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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2018	Oct. 30, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	Armada Hoffler Properties, Inc.
Entity Central Index Key	0001569187
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		49,627,792

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real estate investments:
Income producing property	$ 1,023,658	$ 910,686
Held for development	2,979	680
Construction in progress	139,450	83,071
Gross real estate investments	1,166,087	994,437
Accumulated depreciation	(185,831)	(164,521)
Net real estate investments	980,256	829,916
Cash and cash equivalents	17,732	19,959
Restricted cash	2,916	2,957
Accounts receivable, net	18,224	15,691
Notes receivable	100,486	83,058
Construction receivables, including retentions	21,959	23,933
Construction contract costs and estimated earnings in excess of billings	727	245
Equity method investments	16,811	11,411
Other assets	58,747	55,953
Total Assets	1,217,858	1,043,123
LIABILITIES AND EQUITY
Indebtedness, net	653,750	517,272
Accounts payable and accrued liabilities	15,752	15,180
Construction payables, including retentions	45,541	47,445
Billings in excess of construction contract costs and estimated earnings	1,767	3,591
Other liabilities	40,912	39,352
Total Liabilities	757,722	622,840
Stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding as of September 30, 2018 and December 31, 2017	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized, 49,576,222 and 44,937,763 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively	496	449
Additional paid-in capital	350,849	287,407
Distributions in excess of earnings	(76,386)	(61,166)
Accumulated other comprehensive loss	(47)	0
Total stockholders’ equity	274,912	226,690
Noncontrolling interests	185,224	193,593
Total Equity	460,136	420,283
Total Liabilities and Equity	$ 1,217,858	$ 1,043,123

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
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)	49,576,222	44,937,763
Common stock, shares outstanding (in shares)	49,576,222	44,937,763

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues
Rental revenues	$ 28,930	$ 27,096	$ 86,227	$ 81,083
Total revenues	48,880	68,297	149,881	242,474
Expenses
Rental expenses	7,103	6,830	20,049	19,069
Real estate taxes	2,840	2,693	8,388	7,797
Depreciation and amortization	10,196	9,239	28,653	28,018
General and administrative expenses	2,367	2,098	8,092	7,762
Acquisition, development and other pursuit costs	69	61	162	477
Impairment charges	3	19	101	50
Total expenses	41,551	60,317	126,919	217,761
Operating income	7,329	7,980	22,962	24,713
Interest income	2,545	1,910	7,152	4,966
Interest expense	(4,677)	(4,253)	(13,547)	(13,282)
Loss on extinguishment of debt	(11)	0	(11)	0
Gain on real estate dispositions	0	4,692	0	8,087
Change in fair value of interest rate derivatives	298	87	1,256	300
Other income	65	74	233	154
Income before taxes	5,549	10,490	18,045	24,938
Income tax benefit (provision)	120	(29)	552	(781)
Net income	5,669	10,461	18,597	24,157
Net income attributable to noncontrolling interests	(1,467)	(2,973)	(5,036)	(7,262)
Net income attributable to stockholders	$ 4,202	$ 7,488	$ 13,561	$ 16,895
Net income attributable to stockholders per share (basic and diluted) (in dollars per share)	$ 0.09	$ 0.17	$ 0.29	$ 0.41
Weighted-average common shares outstanding (basic and diluted) (in shares)	49,194	44,934	46,766	41,575
Dividends and distributions declared per common share and unit (in dollars per share)	$ 0.20	$ 0.19	$ 0.60	$ 0.57
Comprehensive income:
Net income	$ 5,669	$ 10,461	$ 18,597	$ 24,157
Unrealized cash flow hedge losses	(130)	0	(130)	0
Realized cash flow hedge losses reclassified to net income	67	0	67	0
Comprehensive income	5,606	10,461	18,534	24,157
Comprehensive income attributable to noncontrolling interests	(1,450)	(2,973)	(5,019)	(7,262)
Comprehensive income attributable to stockholders	4,156	7,488	13,515	16,895
General contracting and real estate services
General contracting and real estate services revenues	19,950	41,201	63,654	161,391
General contracting and real estate services expenses	$ 18,973	$ 39,377	$ 61,474	$ 154,588

Condensed Consolidated Statement of Equity - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Distributions in excess of earnings	Accumulated other comprehensive loss	Total stockholders' equity	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2017	44,937,763	44,937,763
Beginning balance at Dec. 31, 2017	$ 420,283	$ 449	$ 287,407	$ (61,166)	$ 0	$ 226,690	$ 193,593
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,597			13,561		13,561	5,036
Unrealized cash flow hedge losses	(130)				(97)	(97)	(33)
Realized cash flow hedge losses reclassified to net income	67				50	50	17
Net proceeds from sales of common stock (in shares)		4,227,978
Net proceeds from sales of common stock	59,529	$ 42	59,487			59,529
Restricted stock awards, net of tax withholding (in shares)		127,275
Restricted stock awards, net of tax withholding	1,311	$ 2	1,309			1,311
Restricted stock award forfeitures (in shares)		(3,298)
Restricted stock award forfeitures	(26)		(26)			(26)
Issuance of operating partnership units for acquisitions	2,196		(5)			(5)	2,201
Redemption of operating partnership units (in shares)		286,504
Redemption of operating partnership units	(2,531)	$ 3	2,677			2,680	(5,211)
Dividends and distributions declared	$ (39,160)			(28,781)		(28,781)	(10,379)
Ending balance, shares (in shares) at Sep. 30, 2018	49,576,222	49,576,222
Ending balance at Sep. 30, 2018	$ 460,136	$ 496	$ 350,849	$ (76,386)	$ (47)	$ 274,912	$ 185,224

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
OPERATING ACTIVITIES
Net income	$ 18,597	$ 24,157
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	21,404	19,385
Amortization of leasing costs and in-place lease intangibles	7,249	8,633
Accrued straight-line rental revenue	(1,789)	(927)
Amortization of leasing incentives and above or below-market rents	(211)	(140)
Accrued straight-line ground rent expense	187	401
Bad debt expense	245	425
Noncash stock compensation	1,072	1,047
Impairment charges	101	50
Noncash interest expense	827	940
Loss on extinguishment of debt	11	0
Gain on real estate dispositions	0	(8,087)
Change in the fair value of interest rate derivatives	(1,256)	(300)
Changes in operating assets and liabilities:
Property assets	(3,610)	(3,871)
Property liabilities	2,031	3,498
Construction assets	3,044	4,065
Construction liabilities	(13,558)	(12,648)
Interest receivable	(7,147)	(4,962)
Net cash provided by operating activities	27,197	31,666
INVESTING ACTIVITIES
Development of real estate investments	(102,183)	(28,731)
Tenant and building improvements	(8,281)	(8,104)
Acquisitions of real estate investments, net of cash received	(57,541)	(28,020)
Dispositions of real estate investments, net of selling costs	4,271	12,557
Notes receivable issuances	(10,281)	(10,792)
Leasing costs	(4,048)	(149)
Leasing incentives	(95)	(147)
Contributions to equity method investments	(5,400)	(934)
Net cash used for investing activities	(183,558)	(64,320)
FINANCING ACTIVITIES
Proceeds from sales of common stock	60,439	96,044
Offering costs	(910)	(4,663)
Common shares tendered for tax withholding	(343)	(289)
Debt issuances, credit facility and construction loan borrowings	274,427	124,206
Debt and credit facility repayments, including principal amortization	(138,122)	(152,201)
Debt issuance costs	(1,317)	(751)
Redemption of operating partnership units	(2,531)	(229)
Dividends and distributions	(37,550)	(31,740)
Net cash provided by financing activities	154,093	30,377
Net decrease in cash and cash equivalents	(2,268)	(2,277)
Cash, cash equivalents, and restricted cash, beginning of period	22,916	25,193
Cash, cash equivalents, and restricted cash, end of period	20,648	22,916
Supplemental Disclosures (noncash transactions):
Increase in dividends payable	1,610	2,214
Increase (decrease) in accounts payable and accrued liabilities for capital expenditures	10,103	(5,874)
Issuance of operating partnership units for acquisitions	1,702	982
Operating Partnership units redeemed for common shares	3,151	0
Redeemable noncontrolling interest from development	0	2,000
Deferred payment for land acquisition	$ 0	$ 600

Business of Organization	9 Months Ended
Business of Organization	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business of Organization	Business of 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 the sole general partner of Armada Hoffler, L.P. (the “Operating Partnership”) and, as of September 30, 2018, owned 74.3% 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. As of September 30, 2018, the Company's property portfolio consisted of 50 operating properties and 10 development properties. Refer to Note 4 for information related to the Company's recent acquisitions and dispositions of operating properties. Refer to Note 5 for information related to the Company’s investment in Durham City Center II, LLC, which is an unconsolidated subsidiary that the Company accounts for using the equity method of accounting.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

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

The condensed consolidated financial statements include the financial position and results of operations of the Company and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.

In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented.

The accompanying condensed consolidated financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim financial statements should be read in conjunction with the audited consolidated financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

Use of Estimates

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

Reclassifications

During the second quarter of 2018, the Company identified certain immaterial classification errors on the Company's Consolidated Statements of Cash Flows and determined that, in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 and future periodic reports, the Company will correct these classification errors. One classification error will be corrected by including within the changes in operating assets and liabilities in the operating activities section a new line item for "Interest receivable." A corresponding adjustment will be recorded to reduce the amount of "Notes receivable issuances" within investing activities on the consolidated statement of cash flows. These reclassifications totaled $7.1 million, $3.2 million, and $0.1 million during the years ended December 31, 2017, 2016, and 2015, respectively and $5.0 million for the nine months ended September 30, 2017. These reclassifications will decrease "Net cash provided by operating activities" and "Net cash used for investing activities" by an equal and offsetting amount. These reclassifications will not have any impact on the Consolidated Balance Sheets, Consolidated Statements of Income, Consolidated Statement of Equity, or any other operating measure for the periods affected.

These amounts were previously presented as "Notes receivable issuances," a component of net cash used for investing activities on the Consolidated Statements of Cash Flows, resulting in overstatements in cash provided by operating activities and overstatements of cash used in investing activities. These amounts represent interest earned on mezzanine loans that were funded by additional borrowings as provided for in the mezzanine loan agreements. These amounts are now classified as changes in interest receivable, a non-cash adjustment to calculate net cash provided by operating activities.

