View Filing Data

Print Document View Excel Document

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2018	Feb. 26, 2019	Jun. 29, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	Armada Hoffler Properties, Inc.
Entity Central Index Key	0001569187
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Public Float			$ 716.0
Entity Common Stock, Shares Outstanding		50,335,242

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real estate investments:
Income producing property	$ 1,037,917	$ 910,686
Held for development	2,994	680
Construction in progress	135,675	83,071
Real estate investments	1,176,586	994,437
Accumulated depreciation	(188,775)	(164,521)
Net real estate investments	987,811	829,916
Real estate held for sale	929	0
Cash and cash equivalents	21,254	19,959
Restricted cash	2,797	2,957
Accounts receivable, net	19,016	15,691
Notes receivable	138,683	83,058
Construction receivables, including retentions	16,154	23,933
Construction contract costs and estimated earnings in excess of billings	1,358	245
Equity method investments	22,203	11,411
Other assets	55,177	55,953
Total Assets	1,265,382	1,043,123
LIABILITIES AND EQUITY
Indebtedness, net	694,239	517,272
Accounts payable and accrued liabilities	15,217	15,180
Construction payables, including retentions	50,796	47,445
Billings in excess of construction contract costs and estimated earnings	3,037	3,591
Other liabilities	46,203	39,352
Total Liabilities	809,492	622,840
Stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding as of December 31, 2018 and 2017, respectively	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized, 50,013,731 and 44,937,763 shares issued and outstanding as of December 31, 2018 and 2017, respectively	500	449
Additional paid-in capital	357,353	287,407
Distributions in excess of earnings	(82,699)	(61,166)
Accumulated other comprehensive loss	(1,283)	0
Total stockholders’ equity	273,871	226,690
Noncontrolling interests	182,019	193,593
Total Equity	455,890	420,283
Total Liabilities and Equity	$ 1,265,382	$ 1,043,123

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	50,013,731	44,937,763
Common stock, shares outstanding (in shares)	50,013,731	44,937,763

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Rental revenues	$ 116,958	$ 108,737	$ 99,355
Total revenues	193,317	302,771	258,385
Expenses
Rental expenses	27,222	25,422	21,904
Real estate taxes	11,383	10,528	9,629
Depreciation and amortization	39,913	37,321	35,328
General and administrative expenses	11,431	10,435	9,552
Acquisition, development and other pursuit costs	352	648	1,563
Impairment charges	1,619	110	355
Total expenses	165,548	271,054	231,706
Gain on real estate dispositions	4,254	8,087	30,533
Operating income	32,023	39,804	57,212
Interest income	10,729	7,077	3,228
Interest expense	(19,087)	(17,439)	(16,466)
Equity in income of unconsolidated real estate entities	372	0	0
Loss on extinguishment of debt	(11)	(50)	(82)
Change in fair value of interest rate derivatives	(951)	1,127	(941)
Other income	388	131	147
Income before taxes	23,463	30,650	43,098
Income tax benefit (provision)	29	(725)	(343)
Net income	23,492	29,925	42,755
Net income attributable to noncontrolling interests	(6,289)	(8,878)	(14,681)
Net income attributable to stockholders	$ 17,203	$ 21,047	$ 28,074
Net income per share and unit:
Basic and diluted (in dollars per share)	$ 0.36	$ 0.50	$ 0.85
Weighted-average outstanding:
Common shares (in shares)	47,512	42,423	33,057
Common units (in shares)	17,242	17,758	17,167
Basic and diluted (in shares)	64,754	60,181	50,224
Comprehensive income:
Net income	$ 23,492	$ 29,925	$ 42,755
Unrealized cash flow hedge losses	(1,894)	0	0
Realized cash flow hedge losses reclassified to net income	169	0	0
Comprehensive income	21,767	29,925	42,755
Comprehensive income attributable to noncontrolling interests	(5,847)	(8,878)	(14,681)
Comprehensive income attributable to stockholders	15,920	21,047	28,074
General contracting and real estate services revenues
Revenues
General contracting and real estate services revenues	76,359	194,034	159,030
Expenses
General contracting and real estate services expenses	$ 73,628	$ 186,590	$ 153,375

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common stock	Additional paid- in capital	Distributions in excess of earnings	Accumulated other comprehensive loss	Total stockholders’ equity	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2015		30,076,359
Beginning balance at Dec. 31, 2015	$ 225,720	$ 300	$ 102,906	$ (53,010)	$ (648)	$ 49,548	$ 176,172
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	42,755			28,074		28,074	14,681
Dedesignation of cash flow hedge	1,048				648	648	400
Unrealized cash flow hedge losses	0
Realized cash flow hedge losses reclassified to net income	0
Net proceeds from sale of common stock (in shares)		5,312,855
Net proceeds from sales of common stock	67,022	$ 53	66,969			67,022
Restricted stock awards, net of tax withholding (in shares)		101,147
Restricted stock awards, net of tax withholding	1,162	$ 1	1,161			1,162
Acquisitions of real estate investments (in shares)		2,000,000
Acquisitions of real estate investments	47,278	$ 20	26,080			26,100	21,178
Redemption of operating partnership units	(58)		(2)			(2)	(56)
Dividends and distributions declared	(35,949)			(24,409)		(24,409)	(11,540)
Ending balance (in shares) at Dec. 31, 2016		37,490,361
Ending balance at Dec. 31, 2016	348,978	$ 374	197,114	(49,345)	0	148,143	200,835
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	29,925			21,047		21,047	8,878
Unrealized cash flow hedge losses	0
Realized cash flow hedge losses reclassified to net income	0
Net proceeds from sale of common stock (in shares)		7,350,690
Net proceeds from sales of common stock	91,381	$ 74	91,307			91,381
Restricted stock awards, net of tax withholding (in shares)		97,173
Restricted stock awards, net of tax withholding	1,443	$ 1	1,442			1,443
Restricted stock award forfeitures (in shares)		(461)
Restricted stock award forfeitures	(2)		(2)			(2)
Acquisitions of real estate investments	(511)		(1,493)			(1,493)	982
Redemption of operating partnership units	(5,155)		(961)			(961)	(4,194)
Dividends and distributions declared	$ (45,776)			(32,868)		(32,868)	(12,908)
Ending balance (in shares) at Dec. 31, 2017	44,937,763	44,937,763
Ending balance at Dec. 31, 2017	$ 420,283	$ 449	287,407	(61,166)	0	226,690	193,593
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,492			17,203		17,203	6,289
Unrealized cash flow hedge losses	(1,894)				(1,410)	(1,410)	(484)
Realized cash flow hedge losses reclassified to net income	169				127	127	42
Net proceeds from sale of common stock (in shares)		4,617,409
Net proceeds from sales of common stock	65,244	$ 46	65,198			65,244
Restricted stock awards, net of tax withholding (in shares)		124,258
Restricted stock awards, net of tax withholding	1,564	$ 2	1,562			1,564
Restricted stock award forfeitures (in shares)		(4,403)
Restricted stock award forfeitures	(32)		(32)			(32)
Issuance of operating partnership units for acquisitions	2,196		(5)			(5)	2,201
Redemption of operating partnership units (in shares)		338,704
Redemption of operating partnership units	(2,595)	$ 3	3,223			3,226	(5,821)
Dividends and distributions declared	$ (52,537)			(38,736)		(38,736)	(13,801)
Ending balance (in shares) at Dec. 31, 2018	50,013,731	50,013,731
Ending balance at Dec. 31, 2018	$ 455,890	$ 500	$ 357,353	$ (82,699)	$ (1,283)	$ 273,871	$ 182,019

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

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

OPERATING ACTIVITIES

Net income

$ 23,492

$ 29,925

$ 42,755

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

Depreciation of buildings and tenant improvements

30,395

25,974

23,453

Amortization of leasing costs and in-place lease intangibles

9,518

11,347

11,875

Accrued straight-line rental revenue

(2,731)

(1,222)

(1,091)

Amortization of leasing incentives and above or below-market rents

(266)

(195)

(85)

Accrued straight-line ground rent expense

214

530

371

Bad debt expense

419

564

203

Noncash stock compensation

1,281

1,323

1,082

Impairment charges

1,619

110

355

Noncash interest expense

1,116

1,274

980

Noncash loss on extinguishment of debt

Gain on real estate dispositions

(4,254)

(8,087)

(30,533)

Adjustment for Annapolis Junction purchase option

^[1]

4,489

Change in the fair value of interest rate derivatives

951

(1,127)

941

Equity in income of unconsolidated real estate entities

(372)

Changes in operating assets and liabilities:

Property assets

(3,539)

(2,415)

(2,964)

Property liabilities

1,709

2,793

3,979

Construction assets

7,554

17,573

(6,385)

Construction liabilities

(15,248)

(20,110)

15,189

Interest receivable

(271)

(7,071)

(3,222)

Net cash provided by operating activities

56,087

51,236

56,985

INVESTING ACTIVITIES

Development of real estate investments

(133,791)

(45,730)

(57,425)

Tenant and building improvements

(11,723)

(12,252)

(6,698)

Acquisitions of real estate investments, net of cash received

(57,544)

(30,026)

(195,645)

Dispositions of real estate investments, net of selling costs

34,673

12,557

96,670

Notes receivable issuances

(58,208)

(16,219)

(48,499)

Notes receivable paydowns

1,165

Leasing costs

(4,607)

(2,235)

(2,374)

Leasing incentives

(108)

(274)

(236)

Contributions to equity method investments

(10,420)

(1,176)

(8,824)

Net cash used for investing activities

(240,563)

(95,355)

(223,031)

FINANCING ACTIVITIES

Proceeds from sales of common stock

66,457

96,044

68,475

Offering costs

(1,213)

(4,663)

(1,453)

Common shares tendered for tax withholding

(409)

(289)

(218)

Debt issuances, credit facility and construction loan borrowings

349,580

162,585

316,852

Debt and credit facility repayments, including principal amortization

(173,855)

(160,661)

(186,533)

Debt issuance costs

(1,457)

(2,403)

(1,796)

Redemption of operating partnership units

(2,595)

(5,155)

(58)

Dividends and distributions

(50,897)

(43,616)

(33,843)

Net cash provided by financing activities

185,611

41,842

161,426

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

1,135

(2,277)

(4,620)

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

^[2]

22,916

25,193

29,813

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

^[2]

24,051

22,916

25,193

Supplemental cash flow information:

Cash paid for interest

(17,319)

(16,318)

(15,326)

Cash refunded (paid) for income taxes

555

(371)

(121)

Increase in dividends payable

1,640

2,160

2,106

Common shares and OP units issued for acquisitions

^[3]

(1,702)

(506)

(47,278)

Change in accrued capital improvements and development costs

18,310

10,899

(8,183)

Operating Partnership units redeemed for common shares

3,715

Debt principal extinguished in conjunction with real estate sales

5,594

6,400

Debt principal assumed in conjunction with real estate acquisitions

21,150

Redeemable noncontrolling interest from development

2,000

Deferred payment for land acquisition

$ 0

$ 600

$ 0

[1]	See Note 6 to the consolidated financial statements. Borrower paid $5.0 million in exchange for the Company's purchase option. Recognition of income was initially deferrred and is being recognized as additional interest income on the note receivable over the one-year remaining term.
[2]	The following table sets forth the items from the Company's Consolidated Balance Sheets that are included in cash, cash equivalents, and restricted cash in the consolidated statements of cash flows: As of December 31 2018 2017Cash and cash equivalents$21,254 $19,959Restricted cash2,797 2,957Cash, cash equivalents, and restricted cash$24,051 $22,916
[3]	2017 issuance consists of OP Units contingently issuable upon the satisfaction of certain conditions relating to the Johns Hopkins Village property. These OP Units were issued in 2018.

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

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Cash and cash equivalents

$ 21,254

$ 19,959

Restricted cash

2,797

2,957

Cash, cash equivalents, and restricted cash

^[1]

24,051

$ 22,916

$ 25,193

$ 29,813

Annapolis Junction Apartments Owner LLC | The Residences at Annapolis Junction

Selling price

$ 5,000

[1]

The following table sets forth the items from the Company's Consolidated Balance Sheets that are included in cash, cash equivalents, and restricted cash in the consolidated statements of cash flows: As of December 31 2018 2017Cash and cash equivalents$21,254 $19,959Restricted cash2,797 2,957Cash, cash equivalents, and restricted cash$24,051 $22,916

Business and Organization

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and Organization

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

The Company is a real estate investment trust ("REIT"), and is the sole general partner of Armada Hoffler, L.P. (the “Operating Partnership”), and as of December 31, 2018, owned 74.5% of the economic interest in the Operating Partnership, of which 0.1% is held as general partnership units. The operations of the Company are carried on primarily through the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. Both the Company and the Operating Partnership were formed on October 12, 2012 and commenced operations upon completion of the underwritten initial public offering of shares of the Company’s common stock (the “IPO”) and certain related formation transactions on May 13, 2013.

As of December 31, 2018, the Company's operating portfolio consisted of the following properties:



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

________________________________________

* Located in the Town Center of Virginia Beach

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

As of December 31, 2018, the following properties were either under development or not yet stabilized:



Property	Segment	Location	Ownership Interest
Premier Apartments (Town Center Phase VI)	Multifamily	Virginia Beach, Virginia*	100	%
Premier Retail (Town Center Phase VI)	Retail	Virginia Beach, Virginia*	100	%
Greenside (Harding Place)	Multifamily	Charlotte, North Carolina	80	%	(1)
Hoffler Place (King Street)	Multifamily	Charleston, South Carolina	93	%
Summit Place (Meeting Street)	Multifamily	Charleston, South Carolina	90	%
Brooks Crossing Retail	Retail	Newport News, Virginia	65	%	(2)
Brooks Crossing Office	Office	Newport News, Virginia	65	%	(2)
Lightfoot outparcel	Retail	Williamsburg, Virginia	70	%	(3)
Market at Mill Creek	Retail	Mount Pleasant, South Carolina	70	%	(4)
Wills Wharf	Mixed-use	Baltimore, Maryland	100	%

________________________________________

*Located in the Town Center of Virginia Beach

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

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

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

(4) The Company is entitled to a preferred return of 10% on its investment in Market at Mill Creek.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Presentation

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

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

Use of Estimates

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

Segments

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

Reclassifications

Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period's presentation.

The Company has included gain on real estate dispositions as a component of operating income to present gain on real estate dispositions in accordance with ASC 360-10-45-5. The change was made for the prior periods as the Securities and Exchange Commission has eliminated Rule 3-15(a) of Regulation S-X, which had required REIT's to present gains and losses on sale of properties outside of continuing operations in the income statement. The rule change is effective for all filings made on or after November 5, 2018.

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 would correct these classification errors. One classification error was 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 was 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 and $3.2 million during the years ended December 31, 2017 and 2016, respectively. These reclassifications decreased "Net cash provided by operating activities" and "Net cash used for investing activities" by an equal and offsetting amount. These reclassifications did not have any impact on the Consolidated Balance Sheets, Consolidated Statements of Comprehensive 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 was 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 was 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 and $0.2 million during the years ended December 31, 2017 and 2016, respectively. These reclassifications increased “Net cash provided by operating activities” and decreased “Net cash provided by financing activities” by an equal and offsetting amount.

Revenue Recognition

Rental Revenues

The Company leases its properties under operating leases and recognizes base rents when earned on a straight-line basis over the lease term. Rental revenues include $2.7 million, $1.2 million and $1.1 million of straight-line rent adjustments for the years ended December 31, 2018, 2017, and 2016, respectively. The Company begins recognizing rental revenue when the tenant has the right to take possession of or controls the physical use of the property under lease. The extended collection period for accrued straight-line rental revenue along with the Company’s evaluation of tenant credit risk may result in the nonrecognition of all or a portion of straight-line rental revenue until the collection of such revenue is probable. The Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Contingent rents included in rental revenues were $0.3 million, $0.4 million, and $0.4 million for the years ended December 31, 2018, 2017, and 2016, respectively. The Company recognizes leasing incentives as reductions to rental revenue on a straight-line basis over the lease term. Leasing incentive amortization was $0.7 million, $0.8 million, and $0.8 million for the years ended December 31, 2018, 2017, and 2016, respectively. The Company recognizes fair value adjustments recorded at the time of lease assumption in rental income on a straight line basis as a reduction to revenue over the remaining life of the lease or any renewal periods for which the Company determines have value at the time of acquisition. The Company recognizes cost reimbursement revenue for real estate taxes, operating expenses, and common area maintenance costs on an accrual basis during the periods in which the expenses are incurred. The Company recognizes lease termination fees either upon termination or amortizes them over any remaining lease term.

General Contracting and Real Estate Services Revenues

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.

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

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

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

Real Estate Investments

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

The Company capitalizes direct and indirect project costs associated with the initial development of a property until the property is substantially complete and ready for its intended use. Capitalized project costs include preacquisition, development, and preconstruction costs including overhead, salaries, and related costs of personnel directly involved, real estate taxes, insurance, utilities, ground rent, and interest. Interest capitalized during the years ended December 31, 2018, 2017, and 2016 was $5.0 million, $1.3 million and $1.0 million, respectively. Overhead, salaries and related personnel costs capitalized during the years ended December 31, 2018, 2017, and 2016 were $3.1 million, $2.4 million and $1.7 million, respectively.

The Company capitalizes preacquisition development costs directly identifiable with specific properties when the acquisition of such properties is probable. Capitalized preacquisition development costs are presented within other assets in the consolidated balance sheets. Capitalized preacquisition development costs as of December 31, 2018 and 2017 were $1.2 million and $1.4 million, respectively. Costs attributable to unsuccessful projects are expensed.

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



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

Operating Property Acquisitions

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

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

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

Real Estate Sales

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

Real Estate Investments Held for Sale

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

As of December 31, 2018, the Waynesboro Commons shopping center was classified as held for sale. No properties were held for sale as of December 31, 2017.

Impairment of Long Lived Assets

The Company evaluates its real estate assets for impairment on a property by property basis whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If such an evaluation is necessary, the Company compares the carrying amount of any such real estate asset with the undiscounted expected future cash flows that are directly associated with, and that are expected to arise as a direct result of, its use and eventual disposition. If the carrying amount of a real estate asset exceeds the associated estimate of undiscounted expected future cash flows, an impairment loss is recognized to reduce the real estate asset’s carrying value to its fair value. The impairment charges recognized during the year ended December 31, 2018 primarily relate to the $1.5 million impairment of Waynesboro Commons, which was classified as of held for sale as of December 31, 2018. Impairment charges recognized during the years ended December 31, 2017 and 2016 represent unamortized leasing or acquired intangible assets related to vacated tenants.

Interest Income

Interest income on notes receivable is accrued based on the contractual terms of the loans and when it is deemed collectible. Many loans provide for accrual of interest that will not be paid until maturity of the loan. Interest is recognized on these loans at the accrual rate subject to the determination that accrued interest is ultimately collectible, based on the underlying collateral and the status of development activities, as applicable. If this determination cannot be made, recognition of interest income may be fully or partially deferred until it is ultimately paid.

Cash and Cash Equivalents

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

Restricted Cash

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

Accounts Receivable, net

Accounts receivable include amounts from tenants for base rents, contingent rents, and cost reimbursements as well as accrued straight-line rental revenue. As of December 31, 2018 and 2017, accrued straight-line rental revenue presented within accounts receivable in the consolidated balance sheets was $15.2 million and $12.8 million, respectively.

The Company’s evaluation of the collectability of accounts receivable and the adequacy of the allowance for doubtful accounts is based primarily upon evaluations of individual receivables, current economic conditions, historical experience, and other relevant factors. The Company establishes reserves for tenant receivables outstanding over 90 days. For all such tenants, the Company also reserves any related accrued straight-line rental revenue. Additional reserves are recorded for more current amounts, as applicable, when the Company has determined collectability to be doubtful. As of December 31, 2018 and 2017, the allowance for doubtful accounts was $0.6 million and $0.5 million, respectively. The Company presents bad debt expense within rental expenses in the consolidated statements of comprehensive income.

Notes Receivable

Notes receivable represent financing to third parties in the form of mortgage or mezzanine loans for the development of new real estate. The Company's mezzanine loans are typically made to borrowers who have little or no equity in the underlying development projects. Mezzanine loans are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. The loans generally have junior liens on the respective real estate projects. The Company evaluates the collectability of both the interest on and principal of each of its notes receivable based primarily upon the financial condition of the individual borrowers. The Company considers factors such as the progress of development activities, including leasing activities, projected development costs, and current and projected loan balances. A loan is determined to be impaired when, based upon then-current information, it is no longer probable that the Company will be able to collect all contractual amounts due from the borrower. The amount of impairment loss recognized is measured as the difference between the carrying amount of the loan and its estimated realizable value.

Guarantees

The Company measures and records a liability for the fair value of its guarantees on a nonrecurring basis upon issuance using Level 3 internally-developed inputs. These guarantees typically relate to payments that could be required of the Company to senior lenders on its mezzanine loan investments. The Company bases its estimated fair value on the market approach, which compares the guarantee terms and credit characteristics of the underlying development project to other projects for which guarantee pricing terms are available. The offsetting entry for the guarantee liability is a premium on the related loan receivable. The liability is amortized on a straight-line basis over the remaining term of the guarantee. On a quarterly basis, the Company assesses the likelihood of a contingent liability in connection with these guarantees and will record an additional guarantee liability if the unamortized guarantee liability is insufficient.

Leasing Costs

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

Leasing Incentives

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

Debt Issuance Costs

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

Derivative Financial Instruments

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

Stock-Based Compensation

The Company measures the compensation cost of restricted stock awards based on the grant date fair value. The Company recognizes compensation cost for the vesting of restricted stock awards using the accelerated attribution method. Compensation cost associated with the vesting of restricted stock awards is presented within either general and administrative expenses or general contracting and real estate services expenses in the consolidated statements of comprehensive income. Total stock-based compensation expense recognized during the years ended December 31, 2018, 2017, and 2016 was $1.3 million, $1.3 million and $1.1 million, respectively. Stock-based compensation for personnel directly involved in the construction and development of a property is capitalized. During the years ended December 31, 2018, 2017, and 2016, the Company capitalized $0.7 million, $0.4 million, and $0.3 million, respectively, of stock-based compensation. The effect of forfeitures of awards is recorded as they occur.

Income Taxes

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

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

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

Discontinued Operations

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

Net Income Per Share and Unit

The Company calculates net income per share and unit based upon the weighted average shares and units outstanding. Diluted net income per share and unit is calculated after giving effect to all significant potential dilutive shares outstanding during the period. Potential dilutive shares outstanding during the period include nonvested restricted stock awards. However, there were no significant potential dilutive shares or units outstanding for each of the three years ended December 31, 2018. As a result, basic and diluted outstanding shares and units were the same for all periods presented. See Note 11 for the changes in the Company’s nonvested restricted awards during the year ended December 31, 2018.

Recent Accounting Pronouncements

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 lease liabilities and corresponding right-of-use assets totaling between $30.0 million and $45.0 million 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 reassess the classification of any expired or existing leases, the treatment of initial direct costs relating to these leases, and any lease components of existing service contracts. Additionally, the Company, as lessor, anticipates utilizing a practical expedient allowing the Company to not allocate the consideration in a lease to a separate lease component and a nonlease component (relating to certain common area maintenance activities).

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

On February 22, 2017, the FASB issued new guidance that clarifies the scope and application of guidance on sales or transfers of nonfinancial assets and in substance nonfinancial assets to customers, including partial sales. The new guidance applies to all nonfinancial assets, including real estate, and defines an in substance nonfinancial asset. The 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 generally eliminates the gains and losses that would otherwise be recorded for these derivative instruments.

