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Construction Contracts (Tables)

12 Months Ended

Dec. 31, 2019

Summary of balances and changes of construction contracts

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, 2019, 2018 and 2017 were as follows (in thousands):



	Years Ended December 31,
	2019			2018			2017
Beginning backlog	$	165,863		$	49,167		$	217,718
New contracts/change orders	182,495			192,852			25,224
Work performed	(105,736		)	(76,156		)	(193,775		)
Ending backlog	$	242,622		$	165,863		$	49,167

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, 2019 and 2018 (in thousands):



	Year ended December 31, 2019						Year ended December 31, 2018
	Construction contract costs and estimated earnings in excess of billings			Billings in excess of construction contract costs and estimated earnings			Construction contract costs and estimated earnings in excess of billings			Billings in excess of construction contract costs and estimated earnings
Beginning balance	$	1,358		$	3,037		$	245		$	3,591
Revenue recognized that was included in the balance at the beginning of the period	—			(3,037		)	—			(3,591		)
Increases due to new billings, excluding amounts recognized as revenue during the period	—			6,283			—			4,243
Transferred to receivables	(2,557		)	—			(245		)	—
Construction contract costs and estimated earnings not billed during the period	249			—			352			—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	1,199			(977		)	1,006			(1,206		)
Ending balance	$	249		$	5,306		$	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, 2019 and 2018 (in thousands):



	December 31,
	2019			2018
Costs incurred on uncompleted construction contracts	$	695,564		$	594,006
Estimated earnings	24,553			20,375
Billings	(725,174		)	(616,060		)
Net position	$	(5,057	)	$	(1,679	)

Construction contract costs and estimated earnings in excess of billings	$	249		$	1,358
Billings in excess of construction contract costs and estimated earnings	(5,306		)	(3,037		)
Net position	$	(5,057	)	$	(1,679	)

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real estate investments:
Income producing property	$ 1,460,723	$ 1,037,917
Held for development	5,000	2,994
Construction in progress	140,601	135,675
Real estate investments	1,606,324	1,176,586
Accumulated depreciation	(224,738)	(188,775)
Net real estate investments	1,381,586	987,811
Real estate investments held for sale	1,460	929
Cash and cash equivalents	39,232	21,254
Restricted cash	4,347	2,797
Accounts receivable, net	23,470	19,016
Total notes receivable	159,371	138,683
Construction receivables, including retentions	36,361	16,154
Construction contract costs and estimated earnings in excess of billings	249	1,358
Equity method investments	0	22,203
Operating lease right-of-use assets	33,088
Finance lease right-of-use assets	24,130
Finite-Lived Intangible Asset, Acquired Leases	68,702	27,561
Other assets	32,901	27,616
Total Assets	1,804,897	1,265,382
LIABILITIES AND EQUITY
Indebtedness, net	950,537	694,239
Accounts payable and accrued liabilities	17,803	15,217
Construction payables, including retentions	53,382	50,796
Billings in excess of construction contract costs and estimated earnings	5,306	3,037
Operating lease liabilities	41,474
Finance lease liabilities	17,903
Other liabilities	63,045	46,203
Total Liabilities	1,149,450	809,492
Stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized; 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, 2,530,000 shares issued and outstanding as of December 31, 2019 and zero shares issued and outstanding as of December 31, 2018	63,250	0
Common stock, $0.01 par value, 500,000,000 shares authorized; 56,277,971 and 50,013,731 shares issued and outstanding as of December 31, 2019 and 2018, respectively	563	500
Additional paid-in capital	455,680	357,353
Distributions in excess of earnings	(106,676)	(82,699)
Accumulated other comprehensive loss	(4,240)	(1,283)
Total stockholders’ equity	408,577	273,871
Noncontrolling interests in investment entities	4,462	0
Noncontrolling interests in Operating Partnership	242,408	182,019
Total Equity	655,447	455,890
Total Liabilities and Equity	$ 1,804,897	$ 1,265,382

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Preferred stock	Common stock	Additional paid-in capital	Distributions in excess of earnings	Accumulated other comprehensive loss	Total stockholders' equity (deficit)	Noncontrolling interests in investment entities	Noncontrolling interests in Operating Partnership	Redeemable convertible preferred stock	Redeemable convertible preferred stock Preferred stock	Redeemable convertible preferred stock Additional paid-in capital	Redeemable convertible preferred stock Total stockholders' equity (deficit)
Beginning balance at Dec. 31, 2016	$ 348,978	$ 0	$ 374	$ 197,114	$ (49,345)	$ 0	$ 148,143	$ 0	$ 200,835
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	29,925				21,047		21,047		8,878
Net proceeds from issuance of stock	91,381		74	91,307			91,381
Restricted stock awards, net of tax withholding	1,443		1	1,442			1,443
Unrealized cash flow hedge losses	0
Realized cash flow hedge losses reclassified to net income	0
Noncontrolling interest in acquired real estate entity	0
Restricted stock award forfeitures	(2)			(2)			(2)
Acquisitions of noncontrolling interests in 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 at Dec. 31, 2017	420,283	0	449	287,407	(61,166)	0	226,690	0	193,593
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,492				17,203		17,203		6,289
Net proceeds from issuance of stock	65,244		46	65,198			65,244
Restricted stock awards, net of tax withholding	1,564		2	1,562			1,564
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
Noncontrolling interest in acquired real estate entity	0
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	(2,595)		3	3,223			3,226		(5,821)
Dividends and distributions declared	(52,537)				(38,736)		(38,736)		(13,801)
Ending balance at Dec. 31, 2018	455,890	0	500	357,353	(82,699)	(1,283)	273,871	0	182,019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	32,258				24,053		24,053	213	7,992
Net proceeds from issuance of stock	96,845		59	96,786			96,845			$ 61,001	$ 63,250	$ (2,249)	$ 61,001
Restricted stock awards, net of tax withholding	2,031		2	2,029			2,031
Unrealized cash flow hedge losses	(4,504)					(3,321)	(3,321)		(1,183)
Realized cash flow hedge losses reclassified to net income	501					364	364		137
Noncontrolling interest in acquired real estate entity	4,870							4,870
Restricted stock award forfeitures	(7)			(7)			(7)
Issuance of operating partnership units for acquisitions	72,183			(986)			(986)		73,169
Redemption of operating partnership units	0		2	2,754			2,756		(2,756)
Dividends and distributions declared on preferred stock	(2,455)				(2,455)		(2,455)			$ (2,500)
Dividends and distributions declared	(621)							(621)
Dividends and distributions declared on common shares and units	62,378				45,450		45,450		16,928
Ending balance at Dec. 31, 2019	$ 655,447	$ 63,250	$ 563	$ 455,680	$ (106,676)	$ (4,240)	$ 408,577	$ 4,462	$ 242,408

Significant Accounting Policies - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2019
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

Indebtedness - Components of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total principal balances	$ 960,819	$ 700,722
Fixed-rate
Debt Instrument [Line Items]
Total principal balances	488,276	348,426
Variable-rate
Debt Instrument [Line Items]
Total principal balances	$ 472,543	$ 352,296