The second classification error will be corrected by including within financing activities on the Consolidated Statements of Cash Flows a new line item for “Common shares tendered for tax withholding.” A corresponding adjustment will be recorded to the "Changes in operating assets and liabilities: Property liabilities" within operating activities on the Consolidated Statements of Cash Flows. This reclassification totaled $0.3 million, $0.2 million, and $0.3 million during the years ended December 31, 2017, 2016, and 2015, respectively and $0.3 million for the nine months ended September 30, 2017. These reclassifications will increase “Net cash provided by operating activities” and decrease “Net cash provided by financing activities” by an equal and offsetting amount.

Significant Accounting Policies

General Contracting and Real Estate Services Revenues

On January 1, 2018, the Company adopted the new accounting standard codified in Accounting Standards Codification 606 - Revenue from Contracts with Customers (see also "Recent Accounting Pronouncements" below). The Company recognizes general contracting revenues as a customer obtains control of promised goods or services in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. For each construction contract, the Company identifies the performance obligations, which typically include the delivery of a single building constructed according to the specifications of the contract. The Company estimates the total transaction price, which generally includes a fixed contract price and may also include variable components such as early completion bonuses, liquidated damages, or cost savings to be shared with the customer. Variable components of the contract price are included in the transaction price to the extent that it is probable that a significant reversal of revenue will not occur. The Company recognizes the estimated transaction price as revenue as it satisfies its performance obligations, and the Company estimates its progress in satisfying performance obligations for each contract using the percentage-of-completion method, based on the proportion of incurred costs to total estimated construction costs at completion. Construction contract costs include all direct material, direct labor, subcontract costs, and overhead costs directly related to contract performance. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, are all significant judgments that may result in revisions to costs and income and are recognized in the period in which they are determined. Provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined. The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable.

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

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

See the Company's Annual Report on Form 10-K for the year ended December 31, 2017 for a description of other accounting principles upon which basis the accompanying consolidated financial statements were prepared.

Recent Accounting Pronouncements

On May 28, 2014, the Financial Accounting Standards Board ("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 changes the way the Company recognizes revenue from construction and development contracts with third party customers. The Company adopted 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 are now 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 did not result in material differences to these contracts in aggregate, and no cumulative adjustment to distributions in excess of earnings was recorded as of January 1, 2018.

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. The Company is the lessee on certain long-term ground leases, which represents a majority of the Company's current operating lease payments, and expects to record right-of-use assets and lease liabilities for these leases under the new standard. The Company anticipates utilizing certain transition relief under the new standard that will allow the Company not to apply certain aspects of the new standard to its existing leases.

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 on 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 as a result of the new guidance. 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 (in thousands):



	Balance as of
	September 30, 2018		December 31, 2017		September 30, 2017		December 31, 2016
Cash and cash equivalents	$	17,732	$	19,959	$	19,721	$	21,942
Restricted cash	2,916		2,957		3,195		3,251
Cash, cash equivalents, and restricted cash	$	20,648	$	22,916	$	22,916	$	25,193

The following table summarizes the changes made to net cash provided by operating activities, net cash used for investing activities, and net cash provided by financing activities in the consolidated statement of cash flows for the nine months ended September 30, 2017 on a retrospective basis (in thousands) as a result of the new guidance as well as the reclassification adjustments described in the "Reclassifications" section above:



	Nine months ended
	September 30, 2017
Operating activities as originally presented	$	36,598
Adjustment relating to restricted cash	(259		)
Adjustment for shares tendered for tax withholding	289
Adjustment relating to interest income presentation	(4,962		)
Operating activities after adjustments	$	31,666

Investing activities as originally presented	$	(69,485	)
Adjustment relating to restricted cash	203
Adjustment relating to interest income presentation	4,962
Investing activities after adjustments	$	(64,320	)

Financing activities as originally presented	$	30,666
Adjustment for shares tendered for tax withholding	(289		)
Financing activities after adjustments	$	30,377

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 Company adopted the new guidance on January 1, 2018, and it did not have a material impact on the Company’s consolidated financial statements.

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 Company adopted this guidance effective July 1, 2018. The application of this guidance to hedging relationships could reduce or eliminate the gains and losses that would otherwise be recorded in net income for these derivative instruments.

Segments

9 Months Ended

Sep. 30, 2018

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 three and nine months ended September 30, 2018 and 2017 was as follows (in thousands):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
	(Unaudited)
Office real estate
Rental revenues	$	5,149	$	4,762	$	15,537	$	14,427
Rental expenses	1,551		1,447		4,435		4,138
Real estate taxes	515		481		1,519		1,381
Segment net operating income	3,083		2,834		9,583		8,908
Retail real estate
Rental revenues	16,932		15,880		50,251		47,089
Rental expenses	2,761		2,699		7,974		7,698
Real estate taxes	1,703		1,588		5,041		4,557
Segment net operating income	12,468		11,593		37,236		34,834
Multifamily residential real estate
Rental revenues	6,849		6,454		20,439		19,567
Rental expenses	2,791		2,684		7,640		7,233
Real estate taxes	622		624		1,828		1,859
Segment net operating income	3,436		3,146		10,971		10,475
General contracting and real estate services
Segment revenues	19,950		41,201		63,654		161,391
Segment expenses	18,973		39,377		61,474		154,588
Segment gross profit	977		1,824		2,180		6,803
Net operating income	$	19,964	$	19,397	$	59,970	$	61,020

General contracting and real estate services revenues for the three months ended September 30, 2018 and 2017 exclude revenue related to intercompany construction contracts of $38.5 million and $13.9 million, respectively. General contracting and real estate services revenues for the nine months ended September 30, 2018 and 2017 exclude revenue related to intercompany construction contracts of $98.6 million and $31.3 million, respectively.

General contracting and real estate services expenses for the three months ended September 30, 2018 and 2017 exclude expenses related to intercompany construction contracts of $38.2 million and $13.7 million, respectively. General contracting and real estate services expenses for the nine months ended September 30, 2018 and 2017 exclude expenses related to intercompany construction contracts of $97.7 million and $31.0 million, respectively.

General contracting and real estate services expenses for the three months ended September 30, 2018 and 2017 include noncash stock compensation expense of less than $0.1 million for each period. General contracting and real estate services expenses for the nine months ended September 30, 2018 and 2017 include noncash stock compensation expense of $0.2 million for each period.

The following table reconciles net operating income to net income, the most directly comparable GAAP measure, for the three and nine months ended September 30, 2018 and 2017 (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(Unaudited)
Net operating income	$	19,964		$	19,397		$	59,970		$	61,020
Depreciation and amortization	(10,196		)	(9,239		)	(28,653		)	(28,018		)
General and administrative expenses	(2,367		)	(2,098		)	(8,092		)	(7,762		)
Acquisition, development and other pursuit costs	(69		)	(61		)	(162		)	(477		)
Impairment charges	(3		)	(19		)	(101		)	(50		)
Interest income	2,545			1,910			7,152			4,966
Interest expense	(4,677		)	(4,253		)	(13,547		)	(13,282		)
Loss on extinguishment of debt	(11		)	—			(11		)	—
Gain on real estate dispositions	—			4,692			—			8,087
Change in fair value of interest rate derivatives	298			87			1,256			300
Other income	65			74			233			154
Income tax benefit (provision)	120			(29		)	552			(781		)
Net income	$	5,669		$	10,461		$	18,597		$	24,157

General and administrative expenses for the three months ended September 30, 2018 and 2017 include noncash stock compensation expense of $0.2 million for each period. General and administrative expenses for the nine months ended September 30, 2018 and 2017 include noncash stock compensation expense of $0.9 million and $0.8 million, respectively.

Real Estate Investment

9 Months Ended

Sep. 30, 2018

Real Estate [Abstract]

Real Estate Investment

Property Acquisitions

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

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

On August 28, 2018, the Company acquired Lexington Square, a newly developed Lowes Foods-anchored shopping center in Lexington, South Carolina, for a purchase price of $26.8 million, consisting of cash consideration of $24.2 million and $2.6 million of additional consideration in the form of Class A Units issuable in increments to the seller upon the fulfillment of certain occupancy thresholds within the first 18 months of the Company's ownership. No Class A Units have been issued as of September 30, 2018 for this acquisition. As part of this transaction, the Company also capitalized acquisition costs of $0.4 million.

The following table summarizes the purchase price allocation (including acquisition costs) based on relative fair value of the assets acquired and liabilities assumed for the three operating properties purchased during the nine months ended September 30, 2018 (in thousands):



	Indian Lakes Crossing			Parkway Centre			Lexington Square
Land	$	10,926		$	1,372		$	3,036
Site improvements	531			696			7,396
Building and improvements	1,913			7,168			10,387
In-place leases	1,648			2,346			4,113
Above-market leases	11			—			89
Below-market leases	(175		)	(10		)	(447		)
Net assets acquired	$	14,854		$	11,572		$	24,574

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 the fourth quarter of 2018. On January 29, 2018, the Company acquired undeveloped land in Chesterfield, Virginia, a portion of which currently serves as the site for this facility, for a contract price of $2.4 million plus capitalized acquisition costs of $0.1 million.

On January 18, 2018, the Company entered into an operating agreement with a partner to develop a Lowes Foods-anchored shopping center in Mount Pleasant, South Carolina. The Company has a 70% ownership interest in the partnership. The partnership, Market at Mill Creek Partners, LLC, acquired undeveloped land on February 16, 2018 for a contract price of $2.9 million plus capitalized acquisition costs of $0.1 million. The Company is responsible for funding the equity requirements of this development. As of September 30, 2018, the book value of the Company's investment in the project totaled $14.2 million. Management has concluded that this entity is a variable interest entity ("VIE") as it lacks sufficient equity to fund its operations without additional financial support. The Company is the developer of the shopping center and has the power to direct the activities of the project that most significantly impact its performance and is the party most closely associated with the project. Therefore, the Company is the project's primary beneficiary and consolidates the project in its consolidated financial statements.

On April 2, 2018, the Company acquired undeveloped land in Newport News, Virginia for less than $0.1 million. This land parcel is being used in the development of the Brooks Crossing office property.

On July 2, 2018, the Company executed a ground lease for the site of a new mixed-use development project at Wills Wharf, a site in the Harbor Point area of Baltimore, Maryland. The lease has an initial term of five years and includes ten extension options of seven years each.

Property Disposition

On May 24, 2018, the Company completed the sale of the Wawa outparcel at Indian Lakes Crossing for a contract price of $4.4 million. There was no gain or loss on the disposition.

