-line rental revenue presented within accounts receivable in the consolidated balance sheets was $12.8 million and $12.3 million, respectively.

The Company’s evaluation of the collectability of accounts receivable and the adequacy of the allowance for doubtful accounts is based primarily upon evaluations of individual receivables, current economic conditions, historical experience, and other relevant factors. The Company establishes reserves for tenant receivables outstanding over 90 days. For all such tenants, the Company also reserves any related accrued straight-line rental revenue. Additional reserves are recorded for more current amounts, as applicable, when the Company has determined collectability to be doubtful. As of December 31, 2017 and 2016, the allowance for doubtful accounts was $0.5 million and $0.4 million, respectively. The Company presents bad debt expense within rental expenses in the consolidated statements of comprehensive income.

Notes Receivable

Notes receivable represent financing to third parties in the form of mortgage or mezzanine loans for the development of new real estate. Mezzanine loans are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. The Company evaluates the collectability of both the interest on and principal of each of its notes receivable based primarily upon the financial condition of the individual borrowers. A loan is determined to be impaired when, based upon current information, it is no longer probable that the Company will be able to collect all contractual amounts due from the borrower. The amount of impairment loss recognized is measured as the difference between the carrying amount of the loan and its estimated realizable value.

Leasing Costs

Commissions paid by the Company to third parties to originate a lease are deferred and amortized as depreciation and amortization expense on a straight-line basis over the term of the related lease. Leasing costs are presented within other assets in the consolidated balance sheets.

Leasing Incentives

Incentives paid by the Company to tenants are deferred and amortized as reductions to rental revenues on a straight-line basis over the term of the related lease. Leasing incentives are presented within other assets in the consolidated balance sheets.

Debt Issuance Costs

Financing costs are deferred and amortized as interest expense using the effective interest method over the term of the related debt. Debt issuance costs are presented as a direct deduction from the carrying value of the associated debt liability in the consolidated balance sheets.

Derivative Financial Instruments

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

Stock-Based Compensation

The Company measures the compensation cost of restricted stock awards based on the grant date fair value. The Company recognizes compensation cost for the vesting of restricted stock awards using the accelerated attribution method. Compensation cost associated with the vesting of restricted stock awards is presented within either general and administrative expenses or general contracting and real estate services expenses in the consolidated statements of comprehensive income. Total stock-based compensation expense recognized during the years ended December 31, 2017, 2016, and 2015 was $1.3 million, $1.1 million and $0.9 million, respectively. Stock-based compensation for personnel directly involved in the construction and development of a property is capitalized. During the years ended December 31, 2017, 2016, and 2015, the Company capitalized $0.4 million, 0.3 million, and $0.4 million, respectively, of stock-based compensation. The effect of forfeitures of awards is recorded as they occur.

Income Taxes

The Company has elected to be taxed as a REIT for U.S. federal income tax purposes. For continued qualification as a REIT for federal income tax purposes, the Company must meet certain organizational and operational requirements, including a requirement to pay distributions to stockholders of at least 90% of annual taxable income, excluding net capital gains. As a REIT, the Company generally is not subject to income tax on net income distributed as dividends to stockholders. The Company is subject to state and local income taxes in some jurisdictions and, in certain circumstances, may also be subject to federal excise taxes on undistributed income. In addition, certain of the Company’s activities must be conducted by subsidiaries that have elected to be treated as a taxable REIT subsidiary (“TRS”) subject to both federal and state income taxes. The Operating Partnership conducts its development and construction businesses through the TRS. The related income tax provision or benefit attributable to the profits or losses of the TRS and any taxable income of the Company is reflected in the consolidated financial statements.

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

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

Discontinued Operations

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

Net Income Per Share and Unit

The Company calculates net income per share and unit based upon the weighted average shares and units outstanding. Diluted net income per share and unit is calculated after giving effect to all significant potential dilutive shares outstanding during the period. Potential dilutive shares outstanding during the period include nonvested restricted stock awards. However, there were no significant potential dilutive shares or units outstanding for each of the three years ended December 31, 2017. As a result, basic and diluted outstanding shares and units were the same for all periods presented. See Note 11 for the changes in the Company’s nonvested restricted awards during each of the three years ended December 31, 2017.

Emerging Growth Company Status

The Company currently qualifies as an emerging growth company (“EGC”) pursuant to the Jumpstart Our Business Startups Act and will lose this qualification on December 31, 2018, which is the last day of the fiscal year after the fifth anniversary of the Company's IPO. An EGC may choose to take advantage of the extended private company transition period provided for complying with new or revised accounting standards that may be issued by the Financial Accounting Standards Board (the “FASB”) or the U.S. Securities and Exchange Commission (the “SEC”). The Company has elected to opt out of such extended transition period. This election is irrevocable.

Recent Accounting Pronouncements

On May 28, 2014, the FASB issued a new standard that provides a single, comprehensive model for recognizing revenue from contracts with customers. While the new standard does not supersede the guidance on accounting for leases, it will change the way the Company recognizes revenue from construction and development contracts with third party customers. The Company will adopt this standard on January 1, 2018 using the modified retrospective method, applying this standard to all contracts not yet completed as of that date. In applying the standard to the Company's future construction contracts, certain pre-contract costs incurred by the Company will be deferred and amortized over the period during which construction obligations are fulfilled. Previously, these costs were immediately recorded as general contracting expenses upon commencement of construction, with the corresponding general contracting revenue also recorded. Applying the standard to the Company's uncompleted contracts as of January 1, 2018 will not result in a material adjustment to the Company's financial position as of January 1, 2018. Any required adjustment will be recorded as a cumulative catch-up adjustment to stockholders' equity.

On February 25, 2016, the FASB issued a new lease standard that requires lessees to recognize most leases in their balance sheets as lease liabilities with corresponding right-of-use assets. The new standard also makes targeted changes to lessor accounting. The new standard will be effective for the Company on January 1, 2019 and requires a modified retrospective transition approach for all leases existing at, or entered into after, the beginning of the earliest comparative period presented, with an option to use certain transition relief. Management is currently evaluating the potential impact of the new standard on the Company’s consolidated financial statements.

On March 30, 2016, the FASB issued new guidance that changed the accounting for certain aspects of share-based payments to employees. Entities are required to recognize the income tax effects of awards in the income statement when the awards vest or are settled, and the Company is allowed to account for forfeitures as they occur. The Company adopted the guidance on January 1, 2017 and it did not have a material impact on the Company’s consolidated financial statements.

In 2016, the FASB issued new guidance that addresses eight classification issues related to the statement of cash flows and requires the presentation of total changes in cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. The Company adopted this new guidance effective December 31, 2017, applying it retrospectively to each period presented. The new guidance requires that the statement of cash flows show changes in restricted cash in addition to changes in cash and cash equivalents. No additional changes were required to be made to the Company's consolidated statements of cash flows. The following table sets forth the items from the Company's Consolidated Balance Sheets that are included in cash, cash equivalents, and restricted cash in the consolidated statements of cash flows:



	As of December 31
	2017		2016		2015
Cash and cash equivalents	$	19,959	$	21,942	$	26,989
Restricted cash	2,957		3,251		2,824
Cash, cash equivalents, and restricted cash	$	22,916	$	25,193	$	29,813

The following table summarizes the changes made to net cash provided by operating activities and net cash used in investing activities in consolidated statements of cash flows for the years ended December 31, 2016 and 2015 on a retrospective basis (no changes were made to net cash provided by financing activities):



	Years ended December 31,
	2016			2015
Operating activities as originally presented	$	59,770		$	33,086
Adjustments	219			180
Operating activities after adjustments	$	59,989		$	33,266

Investing activities as originally presented	$	(226,461	)	$	(56,381	)
Adjustments	$	208		$	(1,580	)
Investing activities after adjustments	$	(226,253	)	$	(57,961	)

On January 5, 2017, the FASB issued new guidance that modifies the definition of a business. Under this new guidance, many real estate acquisitions will now be considered asset acquisitions, allowing costs associated with these acquisitions to be capitalized. The Company adopted this guidance on October 1, 2016, resulting in the capitalization of approximately $0.7 million of acquisition costs related to two acquisitions in the fourth quarter of 2016. If the Company had adopted this guidance on January 1, 2016, approximately $1.4 million in acquisition costs would have been capitalized.

On February 22, 2017, the FASB issued new guidance that clarifies the scope and application of guidance on sales or transfers of nonfinancial assets and in substance nonfinancial assets to customers, including partial sales. The new guidance applies to all nonfinancial assets, including real estate, and defines an in substance nonfinancial asset. The new guidance is effective for the Company on January 1, 2018. Management does not expect the adoption of the new guidance to have a material effect on the Company's financial position or results of operations.

On August 28, 2017, the FASB issued new guidance that simplifies some of the requirements relating to accounting for derivatives and hedging. The new guidance eliminates the requirement to separately measure and report hedge ineffectiveness for a highly effective hedge and also simplifies certain documentation and assessment requirements relating to the determination of hedge effectiveness. The new guidance will be effective for the Company on January 1, 2019, with early adoption permitted. The Company does not currently have any derivatives designated as hedging instruments for accounting purposes. The application of this guidance to future hedging relationships could reduce or eliminate the gains and losses that would otherwise be recorded for these derivative instruments.

Segments

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Segments

Net operating income (segment revenues minus segment expenses) is the measure used by the Company’s chief operating decision-maker to assess segment performance. Net operating income is not a measure of operating income or cash flows from operating activities as measured by GAAP and is not indicative of cash available to fund cash needs. As a result, net operating income should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate net operating income in the same manner. The Company considers net operating income to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s real estate and construction businesses.

Net operating income of the Company’s reportable segments for the years ended December 31, 2017, 2016, and 2015 was as follows (in thousands):



	Years Ended December 31,
	2017		2016		2015
Office real estate
Rental revenues	$	19,207	$	20,929	$	31,534
Rental expenses	5,483		5,560		6,938
Real estate taxes	1,859		2,000		2,950
Segment net operating income	11,865		13,369		21,646
Retail real estate
Rental revenues	63,109		56,511		32,064
Rental expenses	10,233		9,116		5,915
Real estate taxes	6,176		5,395		2,928
Segment net operating income	46,700		42,000		23,221
Multifamily residential real estate
Rental revenues	26,421		21,915		17,574
Rental expenses	9,705		7,228		6,351
Real estate taxes	2,494		2,234		1,904
Segment net operating income	14,222		12,453		9,319
General contracting and real estate services
Segment revenues	194,034		159,030		171,268
Segment expenses	186,590		153,375		165,344
Segment gross profit	7,444		5,655		5,924
Net operating income	$	80,231	$	73,477	$	60,110

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

General contracting and real estate services revenues for the years ended December 31, 2017, 2016, and 2015 exclude revenue related to intercompany construction contracts of $51.5 million, $43.3 million and $43.1 million, respectively, as it is eliminated in consolidation. General contracting and real estate services expenses for the years ended December 31, 2017, 2016, and 2015 exclude expenses related to intercompany construction contracts of $51.0 million, $42.7 million and $42.8 million, respectively, as it is eliminated in consolidation. General contracting and real estate services expenses for the years ended December 31, 2017, 2016, and 2015 include noncash stock compensation expense of $0.3 million, $0.2 million, and $0.2 million, respectively.

The following table reconciles net operating income to net income for the years ended December 31, 2017, 2016, and 2015 (in thousands):



	Years Ended December 31,
	2017			2016			2015
Net operating income	$	80,231		$	73,477		$	60,110
Depreciation and amortization	(37,321		)	(35,328		)	(23,153		)
General and administrative expenses	(10,435		)	(9,552		)	(8,397		)
Acquisition, development and other pursuit costs	(648		)	(1,563		)	(1,935		)
Impairment charges	(110		)	(355		)	(41		)
Interest income	7,077			3,228			126
Interest expense	(17,439		)	(16,466		)	(13,333		)
Loss on extinguishment of debt	(50		)	(82		)	(512		)
Gain on real estate dispositions	8,087			30,533			18,394
Change in fair value of interest rate derivatives	1,127			(941		)	(229		)
Other income	131			147			119
Income tax benefit (provision)	(725		)	(343		)	34
Net income	$	29,925		$	42,755		$	31,183

General and administrative expenses represent costs not directly associated with the operation and management of the Company’s real estate properties and general contracting and real estate services businesses. General and administrative expenses include corporate office personnel salaries and benefits, bank fees, accounting fees, legal fees and other corporate office expenses. General and administrative expenses for the years ended December 31, 2017, 2016, and 2015 include noncash stock compensation expense of $0.9 million, $0.7 million and $0.7 million, respectively.

Operating Leases

12 Months Ended

Dec. 31, 2017

Leases [Abstract]

Operating Leases

The Company’s commercial tenant leases generally range from five to 20 years, but certain leases with anchor tenants may be longer. The Company’s commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands):



2018	$	71,439
2019	64,204
2020	54,582
2021	48,018
2022	41,441
Thereafter	184,844
Total	$	464,528

Lease terms on multifamily apartment units generally range from seven to 15 months, with a majority having 12-month lease terms. Apartment leases are not included in the preceding table as the remaining terms as of December 31, 2017 are generally less than one year.

Real Estate Investments and Equity Method Investments

12 Months Ended

Dec. 31, 2017

Real Estate [Abstract]

Real Estate Investments and Equity Method Investments

The Company’s real estate investments comprised the following as of December 31, 2017 and 2016 (in thousands):



	December 31, 2017
	Income producing property		Held for development		Construction in progress		Total
Land	$	175,885	$	680	$	21,212	$	197,777
Land improvements	44,681		—		—		44,681
Buildings and improvements	690,120		—		—		690,120
Development and construction costs	—		—		61,859		61,859
Real estate investments	$	910,686	$	680	$	83,071	$	994,437



	December 31, 2016
	Income producing property		Held for development		Construction in progress		Total
Land	$	171,733	$	680	$	6,880	$	179,293
Land improvements	45,052		—		—		45,052
Buildings and improvements	677,293		—		—		677,293
Development and construction costs	—		—		6,649		6,649
Real estate investments	$	894,078	$	680	$	13,529	$	908,287

2017 Operating Property Acquisition

On July 25, 2017, the Company acquired the outparcel phase of Wendover Village in Greensboro, North Carolina for a contract price of $14.3 million plus capitalized acquisition costs of $0.1 million. The following table summarizes the purchase price allocation, including acquisition costs, for this property (in thousands):



Land	$	5,550
Site improvements	232
Building and improvements	6,977
In-place leases	1,382
Above-market leases	327
Below-market leases	(50		)
Net assets acquired	$	14,418

Rental revenues and net income from the ourparcel phase of Wendover Village for the period from the acquisition date to December 31, 2017 included in the consolidated statement of comprehensive income were $0.6 million and $0.2 million, respectively.

2016 Operating Property Acquisitions

On January 14, 2016, the Company completed the acquisition of an 11-property retail portfolio totaling 1.1 million square feet for $170.5 million.

On April 29, 2016, the Company completed the acquisition of Southgate Square, a 220,000 square foot retail center located in Colonial Heights, Virginia, for aggregate consideration of $39.5 million, comprised of the assumption of $21.1 million in debt (which approximated fair value as of the closing date) and 1,575,185 Class A units of limited partnership interest in the Operating Partnership ("Class A Units").

As part of the Southgate Square purchase agreement, the Company acquired an option to purchase an adjacent undeveloped land parcel from the seller. The option for the land parcel is valid for an initial period of two years, and its value would be determined by applying a mutually agreed upon capitalization rate to the base rent of tenants provided by the seller and approved by the Company. If, at the end of the two-year period, no suitable tenants have been found, the Company has the option of either paying $3.0 million to the seller for the land parcel or extending the period for an additional year. If, at the end of the additional year, no suitable tenants have been found, the Company can either pay $1.25 million to the seller for the land parcel or let the option expire. Management has evaluated the option and determined that its value is immaterial to the consolidated financial statements.

On August 4, 2016, the Company completed the acquisition of Southshore Shops, a 40,000 square foot retail center located in Midlothian, Virginia, for aggregate consideration of $9.3 million, comprised of $6.7 million in cash and 189,160 Class A Units.

On October 13, 2016, the Company completed the acquisition of Columbus Village II, a 92,000 square foot retail and entertainment center located in Virginia Beach, Virginia for aggregate consideration of 2,000,000 shares of the Company's common stock, which based on the closing stock price on the date of the acquisition, led to an acquisition price of $26.2 million, excluding capitalized acquisition costs.

On November 17, 2016, the Company completed the acquisition of Renaissance Square, a 80,000 square foot retail center located in Davidson, North Carolina, for $17.1 million, excluding capitalized acquisition costs.

The following table summarizes the purchase price allocation (including acquisition costs for Columbus Village II and Renaissance Square) of the assets acquired and liabilities assumed during the year ended December 31, 2016 (in thousands):



	Retail Portfolio			Southgate Square			Southshore Shops			Columbus Village II			Renaissance Square			Total
Land	$	66,260		$	8,890		$	1,770		$	14,536		$	6,730		$	98,186
Site improvements	3,870			2,140			490			939			303			7,742
Building and improvements	88,820			23,810			6,019			9,983			8,137			136,769
In-place leases	20,630			5,990			1,140			2,225			2,008			31,993
Above-market leases	1,960			100			120			—			70			2,250
Below-market leases	(11,040		)	(1,400		)	(190		)	(939		)	(10		)	(13,579		)
Net assets acquired	$	170,500		$	39,530		$	9,349		$	26,744		$	17,238		$	263,361

Rental revenues and net income from the 2016 acquired properties for the period from the respective acquisition dates to December 31, 2016 included in the consolidated statement of comprehensive income was $18.7 million and $2.9 million, respectively.

2015 Operating Property Acquisitions

On April 8, 2015, the Company completed the acquisitions of Stone House Square in Hagerstown, Maryland and Perry Hall Marketplace in Perry Hall, Maryland. In exchange for both properties, the Company paid $35.4 million of cash and issued 415,500 shares of common stock. The acquisition date fair value of the total consideration transferred in exchange for Stone House Square and Perry Hall Marketplace was $39.8 million.

On July 1, 2015, the Company completed the acquisition of Socastee Commons, a 57,000 square foot retail center in Myrtle Beach, South Carolina. The total consideration for Socastee Commons was $8.7 million, which was comprised of $3.7 million of cash and the assumption of debt with an outstanding principal balance of $5.0 million. The fair value adjustment to the assumed debt of Socastee Commons was a $0.1 million premium.

On July 10, 2015, the Company acquired Columbus Village, a 65,000 square foot retail center in Virginia Beach, Virginia. In exchange for Columbus Village, the Company assumed debt with an aggregate outstanding principal balance and fair value of $8.8 million, issued 1,000,000 Class B units of limited partnership interest in the Operating Partnership (“Class B Units”) and agreed to issue 275,000 Class C units of limited partnership interest in the Operating Partnership (“Class C Units”) on January 10, 2017. The Class B Units were automatically converted to Class A Units on July 10, 2017. The Class C Units were converted to Class A Units on January 10, 2018. The acquisition date fair value of the total consideration transferred in exchange for Columbus Village was $19.2 million.

On September 1, 2015, the Company acquired Providence Plaza in Charlotte, North Carolina for $26.2 million of cash. Providence Plaza is a mixed-use property comprised of three buildings totaling 103,000 square feet, a two-level parking garage and approximately one acre of land zoned for multifamily development.

The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed during the year ended December 31, 2015 (in thousands):



Land	$	29,500
Site improvements	3,290
Building and improvements	49,260
In-place leases	14,160
Above-market leases	2,260
Below-market leases	(4,420		)
Indebtedness	(13,935		)
Net assets acquired	$	80,115

Rental revenues and net income from the 2015 acquired properties for the period from the respective acquisition dates to December 31, 2015 included in the consolidated statement of comprehensive income was $4.8 million and $0.8 million, respectively.

Pro Forma Financial Information (Unaudited)

The following table summarizes the consolidated results of operations of the Company on a pro forma basis, as if the 2017 acquisition had been acquired on January 1, 2016, each of the 2016 acquisitions had been acquired on January 1, 2015, and each of the 2015 acquisitions had been acquired on January 1, 2014 (in thousands):



	Years Ended December 31,
	2017		2016		2015
Rental revenues	$	109,472	$	102,579	$	105,479
Net income	30,354		14,060		18,492

The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if these acquisitions had taken place on January 1, 2016, 2015, and 2014. The pro forma financial information includes adjustments to rental revenue and rental expenses for above and below-market leases, adjustments to depreciation and amortization expense for acquired property and in-place lease assets and adjustments to interest expense for fair value adjustments to assumed debt.

Subsequent to December 31, 2017

On January 9, 2018, the Company acquired Indian Lakes Crossing, a Harris Teeter-anchored shopping center in Virginia Beach, Virginia, for a contract price of $14.7 million plus capitalized acquisition costs of $0.2 million.

On January 29, 2018, the Company acquired Parkway Centre, a newly developed Publix-anchored shopping center in Moultrie, Georgia, for total consideration of $11.3 million ($9.6 million in cash and $1.7 million in the form of Class A Units) plus estimated capitalized acquisition costs of $0.3 million.

On November 30, 2017, the Company entered into a lease agreement with Bottling Group, LLC for a new distribution facility that the Company will develop and construct for expected delivery in 2018. On January 29, 2018, the Company acquired undeveloped land in Chesterfield, Virginia, a portion of which will serve as the site for this facility, for a contract price of $2.4 million plus capitalized acquisition costs of $0.1 million.

On February 16, 2018, through a consolidated joint venture, the Company acquired undeveloped land in Mount Pleasant, South Carolina for a contract price of $2.9 million plus capitalized acquisition costs of $0.1 million. The Company plans to use the land for the development of an estimated $23.0 million Lowes Foods-anchored shopping center.

Other 2017 Real Estate Transactions

On January 4, 2017, the Company acquired undeveloped land in Charleston, South Carolina for a contract price of $7.1 million plus capitalized acquisition costs of $0.2 million. The Company is using the land for the development of the 595 King Street property.

On January 20, 2017, the Company completed the sale of the Wawa outparcel at Greentree Shopping Center. Net proceeds after transaction costs were $4.4 million. The gain on the disposition was $3.4 million.

On July 11, 2017, the Company acquired undeveloped land in Charleston, South Carolina for a contract price of $7.2 million plus capitalized acquisition costs of $0.1 million. The Company is using the land for the development of the 530 Meeting Street property.

On July 13, 2017, the Company completed the sale of two office properties leased by the Commonwealth of Virginia in Chesapeake, Virginia and Virginia Beach, Virginia. Aggregate net proceeds from the dispositions of the properties after transaction costs and repayment of the loan associated with the Chesapeake, Virginia property were $7.9 million, and the aggregate gain on the dispositions was $4.2 million.