Segments

12 Months Ended

Dec. 31, 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 years ended December 31, 2018, 2017, and 2016 was as follows (in thousands):



	Years Ended December 31,
	2018		2017		2016
Office real estate
Rental revenues	$	20,701	$	19,207	$	20,929
Rental expenses	5,858		5,483		5,560
Real estate taxes	2,034		1,859		2,000
Segment net operating income	12,809		11,865		13,369
Retail real estate
Rental revenues	67,959		63,109		56,511
Rental expenses	10,903		10,234		9,116
Real estate taxes	6,801		6,175		5,395
Segment net operating income	50,255		46,700		42,000
Multifamily residential real estate
Rental revenues	28,298		26,421		21,915
Rental expenses	10,461		9,705		7,228
Real estate taxes	2,548		2,494		2,234
Segment net operating income	15,289		14,222		12,453
General contracting and real estate services
Segment revenues	76,359		194,034		159,030
Segment expenses	73,628		186,590		153,375
Segment gross profit	2,731		7,444		5,655
Net operating income	$	81,084	$	80,231	$	73,477

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

General contracting and real estate services revenues for the years ended December 31, 2018, 2017, and 2016 exclude revenue related to intercompany construction contracts of $134.4 million, $51.5 million and $43.3 million, respectively, as it is eliminated in consolidation. General contracting and real estate services expenses for the years ended December 31, 2018, 2017, and 2016 exclude expenses related to intercompany construction contracts of $133.4 million, $51.0 million and $42.7 million, respectively, as it is eliminated in consolidation. General contracting and real estate services expenses for the years ended December 31, 2018, 2017, and 2016 include noncash stock compensation expense of $0.2 million, $0.3 million, and $0.2 million, respectively.

The following table reconciles net operating income to net income for the years ended December 31, 2018, 2017, and 2016 (in thousands):



	Years Ended December 31,
	2018			2017			2016
Net operating income	$	81,084		$	80,231		$	73,477
Depreciation and amortization	(39,913		)	(37,321		)	(35,328		)
General and administrative expenses	(11,431		)	(10,435		)	(9,552		)
Acquisition, development and other pursuit costs	(352		)	(648		)	(1,563		)
Impairment charges	(1,619		)	(110		)	(355		)
Interest income	10,729			7,077			3,228
Interest expense	(19,087		)	(17,439		)	(16,466		)
Equity in income of unconsolidated real estate entities	372			—			—
Loss on extinguishment of debt	(11		)	(50		)	(82		)
Gain on real estate dispositions	4,254			8,087			30,533
Change in fair value of interest rate derivatives	(951		)	1,127			(941		)
Other income	388			131			147
Income tax benefit (provision)	29			(725		)	(343		)
Net income	$	23,492		$	29,925		$	42,755

General and administrative expenses represent costs not directly associated with the operation and management of the Company’s real estate properties and general contracting and real estate services businesses. General and administrative expenses include corporate office personnel salaries and benefits, bank fees, accounting fees, legal fees and other corporate office expenses. General and administrative expenses for the years ended December 31, 2018, 2017, and 2016 include noncash stock compensation expense of $1.1 million, $0.9 million and $0.7 million, respectively.

Operating Leases

12 Months Ended

Dec. 31, 2018

Leases [Abstract]

Operating Leases

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



2019	$	71,838
2020	63,981
2021	57,295
2022	51,271
2023	43,338
Thereafter	180,729
Total	$	468,452

Lease terms on multifamily apartment units generally range from seven to 15 months, with a majority having 12-month lease terms. Apartment leases are not included in the preceding table as the remaining terms as of December 31, 2018 are generally less than one year.

Real Estate Investments and Equity Method Investments

12 Months Ended

Dec. 31, 2018

Real Estate [Abstract]

Real Estate Investments and Equity Method Investments

The Company’s real estate investments comprised the following as of December 31, 2018 and 2017 (in thousands):



	December 31, 2018
	Income producing property		Held for development		Construction in progress		Total
Land	$	192,677	$	2,994	$	17,961	$	213,632
Land improvements	53,521		—		—		53,521
Buildings and improvements	791,719		—		—		791,719
Development and construction costs	—		—		117,714		117,714
Real estate investments	$	1,037,917	$	2,994	$	135,675	$	1,176,586



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

2018 Operating Property Acquisitions

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

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 December 31, 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 year ended December 31, 2018 (in thousands):



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

2017 Operating Property Acquisitions

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



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

2016 Operating Property Acquisitions

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

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

As part of the Southgate Square purchase agreement, the Company acquired an option to purchase an adjacent undeveloped land parcel from the seller. The option for the land parcel was valid for an initial period of two years and was extended for one additional year. The purchase price would be determined by applying a mutually agreed upon capitalization rate to the base rent of tenants provided by the seller and approved by the Company. On October 12, 2018, the Company entered into a development agreement with the seller to purchase the adjacent parcel and develop the parcel for a build-to-suite retail tenant for consideration of $5.3 million.

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

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

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

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



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

Subsequent to December 31, 2018

On February 6, 2019, the Company acquired an additional outparcel phase of Wendover Village in Greensboro, North Carolina for a contract price of $2.7 million.

Other 2018 Real Estate Transactions

On November 30, 2017, the Company entered into a lease agreement with Bottling Group, LLC for a new distribution facility that the Company developed and constructed. On January 29, 2018, the Company acquired undeveloped land in Chesterfield, Virginia, a portion of which serves as the site for this facility, for a contract price of $2.4 million plus capitalized acquisition costs of $0.1 million. On December 20, 2018, the Company sold the completed facility for $25.9 million, resulting in a gain of $3.4 million.

On January 18, 2018, the Company entered into an operating agreement with a partner to develop a Lowes Foods-anchored shopping center in Mount Pleasant, South Carolina. The Company has a 70% ownership interest in the partnership. The partnership, Market at Mill Creek Partners, LLC, acquired undeveloped land on February 16, 2018 for a contract price of $2.9 million plus capitalized acquisition costs of $0.1 million. The Company is responsible for funding the equity requirements of this development. As of December 31, 2018, the book value of the Company's investment in the project totaled $21.1 million. Management has concluded that this entity is a VIE as it lacks sufficient equity to fund its operations without additional financial support. The Company is the developer of the 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 May 24, 2018, the Company completed the sale of the Wawa outparcel at Indian Lakes Crossing for a contract price of $4.4 million. There was no gain or loss on the disposition.

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

On December 31, 2018, the Company sold the leasehold interest in the building previously leased by Home Depot at Broad Creek Shopping Center for $2.4 million, resulting in a gain on sale of $0.8 million.

Other 2017 Real Estate Transactions

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

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

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

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

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

Other 2016 Real Estate Transactions

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

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

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

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

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

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

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

Equity Method Investments

City Center

On February 25, 2016, the Company acquired a 37% interest in Durham City Center II, LLC (“City Center”) for purposes of developing a 22-story mixed-use tower in Durham, North Carolina. The Company is a minority partner in the joint venture and serves as the project's general contractor, with full ownership of the office and retail portions of the project. During the years ended December 31, 2018 and 2017, the Company invested $7.3 million and $11.2 million, respectively, in the City Center project. As of December 31, 2018 and 2017, the Company had invested $21.3 million and $10.9 million, respectively, in City Center, and the carrying value of the Company's investment was $22.2 million and $11.4 million, respectively. The Company has agreed to guarantee the commercial component of the construction loan for City Center; however, the loan is collateralized by 100% of the assets of City Center. As of December 31, 2018 and 2017, $48.9 million and $29.2 million, respectively, had been drawn against the construction loan, of which $18.5 million and $11.2 million, respectively, was attributable to the Company's portion of the loan.

For the year ended December 31, 2018, City Center had operating income of $0.4 million allocated to the Company. For the years ended December 31, 2017 and 2016, City Center had no operating activity, and therefore the Company received no allocated income.

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

Notes Receivable

12 Months Ended

Dec. 31, 2018

Receivables [Abstract]

Notes Receivable

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



	Outstanding loan amount					Maximum loan commitment		Interest rate		Interest compounding
Development Project	December 31, 2018			December 31, 2017		Maximum loan commitment		Interest rate		Interest compounding
1405 Point	$	30,238		$	22,444	$	31,032	8.0	%	Monthly
The Residences at Annapolis Junction	36,361			43,021		48,105		10.0	%	Monthly
North Decatur Square	18,521			11,790		29,673		15.0	%	Annually
Delray Plaza	7,032			5,379		15,000		15.0	%	Annually
Nexton Square	14,855			—		21,000		15.0	%	Monthly
Interlock Commercial	18,269			—		95,000		15.0	%	None
Solis Apartments at Interlock	13,821			—		41,100		13.0	%	Annually
Total mezzanine	139,097			82,634		$	280,910
Other notes receivable	1,275			424
Notes receivable guarantee premium	2,800			—
Notes receivable discount, net (a)	(4,489		)	—
Total notes receivable	$	138,683		$	83,058

_______________________________________

(a) Represents the remaining unamortized portion of the $5.0 million option purchase fee for The Residences at Annapolis Junction paid by the borrower in November 2018.

Interest on the mezzanine loans is accrued and funded utilizing the interest reserves for each loan, which are components of the respective maximum loan commitments, and such accrued interest is added to the loan receivable balances. The Company recognized interest income for the years ended December 31, 2018, 2017, and 2016 as follows (in thousands):



	Years Ended December 31,
Development Project	2018			2017		2016
1405 Point	$	2,080		$	1,741	$	1,204
The Residences at Annapolis Junction	4,939		(a)	4,132		2,018
North Decatur Square	2,212			1,035		—
Delray Plaza	928			163		—
Nexton Square	235			—		—
Interlock Commercial	202			—		—
Solis Apartments at Interlock	55			—		—
Total mezzanine	10,651			7,071		3,222
Other interest income	78			6		6
Total interest income	$	10,729		$	7,077	$	3,228

________________________________________

(a) Includes amortization of the $5.0 million option purchase fee paid by the borrower in November 2018.

As of December 31, 2018 and 2017, there was no allowance for loan losses. During the years ended December 31, 2018, 2017, and 2016, there was no provision for loan losses recorded for any of the Company's notes receivable.

1405 Point

On October 15, 2015, the Company entered into a note receivable with a maximum principal balance of $28.2 million for the 1405 Point project in the Harbor Point area of Baltimore, Maryland (also known as Point Street Apartments). On November 11, 2018, this loan was modified to increase the maximum amount of the loan to $31.0 million.

1405 Point is a 17-story building comprising 289 residential units and 18,000 square feet of street-level retail space. Beatty Development Group (“BDG”) is the developer of the project and has engaged the Company to serve as construction general contractor. 1405 Point opened during the first quarter of 2018 and is subject to a ground lease from an affiliate of BDG.

BDG 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 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 as follows: (i) an option to purchase a 79% indirect interest in 1405 Point for $27.6 million, exercisable within one year from the project’s completion (the “First Option”) and (ii) provided that the Company has exercised the First Option, an option to purchase an additional 9% indirect interest in 1405 Point for $3.1 million, exercisable within 27 months from the project’s completion (the “Second Option”). On December 31, 2018, the Second Option was modified to allow the Company to purchase the remaining 21% of the project prior to July 31, 2020 in exchange for increased payments under the ground lease.

The Company currently has a $2.1 million letter of credit for the guarantee of the senior construction loan.

Interest on the BDG mezzanine loan accrues at 8.0% per annum. The BDG mezzanine loan matures on the earliest of: (i) November 1, 2020, (ii) the maturity date or earlier termination of the senior construction loan, or (iii) the date the Company exercises the First Option as described above.

In the event the Company exercises the First Option, BDG is required to pay down the outstanding BDG mezzanine loan in full, with the difference between the BDG loan and $28.2 million applied to the senior construction loan. In the event the Company does not exercise either the First Option or the Second Option, the interest rate on the BDG loan will automatically be reduced to the interest rate on the senior construction loan for the remaining term of the BDG loan.

Management has concluded that this entity is a VIE. Because BDG is the developer and operator of 1405 Point, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements.

The Residences at Annapolis Junction

On April 21, 2016, the Company entered into a note receivable with a maximum principal balance of $48.1 million in the Annapolis Junction residential component of the Annapolis Junction Town Center project in Maryland (“Annapolis Junction”). Annapolis Junction is an apartment development project with 416 residential units. It is part of a mixed-use development project that is also planned to have 17,000 square feet of retail space and a 150-room hotel. Annapolis Junction Apartments Owner, LLC (“AJAO”) is the developer of the residential component and engaged the Company to serve as construction general contractor for the residential component. Annapolis Junction opened during 2017 and 2018 and is currently in lease-up.

AJAO secured a senior construction loan of up to $60.0 million to fund the development and construction of Annapolis Junction's residential component on September 30, 2016. The Company agreed to guarantee up to $25.0 million of the senior construction loan in exchange for the option to purchase up to an 88% controlling interest in Annapolis Junction upon completion of the project as follows: (i) an option to purchase an 80% indirect interest in Annapolis Junction's residential component for 91% of the lesser of the seller’s budgeted or actual cost, exercisable within one year from the project’s completion (the “First Option”) and (ii) provided that the Company exercised the First Option, an option to purchase an additional 8% indirect interest in Annapolis Junction for 9% of the lesser of the seller’s actual or budgeted cost, exercisable within 27 months from the project’s completion (the “Second Option”).

Interest on the AJAO loan accrues at 10.0% per annum. On November 16, 2018, AJAO refinanced the senior construction loan with a one year senior loan of $83.0 million. This senior loan may be extended for one additional year if certain minimum debt yields and minimum debt service coverage ratios are met by AJAO. The Company has agreed to guarantee $8.3 million of the senior loan, and the AJAO loan will mature concurrent with the new senior loan. In conjunction with this refinancing, the Company sold the First Option and Second Option to AJAO for a price of $5.0 million. Additionally, AJAO repaid $11.1 million of the outstanding mezzanine loan balance, which comprises a $9.9 million payment of accrued interest and a $1.2 million payment of principal. The Option sale proceeds of $5.0 million is being accounted for as a loan discount that will be recognized as interest income over the one year term of the loan using the effective interest method.

Management has concluded that this entity is a VIE. Because AJAO is the developer of Annapolis Junction, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements.

North Decatur Square

On May 15, 2017, the Company invested in the development of an estimated $34.0 million Whole Foods-anchored center located in Decatur, Georgia. The Company's investment is in the form of a mezzanine loan of up to $21.8 million to the developer, North Decatur Square Holdings, LLC ("NDSH"). Interest on the loan bears interest at a rate of 15.0% per annum. The note matures on the earliest of (i) May 15, 2022, (ii) the maturity of the senior construction loan, (iii) the sale of NDSH, or (iv) the sale of the center. NDSH is current on this loan. During 2018, this loan was modified to increase the maximum amount of the loan to $29.7 million due to an increase in the square footage of the Whole Foods store.

Management has concluded that this entity is a VIE. Because NDSH is the developer of North Decatur Square, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements.

Delray Plaza

On October 27, 2017, the Company invested in the development of an estimated $20.0 million Whole Foods-anchored center located in Delray Beach, Florida. The Company's investment was in the form of a mezzanine loan of up to $13.1 million to the developer, Delray Plaza Holdings, LLC ("DPH"). The Company has agreed to guarantee payment of up to $4.8 million of the senior construction loan. On January 8, 2019, this loan was modified to increase the maximum amount of the loan to $15.0 million and the payment guarantee amount increased to $5.2 million. The mezzanine loan bears interest at a rate of 15.0% per annum. The note matures on the earliest of (i) October 27, 2020, (ii) the date of any sale or refinance of the development project, or (iii) the disposition or change in control of the development project.

Management has concluded that this entity is a VIE. Because DPH is the developer of Delray Plaza, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements.

Nexton Square

On August 31, 2018, the Company financed a $2.2 million bridge loan to SC Summerville Brighton, LLC ("Brighton"), the developer of Nexton Square, a shopping center development project located in Summerville, South Carolina. The shopping center may comprise as many as 16 buildings. On November 7, 2018, the Company increased the maximum loan amount to $4.9 million. This loan was subsequently modified as described below.

On December 4, 2018, the Company entered into a mezzanine loan agreement with Brighton, which provides for a maximum capacity of $21.0 million. The previous loan was repaid from proceeds of the mezzanine loan. This note bears interest at a rate of 15.0% per annum (which will decrease to 10.0% upon completion of certain portions of the project). The modified note matures on the earliest of (i) December 4, 2020, (ii) the maturity date of the senior construction loan, including any extension options available and exercised under that loan, or (iii) the date of any sale, transfer, or refinancing of the project.

The Company agreed to guarantee 50% of the senior construction loan in exchange for the option to purchase the property upon completion according to a predetermined formula, which is primarily dependent upon Brighton's leasing activities and the extent to which Brighton elects to complete all or a portion of the total planned space, if applicable, in response to leasing activities.

On February 8, 2019, Brighton closed on a senior construction loan with a maximum borrowing capacity of $25.2 million. Brighton used proceeds from its original draw in part to repay $2.1 million of the mezzanine loan.

Management has concluded that this entity is a VIE. Because Brighton is the developer of Nexton Square, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements.

Interlock Commercial

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

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

The Company has agreed to guarantee payment of 35% of the senior construction loan. Interlock had not yet obtained a senior construction loan as of December 31, 2018. See Note 18 for additional discussion.

Management has concluded that this entity is a VIE. Because Interlock is the developer of The Interlock, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements.

Solis Apartments at Interlock

On December 21, 2018, the Company entered into a mezzanine loan agreement with Interlock Mezz Borrower, LLC ("Solis Interlock"), the developer of Solis Apartments at Interlock, which is the apartment component of The Interlock. The mezzanine loan has a maximum principal commitment of $25.2 million and a total maximum commitment, including accrued interest reserves, of $41.1 million. The mezzanine loan bears interest at a rate of 13.0% per annum and matures on the earlier of (a) the later of (i) December 21, 2021 or (ii) the maturity date or earlier termination date of the senior construction loan, including any extensions of the senior construction loan, or (b) the date of any sale of the project or refinance of the loan.

Management has concluded that this entity is a VIE. Because Solis Interlock is the developer of Solis Apartments at Interlock, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements.

Guarantee liabilities

As of December 31, 2018, the Company had outstanding payment guarantees for the senior loans on Residences at Annapolis Junction, Delray Plaza, and 1405 Point, as described above. As of December 31, 2018, the Company has recorded a guarantee liability of $2.8 million, representing their unamortized fair value. These guarantees are classified as other liabilities on the Company's consolidated balance sheets, with a corresponding adjustment to the notes receivable balance on the consolidated balance sheets. See Note 18 for additional information on the Company's outstanding guarantees.

- Definition

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

+ References + Details

Construction Contracts

12 Months Ended

Dec. 31, 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 December 31, 2018 during the year ending December 31, 2019.

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

The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the year ended December 31, 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	—			4,243
Transferred to receivables	(245		)	—
Construction contract costs and estimated earnings not billed during the period	352			—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	1,006			(1,206		)
Balance as of December 31, 2018	$	1,358		$	3,037

The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. Pre-contract costs of $1.4 million and $0.6 million were deferred as of December 31, 2018 and 2017, respectively. Amortization of pre-contract costs for the year ended December 31, 2018 totaled less than $0.1 million.

Construction receivables and payables include retentions—amounts that are generally withheld until the completion of the contract or the satisfaction of certain restrictive conditions such as fulfillment guarantees. As of December 31, 2018 and 2017, construction receivables included retentions of $8.5 million and $9.9 million, respectively. The Company expects to collect substantially all construction receivables as of December 31, 2018 during the year ending December 31, 2019. As of December 31, 2018 and 2017, construction payables included retentions of $21.6 million and $17.4 million, respectively. The Company expects to pay substantially all construction payables as of December 31, 2018 during the year ending December 31, 2019.

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



	December 31,
	2018			2017
Costs incurred on uncompleted construction contracts	$	594,006		$	520,368
Estimated earnings	20,375			18,070
Billings	(616,060		)	(541,784		)
Net position	$	(1,679	)	$	(3,346	)



	December 31,
	2018			2017
Construction contract costs and estimated earnings in excess of billings	$	1,358		$	245
Billings in excess of construction contract costs and estimated earnings	(3,037		)	(3,591		)
Net position	$	(1,679	)	$	(3,346	)

The Company's balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) for each of the three years ended December 31, 2018 were as follows (in thousands):



	Years Ended December 31,
	2018			2017			2016
Beginning backlog	$	49,167		$	217,718		$	83,433
New contracts/change orders	192,852			25,224			293,115
Work performed	(76,156		)	(193,775		)	(158,830		)
Ending backlog	$	165,863		$	49,167		$	217,718

The Company expects to complete a majority of the uncompleted contracts as of December 31, 2018 during the next 12 to 18 months.

Indebtedness

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Indebtedness

The Company’s indebtedness comprised the following as of December 31, 2018 and 2017 (dollars in thousands):



	Principal Balance						Interest Rate			Maturity Date
	December 31,						December 31,
	2018			2017			2018
Secured Debt
Columbus Village Note 1	$	—		$	6,080		LIBOR + 2.00%		(a)	April 5, 2018
Columbus Village Note 2	—			2,218			LIBOR + 2.00%			April 5, 2018
North Point Center Note 1 (b)	9,352			9,571			6.45	%		February 5, 2019
Greenside (Harding Place)	25,902			3,874			LIBOR + 2.95%			February 24, 2020
Premier (Town Center Phase VI)	19,214			1,505			LIBOR + 3.50%			June 29, 2020
Hoffler Place (King Street)	11,445			—			LIBOR + 3.24%			January 1, 2021
Summit Place (Meeting Street)	11,057			—			LIBOR + 3.24%			January 1, 2021
Southgate Square	21,442			20,708			LIBOR + 1.60%			April 29, 2021
4525 Main Street (c)	32,034			32,034			3.25	%		September 10, 2021
Encore Apartments (c)	24,966			24,966			3.25	%		September 10, 2021
Hanbury Village	19,019			19,503			3.78	%		August 15, 2022
Socastee Commons	4,671			4,771			4.57	%		January 6, 2023
Sandbridge Commons	8,258			8,468			LIBOR + 1.75%			January 17, 2023
249 Central Park Retail (d)	17,045			16,851			LIBOR + 1.60%			August 10, 2023
South Retail (d)	7,483			7,394			LIBOR + 1.60%			August 10, 2023
Fountain Plaza Retail (d)	10,257			10,145			LIBOR + 1.60%			August 10, 2023
Lightfoot Marketplace	10,500			10,500			LIBOR + 1.75%		(a)	October 12, 2023
Brooks Crossing Office	6,910			—			LIBOR + 1.60%			July 1, 2025
Market at Mill Creek	7,283			—			LIBOR + 1.55%			July 12, 2025
Johns Hopkins Village	52,708			46,698			LIBOR + 1.25%		(a)	August 7, 2025
North Point Center Note 2	2,346			2,459			7.25	%		September 15, 2025
Lexington Square	14,940			—			4.50	%		September 1, 2028
Smith's Landing	18,985			19,764			4.05	%		June 1, 2035
Liberty Apartments	14,437			14,694			5.66	%		November 1, 2043
The Cosmopolitan	44,468			45,209			3.35	%		July 1, 2051
Total secured debt	$	394,722		$	307,412
Unsecured Debt
Senior unsecured revolving credit facility	126,000			66,000			LIBOR+1.40%-2.00%			October 26, 2021
Senior unsecured term loan	80,000			50,000			LIBOR+1.35%-1.95%			October 26, 2022
Senior unsecured term loan	50,000			50,000			LIBOR+1.35%-1.95%		(a)	October 26, 2022
Senior unsecured term loan	50,000			50,000			LIBOR+1.35%-1.95%		(a)	October 26, 2022
Total unsecured debt	$	306,000		$	216,000
Total principal balances	$	700,722		$	523,412
Unamortized fair value adjustments	(1,173		)	(1,211		)
Unamortized debt issuance costs	(5,310		)	(4,929		)
Indebtedness, net	$	694,239		$	517,272

________________________________________

(a) Subject to an interest rate swap agreement.