Equity Method Investment	9 Months Ended
Equity Method Investment	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	Equity Method Investment 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. During the nine months ended September 30, 2018, the Company invested an additional $5.1 million in City Center. As of September 30, 2018 and December 31, 2017, the Company had invested $15.9 million and $10.9 million, respectively, in City Center, and the carrying value of the Company's investment was $16.8 million and $11.4 million, respectively. 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 September 30, 2018 and December 31, 2017, $44.2 million and $29.2 million, respectively, had been drawn against the construction loan, of which $16.3 million and $11.2 million, respectively, was attributable to the Company's portion of the loan. For the three and nine months ended September 30, 2018 and 2017, City Center did not have any operating activity, and therefore the Company did not receive any distributions 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

9 Months Ended

Sep. 30, 2018

Receivables [Abstract]

Notes Receivable

The Company had the following mezzanine loans outstanding as of September 30, 2018 and December 31, 2017 (in thousands):



	Outstanding loan amount				Maximum loan commitment		Interest rate
Development Project	September 30, 2018		December 31, 2017		Maximum loan commitment		Interest rate
1405 Point	$	28,133	$	22,444	$	28,232	8.0	%
The Residences at Annapolis Junction	46,396		43,021		48,105		10.0	%
North Decatur Square	15,703		11,790		29,673		15.0	%
Delray Plaza	6,779		5,379		13,123		15.0	%
Nexton Square	2,219		—		2,314		10.0	%
Total	$	99,230	$	82,634	$	121,447

Interest on the mezzanine loans is accrued and funded utilizing the interest reserves for each loan, which are components of the respective maximum loan commitments, and such accrued interest is added to the loan receivable balances. The Company recognized interest income for the three and nine months ended September 30, 2018 and 2017 as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
Development Project	2018		2017		2018		2017
1405 Point	$	547	$	443	$	1,483	$	1,288
The Residences at Annapolis Junction	1,166		1,054		3,374		3,051
North Decatur Square	569		412		1,561		623
Delray Plaza	228		—		676		—
Nexton Square	19		—		19		—
Total	$	2,529	$	1,909	$	7,113	$	4,962

1405 Point

1405 Point (also known as Point Street Apartments) opened during the first quarter of 2018.

The developer of 1405 Point secured a senior construction loan of up to $67.0 million to fund the development and construction of 1405 Point 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 1405 Point upon completion of the project. The Company currently has a $2.1 million letter of credit for the guarantee of the senior construction loan.

The Residences at Annapolis Junction

The developer of The Residences at Annapolis Junction secured a senior construction loan of up to $60.0 million to fund the development and construction of Annapolis Junction's residential component on September 30, 2016. The Company agreed to guarantee up to $25.0 million of the senior construction loan in exchange for the option to purchase up to an 88% controlling interest in Annapolis Junction.

Nexton Square

On August 31, 2018, the Company financed a $2.2 million bridge loan to the developer of Nexton Square, a shopping center development project located in Summerville, South Carolina. The bridge loan bears interest at a rate of 10%. All principal and accrued interest will be due upon the earlier of (i) February 28, 2019 or (ii) any refinancing of the project. This loan has been personally guaranteed by the developer. The Company does not have any option to purchase this project.

North Decatur Square

On September 18, 2018, the Company increased the maximum commitment for the North Decatur Square mezzanine loan to $29.7 million.

Subsequent to September 30, 2018

The Interlock

On October 2, 2018, the Company financed a $3.0 million bridge loan to S.J. Collins, the developer of the office and retail components of The Interlock, a new mixed-use public-private partnership with Georgia Tech in West Midtown Atlanta. The bridge loan bears interest at a rate of 15% and matures on January 1, 2019. This loan has been personally guaranteed by the developer. The Company does not have an option to purchase this project. On October 23, 2018, the Company increased the maximum commitment for this loan to $4.0 million and advanced an additional $0.7 million.

North Decatur Square

On October 2, 2018, the Company advanced an additional $2.2 million on this mezzanine loan.

The Residences at Annapolis Junction

On October 4, 2018, the Company entered into an agreement to sell its purchase option for $5.0 million upon the developer's refinancing of the senior construction loan. Upon this refinancing, the maturity of the remaining outstanding mezzanine loan will coincide with the maturity of the new senior loan, which is 12 months from origination with an option to extend for an additional 12 months, subject to certain conditions.

Construction Contracts

9 Months Ended

Sep. 30, 2018

Contractors [Abstract]

Construction Contracts

Construction contract costs and estimated earnings in excess of billings represent reimbursable costs and amounts earned under contracts in progress as of the balance sheet date. Such amounts become billable according to contract terms, which usually consider the passage of time, achievement of certain milestones or completion of the project. The Company expects to bill and collect substantially all construction contract costs and estimated earnings in excess of billings as of September 30, 2018 during the next twelve months.

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

The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the nine months ended September 30, 2018 (in thousands):



	Construction contract costs and estimated earnings in excess of billings			Billings in excess of construction contract costs and estimated earnings
Balance as of January 1, 2018	$	245		$	3,591
Revenue recognized that was included in the balance at the beginning of the period	—			(3,591		)
Increases due to new billings, excluding amounts recognized as revenue during the period	—			2,400
Transferred to receivables	(245		)	—
Construction contract costs and estimated earnings not billed during the period	576			—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	151			(633		)
Balance as of September 30, 2018	$	727		$	1,767

The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. Pre-contract costs of $0.7 million and $0.6 million were deferred as of September 30, 2018 and December 31, 2017, 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 September 30, 2018 and December 31, 2017, construction receivables included retentions of $8.6 million and $9.9 million, respectively. The Company expects to collect substantially all construction receivables as of September 30, 2018 during the next twelve months. As of September 30, 2018 and December 31, 2017, construction payables included retentions of $20.1 million and $17.4 million, respectively. The Company expects to pay substantially all construction payables as of September 30, 2018 during the next twelve months.

The Company’s net position on uncompleted construction contracts comprised the following as of September 30, 2018 and December 31, 2017 (in thousands):



	September 30, 2018			December 31, 2017
Costs incurred on uncompleted construction contracts	$	581,852		$	520,368
Estimated earnings	20,137			18,070
Billings	(603,029		)	(541,784		)
Net position	$	(1,040	)	$	(3,346	)



	September 30, 2018			December 31, 2017
Construction contract costs and estimated earnings in excess of billings	$	727		$	245
Billings in excess of construction contract costs and estimated earnings	(1,767		)	(3,591		)
Net position	$	(1,040	)	$	(3,346	)

The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of September 30, 2018 and December 31, 2017 were as follows (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Beginning backlog	$	37,921		$	116,657		$	49,167		$	217,718
New contracts/change orders	7,138			1,251			39,514			20,211
Work performed	(19,879		)	(41,165		)	(63,501		)	(161,186		)
Ending backlog	$	25,180		$	76,743		$	25,180		$	76,743

The Company expects to complete a majority of the uncompleted contracts as of September 30, 2018 during the next 12 to 18 months.

Indebtedness	9 Months Ended
Indebtedness	Sep. 30, 2018
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Credit Facility On October 26, 2017, the Operating Partnership entered into an amended and restated credit agreement (the “credit agreement”), which provides for a $300.0 million senior 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 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. On March 28, 2018, the Operating Partnership increased the maximum commitments under the credit facility to $330.0 million using the accordion feature, with an increase of the term loan facility to $180.0 million. The revolving credit facility bears interest at LIBOR (the London Inter-Bank Offered Rate) 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 September 30, 2018 and December 31, 2017, the outstanding balance on the revolving credit facility was $102.0 million and $66.0 million, respectively, and the outstanding balance on the term loan facility was $180.0 million and $150.0 million, respectively. As of September 30, 2018, the effective interest rates on the revolving credit facility and the term loan facility were 3.81% and 3.76%, respectively. The Company may, at any time, voluntarily prepay any loan under the credit facility in whole or in part without premium or penalty. The Operating Partnership is the borrower under the credit facility, and its obligations under the credit facility are guaranteed by the Company and certain of its subsidiaries that are not otherwise prohibited from providing such guaranty. The credit agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Company's ability to borrow under the credit facility is subject to ongoing compliance with a number of financial covenants, affirmative covenants and other restrictions. The credit agreement includes customary events of default, in certain cases subject to customary cure periods. The occurrence of an event of default, if not cured within the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest and all other amounts payable under the credit facility to be immediately due and payable. The Company is currently in compliance with all covenants under the credit agreement. Subsequent to September 30, 2018 In October 2018, the Company increased its borrowings under the revolving credit facility by $16.0 million. Other Financing Activity On January 22, 2018, the Company extended and modified the Sandbridge Commons note. The note bears interest at a rate of LIBOR plus a spread of 1.75% and will mature on January 17, 2023. On March 27, 2018, the Company paid off Columbus Village Note 1 and Columbus Village Note 2 in full for an aggregate amount of $8.3 million. On May 31, 2018, the Company modified the Southgate Square note. The principal amount of the note was increased to $22 million, and the note now bears interest at a rate of LIBOR plus a spread of 1.60%. This note will still mature on April 29, 2021. On June 1, 2018, the Company entered into a $16.3 million construction loan for the River City industrial development project in Chesterfield, Virginia. The loan bears interest at a rate of LIBOR plus a spread of 1.50% and will mature on May 31, 2019. On June 14, 2018, the Company extended and modified the note secured by 249 Central Park Retail, Fountain Plaza Retail, and South Retail. The principal amount of the note was increased to $35.0 million. The note bears interest at a rate of LIBOR plus a spread of 1.60% and will mature on August 10, 2023. On June 29, 2018, the Company entered into a $15.6 million construction loan for the Brooks Crossing office development project. The loan bears interest at a rate of LIBOR plus a spread of 1.60% and will mature on July 1, 2025. On July 12, 2018, the Company entered into a $16.2 million construction loan for the Market at Mill Creek development project in Mt. Pleasant, South Carolina. The loan bears interest at a rate of LIBOR plus a spread of 1.55% and will mature on July 12, 2025. On July 27, 2018, the Company paid off the Johns Hopkins Village note and entered into a new loan. The principal amount of the new note is $53.0 million. The note bears interest at a rate of LIBOR plus a spread of 1.25% and will mature on August 7, 2025. The Company simultaneously entered into an interest rate swap agreement that effectively fixes the interest rate at 4.19% for the term of the loan. On August 28, 2018, the Company entered into a $15.0 million note secured by the newly acquired Lexington Square shopping center. The note bears interest at a rate of 4.50% and will mature on September 1, 2028. During the nine months ended September 30, 2018, the Company borrowed $59.0 million under its existing construction loans to fund new development and construction. Subsequent to September 30, 2018 On October 12, 2018, the Company extended and modified the note secured by Lightfoot Marketplace. Under the modified note, the Company may borrow up to $17.9 million. The Company has borrowed an initial tranche of $10.5 million on this note, which bears interest at a rate of LIBOR plus a spread of 1.75% until stabilization of the property, whereupon the spread will be reduced to 1.60%. The note matures on October 12, 2023. The Company simultaneously entered into an interest rate swap agreement that effectively fixes the interest rate of this initial tranche at 4.77% until stabilization and 4.62% thereafter.