Business and Organization

12 Months Ended

Dec. 31, 2019

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"), the sole general partner of Armada Hoffler, L.P. (the "Operating Partnership"), and as of December 31, 2019, owned 72.6% of the economic interest in the Operating Partnership, of which 0.1% is held as general partnership units. The operations of the Company are carried on primarily through the Operating Partnership and the wholly owned subsidiaries 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, 2019, 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%
Brooks Crossing Office	Office	Newport News, Virginia	100%
One City Center	Office	Durham, North Carolina	100%
One Columbus	Office	Virginia Beach, Virginia*	100%
Thames Street Wharf	Office	Baltimore, Maryland	100%
Two Columbus	Office	Virginia Beach, Virginia*	100%
249 Central Park Retail	Retail	Virginia Beach, Virginia*	100%
Alexander Pointe	Retail	Salisbury, North Carolina	100%
Apex Entertainment ⁽¹⁾	Retail	Virginia Beach, Virginia*	100%
Bermuda Crossroads	Retail	Chester, Virginia	100%
Broad Creek Shopping Center	Retail	Norfolk, Virginia	100%
Broadmoor Plaza	Retail	South Bend, Indiana	100%
Brooks Crossing Retail ⁽²⁾	Retail	Newport News, Virginia	65%
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%
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%
Market at Mill Creek ⁽²⁾	Retail	Mount Pleasant, South Carolina	70%
Marketplace at Hilltop	Retail	Virginia Beach, Virginia	100%
North Hampton Market	Retail	Taylors, South Carolina	100%



Property	Segment	Location	Ownership Interest
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%
Red Mill Commons	Retail	Virginia Beach, Virginia	100%
Renaissance Square	Retail	Davidson, North Carolina	100%
Sandbridge Commons	Retail	Virginia Beach, Virginia	100%
Socastee Commons	Retail	Myrtle Beach, South Carolina	100%
South Retail	Retail	Virginia Beach, Virginia*	100%
South Square	Retail	Durham, North Carolina	100%
Southgate Square	Retail	Colonial Heights, Virginia	100%
Southshore Shops	Retail	Chesterfield, Virginia	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%
1405 Point	Multifamily	Baltimore, Maryland	79%
Encore Apartments	Multifamily	Virginia Beach, Virginia*	100%
Greenside Apartments	Multifamily	Charlotte, North Carolina	100%
Hoffler Place	Multifamily	Charleston, South Carolina	93%
Johns Hopkins Village	Multifamily	Baltimore, Maryland	100%
Liberty Apartments	Multifamily	Newport News, Virginia	100%
Premier Apartments	Multifamily	Virginia Beach, Virginia*	100%
Smith’s Landing	Multifamily	Blacksburg, Virginia	100%

________________________________________

* Located in the Town Center of Virginia Beach

(1) Dick's Sporting Goods, one of the anchor tenants at the property previously known as "Dick’s at Town Center," notified the Company during 2019 that it would not renew its lease beyond January 31, 2020, the end of the current term. In October 2019, the Company signed a lease with a replacement tenant, Apex Entertainment, which will take the entire space currently occupied by Dick's Sporting Goods after the redevelopment and buildout of the facility is completed, which is expected to occur by the end of 2020.

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

As of December 31, 2019, the following properties were under development, redevelopment or not yet stabilized:



Property	Segment	Location	Ownership Interest
Wills Wharf	Office	Baltimore, Maryland	100	%
Premier Retail	Retail	Virginia Beach, Virginia*	100	%
Summit Place	Multifamily	Charleston, South Carolina	90	%
The Cosmopolitan	Multifamily	Virginia Beach, Virginia*	100	%

________________________________________

* Located in the Town Center of Virginia Beach

Notes Receivable (Details) ft² in Thousands										1 Months Ended	12 Months Ended
Notes Receivable (Details) ft² in Thousands	Dec. 27, 2019 USD ($)	Jul. 22, 2019 USD ($)	Apr. 24, 2019 USD ($)	Feb. 08, 2019 USD ($)	Dec. 21, 2018 USD ($)	Dec. 04, 2018	Nov. 16, 2018 USD ($)	Sep. 30, 2016 USD ($)	Oct. 15, 2015 USD ($)	Aug. 31, 2018 USD ($) building	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2019	Apr. 19, 2019 USD ($)	Jan. 08, 2019 USD ($)	Nov. 07, 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											270,851,000	173,855,000	$ 160,661,000
Guaranty liabilities											5,271,000	2,800,000
Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)											56,734,000
Annapolis Junction Town Center
Notes Receivable
Number of residential units \| unit																					416
Area of retail space \| ft²																					17
Period after completion to exercise purchase option								1 year
Note receivable maximum principal balance																					$ 48,100,000
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)								$ 25,000,000.0
Annapolis Junction Town Center \| Annapolis Junction Apartments Owner LLC
Notes Receivable
Construction loan (up to)								$ 60,000,000.0
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
Loan modification fee							$ 5,000,000.0
Payment for debt extinguishment fee							3,000,000.0
Selling price											5,000,000.0
Debt repayments							11,100,000
Repayment of accrued interest							9,900,000
Repayments of principal							1,200,000
Delray Plaza \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)											$ 5,180,000								$ 4,800,000
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)				$ 12,600,000							$ 12,600,000
Interlock Commercial \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)											30,654,000
Decatur, Georgia \| Whole Foods Anchored Center \| Loans Receivable
Notes Receivable
Investment in development																				$ 34,000,000.0
Delray Beach, Florida \| Whole Foods Anchored Center \| Loans Receivable
Notes Receivable
Investment in development																			20,000,000.0
Mezzanine Loan
Notes Receivable
Maximum loan commitment											276,910,000
Notes receivable											152,953,000	139,097,000
Mezzanine Loan \| 1405 Point
Notes Receivable
Maximum loan commitment											$ 31,032,000
Interest rate											8.00%
Notes receivable											$ 0	30,238,000
Mezzanine Loan \| The Residences at Annapolis Junction
Notes Receivable
Maximum loan commitment											$ 48,105,000
Interest rate											10.00%
Interest income, exit fees											$ 500,000
Notes receivable											40,049,000	36,361,000
Mezzanine Loan \| North Decatur Square
Notes Receivable
Maximum loan commitment											$ 29,673,000	29,700,000								$ 21,800,000
Interest rate											15.00%
Notes receivable											$ 0	18,521,000
Proceeds from collection of loans receivable		$ 20,000,000.0
Mezzanine Loan \| Delray Plaza
Notes Receivable
Maximum loan commitment											$ 15,000,000					$ 15,000,000.0			$ 13,100,000
Interest rate											15.00%								15.00%
Notes receivable											$ 12,995,000	7,032,000
Mezzanine Loan \| Delray Plaza \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)																$ 5,200,000
Mezzanine Loan \| Nexton Square
Notes Receivable
Maximum loan commitment											$ 17,000,000
Interest rate						15.00%					10.00%			15.00%
Interest rate, upon completion of portion of project						10.00%
Notes receivable											$ 15,097,000	14,855,000
Proceeds from collection of loans receivable				2,100,000
Mezzanine Loan \| Interlock Commercial
Notes Receivable
Maximum loan commitment					$ 95,000,000.0						$ 95,000,000
Interest rate											15.00%
Interest income, exit fees											$ 600,000
Notes receivable											59,224,000	18,269,000
Maximum commitment, excluding accrued interest reserves					$ 67,000,000.0
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						$ 41,100,000
Interest rate											13.00%
Notes receivable											$ 25,588,000	$ 13,821,000
Bridge Loan \| Nexton Square
Notes Receivable
Maximum loan commitment																	$ 4,900,000
Construction Loans \| SC Summerville Brighton, LLC \| Line of Credit
Notes Receivable
Aggregate capacity under the credit facility				$ 25,200,000
Construction Loans \| Interlock Commercial \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)															$ 30,700,000
Bridge Loan \| The Residences at Annapolis Junction \| Annapolis Junction Apartments Owner LLC
Notes Receivable
Guarantor obligations of the senior construction loan (up to)							8,300,000
Debt, face value							$ 83,000,000.0
Bridge Loan \| Shopping Center In Summerville, South Carolina
Notes Receivable
Notes receivable										$ 2,200,000
Bridge Loan \| Interlock Commercial
Notes Receivable
Notes receivable																		$ 4,000,000.0
First Purchase Option \| 1405 Point
Notes Receivable
Acquisition, cash consideration			$ 300,000
Option to acquire additional interest			79.00%
First Purchase Option \| Annapolis Junction Town Center
Notes Receivable
Interest acquired								80.00%
1405 Point
Notes Receivable
Commitment to invest in a development project (up to)									$ 28,200,000
Acquisition, cash consideration			$ 300,000
Loans payable	$ 53,000,000.0		$ 64,900,000
Option to acquire additional interest			79.00%
Debt repayments	$ 12,300,000