(b) On January 31, 2019, North Point Note 1 was paid off.

(d) Cross collateralized.

The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2018 and 2017 (in thousands):



	December 31,
	2018		2017
Fixed-rate debt	$	348,426	$	229,051
Variable-rate debt	352,296		294,361
Total principal balance	$	700,722	$	523,412

Certain loans require the Company to comply with various financial and other covenants, including the maintenance of minimum debt coverage ratios. As of December 31, 2018, the Company was in compliance with all loan covenants.

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



Year	Scheduled Principal Payments		Maturities		Total Payments
2019	$	5,593	$	9,333	$	14,926	⁽¹⁾
2020	6,626		45,116		51,742
2021	5,821		222,744		228,565
2022	4,803		197,109		201,912
2023	11,264		47,244		58,508
Thereafter	71,475		73,594		145,069
Total	$	105,582	$	595,140	$	700,722

________________________________________

(1) On January 31, 2019, North Point Note 1 was paid off; this is the only debt maturity in 2019.

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 credit facility comprised of a $150.0 million senior unsecured revolving credit facility (the "revolving credit facility") and a $150.0 million senior unsecured term loan facility (the “term loan facility” and, together with the revolving credit facility, the “credit facility”), with a syndicate of banks. The amended credit facility replaces the prior $150.0 million revolving credit facility, which was scheduled to mature on February 20, 2019, and the prior $125.0 million term loan facility, which was scheduled to mature on February 20, 2021.

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

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 December 31, 2018, the interest rates on the revolving credit facility and the term loan facility were 4.05% and 4.00%, respectively. If the Company attains investment grade credit ratings from S&P and Moody’s, the Operating Partnership may elect to have borrowings become subject to interest rates based on such credit ratings. The Company may, at any time, voluntarily prepay any loan under the credit facility in whole or in part without premium or penalty.

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

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

Other 2018 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 $22.0 million, and the note now bears interest at a rate of LIBOR plus a spread of 1.60%. This note will still mature on April 29, 2021.

On June 1, 2018, the Company entered into a $16.3 million construction loan for the River City industrial facility in Chesterfield, Virginia. The loan bore interest at a rate of LIBOR plus a spread of 1.50%. On December 20, 2018, the Company sold the completed facility and paid the loan in full.

On June 14, 2018, the Company extended and modified the note secured by 249 Central Park Retail, Fountain Plaza Retail, and South Retail. The principal amount of the note was increased to $35.0 million. The note bears interest at a rate of LIBOR plus a spread of 1.60% and will mature on August 10, 2023.

On June 29, 2018, the Company entered into a $15.6 million construction loan for the Brooks Crossing Office development project. The loan bears interest at a rate of LIBOR plus a spread of 1.60% and will mature on July 1, 2025.

On July 12, 2018, the Company entered into a $16.2 million construction loan for the Market at Mill Creek development project in Mt. Pleasant, South Carolina. The loan bears interest at a rate of LIBOR plus a spread of 1.55% and will mature on July 12, 2025.

On July 27, 2018, the Company paid off the Johns Hopkins Village note and entered into a new loan. The principal amount of the new loan is $53.0 million. The loan bears interest at a rate of LIBOR plus a spread of 1.25% and will mature on August 7, 2025. The Company simultaneously entered into an interest rate swap agreement that effectively fixes the interest rate at 4.19% for the term of the loan.

On August 28, 2018, the Company entered into a $15.0 million note secured by the newly acquired Lexington Square shopping center. The note bears interest at a rate of 4.50% and will mature on September 1, 2028.

On October 12, 2018, the Company extended and modified the note secured by Lightfoot Marketplace. 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% per annum until stabilization and 4.62% per annum thereafter.

During the year ended December 31, 2018, the Company borrowed $86.9 million under its existing construction loans to fund new development and construction and repaid $10.5 million in conjunction with the sale of the River City industrial facility.

Subsequent to December 31, 2018

On January 31, 2019, the Company increased the maximum commitments under the credit facility to $355.0 million using the accordion feature, with an increase of the term loan facility to $205.0 million.

On January 31, 2019, the Company paid off North Point Center Note 1.

Borrowings under the revolving credit facility were $123.0 million on February 26, 2019.

Other 2017 Financing Activity

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

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

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

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

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

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

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

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

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

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

On November 1, 2017, the Company extended the Lightfoot construction loan after paying the balance down to $10.5 million and paying an extension fee.

On December 28, 2017, the Company secured a $66.5 million construction loan for the 595 King Street and 530 Meeting Street development projects.

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

Other 2016 Financing Activity

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

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

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

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

During the three years ended December 31, 2018, the Company had the following LIBOR interest rate caps ($ in thousands):



Origination Date	Expiration Date	Notional Amount		Strike Rate		Premium Paid
10/26/2015	10/15/2017	$	75,000	1.25	%	$	137
2/25/2016	3/1/2018	75,000		1.50	%	57
6/17/2016	6/17/2018	70,000		1.00	%	150
2/7/2017	3/1/2019	50,000		1.50	%	187
6/23/2017	7/1/2019	50,000		1.50	%	154
9/18/2017	10/1/2019	50,000		1.50	%	199
7/28/2017	12/1/2019	50,000		1.50	%	359
3/7/2018	4/1/2020	50,000		2.25	%	310
7/16/2018	8/1/2020	50,000		2.50	%	319
12/11/2018	1/1/2021	50,000		2.75	%	210

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

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

On 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.

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% per annum with a maturity date of August 7, 2025. The Company has designated the interest rate swap as a cash flow hedge for accounting purposes.

On October 12, 2018, the Company entered into a LIBOR interest rate swap agreement that effectively fixes the interest rate of the initial $10.5 million tranche of the new Lightfoot Marketplace note payable at 4.77% per annum until stabilization and 4.62% per annum thereafter. The swap matures on October 12, 2023. The Company has designated the interest rate swap as a cash flow hedge for accounting purposes.

During the year ended December 31, 2018, unrealized losses of $1.9 million were recorded to other comprehensive loss, and $0.2 million of realized losses were reclassified out of accumulated other comprehensive loss to interest expense due to payments made to swap counterparties during the year ended December 31, 2018 for interest rate swaps designated as cash flow hedges. During the next 12 months, the Company anticipates reclassifying approximately $0.3 million of net hedging losses from accumulated other comprehensive loss into earnings to offset the variability of the hedged items during this period.

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



	December 31,
	2018							2017
			Fair Value							Fair Value
Derivatives not designated as accounting hedges	Notional Amount		Asset		Liability			Notional Amount		Asset		Liability
Interest rate swaps	$	100,000	$	303	$	(749	)	$	56,079	$	10	$	(69	)
Interest rate caps	350,000		1,790		—			345,000		1,515		—
Total derivatives not designated as accounting hedges	450,000		2,093		(749		)	401,079		1,525		(69		)
Interest rate swaps designated as accounting hedge	63,208		—		(1,725		)	—		—		—
Total derivatives	$	513,208	$	2,093	$	(2,474	)	$	401,079	$	1,525	$	(69	)

The changes in the fair value of the Company’s derivatives during the years ended December 31, 2018, 2017, and 2016 was as follows (in thousands):



	Years Ended December 31,
	2018			2017		2016
Interest rate swaps	$	(2,281	)	$	770	$	(795	)
Interest rate caps	(564		)	357		(146		)
Total change in fair value of interest rate derivatives	$	(2,845	)	$	1,127	$	(941	)
Comprehensive income statement presentation:
Change in fair value of interest rate derivatives	$	(951	)	$	1,127	$	(941	)
Unrealized cash flow hedge losses	(1,894		)	—		—
Total	$	(2,845	)	$	1,127	$	(941	)

Effective March 31, 2016, the Company determined that the short-cut method of hedge accounting was not appropriate for two of its interest-rate swaps and, for accounting purposes, the hedge relationship was terminated. The swaps were entered into in February and July 2015. Accordingly, changes in fair value of the swap should have been recorded in income rather than other comprehensive income. The Company determined that the errors were immaterial to all previously issued financial statements. The Company recognized $0.7 million of accumulated other comprehensive income and $0.4 million, which was previously allocated to noncontrolling interest as of December 31, 2015, in earnings during the first quarter of 2016. Subsequent changes in the value of the interest rate swap for the period from January 1, 2016 to December 31, 2018 were also recognized in earnings during the years ended December 31, 2018 and 2017.

The Company has not designated any of its interest rate caps as hedging instruments for accounting purposes.

Equity

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Equity

Stockholders’ Equity

As of December 31, 2018 and 2017, the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 50.0 million and 44.9 million shares of common stock issued and outstanding as of December 31, 2018 and 2017, respectively. No shares of preferred stock were issued and outstanding as of December 31, 2018 and 2017.

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

On May 4, 2016, the Company commenced a new at-the-market continuous equity offering program (the “2016 ATM Program”) through which the Company was able to, from time to time, issue and sell shares of its common stock having an aggregate offering price of up to $75.0 million. Upon commencing the 2016 ATM Program, the Company simultaneously terminated the 2015 ATM Program. During the years ended December 31, 2017 and 2016, the Company issued and sold 450,890 and 4,159,936 shares of common stock at a weighted average price of $14.08 and $13.45 per share under the 2016 ATM Program, receiving net proceeds after offering costs and commissions of $6.2 million and $54.8 million, respectively.

On February 26, 2018, the Company commenced a new at-the-market continuous equity offering program (the "2018 ATM Program") through which the Company is able to, from time to time, issue and sell shares of its common stock having an aggregate offering price of up to $125.0 million. Upon commencing the 2018 ATM Program, the Company simultaneously terminated the 2016 ATM Program. During the year ended December 31, 2018, the Company issued and sold 4,617,409 shares of common stock at a weighted average price of $14.39 per share under the 2018 ATM Program, receiving net proceeds after offering costs and commissions of $65.2 million.

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

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

Redeemable Noncontrolling Interests

The former noncontrolling interest holder of Johns Hopkins Village had an option to redeem the 20% noncontrolling interest in that entity. The noncontrolling interest of $2.0 million was included in temporary equity. On December 21, 2017, the Company redeemed the noncontrolling interest for a cash payment of $2.0 million and contingent future consideration of $0.5 million to be paid in Class A Units of the Operating Partnership upon the satisfaction of certain conditions. On April 17, 2018, the Operating Partnership issued 36,684 Class A Units valued at $13.77 per unit due to the satisfaction of these conditions.

Noncontrolling Interests

As of December 31, 2018 and 2017, the Company held a 74.5% and 72.0% interest in the Operating Partnership, respectively. 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 74.5% of the net income of the Operating Partnership. As the primary beneficiary, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Company represent units of limited partnership interest in the Operating Partnership not held by the Company. As of December 31, 2018, there were 17,110,404 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 December 31, 2018 and 2017.

As partial consideration for 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 to Class A Units on January 10, 2018.

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

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

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 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.

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.

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

Common Stock Dividends and Class A Unit Distributions

During the years ended December 31, 2018, 2017, and 2016, the Company declared dividends per share and distributions per unit of $0.80, $0.76, and $0.72, respectively. During the years ended December 31, 2018, 2017, and 2016, the Company paid cash dividends totaling $38.7 million, $31.1 million, and $22.7 million, respectively, to common stockholders, and the Operating Partnership paid cash distributions totaling $13.8 million, $12.6 million, and $11.1 million, respectively to holders of Class A Units.

The tax treatment of dividends paid to common stockholders during the years ended December 31, 2018, 2017, and 2016 was as follows (unaudited):



	Years ended December 31,
	2018		2017		2016
Capital gains	9.49	%	9.06	%	—	%
Ordinary income	63.40	%	71.59	%	78	%
Return of capital	27.11	%	19.35	%	22	%
Total	100.00	%	100.00	%	100	%

Subsequent to December 31, 2018

On January 2, 2019, due to the holders of Class A Units tendering an aggregate of 118,471 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption requests through the issuance of an equal number of shares of common stock.

On January 3, 2019, the Company paid cash dividends of $10.0 million to common stockholders and the Operating Partnership paid cash distributions of $3.4 million to holders of Class A Units. These dividends and distributions were declared and accrued as of December 31, 2018.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2018

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

Stock-Based Compensation

The Company’s Amended and Restated 2013 Equity Incentive Plan (the "Equity Plan") permits the grant of restricted stock awards, stock options, stock appreciation rights, performance units, and other equity-based awards up to an aggregate of 1,700,000 shares of common stock. As of December 31, 2018, the Company had 963,983 shares of common stock reserved for issuance under the Equity Plan.

During the years ended December 31, 2018, 2017, and 2016, the Company granted an aggregate of 164,241, 118,361 and 121,243 shares of restricted stock to employees and nonemployee directors, respectively. The grant date fair value of the restricted stock awards granted during the years ended December 31, 2018, 2017, and 2016 was $2.2 million, $1.7 million and $1.4 million, respectively. Employee restricted stock awards generally vest over a period of two years: one-third immediately on the grant date and the remaining two-thirds in equal amounts on the first two anniversaries following the grant date, subject to continued service to the Company. Nonemployee director restricted stock awards vest either immediately upon grant or over a period of one year, subject to continued service to the Company. Unvested restricted stock awards are entitled to receive dividends from their grant date.

During the years ended December 31, 2018, 2017, and 2016, the Company recognized $2.0 million, $1.5 million and $1.2 million of stock-based compensation, respectively. As of December 31, 2018, the total unrecognized compensation cost related to nonvested restricted shares was $0.6 million, substantially all of which the Company expects to recognize over the next 15 months.

The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2018:



	Restricted Stock Awards		Weighted Average Grant Date Fair Value Per Share
Nonvested as of January 1, 2018	112,789		$	13.14
Granted	164,241		13.66
Vested	(137,431	)	13.22
Forfeited	(14,370	)	13.55
Nonvested as of December 31, 2018	125,229		$	13.68

Restricted stock awards granted and vested during the year ended December 31, 2018 include 30,016 shares tendered by employees to satisfy minimum statutory tax withholding obligations.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 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 Inputs—quoted prices in active markets for identical assets or liabilities

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

Level 3 Inputs—unobservable inputs

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

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

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

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

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



	December 31,
	2018				2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
Indebtedness, net	$	694,239	$	688,437	$	517,272	$	518,417
Notes receivable	138,683		138,683		83,058		83,058
Interest rate swap liabilities	2,474		2,474		69		69
Interest rate swap and cap assets	2,093		2,093		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

Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

The income tax benefit (provision) for the years ended December 31, 2018, 2017, and 2016 comprised the following (in thousands):



	Years Ended December 31,
	2018			2017			2016
Federal income taxes:
Current	$	(14	)	$	(516	)	$	(197	)
Deferred	37			(131		)	(109		)
State income taxes:
Current	(1		)	(62		)	(24		)
Deferred	7			(16		)	(13		)
Income tax benefit (provision)	$	29		$	(725	)	$	(343	)

The legislation commonly known as the Tax Cuts and Jobs Act (the "Tax Act") was enacted on December 22, 2017. The Tax Act reduced the U.S. federal corporate tax rate from 35% to 21% (including with respect to taxable REIT subsidiaries), resulting in the Company's remeasuring its existing deferred tax balances. In addition, generally beginning in 2018, the Tax Act alters the deductibility of certain items (e.g., interest expense) and allows the cost of certain qualifying capital asset investments to be deducted fully in the year they were purchased, subject to a phase-down of the deduction percentage over time. The provisional amounts recorded in the year ended December 31, 2017 related to the remeasurement of the deferred tax balance was approximately $0.2 million of tax expense. The Company's accounting for the income tax effects of the Tax Act has been completed, and no further changes to the accounting were made.

As of December 31, 2018 and 2017, the Company had $0.4 million and $0.3 million, respectively, of net deferred tax assets representing basis differences in the assets of the TRS and stock-based compensation attributable to the TRS.

Management has evaluated the Company’s income tax positions and concluded that the Company has no uncertain income tax positions as of December 31, 2018 and 2017. The Company is generally subject to examination by the applicable taxing authorities for the tax years 2015 through 2018. The Company does not currently have any ongoing tax examinations by taxing authorities.

Other Assets

12 Months Ended

Dec. 31, 2018

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

Other Assets

Other assets were comprised of the following as of December 31, 2018 and 2017 (in thousands):



	December 31,
	2018		2017
Acquired lease intangibles, net	$	29,182	$	29,881
Leasing costs, net	10,881		9,651
Leasing incentives, net	3,592		4,217
Interest rate swaps and caps	2,093		1,515
Prepaid expenses and other	8,165		8,937
Advance deposits on property acquisitions	50		400
Preacquisition development costs	1,214		1,352
Other assets	$	55,177	$	55,953

Other Liabilities

12 Months Ended

Dec. 31, 2018

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities were comprised of the following as of December 31, 2018 and 2017 (in thousands):



	December 31,
	2018		2017
Dividends and distributions payable	$	13,527	$	11,887
Deferred ground rent payable	9,287		8,732
Acquired lease intangibles, net	12,678		13,829
Prepaid rent and other	6,309		3,171
Security deposits	1,927		1,674
Interest rate swaps	2,475		59
Other liabilities	$	46,203	$	39,352

Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2018

Acquired Lease Intangibles

Acquired Lease Intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2018 (in thousands):



	December 31, 2018
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	57,689	$	32,370	$	25,319
Above-market lease assets	4,917		2,676		2,241
Below-market lease liabilities	18,692		6,014		12,678
Below-market ground lease assets	1,920		299		1,621

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



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

Amortization of in-place lease assets for the years ended December 31, 2018, 2017, and 2016 was $7.7 million, $9.7 million, and $10.2 million, respectively.

Amortization of above-market lease assets for the years ended December 31, 2018, 2017, and 2016 was $0.8 million, $0.8 million, and $0.9 million, respectively.

Amortization of below-market lease liabilities for the years ended December 31, 2018, 2017, and 2016 was $1.8 million, $1.8 million, and $1.8 million, respectively.

Amortization of below-market ground lease assets for the years ended December 31, 2018, 2017, and 2016 was $0.1 million, $0.1 million, and $0.1 million, respectively.

As of December 31, 2018, the weighted-average remaining lives of in-place lease assets, above-market lease assets, below-market lease liabilities, and below-market ground lease assets were 6.3 years, 5.6 years, 4.5 years, and 30.5 years, respectively. As of December 31, 2018, the weighted-average remaining life of below-market lease renewal options was 13.6 years.

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



					Depreciation and
	Rental Revenues		Rental Expenses		Amortization
Year ending December 31,
2019	$	859	$	53	$	5,967
2020	730		53		4,314
2021	742		53		2,846
2022	725		53		2,218
2023	703		53		1,969

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 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 consolidated financial statements. Revenue from construction contracts with related party entities of the Company was $1.5 million, $7.6 million and $26.7 million for the years ended December 31, 2018, 2017, and 2016, respectively. Gross profits from such contracts were $0.3 million, $0.4 million and $1.0 million for the years ended December 31, 2018, 2017, and 2016, respectively. There were no amounts from related parties of the Company included in construction receivables as of December 31, 2018. As of December 31, 2017, there was $0.2 million outstanding from related parties of the Company included in construction receivables. Real estate services fees from affiliated entities of the Company were not material for any of the years ended December 31, 2018, 2017, and 2016. In addition, affiliated entities also reimburse the Company for monthly maintenance and facilities management services provided to the properties. Cost reimbursements earned by the Company from affiliated entities were not material for any of the years ended December 31, 2018, 2017, and 2016.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal Proceedings

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

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

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

Guarantees

In connection with the Company's mezzanine lending activities, the Company has made guarantees to pay portions of certain senior loans of third parties associated with the development projects. The following table summarizes the guarantees made by the Company as of December 31, 2018 (in thousands):



Development project	Payment guarantee amount
1405 Point	$	25,000
The Residences at Annapolis Junction	8,300
Delray Plaza	4,750		(a)
Nexton Square	—		(b)
Interlock Commercial	—		(c)
Solis Apartments at Interlock	—		(d)
City Center	18,457		(e)
Total	$	56,507

________________________________________

(a) On January 8, 2019, the mezzanine loan and senior construction loan were modified, and the payment guarantee amount increased to $5.2 million.

(b) As of December 31, 2018, this payment guarantee was not yet effective because the senior construction loan had not yet been executed. On February 8, 2019, the senior construction loan was executed and the $12.6 million payment guarantee became effective. The Company has also guaranteed completion of the development project to the senior construction lender.

(c) As of December 31, 2018, this $30.7 million payment guarantee was not yet effective because the senior construction loan had not yet been executed. Once the senior construction loan is executed, the Company will also guarantee completion of the development project to the senior lender. The Company has also guaranteed completion of the development project to Georgia Tech, the ground lessor.

(d) There is no payment guarantee for the senior construction loan on this project. The Company has guaranteed completion of the development project to the senior lender.

(e) Durham City Center is accounted for as an equity method investment.

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 $34.8 million and $44.9 million as of December 31, 2018 and 2017, respectively.

The Operating Partnership has entered into standby letters of credit using the available capacity under the credit facility. The letters of credit relate to the guarantee of future performance on certain of the Company’s construction contracts. Letters of credit generally are available for draw down in the event the Company does not perform. As of December 31, 2018 and 2017, the Operating Partnership had total outstanding letters of credit of $2.1 million and $2.1 million, respectively. The amounts outstanding at December 31, 2018 and 2017 include a $2.1 million letter of credit related to the guarantee on the Point Street Apartments senior construction loan.

The Company has six ground leases on five properties with initial terms that range from 20 to 65 years and options to extend up to an additional 70 years in certain cases. The Company also leases automobiles and equipment.

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



2019	$	2,127
2020	2,291
2021	2,368
2022	2,364
2023	2,403
Thereafter	105,961
Total	$	117,514

Ground rent expense for the years ended December 31, 2018, 2017, and 2016 was $2.4 million, $2.5 million and $2.0 million, respectively.

Concentrations of Credit Risk

The majority of the Company’s properties are located in Hampton Roads, Virginia. For the years ended December 31, 2018, 2017, and 2016, rental revenues from Hampton Roads properties represented 53%, 53% and 58%, respectively, of the Company’s rental revenues. Many of the Company’s Hampton Roads properties are located in the Town Center of Virginia Beach. For the years ended December 31, 2018, 2017, and 2016, rental revenues from Town Center properties represented 42%, 38% and 41%, respectively, of the Company’s rental revenues.

A group of three construction customers comprised 55%, 41%, and 22% of the Company’s general contracting and real estate services revenues for the years ended December 31, 2018, 2017, and 2016, respectively. The same customers represented 28%, 20%, and 19% of the Company’s general contracting and real estate services segment gross profit for the years ended December 31, 2018, 2017, and 2016, respectively.