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

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

On March 7, 2018, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $50.0 million at a strike rate of 2.25% for a premium of $0.3 million. The interest rate cap expires on April 1, 2020. This interest rate cap has not been designated as a hedge for accounting purposes.

On April 23, 2018, the Operating Partnership entered into a floating-to-fixed interest rate swap attributable to one-month LIBOR indexed interest payments with a notional amount of $50.0 million. The interest rate swap has a fixed rate of 2.783%, an effective date of May 1, 2018, and a maturity date of May 1, 2023. This interest rate swap has not been designated as a hedge for accounting purposes.

On July 16, 2018, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $50.0 million at a strike rate of 2.50% for a premium of $0.3 million. The interest rate cap expires on August 1, 2020. This interest rate cap has not been designated as a hedge for accounting purposes.

On July 27, 2018, the Company entered into a LIBOR interest rate swap agreement that effectively fixes the interest rate of the new Johns Hopkins Village note payable at 4.19% with a maturity date of August 7, 2025. The Company designated the interest rate swap as a hedge for accounting purposes. During the three months ended September 30, 2018, unrealized losses of $130,000 were recorded to other comprehensive loss, and $67,000 of realized losses were reclassified out of accumulated other comprehensive loss to interest expense due to payments made to the swap counterparty during the three months ended September 30, 2018. During the next 12 months, the Company anticipates reclassifying approximately $173,000 of net hedging losses from accumulated other comprehensive loss into earnings to offset the variability of the hedged item during this period.

The Company’s derivatives were comprised of the following as of September 30, 2018 and December 31, 2017 (in thousands):



	September 30, 2018							December 31, 2017
	(Unaudited)
	Notional Amount		Fair Value					Notional Amount		Fair Value
Derivatives not designated as accounting hedges			Asset		Liability					Asset		Liability
Interest rate swaps	$	100,000	$	744	$	—		$	56,079	$	10	$	(69	)
Interest rate caps	300,000		2,597		—			345,000		1,515		—
Total derivatives not designated as accounting hedges	400,000		3,341		—			401,079		1,525		(69		)
Interest rate swap designated as accounting hedge	52,930		—		(63		)	—		—		—
Total derivatives	$	452,930	$	3,341	$	(63	)	$	401,079	$	1,525	$	(69	)

The changes in the fair value of the Company’s derivatives during the three and nine months ended September 30, 2018 and 2017 were comprised of the following (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Interest rate swaps	$	319		$	124		$	673		$	392
Interest rate caps	(151		)	(37		)	453			(92		)
Total change in fair value of interest rate derivatives	$	168		$	87		$	1,126		$	300
Comprehensive income statement presentation:
Change in fair value of interest rate derivatives	$	298		$	87		$	1,256		$	300
Unrealized cash flow hedge gains losses	(130		)	$	—		$	(130	)	$	—
Total change in fair value of interest rate derivatives	$	168		$	87		$	1,126		$	300

Subsequent to September 30, 2018

On October 12, 2018, the Company entered into a LIBOR interest rate swap agreement that effectively fixes the variable component on the interest rate of the initial $10.5 million tranche of new Lightfoot Marketplace note payable. The swap matures on October 12, 2023. The Company designated the interest rate swap as a hedge for accounting purposes.

Equity	9 Months Ended
Equity	Sep. 30, 2018
Equity [Abstract]
Equity	Equity Stockholders’ Equity On February 26, 2018, the Company commenced an at-the-market continuous equity offering program (the “ATM Program”) through which the Company may, from time to time, issue and sell shares of its common stock having an aggregate offering price of up to $125.0 million. During the nine months ended September 30, 2018, the Company sold an aggregate of 4,227,978 shares of common stock at a weighted average price of $14.33 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $59.7 million. As of September 30, 2018 and December 31, 2017, the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 49,576,222 and 44,937,763 shares of common stock issued and outstanding as of September 30, 2018 and December 31, 2017, respectively. No shares of preferred stock were issued and outstanding as of September 30, 2018 or December 31, 2017. Noncontrolling Interests As of September 30, 2018 and December 31, 2017, the Company held a 74.3% and 72.0% interest, respectively, in the Operating Partnership. The Company is the primary beneficiary of the Operating Partnership as it has the power to direct the activities of the Operating Partnership and the rights to absorb 74.3% of the net income of the Operating Partnership. As the primary beneficiary, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Company represent units of limited partnership interest in the Operating Partnership not held by the Company. As of September 30, 2018, there were 17,166,899 Class A Units not held by the Company. The Company's financial position and results of operations are the same as those of the Operating Partnership. The noncontrolling interest for the consolidated entities under development or construction (see Note 1) was zero as of September 30, 2018 and 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 request through the issuance of an equal number of shares of common stock. As partial consideration for the acquisition of Columbus Village, the Operating Partnership issued 1,000,000 class B units of limited partnership interest in the Operating Partnership ("Class B Units") on July 10, 2015 and issued 275,000 class C units of limited partnership interest in the Operating Partnership ("Class C Units") on January 10, 2017. The Class B Units were automatically converted to Class A Units on July 10, 2017. The Class C Units were automatically converted into Class A Units on January 10, 2018. As partial consideration for the acquisition of Parkway Centre, the Operating Partnership issued 117,228 Class A Units on January 29, 2018. On April 2, 2018, due to the holders of Class A Units tendering an aggregate of 187,142 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption request with an aggregate cash payment of $2.5 million. On April 17, 2018, the Operating Partnership issued 36,684 Class A Units to the former noncontrolling interest holder of John Hopkins Village due to the satisfaction of a contingent event that was part of the redemption of its redeemable noncontrolling interest in Johns Hopkins Village in December 2017. On July 2, 2018, due to the holders of Class A Units tendering an aggregate of 123,504 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. Common Stock Dividends and Class A Unit Distributions 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. On April 5, 2018, the Company paid cash dividends of $9.0 million to common stockholders and the Operating Partnership paid cash distributions of $3.5 million to holders of Class A Units. On July 5, 2018, the Company paid cash dividends of $9.7 million to common stockholders and the Operating Partnership paid cash distributions of $3.5 million to holders of Class A Units. On August 2, 2018, the Board of Directors declared a cash dividend and distribution of $0.20 per share and Class A Unit payable on October 4, 2018 to stockholders and unitholders of record on September 26, 2018. Subsequent to September 30, 2018 On October 1, 2018, due to the holders of Class A Units tendering an aggregate of 56,495 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption requests through the issuance of 52,200 shares of common stock and a cash payment of $0.1 million. On October 4, 2018, the Company paid cash dividends of $9.9 million to common stockholders and the Operating Partnership paid cash distributions of $3.4 million to holders of Class A Units.

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation On June 14, 2017, the Company's stockholders approved the Company's Amended and Restated 2013 Equity Incentive Plan (the "Amended Plan"), which, among other things, increased the number of shares of the Company's common stock reserved for issuance under the Amended Plan by 1,000,000 shares, from 700,000 shares to 1,700,000 shares. As of September 30, 2018, there were 1,032,329 shares available for issuance under the Amended Plan. During the nine months ended September 30, 2018, the Company granted an aggregate of 153,069 shares of restricted stock to employees and non-employee directors with a weighted average grant date fair value of $13.54 per share. 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. Non-employee director restricted stock awards vest either immediately upon grant or over a period of one year, subject to continued service to the Company. During the nine months ended September 30, 2018, the Company issued performance-based awards in the form of restricted stock units to certain employees. The performance period for these awards is three years, with a required two-year service period immediately following the expiration of the performance period in order to fully vest. The compensation expense and the effect on the Company’s weighted average diluted shares calculation were immaterial. During the three months ended September 30, 2018 and 2017, the Company recognized $0.4 million and $0.3 million, respectively, of stock-based compensation expense. During the nine months ended September 30, 2018 and 2017, the Company recognized $1.6 million and $1.4 million, respectively, of stock-based compensation expense. As of September 30, 2018, there were 136,301 nonvested restricted shares outstanding; the total unrecognized compensation expense related to nonvested restricted shares was $0.9 million, which the Company expects to recognize over the next 18 months.

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

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

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

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

Level 3—unobservable inputs

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

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

In certain cases, the inputs used to 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 carrying amounts and fair values of the Company’s financial instruments as of September 30, 2018 and December 31, 2017 were as follows (in thousands):



	September 30, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Unaudited)
Indebtedness	$	653,750	$	647,311	$	517,272	$	518,417
Notes receivable	$	100,486	$	100,486	$	83,058	$	83,058
Interest rate swap liabilities	63		63		69		69
Interest rate swap and cap assets	3,341		3,341		1,525		1,525

- 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

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company provides general contracting and real estate services to certain related party entities that are included in these condensed consolidated financial statements. Revenue from construction contracts with these entities for the three months ended September 30, 2018 and 2017 was less than $0.1 million for each period, and gross profit from such contracts for the three months ended September 30, 2018 and 2017 was less than $0.1 million for each period. Revenue from construction contracts with related party entities of the Company for the nine months ended September 30, 2018 and 2017 was $1.5 million and $7.4 million, respectively, and gross profit from such contracts for the nine months ended September 30, 2018 and 2017 was $0.3 million and $0.4 million, respectively. Real estate services fees from affiliated entities of the Company were not significant for the three and nine months ended September 30, 2018 or 2017. In addition, affiliated entities also reimburse the Company for monthly maintenance and facilities management services provided to the properties. Cost reimbursements earned by the Company from affiliated entities were not significant for the three and nine months ended September 30, 2018 and 2017. 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 Company’s initial public offering and formation transactions completed on May 13, 2013. In addition, the tax protection agreements provide that the Operating Partnership will offer certain of the original contributors, including certain of the Company’s directors and executive officers, the opportunity to guarantee debt, or, alternatively, to enter into a deficit restoration obligation, for ten years from the closing of the Company’s initial public offering in a manner intended to provide an allocation of Operating Partnership liabilities to the partner for U.S. federal income tax purposes. Pursuant to these tax protection agreements, certain of the Company’s executive officers previously guaranteed approximately $0.3 million of the Operating Partnership’s outstanding debt. In September 2018, these officers were released from these guaranty obligations.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant. 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 $33.4 million and $44.9 million as of September 30, 2018 and December 31, 2017, respectively. The Operating Partnership has entered into standby letters of credit using the available capacity under the credit facility. Letters of credit generally are available for draw down in the event the Company does not perform. As of both September 30, 2018 and December 31, 2017, the Operating Partnership had total outstanding letters of credit of $2.1 million. The amounts outstanding at September 30, 2018 and December 31, 2017 were comprised of a $2.1 million letter of credit related to the guarantee on the 1405 Point senior construction loan.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Basis of Presentation

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

Use of Estimates

General Contracting and Real Estate Services Revenues

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

The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable.