Derivative Financial Instruments - Floating-to-Fixed Interest Rate Swaps (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional Amount	$ 496,642	$ 513,208
Interest rate swaps
Derivative [Line Items]
Notional Amount	246,642
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	350,000	450,000
Not Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Notional Amount	100,000	100,000
Not Designated as Hedging Instrument \| Senior Unsecured Term Loan 2.00% \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 50,000
Fixed rate interest rate swap	2.00%
Effective interest rate	3.45%
Not Designated as Hedging Instrument \| Senior Unsecured Term Loan 2.78% \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 50,000
Fixed rate interest rate swap	2.78%
Effective interest rate	4.23%
Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 146,642	$ 63,208
Designated as Hedging Instrument \| Johns Hopkins Village \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 51,800
Fixed rate interest rate swap	2.94%
Effective interest rate	4.19%
Designated as Hedging Instrument \| Senior Unsecured Term Loan 3.02% \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 10,500
Fixed rate interest rate swap	3.02%
Effective interest rate	4.47%
Designated as Hedging Instrument \| 249 Central Park Retail, Fountain Plaza Retail, And South Retail \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 34,342
Fixed rate interest rate swap	2.25%
Effective interest rate	3.85%
Designated as Hedging Instrument \| Senior Unsecured Term Loan 2.26% \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 50,000
Fixed rate interest rate swap	2.26%
Effective interest rate	3.71%

Business and Organization - Schedule of Owned Properties (Details)	Dec. 31, 2019
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%
Brooks Crossing Office \| Office
Business and Organization
Ownership interest percentage in property	100.00%
One City Center \| Office
Business and Organization
Ownership interest percentage in property	100.00%
One Columbus \| Office
Business and Organization
Ownership interest percentage in property	100.00%
Thames Street Wharf \| 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%
Apex Entertainment \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Bermuda Crossroads \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Broad Creek Shopping Center \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Broadmoor Plaza \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Brooks Crossing Retail \| Retail
Business and Organization
Ownership interest percentage in property	65.00%
Columbus Village \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Columbus Village II \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Commerce Street Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Courthouse 7-Eleven \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
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%
Market at Mill Creek (2) \| Retail
Business and Organization
Ownership interest percentage in property	70.00%
Marketplace at Hilltop \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
North Hampton Market \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
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%
Red Mill Commons \| 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%
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%
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%
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%
1405 Point \| Multifamily
Business and Organization
Ownership interest percentage in property	79.00%
Encore Apartments \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Greenside Apartments \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Hoffler Place \| Multifamily
Business and Organization
Ownership interest percentage in property	93.00%
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%
Premier 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%

Indebtedness

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Indebtedness

The Company’s indebtedness comprised the following as of December 31, 2019 and 2018 (dollars in thousands):



	Principal Balance						Interest Rate ^(a)			Maturity Date
	December 31,						December 31,
	2019			2018			2019
Secured Debt
North Point Center Note 1 ^(b)	$	—		$	9,352		6.45	%		February 5, 2019
Lightfoot Marketplace ^(c)	—			10,500			LIBOR + 1.75%			October 12, 2023
Hoffler Place ^(d)	29,059			11,445			LIBOR + 3.24%			January 1, 2021
Summit Place ^(d)	28,824			11,057			LIBOR + 3.24%			January 1, 2021
Southgate Square	20,562			21,442			LIBOR + 1.60%			April 29, 2021
Encore Apartments ^(e)	24,842			24,966			3.25	%		September 10, 2021
4525 Main Street ^(e)	31,876			32,034			3.25	%		September 10, 2021
Red Mill West	11,296			—			4.23	%		June 1, 2022
Thames Street Wharf	70,000			—			LIBOR + 1.30%			June 26, 2022
Hanbury Village	18,515			19,019			3.78	%		August 15, 2022
Marketplace at Hilltop	10,517			—			4.42	%		October 1, 2022
1405 Point	53,000			—			LIBOR + 2.25%			January 1, 2023
Socastee Commons	4,567			4,671			4.57	%		January 6, 2023
Sandbridge Commons	8,020			8,258			LIBOR + 1.75%			January 17, 2023
Wills Wharf	29,154			—			LIBOR + 2.25%			June 26, 2023
249 Central Park Retail ^(f)	16,828			17,045			LIBOR + 1.60%		^(g)	August 10, 2023
Fountain Plaza Retail ^(f)	10,127			10,257			LIBOR + 1.60%		^(g)	August 10, 2023
South Retail ^(f)	7,388			7,483			LIBOR + 1.60%		^(g)	August 10, 2023
One City Center	25,286			—			LIBOR + 1.85%			April 1, 2024
Red Mill Central	2,538			—			4.80	%		June 17, 2024
Premier Apartments ^(h)	16,750			12,873			LIBOR + 1.55%			October 31, 2024
Premier Retail ^(h)	8,250			6,341			LIBOR + 1.55%			October 31, 2024
Red Mill South	6,137			—			3.57	%		May 1, 2025
Brooks Crossing Office	14,411			6,910			LIBOR + 1.60%			July 1, 2025
Market at Mill Creek	14,727			7,283			LIBOR + 1.55%			July 12, 2025
Johns Hopkins Village	51,800			52,708			LIBOR + 1.25%		^(g)	August 7, 2025
North Point Center Note 2	2,214			2,346			7.25	%		September 15, 2025
Lexington Square	14,696			14,940			4.50	%		September 1, 2028
Red Mill North	4,394			—			4.73	%		December 31, 2028
Greenside Apartments	34,000			25,902			3.17	%		December 15, 2029
Smith's Landing	18,174			18,985			4.05	%		June 1, 2035
Liberty Apartments	14,165			14,437			5.66	%		November 1, 2043
The Cosmopolitan	43,702			44,468			3.35	%		July 1, 2051
Total secured debt	$	645,819		$	394,722
Unsecured Debt
Senior unsecured revolving credit facility	110,000			126,000			LIBOR+1.30%-1.85%			January 24, 2024
Senior unsecured term loan	44,500			80,000			LIBOR+1.25%-1.80%			January 24, 2025
Senior unsecured term loan	160,500			100,000			LIBOR+1.25%-1.80%		^(g)	January 24, 2025
Total unsecured debt	$	315,000		$	306,000
Total principal balances	$	960,819		$	700,722
Unamortized fair value adjustments	(878		)	(1,173		)
Unamortized debt issuance costs	(9,404		)	(5,310		)
Indebtedness, net	$	950,537		$	694,239