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Data [Abstract]

Selected Quarterly Financial Data (Unaudited)

The following tables summarize certain selected quarterly financial data for 2018 and 2017 (in thousands, except per share data):



	2018 Quarters
	First		Second		Third		Fourth
Rental revenues	$	28,699	$	28,598	$	28,930	$	30,731
General contracting and real estate services revenues	23,050		20,654		19,950		12,705
Net operating income	20,098		19,908		19,964		21,114
Net income	6,983		5,945		5,669		4,895
Net income attributable to stockholders	5,040		4,319		4,202		3,642
Net income per share: basic and diluted	$	0.11	$	0.09	$	0.09	$	0.07



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

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation

SCHEDULE III—Consolidated Real Estate Investments and Accumulated Depreciation

December 31, 2018



				Initial Cost				Cost Capitalized		Gross Carrying Amount										Year of
						Building and		Subsequent to				Building and				Accumulated		Net Carrying		Construction/
	Encumbrances			Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Amount⁽¹⁾		Acquisition
Office
4525 Main Street	$	32,034		$	982	$	—	$	45,835	$	982	$	45,835	$	46,817	$	6,237	$	40,580	2014
Armada Hoffler Tower	—		⁽²⁾	1,976		—		60,677		1,976		60,677		62,653		31,816		30,837		2002
Brooks Crossing Office	6,910			475		—		14,078		475		14,078		14,553		—		14,553		2016
One Columbus	—		⁽²⁾	960		10,269		10,606		960		20,875		21,835		11,110		10,725		1984
Two Columbus	—		⁽²⁾	53		—		19,926		53		19,926		19,979		7,911		12,068		2009
Wills Wharf	—			—		—		18,665		—		18,665		18,665		—		18,665		2018
Total office	$	38,944		$	4,446	$	10,269	$	169,787	$	4,446	$	180,056	$	184,502	$	57,074	$	127,428
Retail
249 Central Park Retail	$	17,045		$	712	$	—	$	15,341	$	712	$	15,341	$	16,053	$	8,798	$	7,255	2004
Alexander Pointe	—		⁽²⁾	4,050		4,880		91		4,050		4,971		9,021		705		8,316		1997/2016
Bermuda Crossroads	—		⁽²⁾	5,450		10,641		1,195		5,450		11,836		17,286		2,555		14,731		2001/2013
Broad Creek Shopping Center	—		⁽²⁾	—		—		8,987		—		8,987		8,987		4,035		4,952		1997-2001
Broadmoor Plaza	—		⁽²⁾	2,410		9,010		843		2,410		9,853		12,263		1,340		10,923		1980/2016
Brooks Crossing Retail	—			117		—		2,328		117		2,328		2,445		155		2,290		2016
Columbus Village	—		⁽²⁾	7,631		10,135		877		7,631		11,012		18,643		2,091		16,552		1980/2015
Columbus Village II	—		⁽²⁾	14,536		10,922		50		14,536		10,972		25,508		939		24,569		1995/2016
Commerce Street Retail	—		⁽²⁾	118		—		3,242		118		3,242		3,360		1,514		1,846		2008
Courthouse 7-Eleven	—		⁽²⁾	1,007		—		1,043		1,007		1,043		2,050		190		1,860		2011
Dick’s at Town Center	—		⁽²⁾	67		—		10,585		67		10,585		10,652		4,337		6,315		2002
Dimmock Square	—		⁽²⁾	5,100		13,126		260		5,100		13,386		18,486		1,639		16,847		1998/2014
Fountain Plaza Retail	10,257			425		—		7,206		425		7,206		7,631		3,363		4,268		2004
Gainsborough Square	—		⁽²⁾	2,229		—		7,450		2,229		7,450		9,679		3,422		6,257		1999
Greentree Shopping Center	—		⁽²⁾	1,103		—		4,032		1,103		4,032		5,135		700		4,435		2014
Hanbury Village	19,019		⁽²⁾	3,793		—		19,464		3,793		19,464		23,257		6,920		16,337		2006
Harper Hill Commons	—		⁽²⁾	2,840		8,510		160		2,840		8,670		11,510		924		10,586		2004/2016
Harrisonburg Regal	—			1,554		—		4,148		1,554		4,148		5,702		2,097		3,605		1999
Indian Lakes Crossing	—		⁽²⁾	7,009		2,274		7		7,009		2,281		9,290		84		9,206		2008/2018
Market at Mill Creek	7,283			2,945		—		16,413		2,945		16,413		19,358		—		19,358		2018
Lexington Square	14,940			3,035		17,786		—		3,035		17,786		20,821		265		20,556		2017/2018
Lightfoot Marketplace	10,500			7,628		—		17,502		7,628		17,502		25,130		1,376		23,754		2016
North Hampton Market	—		⁽²⁾	7,250		10,210		442		7,250		10,652		17,902		1,461		16,441		2004/2016
North Point Center	11,698		⁽²⁾	1,936		—		25,553		1,936		25,553		27,489		13,527		13,962		1998



Oakland Marketplace	—		⁽²⁾	1,850		3,370		617		1,850		3,987		5,837		744		5,093		2004/2016
Parkway Marketplace	—		⁽²⁾	1,150		—		3,767		1,150		3,767		4,917		1,888		3,029		1998
Parkway Centre	—		⁽²⁾	1,372		7,864		—		1,372		7,864		9,236		234		9,002		2017/2018
Patterson Place	—		⁽²⁾	15,059		20,180		411		15,059		20,591		35,650		2,065		33,585		2004/2016
Perry Hall Marketplace	—		⁽²⁾	3,240		8,316		415		3,240		8,731		11,971		1,212		10,759		2001/2015
Premier Retail	6,219			965		—		10,877		965		10,877		11,842		132		11,710		2018
Providence Plaza	—		⁽²⁾	9,950		12,369		1,072		9,950		13,441		23,391		1,397		21,994		2007/2015
Renaissance Square	—		⁽²⁾	6,730		8,439		155		6,730		8,594		15,324		625		14,699		2008/2016
Sandbridge Commons	8,258			4,825		—		7,294		4,825		7,294		12,119		1,168		10,951		2015
Socastee Commons	4,671			2,320		5,380		134		2,320		5,514		7,834		735		7,099		2000/2015
South Retail	7,483			190		—		7,867		190		7,867		8,057		4,225		3,832		2002
South Square	—		⁽²⁾	14,130		12,670		391		14,130		13,061		27,191		1,450		25,741		1977/2016
Southgate Square	21,442			8,890		25,950		496		8,890		26,446		35,336		2,325		33,011		1991/2016
Southshore Shops	—		⁽²⁾	1,770		6,509		50		1,770		6,559		8,329		496		7,833		2006/2016
Stone House Square	—		⁽²⁾	6,360		16,350		319		6,360		16,669		23,029		2,131		20,898		2008/2015
Studio 56 Retail	—		⁽²⁾	76		—		2,477		76		2,477		2,553		913		1,640		2007
Tyre Neck Harris Teeter	—		⁽²⁾	—		—		3,306		—		3,306		3,306		1,089		2,217		2011
Wendover Village	—		⁽²⁾	18,260		21,700		128		18,260		21,828		40,088		1,813		38,275		2004/2016-2017
Total retail	$	138,815		$	180,082	$	246,591	$	186,995	$	180,082	$	433,586	$	613,668	$	87,079	$	526,589
Multifamily
Encore Apartments	$	24,966		$	1,293	$	—	$	30,258	$	1,293	$	30,258	$	31,551	$	4,088	$	27,463	2014
Greenside (Harding Place)	25,902			5,711		—		43,782		5,711		43,782		49,493		388		49,105		2014	⁽³⁾
Hoffler Place (King Street)	11,445			7,277		—		27,136		7,277		27,136		34,413		—		34,413		—	(3)
Johns Hopkins Village	52,708			—		—		69,717		—		69,717		69,717		5,381		64,336		2016
Liberty Apartments	14,437			3,580		23,494		1,581		3,580		25,075		28,655		4,361		24,294		2013/2014
Premier Apartments	12,995			—		—		29,189		—		29,189		29,189		292		28,897		2018
Summit Place (Meeting Street)	11,057			7,265		—		27,722		7,265		27,722		34,987		—		34,987		—	⁽³⁾
Smith’s Landing	18,985			—		35,105		1,962		—		37,067		37,067		6,851		30,216		2009/2013
The Cosmopolitan	44,468			985		—		59,365		985		59,365		60,350		23,261		37,089		2006
Total multifamily	$	216,963		$	26,111	$	58,599	$	290,712	$	26,111	$	349,311	$	375,422	$	44,622	$	330,800
Held for development	$	—		$	2,994	$	—	$	—	$	2,994	$	—	$	2,994	$	—	$	2,994
Real estate investments	$	394,722		$	213,633	$	315,459	$	647,494	$	213,633	$	962,953	$	1,176,586	$	188,775	$	987,811

________________________________________


(1)	The net carrying amount of real estate for federal income tax purposes was $868.3 million as of December 31, 2018.


(2)	Borrowing base collateral for the credit facility as of December 31, 2018.


(3)	Construction in progress as of December 31, 2018.

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



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



	Real Estate						Accumulated
	Investments						Depreciation
	December 31,
	2018			2017			2018			2017
Balance at beginning of the year	$	994,437		$	908,287		$	164,521		$	139,553
Construction costs and improvements	144,926			84,142			—			—
Acquisitions	51,613			12,760			—			—
Dispositions	(11,420		)	(10,146		)	(5,559		)	(1,006		)
Reclassifications	(2,970		)	(606		)	(582		)	—
Depreciation	—			—			30,395			25,974
Balance at end of the year	$	1,176,586		$	994,437		$	188,775		$	164,521

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation

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

Rental Revenues

General Contracting and Real Estate Services Revenues

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

Real Estate Investments

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



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

Operating Property Acquisitions

Real Estate Sales and Real Estate Investments Held for Sale

Real Estate Sales

Real Estate Investments Held for Sale

Impairment of Long Lived Assets

Interest Income

Cash and Cash Equivalents

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

Restricted Cash

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

Accounts Receivable, net

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

Derivative Financial Instruments

Stock-Based Compensation

Income Taxes

Discontinued Operations

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

Net Income Per Share and Unit

Recent Accounting Pronouncements

Fair Value of Financial Instruments

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

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

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

Level 3 Inputs—unobservable inputs

Legal Proceedings

Business and Organization (Tables)

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of 100% owned properties

As of December 31, 2018, the Company's operating portfolio consisted of the following properties:



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

________________________________________

* Located in the Town Center of Virginia Beach

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

Schedule of properties under development or construction

As of December 31, 2018, the following properties were either under development or not yet stabilized:



Property	Segment	Location	Ownership Interest
Premier Apartments (Town Center Phase VI)	Multifamily	Virginia Beach, Virginia*	100	%
Premier Retail (Town Center Phase VI)	Retail	Virginia Beach, Virginia*	100	%
Greenside (Harding Place)	Multifamily	Charlotte, North Carolina	80	%	(1)
Hoffler Place (King Street)	Multifamily	Charleston, South Carolina	93	%
Summit Place (Meeting Street)	Multifamily	Charleston, South Carolina	90	%
Brooks Crossing Retail	Retail	Newport News, Virginia	65	%	(2)
Brooks Crossing Office	Office	Newport News, Virginia	65	%	(2)
Lightfoot outparcel	Retail	Williamsburg, Virginia	70	%	(3)
Market at Mill Creek	Retail	Mount Pleasant, South Carolina	70	%	(4)
Wills Wharf	Mixed-use	Baltimore, Maryland	100	%

________________________________________

*Located in the Town Center of Virginia Beach

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

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

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

(4) The Company is entitled to a preferred return of 10% on its investment in Market at Mill Creek.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives

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



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

Segments (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Net operating income of reportable segments

Net operating income of the Company’s reportable segments for the years ended December 31, 2018, 2017, and 2016 was as follows (in thousands):



	Years Ended December 31,
	2018		2017		2016
Office real estate
Rental revenues	$	20,701	$	19,207	$	20,929
Rental expenses	5,858		5,483		5,560
Real estate taxes	2,034		1,859		2,000
Segment net operating income	12,809		11,865		13,369
Retail real estate
Rental revenues	67,959		63,109		56,511
Rental expenses	10,903		10,234		9,116
Real estate taxes	6,801		6,175		5,395
Segment net operating income	50,255		46,700		42,000
Multifamily residential real estate
Rental revenues	28,298		26,421		21,915
Rental expenses	10,461		9,705		7,228
Real estate taxes	2,548		2,494		2,234
Segment net operating income	15,289		14,222		12,453
General contracting and real estate services
Segment revenues	76,359		194,034		159,030
Segment expenses	73,628		186,590		153,375
Segment gross profit	2,731		7,444		5,655
Net operating income	$	81,084	$	80,231	$	73,477

Reconciliation of net operating income to net income

The following table reconciles net operating income to net income for the years ended December 31, 2018, 2017, and 2016 (in thousands):



	Years Ended December 31,
	2018			2017			2016
Net operating income	$	81,084		$	80,231		$	73,477
Depreciation and amortization	(39,913		)	(37,321		)	(35,328		)
General and administrative expenses	(11,431		)	(10,435		)	(9,552		)
Acquisition, development and other pursuit costs	(352		)	(648		)	(1,563		)
Impairment charges	(1,619		)	(110		)	(355		)
Interest income	10,729			7,077			3,228
Interest expense	(19,087		)	(17,439		)	(16,466		)
Equity in income of unconsolidated real estate entities	372			—			—
Loss on extinguishment of debt	(11		)	(50		)	(82		)
Gain on real estate dispositions	4,254			8,087			30,533
Change in fair value of interest rate derivatives	(951		)	1,127			(941		)
Other income	388			131			147
Income tax benefit (provision)	29			(725		)	(343		)
Net income	$	23,492		$	29,925		$	42,755

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2018

Leases [Abstract]

Schedule of future minimum rental payments

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



2019	$	71,838
2020	63,981
2021	57,295
2022	51,271
2023	43,338
Thereafter	180,729
Total	$	468,452

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



2019	$	2,127
2020	2,291
2021	2,368
2022	2,364
2023	2,403
Thereafter	105,961
Total	$	117,514

Real Estate Investments and Equity Method Investments (Tables)

12 Months Ended

Dec. 31, 2018

Real Estate [Abstract]

Schedule of real estate investments

The Company’s real estate investments comprised the following as of December 31, 2018 and 2017 (in thousands):



	December 31, 2018
	Income producing property		Held for development		Construction in progress		Total
Land	$	192,677	$	2,994	$	17,961	$	213,632
Land improvements	53,521		—		—		53,521
Buildings and improvements	791,719		—		—		791,719
Development and construction costs	—		—		117,714		117,714
Real estate investments	$	1,037,917	$	2,994	$	135,675	$	1,176,586



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

Schedule 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

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



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

Summary of estimated fair values of assets acquired and liabilities assumed



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

Notes Receivable (Tables)

12 Months Ended

Dec. 31, 2018

Receivables [Abstract]

Summary of Mezzanine Loans

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



	Outstanding loan amount					Maximum loan commitment		Interest rate		Interest compounding
Development Project	December 31, 2018			December 31, 2017		Maximum loan commitment		Interest rate		Interest compounding
1405 Point	$	30,238		$	22,444	$	31,032	8.0	%	Monthly
The Residences at Annapolis Junction	36,361			43,021		48,105		10.0	%	Monthly
North Decatur Square	18,521			11,790		29,673		15.0	%	Annually
Delray Plaza	7,032			5,379		15,000		15.0	%	Annually
Nexton Square	14,855			—		21,000		15.0	%	Monthly
Interlock Commercial	18,269			—		95,000		15.0	%	None
Solis Apartments at Interlock	13,821			—		41,100		13.0	%	Annually
Total mezzanine	139,097			82,634		$	280,910
Other notes receivable	1,275			424
Notes receivable guarantee premium	2,800			—
Notes receivable discount, net (a)	(4,489		)	—
Total notes receivable	$	138,683		$	83,058

_______________________________________

(a) Represents the remaining unamortized portion of the $5.0 million option purchase fee for The Residences at Annapolis Junction paid by the borrower in November 2018.

Summary of Interest Income

The Company recognized interest income for the years ended December 31, 2018, 2017, and 2016 as follows (in thousands):



	Years Ended December 31,
Development Project	2018			2017		2016
1405 Point	$	2,080		$	1,741	$	1,204
The Residences at Annapolis Junction	4,939		(a)	4,132		2,018
North Decatur Square	2,212			1,035		—
Delray Plaza	928			163		—
Nexton Square	235			—		—
Interlock Commercial	202			—		—
Solis Apartments at Interlock	55			—		—
Total mezzanine	10,651			7,071		3,222
Other interest income	78			6		6
Total interest income	$	10,729		$	7,077	$	3,228

________________________________________

(a) Includes amortization of the $5.0 million option purchase fee paid by the borrower in November 2018.

Construction Contracts (Tables)

12 Months Ended

Dec. 31, 2018

Contractors [Abstract]

Summary of balances and changes of construction contracts



	Years Ended December 31,
	2018			2017			2016
Beginning backlog	$	49,167		$	217,718		$	83,433
New contracts/change orders	192,852			25,224			293,115
Work performed	(76,156		)	(193,775		)	(158,830		)
Ending backlog	$	165,863		$	49,167		$	217,718



	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	—			4,243
Transferred to receivables	(245		)	—
Construction contract costs and estimated earnings not billed during the period	352			—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	1,006			(1,206		)
Balance as of December 31, 2018	$	1,358		$	3,037

Net position of uncompleted construction contracts

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



	December 31,
	2018			2017
Costs incurred on uncompleted construction contracts	$	594,006		$	520,368
Estimated earnings	20,375			18,070
Billings	(616,060		)	(541,784		)
Net position	$	(1,679	)	$	(3,346	)



	December 31,
	2018			2017
Construction contract costs and estimated earnings in excess of billings	$	1,358		$	245
Billings in excess of construction contract costs and estimated earnings	(3,037		)	(3,591		)
Net position	$	(1,679	)	$	(3,346	)

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of debt

The Company’s indebtedness comprised the following as of December 31, 2018 and 2017 (dollars in thousands):



	Principal Balance						Interest Rate			Maturity Date
	December 31,						December 31,
	2018			2017			2018
Secured Debt
Columbus Village Note 1	$	—		$	6,080		LIBOR + 2.00%		(a)	April 5, 2018
Columbus Village Note 2	—			2,218			LIBOR + 2.00%			April 5, 2018
North Point Center Note 1 (b)	9,352			9,571			6.45	%		February 5, 2019
Greenside (Harding Place)	25,902			3,874			LIBOR + 2.95%			February 24, 2020
Premier (Town Center Phase VI)	19,214			1,505			LIBOR + 3.50%			June 29, 2020
Hoffler Place (King Street)	11,445			—			LIBOR + 3.24%			January 1, 2021
Summit Place (Meeting Street)	11,057			—			LIBOR + 3.24%			January 1, 2021
Southgate Square	21,442			20,708			LIBOR + 1.60%			April 29, 2021
4525 Main Street (c)	32,034			32,034			3.25	%		September 10, 2021
Encore Apartments (c)	24,966			24,966			3.25	%		September 10, 2021
Hanbury Village	19,019			19,503			3.78	%		August 15, 2022
Socastee Commons	4,671			4,771			4.57	%		January 6, 2023
Sandbridge Commons	8,258			8,468			LIBOR + 1.75%			January 17, 2023
249 Central Park Retail (d)	17,045			16,851			LIBOR + 1.60%			August 10, 2023
South Retail (d)	7,483			7,394			LIBOR + 1.60%			August 10, 2023
Fountain Plaza Retail (d)	10,257			10,145			LIBOR + 1.60%			August 10, 2023
Lightfoot Marketplace	10,500			10,500			LIBOR + 1.75%		(a)	October 12, 2023
Brooks Crossing Office	6,910			—			LIBOR + 1.60%			July 1, 2025
Market at Mill Creek	7,283			—			LIBOR + 1.55%			July 12, 2025
Johns Hopkins Village	52,708			46,698			LIBOR + 1.25%		(a)	August 7, 2025
North Point Center Note 2	2,346			2,459			7.25	%		September 15, 2025
Lexington Square	14,940			—			4.50	%		September 1, 2028
Smith's Landing	18,985			19,764			4.05	%		June 1, 2035
Liberty Apartments	14,437			14,694			5.66	%		November 1, 2043
The Cosmopolitan	44,468			45,209			3.35	%		July 1, 2051
Total secured debt	$	394,722		$	307,412
Unsecured Debt
Senior unsecured revolving credit facility	126,000			66,000			LIBOR+1.40%-2.00%			October 26, 2021
Senior unsecured term loan	80,000			50,000			LIBOR+1.35%-1.95%			October 26, 2022
Senior unsecured term loan	50,000			50,000			LIBOR+1.35%-1.95%		(a)	October 26, 2022
Senior unsecured term loan	50,000			50,000			LIBOR+1.35%-1.95%		(a)	October 26, 2022
Total unsecured debt	$	306,000		$	216,000
Total principal balances	$	700,722		$	523,412
Unamortized fair value adjustments	(1,173		)	(1,211		)
Unamortized debt issuance costs	(5,310		)	(4,929		)
Indebtedness, net	$	694,239		$	517,272

________________________________________

(a) Subject to an interest rate swap agreement.

(b) On January 31, 2019, North Point Note 1 was paid off.

(d) Cross collateralized.