On August 10, 2017, the Company completed the sale of a land outparcel at Sandbridge Commons. Net proceeds after transaction costs and a partial loan paydown were $0.3 million. The gain on the disposition was $0.5 million.

Other 2016 Real Estate Transactions

On January 7, 2016, the Company completed the sale of a building constructed for the Economic Development Authority of Newport News, Virginia. Net proceeds after transaction costs were $6.6 million. The gain on the disposition was $0.4 million.

On January 8, 2016, the Company completed the sale of the Richmond Tower office building for $78.0 million. Net proceeds after transaction costs were $77.0 million. The gain on the disposition of Richmond Tower was $26.2 million.

On June 20, 2016, the Company completed the sale of the Willowbrook Commons property located in Nashville, Tennessee for $9.2 million. The gain on the sale of the Willowbrook Commons property was less than $0.1 million.

On July 29, 2016, the Company completed the sale of the Kroger Junction property located in Pasadena, Texas for $3.7 million. The loss on the sale of the Kroger Junction property was less than $0.1 million.

On August 30, 2016, the Company entered into an operating agreement with Southern Apartment Group-Harding, LLC ("SAGH") to jointly develop an apartment development project in Charlotte, North Carolina. During the year ended December 31, 2016, the Company purchased $5.7 million of land in conjunction with the project.

On September 15, 2016, the Company completed the sale of the Oyster Point office property for $6.4 million. Net proceeds after transaction costs and settlement of liabilities were not significant. The gain on the disposition of Oyster Point was $3.8 million.

On December 22, 2016, the Company completed the sale of land adjacent to the Brooks Crossing development for $0.4 million. The gain on the disposition of the land was less than $0.1 million.

Other 2015 Real Estate Transactions

On January 5, 2015, the Company completed the sale of the Sentara Williamsburg office property for $15.4 million. Net proceeds to the Company after transaction costs were $15.2 million. The Company recognized a gain on the disposition of the Sentara Williamsburg office property of $6.2 million.

On March 31, 2015, the Company purchased land held for development in the Town Center of Virginia Beach, Virginia for $1.2 million.

On May 20, 2015, the Company completed the sale of Whetstone Apartments for $35.6 million. Net proceeds to the Company after transaction costs were $35.5 million. The Company recognized a gain on the disposition of Whetstone Apartments of $7.2 million.

On October 5, 2015, the Company purchased 3.24 acres of land in Newport News, Virginia for $0.1 million for the development of Brooks Crossing, a new urban, mixed-use and low-rise development project, in partnership with the City of Newport News.

On October 30, 2015, the Company completed the sale of the Oceaneering International facility for $30.0 million. Net proceeds to the Company after transaction costs were $29.0 million. The Company recognized a gain on the disposition of Oceaneering of $5.0 million.

Equity Method Investments

City Center

On February 25, 2016, the Company acquired a 37% interest in Durham City Center II, LLC (“City Center”) for purposes of developing a 22-story mixed-use tower in Durham, North Carolina. The Company is a minority partner in the joint venture and will serve as the project's general contractor, with full ownership of the office and retail portions of the project. As of December 31, 2017 and 2016, the Company has invested $11.4 million and $10.3 million, respectively, in City Center. The Company has agreed to guarantee 37% of the construction loan for City Center; however, the loan is collateralized by 100% of the assets of City Center. As of December 31, 2017, $29.2 million has been drawn against the construction loan, of which $11.2 million is attributable to the Company's portion of the loan. As of December 31, 2016, the construction loan had not been drawn against.

As of December 31, 2017, the difference between the carrying value of the Company’s initial investment in City Center and the amount of underlying equity was immaterial. For the years ended December 31, 2017 and 2016, City Center did not have any operating activity, and therefore the Company did not receive any dividends or allocated income.

Based on the terms of City Center’s operating agreement, the Company has concluded that City Center is a VIE, and that the Company holds a variable interest. The Company does not have the power to direct the activities of the project that most significantly impact its performance. Accordingly, the Company is not the project’s primary beneficiary and, therefore, does not consolidate City Center in its consolidated financial statements.

Notes Receivable	12 Months Ended
Notes Receivable	Dec. 31, 2017
Receivables [Abstract]
Notes Receivable	Notes Receivable Point Street Apartments On October 15, 2015, the Company agreed to invest up to $28.2 million in the Point Street Apartments project in the Harbor Point area of Baltimore, Maryland. Point Street Apartments is an estimated $98.0 million development project with plans for a 17-story building comprised of 289 residential units and 18,000 square feet of street-level retail space. Beatty Development Group (“BDG”) is the developer of the project and has engaged the Company to serve as construction general contractor. Point Street Apartments is scheduled to open in the first quarter of 2018; however, management can provide no assurances that Point Street Apartments will open on the anticipated timeline or be completed at the anticipated cost. BDG secured a senior construction loan of up to $67.0 million to fund the development and construction of Point Street Apartments on November 10, 2016. The Company has agreed to guarantee $25.0 million of the senior construction loan in exchange for the option to purchase up to an 88% controlling interest in Point Street Apartments upon completion of the project as follows: (i) an option to purchase a 79% indirect interest in Point Street Apartments for $27.3 million, exercisable within one year from the project’s completion (the “First Option”) and (ii) provided that the Company has exercised the First Option, an option to purchase an additional 9% indirect interest in Point Street Apartments for $3.1 million, exercisable within 27 months from the project’s completion (the “Second Option”). The Company currently has a $2.1 million letter of credit for the guarantee of the senior construction loan. The Company’s investment in the Point Street Apartments project is in the form of a loan under which BDG may borrow up to $28.2 million (the “BDG loan”). Interest on the BDG loan accrues at 8.0% per annum and matures on the earliest of: (i) November 1, 2018, which may be extended by BDG under two one-year extension options, (ii) the maturity date or earlier termination of the senior construction loan, or (iii) the date the Company exercises the Second Option as described further below. In the event the Company exercises the First Option, BDG is required to pay down the outstanding BDG loan in full, with the difference between the BDG loan and $28.2 million applied to the senior construction loan. In the event the Company exercises the Second Option, BDG is required to simultaneously repay any remaining amounts outstanding under the BDG loan, with any excess proceeds received from the exercise of the Second Option applied against the senior construction loan. In the event the Company does not exercise either the First Option or the Second Option, the interest rate on the BDG loan will automatically be reduced to the interest rate on the senior construction loan for the remaining term of the BDG loan. As of December 31, 2017 and 2016, the Company had funded $22.4 million and $20.6 million, respectively, under the BDG loan and for the years ended December 31, 2017 and 2016, the Company recognized $1.7 million and $1.2 million, respectively, of interest income on the BDG loan. No portion of the note receivable balance is past due, and the Company has not recorded an impairment balance on the note. Management has concluded that this entity is a VIE. Because BDG is the developer of Point Street Apartments, the Company does not have the power to direct the activities of the project that most significantly impact its performance, nor is the Company the party most closely associated with the project. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements. Annapolis Junction On April 21, 2016, the Company entered into a note receivable with a maximum principal balance of $48.1 million in the Annapolis Junction residential component of the Annapolis Junction Town Center project in Maryland (“Annapolis Junction”). Annapolis Junction is an estimated $106.0 million mixed-use development project with plans for 416 residential units., It is part of a mixed-use development project that is also planned to have 17,000 square feet of retail space and a 150-room hotel. Annapolis Junction Apartments Owner, LLC (“AJAO”) is the developer of the residential component and has engaged the Company to serve as construction general contractor for the residential component. Portions of Annapolis Junction opened during the third and fourth quarters of 2017, and the remaining portions are scheduled to open during the first quarter of 2018; however, management can provide no assurances that Annapolis Junction will open on the anticipated timeline or at the anticipated cost. AJAO secured a senior construction loan of up to $60.0 million to fund the development and construction of Annapolis Junction's residential component on September 30, 2016. The Company has agreed to guarantee up to $25.0 million of the senior construction loan in exchange for the option to purchase up to an 88% controlling interest in Annapolis Junction upon completion of the project as follows: (i) an option to purchase an 80% indirect interest in Annapolis Junction's residential component for the lesser of the seller’s budgeted or actual cost, exercisable within one year from the project’s completion (the “First Option”) and (ii) provided that the Company has exercised the First Option, an option to purchase an additional 8% indirect interest in Annapolis Junction for the lesser of the seller’s actual or budgeted cost, exercisable within 27 months from the project’s completion (the “Second Option”). The Company’s investment in the Annapolis Junction project is in the form of a loan under which AJAO may borrow up to $48.1 million, including a $6.0 million interest reserve (the “AJAO loan”). Interest on the AJAO loan accrues at 10.0% per annum and matures on the earliest of: (i) December 21, 2020, which may be extended by AJAO under two one-year extension options, (ii) the maturity date or earlier termination of the senior construction loan, or (iii) the date the Company exercises the Second Option as described further below. In the event that the Company exercises the First Option, AJAO is required to simultaneously pay down both the senior construction loan and the AJAO loan by 80%, at which time the interest rate on the AJAO loan will automatically be reduced to the interest rate on the senior construction loan. In the event the Company exercises the Second Option, AJAO is required to simultaneously repay any remaining amounts outstanding under the AJAO loan, with any excess proceeds received from the exercise of the Second Option applied against the remaining balance of the senior construction loan. In the event that the Company does not exercise either the First Option or the Second Option, the interest rate on the AJAO loan will automatically be reduced to the interest rate on the senior construction loan for the remaining term of the AJAO loan. The balance on the Annapolis Junction note was $43.0 million and $38.9 million as of December 31, 2017 and 2016, respectively. During the years ended December 31, 2017 and 2016, the Company recognized $4.1 million and $2.0 million, respectively, of interest income on the note. No portion of the note receivable balance is past due, and the Company has not recorded an impairment balance on the note. Management has concluded that this entity is a VIE. Because AJAO is the developer of Annapolis Junction, the Company does not have the power to direct the activities of the project that most significantly impact its performance, nor is the Company the party most closely associated with the project. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements. North Decatur Square On May 15, 2017, the Company invested in the development of an estimated $34.0 million Whole Foods anchored center located in Decatur, Georgia. The Company's investment is in the form of a mezzanine loan of up to $21.8 million to the developer, North Decatur Square Holdings, LLC ("NDSH"). The mezzanine loan bears interest at an annual rate of 15%. The note matures on the earliest of (i) May 15, 2022, (ii) the maturity of the senior construction loan, (iii) the sale of NDSH or (iv) the sale of the center. NDSH is current on this loan. As of December 31, 2017, the Company had funded $11.8 million on this loan. During the year ended December 31, 2017, the Company recognized $1.0 million of interest income on this loan. No portion of the note receivable balance is past due, and the Company has not recorded an impairment balance on the note. Management has concluded that this entity is a VIE. Because NDSH is the developer of North Decatur Square, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements. Delray Plaza On October 27, 2017, the Company invested in the development of an estimated $20.0 million Whole Foods anchored center located in Delray Beach, Florida. The Company's investment is in the form of a mezzanine loan of up to $13.1 million to the developer, Delray Plaza Holdings, LLC ("DPH"). The mezzanine loan bears interest at an annual rate of 15%. The note matures on the earliest of (i) October 27, 2020, (ii) the date of any sale or refinance of the development project, or (iii) the disposition or change in control of the development project. As of December 31, 2017, the Company had funded $5.4 million on this loan. During the year ended December 31, 2017, the Company recognized $0.2 million of interest income on this loan. No portion of the note receivable balance is past due, and the Company has not recorded an impairment balance on the note. Management has concluded that this entity is a VIE. Because DPH is the developer of Delray Plaza, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements. Subsequent to December 31, 2017 On January 31, 2018, the North Decatur Square mezzanine loan was modified to increase the maximum amount of the loan to $25.7 million.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Construction Contracts

12 Months Ended

Dec. 31, 2017

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. 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 precontract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. Precontract costs of $0.6 million and $1.5 million were deferred as of December 31, 2017 and 2016, respectively.

Construction receivables and payables include retentions—amounts that are generally withheld until the completion of the contract or the satisfaction of certain restrictive conditions such as fulfillment guarantees. As of December 31, 2017 and 2016, construction receivables included retentions of $9.9 million and $11.5 million, respectively. The Company expects to collect substantially all construction receivables as of December 31, 2017 during the year ending December 31, 2018. As of December 31, 2017 and 2016, construction payables included retentions of $17.4 million and $14.6 million, respectively. The Company expects to pay substantially all construction payables as of December 31, 2017 during the year ending December 31, 2018.

The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2017 and 2016 (in thousands):



	December 31,
	2017			2016
Costs incurred on uncompleted construction contracts	$	520,368		$	333,744
Estimated earnings	18,070			10,936
Billings	(541,784		)	(354,737		)
Net position	$	(3,346	)	$	(10,057	)



	December 31,
	2017			2016
Construction contract costs and estimated earnings in excess of billings	$	245		$	110
Billings in excess of construction contract costs and estimated earnings	(3,591		)	(10,167		)
Net position	$	(3,346	)	$	(10,057	)

The Company expects to complete all uncompleted contracts as of December 31, 2017 during the years ending December 31, 2018 and 2019.

Indebtedness

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Indebtedness

The Company’s indebtedness was comprised of the following as of December 31, 2017 and 2016 (dollars in thousands):



							Stated Interest		Stated Maturity
	Principal Balance						Rate		Date
	December 31,						December 31,
	2017			2016			2017
North Point Center Note 5	$	—		$	643		LIBOR + 2.00%		February 1, 2017
Harrisonburg Regal	—			3,256			6.06	%	June 8, 2017
Commonwealth of Virginia - Chesapeake	—			4,933			LIBOR + 1.90%		August 28, 2017
Sandbridge Commons (2)	8,468			9,376			LIBOR + 1.75%		January 17, 2018
Columbus Village Note 1 (1)	6,080			6,258			LIBOR + 2.00%		April 5, 2018
Columbus Village Note 2	2,218			2,266			LIBOR + 2.00%		April 5, 2018
Johns Hopkins Village	46,698			43,841			LIBOR + 1.90%		July 30, 2018
Lightfoot Marketplace	10,500			12,194			LIBOR + 1.75%		November 14, 2018
North Point Note 1	9,571			9,776			6.45	%	February 5, 2019
Harding Place	3,874			—			LIBOR + 2.95%		February 24, 2020
Town Center Phase VI	1,505			—			LIBOR + 3.50%		June 29, 2020
Southgate Square	20,708			21,150			LIBOR + 2.00%		April 29, 2021
249 Central Park Retail (3)	16,851			17,076			LIBOR + 1.95%		August 8, 2021
Fountain Plaza Retail (3)	10,145			10,281			LIBOR + 1.95%		August 8, 2021
South Retail (3)	7,394			7,493			LIBOR + 1.95%		August 8, 2021
4525 Main Street (4)	32,034			32,034			3.25	%	September 10, 2021
Encore Apartments (4)	24,966			24,966			3.25	%	September 10, 2021
Revolving credit facility	66,000			107,000			LIBOR+1.40%-2.00%		October 26, 2021
Hanbury Village	19,503			20,709			0.0378		August 15, 2022
Term loan (1)	50,000			50,000			LIBOR+1.35%-1.95%		October 26, 2022
Term loan	100,000			50,000			LIBOR+1.35%-1.95%		October 26, 2022
Socastee Commons	4,771			4,866			4.57	%	January 6, 2023
North Point Note 2	2,459			2,564			7.25	%	September 15, 2025
Smith's Landing	19,764			20,511			4.05	%	June 1, 2035
Liberty Apartments	14,694			20,005			5.66	%	November 1, 2043
The Cosmopolitan	45,209			45,884			3.35	%	July 1, 2051
Total principal balance	$	523,412		$	527,082
Unamortized fair value adjustments	(1,211		)	(1,250		)
Unamortized debt issuance costs	(4,929		)	(3,652		)
Indebtedness, net	$	517,272		$	522,180

________________________________________


(1)	Subject to an interest rate swap agreement.


(2)	Subsequent to December 31, 2017, the Sandbridge Commons mortgage was extended for an additional 5 years.


(3)	Cross collateralized.


(4)	Cross collateralized.

The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2017 and 2016 (in thousands):



	December 31,
	2017		2016
Fixed-rate debt	$	229,051	$	241,472
Variable-rate debt	294,361		285,610
Total principal balance	$	523,412	$	527,082

Certain loans require the Company to comply with various financial and other covenants, including the maintenance of minimum debt coverage ratios. As of December 31, 2017, the Company was in compliance with all loan covenants.

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



Year	Scheduled Principal Payments		Maturities		Total Payments
2018	$	4,361	$	73,322	$	77,683
2019	3,951		9,333		13,284
2020	4,959		5,379		10,338
2021	4,073		172,274		176,347
2022	2,699		167,109		169,808
Thereafter	70,385		5,567		75,952
Total	$	90,428	$	432,984	$	523,412

Credit Facility

On October 26, 2017, the Operating Partnership entered into an amended and restated credit agreement (the “amended credit agreement”), which provides for a $300.0 million credit facility comprised of a $150.0 million senior unsecured revolving credit facility (the "revolving credit facility") and a $150.0 million senior unsecured term loan facility (the “term loan facility” and, together with the revolving credit facility, the “credit facility”), with a syndicate of banks. The amended credit facility replaces the prior $150.0 million revolving credit facility, which was scheduled to mature on February 20, 2019, and the prior $125.0 million term loan facility, which was scheduled to mature on February 20, 2021.

The credit facility includes an accordion feature that allows the total commitments to be increased to $450.0 million, subject to certain conditions, including obtaining commitments from any one or more lenders. The revolving credit facility has a scheduled maturity date of October 26, 2021, with two six-month extension options, subject to certain conditions, including payment of a 0.075% extension fee at each extension. The term loan facility has a scheduled maturity date of October 26, 2022.

The revolving credit facility bears interest at LIBOR plus a margin ranging from 1.40% to 2.00% and the term loan facility bears interest at LIBOR plus a margin ranging from 1.35% to 1.95%, in each case depending on the Company's total leverage. The Company is also obligated to pay an unused commitment fee of 15 or 25 basis points on the unused portions of the commitments under the revolving credit facility, depending on the amount of borrowings under the credit facility. As of December 31, 2017, the interest rates on the revolving credit facility and the term loan facility were 3.11% and 3.06%, respectively. If the Company attains investment grade credit ratings from S&P and Moody’s, the Operating Partnership may elect to have borrowings become subject to interest rates based on such credit ratings. The Company may, at any time, voluntarily prepay any loan under the credit facility in whole or in part without premium or penalty.

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

The Company is currently in compliance with all covenants under the credit facility.

Other 2017 Financing Activity

On February 1, 2017, the Company paid off the North Point Center Note 5 in full for $0.6 million.

On February 24, 2017, the Company secured a $29.8 million construction loan for the Harding Place project in Charlotte, North Carolina.

On April 7, 2017, the Company paid off the Harrisonburg Regal note in full for $3.2 million.

On April 19, 2017, the Company entered into a second amendment to the credit agreement for the Lightfoot Marketplace loan, which amended certain definitions and covenant requirements.

On June 29, 2017, the Company secured a $27.9 million construction loan for the Town Center Phase VI project in Virginia Beach, Virginia.

On July 13, 2017, the Company paid off the remaining balance of $4.9 million for the note secured by the Commonwealth of Virginia building in Chesapeake, Virginia in conjunction with the sale of this property.

On August 9, 2017, the Company refinanced the Hanbury Village note. The new note matures in August 2022 and has a fixed annual interest rate of 3.78%.

On August 10, 2017, the Company paid off $0.7 million of the Sandbridge Commons note in conjunction with the sale of a land outparcel at this property.

On September 1, 2017, the Company entered into a modification of The Cosmopolitan note, which reduced the interest rate from 3.75% to 3.35%.

On October 13, 2017, the Company paid down $5.0 million of the Liberty Apartments note.

On November 1, 2017, the Company extended the Lightfoot construction loan after paying the balance down to $10.5 million and paying an extension fee. The loan is now set to mature in November 2018.

On December 28, 2017, the Company secured a $66.5 million construction loan for the 595 King Street and 530 Meeting Street development projects. There are no borrowings on this loan as of December 31, 2017.

During the year ended December 31, 2017, the Company borrowed $8.9 million under its construction loans to fund new development and construction.

Subsequent to December 31, 2017

On January 22, 2018, the Company extended the Sandbridge Commons mortgage. The loan bears interest at a rate of LIBOR plus a spread of 1.75% and will mature on January 17, 2023.

In January 2018, the Company increased its borrowings under the revolving credit facility by $58.0 million.

Other 2016 Financing Activity

On August 8, 2016, the Company repaid the existing $15.1 million mortgage loan secured by 249 Central Park Retail, the $6.7 million mortgage loan on South Retail and the $7.6 million mortgage loan on Fountain Plaza and refinanced them with a $35.0 million five-year term mortgage loan that bears interest at LIBOR plus 1.95% and matures on August 8, 2021. The new mortgage loan is collateralized by all three properties. The loss on extinguishment of debt recognized on the refinancing was less than $0.1 million.

On August 30, 2016, the Company repaid the existing $31.6 million construction loan secured by 4525 Main Street and the $25.2 million construction loan on Encore Apartments and refinanced them with a $57.0 million five-year term mortgage loan that bears interest at 3.25% and matures on September 10, 2021. The new mortgage is collateralized by both properties. The loss on extinguishment of debt recognized on the refinancing was less than $0.1 million for the year ended December 31, 2016.

During the year ended December 31, 2016, the Company borrowed $44.4 million under its construction loans to fund new development and construction.

Other 2015 Financing Activity

On May 20, 2015, the Company repaid the $17.8 million construction loan secured by Whetstone Apartments and recognized a loss on extinguishment of debt of $0.1 million representing unamortized debt issuance costs.

On May 27, 2015, the Company repaid the existing $24.4 million mortgage secured by Smith’s Landing and refinanced the property with a new $21.6 million loan that bears interest at 4.05% and matures on June 1, 2035. As a result of the refinancing, the Company recognized a $0.1 million loss on extinguishment of debt representing the unamortized debt issuance costs associated with the repaid mortgage.

On July 1, 2015, the Company assumed debt with an outstanding principal balance of $5.0 million in connection with the acquisition of Socastee Commons. The mortgage bears interest at 4.57% and matures on January 6, 2023.

On July 10, 2015, the Company assumed two loans with an aggregate outstanding principal balance of $8.8 million in connection with the acquisition of Columbus Village. Both loans bear interest at LIBOR plus 2.00% and mature on April 5, 2018.