Construction Contracts

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

Recent Accounting Pronouncements



	Balance as of
	September 30, 2018		December 31, 2017		September 30, 2017		December 31, 2016
Cash and cash equivalents	$	17,732	$	19,959	$	19,721	$	21,942
Restricted cash	2,916		2,957		3,195		3,251
Cash, cash equivalents, and restricted cash	$	20,648	$	22,916	$	22,916	$	25,193



	Nine months ended
	September 30, 2017
Operating activities as originally presented	$	36,598
Adjustment relating to restricted cash	(259		)
Adjustment for shares tendered for tax withholding	289
Adjustment relating to interest income presentation	(4,962		)
Operating activities after adjustments	$	31,666

Investing activities as originally presented	$	(69,485	)
Adjustment relating to restricted cash	203
Adjustment relating to interest income presentation	4,962
Investing activities after adjustments	$	(64,320	)

Financing activities as originally presented	$	30,666
Adjustment for shares tendered for tax withholding	(289		)
Financing activities after adjustments	$	30,377

Segments

Derivative Financial Instruments

Fair Value of Financial Instruments

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

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

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

Level 3—unobservable inputs

Legal Proceedings

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

The Company currently is a party to various legal proceedings. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties.

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

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

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 (in thousands):



	Balance as of
	September 30, 2018		December 31, 2017		September 30, 2017		December 31, 2016
Cash and cash equivalents	$	17,732	$	19,959	$	19,721	$	21,942
Restricted cash	2,916		2,957		3,195		3,251
Cash, cash equivalents, and restricted cash	$	20,648	$	22,916	$	22,916	$	25,193

Summary of changes due to new accounting principle



	Nine months ended
	September 30, 2017
Operating activities as originally presented	$	36,598
Adjustment relating to restricted cash	(259		)
Adjustment for shares tendered for tax withholding	289
Adjustment relating to interest income presentation	(4,962		)
Operating activities after adjustments	$	31,666

Investing activities as originally presented	$	(69,485	)
Adjustment relating to restricted cash	203
Adjustment relating to interest income presentation	4,962
Investing activities after adjustments	$	(64,320	)

Financing activities as originally presented	$	30,666
Adjustment for shares tendered for tax withholding	(289		)
Financing activities after adjustments	$	30,377

Segments (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Net operating income of reportable segments

Net operating income of the Company’s reportable segments for the three and nine months ended September 30, 2018 and 2017 was as follows (in thousands):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
	(Unaudited)
Office real estate
Rental revenues	$	5,149	$	4,762	$	15,537	$	14,427
Rental expenses	1,551		1,447		4,435		4,138
Real estate taxes	515		481		1,519		1,381
Segment net operating income	3,083		2,834		9,583		8,908
Retail real estate
Rental revenues	16,932		15,880		50,251		47,089
Rental expenses	2,761		2,699		7,974		7,698
Real estate taxes	1,703		1,588		5,041		4,557
Segment net operating income	12,468		11,593		37,236		34,834
Multifamily residential real estate
Rental revenues	6,849		6,454		20,439		19,567
Rental expenses	2,791		2,684		7,640		7,233
Real estate taxes	622		624		1,828		1,859
Segment net operating income	3,436		3,146		10,971		10,475
General contracting and real estate services
Segment revenues	19,950		41,201		63,654		161,391
Segment expenses	18,973		39,377		61,474		154,588
Segment gross profit	977		1,824		2,180		6,803
Net operating income	$	19,964	$	19,397	$	59,970	$	61,020

Reconciliation of net operating income to net income

The following table reconciles net operating income to net income, the most directly comparable GAAP measure, for the three and nine months ended September 30, 2018 and 2017 (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(Unaudited)
Net operating income	$	19,964		$	19,397		$	59,970		$	61,020
Depreciation and amortization	(10,196		)	(9,239		)	(28,653		)	(28,018		)
General and administrative expenses	(2,367		)	(2,098		)	(8,092		)	(7,762		)
Acquisition, development and other pursuit costs	(69		)	(61		)	(162		)	(477		)
Impairment charges	(3		)	(19		)	(101		)	(50		)
Interest income	2,545			1,910			7,152			4,966
Interest expense	(4,677		)	(4,253		)	(13,547		)	(13,282		)
Loss on extinguishment of debt	(11		)	—			(11		)	—
Gain on real estate dispositions	—			4,692			—			8,087
Change in fair value of interest rate derivatives	298			87			1,256			300
Other income	65			74			233			154
Income tax benefit (provision)	120			(29		)	552			(781		)
Net income	$	5,669		$	10,461		$	18,597		$	24,157

Real Estate Investment (Tables)

9 Months Ended

Sep. 30, 2018

Real Estate [Abstract]

Summary of the purchase price allocation



	Indian Lakes Crossing			Parkway Centre			Lexington Square
Land	$	10,926		$	1,372		$	3,036
Site improvements	531			696			7,396
Building and improvements	1,913			7,168			10,387
In-place leases	1,648			2,346			4,113
Above-market leases	11			—			89
Below-market leases	(175		)	(10		)	(447		)
Net assets acquired	$	14,854		$	11,572		$	24,574

Notes Receivable Notes Receivable (Tables)

9 Months Ended

Sep. 30, 2018

Receivables [Abstract]

Summary of Mezzanine Loans

The Company had the following mezzanine loans outstanding as of September 30, 2018 and December 31, 2017 (in thousands):



	Outstanding loan amount				Maximum loan commitment		Interest rate
Development Project	September 30, 2018		December 31, 2017		Maximum loan commitment		Interest rate
1405 Point	$	28,133	$	22,444	$	28,232	8.0	%
The Residences at Annapolis Junction	46,396		43,021		48,105		10.0	%
North Decatur Square	15,703		11,790		29,673		15.0	%
Delray Plaza	6,779		5,379		13,123		15.0	%
Nexton Square	2,219		—		2,314		10.0	%
Total	$	99,230	$	82,634	$	121,447

Summary of Interest Income

The Company recognized interest income for the three and nine months ended September 30, 2018 and 2017 as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
Development Project	2018		2017		2018		2017
1405 Point	$	547	$	443	$	1,483	$	1,288
The Residences at Annapolis Junction	1,166		1,054		3,374		3,051
North Decatur Square	569		412		1,561		623
Delray Plaza	228		—		676		—
Nexton Square	19		—		19		—
Total	$	2,529	$	1,909	$	7,113	$	4,962

Construction Contracts (Tables)

9 Months Ended

Sep. 30, 2018

Contractors [Abstract]

Summary of balances and changes of construction contracts



	Construction contract costs and estimated earnings in excess of billings			Billings in excess of construction contract costs and estimated earnings
Balance as of January 1, 2018	$	245		$	3,591
Revenue recognized that was included in the balance at the beginning of the period	—			(3,591		)
Increases due to new billings, excluding amounts recognized as revenue during the period	—			2,400
Transferred to receivables	(245		)	—
Construction contract costs and estimated earnings not billed during the period	576			—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	151			(633		)
Balance as of September 30, 2018	$	727		$	1,767



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Beginning backlog	$	37,921		$	116,657		$	49,167		$	217,718
New contracts/change orders	7,138			1,251			39,514			20,211
Work performed	(19,879		)	(41,165		)	(63,501		)	(161,186		)
Ending backlog	$	25,180		$	76,743		$	25,180		$	76,743

Net position of uncompleted construction contracts

The Company’s net position on uncompleted construction contracts comprised the following as of September 30, 2018 and December 31, 2017 (in thousands):



	September 30, 2018			December 31, 2017
Costs incurred on uncompleted construction contracts	$	581,852		$	520,368
Estimated earnings	20,137			18,070
Billings	(603,029		)	(541,784		)
Net position	$	(1,040	)	$	(3,346	)



	September 30, 2018			December 31, 2017
Construction contract costs and estimated earnings in excess of billings	$	727		$	245
Billings in excess of construction contract costs and estimated earnings	(1,767		)	(3,591		)
Net position	$	(1,040	)	$	(3,346	)

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivatives

The Company’s derivatives were comprised of the following as of September 30, 2018 and December 31, 2017 (in thousands):



	September 30, 2018							December 31, 2017
	(Unaudited)
	Notional Amount		Fair Value					Notional Amount		Fair Value
Derivatives not designated as accounting hedges			Asset		Liability					Asset		Liability
Interest rate swaps	$	100,000	$	744	$	—		$	56,079	$	10	$	(69	)
Interest rate caps	300,000		2,597		—			345,000		1,515		—
Total derivatives not designated as accounting hedges	400,000		3,341		—			401,079		1,525		(69		)
Interest rate swap designated as accounting hedge	52,930		—		(63		)	—		—		—
Total derivatives	$	452,930	$	3,341	$	(63	)	$	401,079	$	1,525	$	(69	)

Schedule of changes in fair value of derivatives

The changes in the fair value of the Company’s derivatives during the three and nine months ended September 30, 2018 and 2017 were comprised of the following (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Interest rate swaps	$	319		$	124		$	673		$	392
Interest rate caps	(151		)	(37		)	453			(92		)
Total change in fair value of interest rate derivatives	$	168		$	87		$	1,126		$	300
Comprehensive income statement presentation:
Change in fair value of interest rate derivatives	$	298		$	87		$	1,256		$	300
Unrealized cash flow hedge gains losses	(130		)	$	—		$	(130	)	$	—
Total change in fair value of interest rate derivatives	$	168		$	87		$	1,126		$	300

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

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

The carrying amounts and fair values of the Company’s financial instruments as of September 30, 2018 and December 31, 2017 were as follows (in thousands):



	September 30, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Unaudited)
Indebtedness	$	653,750	$	647,311	$	517,272	$	518,417
Notes receivable	$	100,486	$	100,486	$	83,058	$	83,058
Interest rate swap liabilities	63		63		69		69
Interest rate swap and cap assets	3,341		3,341		1,525		1,525

- 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

Business of Organization - Additional Information (Details) - property	Sep. 30, 2018	Dec. 31, 2017
Business And Organization [Line Items]
Percentage of Operating Partnership held	74.30%	72.00%
Operating Property
Business And Organization [Line Items]
Number of real estate properties	50
Development Property
Business And Organization [Line Items]
Number of real estate properties	10
General Partner
Business And Organization [Line Items]
Percentage of Operating Partnership held	0.10%