Components of debt

The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2018 and 2017 (in thousands):



	December 31,
	2018		2017
Fixed-rate debt	$	348,426	$	229,051
Variable-rate debt	352,296		294,361
Total principal balance	$	700,722	$	523,412

Scheduled principal repayments and term-loan maturities

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



Year	Scheduled Principal Payments		Maturities		Total Payments
2019	$	5,593	$	9,333	$	14,926	⁽¹⁾
2020	6,626		45,116		51,742
2021	5,821		222,744		228,565
2022	4,803		197,109		201,912
2023	11,264		47,244		58,508
Thereafter	71,475		73,594		145,069
Total	$	105,582	$	595,140	$	700,722

________________________________________

(1) On January 31, 2019, North Point Note 1 was paid off; this is the only debt maturity in 2019.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of LIBOR interest rate caps

During the three years ended December 31, 2018, the Company had the following LIBOR interest rate caps ($ in thousands):



Origination Date	Expiration Date	Notional Amount		Strike Rate		Premium Paid
10/26/2015	10/15/2017	$	75,000	1.25	%	$	137
2/25/2016	3/1/2018	75,000		1.50	%	57
6/17/2016	6/17/2018	70,000		1.00	%	150
2/7/2017	3/1/2019	50,000		1.50	%	187
6/23/2017	7/1/2019	50,000		1.50	%	154
9/18/2017	10/1/2019	50,000		1.50	%	199
7/28/2017	12/1/2019	50,000		1.50	%	359
3/7/2018	4/1/2020	50,000		2.25	%	310
7/16/2018	8/1/2020	50,000		2.50	%	319
12/11/2018	1/1/2021	50,000		2.75	%	210

Schedule of derivatives

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



	December 31,
	2018							2017
			Fair Value							Fair Value
Derivatives not designated as accounting hedges	Notional Amount		Asset		Liability			Notional Amount		Asset		Liability
Interest rate swaps	$	100,000	$	303	$	(749	)	$	56,079	$	10	$	(69	)
Interest rate caps	350,000		1,790		—			345,000		1,515		—
Total derivatives not designated as accounting hedges	450,000		2,093		(749		)	401,079		1,525		(69		)
Interest rate swaps designated as accounting hedge	63,208		—		(1,725		)	—		—		—
Total derivatives	$	513,208	$	2,093	$	(2,474	)	$	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 years ended December 31, 2018, 2017, and 2016 was as follows (in thousands):



	Years Ended December 31,
	2018			2017		2016
Interest rate swaps	$	(2,281	)	$	770	$	(795	)
Interest rate caps	(564		)	357		(146		)
Total change in fair value of interest rate derivatives	$	(2,845	)	$	1,127	$	(941	)
Comprehensive income statement presentation:
Change in fair value of interest rate derivatives	$	(951	)	$	1,127	$	(941	)
Unrealized cash flow hedge losses	(1,894		)	—		—
Total	$	(2,845	)	$	1,127	$	(941	)

- 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
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

Equity (Tables)

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Tax treatment of dividends paid

The tax treatment of dividends paid to common stockholders during the years ended December 31, 2018, 2017, and 2016 was as follows (unaudited):



	Years ended December 31,
	2018		2017		2016
Capital gains	9.49	%	9.06	%	—	%
Ordinary income	63.40	%	71.59	%	78	%
Return of capital	27.11	%	19.35	%	22	%
Total	100.00	%	100.00	%	100	%

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

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

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

The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2018:



	Restricted Stock Awards		Weighted Average Grant Date Fair Value Per Share
Nonvested as of January 1, 2018	112,789		$	13.14
Granted	164,241		13.66
Vested	(137,431	)	13.22
Forfeited	(14,370	)	13.55
Nonvested as of December 31, 2018	125,229		$	13.68

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2018 and 2017 were as follows (in thousands):



	December 31,
	2018				2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
Indebtedness, net	$	694,239	$	688,437	$	517,272	$	518,417
Notes receivable	138,683		138,683		83,058		83,058
Interest rate swap liabilities	2,474		2,474		69		69
Interest rate swap and cap assets	2,093		2,093		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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Summary of income tax provision

The income tax benefit (provision) for the years ended December 31, 2018, 2017, and 2016 comprised the following (in thousands):



	Years Ended December 31,
	2018			2017			2016
Federal income taxes:
Current	$	(14	)	$	(516	)	$	(197	)
Deferred	37			(131		)	(109		)
State income taxes:
Current	(1		)	(62		)	(24		)
Deferred	7			(16		)	(13		)
Income tax benefit (provision)	$	29		$	(725	)	$	(343	)

Other Assets (Tables)

12 Months Ended

Dec. 31, 2018

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

Summary of other assets

Other assets were comprised of the following as of December 31, 2018 and 2017 (in thousands):



	December 31,
	2018		2017
Acquired lease intangibles, net	$	29,182	$	29,881
Leasing costs, net	10,881		9,651
Leasing incentives, net	3,592		4,217
Interest rate swaps and caps	2,093		1,515
Prepaid expenses and other	8,165		8,937
Advance deposits on property acquisitions	50		400
Preacquisition development costs	1,214		1,352
Other assets	$	55,177	$	55,953

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2018

Other Liabilities Disclosure [Abstract]

Summary of other liabilities

Other liabilities were comprised of the following as of December 31, 2018 and 2017 (in thousands):



	December 31,
	2018		2017
Dividends and distributions payable	$	13,527	$	11,887
Deferred ground rent payable	9,287		8,732
Acquired lease intangibles, net	12,678		13,829
Prepaid rent and other	6,309		3,171
Security deposits	1,927		1,674
Interest rate swaps	2,475		59
Other liabilities	$	46,203	$	39,352

Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2018

Acquired Lease Intangibles

Summary of the company's acquired lease intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2018 (in thousands):



	December 31, 2018
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	57,689	$	32,370	$	25,319
Above-market lease assets	4,917		2,676		2,241
Below-market lease liabilities	18,692		6,014		12,678
Below-market ground lease assets	1,920		299		1,621

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



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

Estimated amortization of acquired lease intangibles

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



					Depreciation and
	Rental Revenues		Rental Expenses		Amortization
Year ending December 31,
2019	$	859	$	53	$	5,967
2020	730		53		4,314
2021	742		53		2,846
2022	725		53		2,218
2023	703		53		1,969

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Summary of guarantees

The following table summarizes the guarantees made by the Company as of December 31, 2018 (in thousands):



Development project	Payment guarantee amount
1405 Point	$	25,000
The Residences at Annapolis Junction	8,300
Delray Plaza	4,750		(a)
Nexton Square	—		(b)
Interlock Commercial	—		(c)
Solis Apartments at Interlock	—		(d)
City Center	18,457		(e)
Total	$	56,507

________________________________________

(a) On January 8, 2019, the mezzanine loan and senior construction loan were modified, and the payment guarantee amount increased to $5.2 million.

(d) There is no payment guarantee for the senior construction loan on this project. The Company has guaranteed completion of the development project to the senior lender.

(e) Durham City Center is accounted for as an equity method investment.

Schedule of future minimum rental payments

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



2019	$	71,838
2020	63,981
2021	57,295
2022	51,271
2023	43,338
Thereafter	180,729
Total	$	468,452

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



2019	$	2,127
2020	2,291
2021	2,368
2022	2,364
2023	2,403
Thereafter	105,961
Total	$	117,514

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Data [Abstract]

Summary certain selected quarterly financial data

The following tables summarize certain selected quarterly financial data for 2018 and 2017 (in thousands, except per share data):



	2018 Quarters
	First		Second		Third		Fourth
Rental revenues	$	28,699	$	28,598	$	28,930	$	30,731
General contracting and real estate services revenues	23,050		20,654		19,950		12,705
Net operating income	20,098		19,908		19,964		21,114
Net income	6,983		5,945		5,669		4,895
Net income attributable to stockholders	5,040		4,319		4,202		3,642
Net income per share: basic and diluted	$	0.11	$	0.09	$	0.09	$	0.07



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

Business and Organization - Additional Information (Details)	Dec. 31, 2018	Dec. 31, 2017
Business and Organization
Percentage of operating partnerships held	74.50%	72.00%
General Partner
Business and Organization
Percentage of operating partnerships held	0.10%

Business and Organization - Schedule of Owned Properties (Details)	Dec. 31, 2018
4525 Main Street \| Office
Business and Organization
Ownership interest percentage in property	100.00%
Armada Hoffler Tower \| Office
Business and Organization
Ownership interest percentage in property	100.00%
One Columbus \| Office
Business and Organization
Ownership interest percentage in property	100.00%
Two Columbus \| Office
Business and Organization
Ownership interest percentage in property	100.00%
249 Central Park Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Alexander Pointe \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Bermuda Crossroads \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Broad Creek Shopping Center \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Broadmoor Plaza \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Columbus Village \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Columbus Village II \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Commerce Street Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Courthouse 7-Eleven \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Dick’s at Town Center \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Dimmock Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Fountain Plaza Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Gainsborough Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Greentree Shopping Center \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Hanbury Village \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Harper Hill Commons \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Harrisonburg Regal \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Indian Lakes Crossing \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Lexington Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Lightfoot Marketplace \| Retail
Business and Organization
Ownership interest percentage in property	70.00%
North Hampton Market \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
North Point Center \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Oakland Marketplace \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Parkway Centre \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Parkway Marketplace \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Patterson Place \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Perry Hall Marketplace \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Providence Plaza \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Renaissance Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Sandbridge Commons \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Socastee Commons \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Southgate Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Southshore Shops \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
South Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
South Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Stone House Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Studio 56 Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Tyre Neck Harris Teeter \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Wendover Village \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Encore Apartments \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Johns Hopkins Village \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Liberty Apartments \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Smith’s Landing \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
The Cosmopolitan \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%

Business and Organization - Schedule of Properties Under Development or Construction (Details)	12 Months Ended
	Dec. 31, 2018
Town Center Phase VI \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Town Center Phase VI \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Greenside (Harding Place) \| Multifamily
Business and Organization
Ownership interest percentage in property	80.00%
Hoffler Place (King Street) \| Multifamily
Business and Organization
Ownership interest percentage in property	93.00%
Summit Place (Meeting Street) \| Multifamily
Business and Organization
Ownership interest percentage in property	90.00%
Brooks Crossing \| Retail
Business and Organization
Ownership interest percentage in property	65.00%
Brooks Crossing \| Office
Business and Organization
Ownership interest percentage in property	65.00%
Lightfoot outparcel \| Retail
Business and Organization
Ownership interest percentage in property	70.00%
Market at Mill Creek \| Retail
Business and Organization
Ownership interest percentage in property	70.00%
Wills Wharf \| Mixed-use
Business and Organization
Ownership interest percentage in property	100.00%
Greenside (Harding Place)
Business and Organization
Preferred return	9.00%
Brooks Crossing
Business and Organization
Preferred return	8.00%
Lightfoot Marketplace
Business and Organization
Preferred return	9.00%
Market at Mill Creek
Business and Organization
Preferred return	10.00%

Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016 acquisition	Dec. 31, 2018 USD ($) business_segment shares	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 USD ($) shares	Jan. 01, 2019 USD ($)	Oct. 01, 2016 USD ($)	Jan. 01, 2016 USD ($)
Accounting Policies [Line Items]
Business segments \| business_segment		4
Interest receivable		$ 271	$ 7,071	$ 3,222
Common shares tendered for tax withholding		409	289	218
Straight-line rent adjustments		2,700	1,200	1,100
Contingent rents included in revenue		300	400	400
Leasing incentive amortization		700	800	800
Interest capitalized		5,000	1,300	1,000
Indirect project costs		3,100	2,400	1,700
Capitalized preacquisition development costs		1,214	1,352
Impairment charges		1,500
Accounts receivable, net		19,016	15,691
Allowance for doubtful accounts		600	500
Stock-based compensation expense		1,281	1,323	1,082
Capitalized stock-based compensation		$ 700	$ 400	$ 300
Percentage of taxable income for distributions to stockholders		90.00%
Dilutive shares outstanding (in shares) \| shares		0	0	0
Number of acquisitions \| acquisition	2
Accrued Straight-line Rental Revenue
Accounting Policies [Line Items]
Accounts receivable, net		$ 15,200	$ 12,800
Accounting Standards Update 2017-01
Accounting Policies [Line Items]
Cost capitalized subsequent to acquisition						$ 700
Pro Forma \| Accounting Standards Update 2017-01
Accounting Policies [Line Items]
Cost capitalized subsequent to acquisition							$ 1,400
Reclassification Of Earned Interest Income \| Restatement Adjustment
Accounting Policies [Line Items]
Interest receivable			7,100	$ 3,200
Reclassification For Shares Tendered For Tax Withholding \| Restatement Adjustment
Accounting Policies [Line Items]
Common shares tendered for tax withholding			$ 300	$ 200
Minimum \| Forecast \| Accounting Standards Update 2016-02
Accounting Policies [Line Items]
Right-of-use assets					$ 30,000
Operating lease liability					30,000
Maximum \| Forecast \| Accounting Standards Update 2016-02
Accounting Policies [Line Items]
Right-of-use assets					45,000
Operating lease liability					$ 45,000

Significant Accounting Policies - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2018
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years
Capital improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Capital improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years

Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information
Rental revenues	$ 30,731	$ 28,930	$ 28,598	$ 28,699	$ 27,654	$ 27,096	$ 26,755	$ 27,232	$ 116,958	$ 108,737	$ 99,355
Rental expenses									27,222	25,422	21,904
Real estate taxes									11,383	10,528	9,629
Net operating income	21,114	19,964	19,908	20,098	19,211	19,397	20,645	20,978
Operating Segments
Segment Reporting Information
Net operating income									81,084	80,231	73,477
Operating Segments \| Office real estate
Segment Reporting Information
Rental revenues									20,701	19,207	20,929
Rental expenses									5,858	5,483	5,560
Real estate taxes									2,034	1,859	2,000
Net operating income									12,809	11,865	13,369
Operating Segments \| Retail real estate
Segment Reporting Information
Rental revenues									67,959	63,109	56,511
Rental expenses									10,903	10,234	9,116
Real estate taxes									6,801	6,175	5,395
Net operating income									50,255	46,700	42,000
Operating Segments \| Multifamily residential real estate
Segment Reporting Information
Rental revenues									28,298	26,421	21,915
Rental expenses									10,461	9,705	7,228
Real estate taxes									2,548	2,494	2,234
Net operating income									15,289	14,222	12,453
Operating Segments \| General contracting and real estate services
Segment Reporting Information
Net operating income									2,731	7,444	5,655
General contracting and real estate services revenues
Segment Reporting Information
Segment revenues	$ 12,705	$ 19,950	$ 20,654	$ 23,050	$ 32,643	$ 41,201	$ 56,671	$ 63,519	76,359	194,034	159,030
Segment expenses									73,628	186,590	153,375
General contracting and real estate services revenues \| Operating Segments \| General contracting and real estate services
Segment Reporting Information
Segment revenues									76,359	194,034	159,030
Segment expenses									$ 73,628	$ 186,590	$ 153,375

Segments - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information
Non-cash stock compensation									$ 1,281	$ 1,323	$ 1,082
General and Administrative Expenses
Segment Reporting Information
Non-cash stock compensation									1,100	900	700
General contracting and real estate services
Segment Reporting Information
Non-cash stock compensation									200	300	200
General contracting and real estate services revenues
Segment Reporting Information
General contracting and real estate services revenues	$ 12,705	$ 19,950	$ 20,654	$ 23,050	$ 32,643	$ 41,201	$ 56,671	$ 63,519	76,359	194,034	159,030
General contracting and real estate services expenses									73,628	186,590	153,375
General contracting and real estate services revenues \| General contracting and real estate services \| Intersegment Eliminations
Segment Reporting Information
General contracting and real estate services revenues									134,400	51,500	43,300
General contracting and real estate services expenses									$ 133,400	$ 51,000	$ 42,700

Segments - Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information
Net operating income	$ 21,114	$ 19,964	$ 19,908	$ 20,098	$ 19,211	$ 19,397	$ 20,645	$ 20,978
Depreciation and amortization									$ (39,913)	$ (37,321)	$ (35,328)
General and administrative expenses									(11,431)	(10,435)	(9,552)
Acquisition, development and other pursuit costs									(352)	(648)	(1,563)
Impairment charges									(1,619)	(110)	(355)
Interest income									10,729	7,077	3,228
Interest expense									(19,087)	(17,439)	(16,466)
Equity in income of unconsolidated real estate entities									372	0	0
Loss on extinguishment of debt									(11)	(50)	(82)
Gain on real estate dispositions									4,254	8,087	30,533
Change in fair value of interest rate derivatives									(951)	1,127	(941)
Other income									388	131	147
Income tax benefit (provision)									29	(725)	(343)
Net income	$ 4,895	$ 5,669	$ 5,945	$ 6,983	$ 5,768	$ 10,461	$ 4,943	$ 8,753	23,492	29,925	42,755
Operating Segments
Segment Reporting Information
Net operating income									81,084	80,231	73,477
Segment Reconciling Items
Segment Reporting Information
Depreciation and amortization									(39,913)	(37,321)	(35,328)
General and administrative expenses									(11,431)	(10,435)	(9,552)
Acquisition, development and other pursuit costs									(352)	(648)	(1,563)
Impairment charges									(1,619)	(110)	(355)
Interest income									10,729	7,077	3,228
Interest expense									(19,087)	(17,439)	(16,466)
Equity in income of unconsolidated real estate entities									372	0	0
Loss on extinguishment of debt									(11)	(50)	(82)
Gain on real estate dispositions									4,254	8,087	30,533
Change in fair value of interest rate derivatives									(951)	1,127	(941)
Other income									388	131	147
Income tax benefit (provision)									$ 29	$ (725)	$ (343)

Operating Leases - Additional Information (Details)	Dec. 31, 2018
Commercial Tenant Lease \| Minimum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	5 years
Commercial Tenant Lease \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	20 years
Multifamily residential real estate \| Minimum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	7 months
Multifamily residential real estate \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	15 months
Multifamily residential real estate \| Majority
Property Subject to or Available for Operating Lease [Line Items]
Lease term	12 months
Apartment Leases \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	1 year

Operating Leases - Commercial Tenant Leases, Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Operating lease
2019	$ 71,838
2020	63,981
2021	57,295
2022	51,271
2023	43,338
Thereafter	180,729
Total	$ 468,452

Real Estate Investments and Equity Method Investments - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Land	$ 213,632	$ 197,777
Land improvements	53,521	44,681
Buildings and improvements	791,719	690,120
Development and construction costs	117,714	61,859
Real estate investments	1,176,586	994,437	$ 908,287
Income producing property
Real Estate Properties [Line Items]
Land	192,677	175,885
Land improvements	53,521	44,681
Buildings and improvements	791,719	690,120
Development and construction costs	0	0
Real estate investments	1,037,917	910,686
Held for development
Real Estate Properties [Line Items]
Land	2,994	680
Land improvements	0	0
Buildings and improvements	0	0
Development and construction costs	0	0
Real estate investments	2,994	680
Construction in progress
Real Estate Properties [Line Items]
Land	17,961	21,212
Land improvements	0	0
Buildings and improvements	0	0
Development and construction costs	117,714	61,859
Real estate investments	$ 135,675	$ 83,071

Real Estate Investments and Equity Method Investments - Operating Property Acquisitions (Details) ft² in Thousands, $ in Thousands												12 Months Ended
	Feb. 06, 2019 USD ($)	Oct. 12, 2018 USD ($)	Aug. 28, 2018 USD ($)	Jan. 29, 2018 USD ($) shares	Jan. 09, 2018 USD ($)	Jul. 25, 2017 USD ($)	Nov. 17, 2016 USD ($) ft²	Oct. 13, 2016 USD ($) ft² shares	Aug. 04, 2016 USD ($) ft² shares	Apr. 29, 2016 USD ($) ft² shares	Jan. 14, 2016 USD ($) ft² portfolio	Dec. 31, 2018 USD ($) property	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Real Estate [Line Items]
Acquisition, common units/shares issued (in shares) \| shares								2,000,000
Acquisition, contract price								$ 26,200
Cash consideration for acquisition												$ 57,544	$ 30,026	$ 195,645
Indian Lakes Crossing
Real Estate [Line Items]
Purchase price					$ 14,700
Capitalized acquisition costs					$ 200
Parkway Centre
Real Estate [Line Items]
Purchase price				$ 11,300
Capitalized acquisition costs				300
Acquisition, cash consideration				9,600
Equity interests issued and issuable				$ 1,700
Lexington Square
Real Estate [Line Items]
Purchase price			$ 26,800
Capitalized acquisition costs			400
Acquisition, cash consideration			24,200
Equity interests issued and issuable			$ 2,600
Length of additional consideration contingency			18 months
Indian Lakes Crossing, Parkway Centre, And Lexington Square
Real Estate [Line Items]
Number of operating properties acquired \| property												3
11- asset retail portfolio
Real Estate [Line Items]
Purchase price											$ 170,500
Number of acquired assets in portfolio \| portfolio											11
Area of property acquired \| ft²											1,100
Southgate Square
Real Estate [Line Items]
Purchase price		$ 5,300								$ 39,500
Area of property acquired \| ft²										220
Acquisition, common units/shares issued (in shares) \| shares										1,575,185
Period for option to buy adjacent land, option one										2 years
Period for option to buy adjacent land, option two										1 year
Southshore Shops
Real Estate [Line Items]
Purchase price									$ 9,300
Acquisition, cash consideration									$ 6,700
Area of property acquired \| ft²									40
Acquisition, common units/shares issued (in shares) \| shares									189,160
Columbus Village II
Real Estate [Line Items]
Area of property acquired \| ft²								92
Acquisition, common units/shares issued (in shares) \| shares								2,000,000
Acquisition, contract price								$ 26,200
Renaissance Place
Real Estate [Line Items]
Area of property acquired \| ft²							80
Renaissance Square
Real Estate [Line Items]
Cash consideration for acquisition							$ 17,100
Wendover Village Ourparcel Phase \| Greensboro, North Carolina
Real Estate [Line Items]
Payments for purchase of land						$ 14,300
Capitalized acquisition costs						$ 100
Class A units \| Parkway Centre
Real Estate [Line Items]
Acquisition, common units/shares issued (in shares) \| shares				117,228
Class A units \| Southgate Square
Real Estate [Line Items]
Acquisition, assumption of debt										$ 21,100
Subsequent Event \| Wendover Village
Real Estate [Line Items]
Purchase price	$ 2,700

Real Estate Investments and Equity Method Investments - Summary of the Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jul. 25, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Net assets acquired			$ 263,361
Indian Lakes Crossing
Business Acquisition [Line Items]
Below-market leases	$ (175)
Net assets acquired	14,854
Wendover Village Ourparcel Phase
Business Acquisition [Line Items]
Below-market leases		$ (50)
Net assets acquired		14,418
Parkway Centre
Business Acquisition [Line Items]
Below-market leases	(10)
Net assets acquired	11,572
Lexington Square
Business Acquisition [Line Items]
Below-market leases	(447)
Net assets acquired	24,574
Land \| Indian Lakes Crossing
Business Acquisition [Line Items]
Property, plant, and equipment	10,926
Land \| Wendover Village Ourparcel Phase
Business Acquisition [Line Items]
Property, plant, and equipment		5,550
Land \| Parkway Centre
Business Acquisition [Line Items]
Property, plant, and equipment	1,372
Land \| Lexington Square
Business Acquisition [Line Items]
Property, plant, and equipment	3,036
Site improvements \| Indian Lakes Crossing
Business Acquisition [Line Items]
Property, plant, and equipment	531
Site improvements \| Wendover Village Ourparcel Phase
Business Acquisition [Line Items]
Property, plant, and equipment		232
Site improvements \| Parkway Centre
Business Acquisition [Line Items]
Property, plant, and equipment	696
Site improvements \| Lexington Square
Business Acquisition [Line Items]
Property, plant, and equipment	7,396
Building and improvements \| Indian Lakes Crossing
Business Acquisition [Line Items]
Property, plant, and equipment	1,913
Building and improvements \| Wendover Village Ourparcel Phase
Business Acquisition [Line Items]
Property, plant, and equipment		6,977
Building and improvements \| Parkway Centre
Business Acquisition [Line Items]
Property, plant, and equipment	7,168
Building and improvements \| Lexington Square
Business Acquisition [Line Items]
Property, plant, and equipment	10,387
In-place lease assets \| Indian Lakes Crossing
Business Acquisition [Line Items]
Finite-lived intangibles	1,648
In-place lease assets \| Wendover Village Ourparcel Phase
Business Acquisition [Line Items]
Finite-lived intangibles		1,382
In-place lease assets \| Parkway Centre
Business Acquisition [Line Items]
Finite-lived intangibles	2,346
In-place lease assets \| Lexington Square
Business Acquisition [Line Items]
Finite-lived intangibles	4,113
Above-market leases \| Indian Lakes Crossing
Business Acquisition [Line Items]
Finite-lived intangibles	11
Above-market leases \| Wendover Village Ourparcel Phase
Business Acquisition [Line Items]
Finite-lived intangibles		$ 327
Above-market leases \| Parkway Centre
Business Acquisition [Line Items]
Finite-lived intangibles	0
Above-market leases \| Lexington Square
Business Acquisition [Line Items]
Finite-lived intangibles	$ 89