On July 30, 2015, the Company entered into a $50.0 million loan agreement to fund the development and construction of Johns Hopkins Village. The construction loan bears interest at LIBOR plus 1.90% and matures on July 30, 2018.

On September 1, 2015, the Company repaid the $6.1 million mortgage secured by the Oyster Point office building.

On October 6, 2015, the Operating Partnership entered into a $6.4 million note secured by the Oyster Point office building, which bears interest at LIBOR plus 1.40% to 2.00% and matures on February 28, 2017. This note was paid in full in conjunction with the sale of the Oyster Point office building.

On October 30, 2015, the Company repaid the $18.7 million construction loan secured by the Oceaneering International building and recognized a loss on debt extinguishment of debt of $0.1 million representing unamortized debt issuance costs.

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

On February 20, 2015, the Operating Partnership entered into a $50.0 million floating-to-fixed interest rate swap attributable to one-month LIBOR indexed interest payments. The $50.0 million interest rate swap has a fixed rate of 2.00%, an effective date of March 1, 2016 and a maturity date of February 20, 2020. The Operating Partnership entered into this interest rate swap agreement in connection with the $50.0 million senior unsecured term loan facility that bears interest at LIBOR plus 1.35% to 1.95%, depending on the Operating Partnership’s total leverage. The Company designated this interest rate swap as a cash flow hedge of variable interest payments based on one-month LIBOR.

On July 13, 2015, the Operating Partnership entered into a $6.5 million floating-to-fixed interest rate swap attributable to one-month LIBOR indexed interest payments. The $6.5 million interest rate swap has a fixed rate of 3.05%, an effective date of July 13, 2015 and a maturity date of April 5, 2018. The Company designated this interest rate swap as a cash flow hedge of variable interest payments based on one-month LIBOR.

On October 26, 2015, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $75.0 million at a strike rate of 1.25% for a premium of $0.1 million. The interest rate cap agreement expired on October 15, 2017.

On February 25, 2016, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $75.0 million at a strike rate of 1.50% for a premium of less than $0.1 million. The interest rate cap agreement expires on March 1, 2018.

On June 17, 2016, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $70.0 million at a strike rate of 1.00% for a premium of less than $0.1 million. The interest rate cap agreement expires on June 17, 2018.

On February 7, 2017, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $50.0 million at a strike rate of 1.50% for a premium of $0.2 million. The interest rate cap expires on March 1, 2019.

On June 23, 2017, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $50.0 million at a strike rate of 1.50% for a premium of less than $0.2 million. The interest rate cap agreement expires on July 1, 2019.

On September 18, 2017, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $50.0 million at a strike rate of 1.50% for a premium of less than $0.2 million. The interest rate cap agreement expires on October 1, 2019.

On November 28, 2017, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $50.0 million at a strike rate of 1.50% for a premium of less than $0.4 million. The interest rate cap agreement expires on December 1, 2019.

The Company’s derivatives comprised the following as of December 31, 2017 and 2016 (in thousands):



	December 31,
	2017							2016
	Notional		Fair Value					Notional		Fair Value
	Amount		Asset		Liability			Amount		Asset		Liability
Interest rate swaps	$	56,079	$	10	$	(69	)	$	56,901	$	—	$	(829	)
Interest rate caps	345,000		1,515		—			270,000		259		—
Total	$	401,079	$	1,525	$	(69	)	$	326,901	$	259	$	(829	)

The changes in the fair value of the Company’s derivatives during the years ended December 31, 2017, 2016, and 2015 was as follows (in thousands):



	Years Ended December 31,
	2017		2016			2015
Interest rate swaps	$	770	$	(795	)	$	(1,071	)
Interest rate caps	357		(146		)	(233		)
Total	$	1,127	$	(941	)	$	(1,304	)
Comprehensive income statement presentation:
Change in fair value of interest rate derivatives	$	1,127	$	(941	)	$	(229	)
Unrealized gain (loss) on cash flow hedge	—		—			(1,075		)
Total	$	1,127	$	(941	)	$	(1,304	)

Effective March 31, 2016, the Company determined that the short-cut method of hedge accounting was not appropriate for two of its interest-rate swaps and, for accounting purposes, the hedge relationship was terminated. The swaps were entered into in February and July 2015. Accordingly, changes in fair value of the swap should have been recorded in income rather than other comprehensive income. The Company determined that the errors were immaterial to all previously issued financial statements. The Company recognized $0.7 million of accumulated other comprehensive income and $0.4 million, which was previously allocated to noncontrolling interest as of December 31, 2015, in earnings during the first quarter of 2016. Subsequent changes in the value of the interest rate swap for the period from January 1, 2016 to December 31, 2017 were also recognized in earnings during the years ended December 31, 2017 and 2016. Net income for the year ended December 31, 2015 was overstated by $1.0 million. In reaching its conclusions, management considered the nature of the error, the effect of the error on operating results for 2015, and the effects of the error on important financial statement measures, including related trends.

The Company has not designated any of its interest rate caps as hedging instruments under GAAP.

Equity

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Equity

Stockholders’ Equity

As of December 31, 2017 and 2016, the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 44.9 million and 37.5 million shares of common stock issued and outstanding as of December 31, 2017 and 2016, respectively. No shares of preferred stock were issued and outstanding as of December 31, 2017 and 2016.

On April 8, 2015, the Company issued 415,500 shares of common stock in a private placement as partial consideration for the acquisition of Perry Hall Marketplace.

On May 5, 2015, the Company commenced an at-the-market continuous equity program through which the Company was able to, from time to time, issue and sell shares of its common stock having an aggregate offering price of up to $50.0 million (the "2015 ATM Program"). During the years ended December 31, 2016 and 2015, the Company issued and sold 1,152,919 and 1,108,149 shares of common stock at weighted average prices of $10.87 and $10.26 per share, resulting in net proceeds to the Company after offering costs and commissions of $12.2 million and $10.9 million, respectively.

On December 9, 2015, the Company completed an underwritten public offering of 3,450,000 shares of common stock. The net proceeds to the Company after deducting the underwriting discount and related offering costs were $35.1 million.

On May 4, 2016, the Company commenced a new at-the-market continuous equity offering program (the “2016 ATM Program”) through which the Company was able to, from time to time, issue and sell shares of its common stock having an aggregate offering price of up to $75.0 million. Upon commencing the 2016 ATM Program, the Company simultaneously terminated the Prior ATM Program. During the years ended December 31, 2017 and 2016, the Company issued and sold 450,890 and 4,159,936 shares of common stock at a weighted average price of $14.08 and $13.45 per share under the 2016 ATM Program, receiving net proceeds after offering costs and commissions of $6.2 million and $54.8 million, respectively.

On October 13, 2016, the Company completed the acquisition of Columbus Village II, a stabilized retail asset for aggregate consideration of 2,000,000 shares of common stock, which based on the closing stock price on the date of the acquisition, resulting in an acquisition price of $26.2 million. On October 19, 2016, the Company filed a registration statement covering resales of the shares pursuant to a registration rights agreement with the sellers.

On May 12, 2017, the Company completed an underwritten public offering of 6,900,000 shares of common stock at a public offering price of $13.00 per share, which resulted in net proceeds after offering costs and commissions of $85.3 million.

Redeemable Noncontrolling Interests

The former noncontrolling interest holder of Johns Hopkins Village had an option to redeem the 20% noncontrolling interest in that entity. The noncontrolling interest of $2.0 million was included in temporary equity. On December 21, 2017, the Company redeemed the noncontrolling interest for a cash payment of $2.0 million and contingent future consideration of $0.5 million to be paid in Class A Units of the Operating Partnership upon the satisfaction of certain conditions. The contingent future consideration of $0.5 million has been recorded in accounts payable and accrued liabilities on the Company's consolidated balance sheets.

Noncontrolling Interests

As of December 31, 2017 and 2016, the Company held a 72.0% and 68.1% interest in the Operating Partnership, respectively. As the sole general partner and the majority interest holder, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Company represent OP Units not held by the Company.

As partial consideration for Columbus Village, the Operating Partnership issued 1,000,000 Class B Units on July 10, 2015 and issued 275,000 Class C Units on January 10, 2017. The Class B Units and Class C Units did not earn or accrue distributions until July 10, 2017 and January 10, 2018, respectively, at which time they automatically converted to Class A Units.

On January 10, 2017, the Operating Partnership issued 68,691 Class A Units to acquire the remaining 20% interest in the Town Center Phase VI project.

On October 2, 2017, due to the request of holders of Class A Units to tender an aggregate 358,879 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption requests with an aggregate cash payment of $4.9 million.

Holders of OP Units may not transfer their units without the Company’s prior consent as general partner of the Operating Partnership. Subject to the satisfaction of certain conditions, holders of Class A Units may tender their units for redemption by the Operating Partnership in exchange for cash equal to the market price of shares of the Company’s common stock at the time of redemption or, at the Company’s option and sole discretion, for unregistered or registered shares of common stock on a one-for-one basis. Accordingly, the Company presents OP Units of the Operating Partnership not held by the Company as noncontrolling interests within equity in the consolidated balance sheets.

Common Stock Dividends and Class A Unit Distributions

During the year ended December 31, 2017, the Company declared the following dividends per share and distributions per unit:



Declaration Date	Record Date	Paid Date	Dividend Per Share/Distribution Per Unit
February 2, 2017	March 29, 2017	April 6, 2017	$	0.19
May 5, 2017	June 28, 2017	July 6, 2017	0.19
August 4, 2017	September 27, 2017	October 5, 2017	0.19
November 2, 2017	December 27, 2017	January 4, 2018	0.19
		Total	$	0.76

During the year ended December 31, 2017, the Company paid cash dividends of $31.1 million to common stockholders and the Operating Partnership paid cash distributions of $12.6 million to holders of Class A Units.

The tax treatment of dividends paid to common stockholders during the year ended December 31, 2017 was as follows (unaudited):



Capital gains	9.06	%
Ordinary income	71.59	%
Return of capital	19.35	%
Total	100.00	%

During the year ended December 31, 2016, the Company declared the following dividends per share and distributions per unit:



Declaration Date	Record Date	Paid Date	Dividend Per Share/Distribution Per Unit
January 31, 2016	March 30, 2016	April 7, 2016	$	0.18
May 2, 2016	June 29, 2016	July 7, 2016	0.18
August 4, 2016	September 28, 2016	October 6, 2016	0.18
November 3, 2016	December 28, 2016	January 5, 2017	0.18
		Total	$	0.72

During the year ended December 31, 2016, the Company paid cash dividends of $22.7 million to common stockholders and the Operating Partnership paid cash distributions of $11.1 million to holders of Class A Units.

The tax treatment of dividends paid to common stockholders during the year ended December 31, 2016 was as follows (unaudited):



Capital gains	—	%
Ordinary income	78	%
Return of capital	22	%
Total	100	%

During the year ended December 31, 2015, the Company declared the following dividends per share and distributions per unit:



Declaration Date	Record Date	Paid Date	Dividend Per Share/Distribution Per Unit
January 28, 2015	April 1, 2015	April 9, 2015	$	0.17
May 8, 2015	July 1, 2015	July 9, 2015	0.17
August 6, 2015	October 1, 2015	October 8, 2015	0.17
November 6, 2015	December 31, 2015	January 7, 2016	0.17
		Total	$	0.68

During the year ended December 31, 2015, the Company paid cash dividends of $17.1 million to common stockholders and the Operating Partnership paid cash distributions of $9.9 million to holders of OP Units.

The tax treatment of dividends paid to common stockholders during the year ended December 31, 2015 was as follows (unaudited):



Capital gains	—	%
Ordinary income	64.2	%
Return of capital	35.8	%
Total	100.0	%

Subsequent to December 31, 2017

On January 2, 2018, due to the holders of Class A Units tendering an aggregate of 163,000 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 January 4, 2018, the Company paid cash dividends of $8.5 million to common stockholders and the Operating Partnership paid cash distributions of $3.3 million to holders of Class A Units. These dividends and distributions were declared and accrued as of December 31, 2017.

On January 29, 2018, the Company issued 117,228 Class A Units valued at $1.7 million in conjunction with the acquisition of Parkway Centre, a newly developed Publix-anchored shopping center in Moultrie, Georgia.

On February 22, 2018, the Company announced that its Board of Directors declared a cash dividend of $0.20 per common share for the first quarter of 2018. This represents a 5.3% increase over the prior quarter's cash dividend. The first quarter dividend will be payable in cash on April 5, 2018 to stockholders of record on March 28, 2018.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

The Company’s Amended and Restated 2013 Equity Incentive Plan (the "Equity Plan") permits the grant of restricted stock awards, stock options, stock appreciation rights, performance units, and other equity-based awards up to an aggregate of 1,700,000 shares of common stock. As of December 31, 2017, the Company had 1,083,838 shares of common stock reserved for issuance under the Equity Plan.

During the years ended December 31, 2017, 2016, and 2015, the Company granted an aggregate of 0.1 million, 0.1 million and 0.1 million shares of restricted stock to employees and nonemployee directors, respectively. The weighted average grant date fair value of the restricted stock awards granted during the years ended December 31, 2017, 2016, and 2015 was $1.7 million, $1.4 million and $1.2 million, respectively. Employee restricted stock awards generally vest over a period of two years: one-third immediately on the grant date and the remaining two-thirds in equal amounts on the first two anniversaries following the grant date, subject to continued service to the Company. Nonemployee director restricted stock awards vest either immediately upon grant or over a period of one year, subject to continued service to the Company. Unvested restricted stock awards are entitled to receive dividends from their grant date.

During the years ended December 31, 2017, 2016, and 2015, the Company recognized $1.5 million, $1.2 million and $1.0 million of stock-based compensation, respectively. As of December 31, 2017, the total unrecognized compensation cost related to nonvested restricted shares was $0.5 million, substantially all of which the Company expects to recognize over the next 20 months.

The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2017:



	Restricted Stock Awards		Weighted Average Grant Date Fair Value Per Share
Nonvested as of January 1, 2017	104,839		$	11.20
Granted	118,361		14.04
Vested	(109,950	)	12.26
Forfeited	(461	)	12.99
Nonvested as of December 31, 2017	112,789		$	13.14

Restricted stock awards granted and vested during the year ended December 31, 2017 include 21,188 shares tendered by employees to satisfy minimum statutory tax withholding obligations.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows:

Level 1 Inputs—quoted prices in active markets for identical assets or liabilities

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

Level 3 Inputs—unobservable inputs

Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair value. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and interest rate 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.

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

The fair value of the Company’s debt is sensitive to fluctuations in interest rates. Discounted cash flow analysis based on Level 2 inputs is generally used to estimate the fair value of the Company’s debt.

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, all of which are based on Level 2 inputs, as of December 31, 2017 and 2016 were as follows (in thousands):



	December 31,
	2017				2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Indebtedness, net	$	517,272	$	518,417	$	522,180	$	527,414
Interest rate swap liabilities	69		69		829		829
Interest rate swap and cap assets	1,525		1,525		259		259

- Definition

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

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

The income tax benefit (provision) for the years ended December 31, 2017, 2016, and 2015 comprised the following (in thousands):



	Years Ended December 31,
	2017			2016			2015
Federal income taxes:
Current	$	(516	)	$	(197	)	$	102
Deferred	(131		)	(109		)	(72		)
State income taxes:
Current	(62		)	(24		)	13
Deferred	(16		)	(13		)	(9		)
Income tax benefit (provision)	$	(725	)	$	(343	)	$	34

The legislation commonly known as the Tax Cuts and Jobs Act (the "Tax Act") was enacted on December 22, 2017. The Tax Act reduced the U.S. federal corporate tax rate from 35% to 21% (including with respect to taxable REIT subsidiaries), resulting in the Company's remeasuring its existing deferred tax balances. In addition, generally beginning in 2018, the Tax Act alters the deductibility of certain items (e.g., interest expense) and allows the cost of certain qualifying capital asset investments to be deducted fully in the year they were purchased, subject to a phase-down of the deduction percentage over time. As of December 31, 2017, the Company has not fully completed its analysis of the tax effects of the Tax Act; however, it has made a reasonable estimate of the effects on the deferred tax balances. The Company remeasured deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. The provisional amounts recorded related to the remeasurement of the deferred tax balance was approximately $0.2 million of tax expense.

The Company has not fully completed its analysis of the tax effects of the Tax Act; however, it has made a reasonable estimate of the effects on the deferred tax balances. Our estimates are subject to change as additional clarification and implementation guidance is made available by the Internal Revenue Service or other standard-setting bodies, and as a result, we may make adjustments to provisional amounts. It is not expected that such adjustments, however, will materially affect our financial position and results of operations or our effective tax rate in the period in which the adjustments are made.

As of December 31, 2017 and 2016, the Company had $0.3 million and $0.5 million, respectively, of net deferred tax assets representing basis differences in the assets of the TRS and stock-based compensation attributable to the TRS.

Management has evaluated the Company’s income tax positions and concluded that the Company has no uncertain income tax positions as of December 31, 2017 and 2016. The Company is generally subject to examination by the applicable taxing authorities for the tax years 2014 through 2017. The Company does not currently have any ongoing tax examinations by taxing authorities.

Other Assets

12 Months Ended

Dec. 31, 2017

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

Other Assets

Other assets were comprised of the following as of December 31, 2017 and 2016 (in thousands):



	December 31,
	2017		2016
Acquired lease intangibles, net	$	29,881	$	38,853
Leasing costs, net	9,651		9,338
Leasing incentives, net	4,217		4,764
Interest rate swaps and caps	1,515		259
Prepaid expenses and other	8,937		9,797
Advance deposits on property acquisitions	400		75
Preacquisition development costs	1,352		1,079
Other assets	$	55,953	$	64,165

Other Liabilities

12 Months Ended

Dec. 31, 2017

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities were comprised of the following as of December 31, 2017 and 2016 (in thousands):



	December 31,
	2017		2016
Dividends and distributions payable	$	11,887	$	9,727
Deferred ground rent payable	8,732		8,202
Acquired lease intangibles, net	13,829		15,545
Prepaid rent and other	3,171		3,227
Security deposits	1,674		1,679
Interest rate swaps	59		829
Other liabilities	$	39,352	$	39,209

Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2017

Acquired Lease Intangibles

Acquired Lease Intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2017 (in thousands):



	December 31, 2017
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	50,506	$	25,193	$	25,313
Above-market lease assets	4,817		1,923		2,894
Below-market lease liabilities	18,089		4,260		13,829
Below-market ground lease assets	1,920		246		1,674

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2016 (in thousands):



	December 31, 2016
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	49,124	$	15,350	$	33,774
Above-market lease assets	4,490		1,138		3,352
Below-market lease liabilities	18,039		2,494		15,545
Below-market ground lease assets	1,920		193		1,727

Amortization of in-place lease assets for the years ended December 31, 2017, 2016, and 2015 was $9.7 million, $10.2 million, and $2.9 million, respectively.

Amortization of above-market lease assets for the years ended December 31, 2017, 2016, and 2015 was $0.8 million, $0.9 million, and $0.3 million, respectively.

Amortization of below-market lease liabilities for the years ended December 31, 2017, 2016, and 2015 was $1.8 million, $1.8 million, and $0.1 million, respectively.

Amortization of below-market ground lease assets for the years ended December 31, 2017, 2016, and 2015 was $0.1 million, $0.1 million, and $0.1 million, respectively.

As of December 31, 2017, the weighted-average remaining lives of in-place lease assets, above-market lease assets, below-market lease liabilities, and below-market ground lease assets were 4.9 years, 6.0 years, 4.9 years, and 31.5 years, respectively. As of December 31, 2017, the weighted-average remaining life of below-market lease renewal options was 13.8 years.

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



					Depreciation and
	Rental Revenues		Rental Expenses		Amortization
Year ending December 31,
2018	$	928	$	53	$	7,170
2019	842		53		5,359
2020	706		53		3,659
2021	721		53		2,250
2022	689		53		1,669

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company provides general contracting and real estate services to certain related party entities that are not included in these consolidated financial statements. Revenue from construction contracts with related party entities of the Company was $7.6 million, $26.7 million and $9.6 million for the years ended December 31, 2017, 2016, and 2015, respectively. Gross profits from such contracts were $0.4 million, $1.0 million and $0.3 million for the years ended December 31, 2017, 2016, and 2015, respectively. Amounts from related parties of the Company included in construction receivables as of December 31, 2017 and 2016 were $0.2 million and $3.4 million, respectively. Real estate services fees from affiliated entities of the Company were not material for any of the years ended December 31, 2017, 2016, and 2015. In addition, affiliated entities also reimburse the Company for monthly maintenance and facilities management services provided to the properties. Cost reimbursements earned by the Company from affiliated entities were not material for any of the years ended December 31, 2017, 2016, and 2015. In connection with the formation transactions for the Company's IPO, the Operating Partnership entered into tax protection agreements that indemnify certain directors and executive officers of the Company from their tax liabilities resulting from the potential future sale of certain of the Company’s properties within seven (or, in a limited number of cases, ten) years of the completion of the formation transactions on May 13, 2013. Upon completing the sale of the Virginia Natural Gas office property on November 20, 2014, the Operating Partnership paid $1.3 million under such tax protection agreements.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal Proceedings

The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of its business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters.

The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined by management to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties.

Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs, and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant.

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 $44.9 million and $40.5 million as of December 31, 2017 and 2016, respectively.

The Operating Partnership has entered into standby letters of credit using the available capacity under the credit facility. The letters of credit relate to the guarantee of future performance on certain of the Company’s construction contracts. Letters of credit generally are available for draw down in the event the Company does not perform. As of December 31, 2017 and 2016, the Operating Partnership had total outstanding letters of credit of $2.1 million and $4.1 million, respectively. The amounts outstanding at December 31, 2017 and 2016 include a $2.1 million letter of credit related to the guarantee on the Point Street Apartments senior construction loan.

The Company has five ground leases on four properties with initial terms that range from 20 to 65 years and options to extend up to an additional 40 years in certain cases. The Company also leases automobiles and equipment.

Future minimum rental payments during each of the next five years and thereafter are as follows (in thousands):



2018	$	2,260
2019	2,145
2020	2,104
2021	2,057
2022	1,897
Thereafter	89,556
Total	$	100,019

Ground rent expense for the years ended December 31, 2017, 2016, and 2015 was $2.5 million, $2.0 million and $1.7 million, respectively.