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Interest receivable	$ 7,147	$ 4,962
Notes receivable issuances	10,281	10,792
Common shares tendered for tax withholding	343	289
Property liabilities	2,031	3,498
Restatement Adjustment \| Reclassification Of Earned Interest Income
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Interest receivable		5,000	$ 7,100	$ 3,200	$ 100
Notes receivable issuances		(5,000)	(7,100)	(3,200)	(100)
Restatement Adjustment \| Reclassification For Shares Tendered For Tax Withholding
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common shares tendered for tax withholding		$ 300	300	200	300
Property liabilities	$ (300)		$ (300)	$ (200)	$ (300)

Summary of Significant Accounting Policies - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 17,732	$ 19,959	$ 19,721	$ 21,942
Restricted cash	2,916	2,957	3,195	3,251
Cash, cash equivalents, and restricted cash	$ 20,648	$ 22,916	$ 22,916	$ 25,193

Summary of Significant Accounting Policies - Prior Period Adjustment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by operating activities	$ 27,197	$ 31,666
Net cash used for investing activities	(183,558)	(64,320)
Net cash provided by (used in) financing activities	$ 154,093	30,377
Activities as originally presented
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by (used in) financing activities		30,666
Adjustment for shares tendered for tax withholding
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by operating activities		289
Net cash provided by (used in) financing activities		(289)
Accounting Standards Update 2016-15
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by operating activities		31,666
Net cash used for investing activities		(64,320)
Accounting Standards Update 2016-15 \| Activities as originally presented
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by operating activities		36,598
Net cash used for investing activities		(69,485)
Accounting Standards Update 2016-15 \| Adjustment relating to restricted cash
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by operating activities		(259)
Net cash used for investing activities		203
Accounting Standards Update 2016-15 \| Adjustment relating to interest income presentation
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by operating activities		(4,962)
Net cash used for investing activities		$ 4,962

Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information
Rental revenues	$ 28,930	$ 27,096	$ 86,227	$ 81,083
Rental expenses	7,103	6,830	20,049	19,069
Real estate taxes	2,840	2,693	8,388	7,797
General contracting and real estate services
Segment Reporting Information
Segment revenues	19,950	41,201	63,654	161,391
Segment expenses	18,973	39,377	61,474	154,588
Operating Segments
Segment Reporting Information
Gross profit	19,964	19,397	59,970	61,020
Operating Segments \| Office real estate
Segment Reporting Information
Rental revenues	5,149	4,762	15,537	14,427
Rental expenses	1,551	1,447	4,435	4,138
Real estate taxes	515	481	1,519	1,381
Gross profit	3,083	2,834	9,583	8,908
Operating Segments \| Retail real estate
Segment Reporting Information
Rental revenues	16,932	15,880	50,251	47,089
Rental expenses	2,761	2,699	7,974	7,698
Real estate taxes	1,703	1,588	5,041	4,557
Gross profit	12,468	11,593	37,236	34,834
Operating Segments \| Multifamily residential real estate
Segment Reporting Information
Rental revenues	6,849	6,454	20,439	19,567
Rental expenses	2,791	2,684	7,640	7,233
Real estate taxes	622	624	1,828	1,859
Gross profit	3,436	3,146	10,971	10,475
Operating Segments \| General contracting and real estate services
Segment Reporting Information
Gross profit	977	1,824	2,180	6,803
Operating Segments \| General contracting and real estate services \| General contracting and real estate services
Segment Reporting Information
Segment revenues	19,950	41,201	63,654	161,391
Segment expenses	$ 18,973	$ 39,377	$ 61,474	$ 154,588

Segments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information
Non-cash stock compensation			$ 1,072	$ 1,047
General and Administrative Expense
Segment Reporting Information
Non-cash stock compensation	$ 200	$ 200	900	800
General contracting and real estate services
Segment Reporting Information
Non-cash stock compensation	100	100	200	200
General contracting and real estate services
Segment Reporting Information
General contracting and real estate services revenues	19,950	41,201	63,654	161,391
General contracting and real estate services expenses	18,973	39,377	61,474	154,588
General contracting and real estate services \| General contracting and real estate services \| Intercompany Eliminations
Segment Reporting Information
General contracting and real estate services revenues	38,500	13,900	98,600	31,300
General contracting and real estate services expenses	$ 38,200	$ 13,700	$ 97,700	$ 31,000

Segments - Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	$ (10,196)	$ (9,239)	$ (28,653)	$ (28,018)
General and administrative expenses	(2,367)	(2,098)	(8,092)	(7,762)
Acquisition, development and other pursuit costs	(69)	(61)	(162)	(477)
Impairment charges	(3)	(19)	(101)	(50)
Interest income	2,545	1,910	7,152	4,966
Interest expense	(4,677)	(4,253)	(13,547)	(13,282)
Loss on extinguishment of debt	(11)	0	(11)	0
Gain on real estate dispositions			0	8,087
Change in fair value of interest rate derivatives	298	87	1,256	300
Other income	65	74	233	154
Income tax benefit (provision)	120	(29)	552	(781)
Net income	5,669	10,461	18,597	24,157
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	19,964	19,397	59,970	61,020
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	(10,196)	(9,239)	(28,653)	(28,018)
General and administrative expenses	(2,367)	(2,098)	(8,092)	(7,762)
Acquisition, development and other pursuit costs	(69)	(61)	(162)	(477)
Impairment charges	(3)	(19)	(101)	(50)
Interest income	2,545	1,910	7,152	4,966
Interest expense	(4,677)	(4,253)	(13,547)	(13,282)
Loss on extinguishment of debt	(11)	0	(11)	0
Gain on real estate dispositions	0	4,692	0	8,087
Change in fair value of interest rate derivatives	298	87	1,256	300
Other income	65	74	233	154
Income tax benefit (provision)	$ 120	$ (29)	$ 552	$ (781)

Real Estate Investment - Acquisitions (Details) $ in Millions							8 Months Ended	9 Months Ended
	Aug. 28, 2018 USD ($)	Jul. 02, 2018 renewal_term	Apr. 02, 2018 USD ($)	Feb. 16, 2018 USD ($)	Jan. 29, 2018 USD ($)	Jan. 09, 2018 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2018 property	Jan. 18, 2018
Chesterfield, Virginia
Real Estate Properties [Line Items]
Capitalized acquisition costs					$ 0.1
Payments to acquire land					2.4
Indian Lakes Crossing
Real Estate Properties [Line Items]
Consideration transferred						$ 14.7
Capitalized acquisition costs						$ 0.2
Parkway Centre
Real Estate Properties [Line Items]
Consideration transferred					11.3
Capitalized acquisition costs					0.3
Acquisition, cash consideration					9.6
Acquisition, equity consideration issued or issuable					$ 1.7
Lexington Square
Real Estate Properties [Line Items]
Consideration transferred	$ 26.8
Capitalized acquisition costs	0.4
Acquisition, cash consideration	24.2
Acquisition, equity consideration issued or issuable	$ 2.6
Length of additional consideration contingency	18 months
Indian Lakes Crossing, Parkway Centre, and Lexington Square
Real Estate Properties [Line Items]
Number of operating properties acquired \| property								3
Market At Mill Creek Partners, LLC
Real Estate Properties [Line Items]
Capitalized acquisition costs				$ 0.1
Payments to acquire land				$ 2.9
Ownership interest in partnership									70.00%
Investment in project							$ 14.2
Brooks Crossing
Real Estate Properties [Line Items]
Payments to acquire land			$ 0.1
Wills Wharf, Baltimore, Maryland
Real Estate Properties [Line Items]
Term of contract		5 years
Number of renewal terms \| renewal_term		10
Renewal term		7 years

Real Estate Investment - Summary of the Purchase Price Allocation (Details) $ in Thousands	Sep. 30, 2018 USD ($)
Indian Lakes Crossing
Business Acquisition [Line Items]
Below-market leases	$ (175)
Net assets acquired	14,854
Indian Lakes Crossing \| In-place leases
Business Acquisition [Line Items]
Finite-lived intangibles	1,648
Indian Lakes Crossing \| Above-market leases
Business Acquisition [Line Items]
Finite-lived intangibles	11
Indian Lakes Crossing \| Land
Business Acquisition [Line Items]
Property, plant, and equipment	10,926
Indian Lakes Crossing \| Site improvements
Business Acquisition [Line Items]
Property, plant, and equipment	531
Indian Lakes Crossing \| Building and improvements
Business Acquisition [Line Items]
Property, plant, and equipment	1,913
Parkway Centre
Business Acquisition [Line Items]
Below-market leases	(10)
Net assets acquired	11,572
Parkway Centre \| In-place leases
Business Acquisition [Line Items]
Finite-lived intangibles	2,346
Parkway Centre \| Above-market leases
Business Acquisition [Line Items]
Finite-lived intangibles	0
Parkway Centre \| Land
Business Acquisition [Line Items]
Property, plant, and equipment	1,372
Parkway Centre \| Site improvements
Business Acquisition [Line Items]
Property, plant, and equipment	696
Parkway Centre \| Building and improvements
Business Acquisition [Line Items]
Property, plant, and equipment	7,168
Lexington Square
Business Acquisition [Line Items]
Below-market leases	(447)
Net assets acquired	24,574
Lexington Square \| In-place leases
Business Acquisition [Line Items]
Finite-lived intangibles	4,113
Lexington Square \| Above-market leases
Business Acquisition [Line Items]
Finite-lived intangibles	89
Lexington Square \| Land
Business Acquisition [Line Items]
Property, plant, and equipment	3,036
Lexington Square \| Site improvements
Business Acquisition [Line Items]
Property, plant, and equipment	7,396
Lexington Square \| Building and improvements
Business Acquisition [Line Items]
Property, plant, and equipment	$ 10,387

Real Estate Investment Real Estate Investment - Property Disposition (Details) - USD ($)		9 Months Ended
	May 24, 2018	Sep. 30, 2018	Sep. 30, 2017
Real Estate Properties [Line Items]
Contract price		$ 4,271,000	$ 12,557,000
Indian Lakes Crossing \| Wawa Outparcel \| Disposal Group, Not Discontinued Operations
Real Estate Properties [Line Items]
Contract price	$ 4,400,000
Gain (loss) on disposal	$ 0