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

Real Estate Investments and Equity Method Investments - Other Real Estate Transactions (Details)																			11 Months Ended	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 20, 2018 USD ($)	Jul. 02, 2018 renewal_term	May 24, 2018 USD ($)	Apr. 02, 2018 USD ($)	Feb. 16, 2018 USD ($)	Jan. 29, 2018 USD ($)	Aug. 10, 2017 USD ($)	Jul. 13, 2017 USD ($) property	Jul. 11, 2017 USD ($)	Jan. 20, 2017 USD ($)	Jan. 04, 2017 USD ($)	Dec. 22, 2016 USD ($)	Sep. 15, 2016 USD ($)	Jul. 29, 2016 USD ($)	Jun. 20, 2016 USD ($)	Jan. 08, 2016 USD ($)	Jan. 07, 2016 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jan. 18, 2018
Real Estate [Line Items]
Dispositions of real estate investments, net of selling costs																				$ 34,673,000	$ 12,557,000	$ 96,670,000
Charleston, South Carolina
Real Estate [Line Items]
Payments for purchase of land										$ 7,200,000		$ 7,100,000
Capitalized acquisition costs										$ 100,000		$ 200,000
Chesterfield, Virginia
Real Estate [Line Items]
Payments for purchase of land							$ 2,400,000
Capitalized acquisition costs							$ 100,000
Chesterfield, Virginia \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Dispositions of real estate investments, net of selling costs		$ 25,900,000
Gain (loss) on disposition of property		$ 3,400,000
Broad Creek Shopping Center \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Dispositions of real estate investments, net of selling costs	$ 2,400,000
Gain (loss) on disposition of property	$ 800,000
Chesapeake And Virginia Beach, Virginia \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Number of properties \| property									2
Net proceeds after transaction costs and tax protection payments									$ 7,900,000
Gain (loss) on disposition of property									$ 4,200,000
Sandbridge Commons \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Gain (loss) on disposition of property								$ 500,000
Proceeds from sale of land								$ 300,000
Economic Development Authority Building \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Net proceeds after transaction costs and tax protection payments																		$ 6,600,000
Gain (loss) on disposition of property																		$ 400,000
Richmond Tower \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Net proceeds after transaction costs and tax protection payments																	$ 77,000,000
Dispositions of real estate investments, net of selling costs																	78,000,000
Gain (loss) on disposition of property																	$ 26,200,000
Willowbrook Commons \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Dispositions of real estate investments, net of selling costs																$ 9,200,000
Gain (loss) on disposition of property																$ 100,000
Kroger Junction \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Dispositions of real estate investments, net of selling costs															$ 3,700,000
Gain (loss) on disposition of property															$ (100,000)
Oyster Point \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Net proceeds after transaction costs and tax protection payments														$ 0
Dispositions of real estate investments, net of selling costs														6,400,000
Gain (loss) on disposition of property														$ 3,800,000
Brooks Crossing \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Dispositions of real estate investments, net of selling costs													$ 400,000
Gain (loss) on disposition of property													$ 100,000
Market At Mill Creek Partners, LLC
Real Estate [Line Items]
Payments for purchase of land						$ 2,900,000
Capitalized acquisition costs						$ 100,000
Payments to acquire interest in subsidiaries and affiliates																			$ 21,100,000
Percentage of ownership																							70.00%
Brooks Crossing
Real Estate [Line Items]
Payments for purchase of land					$ 100,000
Indian Lakes Crossing \| Wawa Outparcel \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Dispositions of real estate investments, net of selling costs				$ 4,400,000
Gain (loss) on disposition of property				$ 0
Wills Wharf
Real Estate [Line Items]
Lease term			5 years
Number of renewal terms \| renewal_term			10
Extension term			7 years
Greentree Shopping Center \| Wawa \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Net proceeds after transaction costs and tax protection payments											$ 4,400,000
Gain (loss) on disposition of property											$ 3,400,000
Charlotte, NC
Real Estate [Line Items]
Purchase of land conjunction with joint venture project																						$ 5,700,000

Real Estate Investments and Equity Method Investments - Equity Method Investments (Details)	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Feb. 25, 2016 story
Real Estate [Line Items]
Equity method investments	$ 22,203,000	$ 11,411,000
Construction loan outstanding	694,239,000	517,272,000
Income from equity method investment	372,000	0	$ 0
Durham City Center II LLC
Real Estate [Line Items]
Construction loan outstanding	18,500,000	11,200,000
22-story mixed use tower \| Durham City Center II LLC
Real Estate [Line Items]
Interests in equity method investments				37.00%
Number stories in the mixed use tower \| story				22
Payments to acquire equity method investments	7,300,000	11,200,000
Equity method investments	22,200,000	11,400,000
Investment in equity method investments	21,300,000	10,900,000
Assets being used as collateral for the construction loan				100.00%
Income from equity method investment	400,000	0	0
Dividends from equity investment		0	$ 0
Durham City Center II LLC \| Durham City Center II LLC
Real Estate [Line Items]
Construction loan outstanding	$ 48,900,000	$ 29,200,000

Notes Receivable (Summary of Mezzanine Loans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 21, 2018	Dec. 04, 2018	Nov. 10, 2018	Oct. 27, 2017	May 15, 2017
Notes Receivable
Outstanding loan amount	$ 138,683	$ 83,058
Notes receivable guarantee premium	2,800	0
Notes receivable discount, net	(4,489)	0
Total notes receivable	138,683	83,058
Interest income	10,729	7,077	$ 3,228
Mezzanine Loan
Notes Receivable
Outstanding loan amount	139,097	82,634
Maximum loan commitment	280,910
Interest income	10,651	7,071	3,222
Other notes receivable
Notes Receivable
Outstanding loan amount	1,275	424
Interest income	78	6	6
1405 Point \| Mezzanine Loan
Notes Receivable
Outstanding loan amount	30,238	22,444
Maximum loan commitment	$ 31,032					$ 31,000
Interest rate	8.00%
Interest income	$ 2,080	1,741	1,204
The Residences at Annapolis Junction \| Mezzanine Loan
Notes Receivable
Outstanding loan amount	36,361	43,021
Maximum loan commitment	$ 48,105
Interest rate	10.00%
Interest income	$ 4,939	4,132	2,018
North Decatur Square \| Mezzanine Loan
Notes Receivable
Outstanding loan amount	18,521	11,790
Maximum loan commitment	$ 29,673							$ 21,800
Interest rate	15.00%
Interest income	$ 2,212	1,035	0
Delray Plaza \| Mezzanine Loan
Notes Receivable
Outstanding loan amount	7,032	5,379
Maximum loan commitment	$ 15,000						$ 13,100
Interest rate	15.00%						15.00%
Interest income	$ 928	163	0
Nexton Square \| Mezzanine Loan
Notes Receivable
Outstanding loan amount	$ 14,855	0
Maximum loan commitment					$ 21,000
Interest rate	15.00%
Interest income	$ 235	0	0
Interlock Commercial \| Mezzanine Loan
Notes Receivable
Outstanding loan amount	18,269	0
Maximum loan commitment	$ 95,000			$ 95,000
Interest rate	15.00%
Interest income	$ 202	0	0
Solis Apartments at Interlock \| Mezzanine Loan
Notes Receivable
Outstanding loan amount	13,821	0
Maximum loan commitment	$ 41,100
Interest rate	13.00%
Interest income	$ 55	$ 0	$ 0

Notes Receivable (Details)								1 Months Ended	12 Months Ended
Notes Receivable (Details)	Feb. 08, 2019 USD ($)	Dec. 21, 2018 USD ($)	Dec. 04, 2018 USD ($)	Nov. 16, 2018 USD ($)	Nov. 10, 2016 USD ($)	Sep. 30, 2016 USD ($)	Oct. 15, 2015 USD ($) ft² unit story	Aug. 31, 2018 USD ($) building	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jan. 08, 2019 USD ($)	Nov. 21, 2018 USD ($)	Nov. 10, 2018 USD ($)	Oct. 31, 2018 USD ($)	Oct. 27, 2017 USD ($)	May 15, 2017 USD ($)	Apr. 21, 2016 USD ($) ft² unit room
Notes Receivable
Allowances for loan losses									$ 0	$ 0
Provision for loan losses									0	0	$ 0
Debt repayments									173,855,000	160,661,000	$ 186,533,000
Notes receivable									138,683,000	83,058,000
Guaranty liabilities									2,800,000
Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)									$ 56,507,000
1405 Point
Notes Receivable
Commitment to invest in a development project (up to)							$ 28,200,000.0
Number of stories \| story							17
Number of residential units \| unit							289
Area of retail space \| ft²							18,000
Interest acquired					88.00%				21.00%
1405 Point \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)					$ 25,000,000.0				$ 25,000,000
1405 Point \| Financial Guarantee \| Letter of Credit
Notes Receivable
Credit facility, amount outstanding									2,100,000	2,100,000
1405 Point \| BDG
Notes Receivable
Construction loan (up to)					67,000,000
Annapolis Junction Town Center
Notes Receivable
Number of residential units \| unit																		416
Area of retail space \| ft²																		17,000
Period after completion to exercise purchase option						1 year
Note receivable maximum principal balance																		$ 48,100,000.0
Number of rooms (room) \| room																		150
Interest acquired						88.00%
Purchase option price as percentage of lessor of budget or cost, first option						91.00%
Option to acquire additional interest						8.00%
Purchase option price as percentage of lessor of budget or cost, second option						9.00%
Period after completion to exercise additional purchase option						27 months
Annapolis Junction Town Center \| Loans Receivable
Notes Receivable
Interest rate																		10.00%
Annapolis Junction Town Center \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)						$ 25,000,000
Annapolis Junction Town Center \| Annapolis Junction Apartments Owner LLC
Notes Receivable
Construction loan (up to)						$ 60,000,000
Debt repayments				$ 11,100,000
Repayment of accrued interest				9,900,000
Repayments of principal				1,200,000
The Residences at Annapolis Junction \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)									8,300,000
The Residences at Annapolis Junction \| Annapolis Junction Apartments Owner LLC
Notes Receivable
Selling price									5,000,000
Delray Plaza \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)									$ 4,750,000
Shopping Center In Summerville, South Carolina
Notes Receivable
Number of buildings \| building								16
Nexton Square
Notes Receivable
Guarantor obligations percentage									50.00%
Nexton Square \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)									$ 0
Interlock Commercial
Notes Receivable
Guarantor obligations percentage									35.00%
Interlock Commercial \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)									$ 0
Solis Apartments At Interlock \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)									0
Decatur, Georgia \| Whole Foods Anchored Center \| Loans Receivable
Notes Receivable
Investment in development																	$ 34,000,000
Delray Beach, Florida \| Whole Foods Anchored Center \| Loans Receivable
Notes Receivable
Investment in development																$ 20,000,000
Mezzanine Loan
Notes Receivable
Maximum loan commitment									280,910,000
Notes receivable									139,097,000	82,634,000
Mezzanine Loan \| 1405 Point
Notes Receivable
Maximum loan commitment									$ 31,032,000					$ 31,000,000
Interest rate									8.00%
Notes receivable									$ 30,238,000	22,444,000
Mezzanine Loan \| The Residences at Annapolis Junction
Notes Receivable
Maximum loan commitment									$ 48,105,000
Interest rate									10.00%
Notes receivable									$ 36,361,000	43,021,000
Mezzanine Loan \| North Decatur Square
Notes Receivable
Maximum loan commitment									$ 29,673,000								$ 21,800,000
Interest rate									15.00%
Notes receivable									$ 18,521,000	11,790,000
Mezzanine Loan \| Delray Plaza
Notes Receivable
Maximum loan commitment									$ 15,000,000							$ 13,100,000
Interest rate									15.00%							15.00%
Notes receivable									$ 7,032,000	5,379,000
Mezzanine Loan \| Nexton Square
Notes Receivable
Maximum loan commitment			$ 21,000,000
Interest rate									15.00%
Interest rate, upon completion of portion of project			10.00%
Notes receivable									$ 14,855,000	0
Mezzanine Loan \| Interlock Commercial
Notes Receivable
Maximum loan commitment		$ 95,000,000							$ 95,000,000
Interest rate									15.00%
Notes receivable									$ 18,269,000	0
Maximum commitment, excluding accrued interest reserves		$ 67,000,000
Financing receivable term		24 months
Financing receivable term extension option		5 years
Mezzanine Loan \| Solis Apartments At Interlock
Notes Receivable
Maximum commitment, excluding accrued interest reserves		$ 25,200,000
Mezzanine Loan \| Solis Apartments at Interlock
Notes Receivable
Maximum loan commitment									$ 41,100,000
Interest rate									13.00%
Notes receivable									$ 13,821,000	$ 0
Bridge Loan \| Nexton Square
Notes Receivable
Maximum loan commitment													$ 4,900,000
Bridge Loan \| Annapolis Junction Town Center \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)				8,300,000.0
Bridge Loan \| Annapolis Junction Town Center \| Annapolis Junction Apartments Owner LLC
Notes Receivable
Debt, face value				$ 83,000,000
Bridge Loan \| The Residences at Annapolis Junction \| Annapolis Junction Apartments Owner LLC
Notes Receivable
Expiration period				1 year
Duration of extension option				1 year
Bridge Loan \| Shopping Center In Summerville, South Carolina
Notes Receivable
Notes receivable								$ 2,200,000
Bridge Loan \| Interlock Commercial
Notes Receivable
Notes receivable															$ 4,000,000
First Purchase Option \| 1405 Point
Notes Receivable
Purchase price					$ 27,600,000
Period after completion to exercise purchase option					1 year
Option to acquire additional interest					79.00%
First Purchase Option \| Annapolis Junction Town Center
Notes Receivable
Interest acquired						80.00%
Second Purchase Option \| 1405 Point
Notes Receivable
Purchase price					$ 3,100,000
Period after completion to exercise purchase option					27 months
Option to acquire additional interest					9.00%
Subsequent Event \| Delray Plaza \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)												$ 5,200,000
Subsequent Event \| Nexton Square \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)	$ 12,600,000
Subsequent Event \| Mezzanine Loan \| Delray Plaza
Notes Receivable
Maximum loan commitment												$ 15,000,000
Subsequent Event \| Mezzanine Loan \| Nexton Square
Notes Receivable
Proceeds from collection of loans receivable	2,100,000
Subsequent Event \| Construction Loans \| SC Summerville Brighton, LLC \| Line of Credit
Notes Receivable
Aggregate capacity under the credit facility	$ 25,200,000

Construction Contracts (Summary of Costs in Excess of Billings and Billings in Excess of Costs) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 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	352
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	1,006
Balance as of December 31, 2018	1,358
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	4,243
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	(1,206)
Balance as of December 31, 2018	$ 3,037

Construction Contracts - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Contractors [Abstract]
Deferred precontract costs	$ 1,400	$ 600
Amortization of pre-contract costs	100
Construction receivables retentions	8,500	9,900
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Retention payable	3,037	3,591
Construction
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Retention payable	$ 21,600	$ 17,400

Construction Contracts (Net Position of Uncompleted Construction Contracts) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Contractors [Abstract]
Costs incurred on uncompleted construction contracts	$ 594,006	$ 520,368
Estimated earnings	20,375	18,070
Billings	(616,060)	(541,784)
Net position	(1,679)	(3,346)
Construction contract costs and estimated earnings in excess of billings	1,358	245
Billings in excess of construction contract costs and estimated earnings	$ (3,037)	$ (3,591)

Construction Contracts (Summary of Backlog) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue, Remaining Performance Obligation [Roll Forward]
Beginning backlog	$ 49,167	$ 217,718	$ 83,433
New contracts/change orders	192,852	25,224	293,115
Work performed	(76,156)	(193,775)	(158,830)
Ending backlog	$ 165,863	$ 49,167	$ 217,718
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	12 months
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	18 months

Indebtedness - Schedule of Debt (Details) - USD ($) $ in Thousands				12 Months Ended
	Jul. 27, 2018	May 31, 2018	Jan. 22, 2018	Dec. 31, 2018	Aug. 28, 2018	Dec. 31, 2017	Nov. 01, 2017	Sep. 01, 2017	Aug. 09, 2017
Debt Instrument [Line Items]
Total principal balances				$ 700,722		$ 523,412
Unamortized fair value adjustments				(1,173)		(1,211)
Unamortized debt issuance costs				(5,310)		(4,929)
Indebtedness, net				$ 694,239		$ 517,272
LIBOR \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.40%
LIBOR \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				2.00%
LIBOR \| Term Loan Without Related Interest Rate Swap Agreemen \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.35%
LIBOR \| Term Loan Without Related Interest Rate Swap Agreemen \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.95%
LIBOR \| Term Loan With Related Interest Rate Swap \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.35%
LIBOR \| Term Loan With Related Interest Rate Swap \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.95%
Southgate Square \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		1.60%
Hanbury Village
Debt Instrument [Line Items]
Stated interest rate									3.78%
Sandbridge Commons \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.75%
Lightfoot Marketplace
Debt Instrument [Line Items]
Total principal balances							$ 10,500
Johns Hopkins Village \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.25%
The Cosmopolitan
Debt Instrument [Line Items]
Stated interest rate						3.75%		3.35%
Secured Debt
Debt Instrument [Line Items]
Total principal balances				$ 394,722		$ 307,412
Secured Debt \| Columbus Village \| Notes 1
Debt Instrument [Line Items]
Total principal balances				$ 0		6,080
Secured Debt \| Columbus Village \| Notes 1 \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				2.00%
Secured Debt \| Columbus Village \| Notes 2
Debt Instrument [Line Items]
Total principal balances				$ 0		2,218
Secured Debt \| Columbus Village \| Notes 2 \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				2.00%
Secured Debt \| North Point Center \| Notes 1
Debt Instrument [Line Items]
Total principal balances				$ 9,352		9,571
Stated interest rate				6.45%
Secured Debt \| North Point Center \| Notes 2
Debt Instrument [Line Items]
Total principal balances				$ 2,346		2,459
Stated interest rate				7.25%
Secured Debt \| Greenside (Harding Place)
Debt Instrument [Line Items]
Total principal balances				$ 25,902		3,874
Secured Debt \| Greenside (Harding Place) \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				2.95%
Secured Debt \| Premier (Town Center Phase VI)
Debt Instrument [Line Items]
Total principal balances				$ 19,214		1,505
Secured Debt \| Premier (Town Center Phase VI) \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				3.50%
Secured Debt \| Hoffler Place (King Street)
Debt Instrument [Line Items]
Total principal balances				$ 11,445		0
Secured Debt \| Hoffler Place (King Street) \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				3.24%
Secured Debt \| Summit Place (Meeting Street)
Debt Instrument [Line Items]
Total principal balances				$ 11,057		0
Secured Debt \| Summit Place (Meeting Street) \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				3.24%
Secured Debt \| Southgate Square
Debt Instrument [Line Items]
Total principal balances				$ 21,442		20,708
Secured Debt \| Southgate Square \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.60%
Secured Debt \| 4525 Main Street
Debt Instrument [Line Items]
Total principal balances				$ 32,034		32,034
Stated interest rate				3.25%
Secured Debt \| Encore Apartments
Debt Instrument [Line Items]
Total principal balances				$ 24,966		24,966
Stated interest rate				3.25%
Secured Debt \| Hanbury Village
Debt Instrument [Line Items]
Total principal balances				$ 19,019		19,503
Stated interest rate				3.782%
Secured Debt \| Socastee Commons
Debt Instrument [Line Items]
Total principal balances				$ 4,671		4,771
Stated interest rate				4.57%
Secured Debt \| Sandbridge Commons
Debt Instrument [Line Items]
Total principal balances				$ 8,258		8,468
Secured Debt \| Sandbridge Commons \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.75%
Secured Debt \| 249 Central Park Retail
Debt Instrument [Line Items]
Total principal balances				$ 17,045		16,851
Secured Debt \| 249 Central Park Retail \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.60%
Secured Debt \| South Retail
Debt Instrument [Line Items]
Total principal balances				$ 7,483		7,394
Secured Debt \| South Retail \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.60%
Secured Debt \| Fountain Plaza Retail
Debt Instrument [Line Items]
Total principal balances				$ 10,257		10,145
Secured Debt \| Fountain Plaza Retail \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.60%
Secured Debt \| Lightfoot Marketplace
Debt Instrument [Line Items]
Total principal balances				$ 10,500		10,500
Secured Debt \| Lightfoot Marketplace \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.75%
Secured Debt \| Brooks Crossing Office
Debt Instrument [Line Items]
Total principal balances				$ 6,910		0
Secured Debt \| Brooks Crossing Office \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.60%
Secured Debt \| Market at Mill Creek
Debt Instrument [Line Items]
Total principal balances				$ 7,283		0
Secured Debt \| Market at Mill Creek \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.55%
Secured Debt \| Johns Hopkins Village
Debt Instrument [Line Items]
Total principal balances				$ 52,708		46,698
Secured Debt \| Johns Hopkins Village \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.25%
Secured Debt \| Lexington Square
Debt Instrument [Line Items]
Total principal balances				$ 14,940		0
Stated interest rate				4.50%	4.50%
Secured Debt \| Smith’s Landing
Debt Instrument [Line Items]
Total principal balances				$ 18,985		19,764
Stated interest rate				4.05%
Secured Debt \| Liberty Apartments
Debt Instrument [Line Items]
Total principal balances				$ 14,437		14,694
Stated interest rate				5.66%
Secured Debt \| The Cosmopolitan
Debt Instrument [Line Items]
Total principal balances				$ 44,468		45,209
Stated interest rate				3.35%
Unsecured Debt
Debt Instrument [Line Items]
Total principal balances				$ 306,000		216,000
Unsecured Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Total principal balances				126,000		66,000
Unsecured Debt \| Term Loan Without Related Interest Rate Swap Agreemen
Debt Instrument [Line Items]
Total principal balances				80,000		50,000
Unsecured Debt \| Term Loan With Related Interest Rate Swap
Debt Instrument [Line Items]
Total principal balances				$ 50,000		$ 50,000

Indebtedness - Components of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total principal balances	$ 700,722	$ 523,412
Fixed-rate
Debt Instrument [Line Items]
Total principal balances	348,426	229,051
Variable-rate
Debt Instrument [Line Items]
Total principal balances	$ 352,296	$ 294,361

Indebtedness - Scheduled Principal Repayments and Term-loan Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Principal repayments and maturities
2019	$ 14,926
2020	51,742
2021	228,565
2022	201,912
2023	58,508
Thereafter	145,069
Total	700,722	$ 523,412
Monthly Principal Amortization
Principal repayments and maturities
2019	5,593
2020	6,626
2021	5,821
2022	4,803
2023	11,264
Thereafter	71,475
Total	105,582
Balloon Payments At Loan Maturity
Principal repayments and maturities
2019	9,333
2020	45,116
2021	222,744
2022	197,109
2023	47,244
Thereafter	73,594
Total	$ 595,140