Concentrations of Credit Risk

The majority of the Company’s properties are located in Hampton Roads, Virginia. For the years ended December 31, 2017, 2016, and 2015, rental revenues from Hampton Roads properties represented 53%, 58% and 68%, respectively, of the Company’s rental revenues. Many of the Company’s Hampton Roads properties are located in the Town Center of Virginia Beach. For the years ended December 31, 2017, 2016, and 2015, rental revenues from Town Center properties represented 38%, 41% and 46%, respectively, of the Company’s rental revenues. Rental revenues from Richmond Tower, which the Company sold in January 2016, individually represented 1% and 11% of the Company’s rental revenues for the years ended December 31, 2016 and 2015, respectively.

A group of five construction customers comprised 88%, 52%, and 15% of the Company’s general contracting and real estate services revenues for the years ended December 31, 2017, 2016, and 2015, respectively. The same customers represented 83%, 43%, and 20% of the Company’s general contracting and real estate services segment gross profit for the years ended December 31, 2017, 2016, and 2015, respectively.

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Data [Abstract]

Selected Quarterly Financial Data (Unaudited)

The following tables summarize certain selected quarterly financial data for 2017 and 2016 (in thousands, except per share data):



	2017 Quarters
	First		Second		Third		Fourth
Rental revenues	$	27,232	$	26,755	$	27,096	$	27,654
General contracting and real estate services revenues	63,519		56,671		41,201		32,643
Net operating income	20,978		20,645		19,397		19,211
Net income	8,753		4,943		10,461		5,768
Net income attributable to stockholders	5,936		3,471		7,488		4,152
Net income per share: basic and diluted	$	0.16	$	0.08	$	0.17	$	0.09



	2016 Quarters
	First		Second		Third		Fourth
Rental revenues	$	23,283	$	24,251	$	25,305	$	26,516
General contracting and real estate services revenues	36,803		33,200		38,552		50,475
Net operating income	17,371		17,973		18,393		19,740
Net income	26,533		3,131		7,946		5,145
Net income attributable to stockholders	17,370		2,034		5,212		3,458
Net income per share: basic and diluted	$	0.57	$	0.06	$	0.15	$	0.09

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation

12 Months Ended

Dec. 31, 2017

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation

SCHEDULE III—Consolidated Real Estate Investments and Accumulated Depreciation

December 31, 2017



				Initial Cost				Cost Capitalized		Gross Carrying Amount										Year of
						Building and		Subsequent to				Building and				Accumulated		Net Carrying		Construction/
	Encumbrances			Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Amount(1)		Acquisition
Office
4525 Main Street	$	32,034		$	982	$	—	$	45,338	$	982	$	45,338	$	46,320	$	4,422	$	41,898	2014
Armada Hoffler Tower	—		⁽²⁾	1,976		—		57,887		1,976		57,887		59,863		29,625		30,238		2002
One Columbus	—		⁽²⁾	960		10,269		8,772		960		19,041		20,001		10,280		9,721		1984
Two Columbus	—		⁽²⁾	53		—		19,364		53		19,364		19,417		6,941		12,476		2009
Total office	$	32,034		$	3,971	$	10,269	$	131,361	$	3,971	$	141,630	$	145,601	$	51,268	$	94,333
Retail
249 Central Park Retail	$	16,851		$	712	$	—	$	15,108	$	712	$	15,108	$	15,820	$	8,228	$	7,592	2004
Alexander Pointe	—		⁽²⁾	4,050		4,880		58		4,050		4,938		8,988		466		8,522		1997/2016
Bermuda Crossroads	—		⁽²⁾	5,450		10,641		1,053		5,450		11,694		17,144		2,183		14,961		2001/2013
Broad Creek Shopping Center	—		⁽²⁾	—		—		15,945		—		15,945		15,945		9,010		6,935		1997-2001
Broadmoor Plaza	—		⁽²⁾	2,410		9,010		346		2,410		9,356		11,766		881		10,885		1980/2016
Brooks Crossing	—			117		—		2,213		117		2,213		2,330		88		2,242		2016
Columbus Village	8,298			7,631		10,135		9		7,631		10,144		17,775		732		17,043		1980/2015
Columbus Village II	—		⁽²⁾	14,536		10,922		23		14,536		10,945		25,481		520		24,961		1995/2016
Commerce Street Retail	—		⁽²⁾	118		—		3,220		118		3,220		3,338		1,342		1,996		2008
Courthouse 7-Eleven	—		⁽²⁾	1,007		—		1,043		1,007		1,043		2,050		163		1,887		2011
Dick’s at Town Center	—		⁽²⁾	67		—		10,572		67		10,572		10,639		3,920		6,719		2002
Dimmock Square	—		⁽²⁾	5,100		13,126		188		5,100		13,314		18,414		1,254		17,160		1998/2014
Fountain Plaza Retail	10,145			425		—		7,135		425		7,135		7,560		3,154		4,406		2004
Gainsborough Square	—		⁽²⁾	2,229		—		7,182		2,229		7,182		9,411		3,206		6,205		1999
Greentree Shopping Center	—			1,103		—		4,018		1,103		4,018		5,121		513		4,608		2014
Hanbury Village	19,503		⁽²⁾	3,793		—		19,342		3,793		19,342		23,135		6,344		16,791		2006
Harper Hill Commons	—		⁽²⁾	2,840		8,510		93		2,840		8,603		11,443		608		10,835		2004/2016
Harrisonburg Regal	—			1,554		—		4,148		1,554		4,148		5,702		1,989		3,713		1999
Lightfoot Marketplace	10,500			7,628		—		14,714		7,628		14,714		22,342		794		21,548		2016
North Hampton Market	—		⁽²⁾	7,250		10,210		401		7,250		10,611		17,861		953		16,908		2004/2016
North Point Center	12,030		⁽²⁾	1,936		—		25,417		1,936		25,417		27,353		12,652		14,701		1998
Oakland Marketplace	—		⁽²⁾	1,850		3,370		26		1,850		3,396		5,246		584		4,662		2004/2016
Parkway Marketplace	—		⁽²⁾	1,150		—		3,664		1,150		3,664		4,814		1,776		3,038		1998
Patterson Place	—		⁽²⁾	15,059		20,180		231		15,059		20,411		35,470		1,353		34,117		2004/2016
Perry Hall Marketplace	—		⁽²⁾	3,240		8,316		383		3,240		8,699		11,939		872		11,067		2001/2015
Providence Plaza	—		⁽²⁾	9,950		12,369		670		9,950		13,039		22,989		937		22,052		2007/2015
Renaissance Place	—		⁽²⁾	6,730		8,439		89		6,730		8,528		15,258		335		14,923		2008/2016



Sandbridge Commons	8,468			4,825		—		7,285		4,825		7,285		12,110		839		11,271		2015
Socastee Commons	4,771			2,320		5,380		121		2,320		5,501		7,821		530		7,291		2000/2015
South Retail	7,394			190		—		7,635		190		7,635		7,825		3,964		3,861		2002
South Square	—		⁽²⁾	14,130		12,670		164		14,130		12,834		26,964		953		26,011		1977/2016
Southgate Square	20,708			8,890		25,950		249		8,890		26,199		35,089		1,467		33,622		1991/2016
Southshore Shops	—		⁽²⁾	1,770		6,509		16		1,770		6,525		8,295		289		8,006		2006/2016
Stone House Square	—		⁽²⁾	6,360		16,350		277		6,360		16,627		22,987		1,548		21,439		2008/2015
Studio 56 Retail	—		⁽²⁾	76		—		2,475		76		2,475		2,551		825		1,726		2007
Tyre Neck Harris Teeter	—		⁽²⁾	—		—		3,306		—		3,306		3,306		923		2,383		2011
Waynesboro Commons	—		⁽²⁾	1,300		1,610		47		1,300		1,657		2,957		385		2,572		1993/2016
Wendover Village	—		⁽²⁾	18,260		21,700		52		18,260		21,752		40,012		1,100		38,912		2004/2016-2017
Total retail	$	118,668		$	166,056	$	220,277	$	158,918	$	166,056	$	379,195	$	545,251	$	77,680	$	467,571
Mutifamily
Encore Apartments	$	24,966		$	1,293	$	—	$	30,183	$	1,293	$	30,183	$	31,476	$	3,033	$	28,443	2014
Harding Place	3,874			5,706		—		22,997		5,706		22,997		28,703		—		28,703		—	⁽³⁾
Johns Hopkins Village	46,698			—		—		69,229		—		69,229		69,229		3,107		66,122		2016
King Street	—			7,276		—		5,452		7,276		5,452		12,728		—		12,728		—	⁽³⁾
Liberty Apartments	14,694			3,580		23,494		1,407		3,580		24,900		28,480		3,456		25,024		2013/2014
Meeting Street	—			7,265		—		6,372		7,265		6,372		13,637		—		13,637		—	⁽³⁾
Smith’s Landing	19,764			—		35,105		1,765		—		36,870		36,870		5,613		31,257		2009/2013
The Cosmopolitan	45,209			985		—		57,504		985		57,504		58,489		20,364		38,125		2006
Town Center Phase VI	1,505			965		—		22,328		965		22,328		23,293		—		23,293		—	⁽³⁾
Total multifamily	$	156,710		$	27,070	$	58,599	$	217,237	$	27,070	$	275,835	$	302,905	$	35,573	$	267,332
Held for development	$	—		$	680	$	—	$	—	$	680	$	—	$	680	$	—	$	680
Real estate investments	$	307,412		$	197,777	$	289,145	$	507,516	$	197,777	$	796,660	$	994,437	$	164,521	$	829,916

________________________________________


(1)	The net carrying amount of real estate for federal income tax purposes was $698.1 million as of December 31, 2017.


(2)	Borrowing base collateral for the credit facility as of December 31, 2017.


(3)	Construction in progress as of December 31, 2017.

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



Buildings	39 years
Capital improvements	15—20 years
Equipment	5—15 years
Tenant improvements	Term of the related lease
	(or estimated useful life, if shorter)



	Real Estate						Accumulated
	Investments						Depreciation
	December 31,
	2017			2016			2017			2016
Balance at beginning of the year	$	908,287		$	633,591		$	139,553		$	125,380
Construction costs and improvements	84,142			56,630			—			—
Acquisitions	12,760			248,987			—			—
Dispositions	(10,146		)	(30,467		)	(1,006		)	(352		)
Reclassifications	(606		)	(454		)	—			(8,928		)
Depreciation	—			—			25,974			23,453
Balance at end of the year	$	994,437		$	908,287		$	164,521		$	139,553

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).

Use of Estimates

Segments

Revenue Recognition

Rental Revenues

General Contracting and Real Estate Services Revenues

Real Estate Investments

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



Buildings	39 years
Capital improvements	15—20 years
Equipment	5—15 years
Tenant improvements	Term of the related lease
	(or estimated useful life, if shorter)

Operating Property Acquisitions

Real Estate Investments Held for Sale

Impairment of Long Lived Assets

Cash and Cash Equivalents

Cash and cash equivalents include demand deposits, investments in money market funds and investments with an original maturity of three months or less.

Restricted Cash

Accounts Receivable, net

Accounts receivable include amounts from tenants for base rents, contingent rents, and cost reimbursements as well as accrued straight-line rental revenue.

Derivative Financial Instruments

Stock-Based Compensation

Income Taxes

Discontinued Operations

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

Net Income Per Share and Unit

Emerging Growth Company Status

Recent Accounting Pronouncements



	As of December 31
	2017		2016		2015
Cash and cash equivalents	$	19,959	$	21,942	$	26,989
Restricted cash	2,957		3,251		2,824
Cash, cash equivalents, and restricted cash	$	22,916	$	25,193	$	29,813



	Years ended December 31,
	2016			2015
Operating activities as originally presented	$	59,770		$	33,086
Adjustments	219			180
Operating activities after adjustments	$	59,989		$	33,266

Investing activities as originally presented	$	(226,461	)	$	(56,381	)
Adjustments	$	208		$	(1,580	)
Investing activities after adjustments	$	(226,253	)	$	(57,961	)

Fair Value of Financial Instruments

Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows:

Level 1 Inputs—quoted prices in active markets for identical assets or liabilities

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

Level 3 Inputs—unobservable inputs

Legal Proceedings

Business and Organization (Tables)

12 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of 100% owned properties

As of December 31, 2017, the Company's operating portfolio consisted of the following properties:



Property	Segment	Location	Ownership Interest
4525 Main Street	Office	Virginia Beach, Virginia*	100%
Armada Hoffler Tower	Office	Virginia Beach, Virginia*	100%
One Columbus	Office	Virginia Beach, Virginia*	100%
Two Columbus	Office	Virginia Beach, Virginia*	100%
249 Central Park Retail	Retail	Virginia Beach, Virginia*	100%
Alexander Pointe	Retail	Salisbury, North Carolina	100%
Bermuda Crossroads	Retail	Chester, Virginia	100%
Broad Creek Shopping Center	Retail	Norfolk, Virginia	100%
Broadmoor Plaza	Retail	South Bend, Indiana	100%
Brooks Crossing	Retail	Newport News, Virginia	65%	(1)
Columbus Village	Retail	Virginia Beach, Virginia*	100%
Columbus Village II	Retail	Virginia Beach, Virginia*	100%
Commerce Street Retail	Retail	Virginia Beach, Virginia*	100%
Courthouse 7-Eleven	Retail	Virginia Beach, Virginia	100%
Dick’s at Town Center	Retail	Virginia Beach, Virginia*	100%
Dimmock Square	Retail	Colonial Heights, Virginia	100%
Fountain Plaza Retail	Retail	Virginia Beach, Virginia*	100%
Gainsborough Square	Retail	Chesapeake, Virginia	100%
Greentree Shopping Center	Retail	Chesapeake, Virginia	100%
Hanbury Village	Retail	Chesapeake, Virginia	100%
Harper Hill Commons	Retail	Winston-Salem, North Carolina	100%
Harrisonburg Regal	Retail	Harrisonburg, Virginia	100%
Lightfoot Marketplace	Retail	Williamsburg, Virginia	70%	(2)
North Hampton Market	Retail	Taylors, South Carolina	100%
North Point Center	Retail	Durham, North Carolina	100%
Oakland Marketplace	Retail	Oakland, Tennessee	100%
Parkway Marketplace	Retail	Virginia Beach, Virginia	100%
Patterson Place	Retail	Durham, North Carolina	100%
Perry Hall Marketplace	Retail	Perry Hall, Maryland	100%
Providence Plaza	Retail	Charlotte, North Carolina	100%
Renaissance Square	Retail	Davidson, North Carolina	100%
Sandbridge Commons	Retail	Virginia Beach, Virginia	100%
Socastee Commons	Retail	Myrtle Beach, South Carolina	100%
Southgate Square	Retail	Colonial Heights, Virginia	100%
Southshore Shops	Retail	Chesterfield, Virginia	100%
South Retail	Retail	Virginia Beach, Virginia*	100%
South Square	Retail	Durham, North Carolina	100%
Stone House Square	Retail	Hagerstown, Maryland	100%
Studio 56 Retail	Retail	Virginia Beach, Virginia*	100%
Tyre Neck Harris Teeter	Retail	Portsmouth, Virginia	100%
Waynesboro Commons	Retail	Waynesboro, Virginia	100%
Wendover Village	Retail	Greensboro, North Carolina	100%
Encore Apartments	Multifamily	Virginia Beach, Virginia*	100%
Johns Hopkins Village	Multifamily	Baltimore, Maryland	100%
Liberty Apartments	Multifamily	Newport News, Virginia	100%
Smith’s Landing	Multifamily	Blacksburg, Virginia	100%
The Cosmopolitan	Multifamily	Virginia Beach, Virginia*	100%

________________________________________

(1) The Company is entitled to a preferred return of 8% on its investment in Brooks Crossing.

(2) The Company is entitled to a preferred return of 9% on its investment in Lightfoot Marketplace.

* Located in the Town Center of Virginia Beach

Schedule of properties under development or construction

As of December 31, 2017, the following properties were under development or construction:



Property	Segment	Location	Ownership Interest
Town Center Phase VI	Mixed-use	Virginia Beach, Virginia*	100	%
Harding Place	Multifamily	Charlotte, North Carolina	80	%	(1)
595 King Street	Multifamily	Charleston, South Carolina	92.5	%
530 Meeting Street	Multifamily	Charleston, South Carolina	90	%
Brooks Crossing	Office	Newport News, Virginia	65	%	(2)

*Located in the Town Center of Virginia Beach

(1) The Company is entitled to a preferred return of 9% on a portion of its investment in Harding Place.

(2) The Company is entitled to a preferred return of 8% on its investment in Brooks Crossing.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Estimated Useful Lives

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



Buildings	39 years
Capital improvements	15—20 years
Equipment	5—15 years
Tenant improvements	Term of the related lease
	(or estimated useful life, if shorter)

Schedule of Cash and Cash Equivalents

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



	As of December 31
	2017		2016		2015
Cash and cash equivalents	$	19,959	$	21,942	$	26,989
Restricted cash	2,957		3,251		2,824
Cash, cash equivalents, and restricted cash	$	22,916	$	25,193	$	29,813

Schedule of Restricted Cash

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



	As of December 31
	2017		2016		2015
Cash and cash equivalents	$	19,959	$	21,942	$	26,989
Restricted cash	2,957		3,251		2,824
Cash, cash equivalents, and restricted cash	$	22,916	$	25,193	$	29,813

Schedule of Prior Period Adjustments from Changes in Accounting Principles



	Years ended December 31,
	2016			2015
Operating activities as originally presented	$	59,770		$	33,086
Adjustments	219			180
Operating activities after adjustments	$	59,989		$	33,266

Investing activities as originally presented	$	(226,461	)	$	(56,381	)
Adjustments	$	208		$	(1,580	)
Investing activities after adjustments	$	(226,253	)	$	(57,961	)

Segments (Tables)

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Net operating income of reportable segments

Net operating income of the Company’s reportable segments for the years ended December 31, 2017, 2016, and 2015 was as follows (in thousands):



	Years Ended December 31,
	2017		2016		2015
Office real estate
Rental revenues	$	19,207	$	20,929	$	31,534
Rental expenses	5,483		5,560		6,938
Real estate taxes	1,859		2,000		2,950
Segment net operating income	11,865		13,369		21,646
Retail real estate
Rental revenues	63,109		56,511		32,064
Rental expenses	10,233		9,116		5,915
Real estate taxes	6,176		5,395		2,928
Segment net operating income	46,700		42,000		23,221
Multifamily residential real estate
Rental revenues	26,421		21,915		17,574
Rental expenses	9,705		7,228		6,351
Real estate taxes	2,494		2,234		1,904
Segment net operating income	14,222		12,453		9,319
General contracting and real estate services
Segment revenues	194,034		159,030		171,268
Segment expenses	186,590		153,375		165,344
Segment gross profit	7,444		5,655		5,924
Net operating income	$	80,231	$	73,477	$	60,110

Reconciliation of net operating income to net income

The following table reconciles net operating income to net income for the years ended December 31, 2017, 2016, and 2015 (in thousands):



	Years Ended December 31,
	2017			2016			2015
Net operating income	$	80,231		$	73,477		$	60,110
Depreciation and amortization	(37,321		)	(35,328		)	(23,153		)
General and administrative expenses	(10,435		)	(9,552		)	(8,397		)
Acquisition, development and other pursuit costs	(648		)	(1,563		)	(1,935		)
Impairment charges	(110		)	(355		)	(41		)
Interest income	7,077			3,228			126
Interest expense	(17,439		)	(16,466		)	(13,333		)
Loss on extinguishment of debt	(50		)	(82		)	(512		)
Gain on real estate dispositions	8,087			30,533			18,394
Change in fair value of interest rate derivatives	1,127			(941		)	(229		)
Other income	131			147			119
Income tax benefit (provision)	(725		)	(343		)	34
Net income	$	29,925		$	42,755		$	31,183

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2017

Leases [Abstract]

Schedule of future minimum rental payments

The Company’s commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands):



2018	$	71,439
2019	64,204
2020	54,582
2021	48,018
2022	41,441
Thereafter	184,844
Total	$	464,528

Future minimum rental payments during each of the next five years and thereafter are as follows (in thousands):



2018	$	2,260
2019	2,145
2020	2,104
2021	2,057
2022	1,897
Thereafter	89,556
Total	$	100,019

Real Estate Investments and Equity Method Investments (Tables)

12 Months Ended

Dec. 31, 2017

Real Estate [Abstract]

Schedule of real estate investments

The Company’s real estate investments comprised the following as of December 31, 2017 and 2016 (in thousands):



	December 31, 2017
	Income producing property		Held for development		Construction in progress		Total
Land	$	175,885	$	680	$	21,212	$	197,777
Land improvements	44,681		—		—		44,681
Buildings and improvements	690,120		—		—		690,120
Development and construction costs	—		—		61,859		61,859
Real estate investments	$	910,686	$	680	$	83,071	$	994,437



	December 31, 2016
	Income producing property		Held for development		Construction in progress		Total
Land	$	171,733	$	680	$	6,880	$	179,293
Land improvements	45,052		—		—		45,052
Buildings and improvements	677,293		—		—		677,293
Development and construction costs	—		—		6,649		6,649
Real estate investments	$	894,078	$	680	$	13,529	$	908,287

Schedule of the purchase price allocation

The following table summarizes the purchase price allocation, including acquisition costs, for this property (in thousands):



Land	$	5,550
Site improvements	232
Building and improvements	6,977
In-place leases	1,382
Above-market leases	327
Below-market leases	(50		)
Net assets acquired	$	14,418

Summary of estimated fair values of assets acquired and liabilities assumed

The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed during the year ended December 31, 2015 (in thousands):



Land	$	29,500
Site improvements	3,290
Building and improvements	49,260
In-place leases	14,160
Above-market leases	2,260
Below-market leases	(4,420		)
Indebtedness	(13,935		)
Net assets acquired	$	80,115



	Retail Portfolio			Southgate Square			Southshore Shops			Columbus Village II			Renaissance Square			Total
Land	$	66,260		$	8,890		$	1,770		$	14,536		$	6,730		$	98,186
Site improvements	3,870			2,140			490			939			303			7,742
Building and improvements	88,820			23,810			6,019			9,983			8,137			136,769
In-place leases	20,630			5,990			1,140			2,225			2,008			31,993
Above-market leases	1,960			100			120			—			70			2,250
Below-market leases	(11,040		)	(1,400		)	(190		)	(939		)	(10		)	(13,579		)
Net assets acquired	$	170,500		$	39,530		$	9,349		$	26,744		$	17,238		$	263,361

Summary of consolidated and combined results of operations on pro forma basis



	Years Ended December 31,
	2017		2016		2015
Rental revenues	$	109,472	$	102,579	$	105,479
Net income	30,354		14,060		18,492

Construction Contracts (Tables)

12 Months Ended

Dec. 31, 2017

Contractors [Abstract]

Net position of uncompleted construction contracts

The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2017 and 2016 (in thousands):



	December 31,
	2017			2016
Costs incurred on uncompleted construction contracts	$	520,368		$	333,744
Estimated earnings	18,070			10,936
Billings	(541,784		)	(354,737		)
Net position	$	(3,346	)	$	(10,057	)



	December 31,
	2017			2016
Construction contract costs and estimated earnings in excess of billings	$	245		$	110
Billings in excess of construction contract costs and estimated earnings	(3,591		)	(10,167		)
Net position	$	(3,346	)	$	(10,057	)

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of debt

The Company’s indebtedness was comprised of the following as of December 31, 2017 and 2016 (dollars in thousands):



							Stated Interest		Stated Maturity
	Principal Balance						Rate		Date
	December 31,						December 31,
	2017			2016			2017
North Point Center Note 5	$	—		$	643		LIBOR + 2.00%		February 1, 2017
Harrisonburg Regal	—			3,256			6.06	%	June 8, 2017
Commonwealth of Virginia - Chesapeake	—			4,933			LIBOR + 1.90%		August 28, 2017
Sandbridge Commons (2)	8,468			9,376			LIBOR + 1.75%		January 17, 2018
Columbus Village Note 1 (1)	6,080			6,258			LIBOR + 2.00%		April 5, 2018
Columbus Village Note 2	2,218			2,266			LIBOR + 2.00%		April 5, 2018
Johns Hopkins Village	46,698			43,841			LIBOR + 1.90%		July 30, 2018
Lightfoot Marketplace	10,500			12,194			LIBOR + 1.75%		November 14, 2018
North Point Note 1	9,571			9,776			6.45	%	February 5, 2019
Harding Place	3,874			—			LIBOR + 2.95%		February 24, 2020
Town Center Phase VI	1,505			—			LIBOR + 3.50%		June 29, 2020
Southgate Square	20,708			21,150			LIBOR + 2.00%		April 29, 2021
249 Central Park Retail (3)	16,851			17,076			LIBOR + 1.95%		August 8, 2021
Fountain Plaza Retail (3)	10,145			10,281			LIBOR + 1.95%		August 8, 2021
South Retail (3)	7,394			7,493			LIBOR + 1.95%		August 8, 2021
4525 Main Street (4)	32,034			32,034			3.25	%	September 10, 2021
Encore Apartments (4)	24,966			24,966			3.25	%	September 10, 2021
Revolving credit facility	66,000			107,000			LIBOR+1.40%-2.00%		October 26, 2021
Hanbury Village	19,503			20,709			0.0378		August 15, 2022
Term loan (1)	50,000			50,000			LIBOR+1.35%-1.95%		October 26, 2022
Term loan	100,000			50,000			LIBOR+1.35%-1.95%		October 26, 2022
Socastee Commons	4,771			4,866			4.57	%	January 6, 2023
North Point Note 2	2,459			2,564			7.25	%	September 15, 2025
Smith's Landing	19,764			20,511			4.05	%	June 1, 2035
Liberty Apartments	14,694			20,005			5.66	%	November 1, 2043
The Cosmopolitan	45,209			45,884			3.35	%	July 1, 2051
Total principal balance	$	523,412		$	527,082
Unamortized fair value adjustments	(1,211		)	(1,250		)
Unamortized debt issuance costs	(4,929		)	(3,652		)
Indebtedness, net	$	517,272		$	522,180

________________________________________


(1)	Subject to an interest rate swap agreement.