Equity Method Investment (Details)	3 Months Ended		9 Months Ended
Equity Method Investment (Details)	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)	Feb. 25, 2016 story
Schedule of Equity Method Investments [Line Items]
Investment in equity method investment during period			$ 5,400,000	$ 934,000
Equity method investments	$ 16,811,000		16,811,000		$ 11,411,000
Construction loan outstanding	653,750,000		653,750,000		517,272,000
22-Story Mixed Use Tower \| City Center
Schedule of Equity Method Investments [Line Items]
Interests in equity method investments						37.00%
Number stories in the mixed use tower (story) \| story						22
Investment in equity method investment during period			5,100,000
Investment in equity method investments	15,900,000		15,900,000		10,900,000
Equity method investments	16,800,000		16,800,000		11,400,000
Guarantee of construction loan						37.00%
Assets being used as collateral for the construction loan						100.00%
Construction loan outstanding	16,300,000		16,300,000		11,200,000
Dividends from equity investment	0	$ 0	0	0
Income from equity method investment	0	$ 0	0	$ 0
City Center \| 22-Story Mixed Use Tower \| City Center
Schedule of Equity Method Investments [Line Items]
Construction loan outstanding	$ 44,200,000		$ 44,200,000		$ 29,200,000

Notes Receivable Notes Receivable (Summary of Mezzanine Loans) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 18, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 100,486		$ 100,486			$ 83,058
Interest income	2,545	$ 1,910	7,152	$ 4,966
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	99,230		99,230			82,634
Maximum loan commitment	121,447		121,447
Interest income	2,529	1,909	7,113	4,962
Mezzanine Loan \| 1405 Point
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	28,133		28,133			22,444
Maximum loan commitment	$ 28,232		$ 28,232
Interest rate	8.00%		8.00%
Interest income	$ 547	443	$ 1,483	1,288
Mezzanine Loan \| The Residences at Annapolis Junction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	46,396		46,396			43,021
Maximum loan commitment	$ 48,105		$ 48,105
Interest rate	10.00%		10.00%
Interest income	$ 1,166	1,054	$ 3,374	3,051
Mezzanine Loan \| North Decatur Square
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	15,703		15,703			11,790
Maximum loan commitment	$ 29,673		$ 29,673		$ 29,700
Interest rate	15.00%		15.00%
Interest income	$ 569	412	$ 1,561	623
Mezzanine Loan \| Delray Plaza
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	6,779		6,779			5,379
Maximum loan commitment	$ 13,123		$ 13,123
Interest rate	15.00%		15.00%
Interest income	$ 228	0	$ 676	0
Mezzanine Loan \| Nexton Square
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	2,219		2,219			$ 0
Maximum loan commitment	$ 2,314		$ 2,314
Interest rate	10.00%		10.00%
Interest income	$ 19	$ 0	$ 19	$ 0

Notes Receivable (Details) - USD ($)	Oct. 23, 2018	Oct. 04, 2018	Oct. 02, 2018	Sep. 30, 2018	Sep. 18, 2018	Aug. 31, 2018	Dec. 31, 2017	Nov. 10, 2016	Sep. 30, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable				$ 100,486,000			$ 83,058,000
1405 Point
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchase option, percentage of development								88.00%
1405 Point \| Financial Guarantee
Accounts, Notes, Loans and Financing Receivable [Line Items]
Guarantor obligations, maximum exposure (up to)								$ 25,000,000.0
1405 Point \| Financial Guarantee \| Letter of Credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit facility, amount outstanding				2,100,000
1405 Point \| Construction loans \| Beatty Development Group
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum borrowing capacity								$ 67,000,000
The Residences at Annapolis Junction \| Financial Guarantee
Accounts, Notes, Loans and Financing Receivable [Line Items]
Guarantor obligations, maximum exposure (up to)									$ 25,000,000
The Residences at Annapolis Junction \| AJAO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchase option, percentage of development									88.00%
The Residences at Annapolis Junction \| Construction loans \| AJAO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum borrowing capacity									$ 60,000,000
Shopping Center in Summerville, South Carolina \| Bridge loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable						$ 2,200,000
Interest rate						10.00%
Subsequent Event \| The Residences at Annapolis Junction \| AJAO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchase option, selling price		$ 5,000,000
Subsequent Event \| The Residences at Annapolis Junction \| Construction loans \| AJAO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Expiration period		12 months
Duration of extension option		12 months
Subsequent Event \| The Interlock In West Midtown Atlanta \| Bridge loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment	$ 4,000,000		$ 3,000,000
Interest rate			15.00%
Additional advances	$ 700,000
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable				99,230,000			82,634,000
Maximum loan commitment				121,447,000
Mezzanine Loan \| 1405 Point
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable				28,133,000			22,444,000
Maximum loan commitment				$ 28,232,000
Interest rate				8.00%
Mezzanine Loan \| The Residences at Annapolis Junction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable				$ 46,396,000			43,021,000
Maximum loan commitment				$ 48,105,000
Interest rate				10.00%
Mezzanine Loan \| North Decatur Square
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable				$ 15,703,000			$ 11,790,000
Maximum loan commitment				$ 29,673,000	$ 29,700,000
Interest rate				15.00%
Mezzanine Loan \| Subsequent Event \| North Decatur Square
Accounts, Notes, Loans and Financing Receivable [Line Items]
Additional advances			$ 2,200,000

Construction Contracts (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Contractors [Abstract]
Construction receivables retentions	$ 8,600	$ 9,900
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Retention payable	1,767	3,591
Construction
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Retention payable	20,100	17,400
Portion Attributable To Pending Contracts
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred pre-contract costs	$ 700	$ 600

Construction Contracts - Summary of Costs in Excess of Billings and Billings in Excess of Costs (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018 USD ($)
Change In Contract With Customer, Asset [Roll Forward]
Balance as of January 1, 2018	$ 245
Transferred to receivables	(245)
Construction contract costs and estimated earnings not billed during the period	576
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	151
Balance as of September 30, 2018	727
Change In Contract With Customer, Liability [Roll Forward]
Balance as of January 1, 2018	3,591
Revenue recognized that was included in the balance at the beginning of the period	(3,591)
Increases due to new billings, excluding amounts recognized as revenue during the period	2,400
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	(633)
Balance as of September 30, 2018	$ 1,767

Construction Contracts - Summary of Net Position (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Contractors [Abstract]
Costs incurred on uncompleted construction contracts	$ 581,852	$ 520,368
Estimated earnings	20,137	18,070
Billings	(603,029)	(541,784)
Net position	(1,040)	(3,346)
Construction contract costs and estimated earnings in excess of billings	727	245
Billings in excess of construction contract costs and estimated earnings	$ (1,767)	$ (3,591)

Construction Contracts - Summary of Backlog (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue, Remaining Performance Obligation [Roll Forward]
Beginning backlog	$ 37,921	$ 116,657	$ 49,167	$ 217,718
New contracts/change orders	7,138	1,251	39,514	20,211
Work performed	(19,879)	(41,165)	(63,501)	(161,186)
Ending backlog	$ 25,180	$ 76,743	$ 25,180	$ 76,743
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	12 months		12 months
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	18 months		18 months

Indebtedness - Additional Information (Details)											1 Months Ended	9 Months Ended
Indebtedness - Additional Information (Details)	Oct. 12, 2018 USD ($)	Jul. 27, 2018 USD ($)	Jul. 12, 2018 USD ($)	Jun. 29, 2018 USD ($)	Jun. 14, 2018 USD ($)	Jun. 01, 2018 USD ($)	May 31, 2018 USD ($)	Mar. 27, 2018 USD ($)	Jan. 22, 2018	Oct. 26, 2017 USD ($) extension	Oct. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Aug. 28, 2018 USD ($)	Mar. 28, 2018 USD ($)	Dec. 31, 2017 USD ($)
Columbus Village
Indebtedness
Repayment of debt								$ 8,300,000
Southgate Square
Indebtedness
Face amount							$ 22,000,000
249 Central Park Retail
Indebtedness
Face amount					$ 35,000,000
Johns Hopkins Village
Indebtedness
Face amount		$ 53,000,000.0
Effective interest rate		4.19%
LIBOR \| Sandbridge Commons
Indebtedness
Stated interest rate, basis spread on variable rate									1.75%
LIBOR \| Southgate Square
Indebtedness
Stated interest rate, basis spread on variable rate							1.60%
LIBOR \| River City
Indebtedness
Stated interest rate, basis spread on variable rate						1.50%
LIBOR \| 249 Central Park Retail
Indebtedness
Stated interest rate, basis spread on variable rate					1.60%
LIBOR \| Johns Hopkins Village
Indebtedness
Stated interest rate, basis spread on variable rate		1.25%
Revolving Credit Facility
Indebtedness
Interest rate on credit facility as of end of period												3.81%
Term Loan Facility
Indebtedness
Interest rate on credit facility as of end of period												3.76%
Minimum \| Revolving Credit Facility
Indebtedness
Basis points on unused commitment fee										0.15%
Minimum \| Revolving Credit Facility \| LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate										1.40%
Minimum \| Term Loan Facility \| LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate										1.35%
Maximum \| Revolving Credit Facility
Indebtedness
Basis points on unused commitment fee										0.25%
Maximum \| Revolving Credit Facility \| LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate										2.00%
Maximum \| Term Loan Facility \| LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate										1.95%
Construction loans
Indebtedness
Borrowings under construction loans												$ 59,000,000
Construction loans \| Line of credit \| River City
Indebtedness
Aggregate capacity under the credit facility						$ 16,300,000.0
Construction loans \| Line of credit \| Brooks Crossing
Indebtedness
Aggregate capacity under the credit facility				$ 15,600,000.0
Construction loans \| Line of credit \| Market at Mill Creek
Indebtedness
Aggregate capacity under the credit facility			$ 16,200,000.0
Construction loans \| Line of credit \| LIBOR \| Brooks Crossing
Indebtedness
Stated interest rate, basis spread on variable rate				1.60%
Construction loans \| Line of credit \| LIBOR \| Market at Mill Creek
Indebtedness
Stated interest rate, basis spread on variable rate			1.55%
Secured Debt \| Lexington Square
Indebtedness
Face amount													$ 15,000,000
Interest rate													4.50%
Secured Debt \| Line of credit \| Subsequent Event \| Lightfoot Marketplace
Indebtedness
Aggregate capacity under the credit facility	$ 17,900,000.0
Proceeds from lines of credit	$ 10,500,000
Operating Partnership \| New Credit Facility
Indebtedness
Aggregate capacity under the credit facility										$ 300,000,000				$ 330,000,000.0
Operating Partnership \| New Credit Facility \| Revolving Credit Facility
Indebtedness
Aggregate capacity under the credit facility										150,000,000
Accordion feature maximum borrowing capacity										$ 450,000,000
Number of extension options \| extension										2
Duration of extension option										6 months
Extension fee percentage										0.075%
Credit facility, amount outstanding												102,000,000			$ 66,000,000
Operating Partnership \| New Credit Facility \| Revolving Credit Facility \| Subsequent Event
Indebtedness
Increase in borrowing											$ 16,000,000
Operating Partnership \| New Credit Facility \| Term Loan Facility
Indebtedness
Aggregate capacity under the credit facility										$ 150,000,000				$ 180,000,000.0
Credit facility, amount outstanding												$ 180,000,000			$ 150,000,000
Initial tranche \| Secured Debt \| Line of credit \| Subsequent Event \| Lightfoot Marketplace
Indebtedness
Effective interest rate	4.77%
Initial tranche \| Secured Debt \| Line of credit \| Subsequent Event \| LIBOR \| Lightfoot Marketplace
Indebtedness
Stated interest rate, basis spread on variable rate	1.75%
Stabilization of property \| Initial tranche \| Secured Debt \| Line of credit \| Subsequent Event \| Lightfoot Marketplace
Indebtedness
Effective interest rate	4.62%
Stabilization of property \| Initial tranche \| Secured Debt \| Line of credit \| Subsequent Event \| LIBOR \| Lightfoot Marketplace
Indebtedness
Stated interest rate, basis spread on variable rate	1.60%