________________________________________

(a) LIBOR rate is determined by individual lenders.

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

(d) Cross collateralized.

(e) Cross collateralized.

(f) Cross collateralized.

(g) Includes debt subject to interest rate swap agreements.

(h) Cross collateralized.

The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2019 and 2018 (in thousands):



	December 31,
	2019		2018
Fixed-rate debt	$	488,276	$	348,426
Variable-rate debt	472,543		352,296
Total principal balance	$	960,819	$	700,722

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, 2019, 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 Ending December 31,	Scheduled Principal Payments		Maturities		Total Payments
2020	$	10,191	$	—	$	10,191
2021	10,914		132,124		143,038
2022	9,683		106,691		116,374
2023	7,752		124,677		132,429
2024	6,982		157,978		164,960
Thereafter	72,749		321,078		393,827
Total	$	118,271	$	842,548	$	960,819

Credit Facility

On October 3, 2019, the Operating Partnership entered into an amended and restated credit agreement (the "credit agreement"), which provides for a $355.0 million credit facility comprised of a $150.0 million senior unsecured revolving credit facility (the "revolving credit facility") and a $205.0 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 October 26, 2021, and the prior $205.0 million term loan facility, which was scheduled to mature on October 26, 2022.

The credit facility includes an accordion feature that allows the total commitments to be increased to $700.0 million, subject to certain conditions, including obtaining commitments from any one or more lenders. The revolving credit facility has a scheduled maturity date of January 24, 2024, 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 January 24, 2025.

The revolving credit facility bears interest at LIBOR (the London Inter-Bank Offered Rate) plus a margin ranging from 1.30% to 1.85%, and the term loan facility bears interest at LIBOR plus a margin ranging from 1.25% to 1.80%, 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, 2019, the interest rates on the revolving credit facility and the term loan facility were 3.26% and 3.21%, 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 agreement.

Other 2019 Financing Activity

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

On March 11, 2019, the Company received $7.4 million of additional funding on the loan secured by Lightfoot Marketplace. On August 15, 2019, the Company sold the property and paid off the outstanding balance of $17.9 million. The Company retained the interest rate swap associated with the loan.

On March 14, 2019, the Company obtained a loan secured by One City Center in the amount of $25.6 million in conjunction with the acquisition of this property. This loan may be increased to $27.6 million subject to certain conditions. The loan bears interest at a rate of LIBOR plus a spread of 1.85% and will mature on April 1, 2024.

On April 24, 2019, the Company exercised its option to purchase 79% of the partnership that owns 1405 Point in exchange for extinguishing its note receivable on the project and a cash payment of $0.3 million. The project was acquired subject to a loan payable of $64.9 million, which was recorded at its fair value of $65.8 million. On December 27, 2019, the Company extended and modified the 1405 Point loan. The Company decreased the balance on the loan to $53.0 million by paying the balance of $12.3 million. The loan matures on January 1, 2023 and bears interest at a rate of LIBOR plus a spread of 2.25%; this spread will decrease to 2.00% upon achieving Debt Yield of 8.5% and further to 1.75% upon achieving Debt Yield of 9.5% (as defined in the loan agreement).

On May 23, 2019, the Company assumed notes payable in connection with the acquisition of Red Mill Commons and Marketplace at Hilltop with outstanding principal balances of $24.9 million and $10.8 million, respectively. The following table summarizes the note balance at assumption, fair value at assumption, maturity date, and interest rate for each loan ($ in thousands):



Loan name	Note balance at assumption		Fair value of loan at assumption		Loan maturity date	Loan interest rate
Red Mill North	$	4,451	$	4,520	12/31/2028	4.73	%
Red Mill South	6,310		6,090		5/1/2025	3.57	%
Red Mill Central	2,640		2,690		6/17/2024	4.80	%
Red Mill West	11,548		11,540		6/1/2022	4.23	%
Marketplace at Hilltop	10,740		10,790		10/1/2022	4.42	%
	$	35,689	$	35,630

On June 26, 2019, the Company obtained a loan secured by Thames Street Wharf in the amount of $70.0 million in conjunction with the acquisition of this property. The loan bears interest at a rate of LIBOR plus a spread of 1.30% and will mature on June 26, 2022.

On June 26, 2019, the Company entered into a $76.0 million syndicated construction loan facility for the Wills Wharf development project in Baltimore, Maryland. The facility bears interest at a rate of LIBOR plus a spread of 2.25% during construction activities and will mature on June 26, 2023.

On October 29, 2019, the Company extended and modified the Premier loan. The Company increased the balance on the loan to $25.0 million by receiving additional proceeds of $2.7 million. The loan bears interest at a rate of LIBOR plus a spread of 1.55% and will mature on October 31, 2024.

On December 12, 2019, the Company refinanced the Greenside loan. The Company increased the balance to $34.0 million by receiving additional proceeds of $5.1 million. The loan bears interest at a rate of 3.17% and will mature on December 15, 2029.

During the year ended December 31, 2019, the Company borrowed $96.3 million under its construction loans to fund development and construction.

Subsequent to December 31, 2019

Borrowings under the revolving credit facility were $130.0 million on February 20, 2020.

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. The Company borrowed an initial tranche of $10.5 million on this note, which bore interest at a rate of LIBOR plus a spread of 1.75%. The Company simultaneously entered into an interest rate swap agreement that effectively fixed the interest rate of the initial tranche at 4.77% per annum. On March 11, 2019, the Company received $7.4 million of additional funding under this note. On August 15, 2019, the Company paid off the $17.9 million outstanding balance of the note in conjunction with the sale of the property.

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.

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 Greenside 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 Premier Apartments 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.