(2)	Subsequent to December 31, 2017, the Sandbridge Commons mortgage was extended for an additional 5 years.


(3)	Cross collateralized.


(4)	Cross collateralized.

Components of debt

The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2017 and 2016 (in thousands):



	December 31,
	2017		2016
Fixed-rate debt	$	229,051	$	241,472
Variable-rate debt	294,361		285,610
Total principal balance	$	523,412	$	527,082

Scheduled principal repayments and term-loan maturities

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



Year	Scheduled Principal Payments		Maturities		Total Payments
2018	$	4,361	$	73,322	$	77,683
2019	3,951		9,333		13,284
2020	4,959		5,379		10,338
2021	4,073		172,274		176,347
2022	2,699		167,109		169,808
Thereafter	70,385		5,567		75,952
Total	$	90,428	$	432,984	$	523,412

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivatives

The Company’s derivatives comprised the following as of December 31, 2017 and 2016 (in thousands):



	December 31,
	2017							2016
	Notional		Fair Value					Notional		Fair Value
	Amount		Asset		Liability			Amount		Asset		Liability
Interest rate swaps	$	56,079	$	10	$	(69	)	$	56,901	$	—	$	(829	)
Interest rate caps	345,000		1,515		—			270,000		259		—
Total	$	401,079	$	1,525	$	(69	)	$	326,901	$	259	$	(829	)

Schedule of changes in fair value of derivatives

The changes in the fair value of the Company’s derivatives during the years ended December 31, 2017, 2016, and 2015 was as follows (in thousands):



	Years Ended December 31,
	2017		2016			2015
Interest rate swaps	$	770	$	(795	)	$	(1,071	)
Interest rate caps	357		(146		)	(233		)
Total	$	1,127	$	(941	)	$	(1,304	)
Comprehensive income statement presentation:
Change in fair value of interest rate derivatives	$	1,127	$	(941	)	$	(229	)
Unrealized gain (loss) on cash flow hedge	—		—			(1,075		)
Total	$	1,127	$	(941	)	$	(1,304	)

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Equity (Tables)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Declared dividends per share and distributions per unit

During the year ended December 31, 2017, the Company declared the following dividends per share and distributions per unit:



Declaration Date	Record Date	Paid Date	Dividend Per Share/Distribution Per Unit
February 2, 2017	March 29, 2017	April 6, 2017	$	0.19
May 5, 2017	June 28, 2017	July 6, 2017	0.19
August 4, 2017	September 27, 2017	October 5, 2017	0.19
November 2, 2017	December 27, 2017	January 4, 2018	0.19
		Total	$	0.76

During the year ended December 31, 2015, the Company declared the following dividends per share and distributions per unit:



Declaration Date	Record Date	Paid Date	Dividend Per Share/Distribution Per Unit
January 28, 2015	April 1, 2015	April 9, 2015	$	0.17
May 8, 2015	July 1, 2015	July 9, 2015	0.17
August 6, 2015	October 1, 2015	October 8, 2015	0.17
November 6, 2015	December 31, 2015	January 7, 2016	0.17
		Total	$	0.68

During the year ended December 31, 2016, the Company declared the following dividends per share and distributions per unit:



Declaration Date	Record Date	Paid Date	Dividend Per Share/Distribution Per Unit
January 31, 2016	March 30, 2016	April 7, 2016	$	0.18
May 2, 2016	June 29, 2016	July 7, 2016	0.18
August 4, 2016	September 28, 2016	October 6, 2016	0.18
November 3, 2016	December 28, 2016	January 5, 2017	0.18
		Total	$	0.72

Tax treatment of dividends paid

The tax treatment of dividends paid to common stockholders during the year ended December 31, 2015 was as follows (unaudited):



Capital gains	—	%
Ordinary income	64.2	%
Return of capital	35.8	%
Total	100.0	%

The tax treatment of dividends paid to common stockholders during the year ended December 31, 2017 was as follows (unaudited):



Capital gains	9.06	%
Ordinary income	71.59	%
Return of capital	19.35	%
Total	100.00	%

The tax treatment of dividends paid to common stockholders during the year ended December 31, 2016 was as follows (unaudited):



Capital gains	—	%
Ordinary income	78	%
Return of capital	22	%
Total	100	%

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of the changes in the company's nonvested restricted stock awards

The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2017:



	Restricted Stock Awards		Weighted Average Grant Date Fair Value Per Share
Nonvested as of January 1, 2017	104,839		$	11.20
Granted	118,361		14.04
Vested	(109,950	)	12.26
Forfeited	(461	)	12.99
Nonvested as of December 31, 2017	112,789		$	13.14

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Carrying amounts and fair values of financial instruments measured based on level two inputs

The carrying amounts and fair values of the Company’s financial instruments, all of which are based on Level 2 inputs, as of December 31, 2017 and 2016 were as follows (in thousands):



	December 31,
	2017				2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Indebtedness, net	$	517,272	$	518,417	$	522,180	$	527,414
Interest rate swap liabilities	69		69		829		829
Interest rate swap and cap assets	1,525		1,525		259		259

- Definition

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

+ References + Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income tax provision

The income tax benefit (provision) for the years ended December 31, 2017, 2016, and 2015 comprised the following (in thousands):



	Years Ended December 31,
	2017			2016			2015
Federal income taxes:
Current	$	(516	)	$	(197	)	$	102
Deferred	(131		)	(109		)	(72		)
State income taxes:
Current	(62		)	(24		)	13
Deferred	(16		)	(13		)	(9		)
Income tax benefit (provision)	$	(725	)	$	(343	)	$	34

Other Assets (Tables)

12 Months Ended

Dec. 31, 2017

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

Other assets

Other assets were comprised of the following as of December 31, 2017 and 2016 (in thousands):



	December 31,
	2017		2016
Acquired lease intangibles, net	$	29,881	$	38,853
Leasing costs, net	9,651		9,338
Leasing incentives, net	4,217		4,764
Interest rate swaps and caps	1,515		259
Prepaid expenses and other	8,937		9,797
Advance deposits on property acquisitions	400		75
Preacquisition development costs	1,352		1,079
Other assets	$	55,953	$	64,165

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Other Liabilities Disclosure [Abstract]

Other liabilities

Other liabilities were comprised of the following as of December 31, 2017 and 2016 (in thousands):



	December 31,
	2017		2016
Dividends and distributions payable	$	11,887	$	9,727
Deferred ground rent payable	8,732		8,202
Acquired lease intangibles, net	13,829		15,545
Prepaid rent and other	3,171		3,227
Security deposits	1,674		1,679
Interest rate swaps	59		829
Other liabilities	$	39,352	$	39,209

Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2017

Acquired Lease Intangibles

Summary of the company's acquired lease intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2017 (in thousands):



	December 31, 2017
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	50,506	$	25,193	$	25,313
Above-market lease assets	4,817		1,923		2,894
Below-market lease liabilities	18,089		4,260		13,829
Below-market ground lease assets	1,920		246		1,674

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2016 (in thousands):



	December 31, 2016
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	49,124	$	15,350	$	33,774
Above-market lease assets	4,490		1,138		3,352
Below-market lease liabilities	18,039		2,494		15,545
Below-market ground lease assets	1,920		193		1,727

Estimated amortization of acquired lease intangibles

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



					Depreciation and
	Rental Revenues		Rental Expenses		Amortization
Year ending December 31,
2018	$	928	$	53	$	7,170
2019	842		53		5,359
2020	706		53		3,659
2021	721		53		2,250
2022	689		53		1,669

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Future minimum rental payments

The Company’s commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands):



2018	$	71,439
2019	64,204
2020	54,582
2021	48,018
2022	41,441
Thereafter	184,844
Total	$	464,528

Future minimum rental payments during each of the next five years and thereafter are as follows (in thousands):



2018	$	2,260
2019	2,145
2020	2,104
2021	2,057
2022	1,897
Thereafter	89,556
Total	$	100,019

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Data [Abstract]

Summary certain selected quarterly financial data

The following tables summarize certain selected quarterly financial data for 2017 and 2016 (in thousands, except per share data):



	2017 Quarters
	First		Second		Third		Fourth
Rental revenues	$	27,232	$	26,755	$	27,096	$	27,654
General contracting and real estate services revenues	63,519		56,671		41,201		32,643
Net operating income	20,978		20,645		19,397		19,211
Net income	8,753		4,943		10,461		5,768
Net income attributable to stockholders	5,936		3,471		7,488		4,152
Net income per share: basic and diluted	$	0.16	$	0.08	$	0.17	$	0.09



	2016 Quarters
	First		Second		Third		Fourth
Rental revenues	$	23,283	$	24,251	$	25,305	$	26,516
General contracting and real estate services revenues	36,803		33,200		38,552		50,475
Net operating income	17,371		17,973		18,393		19,740
Net income	26,533		3,131		7,946		5,145
Net income attributable to stockholders	17,370		2,034		5,212		3,458
Net income per share: basic and diluted	$	0.57	$	0.06	$	0.15	$	0.09

Business and Organization - Additional Information (Details)	Dec. 31, 2017	Dec. 31, 2016
Business and Organization
Percentage of operating partnerships held	72.00%	68.10%
General Partner
Business and Organization
Percentage of operating partnerships held	0.10%

Business and Organization - Schedule of Owned Properties (Details)	12 Months Ended
	Dec. 31, 2017
4525 Main Street \| Office
Business and Organization
Ownership interest percentage in property	100.00%
Armada Hoffler Tower \| Office
Business and Organization
Ownership interest percentage in property	100.00%
One Columbus \| Office
Business and Organization
Ownership interest percentage in property	100.00%
Two Columbus \| Office
Business and Organization
Ownership interest percentage in property	100.00%
249 Central Park Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Alexander Pointe \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Bermuda Crossroads \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Broad Creek Shopping Center \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Broadmoor Plaza \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Brooks Crossing
Business and Organization
Preferred return	8.00%
Brooks Crossing \| Office
Business and Organization
Ownership interest percentage in property	65.00%
Brooks Crossing \| Retail
Business and Organization
Ownership interest percentage in property	65.00%
Columbus Village \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Columbus Village II \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Commerce Street Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Courthouse 7-Eleven \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Dick’s at Town Center \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Dimmock Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Fountain Plaza Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Gainsborough Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Greentree Shopping Center \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Hanbury Village \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Harper Hill Commons \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Harrisonburg Regal \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Lightfoot Marketplace
Business and Organization
Preferred return	9.00%
Lightfoot Marketplace \| Retail
Business and Organization
Ownership interest percentage in property	70.00%
North Hampton Market \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
North Point Center \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Oakland Marketplace \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Parkway Marketplace \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Patterson Place \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Perry Hall Marketplace \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Providence Plaza \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Renaissance Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Sandbridge Commons \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Socastee Commons \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Southgate Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Southshore Shops \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
South Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
South Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Stone House Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Studio 56 Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Tyre Neck Harris Teeter \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Waynesboro Commons \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Wendover Village \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Encore Apartments \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Johns Hopkins Village \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Liberty Apartments \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Smith’s Landing \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
The Cosmopolitan \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%

Business and Organization - Schedule of Properties Under Development or Construction (Details)	12 Months Ended
	Dec. 31, 2017
Harding Place
Business and Organization
Preferred return	9.00%
Brooks Crossing
Business and Organization
Preferred return	8.00%
Mixed-use \| Town Center Phase VI
Business and Organization
Ownership interest percentage in property	100.00%
Multifamily \| Harding Place
Business and Organization
Ownership interest percentage in property	80.00%
Multifamily \| 595 King Street
Business and Organization
Ownership interest percentage in property	92.50%
Multifamily \| 530 Meeting Street
Business and Organization
Ownership interest percentage in property	90.00%
Office \| Brooks Crossing
Business and Organization
Ownership interest percentage in property	65.00%

Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016 USD ($) acquisition	Dec. 31, 2017 USD ($) business_segment shares	Dec. 31, 2016 USD ($) shares	Dec. 31, 2015 USD ($) shares	Oct. 01, 2016 USD ($)	Jan. 01, 2016 USD ($)
Accounting Policies [Line Items]
Business segments \| business_segment		4
Straight-line rent adjustments		$ 1,200	$ 1,100	$ 1,900
Contingent rents included in revenue		400	400	500
Leasing incentive amortization		800	800	800
Interest capitalized		1,300	1,000	1,000
Indirect project costs		2,400	1,700	2,100
Capitalized preacquisition development costs	$ 1,079	1,352	1,079
Accounts receivable, net	15,052	15,691	15,052
Allowance for doubtful accounts	$ 400	500	400
Stock-based compensation expense		1,323	1,082	931
Capitalized stock-based compensation		$ 400	$ 300	$ 400
Percentage of taxable income for distributions to stockholders		90.00%
Dilutive shares outstanding (in shares) \| shares		0	0	0
Number of acquisitions \| acquisition	2
Accrued Straight-line Rental Revenue
Accounting Policies [Line Items]
Accounts receivable, net	$ 12,300	$ 12,800	$ 12,300
Accounting Standards Update 2017-01
Accounting Policies [Line Items]
Cost capitalized subsequent to acquisition					$ 700
Pro Forma \| Accounting Standards Update 2017-01
Accounting Policies [Line Items]
Cost capitalized subsequent to acquisition						$ 1,400

Significant Accounting Policies - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2017
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years
Capital improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Capital improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years

Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Cash and cash equivalents	$ 19,959	$ 21,942	$ 26,989
Restricted cash	2,957	3,251	2,824
Cash, cash equivalents, and restricted cash	$ 22,916	$ 25,193	$ 29,813	$ 30,107

Significant Accounting Policies - Prior Period Adjustments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by operating activities	$ 58,018	$ 59,989	$ 33,266
Net cash used in investing activities	$ (102,426)	(226,253)	(57,961)
Accounting Standards Update 2016-15
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by operating activities		59,989	33,266
Net cash used in investing activities		(226,253)	(57,961)
Accounting Standards Update 2016-15 \| Operating activities as originally presented
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by operating activities		59,770	33,086
Net cash used in investing activities		(226,461)	(56,381)
Accounting Standards Update 2016-15 \| Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by operating activities		219	180
Net cash used in investing activities		$ 208	$ (1,580)

Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information
Rental revenues	$ 27,654	$ 27,096	$ 26,755	$ 27,232	$ 26,516	$ 25,305	$ 24,251	$ 23,283	$ 108,737	$ 99,355	$ 81,172
Rental expenses									25,422	21,904	19,204
General contracting and real estate services revenues	32,643	41,201	56,671	63,519	50,475	38,552	33,200	36,803	194,034	159,030	171,268
General contracting and real estate services expenses									186,590	153,375	165,344
Real estate taxes									10,528	9,629	7,782
Net operating income	$ 19,211	$ 19,397	$ 20,645	$ 20,978	$ 19,740	$ 18,393	$ 17,973	$ 17,371
Operating Segments
Segment Reporting Information
Net operating income									80,231	73,477	60,110
Operating Segments \| Office real estate
Segment Reporting Information
Rental revenues									19,207	20,929	31,534
Rental expenses									5,483	5,560	6,938
Real estate taxes									1,859	2,000	2,950
Net operating income									11,865	13,369	21,646
Operating Segments \| Retail real estate
Segment Reporting Information
Rental revenues									63,109	56,511	32,064
Rental expenses									10,233	9,116	5,915
Real estate taxes									6,176	5,395	2,928
Net operating income									46,700	42,000	23,221
Operating Segments \| Multifamily residential real estate
Segment Reporting Information
Rental revenues									26,421	21,915	17,574
Rental expenses									9,705	7,228	6,351
Real estate taxes									2,494	2,234	1,904
Net operating income									14,222	12,453	9,319
Operating Segments \| General contracting and real estate services
Segment Reporting Information
General contracting and real estate services revenues									194,034	159,030	171,268
General contracting and real estate services expenses									186,590	153,375	165,344
Net operating income									$ 7,444	$ 5,655	$ 5,924

Segments - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information
General contracting and real estate services revenues	$ 32,643	$ 41,201	$ 56,671	$ 63,519	$ 50,475	$ 38,552	$ 33,200	$ 36,803	$ 194,034	$ 159,030	$ 171,268
General contracting and real estate services expenses									186,590	153,375	165,344
Non-cash stock compensation									1,323	1,082	931
General and Administrative Expenses
Segment Reporting Information
Non-cash stock compensation									900	700	700
General contracting and real estate services
Segment Reporting Information
Non-cash stock compensation									300	200	200
General contracting and real estate services \| Intersegment Eliminations
Segment Reporting Information
General contracting and real estate services revenues									51,500	43,300	43,100
General contracting and real estate services expenses									$ 51,000	$ 42,700	$ 42,800

Segments - Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information
Net operating income	$ 19,211	$ 19,397	$ 20,645	$ 20,978	$ 19,740	$ 18,393	$ 17,973	$ 17,371
Depreciation and amortization									$ (37,321)	$ (35,328)	$ (23,153)
General and administrative expenses									(10,435)	(9,552)	(8,397)
Acquisition, development and other pursuit costs									(648)	(1,563)	(1,935)
Impairment charges									(110)	(355)	(41)
Interest income									7,077	3,228	126
Interest expense									(17,439)	(16,466)	(13,333)
Loss on extinguishment of debt									(50)	(82)	(512)
Gain on real estate dispositions									8,087	30,533	18,394
Change in fair value of interest rate derivatives									1,127	(941)	(229)
Other income									131	147	119
Income tax benefit (provision)									(725)	(343)	34
Net income	$ 5,768	$ 10,461	$ 4,943	$ 8,753	$ 5,145	$ 7,946	$ 3,131	$ 26,533	29,925	42,755	31,183
Operating Segments
Segment Reporting Information
Net operating income									80,231	73,477	60,110
Segment Reconciling Items
Segment Reporting Information
Depreciation and amortization									(37,321)	(35,328)	(23,153)
General and administrative expenses									(10,435)	(9,552)	(8,397)
Acquisition, development and other pursuit costs									(648)	(1,563)	(1,935)
Impairment charges									(110)	(355)	(41)
Interest income									7,077	3,228	126
Interest expense									(17,439)	(16,466)	(13,333)
Loss on extinguishment of debt									(50)	(82)	(512)
Gain on real estate dispositions									8,087	30,533	18,394
Change in fair value of interest rate derivatives									1,127	(941)	(229)
Other income									131	147	119
Income tax benefit (provision)									$ (725)	$ (343)	$ 34

Operating Leases - Additional Information (Details)	12 Months Ended
Operating Leases - Additional Information (Details)	Dec. 31, 2017
Commercial Tenant Lease \| Minimum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	5 years
Commercial Tenant Lease \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	20 years
Multifamily residential real estate \| Minimum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	7 months
Multifamily residential real estate \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	15 months
Multifamily residential real estate \| Majority
Property Subject to or Available for Operating Lease [Line Items]
Lease term	12 months
Apartment Leases \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	1 year

Operating Leases - Commercial Tenant Leases, Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Operating lease
2018	$ 71,439
2019	64,204
2020	54,582
2021	48,018
2022	41,441
Thereafter	184,844
Total	$ 464,528