Indebtedness - Additional Information (Details)																		12 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 ($) extension	Oct. 13, 2017 USD ($)	Aug. 10, 2017 USD ($)	Jul. 13, 2017 USD ($)	Apr. 07, 2017 USD ($)	Feb. 01, 2017 USD ($)	Aug. 30, 2016 USD ($)	Aug. 08, 2016 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Feb. 26, 2019 USD ($)	Jan. 31, 2019 USD ($)	Aug. 28, 2018 USD ($)	Mar. 28, 2018 USD ($)	Dec. 28, 2017 USD ($)	Nov. 01, 2017 USD ($)	Sep. 01, 2017	Aug. 09, 2017	Jun. 29, 2017 USD ($)	Feb. 24, 2017 USD ($)	Feb. 20, 2015 USD ($)
Debt Instrument [Line Items]
Total principal balances																		$ 700,722,000	$ 523,412,000
Debt and credit facility repayments, including principal amortization																		173,855,000	160,661,000	$ 186,533,000
Loss on extinguishment of debt																		11,000	$ 50,000	82,000
Sandbridge Commons
Debt Instrument [Line Items]
Repayment of debt												$ 700,000
Columbus Village
Debt Instrument [Line Items]
Repayment of debt								$ 8,300,000
Southgate Square
Debt Instrument [Line Items]
Debt, face value							$ 22,000,000
River City
Debt Instrument [Line Items]
Repayment of debt																		10,500,000
249 Central Park Retail, Fountain Plaza Retail, And South Retail
Debt Instrument [Line Items]
Debt, face value					$ 35,000,000
Johns Hopkins Village
Debt Instrument [Line Items]
Debt, face value		$ 53,000,000
Effective interest rate		4.19%
Lightfoot Marketplace
Debt Instrument [Line Items]
Total principal balances																										$ 10,500,000
Harrisonburg Regal
Debt Instrument [Line Items]
Repayment of debt														$ 3,200,000
Hanbury Village
Debt Instrument [Line Items]
Stated interest rate																												3.78%
The Cosmopolitan
Debt Instrument [Line Items]
Stated interest rate																			3.75%								3.35%
Liberty Apartments
Debt Instrument [Line Items]
Repayment of debt											$ 5,000,000
LIBOR \| Sandbridge Commons
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate									1.75%
LIBOR \| Southgate Square
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							1.60%
LIBOR \| River City
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate						1.50%
LIBOR \| 249 Central Park Retail, Fountain Plaza Retail, And South Retail
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.60%
LIBOR \| Johns Hopkins Village
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		1.25%
Note 5 \| North Point Center
Debt Instrument [Line Items]
Repayment of debt															$ 600,000
New Retail Mortgage
Debt Instrument [Line Items]
Proceeds from new mortgage																	$ 35,000,000
Debt assumed, term																	5 years
Loss on extinguishment of debt																	$ 100,000
New Retail Mortgage \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																	1.95%
New Block 11 Mortgage
Debt Instrument [Line Items]
Stated interest rate																3.25%
Proceeds from new mortgage																$ 57,000,000
Debt assumed, term																5 years
Loss on extinguishment of debt																				100,000
Unsecured Debt
Debt Instrument [Line Items]
Total principal balances																		306,000,000	$ 216,000,000
Construction Loans
Debt Instrument [Line Items]
Borrowings under construction loans																		86,900,000	8,900,000	$ 44,400,000
Secured Debt
Debt Instrument [Line Items]
Total principal balances																		394,722,000	307,412,000
Secured Debt \| Sandbridge Commons
Debt Instrument [Line Items]
Total principal balances																		8,258,000	8,468,000
Secured Debt \| Southgate Square
Debt Instrument [Line Items]
Total principal balances																		21,442,000	20,708,000
Secured Debt \| Market at Mill Creek
Debt Instrument [Line Items]
Total principal balances																		7,283,000	0
Secured Debt \| Johns Hopkins Village
Debt Instrument [Line Items]
Total principal balances																		$ 52,708,000	46,698,000
Secured Debt \| Lexington Square
Debt Instrument [Line Items]
Debt, face value																							$ 15,000,000
Stated interest rate																		4.50%					4.50%
Total principal balances																		$ 14,940,000	0
Secured Debt \| Lightfoot Marketplace
Debt Instrument [Line Items]
Total principal balances																		$ 10,500,000	10,500,000
Secured Debt \| Hanbury Village
Debt Instrument [Line Items]
Stated interest rate																		3.782%
Total principal balances																		$ 19,019,000	19,503,000
Secured Debt \| The Cosmopolitan
Debt Instrument [Line Items]
Stated interest rate																		3.35%
Total principal balances																		$ 44,468,000	45,209,000
Secured Debt \| Liberty Apartments
Debt Instrument [Line Items]
Stated interest rate																		5.66%
Total principal balances																		$ 14,437,000	14,694,000
Secured Debt \| LIBOR \| Sandbridge Commons
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																		1.75%
Secured Debt \| LIBOR \| Southgate Square
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																		1.60%
Secured Debt \| LIBOR \| Market at Mill Creek
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																		1.55%
Secured Debt \| LIBOR \| Johns Hopkins Village
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																		1.25%
Secured Debt \| LIBOR \| Lightfoot Marketplace
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																		1.75%
Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate on credit facility as of end of period (as a percent)																		4.05%
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Unused commitment fee																		0.15%
Revolving Credit Facility \| Minimum \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																		1.40%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Unused commitment fee																		0.25%
Revolving Credit Facility \| Maximum \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																		2.00%
Revolving Credit Facility \| Unsecured Debt
Debt Instrument [Line Items]
Total principal balances																		$ 126,000,000	$ 66,000,000
Senior Unsecured Term Loan Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																															$ 50,000,000.0
Interest rate on credit facility as of end of period (as a percent)																		4.00%
Senior Unsecured Term Loan Facility \| Minimum \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																		1.35%
Senior Unsecured Term Loan Facility \| Maximum \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																		1.95%
Line of Credit \| Construction Loans \| River City
Debt Instrument [Line Items]
Aggregate capacity under the credit facility						$ 16,300,000.0
Line of Credit \| Construction Loans \| Brooks Crossing
Debt Instrument [Line Items]
Aggregate capacity under the credit facility				$ 15,600,000.0
Line of Credit \| Construction Loans \| Market at Mill Creek
Debt Instrument [Line Items]
Aggregate capacity under the credit facility			$ 16,200,000.0
Line of Credit \| Construction Loans \| Greenside (Harding Place)
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																														$ 29,800,000.0
Line of Credit \| Construction Loans \| 595 King Street And 530 Meeting Street
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																									$ 66,500,000.0
Line of Credit \| Construction Loans \| LIBOR \| Brooks Crossing
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.60%
Line of Credit \| Construction Loans \| LIBOR \| Market at Mill Creek
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.55%
Line of Credit \| Secured Debt \| Lightfoot Marketplace
Debt Instrument [Line Items]
Aggregate capacity under the credit facility	$ 17,900,000.0
Proceeds from lines of credit	$ 10,500,000
Line of Credit \| Secured Debt \| Initial Tranche \| Lightfoot Marketplace
Debt Instrument [Line Items]
Effective interest rate	4.77%
Line of Credit \| Secured Debt \| Initial Tranche \| LIBOR \| Lightfoot Marketplace
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.75%
Operating Partnership \| New Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility										$ 300,000,000														$ 330,000,000
Operating Partnership \| Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																															150,000,000.0
Operating Partnership \| Revolving Credit Facility \| New Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility										150,000,000.0
Accordion feature maximum borrowing capacity										$ 450,000,000.0
Number of extension options \| extension										2
Duration of extension option										6 months
Extension fee percentage										0.075%
Operating Partnership \| Senior Unsecured Term Loan Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																															$ 125,000,000.0
Operating Partnership \| Senior Unsecured Term Loan Facility \| New Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility										$ 150,000,000														$ 180,000,000
249 Central Park Retail
Debt Instrument [Line Items]
Debt and credit facility repayments, including principal amortization																	$ 15,100,000
South Retail
Debt Instrument [Line Items]
Debt and credit facility repayments, including principal amortization																	6,700,000
Fountain Plaza Retail
Debt Instrument [Line Items]
Debt and credit facility repayments, including principal amortization																	$ 7,600,000
4525 Main Street
Debt Instrument [Line Items]
Debt and credit facility repayments, including principal amortization																$ 31,600,000
Encore Apartments
Debt Instrument [Line Items]
Debt and credit facility repayments, including principal amortization																$ 25,200,000
Virginia Beach, Virginia \| Line of Credit \| Construction Loans \| Town Center Phase VI
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																													$ 27,900,000.0
Chesapeake, Virginia \| Commonwealth Of Virginia
Debt Instrument [Line Items]
Repayment of debt													$ 4,900,000
Stabilization Of Property \| Line of Credit \| Secured Debt \| Initial Tranche \| Lightfoot Marketplace
Debt Instrument [Line Items]
Effective interest rate	4.62%
Stabilization Of Property \| Line of Credit \| Secured Debt \| Initial Tranche \| LIBOR \| Lightfoot Marketplace
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.60%
Subsequent Event \| New Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																						$ 355,000,000
Subsequent Event \| Revolving Credit Facility \| Unsecured Debt
Debt Instrument [Line Items]
Total principal balances																					$ 123,000,000
Subsequent Event \| Senior Unsecured Term Loan Facility \| New Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																						$ 205,000,000

Derivative Financial Instruments - Schedule of LIBOR interest rate caps (Details) - USD ($)	Dec. 31, 2018	Dec. 11, 2018	Jul. 16, 2018	Mar. 07, 2018	Dec. 31, 2017	Sep. 18, 2017	Jul. 28, 2017	Jun. 23, 2017	Feb. 07, 2017	Jun. 17, 2016	Feb. 25, 2016	Oct. 26, 2015
Derivatives
Notional Amount	$ 513,208,000				$ 401,079,000
LIBOR \| Interest rate caps
Derivatives
Notional Amount		$ 50,000,000	$ 50,000,000	$ 50,000,000		$ 50,000,000	$ 50,000,000	$ 50,000,000	$ 50,000,000	$ 70,000,000	$ 75,000,000	$ 75,000,000
Strike Rate		2.75%	2.50%	2.25%		1.50%	1.50%	1.50%	1.50%	1.00%	1.50%	1.25%
Premium Paid		$ 210,000	$ 319,000	$ 310,000		$ 199,000	$ 359,000	$ 154,000	$ 187,000	$ 150,000	$ 57,000	$ 137,000

Derivative Financial Instruments - Additional Information (Details)			3 Months Ended									12 Months Ended
	Oct. 12, 2018 USD ($)	Feb. 20, 2015 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Mar. 31, 2016 USD ($) swap	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jul. 27, 2018	Apr. 23, 2018 USD ($)	Jul. 13, 2015 USD ($)
Derivatives
Interest rate agreement, notional amount			$ 513,208,000				$ 401,079,000					$ 513,208,000	$ 401,079,000
Unrealized cash flow hedge losses												1,894,000	0	$ 0
Realized cash flow hedge losses reclassified to net income												(169,000)	0	0
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months			(300,000)									(300,000)
Net income			4,895,000	$ 5,669,000	$ 5,945,000	$ 6,983,000	5,768,000	$ 10,461,000	$ 4,943,000	$ 8,753,000		23,492,000	29,925,000	$ 42,755,000
Senior Unsecured Term Loan Facility
Derivatives
Aggregate capacity under the credit facility		$ 50,000,000.0
Senior Unsecured Term Loan Facility \| Operating Partnership
Derivatives
Aggregate capacity under the credit facility		$ 125,000,000.0
Interest rate swaps
Derivatives
Number of interest rate swaps hedge relationship terminated (swap) \| swap											2
One Month Libor \| Senior Unsecured Term Loan Facility \| Minimum
Derivatives
Stated interest rate, basis spread on variable rate		1.35%
One Month Libor \| Senior Unsecured Term Loan Facility \| Maximum
Derivatives
Stated interest rate, basis spread on variable rate		1.95%
One Month Libor \| Interest rate swaps
Derivatives
Interest rate agreement, notional amount		$ 50,000,000.0															$ 6,500,000.0
Fixed rate interest rate swap		2.00%															3.05%
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent \| Interest rate swaps
Derivatives
Net income											$ 700,000
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest \| Interest rate swaps
Derivatives
Net income											$ 400,000
Not Designated as Hedging Instrument
Derivatives
Interest rate agreement, notional amount			450,000,000				401,079,000					450,000,000	401,079,000
Not Designated as Hedging Instrument \| Interest rate swaps
Derivatives
Interest rate agreement, notional amount			$ 100,000,000				$ 56,079,000					$ 100,000,000	$ 56,079,000
Not Designated as Hedging Instrument \| Interest rate swaps \| Operating Partnership
Derivatives
Interest rate agreement, notional amount																$ 50,000,000
Fixed rate interest rate swap																2.783%
Johns Hopkins Village
Derivatives
Effective interest rate															4.19%
Secured Debt \| Lightfoot Marketplace \| Line of Credit
Derivatives
Aggregate capacity under the credit facility	$ 17,900,000.0
Proceeds from lines of credit	$ 10,500,000
Initial Tranche \| Secured Debt \| Lightfoot Marketplace \| Line of Credit
Derivatives
Effective interest rate	4.77%
Stabilization Of Property \| Initial Tranche \| Secured Debt \| Lightfoot Marketplace \| Line of Credit
Derivatives
Effective interest rate	4.62%

Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivatives
Notional Amount	$ 513,208	$ 401,079
Fair Value, Asset	2,093	1,525
Fair Value, Liability	(2,474)	(69)
Change in fair value	(2,845)	1,127	$ (941)
Change in fair value of interest rate derivatives	(951)	1,127	(941)
Unrealized cash flow hedge losses	(1,894)	0	0
Interest rate swaps
Derivatives
Change in fair value	(2,281)	770	(795)
Interest rate caps
Derivatives
Total change in fair value	(564)	357	$ (146)
Not Designated as Hedging Instrument
Derivatives
Notional Amount	450,000	401,079
Fair Value, Asset	2,093	1,525
Fair Value, Liability	(749)	(69)
Not Designated as Hedging Instrument \| Interest rate swaps
Derivatives
Notional Amount	100,000	56,079
Fair Value, Asset	303	10
Fair Value, Liability	(749)	(69)
Not Designated as Hedging Instrument \| Interest rate caps
Derivatives
Notional Amount	350,000	345,000
Fair Value, Asset	1,790	1,515
Fair Value, Liability	0	0
Designated as Hedging Instrument \| Interest rate swaps
Derivatives
Notional Amount	63,208	0
Fair Value, Asset	0	0
Fair Value, Liability	$ (1,725)	$ 0

Equity - Additional Information (Details)																		12 Months Ended
Equity - Additional Information (Details)	Jan. 03, 2019 USD ($)	Jan. 02, 2019 shares	Oct. 01, 2018 USD ($) shares	Jul. 02, 2018 shares	Apr. 17, 2018 $ / shares shares	Apr. 02, 2018 USD ($) shares	Feb. 26, 2018 USD ($)	Jan. 29, 2018 shares	Jan. 02, 2018 shares	Dec. 21, 2017 USD ($)	Oct. 02, 2017 USD ($) shares	May 12, 2017 USD ($) $ / shares shares	Jan. 10, 2017 shares	Oct. 13, 2016 USD ($) shares	May 04, 2016 USD ($)	Jul. 10, 2015 shares	May 05, 2015 USD ($)	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 20, 2017 USD ($)	Dec. 31, 2015 shares
Class of Stock [Line Items]
Authorized capital shares of common stock (in shares)																		500,000,000	500,000,000
Preferred stock, shares authorized (in shares)																		100,000,000	100,000,000
Common stock, shares issued (in shares)																		50,013,731	44,937,763
Common stock, shares outstanding (in shares)																		50,013,731	44,937,763
Preferred stock, shares issued (in shares)																		0	0
Preferred stock, shares outstanding (in shares)																		0	0
Shares issued through public offering (in shares)			52,200
Acquisition, common units/shares issued (in shares)														2,000,000
Acquisition, contract price \| $														$ 26,200,000
Redeemable noncontrolling interest, equity percentage																					20.00%
Redeemable noncontrolling interest \| $										$ 2,000,000
Noncontrolling interest change in redemption value \| $										$ 500,000
Percentage of operating partnerships held																		74.50%	72.00%
Operating partnership units redemption ratio																		1
Dividend Per Share/Distribution Per Unit (in dollars per share) \| $ / shares																		$ 0.80	$ 0.76	$ 0.72
Aggregate cash dividends and distributions, paid \| $																		$ 50,897,000	$ 43,616,000	$ 33,843,000
Johns Hopkins Village
Class of Stock [Line Items]
Redeemable noncontrolling interest carrying amount \| $																					$ 2,000,000
Town Center Phase VI
Class of Stock [Line Items]
Noncontrolling interest ownership percentage in properties													20.00%
Class A units
Class of Stock [Line Items]
Units not held by company																		17,110,404
Units redeemed (in shares)			56,495	123,504		187,142					358,879
Payments for redemption of partnership units \| $			$ 100,000			$ 2,500,000					$ 4,900,000
Class A units \| Town Center Phase VI
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares)													68,691
Class A units \| Operating Partnership
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid \| $																		$ 13,800,000	$ 12,600,000	$ 11,100,000
Class A units \| Operating Partnership \| Subsequent Event
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid \| $	$ 3,400,000
Common stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)																		50,013,731	44,937,763	37,490,361		30,076,359
Shares issued through public offering (in shares)									163,000									4,617,409	7,350,690	5,312,855
Units redeemed (in shares)																		338,704
Aggregate cash dividends and distributions, paid \| $																		$ 38,700,000	$ 31,100,000	$ 22,700,000
Common stock \| Subsequent Event
Class of Stock [Line Items]
Shares issued through public offering (in shares)		118,471
Aggregate cash dividends and distributions, paid \| $	$ 10,000,000
Columbus Village \| Class B units
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares)																1,000,000
Columbus Village \| Class C units
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares)													275,000
Parkway Centre \| Class A units
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares)								117,228
2015 ATM Program
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to) \| $																	$ 50,000,000.0
Shares issued through public offering (in shares)																				1,152,919
Net proceeds after offering costs and commissions from sale of shares \| $																				$ 12,200,000
2016 ATM Program \| Common stock
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to) \| $															$ 75,000,000.0
Shares issued through public offering (in shares)																			450,890	4,159,936
Net proceeds after offering costs and commissions from sale of shares \| $																			$ 6,200,000	$ 54,800,000
2018 ATM Program \| Common stock
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to) \| $							$ 125,000,000
Shares issued through public offering (in shares)																		4,617,409
Net proceeds after offering costs and commissions from sale of shares \| $																		$ 65,200,000
Underwritten Public Offering \| Common stock
Class of Stock [Line Items]
Shares issued through public offering (in shares)												6,900,000.0
Net proceeds after offering costs and commissions from sale of shares \| $												$ 85,300,000
Issuance of common stock, price per share (in dollars per share) \| $ / shares												$ 13.00
Johns Hopkins Village \| Noncontrolling interests \| Class A units
Class of Stock [Line Items]
Shares issued through public offering (in shares)					36,684
Share price (in dollars per share) \| $ / shares					$ 13.77
Weighted Average \| 2015 ATM Program
Class of Stock [Line Items]
Issuance of common stock, price per share (in dollars per share) \| $ / shares																				$ 10.87
Weighted Average \| 2016 ATM Program \| Common stock
Class of Stock [Line Items]
Issuance of common stock, price per share (in dollars per share) \| $ / shares																			$ 14.08	$ 13.45
Weighted Average \| 2018 ATM Program \| Common stock
Class of Stock [Line Items]
Issuance of common stock, price per share (in dollars per share) \| $ / shares																		$ 14.39

Equity - Tax Treatment of Dividends Paid (Details)	12 Months Ended
Equity - Tax Treatment of Dividends Paid (Details)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Dividends Payable [Line Items]
Tax treatment of capital gain dividends, percent	100.00%	100.00%	100.00%
Capital gains
Dividends Payable [Line Items]
Tax treatment of capital gain dividends, percent	9.49%	9.06%	0.00%
Ordinary income
Dividends Payable [Line Items]
Tax treatment of capital gain dividends, percent	63.40%	71.59%	78.00%
Return of capital
Dividends Payable [Line Items]
Tax treatment of capital gain dividends, percent	27.11%	19.35%	22.00%

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)	164,241	118,361	121,243
Restricted stock, weighted average fair value	$ 2.2	$ 1.7	$ 1.4
Employee restricted stock award, vesting period	2 years
Nonemployee restricted stock award vest grant over period	1 year
Unrecognized compensation cost	$ 0.6
Unrecognized compensation cost, recognition period	15 months
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares)	30,016
Restricted Stock \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date	33.33%
Restricted Stock \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date	33.33%
Restricted Stock \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date	33.33%
2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares of common stock permitted to be granted (in shares)	1,700,000
Shares of common stock reserved for issuance (in shares)	963,983
Stock-based compensation	$ 2.0	$ 1.5	$ 1.2

Stock-Based Compensation - Summary of the Changes in the Company's Nonvested Restricted Stock Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Stock Awards
Nonvested as of beginning of period (in shares)	112,789
Granted (in shares)	164,241	118,361	121,243
Vested (in shares)	(137,431)
Forfeited (in shares)	(14,370)
Nonvested as of end of period (in shares)	125,229	112,789
Weighted Average Grant Date Fair Value Per Share
Nonvested as of beginning of period (in dollars per share)	$ 13.14
Granted (in dollars per share)	13.66
Vested (in dollars per share)	13.22
Forfeited (in dollars per share)	13.55
Nonvested as of end of period (in dollars per share)	$ 13.68	$ 13.14

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value of Financial Instruments]
Indebtedness, net	$ 694,239	$ 517,272
Carrying Value
Fair Value of Financial Instruments]
Indebtedness, net	694,239	517,272
Notes receivable	138,683	83,058
Interest rate swap liabilities	2,474	69
Interest rate swap and cap assets	2,093	1,525
Fair Value \| Level 3
Fair Value of Financial Instruments]
Indebtedness, net	688,437	518,417
Notes receivable	138,683	83,058
Fair Value \| Level 2
Fair Value of Financial Instruments]
Interest rate swap liabilities	2,474	69
Interest rate swap and cap assets	$ 2,093	$ 1,525

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Federal income taxes:
Current	$ (14)	$ (516)	$ (197)
Deferred	37	(131)	(109)
State income taxes:
Current	(1)	(62)	(24)
Deferred	7	(16)	(13)
Income tax benefit (provision)	$ 29	$ (725)	$ (343)

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Provisional amount recorded related to Tax Act remeasurement of deferred tax balance	$ 200,000
Net deferred tax assets	300,000	$ 400,000
Uncertain income tax positions	$ 0	$ 0

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Acquired lease intangibles, net	$ 29,182	$ 29,881
Leasing costs, net	10,881	9,651
Leasing incentives, net	3,592	4,217
Interest rate swaps and caps	2,093	1,515
Prepaid expenses and other	8,165	8,937
Advance deposits on property acquisitions	50	400
Preacquisition development costs	1,214	1,352
Other assets	$ 55,177	$ 55,953

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Other Liabilities
Dividends and distributions payable	$ 13,527	$ 11,887
Deferred ground rent payable	9,287	8,732
Acquired lease intangibles, net	12,678	13,829
Prepaid rent and other	6,309	3,171
Security deposits	1,927	1,674
Interest rate swaps	2,475	59
Other liabilities	$ 46,203	$ 39,352

Acquired Lease Intangibles - Summary of the Company's Acquired Lease Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Below Market Lease
Below Market Lease, Gross	$ 18,692	$ 18,089
Below Market Lease, Accumulated Amortization	6,014	4,260
Below Market Lease, Net	12,678	13,829
In-place lease assets
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	57,689	50,506
Accumulated Amortization	32,370	25,193
Net Carrying Amount	25,319	25,313
Above-market lease assets
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	4,917	4,817
Accumulated Amortization	2,676	1,923
Net Carrying Amount	2,241	2,894
Below-market ground lease assets
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	1,920	1,920
Accumulated Amortization	299	246
Net Carrying Amount	$ 1,621	$ 1,674

Acquired Lease Intangibles - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Acquired Finite-Lived Intangible Assets
Amortization of below market lease liabilities	$ 1.8	$ 1.8	$ 1.8
In-place lease assets
Acquired Finite-Lived Intangible Assets
Amortization of lease assets	$ 7.7	9.7	10.2
Weighted-average remaining lives of lease assets	6 years 4 months
Above-market lease assets
Acquired Finite-Lived Intangible Assets
Amortization of lease assets	$ 0.8	0.8	0.9
Weighted-average remaining lives of lease assets	5 years 7 months
Below-market ground lease assets
Acquired Finite-Lived Intangible Assets
Amortization of lease assets	$ 0.1	$ 0.1	$ 0.1
Weighted-average remaining lives of lease assets	30 years 6 months
Below Market Lease
Acquired Finite-Lived Intangible Assets
Weighted-average remaining lives of lease liabilities	4 years 6 months
Below Market Lease Renewal Options
Acquired Finite-Lived Intangible Assets
Weighted-average remaining lives of lease assets	13 years 7 months

Acquired Lease Intangibles - Estimated Amortization of Acquired Lease Intangibles (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Estimated amortization of acquired lease intangibles- Rental Revenues
2019	$ 859
2020	730
2021	742
2022	725
2023	703
Estimated amortization of acquired lease intangibles - Rental Expenses
2019	53
2020	53
2021	53
2022	53
2023	53
Estimated amortization of acquired lease intangibles -Depreciation and Amortization
2019	5,967
2020	4,314
2021	2,846
2022	2,218
2023	$ 1,969