Real Estate Investments and Equity Method Investments - Equity Method Investments (Details)		2 Months Ended	12 Months Ended
	Mar. 14, 2019 USD ($)	Mar. 13, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Feb. 25, 2016 story
Real Estate [Line Items]
Income from equity method investment			$ 273,000	$ 372,000	$ 0
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			$ 500,000	7,300,000	11,200,000
Income from equity method investment					0
Dividends from equity investment		$ 300,000		$ 400,000	$ 0
Office And Retail Portions \| Durham City Center II LLC
Real Estate [Line Items]
Interests in equity method investments	37.00%
Durham City Center
Real Estate [Line Items]
Acquisition, cash consideration	$ 23,200,000

Stock-Based Compensation - Compensation Cost Relating to Stock-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capitalized in conjunction with development projects	$ 746	$ 661	$ 408
Share-based compensation cost	2,359	1,947	1,720
General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	1,211	1,073	977
General contracting and real estate services expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 402	$ 213	$ 335

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing costs, net	$ 11,357	$ 10,881
Leasing incentives, net	2,855	3,592
Interest rate swaps and caps	25	2,093
Prepaid expenses and other	12,192	9,836
Preacquisition and predevelopment costs	6,472	1,214
Other assets	$ 32,901	$ 27,616

Equity - Additional Information (Details)																						12 Months Ended
Equity - Additional Information (Details)	Feb. 20, 2020 $ / shares	Jan. 15, 2020 USD ($)	Jan. 02, 2020 USD ($)	Dec. 16, 2019 USD ($) shares	Oct. 01, 2019 shares	Sep. 20, 2019 USD ($) shares	Aug. 20, 2019 USD ($) shares	Aug. 06, 2019 USD ($)	Aug. 05, 2019 USD ($)	Jul. 01, 2019 shares	Jun. 18, 2019 USD ($) ft² $ / shares shares	May 30, 2019 USD ($) shares	May 23, 2019 USD ($) shares	Jan. 02, 2019 shares	Apr. 17, 2018 $ / shares shares	Jan. 29, 2018 shares	Dec. 21, 2017 USD ($)	May 12, 2017 USD ($) $ / shares shares	Jan. 10, 2017 shares	May 04, 2016 USD ($)	Jul. 10, 2015 shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 20, 2017 USD ($)
Class of Stock [Line Items]
Authorized capital shares of common stock (in shares) \| shares																						500,000,000	500,000,000
Preferred stock, shares authorized (in shares) \| shares																						100,000,000	100,000,000
Common stock, shares issued (in shares) \| shares																						56,277,971	50,013,731
Common stock, shares outstanding (in shares) \| shares																						56,277,971	50,013,731
Preferred stock, shares issued (in shares) \| shares																						2,530,000	0
Preferred stock, shares outstanding (in shares) \| shares																						2,530,000	0
Proceeds from issuance of common stock, net																						$ 96,845,000	$ 65,244,000	$ 91,381,000
Redeemable noncontrolling interest, equity percentage																									20.00%
Redeemable noncontrolling interest																	$ 2,000,000.0
Noncontrolling interest change in redemption value																	$ 500,000
Percentage of operating partnerships held																						72.60%	74.50%
Operating partnership units redemption ratio																						1
Aggregate cash dividends and distributions, paid																						$ 61,504,000	$ 50,897,000	$ 43,616,000
Preferred stock, par value (in dollars per share) \| $ / shares																						$ 0.01	$ 0.01
Dividend declared (in dollars per share) \| $ / shares																						$ 0.84	$ 0.80	$ 0.76
Dividends, cash paid																						$ 2,455,000
Johns Hopkins Village
Class of Stock [Line Items]
Redeemable noncontrolling interest carrying amount																									$ 2,000,000.0
Class A units
Class of Stock [Line Items]
Units not held by company \| shares																						21,272,962
Class A units \| Operating Partnership
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares) \| shares				110,754		73,666	40,864					60,000	4,125,759
Acquisition, contract price				$ 2,100,000		$ 1,300,000	$ 700,000					$ 1,000,000.0	$ 68,100,000
Noncontrolling interest ownership percentage in properties												35.00%
Aggregate cash dividends and distributions, paid																						$ 16,900,000	$ 13,800,000	$ 12,600,000
Class A units \| Operating Partnership \| Subsequent Event
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid			$ 4,500,000
Common stock
Class of Stock [Line Items]
Shares issued through public offering (in shares) \| shares					4,896					125,118				118,471
Aggregate cash dividends and distributions, paid																						$ 45,400,000	$ 38,700,000	$ 31,100,000
Common stock \| Subsequent Event
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid			$ 11,800,000
Columbus Village \| Class B units
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares) \| shares																					1,000,000
Columbus Village \| Class C units
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares) \| shares																			275,000
Parkway Centre \| Class A units
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares) \| shares																117,228
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) \| shares																								450,890
Net proceeds after offering costs and commissions from sale of shares																								$ 6,200,000
2018 ATM Program \| Common stock
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to)								$ 180,700,000	$ 125,000,000.0
Shares issued through public offering (in shares) \| shares																						5,871,519	4,617,409
Net proceeds after offering costs and commissions from sale of shares																						$ 97,000,000.0	$ 65,200,000
Underwritten Public Offering
Class of Stock [Line Items]
Number of shares issued in public offering \| shares																		6,900,000
Issuance of common stock, price per share (in dollars per share) \| $ / shares																		$ 13.00
Proceeds from issuance of common stock, net																		$ 85,300,000
Thames Street Wharf
Class of Stock [Line Items]
Area of retail space \| ft²											263,426
Johns Hopkins Village \| Noncontrolling interests in Operating Partnership \| Class A units
Class of Stock [Line Items]
Shares issued through public offering (in shares) \| shares															36,684
Share price (in dollars per share) \| $ / shares															$ 13.77
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
Weighted Average \| 2018 ATM Program \| Common stock
Class of Stock [Line Items]
Issuance of common stock, price per share (in dollars per share) \| $ / shares																						$ 16.76	$ 14.39
Redeemable convertible preferred stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares) \| shares											2,530,000
Dividend rate											6.75%											6.75%
Preferred stock, redemption price (in dollars per share) \| $ / shares																						$ 25.00
Preferred stock, par value (in dollars per share) \| $ / shares											$ 0.01
Liquidation preference (in dollars per share) \| $ / shares											$ 25.00
Proceeds from issuance of preferred stock and preference stock											$ 61,300,000
Dividends declared (in dollars per share) \| $ / shares																						$ 0.970315
Dividends, cash paid																						$ 2,500,000
Redeemable convertible preferred stock \| Subsequent Event
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid		$ 1,100,000
Dividends declared (in dollars per share) \| $ / shares	$ 0.421875
Redeemable convertible preferred stock \| Over-Allotment Option
Class of Stock [Line Items]
Preferred stock, shares issued (in shares) \| shares											330,000
Common stock \| Subsequent Event
Class of Stock [Line Items]
Dividend declared (in dollars per share) \| $ / shares	$ 0.22
Increase from prior dividend	4.80%
Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares) \| shares											2,530,000
Dividend rate											6.75%
Noncontrolling interests in Operating Partnership
Class of Stock [Line Items]
Liquidation preference																						63,300,000
Noncontrolling interests in Operating Partnership \| 1405 Point \| Operating Partnership
Class of Stock [Line Items]
Nonredeemable noncontrolling interest																						$ 4,500,000

Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information
Rental revenues	$ 41,832	$ 42,220	$ 36,378	$ 30,909	$ 30,731	$ 28,930	$ 28,598	$ 28,699	$ 151,339	$ 116,958	$ 108,737
Rental expenses									34,332
Rental expenses										27,222	25,422
Real estate taxes									14,961	11,383	10,528
Segment expenses									101,538	73,628	186,590
Net operating income	28,869	29,359	26,333	21,806	21,114	19,964	19,908	20,098
Operating Segments
Segment Reporting Information
Net operating income									106,367	81,084	80,231
Operating Segments \| Office real estate
Segment Reporting Information
Rental revenues									33,269	20,701	19,207
Rental expenses									8,722
Rental expenses										5,858	5,483
Real estate taxes									3,471	2,034	1,859
Net operating income									21,076	12,809	11,865
Operating Segments \| Retail real estate
Segment Reporting Information
Rental revenues									77,593	67,959	63,109
Rental expenses									11,656
Rental expenses										10,903	10,234
Real estate taxes									7,916	6,801	6,175
Net operating income									58,021	50,255	46,700
Operating Segments \| Multifamily residential real estate
Segment Reporting Information
Rental revenues									40,477	28,298	26,421
Rental expenses									13,954
Rental expenses										10,461	9,705
Real estate taxes									3,574	2,548	2,494
Net operating income									22,949	15,289	14,222
Operating Segments \| General contracting and real estate services
Segment Reporting Information
Net operating income									4,321	2,731	7,444
General contracting and real estate services revenues
Segment Reporting Information
Segment revenues	$ 39,741	$ 27,638	$ 21,444	$ 17,036	$ 12,705	$ 19,950	$ 20,654	$ 23,050	105,859	76,359	194,034
General contracting and real estate services revenues \| Operating Segments \| General contracting and real estate services
Segment Reporting Information
Segment revenues									105,859	76,359	194,034
Segment expenses									$ 101,538	$ 73,628	$ 186,590

Construction Contracts - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Contractors [Abstract]
Deferred precontract costs	$ 900	$ 1,400
Amortization of pre-contract costs	600	100
Construction receivables retentions	9,000	8,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Retention payable	5,306	3,037	$ 3,591
Construction
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Retention payable	$ 18,000	$ 21,600

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2019
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 $5.7 million, $1.5 million and $7.6 million for the years ended December 31, 2019, 2018, and 2017, respectively. Gross profits from such contracts were $0.2 million, $0.3 million and $0.4 million for the years ended December 31, 2019, 2018, and 2017, respectively. As of December 31, 2019 and 2018, there was $1.9 million and $0.2 million, respectively, outstanding from related parties of the Company included in net construction receivables. Real estate services fees from affiliated entities of the Company were not material for any of the years ended December 31, 2019, 2018, and 2017. In addition, affiliated entities also reimburse the Company for monthly maintenance and facilities management services provided to the properties. Cost reimbursements earned by the Company from affiliated entities were not material for any of the years ended December 31, 2019, 2018, and 2017. The general contracting services described above include contracts with an aggregate price of $79.3 million with the developer of a mixed-use project, including an apartment building, retail space, and a parking garage to be located in Virginia Beach, Virginia. The developer is owned in part by executives of the Company, not including the Chief Executive Officer and Chief Financial Officer. These contracts were executed in October and December 2019 and are projected to result in aggregate gross profit of $3.0 million to the Company, representing a gross profit margin of 4.0%. As part of these contracts and per the requirements of the lender for this project, the Company issued a letter of credit for $9.5 million to secure certain performances of the Company's subsidiary construction company under the contracts, which remains outstanding as of December 31, 2019.

Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019 (in thousands):



	December 31, 2019
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	112,555	$	47,341	$	65,214
Above-market lease assets	7,039		3,551		3,488
Below-market ground lease assets
Below-market operating ground lease assets	1,920		352		1,568
Below-market finance ground lease assets	6,629		102		6,527
Below-market lease liabilities	29,575		8,275		21,300

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 ground lease assets
Below-market operating ground lease assets	1,920		299		1,621
Below-market finance ground lease assets ^(a)	—		—		—
Below-market lease liabilities	18,692		6,014		12,678

________________________________________

(a) All of the Company's leases were classified as Operating Leases prior to 2019.

Schedule of finite-lived intangible assets

During the years ended December 31, 2019, 2018, and 2017, the Company recognized the following amortization of intangible lease assets and liabilities (in thousands):



	Years Ended December 31,
	2019		2018		2017
Intangible lease assets
In-place lease assets	$	14,971	$	7,676	$	9,732
Above-market lease assets	875		753		783
Below-market ground lease assets
Amortization of below-market operating ground lease assets ^(a)	53		53		53
Amortization of below-market finance ground lease assets ^(a)(b)	102		—		—
Intangible lease liabilities
Below-market lease liabilities	2,261		1,754		1,762

________________________________________

(a) Prior to 2019, Amortization of Below Market Ground Leases was included in Rental Expenses. With the adoption of ASC 842 on 1/1/2019, Amortization of below market ground rents became a component of the amortization of the right-of-use assets of Operating and Finance Leases, respectively.

(b)

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		Amortization
Year ending December 31,
2020	$	1,522	$	12,360
2021	1,545		9,858
2022	1,552		8,312
2023	1,413		6,823
2024	1,411		5,609

Notes Receivable (Summary of Mezzanine Loans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2019	Jan. 08, 2019	Dec. 21, 2018	Dec. 04, 2018	Oct. 27, 2017	May 15, 2017
Notes Receivable
Notes receivable guarantee premium	$ 5,271	$ 2,800
Notes receivable discount, net	0	(4,489)
Total notes receivable	159,371	138,683
Interest income	23,215	10,729	$ 7,077
Mezzanine Loan
Notes Receivable
Outstanding loan amount	152,953	139,097
Maximum loan commitment	276,910
Interest income	23,127	10,651	7,071
Other notes receivable
Notes Receivable
Outstanding loan amount	1,147	1,275
Interest income	88	78	6
1405 Point \| Mezzanine Loan
Notes Receivable
Outstanding loan amount	0	30,238
Maximum loan commitment	$ 31,032
Interest rate	8.00%
Interest income	$ 783	2,080	1,741
The Residences at Annapolis Junction \| Mezzanine Loan
Notes Receivable
Outstanding loan amount	40,049	36,361
Maximum loan commitment	$ 48,105
Interest rate	10.00%
Interest income	$ 8,776	4,939	4,132
North Decatur Square \| Mezzanine Loan
Notes Receivable
Outstanding loan amount	0	18,521
Maximum loan commitment	$ 29,673	29,700							$ 21,800
Interest rate	15.00%
Interest income	$ 1,509	2,212	1,035
Delray Plaza \| Mezzanine Loan
Notes Receivable
Outstanding loan amount	12,995	7,032
Maximum loan commitment	$ 15,000				$ 15,000			$ 13,100
Interest rate	15.00%							15.00%
Interest income	$ 1,622	928	163
Nexton Square \| Mezzanine Loan
Notes Receivable
Outstanding loan amount	15,097	14,855
Maximum loan commitment	$ 17,000
Interest rate	10.00%			15.00%			15.00%
Interest income	$ 1,962	235	0
Interlock Commercial \| Mezzanine Loan
Notes Receivable
Outstanding loan amount	59,224	18,269
Maximum loan commitment	$ 95,000					$ 95,000
Interest rate	15.00%
Interest income	$ 6,142	202	0
Solis Apartments at Interlock \| Mezzanine Loan
Notes Receivable
Outstanding loan amount	25,588	13,821
Maximum loan commitment	$ 41,100					$ 41,100
Interest rate	13.00%
Interest income	$ 2,333	$ 55	$ 0

Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2019

Acquired Lease Intangibles

Acquired Lease Intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2019 (in thousands):



	December 31, 2019
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	112,555	$	47,341	$	65,214
Above-market lease assets	7,039		3,551		3,488
Below-market ground lease assets
Below-market operating ground lease assets	1,920		352		1,568
Below-market finance ground lease assets	6,629		102		6,527
Below-market lease liabilities	29,575		8,275		21,300

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 ground lease assets
Below-market operating ground lease assets	1,920		299		1,621
Below-market finance ground lease assets ^(a)	—		—		—
Below-market lease liabilities	18,692		6,014		12,678

________________________________________

(a) All of the Company's leases were classified as Operating Leases prior to 2019.

During the years ended December 31, 2019, 2018, and 2017, the Company recognized the following amortization of intangible lease assets and liabilities (in thousands):



	Years Ended December 31,
	2019		2018		2017
Intangible lease assets
In-place lease assets	$	14,971	$	7,676	$	9,732
Above-market lease assets	875		753		783
Below-market ground lease assets
Amortization of below-market operating ground lease assets ^(a)	53		53		53
Amortization of below-market finance ground lease assets ^(a)(b)	102		—		—
Intangible lease liabilities
Below-market lease liabilities	2,261		1,754		1,762

________________________________________

(b) All of the Company's leases were classified as Operating Leases prior to 2019.

As of December 31, 2019, the weighted-average remaining lives of in-place lease assets, above-market lease assets, below-market lease liabilities, below-market ground lease assets - operating and below-market ground lease assets - finance were 7.8 years, 5.2 years, 11.5 years, 29.5 years, and 41.2 years, respectively. As of December 31, 2019, the weighted-average remaining life of below-market lease renewal options was 12.2 years.

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



			Depreciation and
	Rental Revenues		Amortization
Year ending December 31,
2020	$	1,522	$	12,360
2021	1,545		9,858
2022	1,552		8,312
2023	1,413		6,823
2024	1,411		5,609

Business and Organization - Schedule of Properties under development, redevelopment or not yet stabilized (Details)	Dec. 31, 2019
Wills Wharf \| Office
Business and Organization
Ownership interest percentage in property	100.00%
Premier Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Summit Place \| Multifamily
Business and Organization
Ownership interest percentage in property	90.00%
The Cosmopolitan \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%

Segments - Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information
Net operating income	$ 28,869	$ 29,359	$ 26,333	$ 21,806	$ 21,114	$ 19,964	$ 19,908	$ 20,098
Depreciation and amortization									$ (54,564)	$ (39,913)	$ (37,321)
Amortization of right-of-use assets - finance leases									(377)
General and administrative expenses									(12,392)	(11,431)	(10,435)
Acquisition, development and other pursuit costs									(844)	(352)	(648)
Impairment charges									(252)	(1,619)	(110)
Gain on real estate dispositions									4,699	4,254	8,087
Interest income									23,215	10,729	7,077
Interest expense on indebtedness									(30,776)	(19,087)	(17,439)
Interest expense on finance leases									(568)	0	0
Equity in income of unconsolidated real estate entities									273	372	0
Change in fair value of interest rate derivatives									(3,599)	(951)	1,127
Other income (expense), net									585	377	81
Income tax benefit (provision)									491	29	(725)
Net income	$ 7,855	$ 12,063	$ 5,826	$ 6,514	$ 4,895	$ 5,669	$ 5,945	$ 6,983	32,258	23,492	29,925
Operating Segments
Segment Reporting Information
Net operating income									106,367	81,084	80,231
Segment Reconciling Items
Segment Reporting Information
Depreciation and amortization									(54,564)	(39,913)	(37,321)
Amortization of right-of-use assets - finance leases									(377)	0	0
General and administrative expenses									(12,392)	(11,431)	(10,435)
Acquisition, development and other pursuit costs									(844)	(352)	(648)
Impairment charges									(252)	(1,619)	(110)
Gain on real estate dispositions									4,699	4,254	8,087
Interest income									23,215	10,729	7,077
Interest expense on indebtedness									(30,776)	(19,087)	(17,439)
Interest expense on finance leases									(568)	0	0
Equity in income of unconsolidated real estate entities									273	372	0
Loss on extinguishment of debt									0	(11)	(50)
Change in fair value of interest rate derivatives									(3,599)	(951)	1,127
Other income (expense), net									585	388	131
Income tax benefit (provision)									$ 491	$ 29	$ (725)

Acquired Lease Intangibles - Estimated Amortization of Acquired Lease Intangibles (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Estimated amortization of acquired lease intangibles- Rental Revenues
2020	$ 1,522
2021	1,545
2022	1,552
2023	1,413
2024	1,411
Estimated amortization of acquired lease intangibles -Depreciation and Amortization
2020	12,360
2021	9,858
2022	8,312
2023	6,823
2024	$ 5,609

Leases - Operating lease costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Leases [Abstract]
Operating lease cost	$ 2,700	$ 2,962	$ 2,686
Finance lease cost:
Amortization of right-of-use assets - finance leases	369	0	0
Interest expense on finance leases	568	0	0
Operating cash flows from operating leases	1,969	2,354	2,103
Operating cash flows from finance leases	$ 533	$ 0	$ 0

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Data [Abstract]

Summary certain selected quarterly financial data

The following tables summarize certain selected quarterly financial data for 2019 and 2018 (in thousands, except per share data):



	2019 Quarters
	First		Second		Third		Fourth
Rental revenues	$	30,909	$	36,378	$	42,220	$	41,832
General contracting and real estate services revenues	17,036		21,444		27,638		39,741
Net operating income	21,806		26,333		29,359		28,869
Net income	6,514		5,826		12,063		7,855
Net income attributable to common stockholders	4,884		4,412		7,079		5,223
Net income attributable to common stockholders per share (basic and diluted)	$	0.10	$	0.08	$	0.13	$	0.09