Real Estate Investments and Equity Method Investments - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Land	$ 197,777	$ 179,293
Land improvements	44,681	45,052
Buildings and improvements	690,120	677,293
Development and construction costs	61,859	6,649
Real estate investments	994,437	908,287	$ 633,591
Income producing property
Real Estate Properties [Line Items]
Land	175,885	171,733
Land improvements	44,681	45,052
Buildings and improvements	690,120	677,293
Development and construction costs	0	0
Real estate investments	910,686	894,078
Held for development
Real Estate Properties [Line Items]
Land	680	680
Land improvements	0	0
Buildings and improvements	0	0
Development and construction costs	0	0
Real estate investments	680	680
Construction in progress
Real Estate Properties [Line Items]
Land	21,212	6,880
Land improvements	0	0
Buildings and improvements	0	0
Development and construction costs	61,859	6,649
Real estate investments	$ 83,071	$ 13,529

Real Estate Investments and Equity Method Investments - Additional Information (Details) ft² in Thousands																															5 Months Ended	12 Months Ended
	Feb. 16, 2018 USD ($)	Jan. 29, 2018 USD ($) shares	Jan. 09, 2018 USD ($)	Aug. 10, 2017 USD ($)	Jul. 25, 2017 USD ($)	Jul. 13, 2017 USD ($) property	Jul. 11, 2017 USD ($)	Jan. 20, 2017 USD ($)	Jan. 10, 2017 shares	Jan. 04, 2017 USD ($)	Dec. 22, 2016 USD ($)	Nov. 17, 2016 USD ($) ft²	Oct. 13, 2016 USD ($) ft² shares	Sep. 15, 2016 USD ($)	Aug. 04, 2016 USD ($) ft² shares	Jul. 29, 2016 USD ($)	Jun. 20, 2016 USD ($)	Apr. 29, 2016 USD ($) ft² shares	Jan. 14, 2016 USD ($) ft² portfolio	Jan. 08, 2016 USD ($)	Jan. 07, 2016 USD ($)	Oct. 30, 2015 USD ($)	Oct. 05, 2015 USD ($) a	Sep. 01, 2015 USD ($) a building	Jul. 10, 2015 USD ($) ft² shares	Jul. 01, 2015 USD ($) ft²	May 20, 2015 USD ($)	Apr. 08, 2015 USD ($) shares	Mar. 31, 2015 USD ($)	Jan. 05, 2015 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Feb. 25, 2016 story	Sep. 01, 2015 ft²
Real Estate Properties [Line Items]
Acquisition, common units/shares issued (in shares) \| shares													2,000,000
Acquisition, contract price													$ 26,200,000
Cash consideration for acquisition																																$ 30,026,000	$ 195,645,000	$ 68,445,000
Sale of office property																																12,557,000	96,670,000	79,566,000
Equity method investments																															$ 11,411,000	11,411,000	10,235,000
Construction loan outstanding																															517,272,000	517,272,000	522,180,000
22-story mixed use tower \| Durham City Center II LLC
Real Estate Properties [Line Items]
Interests in equity method investments																																			37.00%
Number stories in the mixed use tower \| story																																			22
Equity method investments																															11,400,000	11,400,000	10,300,000
Guarantee of construction loan																																			37.00%
Assets being used as collateral for the construction loan																																			100.00%
Construction loan outstanding																															11,200,000	11,200,000
Borrowings under construction loans																																0
Dividends from equity investment																																0	0
Income from equity method investment																																0	0
Charlotte, NC
Real Estate Properties [Line Items]
Purchase of land conjunction with joint venture project																																	5,700,000
Town Center of Virginia Beach
Real Estate Properties [Line Items]
Payments for purchase of land																													$ 1,200,000
Newport News
Real Estate Properties [Line Items]
Payments for purchase of land																							$ 100,000
Area of property acquired \| a																							3.24
Wendover Village Ourparcel Phase
Real Estate Properties [Line Items]
Rental revenues																															600,000
Net Income																															200,000
Sentara Williamsburg
Real Estate Properties [Line Items]
Net proceeds after transaction costs and tax protection payments																														$ 15,200,000
Gain (loss) on disposition of property																														6,200,000
Sale of office property																														$ 15,400,000
Whetstone Apartments
Real Estate Properties [Line Items]
Net proceeds after transaction costs and tax protection payments																											$ 35,500,000
Gain (loss) on disposition of property																											7,200,000
Sale of office property																											$ 35,600,000
Oceaneering
Real Estate Properties [Line Items]
Net proceeds after transaction costs and tax protection payments																						$ 29,000,000
Gain (loss) on disposition of property																						5,000,000
Sale of office property																						$ 30,000,000
Wawa \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Greentree Shopping Center
Real Estate Properties [Line Items]
Net proceeds after transaction costs and tax protection payments								$ 4,400,000
Gain (loss) on disposition of property								$ 3,400,000
Chesapeake And Virginia Beach, Virginia \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of properties \| property						2
Net proceeds after transaction costs and tax protection payments						$ 7,900,000
Gain (loss) on disposition of property						$ 4,200,000
Sandbridge Commons \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Gain (loss) on disposition of property				$ 500,000
Proceeds from sale of land				$ 300,000
Economic Development Authority Building \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Net proceeds after transaction costs and tax protection payments																					$ 6,600,000
Gain (loss) on disposition of property																					$ 400,000
Richmond Tower \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Net proceeds after transaction costs and tax protection payments																				$ 77,000,000
Gain (loss) on disposition of property																				26,200,000
Sale of office property																				$ 78,000,000
Willowbrook Commons \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Gain (loss) on disposition of property																	$ 100,000
Sale of office property																	$ 9,200,000
Kroger Junction \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Gain (loss) on disposition of property																$ (100,000)
Sale of office property																$ 3,700,000
Oyster Point \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Net proceeds after transaction costs and tax protection payments														$ 0
Gain (loss) on disposition of property														3,800,000
Sale of office property														$ 6,400,000
Brooks Crossing \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Gain (loss) on disposition of property											$ 100,000
Sale of office property											$ 400,000
Operating Property Acquisitions During 2016
Real Estate Properties [Line Items]
Rental revenues																																	18,700,000
Net Income																																	$ 2,900,000
11- asset retail portfolio
Real Estate Properties [Line Items]
Number of acquired assets in portfolio \| portfolio																			11
Area of property acquired \| ft²																			1,100
Acquisition, total consideration																			$ 170,500,000
Southgate Square
Real Estate Properties [Line Items]
Area of property acquired \| ft²																		220
Acquisition, total consideration																		$ 39,500,000
Acquisition, common units/shares issued (in shares) \| shares																		1,575,185
Period for option to buy adjacent land, option one																		2 years
Future payment for option to buy adjacent land, option one																		$ 3,000,000
Future payment for option to buy adjacent land, option two																		1,250,000
Southgate Square \| Class A units
Real Estate Properties [Line Items]
Acquisition, assumption of debt																		$ 21,100,000
Southshore Shops
Real Estate Properties [Line Items]
Area of property acquired \| ft²															40
Acquisition, total consideration															$ 9,300,000
Acquisition, common units/shares issued (in shares) \| shares															189,160
Acquisition, cash consideration															$ 6,700,000
Columbus Village II
Real Estate Properties [Line Items]
Area of property acquired \| ft²													92
Acquisition, common units/shares issued (in shares) \| shares													2,000,000
Acquisition, contract price													$ 26,200,000
Renaissance Place
Real Estate Properties [Line Items]
Area of property acquired \| ft²												80
Renaissance Square
Real Estate Properties [Line Items]
Cash consideration for acquisition												$ 17,100,000
2015 Operating Property Acquisitions
Real Estate Properties [Line Items]
Rental revenues																																		4,800,000
Net Income																																		$ 800,000
Perry Hall Marketplace
Real Estate Properties [Line Items]
Acquisition, total consideration																												$ 35,400,000
Acquisition, common units/shares issued (in shares) \| shares																												415,500
Acquisition, cash consideration																												$ 39,800,000
Socastee Commons
Real Estate Properties [Line Items]
Area of property acquired \| ft²																										57
Acquisition, total consideration																										$ 8,700,000
Acquisition, assumption of debt																										5,000,000
Acquisition, cash consideration																										3,700,000
Fair value premium adjustment to the assumed debt																										$ 100,000
Columbus Village
Real Estate Properties [Line Items]
Area of property acquired \| ft²																									65
Acquisition, total consideration																									$ 19,200,000
Acquisition, assumption of debt																									$ 8,800,000
Columbus Village \| Class B units
Real Estate Properties [Line Items]
Acquisition, common units/shares issued (in shares) \| shares																									1,000,000
Columbus Village \| Class C units
Real Estate Properties [Line Items]
Acquisition, common units/shares issued (in shares) \| shares									275,000																275,000
Providence Plaza
Real Estate Properties [Line Items]
Area of property acquired																								1												103
Acquisition, cash consideration																								$ 26,200,000
Number of buildings \| building																								3
Greensboro, North Carolina \| Wendover Village Ourparcel Phase
Real Estate Properties [Line Items]
Payments for purchase of land					$ 14,300,000
Capitalized acquisition costs					$ 100,000
Charleston, South Carolina
Real Estate Properties [Line Items]
Payments for purchase of land							$ 7,200,000			$ 7,100,000
Capitalized acquisition costs							$ 100,000			$ 200,000
Durham City Center II LLC \| 22-story mixed use tower \| Durham City Center II LLC
Real Estate Properties [Line Items]
Construction loan outstanding																															$ 29,200,000	$ 29,200,000
Subsequent Event \| Indian Lakes Crossing
Real Estate Properties [Line Items]
Acquisition, total consideration			$ 14,700,000
Capitalized acquisition costs			$ 200,000
Subsequent Event \| Parkway Centre
Real Estate Properties [Line Items]
Acquisition, total consideration		$ 11,300,000
Capitalized acquisition costs		$ 300,000
Acquisition, common units/shares issued (in shares) \| shares		117,228
Acquisition, cash consideration		$ 9,600,000
Equity interests issued and issuable		1,700,000
Subsequent Event \| Chesterfield, Virginia
Real Estate Properties [Line Items]
Payments for purchase of land		2,400,000
Capitalized acquisition costs		$ 100,000
Subsequent Event \| Mt. Pleasant, North Carolina
Real Estate Properties [Line Items]
Payments for purchase of land	$ 2,900,000
Capitalized acquisition costs	100,000
Estimated cost of major improvements	$ 23,000,000

Real Estate Investments and Equity Method Investments - Summary of the Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jul. 25, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Net assets acquired		$ 263,361
Wendover Village Ourparcel Phase
Business Acquisition [Line Items]
Below-market leases	$ (50)
Net assets acquired	14,418
Land \| Wendover Village Ourparcel Phase
Business Acquisition [Line Items]
Property, plant, and equipment	5,550
Site improvements \| Wendover Village Ourparcel Phase
Business Acquisition [Line Items]
Property, plant, and equipment	232
Building and improvements \| Wendover Village Ourparcel Phase
Business Acquisition [Line Items]
Property, plant, and equipment	6,977
In-place lease assets \| Wendover Village Ourparcel Phase
Business Acquisition [Line Items]
Finite-lived intangibles	1,382
Above-market leases \| Wendover Village Ourparcel Phase
Business Acquisition [Line Items]
Finite-lived intangibles	$ 327

Real Estate Investments and Equity Method Investments - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Land	$ 98,186
Site improvements	7,742
Building and improvements	136,769
In-place leases	31,993
Above-market leases	2,250
Below-market leases	(13,579)
Net assets acquired	263,361
11- asset retail portfolio
Real Estate Properties [Line Items]
Land	66,260
Site improvements	3,870
Building and improvements	88,820
In-place leases	20,630
Above-market leases	1,960
Below-market leases	(11,040)
Net assets acquired	170,500
Southgate Square
Real Estate Properties [Line Items]
Land	8,890
Site improvements	2,140
Building and improvements	23,810
In-place leases	5,990
Above-market leases	100
Below-market leases	(1,400)
Net assets acquired	39,530
Southshore Shops
Real Estate Properties [Line Items]
Land	1,770
Site improvements	490
Building and improvements	6,019
In-place leases	1,140
Above-market leases	120
Below-market leases	(190)
Net assets acquired	9,349
Columbus Village II
Real Estate Properties [Line Items]
Land	14,536
Site improvements	939
Building and improvements	9,983
In-place leases	2,225
Above-market leases	0
Below-market leases	(939)
Net assets acquired	26,744
Renaissance Square
Real Estate Properties [Line Items]
Land	6,730
Site improvements	303
Building and improvements	8,137
In-place leases	2,008
Above-market leases	70
Below-market leases	(10)
Net assets acquired	$ 17,238
2015 Operating Property Acquisitions
Real Estate Properties [Line Items]
Land		$ 29,500
Site improvements		3,290
Building and improvements		49,260
In-place leases		14,160
Above-market leases		2,260
Below-market leases		(4,420)
Indebtedness		(13,935)
Net assets acquired		$ 80,115

Real Estate Investments and Equity Method Investments - Summary of Consolidated and Combined Results of Operations on Pro Forma Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
Rental revenues	$ 109,472	$ 102,579	$ 105,479
Net income	$ 30,354	$ 14,060	$ 18,492

Notes Receivable (Details)				12 Months Ended
Notes Receivable (Details)	Sep. 30, 2016 USD ($)	Apr. 21, 2016 USD ($) ft² unit extension room	Oct. 15, 2015 USD ($) ft² unit story extension	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jan. 31, 2018 USD ($)	Oct. 27, 2017 USD ($)	May 15, 2017 USD ($)	Nov. 10, 2016 USD ($)
Notes Receivable
Notes receivable						$ 83,058,000	$ 59,546,000
Interest income						7,077,000	3,228,000	$ 126,000
BDG Loan
Notes Receivable
Interest rate			8.00%
Number of times the loan receivable can be extended \| extension			2
Notes receivable						22,400,000	20,600,000
Interest income						1,700,000	1,200,000
Note receivable, past due						0
BDG \| BDG Loan
Notes Receivable
Extension period of the loan receivable			1 year
Point Street Apartments
Notes Receivable
Development project future value			$ 98,000,000
Number of stories \| story			17
Number of residential units \| unit			289
Area of retail space \| ft²			18,000
Point Street Apartments \| Forecast
Notes Receivable
Ownership interest percentage in property				9.00%	79.00%
Purchase price				$ 3,100,000	$ 27,300,000
Period after completion to exercise purchase option				27 months	1 year
Point Street Apartments \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)												$ 25,000,000.0
Point Street Apartments \| Financial Guarantee \| Letter of Credit
Notes Receivable
Credit facility, amount outstanding						2,100,000	2,100,000
Point Street Apartments \| Maximum
Notes Receivable
Commitment to invest in a development project (up to)			$ 28,200,000.0
Ownership interest percentage in property												88.00%
Point Street Apartments \| Maximum \| BDG
Notes Receivable
Construction loan (up to)												$ 67,000,000
Annapolis Junction Town Center
Notes Receivable
Development project future value		$ 106,000,000
Number of residential units \| unit		416
Area of retail space \| ft²		17,000
Period after completion to exercise purchase option	1 year
Number of times the loan receivable can be extended \| extension		2
Notes receivable						43,000,000	38,900,000
Interest income						4,100,000	$ 2,000,000
Note receivable maximum principal balance		$ 48,100,000.0
Number of rooms (room) \| room		150
Interest acquired	80.00%
Option to acquire additional interest	8.00%
Period after completion to exercise additional purchase option	27 months
Interest reserve		$ 6,000,000
Annapolis Junction Town Center \| BDG Loan
Notes Receivable
Interest rate		10.00%
Extension period of the loan receivable		1 year
Annapolis Junction Town Center \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)	$ 25,000,000.0
Annapolis Junction Town Center \| Annapolis Junction Apartments Owner LLC \| BDG Loan
Notes Receivable
Required payment of loan		80.00%
Note receivable, past due						0
Annapolis Junction Town Center \| Maximum
Notes Receivable
Commitment to invest in a development project (up to)		$ 48,100,000.0
Interest acquired	88.00%
Annapolis Junction Town Center \| Maximum \| Annapolis Junction Apartments Owner LLC
Notes Receivable
Construction loan (up to)	$ 60,000,000
Decatur, Georgia \| Whole Foods Anchored Center \| BDG Loan
Notes Receivable
Investment in development											$ 34,000,000
Delray Beach, Florida [Member] \| Whole Foods Anchored Center \| BDG Loan
Notes Receivable
Investment in development										$ 20,000,000
Mezzanine Loan [Member] \| Whole Foods Anchored Center \| BDG Loan
Notes Receivable
Loans receivable interest rate										15.00%	15.00%
Mezzanine Loan [Member] \| North Decatur Square Holdings, LLC \| Whole Foods Anchored Center \| BDG Loan
Notes Receivable
Notes receivable						11,800,000
Interest income						1,000,000
Note receivable, past due						0
Investment in development											$ 21,800,000
Mezzanine Loan [Member] \| Delray Plaza Holdings, LLC \| Whole Foods Anchored Center \| BDG Loan
Notes Receivable
Notes receivable						5,400,000
Interest income						200,000
Note receivable, past due						$ 0
Investment in development										$ 13,100,000
Subsequent Event \| Mezzanine Loan [Member] \| North Decatur Square Holdings, LLC \| Whole Foods Anchored Center \| BDG Loan
Notes Receivable
Investment in development									$ 25,700,000

Construction Contracts - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Contractors [Abstract]
Deferred precontract costs	$ 0.6	$ 1.5
Construction receivables retentions	9.9	11.5
Retention payable	$ 17.4	$ 14.6

Construction Contracts - Net Position of Uncompleted Construction Contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Contractors [Abstract]
Costs incurred on uncompleted construction contracts	$ 520,368	$ 333,744
Estimated earnings	18,070	10,936
Billings	(541,784)	(354,737)
Net position	(3,346)	(10,057)
Construction contract costs and estimated earnings in excess of billings	245	110
Billings in excess of construction contract costs and estimated earnings	$ (3,591)	$ (10,167)

Indebtedness - Schedule of Debt (Details) - USD ($) $ in Thousands				2 Months Ended	12 Months Ended
	Jan. 22, 2018	Jul. 30, 2015	Jul. 10, 2015	Feb. 23, 2018	Dec. 31, 2017	Nov. 01, 2017	Sep. 01, 2017	Aug. 09, 2017	Dec. 31, 2016	Jul. 01, 2015	May 27, 2015
Debt Instrument [Line Items]
Total principal balance					$ 523,412				$ 527,082
Unamortized fair value adjustments					(1,211)				(1,250)
Unamortized debt issuance costs					(4,929)				(3,652)
Indebtedness, net					517,272				522,180
Revolving Credit Facility
Debt Instrument [Line Items]
Total principal balance					66,000				107,000
Term Loan With Related Hedging Instrument
Debt Instrument [Line Items]
Total principal balance					50,000				50,000
Terrm Loan Without Related Hedging Instrument
Debt Instrument [Line Items]
Total principal balance					$ 100,000				50,000
LIBOR \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.40%
LIBOR \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					2.00%
LIBOR \| Term Loan With Related Hedging Instrument \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.35%
LIBOR \| Term Loan With Related Hedging Instrument \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.95%
LIBOR \| Terrm Loan Without Related Hedging Instrument \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.35%
LIBOR \| Terrm Loan Without Related Hedging Instrument \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.95%
North Point Center \| Note 5
Debt Instrument [Line Items]
Total principal balance					$ 0				643
North Point Center \| Note 5 \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					2.00%
North Point Center \| Notes 1
Debt Instrument [Line Items]
Total principal balance					$ 9,571				9,776
Stated interest rate					6.45%
North Point Center \| Notes 2
Debt Instrument [Line Items]
Total principal balance					$ 2,459				2,564
Stated interest rate					7.25%
Harrisonburg Regal
Debt Instrument [Line Items]
Total principal balance					$ 0				3,256
Stated interest rate					6.06%
Commonwealth of Virginia \| Chesapeake
Debt Instrument [Line Items]
Total principal balance					$ 0				4,933
Commonwealth of Virginia \| LIBOR \| Chesapeake
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.90%
Sandbridge Commons
Debt Instrument [Line Items]
Total principal balance					$ 8,468				9,376
Sandbridge Commons \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.75%
Columbus Village \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			2.00%
Columbus Village \| Notes 1
Debt Instrument [Line Items]
Total principal balance					$ 6,080				6,258
Columbus Village \| Notes 1 \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					2.00%
Columbus Village \| Notes 2
Debt Instrument [Line Items]
Total principal balance					$ 2,218				2,266
Columbus Village \| Notes 2 \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					2.00%
Johns Hopkins Village
Debt Instrument [Line Items]
Total principal balance					$ 46,698				43,841
Johns Hopkins Village \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		1.90%			1.90%
Lightfoot Marketplace
Debt Instrument [Line Items]
Total principal balance					$ 10,500	$ 10,500			12,194
Lightfoot Marketplace \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.75%
Harding Place
Debt Instrument [Line Items]
Total principal balance					$ 3,874				0
Harding Place \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					2.95%
Town Center Phase VI
Debt Instrument [Line Items]
Total principal balance					$ 1,505				0
Town Center Phase VI \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					3.50%
Southgate Square
Debt Instrument [Line Items]
Total principal balance					$ 20,708				21,150
Southgate Square \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					2.00%
249 Central Park Retail
Debt Instrument [Line Items]
Total principal balance					$ 16,851				17,076
249 Central Park Retail \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.95%
Fountain Plaza Retail
Debt Instrument [Line Items]
Total principal balance					$ 10,145				10,281
Fountain Plaza Retail \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.95%
South Retail
Debt Instrument [Line Items]
Total principal balance					$ 7,394				7,493
South Retail \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.95%
4525 Main Street
Debt Instrument [Line Items]
Total principal balance					$ 32,034				32,034
Stated interest rate					3.25%
Encore Apartments
Debt Instrument [Line Items]
Total principal balance					$ 24,966				24,966
Stated interest rate					3.25%
Hanbury Village
Debt Instrument [Line Items]
Total principal balance					$ 19,503				20,709
Stated interest rate					3.78%			3.78%
Socastee Commons
Debt Instrument [Line Items]
Total principal balance					$ 4,771				4,866
Stated interest rate					4.57%					4.57%
Smith’s Landing
Debt Instrument [Line Items]
Total principal balance					$ 19,764				20,511
Stated interest rate					4.05%						4.05%
Liberty Apartments
Debt Instrument [Line Items]
Total principal balance					$ 14,694				20,005
Stated interest rate					5.66%
The Cosmopolitan
Debt Instrument [Line Items]
Total principal balance					$ 45,209				$ 45,884
Stated interest rate					3.35%		3.35%		3.75%
Subsequent Event \| Sandbridge Commons
Debt Instrument [Line Items]
Debt assumed, term				5 years
Subsequent Event \| Sandbridge Commons \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.75%