Related Party Transactions - Additional Information (Details) - Construction Contracts - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transactions
Revenue from contracts with affiliated entities	$ 1.5	$ 7.6	$ 26.7
Gross profit from related parties	0.3	0.4	$ 1.0
Due from related parties	$ 0.0	$ 0.2

Commitments and Contingencies - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) property lease	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Commitments and Contingencies
Contingent liabilities for construction performance	$ 34.8	$ 44.9
Number of ground leases \| lease	6
Number of properties subject to ground leases \| property	5
Maximum optional ground lease extension term	70 years
Rental Revenues \| Hampton Roads Properties
Commitments and Contingencies
Concentrations of credit risk	53.00%	53.00%	58.00%
Rental Revenues \| Town Center Properties
Commitments and Contingencies
Concentrations of credit risk	42.00%	38.00%	41.00%
Minimum
Commitments and Contingencies
Lease term	20 years
Maximum
Commitments and Contingencies
Lease term	65 years
1405 Point \| Financial Guarantee \| Letter of Credit
Commitments and Contingencies
Credit facility, amount outstanding	$ 2.1	$ 2.1
Operating Partnership
Commitments and Contingencies
Outstanding letters of credit	$ 2.1	$ 2.1
Group Of Three Construction Customers \| General Contracting and Real Estate Services Revenues
Commitments and Contingencies
Concentrations of credit risk	55.00%	41.00%	22.00%
Group Of Three Construction Customers \| General Contracting and Real Estate Services Segment Profit
Commitments and Contingencies
Concentrations of credit risk	28.00%	20.00%	19.00%
Ground Leases
Commitments and Contingencies
Ground rent expense	$ 2.4	$ 2.5	$ 2.0

Commitments and Contingencies - Future Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019	$ 2,127
2020	2,291
2021	2,368
2022	2,364
2023	2,403
Thereafter	105,961
Total	$ 117,514

Commitments and Contingencies - Guarantor (Details) - USD ($)	Feb. 28, 2019	Feb. 08, 2019	Jan. 08, 2019	Dec. 31, 2018	Dec. 31, 2017	Nov. 10, 2016
Guarantor Obligations [Line Items]
Indebtedness, net				$ 694,239,000	$ 517,272,000
Financial Guarantee
Guarantor Obligations [Line Items]
Guarantor obligations				56,507,000
1405 Point \| Financial Guarantee
Guarantor Obligations [Line Items]
Guarantor obligations				25,000,000		$ 25,000,000.0
The Residences at Annapolis Junction \| Financial Guarantee
Guarantor Obligations [Line Items]
Guarantor obligations				8,300,000
Delray Plaza \| Financial Guarantee
Guarantor Obligations [Line Items]
Guarantor obligations				4,750,000
Nexton Square \| Financial Guarantee
Guarantor Obligations [Line Items]
Guarantor obligations				0
Interlock Commercial \| Financial Guarantee
Guarantor Obligations [Line Items]
Guarantor obligations				0
Solis Apartments At Interlock \| Financial Guarantee
Guarantor Obligations [Line Items]
Guarantor obligations				0
Durham City Center II LLC \| Financial Guarantee
Guarantor Obligations [Line Items]
Guarantor obligations				$ 18,457,000
Subsequent Event \| Delray Plaza \| Financial Guarantee
Guarantor Obligations [Line Items]
Guarantor obligations			$ 5,200,000
Subsequent Event \| Nexton Square \| Financial Guarantee
Guarantor Obligations [Line Items]
Guarantor obligations		$ 12,600,000
Forecast \| Interlock Commercial \| Financial Guarantee
Guarantor Obligations [Line Items]
Guarantor obligations	$ 30,700,000

Selected Quarterly Financial Data (Unaudited) - Summary Certain Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rental revenues	$ 30,731	$ 28,930	$ 28,598	$ 28,699	$ 27,654	$ 27,096	$ 26,755	$ 27,232	$ 116,958	$ 108,737	$ 99,355
Net operating income	21,114	19,964	19,908	20,098	19,211	19,397	20,645	20,978
Net income	4,895	5,669	5,945	6,983	5,768	10,461	4,943	8,753	$ 23,492	$ 29,925	$ 42,755
Net income attributable to stockholders	$ 3,642	$ 4,202	$ 4,319	$ 5,040	$ 4,152	$ 7,488	$ 3,471	$ 5,936
Net income per share: basic and diluted (in dollars per share)	$ 0.07	$ 0.09	$ 0.09	$ 0.11	$ 0.09	$ 0.17	$ 0.08	$ 0.16	$ 0.36	$ 0.50	$ 0.85
General contracting and real estate services revenues
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
General contracting and real estate services revenues	$ 12,705	$ 19,950	$ 20,654	$ 23,050	$ 32,643	$ 41,201	$ 56,671	$ 63,519	$ 76,359	$ 194,034	$ 159,030

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591552-111686

+ Details

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			$ 394,722
Land			213,633
Building and Improvements			315,459
Cost Capitalized Subsequent to Acquisition			647,494
Land			213,633
Building and improvements			962,953
Total			1,176,586
Accumulated Depreciation	$ 164,521	$ 139,553	188,775
Net Carrying Amount			987,811
Amount of real estate for federal income tax purposes			868,300
Real estate investments
Balance at beginning of the year	994,437	908,287
Construction costs and improvements	144,926	84,142
Acquisitions	51,613	12,760
Dispositions	(11,420)	(10,146)
Reclassifications	(2,970)	(606)
Balance at end of the year	1,176,586	994,437
Accumulated Depreciation
Balance at beginning of the year	164,521	139,553
Dispositions	(5,559)	(1,006)
Reclassifications	(582)	0
Depreciation	30,395	25,974
Balance at end of the year	$ 188,775	$ 164,521
Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	39 years
Capital improvements \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	5 years
Capital improvements \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	20 years
Equipment \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	3 years
Equipment \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	7 years
Office
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			38,944
Land			4,446
Building and Improvements			10,269
Cost Capitalized Subsequent to Acquisition			169,787
Land			4,446
Building and improvements			180,056
Total			184,502
Accumulated Depreciation	$ 57,074		57,074
Net Carrying Amount			127,428
Accumulated Depreciation
Balance at end of the year	57,074
Office \| 4525 Main Street
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			32,034
Land			982
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			45,835
Land			982
Building and improvements			45,835
Total			46,817
Accumulated Depreciation	6,237		6,237
Net Carrying Amount			40,580
Accumulated Depreciation
Balance at end of the year	6,237
Office \| Armada Hoffler Tower
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,976
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			60,677
Land			1,976
Building and improvements			60,677
Total			62,653
Accumulated Depreciation	31,816		31,816
Net Carrying Amount			30,837
Accumulated Depreciation
Balance at end of the year	31,816
Office \| Brooks Crossing Office
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			6,910
Land			475
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			14,078
Land			475
Building and improvements			14,078
Total			14,553
Accumulated Depreciation	0		0
Net Carrying Amount			14,553
Accumulated Depreciation
Balance at end of the year	0
Office \| One Columbus
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			960
Building and Improvements			10,269
Cost Capitalized Subsequent to Acquisition			10,606
Land			960
Building and improvements			20,875
Total			21,835
Accumulated Depreciation	11,110		11,110
Net Carrying Amount			10,725
Accumulated Depreciation
Balance at end of the year	11,110
Office \| Two Columbus
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			53
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			19,926
Land			53
Building and improvements			19,926
Total			19,979
Accumulated Depreciation	7,911		7,911
Net Carrying Amount			12,068
Accumulated Depreciation
Balance at end of the year	7,911
Office \| Wills Wharf
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			0
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			18,665
Land			0
Building and improvements			18,665
Total			18,665
Accumulated Depreciation	0		0
Net Carrying Amount			18,665
Accumulated Depreciation
Balance at end of the year	0
Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			138,815
Land			180,082
Building and Improvements			246,591
Cost Capitalized Subsequent to Acquisition			186,995
Land			180,082
Building and improvements			433,586
Total			613,668
Accumulated Depreciation	87,079		87,079
Net Carrying Amount			526,589
Accumulated Depreciation
Balance at end of the year	87,079
Retail \| 249 Central Park Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			17,045
Land			712
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			15,341
Land			712
Building and improvements			15,341
Total			16,053
Accumulated Depreciation	8,798		8,798
Net Carrying Amount			7,255
Accumulated Depreciation
Balance at end of the year	8,798
Retail \| Alexander Pointe
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			4,050
Building and Improvements			4,880
Cost Capitalized Subsequent to Acquisition			91
Land			4,050
Building and improvements			4,971
Total			9,021
Accumulated Depreciation	705		705
Net Carrying Amount			8,316
Accumulated Depreciation
Balance at end of the year	705
Retail \| Bermuda Crossroads
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			5,450
Building and Improvements			10,641
Cost Capitalized Subsequent to Acquisition			1,195
Land			5,450
Building and improvements			11,836
Total			17,286
Accumulated Depreciation	2,555		2,555
Net Carrying Amount			14,731
Accumulated Depreciation
Balance at end of the year	2,555
Retail \| Broad Creek Shopping Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			0
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			8,987
Land			0
Building and improvements			8,987
Total			8,987
Accumulated Depreciation	4,035		4,035
Net Carrying Amount			4,952
Accumulated Depreciation
Balance at end of the year	4,035
Retail \| Broadmoor Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			2,410
Building and Improvements			9,010
Cost Capitalized Subsequent to Acquisition			843
Land			2,410
Building and improvements			9,853
Total			12,263
Accumulated Depreciation	1,340		1,340
Net Carrying Amount			10,923
Accumulated Depreciation
Balance at end of the year	1,340
Retail \| Brooks Crossing Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			117
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			2,328
Land			117
Building and improvements			2,328
Total			2,445
Accumulated Depreciation	155		155
Net Carrying Amount			2,290
Accumulated Depreciation
Balance at end of the year	155
Retail \| Columbus Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			7,631
Building and Improvements			10,135
Cost Capitalized Subsequent to Acquisition			877
Land			7,631
Building and improvements			11,012
Total			18,643
Accumulated Depreciation	2,091		2,091
Net Carrying Amount			16,552
Accumulated Depreciation
Balance at end of the year	2,091
Retail \| Columbus Village II
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			14,536
Building and Improvements			10,922
Cost Capitalized Subsequent to Acquisition			50
Land			14,536
Building and improvements			10,972
Total			25,508
Accumulated Depreciation	939		939
Net Carrying Amount			24,569
Accumulated Depreciation
Balance at end of the year	939
Retail \| Commerce Street Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			118
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			3,242
Land			118
Building and improvements			3,242
Total			3,360
Accumulated Depreciation	1,514		1,514
Net Carrying Amount			1,846
Accumulated Depreciation
Balance at end of the year	1,514
Retail \| Courthouse 7-Eleven
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,007
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			1,043
Land			1,007
Building and improvements			1,043
Total			2,050
Accumulated Depreciation	190		190
Net Carrying Amount			1,860
Accumulated Depreciation
Balance at end of the year	190
Retail \| Dick’s at Town Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			67
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			10,585
Land			67
Building and improvements			10,585
Total			10,652
Accumulated Depreciation	4,337		4,337
Net Carrying Amount			6,315
Accumulated Depreciation
Balance at end of the year	4,337
Retail \| Dimmock Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			5,100
Building and Improvements			13,126
Cost Capitalized Subsequent to Acquisition			260
Land			5,100
Building and improvements			13,386
Total			18,486
Accumulated Depreciation	1,639		1,639
Net Carrying Amount			16,847
Accumulated Depreciation
Balance at end of the year	1,639
Retail \| Fountain Plaza Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			10,257
Land			425
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			7,206
Land			425
Building and improvements			7,206
Total			7,631
Accumulated Depreciation	3,363		3,363
Net Carrying Amount			4,268
Accumulated Depreciation
Balance at end of the year	3,363
Retail \| Gainsborough Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			2,229
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			7,450
Land			2,229
Building and improvements			7,450
Total			9,679
Accumulated Depreciation	3,422		3,422
Net Carrying Amount			6,257
Accumulated Depreciation
Balance at end of the year	3,422
Retail \| Greentree Shopping Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,103
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			4,032
Land			1,103
Building and improvements			4,032
Total			5,135
Accumulated Depreciation	700		700
Net Carrying Amount			4,435
Accumulated Depreciation
Balance at end of the year	700
Retail \| Hanbury Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			19,019
Land			3,793
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			19,464
Land			3,793
Building and improvements			19,464
Total			23,257
Accumulated Depreciation	6,920		6,920
Net Carrying Amount			16,337
Accumulated Depreciation
Balance at end of the year	6,920
Retail \| Harper Hill Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			2,840
Building and Improvements			8,510
Cost Capitalized Subsequent to Acquisition			160
Land			2,840
Building and improvements			8,670
Total			11,510
Accumulated Depreciation	924		924
Net Carrying Amount			10,586
Accumulated Depreciation
Balance at end of the year	924
Retail \| Harrisonburg Regal
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,554
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			4,148
Land			1,554
Building and improvements			4,148
Total			5,702
Accumulated Depreciation	2,097		2,097
Net Carrying Amount			3,605
Accumulated Depreciation
Balance at end of the year	2,097
Retail \| Indian Lakes Crossing
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			7,009
Building and Improvements			2,274
Cost Capitalized Subsequent to Acquisition			7
Land			7,009
Building and improvements			2,281
Total			9,290
Accumulated Depreciation	84		84
Net Carrying Amount			9,206
Accumulated Depreciation
Balance at end of the year	84
Retail \| Mill Creek
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			7,283
Land			2,945
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			16,413
Land			2,945
Building and improvements			16,413
Total			19,358
Accumulated Depreciation	0		0
Net Carrying Amount			19,358
Accumulated Depreciation
Balance at end of the year	0
Retail \| Lexington Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			14,940
Land			3,035
Building and Improvements			17,786
Cost Capitalized Subsequent to Acquisition			0
Land			3,035
Building and improvements			17,786
Total			20,821
Accumulated Depreciation	265		265
Net Carrying Amount			20,556
Accumulated Depreciation
Balance at end of the year	265
Retail \| Lightfoot Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			10,500
Land			7,628
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			17,502
Land			7,628
Building and improvements			17,502
Total			25,130
Accumulated Depreciation	1,376		1,376
Net Carrying Amount			23,754
Accumulated Depreciation
Balance at end of the year	1,376
Retail \| North Hampton Market
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			7,250
Building and Improvements			10,210
Cost Capitalized Subsequent to Acquisition			442
Land			7,250
Building and improvements			10,652
Total			17,902
Accumulated Depreciation	1,461		1,461
Net Carrying Amount			16,441
Accumulated Depreciation
Balance at end of the year	1,461
Retail \| North Point Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			11,698
Land			1,936
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			25,553
Land			1,936
Building and improvements			25,553
Total			27,489
Accumulated Depreciation	13,527		13,527
Net Carrying Amount			13,962
Accumulated Depreciation
Balance at end of the year	13,527
Retail \| Oakland Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,850
Building and Improvements			3,370
Cost Capitalized Subsequent to Acquisition			617
Land			1,850
Building and improvements			3,987
Total			5,837
Accumulated Depreciation	744		744
Net Carrying Amount			5,093
Accumulated Depreciation
Balance at end of the year	744
Retail \| Parkway Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,150
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			3,767
Land			1,150
Building and improvements			3,767
Total			4,917
Accumulated Depreciation	1,888		1,888
Net Carrying Amount			3,029
Accumulated Depreciation
Balance at end of the year	1,888
Retail \| Parkway Centre
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,372
Building and Improvements			7,864
Cost Capitalized Subsequent to Acquisition			0
Land			1,372
Building and improvements			7,864
Total			9,236
Accumulated Depreciation	234		234
Net Carrying Amount			9,002
Accumulated Depreciation
Balance at end of the year	234
Retail \| Patterson Place
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			15,059
Building and Improvements			20,180
Cost Capitalized Subsequent to Acquisition			411
Land			15,059
Building and improvements			20,591
Total			35,650
Accumulated Depreciation	2,065		2,065
Net Carrying Amount			33,585
Accumulated Depreciation
Balance at end of the year	2,065
Retail \| Perry Hall Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			3,240
Building and Improvements			8,316
Cost Capitalized Subsequent to Acquisition			415
Land			3,240
Building and improvements			8,731
Total			11,971
Accumulated Depreciation	1,212		1,212
Net Carrying Amount			10,759
Accumulated Depreciation
Balance at end of the year	1,212
Retail \| Premier (Town Center Phase VI)
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			6,219
Land			965
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			10,877
Land			965
Building and improvements			10,877
Total			11,842
Accumulated Depreciation	132		132
Net Carrying Amount			11,710
Accumulated Depreciation
Balance at end of the year	132
Retail \| Providence Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			9,950
Building and Improvements			12,369
Cost Capitalized Subsequent to Acquisition			1,072
Land			9,950
Building and improvements			13,441
Total			23,391
Accumulated Depreciation	1,397		1,397
Net Carrying Amount			21,994
Accumulated Depreciation
Balance at end of the year	1,397
Retail \| Renaissance Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			6,730
Building and Improvements			8,439
Cost Capitalized Subsequent to Acquisition			155
Land			6,730
Building and improvements			8,594
Total			15,324
Accumulated Depreciation	625		625
Net Carrying Amount			14,699
Accumulated Depreciation
Balance at end of the year	625
Retail \| Sandbridge Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			8,258
Land			4,825
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			7,294
Land			4,825
Building and improvements			7,294
Total			12,119
Accumulated Depreciation	1,168		1,168
Net Carrying Amount			10,951
Accumulated Depreciation
Balance at end of the year	1,168
Retail \| Socastee Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			4,671
Land			2,320
Building and Improvements			5,380
Cost Capitalized Subsequent to Acquisition			134
Land			2,320
Building and improvements			5,514
Total			7,834
Accumulated Depreciation	735		735
Net Carrying Amount			7,099
Accumulated Depreciation
Balance at end of the year	735
Retail \| South Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			7,483
Land			190
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			7,867
Land			190
Building and improvements			7,867
Total			8,057
Accumulated Depreciation	4,225		4,225
Net Carrying Amount			3,832
Accumulated Depreciation
Balance at end of the year	4,225
Retail \| South Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			14,130
Building and Improvements			12,670
Cost Capitalized Subsequent to Acquisition			391
Land			14,130
Building and improvements			13,061
Total			27,191
Accumulated Depreciation	1,450		1,450
Net Carrying Amount			25,741
Accumulated Depreciation
Balance at end of the year	1,450
Retail \| Southgate Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			21,442
Land			8,890
Building and Improvements			25,950
Cost Capitalized Subsequent to Acquisition			496
Land			8,890
Building and improvements			26,446
Total			35,336
Accumulated Depreciation	2,325		2,325
Net Carrying Amount			33,011
Accumulated Depreciation
Balance at end of the year	2,325
Retail \| Southshore Shops
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,770
Building and Improvements			6,509
Cost Capitalized Subsequent to Acquisition			50
Land			1,770
Building and improvements			6,559
Total			8,329
Accumulated Depreciation	496		496
Net Carrying Amount			7,833
Accumulated Depreciation
Balance at end of the year	496
Retail \| Stone House Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			6,360
Building and Improvements			16,350
Cost Capitalized Subsequent to Acquisition			319
Land			6,360
Building and improvements			16,669
Total			23,029
Accumulated Depreciation	2,131		2,131
Net Carrying Amount			20,898
Accumulated Depreciation
Balance at end of the year	2,131
Retail \| Studio 56 Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			76
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			2,477
Land			76
Building and improvements			2,477
Total			2,553
Accumulated Depreciation	913		913
Net Carrying Amount			1,640
Accumulated Depreciation
Balance at end of the year	913
Retail \| Tyre Neck Harris Teeter
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			0
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			3,306
Land			0
Building and improvements			3,306
Total			3,306
Accumulated Depreciation	1,089		1,089
Net Carrying Amount			2,217
Accumulated Depreciation
Balance at end of the year	1,089
Retail \| Wendover Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			18,260
Building and Improvements			21,700
Cost Capitalized Subsequent to Acquisition			128
Land			18,260
Building and improvements			21,828
Total			40,088
Accumulated Depreciation	1,813		1,813
Net Carrying Amount			38,275
Accumulated Depreciation
Balance at end of the year	1,813
Multifamily residential real estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			216,963
Land			26,111
Building and Improvements			58,599
Cost Capitalized Subsequent to Acquisition			290,712
Land			26,111
Building and improvements			349,311
Total			375,422
Accumulated Depreciation	44,622		44,622
Net Carrying Amount			330,800
Accumulated Depreciation
Balance at end of the year	44,622
Multifamily residential real estate \| Encore Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			24,966
Land			1,293
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			30,258
Land			1,293
Building and improvements			30,258
Total			31,551
Accumulated Depreciation	4,088		4,088
Net Carrying Amount			27,463
Accumulated Depreciation
Balance at end of the year	4,088
Multifamily residential real estate \| Greenside (Harding Place)
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			25,902
Land			5,711
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			43,782
Land			5,711
Building and improvements			43,782
Total			49,493
Accumulated Depreciation	388		388
Net Carrying Amount			49,105
Accumulated Depreciation
Balance at end of the year	388
Multifamily residential real estate \| Hoffler Place (King Street)
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			11,445
Land			7,277
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			27,136
Land			7,277
Building and improvements			27,136
Total			34,413
Accumulated Depreciation	0		0
Net Carrying Amount			34,413
Accumulated Depreciation
Balance at end of the year	0
Multifamily residential real estate \| Johns Hopkins Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			52,708
Land			0
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			69,717
Land			0
Building and improvements			69,717
Total			69,717
Accumulated Depreciation	5,381		5,381
Net Carrying Amount			64,336
Accumulated Depreciation
Balance at end of the year	5,381
Multifamily residential real estate \| Liberty Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			14,437
Land			3,580
Building and Improvements			23,494
Cost Capitalized Subsequent to Acquisition			1,581
Land			3,580
Building and improvements			25,075
Total			28,655
Accumulated Depreciation	4,361		4,361
Net Carrying Amount			24,294
Accumulated Depreciation
Balance at end of the year	4,361
Multifamily residential real estate \| Premier Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			12,995
Land			0
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			29,189
Land			0
Building and improvements			29,189
Total			29,189
Accumulated Depreciation	292		292
Net Carrying Amount			28,897
Accumulated Depreciation
Balance at end of the year	292
Multifamily residential real estate \| Summit Place (Meeting Street)
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			11,057
Land			7,265
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			27,722
Land			7,265
Building and improvements			27,722
Total			34,987
Accumulated Depreciation	0		0
Net Carrying Amount			34,987
Accumulated Depreciation
Balance at end of the year	0
Multifamily residential real estate \| Smith’s Landing
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			18,985
Land			0
Building and Improvements			35,105
Cost Capitalized Subsequent to Acquisition			1,962
Land			0
Building and improvements			37,067
Total			37,067
Accumulated Depreciation	6,851		6,851
Net Carrying Amount			30,216
Accumulated Depreciation
Balance at end of the year	6,851
Multifamily residential real estate \| The Cosmopolitan
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			44,468
Land			985
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			59,365
Land			985
Building and improvements			59,365
Total			60,350
Accumulated Depreciation	23,261		23,261
Net Carrying Amount			37,089
Accumulated Depreciation
Balance at end of the year	23,261
Held for development
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			2,994
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			0
Land			2,994
Building and improvements			0
Total			2,994
Accumulated Depreciation	0		0
Net Carrying Amount			$ 2,994
Accumulated Depreciation
Balance at end of the year	$ 0