Derivative Financial Instruments - Additional Information (Details) - USD ($)		3 Months Ended
	Oct. 12, 2018	Sep. 30, 2018	Jul. 27, 2018	Jul. 16, 2018	Apr. 23, 2018	Mar. 07, 2018	Dec. 31, 2017
Derivatives
Interest rate agreement, notional amount		$ 452,930,000					$ 401,079,000
Unrealized losses		130,000
Realized gain (loss) reclassified to earnings		(67,000)
Gain (loss) reclassified during next 12 months		(173,000)
Johns Hopkins Village
Derivatives
Effective interest rate			4.19%
Not designated as accounting hedges
Derivatives
Interest rate agreement, notional amount		400,000,000					401,079,000
Not designated as accounting hedges \| Interest Rate Caps
Derivatives
Interest rate agreement, notional amount		300,000,000		$ 50,000,000		$ 50,000,000.0	345,000,000
Strike rate				2.50%		2.25%
Interest rate cap agreement, premium (less than)				$ 300,000		$ 300,000
Not designated as accounting hedges \| Interest Rate Swaps
Derivatives
Interest rate agreement, notional amount		$ 100,000,000					$ 56,079,000
Not designated as accounting hedges \| Interest Rate Swaps \| Operating Partnership
Derivatives
Interest rate agreement, notional amount					$ 50,000,000.0
Fixed interest rate					2.783%
Line of credit \| Subsequent Event \| Secured Debt \| Lightfoot Marketplace
Derivatives
Proceeds from lines of credit	$ 10,500,000

Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jul. 16, 2018	Mar. 07, 2018	Dec. 31, 2017
Derivatives
Notional Amount	$ 452,930,000		$ 452,930,000				$ 401,079,000
Asset, Fair Value	3,341,000		3,341,000				1,525,000
Liability, Fair Value	(63,000)		(63,000)				(69,000)
Change in fair value of interest rate derivatives	298,000	$ 87,000	1,256,000	$ 300,000
Unrealized cash flow hedge losses	(130,000)	0	(130,000)	0
Total change in fair value of interest rate derivatives	168,000	87,000	1,126,000	300,000
Interest rate swaps
Derivatives
Total change in fair value of interest rate derivatives	319,000	124,000	673,000	392,000
Interest rate caps
Derivatives
Total change in fair value of interest rate derivatives	(151,000)	$ (37,000)	453,000	$ (92,000)
Not designated as accounting hedges
Derivatives
Notional Amount	400,000,000		400,000,000				401,079,000
Asset, Fair Value	3,341,000		3,341,000				1,525,000
Liability, Fair Value	0		0				(69,000)
Not designated as accounting hedges \| Interest rate swaps
Derivatives
Notional Amount	100,000,000		100,000,000				56,079,000
Asset, Fair Value	744,000		744,000				10,000
Liability, Fair Value	0		0				(69,000)
Not designated as accounting hedges \| Interest rate caps
Derivatives
Notional Amount	300,000,000		300,000,000		$ 50,000,000	$ 50,000,000.0	345,000,000
Asset, Fair Value	2,597,000		2,597,000				1,515,000
Liability, Fair Value	0		0				0
Designated as accounting hedge \| Interest rate swaps
Derivatives
Notional Amount	52,930,000		52,930,000				0
Asset, Fair Value	0		0				0
Liability, Fair Value	$ (63,000)		$ (63,000)				$ 0

Equity - Additional Information (Details) - USD ($)															3 Months Ended		9 Months Ended
Equity - Additional Information (Details) - USD ($)	Oct. 04, 2018	Oct. 01, 2018	Aug. 02, 2018	Jul. 05, 2018	Jul. 02, 2018	Apr. 17, 2018	Apr. 05, 2018	Apr. 02, 2018	Feb. 26, 2018	Jan. 29, 2018	Jan. 04, 2018	Jan. 02, 2018	Jan. 10, 2017	Jul. 10, 2015	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Class of Stock
Authorized capital shares of common stock (in shares)															500,000,000		500,000,000		500,000,000
Authorized capital shares of preferred stock (in shares)															100,000,000		100,000,000		100,000,000
Common stock, shares issued (in shares)															49,576,222		49,576,222		44,937,763
Common stock, shares outstanding (in shares)															49,576,222		49,576,222		44,937,763
Preferred stock issued (in shares)															0		0		0
Preferred stock outstanding (in shares)															0		0		0
Percentage of Operating Partnership held															74.30%		74.30%		72.00%
Aggregate cash dividends and distributions, paid																	$ 37,550,000	$ 31,740,000
Dividends and distributions declared per common share and unit (in dollars per share)			$ 0.20												$ 0.20	$ 0.19	$ 0.60	$ 0.57
Parkway Centre
Class of Stock
Acquisition, common units/shares issued or to be issued (in shares)										117,228
Consolidated Entities Under Development Or Construction \| Operating Partnership
Class of Stock
Ownership interest percentage in properties															$ 0		$ 0		$ 0
Class A units
Class of Stock
Class A Units not held by Company (in shares)															17,166,899		17,166,899
Units redeemed (in shares)					123,504			187,142
Payments for redemption of partnership units								$ 2,500,000
Class A units \| Operating Partnership
Class of Stock
Aggregate cash dividends and distributions, paid				$ 3,500,000			$ 3,500,000				$ 3,300,000
Class B units \| Columbus Village
Class of Stock
Acquisition, common units/shares issued or to be issued (in shares)														1,000,000
Class C units \| Columbus Village
Class of Stock
Acquisition, common units/shares issued or to be issued (in shares)													275,000
Common Stock
Class of Stock
Shares issued (in shares)												163,000					4,227,978
Common stock, shares outstanding (in shares)															49,576,222		49,576,222		44,937,763
Units redeemed (in shares)																	(286,504)
Aggregate cash dividends and distributions, paid				$ 9,700,000			$ 9,000,000				$ 8,500,000
Noncontrolling interests \| Class A units \| Johns Hopkins Village
Class of Stock
Shares issued (in shares)						36,684
New ATM Program
Class of Stock
Consideration received on transaction																	$ 59,700,000
New ATM Program \| Common Stock
Class of Stock
Maximum aggregate offering price of shares to be sold (up to)									$ 125,000,000
Shares issued (in shares)																	4,227,978
Weighted average price (in dollars per share)															$ 14.33		$ 14.33
Subsequent Event
Class of Stock
Shares issued (in shares)		52,200
Subsequent Event \| Class A units
Class of Stock
Units redeemed (in shares)		56,495
Payments for redemption of partnership units		$ 100,000
Subsequent Event \| Class A units \| Operating Partnership
Class of Stock
Aggregate cash dividends and distributions, paid	$ 3,400,000
Subsequent Event \| Common Stock
Class of Stock
Aggregate cash dividends and distributions, paid	$ 9,900,000

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	Jun. 14, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jun. 13, 2017
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense		$ 0.4	$ 0.3	$ 1.6	$ 1.4
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock granted (in shares)				153,069
Restricted stock granted, grant date fair value (in dollars per share)				$ 13.54
Employee restricted stock award, vesting period				2 years
Non-employee restricted stock award vest grant over period				1 year
Nonvested restricted shares outstanding (in shares)		136,301		136,301
Unrecognized compensation cost		$ 0.9		$ 0.9
Unrecognized compensation cost, recognition period				18 months
Restricted Stock \| Grant Date
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage				33.33%
Restricted Stock \| First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage				33.33%
Restricted Stock \| Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage				33.33%
Amended and Restated 2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of additional shares authorized (in shares)	1,000,000
Number of shares reserved for issuance (in shares)	1,700,000					700,000
Shares available for issuance (in shares)		1,032,329		1,032,329
Long Term Incentive Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Performance period				3 years
Service period				2 years

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Carrying Value
Fair Value of Financial Instruments
Indebtedness	$ 653,750	$ 517,272
Notes receivable	100,486	83,058
Interest rate swap liabilities	63	69
Interest rate swap and cap assets	3,341	1,525
Fair Value
Fair Value of Financial Instruments
Indebtedness	647,311	518,417
Notes receivable	100,486	83,058
Interest rate swap liabilities	63	69
Interest rate swap and cap assets	$ 3,341	$ 1,525

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	May 13, 2013	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Construction Contracts
Related Party Transactions
Revenue from contracts with affiliated entities		$ 0.1	$ 0.1	$ 1.5	$ 7.4
Gross profit from related parties		0.1	0.1	0.3	0.4
Real Estate Service Fees
Related Party Transactions
Revenue from contracts with affiliated entities		0.0	0.0	0.0	0.0
Cost Reimbursements
Related Party Transactions
Revenue from contracts with affiliated entities		$ 0.0	$ 0.0	0.0	$ 0.0
Tax Protection Agreements \| Operating Partnership
Related Party Transactions
Future sale period for properties	7 years
Future sale period for properties in limited number of cases	10 years
Period of opportunity to guarantee debt	10 years
Tax Protection Agreements \| Operating Partnership \| Executive Officers
Related Party Transactions
Guarantee of debt				$ 0.3

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Commitments and Contingencies
Line of credit, performance and payment bonds	$ 33.4	$ 44.9
Financial Guarantee \| Letter of Credit \| 1405 Point
Commitments and Contingencies
Credit facility, amount outstanding	2.1
Credit facility, amount outstanding	2.1	2.1
Operating Partnership
Commitments and Contingencies
Credit facility, amount outstanding	$ 2.1	$ 2.1

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details