Indebtedness - Components of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total principal balance	$ 523,412	$ 527,082
Fixed-rate
Debt Instrument [Line Items]
Total principal balance	229,051	241,472
Variable-rate
Debt Instrument [Line Items]
Total principal balance	$ 294,361	$ 285,610

Indebtedness - Scheduled Principal Repayments and Term-loan Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Principal repayments and maturities
2018	$ 77,683
2019	13,284
2020	10,338
2021	176,347
2022	169,808
Thereafter	75,952
Total	523,412	$ 527,082
Monthly Principal Amortization
Principal repayments and maturities
2018	4,361
2019	3,951
2020	4,959
2021	4,073
2022	2,699
Thereafter	70,385
Total	90,428
Balloon Payments At Loan Maturity
Principal repayments and maturities
2018	73,322
2019	9,333
2020	5,379
2021	172,274
2022	167,109
Thereafter	5,567
Total	$ 432,984

Indebtedness - Additional Information (Details)																		1 Months Ended	2 Months Ended	12 Months Ended
Indebtedness - Additional Information (Details)	Jan. 22, 2018	Oct. 26, 2017 USD ($) extension	Oct. 13, 2017 USD ($)	Aug. 10, 2017 USD ($)	Jul. 13, 2017 USD ($)	Apr. 07, 2017 USD ($)	Feb. 01, 2017 USD ($)	Aug. 30, 2016 USD ($)	Aug. 08, 2016 USD ($)	Oct. 30, 2015 USD ($)	Oct. 06, 2015 USD ($)	Sep. 01, 2015 USD ($)	Jul. 30, 2015 USD ($)	Jul. 10, 2015 USD ($) loan	Jul. 01, 2015 USD ($)	May 27, 2015 USD ($)	May 20, 2015 USD ($)	Jan. 31, 2018 USD ($)	Feb. 23, 2018	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 28, 2017 USD ($)	Nov. 01, 2017 USD ($)	Sep. 01, 2017	Aug. 09, 2017	Jun. 29, 2017 USD ($)	Feb. 24, 2017 USD ($)	Feb. 20, 2015 USD ($)
Debt Instrument [Line Items]
Debt and credit facility repayments, including principal amortization																				$ 160,661,000	$ 186,533,000	$ 206,889,000
Loss on extinguishment of debt																				50,000	82,000	$ 512,000
Total principal balance																				523,412,000	527,082,000
Harding Place
Debt Instrument [Line Items]
Total principal balance																				$ 3,874,000	0
Harrisonburg Regal
Debt Instrument [Line Items]
Stated interest rate																				6.06%
Repayment of debt						$ 3,200,000
Total principal balance																				$ 0	3,256,000
Town Center Phase VI
Debt Instrument [Line Items]
Total principal balance																				$ 1,505,000	0
Hanbury Village
Debt Instrument [Line Items]
Stated interest rate																				3.78%						3.78%
Total principal balance																				$ 19,503,000	20,709,000
Sandbridge Commons
Debt Instrument [Line Items]
Repayment of debt				$ 700,000
Total principal balance																				$ 8,468,000	$ 9,376,000
The Cosmopolitan
Debt Instrument [Line Items]
Stated interest rate																				3.35%	3.75%				3.35%
Total principal balance																				$ 45,209,000	$ 45,884,000
Liberty Apartments
Debt Instrument [Line Items]
Stated interest rate																				5.66%
Repayment of debt			$ 5,000,000
Total principal balance																				$ 14,694,000	20,005,000
Lightfoot Marketplace
Debt Instrument [Line Items]
Total principal balance																				$ 10,500,000	12,194,000			$ 10,500,000
Smith’s Landing
Debt Instrument [Line Items]
Debt, face value																$ 21,600,000.0
Loss on extinguishment of debt																$ 100,000
Stated interest rate																4.05%				4.05%
Repayment of debt																$ 24,400,000
Total principal balance																				$ 19,764,000	20,511,000
Socastee Commons
Debt Instrument [Line Items]
Stated interest rate															4.57%					4.57%
Total principal balance																				$ 4,771,000	4,866,000
Acquisition, assumption of debt															$ 5,000,000
Columbus Village
Debt Instrument [Line Items]
Debt, face value														$ 8,800,000.0
Number of loans assumed \| loan														2
Johns Hopkins Village
Debt Instrument [Line Items]
Debt, face value													$ 50,000,000.0
Total principal balance																				$ 46,698,000	43,841,000
Oyster Point
Debt Instrument [Line Items]
Repayment of debt												$ 6,100,000
Subsequent Event \| Sandbridge Commons
Debt Instrument [Line Items]
Debt assumed, term																			5 years
LIBOR \| Harding Place
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																				2.95%
LIBOR \| Town Center Phase VI
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																				3.50%
LIBOR \| Sandbridge Commons
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																				1.75%
LIBOR \| Lightfoot Marketplace
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																				1.75%
LIBOR \| Columbus Village
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate														2.00%
LIBOR \| Johns Hopkins Village
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate													1.90%							1.90%
LIBOR \| Subsequent Event \| Sandbridge Commons
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.75%
Note 5 \| North Point Center
Debt Instrument [Line Items]
Repayment of debt							$ 600,000
Total principal balance																				$ 0	643,000
Note 5 \| LIBOR \| North Point Center
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																				2.00%
New Retail Mortgage
Debt Instrument [Line Items]
Proceeds from new mortgage									$ 35,000,000
Debt assumed, term									5 years
Loss on extinguishment of debt									$ 100,000
New Retail Mortgage \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate									1.95%
New Block 11 Mortgage
Debt Instrument [Line Items]
Proceeds from new mortgage								$ 57,000,000
Debt assumed, term								5 years
Loss on extinguishment of debt																					100,000
Stated interest rate								3.25%
Construction Loans
Debt Instrument [Line Items]
Borrowings under construction loans																				$ 8,900,000	44,400,000
Construction Loans \| 595 King Street And 530 Meeting Street
Debt Instrument [Line Items]
Total principal balance																				$ 0
Construction Loans \| Whetstone Apartments
Debt Instrument [Line Items]
Loss on extinguishment of debt																	$ 100,000
Repayment of debt																	$ 17,800,000
Construction Loans \| Oceaneering
Debt Instrument [Line Items]
Loss on extinguishment of debt										$ 100,000
Repayment of debt										$ 18,700,000
Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate on credit facility as of end of period (as a percent)																				3.11%
Total principal balance																				$ 66,000,000	$ 107,000,000
Revolving Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Credit facility, increase in borrowings																		$ 58,000,000
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Unused commitment fee																				0.15%
Revolving Credit Facility \| Minimum \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																				1.40%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Unused commitment fee																				0.25%
Revolving Credit Facility \| Maximum \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																				2.00%
Senior Unsecured Term Loan Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																													$ 50,000,000.0
Interest rate on credit facility as of end of period (as a percent)																				3.06%
Senior Unsecured Term Loan Facility \| Minimum \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																				1.35%
Senior Unsecured Term Loan Facility \| Maximum \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																				1.95%
Line of Credit [Member] \| Construction Loans \| Harding Place
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																												$ 29,800,000
Line of Credit [Member] \| Construction Loans \| 595 King Street And 530 Meeting Street
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																							$ 66,500,000
Operating Partnership \| Oyster Point
Debt Instrument [Line Items]
Debt, face value											$ 6,400,000.0
Operating Partnership \| Minimum \| Oyster Point
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate											1.40%
Operating Partnership \| Maximum \| Oyster Point
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate											2.00%
Operating Partnership \| New Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility		$ 300,000,000
Operating Partnership \| Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																													150,000,000.0
Operating Partnership \| Revolving Credit Facility \| New Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility		150,000,000.0
Accordion feature maximum borrowing capacity		$ 450,000,000.0
Number of extension options \| extension		2
Duration of extension option		6 months
Extension fee percentage		0.075%
Operating Partnership \| Senior Unsecured Term Loan Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																													$ 125,000,000.0
Operating Partnership \| Senior Unsecured Term Loan Facility \| New Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility		$ 150,000,000
249 Central Park Retail
Debt Instrument [Line Items]
Debt and credit facility repayments, including principal amortization									$ 15,100,000
South Retail
Debt Instrument [Line Items]
Debt and credit facility repayments, including principal amortization									6,700,000
Fountain Plaza Retail
Debt Instrument [Line Items]
Debt and credit facility repayments, including principal amortization									$ 7,600,000
4525 Main Street
Debt Instrument [Line Items]
Debt and credit facility repayments, including principal amortization								$ 31,600,000
Encore Apartments
Debt Instrument [Line Items]
Debt and credit facility repayments, including principal amortization								$ 25,200,000
Virginia Beach, Virginia \| Line of Credit [Member] \| Construction Loans \| Town Center Phase VI
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																											$ 27,900,000
Chesapeake, Virginia \| Commonwealth Of Virginia
Debt Instrument [Line Items]
Repayment of debt					$ 4,900,000

Derivative Financial Instruments - Additional Information (Details)		3 Months Ended	12 Months Ended
	Feb. 20, 2015 USD ($)	Mar. 31, 2016 USD ($) swap	Dec. 31, 2017 USD ($)	Dec. 31, 2015 USD ($)	Nov. 28, 2017 USD ($)	Sep. 18, 2017 USD ($)	Jun. 23, 2017 USD ($)	Feb. 07, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jun. 17, 2016 USD ($)	Feb. 25, 2016 USD ($)	Oct. 26, 2015 USD ($)	Jul. 13, 2015 USD ($)
Derivatives
Interest rate agreement, notional amount			$ 401,079,000						$ 326,901,000
Senior Unsecured Term Loan Facility
Derivatives
Aggregate capacity under the credit facility	$ 50,000,000.0
Senior Unsecured Term Loan Facility \| Operating Partnership
Derivatives
Aggregate capacity under the credit facility	$ 125,000,000.0
Interest rate swaps
Derivatives
Interest rate agreement, notional amount			56,079,000						56,901,000
Number of interest rate swaps hedge relationship terminated (swap) \| swap		2
Amount of AOCI recognized into earnings		$ 700,000
Amount previously allocated to noncontrolling interest recognized in earnings		$ 400,000
Overstated net income				$ 1,000,000
Interest rate caps
Derivatives
Interest rate agreement, notional amount			$ 345,000,000		$ 50,000,000.0	$ 50,000,000.0	$ 50,000,000.0	$ 50,000,000	$ 270,000,000
Interest rate cap agreement, strike price					1.50%	1.50%	1.50%	1.50%
Interest rate cap agreement, premium (less than)					$ 400,000	$ 200,000	$ 200,000	$ 200,000
One Month Libor \| Senior Unsecured Term Loan Facility \| Minimum
Derivatives
Stated interest rate, basis spread on variable rate	1.35%
One Month Libor \| Senior Unsecured Term Loan Facility \| Maximum
Derivatives
Stated interest rate, basis spread on variable rate	1.95%
One Month Libor \| Interest rate swaps
Derivatives
Interest rate agreement, notional amount	$ 50,000,000.0												$ 6,500,000.0
Fixed rate interest rate swap	2.00%												3.05%
LIBOR \| Senior Unsecured Term Loan Facility \| Minimum
Derivatives
Stated interest rate, basis spread on variable rate			1.35%
LIBOR \| Senior Unsecured Term Loan Facility \| Maximum
Derivatives
Stated interest rate, basis spread on variable rate			1.95%
LIBOR \| Interest rate caps
Derivatives
Interest rate agreement, notional amount												$ 75,000,000.0
Interest rate cap agreement, strike price												1.25%
Interest rate cap agreement, premium (less than)												$ 100,000
LIBOR \| Interest rate caps \| Operating Partnership
Derivatives
Interest rate agreement, notional amount										$ 70,000,000.0	$ 75,000,000.0
Interest rate cap agreement, strike price										1.00%	1.50%
LIBOR \| Interest rate caps \| Maximum \| Operating Partnership
Derivatives
Interest rate cap agreement, premium (less than)										$ 100,000	$ 100,000

Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Nov. 28, 2017	Sep. 18, 2017	Jun. 23, 2017	Feb. 07, 2017
Derivatives
Notional, Amount	$ 401,079,000	$ 326,901,000
Fair Value, Asset	1,525,000	259,000
Fair Value, Liability	(69,000)	(829,000)
Total change in fair value	1,127,000	(941,000)	$ (1,304,000)
Change in fair value of interest rate derivatives	1,127,000	(941,000)	(229,000)
Unrealized gain (loss) on cash flow hedge	0	0	(1,075,000)
Interest rate swaps
Derivatives
Notional, Amount	56,079,000	56,901,000
Fair Value, Asset	10,000	0
Fair Value, Liability	(69,000)	(829,000)
Total change in fair value	770,000	(795,000)	(1,071,000)
Interest rate caps
Derivatives
Notional, Amount	345,000,000	270,000,000		$ 50,000,000.0	$ 50,000,000.0	$ 50,000,000.0	$ 50,000,000
Fair Value, Asset	1,515,000	259,000
Fair Value, Liability	0	0
Total change in fair value	$ 357,000	$ (146,000)	$ (233,000)

Equity - Additional Information (Details)																											12 Months Ended
Equity - Additional Information (Details)	Feb. 22, 2018 $ / shares	Jan. 29, 2018 USD ($) shares	Jan. 04, 2018 USD ($)	Jan. 02, 2018 shares	Dec. 21, 2017 USD ($)	Nov. 02, 2017 $ / shares	Oct. 02, 2017 USD ($) shares	Aug. 04, 2017 $ / shares	May 12, 2017 USD ($) $ / shares shares	May 05, 2017 $ / shares	Feb. 02, 2017 $ / shares	Jan. 10, 2017 shares	Nov. 03, 2016 $ / shares	Oct. 13, 2016 USD ($) shares	Aug. 04, 2016 $ / shares	May 04, 2016 USD ($)	May 02, 2016 $ / shares	Jan. 31, 2016 $ / shares	Dec. 09, 2015 USD ($) shares	Nov. 06, 2015 $ / shares	Aug. 06, 2015 $ / shares	Jul. 10, 2015 shares	May 08, 2015 $ / shares	May 05, 2015 USD ($)	Apr. 08, 2015 shares	Jan. 28, 2015 $ / shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 20, 2017 USD ($)	Dec. 31, 2014 shares
Class of Stock [Line Items]
Authorized capital shares of common stock (in shares)																											500,000,000	500,000,000
Preferred stock, shares authorized (in shares)																											100,000,000	100,000,000
Common stock, shares issued (in shares)																											44,937,763	37,490,361
Common stock, shares outstanding (in shares)																											44,937,763	37,490,361
Preferred stock, shares issued (in shares)																											0	0
Preferred stock, shares outstanding (in shares)																											0	0
Acquisition, common units/shares issued (in shares)														2,000,000
Shares issued through public offering (in shares)																			3,450,000
Net proceeds from public offering \| $																			$ 35,100,000								$ 96,044,000	$ 68,475,000	$ 46,462,000
Acquisition, contract price \| $														$ 26,200,000
Redeemable noncontrolling interest, equity percentage																														20.00%
Redeemable noncontrolling interest \| $					$ 2,000,000
Noncontrolling interest change in redemption value \| $					$ 500,000
Percentage of operating partnerships held																											72.00%	68.10%
Operating partnership units redemption ratio																											1
Aggregate cash dividends and distributions, paid \| $																											$ 43,616,000	$ 33,843,000	$ 27,024,000
Dividends declared (in dollars per share) \| $ / shares						$ 0.19		$ 0.19		$ 0.19	$ 0.19		$ 0.18		$ 0.18		$ 0.18	$ 0.18		$ 0.17	$ 0.17		$ 0.17			$ 0.17	$ 0.76	$ 0.72	$ 0.68
Subsequent Event
Class of Stock [Line Items]
Dividends declared (in dollars per share) \| $ / shares	$ 0.20
Increase from prior quarter's declared dividend	5.30%
Johns Hopkins Village
Class of Stock [Line Items]
Redeemable noncontrolling interest carrying amount \| $																														$ 2,000,000
Town Center Phase VI
Class of Stock [Line Items]
Noncontrolling interest ownership percentage in properties												20.00%
Operating Partnership
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid \| $																													$ 9,900,000
Class A units
Class of Stock [Line Items]
Units redeemed (in shares)							358,879
Payments for redemption of partnership units \| $							$ 4,900,000
Class A units \| Town Center Phase VI
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares)												68,691
Class A units \| Operating Partnership
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid \| $																											$ 12,600,000	$ 11,100,000
Class A units \| Operating Partnership \| Subsequent Event
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid \| $			$ 3,300,000
Common stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)																											44,937,763	37,490,361	30,076,359		25,022,701
Shares issued through public offering (in shares)																											7,350,690	5,312,855	4,560,049
Aggregate cash dividends and distributions, paid \| $																											$ 31,100,000	$ 22,700,000	$ 17,100,000
Common stock \| Subsequent Event
Class of Stock [Line Items]
Shares issued through public offering (in shares)				163,000
Aggregate cash dividends and distributions, paid \| $			$ 8,500,000
Columbus Village \| Class B units
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares)																						1,000,000
Columbus Village \| Class C units
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares)												275,000										275,000
Parkway Centre \| Subsequent Event
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares)		117,228
Equity interests issued and issuable \| $		$ 1,700,000
Private Placement \| Perry Hall Marketplace
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares)																									415,500
Prior Continuous Equity Program [Member]
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to) \| $																								$ 50,000,000.0
Shares issued through public offering (in shares)																												1,152,919	1,108,149
Numbers shares issued and sold, weighted average price per share (in dollars per share) \| $ / shares																												$ 10.87	$ 10.26
Net proceeds after offering costs and commissions from sale of shares \| $																												$ 12,200,000	$ 10,900,000
Continuous Equity Program \| Common stock
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to) \| $																$ 75,000,000.0
Shares issued through public offering (in shares)																											450,890	4,159,936
Numbers shares issued and sold, weighted average price per share (in dollars per share) \| $ / shares																											$ 14.08	$ 13.45
Net proceeds after offering costs and commissions from sale of shares \| $																											$ 6,200,000	$ 54,800,000
Underwritten Public Offering \| Common stock
Class of Stock [Line Items]
Shares issued through public offering (in shares)									6,900,000.0
Issuance of common stock, price per share (in dollars per share) \| $ / shares									$ 13.00
Net proceeds after offering costs and commissions from sale of shares \| $									$ 85,300,000

Equity - Dividends Per Share and Distribution Per Unit Declared (Details) - $ / shares													12 Months Ended
	Nov. 02, 2017	Aug. 04, 2017	May 05, 2017	Feb. 02, 2017	Nov. 03, 2016	Aug. 04, 2016	May 02, 2016	Jan. 31, 2016	Nov. 06, 2015	Aug. 06, 2015	May 08, 2015	Jan. 28, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Tax treatment of capital gain dividends, percent													100.00%	100.00%	100.00%
Dividend Per Share/Distribution Per Unit (in dollars per share)	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.76	$ 0.72	$ 0.68

Equity - Tax Treatment of Dividends Paid (Details)	12 Months Ended
Equity - Tax Treatment of Dividends Paid (Details)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Dividends Payable [Line Items]
Tax treatment of capital gain dividends, percent	100.00%	100.00%	100.00%
Capital gains
Dividends Payable [Line Items]
Tax treatment of capital gain dividends, percent	9.06%	0.00%	0.00%
Ordinary income
Dividends Payable [Line Items]
Tax treatment of capital gain dividends, percent	71.59%	78.00%	64.20%
Return of capital
Dividends Payable [Line Items]
Tax treatment of capital gain dividends, percent	19.35%	22.00%	35.80%

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)	118,361	100,000	100,000
Restricted stock, weighted average fair value	$ 1.7	$ 1.4	$ 1.2
Employee restricted stock award, vesting period	2 years
Nonemployee restricted stock award vest grant over period	1 year
Unrecognized compensation cost	$ 0.5
Unrecognized compensation cost, recognition period	20 months
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares)	21,188
Restricted Stock \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date	33.33%
Restricted Stock \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date	33.33%
Restricted Stock \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date	33.33%
2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares of common stock permitted to be granted (in shares)	1,700,000
Shares of common stock reserved for issuance (in shares)	1,083,838
Stock-based compensation	$ 1.5	$ 1.2	$ 1.0

Stock-Based Compensation - Summary of the Changes in the Company's Nonvested Restricted Stock Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Stock Awards
Nonvested as of beginning of period (in shares)	104,839
Granted (in shares)	118,361	100,000	100,000
Vested (in shares)	(109,950)
Forfeited (in shares)	(461)
Nonvested as of end of period (in shares)	112,789	104,839
Weighted Average Grant Date Fair Value Per Share
Nonvested as of beginning of period (in dollars per share)	$ 11.20
Granted (in dollars per share)	14.04
Vested (in dollars per share)	12.26
Forfeited (in dollars per share)	12.99
Nonvested as of end of period (in dollars per share)	$ 13.14	$ 11.20

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value of Financial Instruments]
Indebtedness, net	$ 517,272	$ 522,180
Carrying Value
Fair Value of Financial Instruments]
Indebtedness, net	517,272	522,180
Interest rate swap liabilities	69	829
Interest rate swap and cap assets	1,525	259
Fair Value \| Level 2
Fair Value of Financial Instruments]
Indebtedness, net	518,417	527,414
Interest rate swap liabilities	69	829
Interest rate swap and cap assets	$ 1,525	$ 259

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Federal income taxes:
Current	$ (516)	$ (197)	$ 102
Deferred	(131)	(109)	(72)
State income taxes:
Current	(62)	(24)	13
Deferred	(16)	(13)	(9)
Income tax benefit (provision)	$ (725)	$ (343)	$ 34

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Provisional amount recorded related to Tax Act remeasurement of deferred tax balance	$ 200,000
Net deferred tax assets	300,000	$ 500,000
Uncertain income tax positions	$ 0	$ 0

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Acquired lease intangibles, net	$ 29,881	$ 38,853
Leasing costs, net	9,651	9,338
Leasing incentives, net	4,217	4,764
Interest rate swaps and caps	1,515	259
Prepaid expenses and other	8,937	9,797
Advance deposits on property acquisitions	400	75
Preacquisition development costs	1,352	1,079
Other assets	$ 55,953	$ 64,165

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Other Liabilities
Dividends and distributions payable	$ 11,887	$ 9,727
Deferred ground rent payable	8,732	8,202
Acquired lease intangibles, net	13,829	15,545
Prepaid rent and other	3,171	3,227
Security deposits	1,674	1,679
Interest rate swaps	59	829
Other liabilities	$ 39,352	$ 39,209

Acquired Lease Intangibles - Summary of the Company's Acquired Lease Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Below Market Lease
Below Market Lease, Gross	$ 18,089	$ 18,039
Below Market Lease, Accumulated Amortization	4,260	2,494
Below Market Lease, Net	13,829	15,545
In-place lease assets
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	50,506	49,124
Accumulated Amortization	25,193	15,350
Net Carrying Amount	25,313	33,774
Above-market lease assets
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	4,817	4,490
Accumulated Amortization	1,923	1,138
Net Carrying Amount	2,894	3,352
Below-market ground lease assets
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	1,920	1,920
Accumulated Amortization	246	193
Net Carrying Amount	$ 1,674	$ 1,727

Acquired Lease Intangibles - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Acquired Finite-Lived Intangible Assets
Amortization of below market lease liabilities	$ 1.8	$ 1.8	$ 0.1
In-place lease assets
Acquired Finite-Lived Intangible Assets
Amortization of lease assets	$ 9.7	10.2	2.9
Weighted-average remaining lives of lease assets	4 years 11 months 8 days
Below-market ground lease assets
Acquired Finite-Lived Intangible Assets
Amortization of lease assets	$ 0.1	0.1	0.1
Weighted-average remaining lives of lease assets	31 years 6 months 9 days
Above-market lease assets
Acquired Finite-Lived Intangible Assets
Amortization of lease assets	$ 0.8	$ 0.9	$ 0.3
Weighted-average remaining lives of lease assets	6 years 10 days
Below Market Lease
Acquired Finite-Lived Intangible Assets
Weighted-average remaining lives of lease liabilities	4 years 10 months 16 days
Below Market Lease Renewal Options
Acquired Finite-Lived Intangible Assets
Weighted-average remaining lives of lease assets	13 years 10 months 5 days

Acquired Lease Intangibles - Estimated Amortization of Acquired Lease Intangibles (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Estimated amortization of acquired lease intangibles- Rental Revenues
2018	$ 928
2019	842
2020	706
2021	721
2022	689
Estimated amortization of acquired lease intangibles - Rental Expenses
2018	53
2019	53
2020	53
2021	53
2022	53
Estimated amortization of acquired lease intangibles -Depreciation and Amortization
2018	7,170
2019	5,359
2020	3,659
2021	2,250
2022	$ 1,669

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions			12 Months Ended
	Nov. 20, 2014	May 13, 2013	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transactions
Fees from contracts with affiliated entities			$ 0.0	$ 0.0	$ 0.0
Operating Partnership \| Maximum
Related Party Transactions
Future sale period for properties		7 years
Future sale period for properties in limited number of cases		10 years
Construction Contracts
Related Party Transactions
Revenue from contracts with affiliated entities			7.6	26.7	9.6
Gross profit from related parties			0.4	1.0	0.3
Due from related parties			0.2	3.4
Cost Reimbursements
Related Party Transactions
Revenue from contracts with affiliated entities			$ 0.0	$ 0.0	$ 0.0
Tax Protection Agreement \| Operating Partnership
Related Party Transactions
Amount paid under tax protection agreements	$ 1.3

Commitments and Contingencies - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) property lease	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Commitments and Contingencies
Line of credit, performance and payment bonds	$ 44.9	$ 40.5
Number of ground leases \| lease	5
Number of properties subject to ground leases \| property	4
Maximum optional ground lease extension term	40 years
Rental Revenues \| Hampton Roads Properties
Commitments and Contingencies
Concentrations of credit risk	53.00%	58.00%	68.00%
Rental Revenues \| Town Center Properties
Commitments and Contingencies
Concentrations of credit risk	38.00%	41.00%	46.00%
Rental Revenues \| Richmond Tower
Commitments and Contingencies
Concentrations of credit risk		1.00%	11.00%
Minimum
Commitments and Contingencies
Lease term	20 years
Maximum
Commitments and Contingencies
Lease term	65 years
Point Street Apartments \| Financial Guarantee \| Letter of Credit
Commitments and Contingencies
Credit facility, amount outstanding	$ 2.1	$ 2.1
Operating Partnership
Commitments and Contingencies
Outstanding letters of credit	$ 2.1	$ 4.1
Group Of Five Construction Customers \| General Contracting and Real Estate Services Revenues
Commitments and Contingencies
Concentrations of credit risk	88.00%	52.00%	15.00%
Group Of Five Construction Customers \| General Contracting and Real Estate Services Segment Profit
Commitments and Contingencies
Concentrations of credit risk	83.00%	43.00%	20.00%
Ground Leases
Commitments and Contingencies
Ground rent expense	$ 2.5	$ 2.0	$ 1.7

Commitments and Contingencies - Future Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2018	$ 2,260
2019	2,145
2020	2,104
2021	2,057
2022	1,897
Thereafter	89,556
Total	$ 100,019

Selected Quarterly Financial Data (Unaudited) - Summary Certain Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended								12 Months Ended
	Jan. 08, 2016	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Data [Abstract]
Rental revenues		$ 27,654	$ 27,096	$ 26,755	$ 27,232	$ 26,516	$ 25,305	$ 24,251	$ 23,283	$ 108,737	$ 99,355	$ 81,172
General contracting and real estate services revenues		32,643	41,201	56,671	63,519	50,475	38,552	33,200	36,803	194,034	159,030	171,268
Net operating income		19,211	19,397	20,645	20,978	19,740	18,393	17,973	17,371
Net income		5,768	10,461	4,943	8,753	5,145	7,946	3,131	26,533	$ 29,925	$ 42,755	$ 31,183
Net income attributable to stockholders		$ 4,152	$ 7,488	$ 3,471	$ 5,936	$ 3,458	$ 5,212	$ 2,034	$ 17,370
Net income per share: basic and diluted (in dollars per share)		$ 0.09	$ 0.17	$ 0.08	$ 0.16	$ 0.09	$ 0.15	$ 0.06	$ 0.57	$ 0.50	$ 0.85	$ 0.75
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Richmond Tower
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposition of property	$ 26,200

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			$ 307,412
Land			197,777
Building and Improvements			289,145
Cost Capitalized Subsequent to Acquisition			507,516
Land			197,777
Building and improvements			796,660
Total			994,437
Accumulated Depreciation	$ 139,553	$ 125,380	164,521
Net Carrying Amount			829,916
Amount of real estate for federal income tax purposes			698,100
Real estate investments
Balance at beginning of the year	908,287	633,591
Construction costs and improvements	84,142	56,630
Acquisitions	12,760	248,987
Dispositions	(10,146)	(30,467)
Reclassifications	(606)	(454)
Balance at end of the year	994,437	908,287
Accumulated Depreciation
Balance at beginning of the year	139,553	125,380
Dispositions	(1,006)	(352)
Reclassifications	0	(8,928)
Depreciation	25,974	23,453
Balance at end of the year	$ 164,521	$ 139,553
Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	39 years
Capital improvements \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	15 years
Capital improvements \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	20 years
Equipment \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	5 years
Equipment \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	15 years
Office
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			32,034
Land			3,971
Building and Improvements			10,269
Cost Capitalized Subsequent to Acquisition			131,361
Land			3,971
Building and improvements			141,630
Total			145,601
Accumulated Depreciation	$ 51,268		51,268
Net Carrying Amount			94,333
Accumulated Depreciation
Balance at end of the year	51,268
Office \| 4525 Main Street
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			32,034
Land			982
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			45,338
Land			982
Building and improvements			45,338
Total			46,320
Accumulated Depreciation	4,422		4,422
Net Carrying Amount			41,898
Accumulated Depreciation
Balance at end of the year	4,422
Office \| Armada Hoffler Tower
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,976
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			57,887
Land			1,976
Building and improvements			57,887
Total			59,863
Accumulated Depreciation	29,625		29,625
Net Carrying Amount			30,238
Accumulated Depreciation
Balance at end of the year	29,625
Office \| One Columbus
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			960
Building and Improvements			10,269
Cost Capitalized Subsequent to Acquisition			8,772
Land			960
Building and improvements			19,041
Total			20,001
Accumulated Depreciation	10,280		10,280
Net Carrying Amount			9,721
Accumulated Depreciation
Balance at end of the year	10,280
Office \| Two Columbus
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			53
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			19,364
Land			53
Building and improvements			19,364
Total			19,417
Accumulated Depreciation	6,941		6,941
Net Carrying Amount			12,476
Accumulated Depreciation
Balance at end of the year	6,941
Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			118,668
Land			166,056
Building and Improvements			220,277
Cost Capitalized Subsequent to Acquisition			158,918
Land			166,056
Building and improvements			379,195
Total			545,251
Accumulated Depreciation	77,680		77,680
Net Carrying Amount			467,571
Accumulated Depreciation
Balance at end of the year	77,680
Retail \| 249 Central Park Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			16,851
Land			712
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			15,108
Land			712
Building and improvements			15,108
Total			15,820
Accumulated Depreciation	8,228		8,228
Net Carrying Amount			7,592
Accumulated Depreciation
Balance at end of the year	8,228
Retail \| Alexander Pointe
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			4,050
Building and Improvements			4,880
Cost Capitalized Subsequent to Acquisition			58
Land			4,050
Building and improvements			4,938
Total			8,988
Accumulated Depreciation	466		466
Net Carrying Amount			8,522
Accumulated Depreciation
Balance at end of the year	466
Retail \| Bermuda Crossroads
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			5,450
Building and Improvements			10,641
Cost Capitalized Subsequent to Acquisition			1,053
Land			5,450
Building and improvements			11,694
Total			17,144
Accumulated Depreciation	2,183		2,183
Net Carrying Amount			14,961
Accumulated Depreciation
Balance at end of the year	2,183
Retail \| Broad Creek Shopping Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			0
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			15,945
Land			0
Building and improvements			15,945
Total			15,945
Accumulated Depreciation	9,010		9,010
Net Carrying Amount			6,935
Accumulated Depreciation
Balance at end of the year	9,010
Retail \| Broadmoor Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			2,410
Building and Improvements			9,010
Cost Capitalized Subsequent to Acquisition			346
Land			2,410
Building and improvements			9,356
Total			11,766
Accumulated Depreciation	881		881
Net Carrying Amount			10,885
Accumulated Depreciation
Balance at end of the year	881
Retail \| Town Center Phase VI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			117
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			2,213
Land			117
Building and improvements			2,213
Total			2,330
Accumulated Depreciation	88		88
Net Carrying Amount			2,242
Accumulated Depreciation
Balance at end of the year	88
Retail \| Columbus Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			8,298
Land			7,631
Building and Improvements			10,135
Cost Capitalized Subsequent to Acquisition			9
Land			7,631
Building and improvements			10,144
Total			17,775
Accumulated Depreciation	732		732
Net Carrying Amount			17,043
Accumulated Depreciation
Balance at end of the year	732
Retail \| Columbus Village II
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			14,536
Building and Improvements			10,922
Cost Capitalized Subsequent to Acquisition			23
Land			14,536
Building and improvements			10,945
Total			25,481
Accumulated Depreciation	520		520
Net Carrying Amount			24,961
Accumulated Depreciation
Balance at end of the year	520
Retail \| Commerce Street Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			118
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			3,220
Land			118
Building and improvements			3,220
Total			3,338
Accumulated Depreciation	1,342		1,342
Net Carrying Amount			1,996
Accumulated Depreciation
Balance at end of the year	1,342
Retail \| Courthouse 7-Eleven
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,007
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			1,043
Land			1,007
Building and improvements			1,043
Total			2,050
Accumulated Depreciation	163		163
Net Carrying Amount			1,887
Accumulated Depreciation
Balance at end of the year	163
Retail \| Dick’s at Town Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			67
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			10,572
Land			67
Building and improvements			10,572
Total			10,639
Accumulated Depreciation	3,920		3,920
Net Carrying Amount			6,719
Accumulated Depreciation
Balance at end of the year	3,920
Retail \| Dimmock Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			5,100
Building and Improvements			13,126
Cost Capitalized Subsequent to Acquisition			188
Land			5,100
Building and improvements			13,314
Total			18,414
Accumulated Depreciation	1,254		1,254
Net Carrying Amount			17,160
Accumulated Depreciation
Balance at end of the year	1,254
Retail \| Fountain Plaza Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			10,145
Land			425
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			7,135
Land			425
Building and improvements			7,135
Total			7,560
Accumulated Depreciation	3,154		3,154
Net Carrying Amount			4,406
Accumulated Depreciation
Balance at end of the year	3,154
Retail \| Gainsborough Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			2,229
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			7,182
Land			2,229
Building and improvements			7,182
Total			9,411
Accumulated Depreciation	3,206		3,206
Net Carrying Amount			6,205
Accumulated Depreciation
Balance at end of the year	3,206
Retail \| Greentree Shopping Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,103
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			4,018
Land			1,103
Building and improvements			4,018
Total			5,121
Accumulated Depreciation	513		513
Net Carrying Amount			4,608
Accumulated Depreciation
Balance at end of the year	513
Retail \| Hanbury Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			19,503
Land			3,793
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			19,342
Land			3,793
Building and improvements			19,342
Total			23,135
Accumulated Depreciation	6,344		6,344
Net Carrying Amount			16,791
Accumulated Depreciation
Balance at end of the year	6,344
Retail \| Harper Hill Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			2,840
Building and Improvements			8,510
Cost Capitalized Subsequent to Acquisition			93
Land			2,840
Building and improvements			8,603
Total			11,443
Accumulated Depreciation	608		608
Net Carrying Amount			10,835
Accumulated Depreciation
Balance at end of the year	608
Retail \| Harrisonburg Regal
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,554
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			4,148
Land			1,554
Building and improvements			4,148
Total			5,702
Accumulated Depreciation	1,989		1,989
Net Carrying Amount			3,713
Accumulated Depreciation
Balance at end of the year	1,989
Retail \| Lightfoot Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			10,500
Land			7,628
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			14,714
Land			7,628
Building and improvements			14,714
Total			22,342
Accumulated Depreciation	794		794
Net Carrying Amount			21,548
Accumulated Depreciation
Balance at end of the year	794
Retail \| North Hampton Market
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			7,250
Building and Improvements			10,210
Cost Capitalized Subsequent to Acquisition			401
Land			7,250
Building and improvements			10,611
Total			17,861
Accumulated Depreciation	953		953
Net Carrying Amount			16,908
Accumulated Depreciation
Balance at end of the year	953
Retail \| North Point Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			12,030
Land			1,936
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			25,417
Land			1,936
Building and improvements			25,417
Total			27,353
Accumulated Depreciation	12,652		12,652
Net Carrying Amount			14,701
Accumulated Depreciation
Balance at end of the year	12,652
Retail \| Oakland Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,850
Building and Improvements			3,370
Cost Capitalized Subsequent to Acquisition			26
Land			1,850
Building and improvements			3,396
Total			5,246
Accumulated Depreciation	584		584
Net Carrying Amount			4,662
Accumulated Depreciation
Balance at end of the year	584
Retail \| Parkway Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,150
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			3,664
Land			1,150
Building and improvements			3,664
Total			4,814
Accumulated Depreciation	1,776		1,776
Net Carrying Amount			3,038
Accumulated Depreciation
Balance at end of the year	1,776
Retail \| Patterson Place
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			15,059
Building and Improvements			20,180
Cost Capitalized Subsequent to Acquisition			231
Land			15,059
Building and improvements			20,411
Total			35,470
Accumulated Depreciation	1,353		1,353
Net Carrying Amount			34,117
Accumulated Depreciation
Balance at end of the year	1,353
Retail \| Perry Hall Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			3,240
Building and Improvements			8,316
Cost Capitalized Subsequent to Acquisition			383
Land			3,240
Building and improvements			8,699
Total			11,939
Accumulated Depreciation	872		872
Net Carrying Amount			11,067
Accumulated Depreciation
Balance at end of the year	872
Retail \| Providence Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			9,950
Building and Improvements			12,369
Cost Capitalized Subsequent to Acquisition			670
Land			9,950
Building and improvements			13,039
Total			22,989
Accumulated Depreciation	937		937
Net Carrying Amount			22,052
Accumulated Depreciation
Balance at end of the year	937
Retail \| Renaissance Place
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			6,730
Building and Improvements			8,439
Cost Capitalized Subsequent to Acquisition			89
Land			6,730
Building and improvements			8,528
Total			15,258
Accumulated Depreciation	335		335
Net Carrying Amount			14,923
Accumulated Depreciation
Balance at end of the year	335
Retail \| Sandbridge Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			8,468
Land			4,825
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			7,285
Land			4,825
Building and improvements			7,285
Total			12,110
Accumulated Depreciation	839		839
Net Carrying Amount			11,271
Accumulated Depreciation
Balance at end of the year	839
Retail \| Socastee Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			4,771
Land			2,320
Building and Improvements			5,380
Cost Capitalized Subsequent to Acquisition			121
Land			2,320
Building and improvements			5,501
Total			7,821
Accumulated Depreciation	530		530
Net Carrying Amount			7,291
Accumulated Depreciation
Balance at end of the year	530
Retail \| South Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			7,394
Land			190
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			7,635
Land			190
Building and improvements			7,635
Total			7,825
Accumulated Depreciation	3,964		3,964
Net Carrying Amount			3,861
Accumulated Depreciation
Balance at end of the year	3,964
Retail \| South Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			14,130
Building and Improvements			12,670
Cost Capitalized Subsequent to Acquisition			164
Land			14,130
Building and improvements			12,834
Total			26,964
Accumulated Depreciation	953		953
Net Carrying Amount			26,011
Accumulated Depreciation
Balance at end of the year	953
Retail \| Southgate Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			20,708
Land			8,890
Building and Improvements			25,950
Cost Capitalized Subsequent to Acquisition			249
Land			8,890
Building and improvements			26,199
Total			35,089
Accumulated Depreciation	1,467		1,467
Net Carrying Amount			33,622
Accumulated Depreciation
Balance at end of the year	1,467
Retail \| Southshore Shops
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,770
Building and Improvements			6,509
Cost Capitalized Subsequent to Acquisition			16
Land			1,770
Building and improvements			6,525
Total			8,295
Accumulated Depreciation	289		289
Net Carrying Amount			8,006
Accumulated Depreciation
Balance at end of the year	289
Retail \| Stone House Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			6,360
Building and Improvements			16,350
Cost Capitalized Subsequent to Acquisition			277
Land			6,360
Building and improvements			16,627
Total			22,987
Accumulated Depreciation	1,548		1,548
Net Carrying Amount			21,439
Accumulated Depreciation
Balance at end of the year	1,548
Retail \| Studio 56 Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			76
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			2,475
Land			76
Building and improvements			2,475
Total			2,551
Accumulated Depreciation	825		825
Net Carrying Amount			1,726
Accumulated Depreciation
Balance at end of the year	825
Retail \| Tyre Neck Harris Teeter
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			0
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			3,306
Land			0
Building and improvements			3,306
Total			3,306
Accumulated Depreciation	923		923
Net Carrying Amount			2,383
Accumulated Depreciation
Balance at end of the year	923
Retail \| Waynesboro Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,300
Building and Improvements			1,610
Cost Capitalized Subsequent to Acquisition			47
Land			1,300
Building and improvements			1,657
Total			2,957
Accumulated Depreciation	385		385
Net Carrying Amount			2,572
Accumulated Depreciation
Balance at end of the year	385
Retail \| Wendover Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			18,260
Building and Improvements			21,700
Cost Capitalized Subsequent to Acquisition			52
Land			18,260
Building and improvements			21,752
Total			40,012
Accumulated Depreciation	1,100		1,100
Net Carrying Amount			38,912
Accumulated Depreciation
Balance at end of the year	1,100
Multifamily residential real estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			156,710
Land			27,070
Building and Improvements			58,599
Cost Capitalized Subsequent to Acquisition			217,237
Land			27,070
Building and improvements			275,835
Total			302,905
Accumulated Depreciation	35,573		35,573
Net Carrying Amount			267,332
Accumulated Depreciation
Balance at end of the year	35,573
Multifamily residential real estate \| Encore Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			24,966
Land			1,293
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			30,183
Land			1,293
Building and improvements			30,183
Total			31,476
Accumulated Depreciation	3,033		3,033
Net Carrying Amount			28,443
Accumulated Depreciation
Balance at end of the year	3,033
Multifamily residential real estate \| Harding Place
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			3,874
Land			5,706
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			22,997
Land			5,706
Building and improvements			22,997
Total			28,703
Accumulated Depreciation	0		0
Net Carrying Amount			28,703
Accumulated Depreciation
Balance at end of the year	0
Multifamily residential real estate \| Johns Hopkins Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			46,698
Land			0
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			69,229
Land			0
Building and improvements			69,229
Total			69,229
Accumulated Depreciation	3,107		3,107
Net Carrying Amount			66,122
Accumulated Depreciation
Balance at end of the year	3,107
Multifamily residential real estate \| 595 King Street
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			7,276
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			5,452
Land			7,276
Building and improvements			5,452
Total			12,728
Accumulated Depreciation	0		0
Net Carrying Amount			12,728
Accumulated Depreciation
Balance at end of the year	0
Multifamily residential real estate \| Liberty Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			14,694
Land			3,580
Building and Improvements			23,494
Cost Capitalized Subsequent to Acquisition			1,407
Land			3,580
Building and improvements			24,900
Total			28,480
Accumulated Depreciation	3,456		3,456
Net Carrying Amount			25,024
Accumulated Depreciation
Balance at end of the year	3,456
Multifamily residential real estate \| 530 Meeting Street
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			7,265
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			6,372
Land			7,265
Building and improvements			6,372
Total			13,637
Accumulated Depreciation	0		0
Net Carrying Amount			13,637
Accumulated Depreciation
Balance at end of the year	0
Multifamily residential real estate \| Smith’s Landing
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			19,764
Land			0
Building and Improvements			35,105
Cost Capitalized Subsequent to Acquisition			1,765
Land			0
Building and improvements			36,870
Total			36,870
Accumulated Depreciation	5,613		5,613
Net Carrying Amount			31,257
Accumulated Depreciation
Balance at end of the year	5,613
Multifamily residential real estate \| The Cosmopolitan
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			45,209
Land			985
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			57,504
Land			985
Building and improvements			57,504
Total			58,489
Accumulated Depreciation	20,364		20,364
Net Carrying Amount			38,125
Accumulated Depreciation
Balance at end of the year	20,364
Multifamily residential real estate \| Town Center Phase VI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			1,505
Land			965
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			22,328
Land			965
Building and improvements			22,328
Total			23,293
Accumulated Depreciation	0		0
Net Carrying Amount			23,293
Accumulated Depreciation
Balance at end of the year	0
Held for development
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			680
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			0
Land			680
Building and improvements			0
Total			680
Accumulated Depreciation	0		0
Net Carrying Amount			$ 680
Accumulated Depreciation
Balance at end of the year	$ 0