	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 common stockholders	5,040		4,319		4,202		3,642
Net income attributable to common stockholders per share (basic and diluted)	$	0.11	$	0.09	$	0.09	$	0.07

Real Estate Investments and Equity Method Investments - Operating Property Acquisitions (Details) $ / shares in Units, $ in Thousands, shares in Millions											12 Months Ended
	Jun. 26, 2019 USD ($)	May 23, 2019 USD ($) $ / shares shares	May 22, 2019 USD ($) $ / shares	Apr. 24, 2019 USD ($)	Mar. 14, 2019 USD ($)	Feb. 06, 2019 USD ($)	Aug. 28, 2018 USD ($)	Jan. 29, 2018 USD ($)	Jan. 09, 2018 USD ($)	Jul. 25, 2017 USD ($)	Dec. 31, 2019 property	Dec. 31, 2018 property	Dec. 27, 2019 USD ($)
Real Estate [Line Items]
Number of operating properties acquired \| property											6	3
Wendover Village
Real Estate [Line Items]
Purchase price						$ 2,700
Capitalized acquisition costs						$ 100
Durham City Center
Real Estate [Line Items]
Purchase price					$ 23,000
Capitalized acquisition costs					100
Acquisition, cash consideration					$ 23,200
1405 Point
Real Estate [Line Items]
Capitalized acquisition costs				$ 100
Acquisition, cash consideration				$ 300
Option to acquire additional interest				79.00%
Allowance for loan and lease losses write-offs, net				$ 31,300
Loans payable				64,900									$ 53,000
Loans payable, fair value disclosure				$ 65,800
Red Mill Commons And Marketplace At Hilltop
Real Estate [Line Items]
Loans payable, fair value disclosure		$ 35,630
Acquisition, assumption of debt		35,689
Thames Street Wharf
Real Estate [Line Items]
Capitalized acquisition costs	$ 300
Acquisition, cash consideration	$ 101,000
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							$ 27,000
Capitalized acquisition costs							400
Acquisition, cash consideration							24,200
Equity interests issued and issuable							$ 2,800
Greensboro, North Carolina \| Wendover Village
Real Estate [Line Items]
Payments for purchase of land										$ 14,300
Capitalized acquisition costs										$ 100
Office And Retail Portions \| Durham City Center II LLC
Real Estate [Line Items]
Interests in equity method investments					37.00%
Operating Partnership \| Red Mill Commons And Marketplace At Hilltop
Real Estate [Line Items]
Purchase price		109,300	$ 105,000
Capitalized acquisition costs		1,100
Acquisition, cash consideration		4,500
Acquisition, assumption of debt		$ 35,600	$ 35,700
Acquisition, common units/shares issued (in shares) \| shares		4.1
Future sale period for properties in limited number of cases		10 years
Business acquisition, share price \| $ / shares		$ 16.50	$ 15.55
Equity interests issued and issuable		$ 68,100

Indebtedness - Schedule of Debt (Details) - USD ($) $ in Thousands							12 Months Ended
	Dec. 12, 2019	Jun. 26, 2019	Apr. 24, 2019	Jul. 27, 2018	May 31, 2018	Jan. 22, 2018	Dec. 31, 2019	Dec. 31, 2018	Aug. 28, 2018	Nov. 01, 2017	Sep. 01, 2017	Aug. 31, 2017	Aug. 09, 2017
Debt Instrument [Line Items]
Total principal balances							$ 960,819	$ 700,722
Unamortized fair value adjustments							(878)	(1,173)
Unamortized debt issuance costs							(9,404)	(5,310)
Indebtedness, net							$ 950,537	694,239
LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	3.17%
LIBOR \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							1.30%
LIBOR \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							1.85%
LIBOR \| Term Loan Without Related Interest Rate Swap Agreemen \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							1.25%
LIBOR \| Term Loan Without Related Interest Rate Swap Agreemen \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							1.80%
LIBOR \| Term Loan With Related Interest Rate Swap \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							1.25%
LIBOR \| Term Loan With Related Interest Rate Swap \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							1.80%
Lightfoot Marketplace
Debt Instrument [Line Items]
Total principal balances										$ 10,500
Southgate Square \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.60%
Thames Street Wharf \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		1.30%
Thames Street Wharf \| LIBOR \| Revolving Credit Facility
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		2.25%
Hanbury Village
Debt Instrument [Line Items]
Stated interest rate													3.78%
1405 Point \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			2.25%
Sandbridge Commons \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate						1.75%
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											3.35%	3.75%
Secured Debt
Debt Instrument [Line Items]
Total principal balances							$ 645,819	394,722
Secured Debt \| North Point Center \| Notes 1
Debt Instrument [Line Items]
Total principal balances							$ 0	9,352
Stated interest rate							6.45%
Secured Debt \| North Point Center \| Notes 2
Debt Instrument [Line Items]
Total principal balances							$ 2,214	2,346
Stated interest rate							7.25%
Secured Debt \| Lightfoot Marketplace \| Notes 2
Debt Instrument [Line Items]
Total principal balances							$ 0	10,500
Secured Debt \| Lightfoot Marketplace \| Notes 2 \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							1.75%
Secured Debt \| Hoffler Place
Debt Instrument [Line Items]
Total principal balances							$ 29,059	11,445
Secured Debt \| Hoffler Place \| Notes 1 \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							3.24%
Secured Debt \| Summit Place
Debt Instrument [Line Items]
Total principal balances							$ 28,824	11,057
Secured Debt \| Summit Place \| 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							$ 20,562	21,442
Secured Debt \| Southgate Square \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							1.60%
Secured Debt \| Encore Apartments
Debt Instrument [Line Items]
Total principal balances							$ 24,842	24,966
Stated interest rate							3.25%
Secured Debt \| 4525 Main Street
Debt Instrument [Line Items]
Total principal balances							$ 31,876	32,034
Stated interest rate							3.25%
Secured Debt \| Red Mill West
Debt Instrument [Line Items]
Total principal balances							$ 11,296	0
Stated interest rate							4.23%
Secured Debt \| Thames Street Wharf
Debt Instrument [Line Items]
Total principal balances							$ 70,000	0
Secured Debt \| Thames Street Wharf \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							1.30%
Secured Debt \| Hanbury Village
Debt Instrument [Line Items]
Total principal balances							$ 18,515	19,019
Stated interest rate							3.78%
Secured Debt \| Marketplace at Hilltop
Debt Instrument [Line Items]
Total principal balances							$ 10,517	0
Stated interest rate							4.42%
Secured Debt \| 1405 Point
Debt Instrument [Line Items]
Total principal balances							$ 53,000	0
Secured Debt \| 1405 Point \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							2.25%
Secured Debt \| Socastee Commons
Debt Instrument [Line Items]
Total principal balances							$ 4,567	4,671
Stated interest rate							4.57%
Secured Debt \| Sandbridge Commons
Debt Instrument [Line Items]
Total principal balances							$ 8,020	8,258
Secured Debt \| Sandbridge Commons \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							1.75%
Secured Debt \| Wills Wharf
Debt Instrument [Line Items]
Total principal balances							$ 29,154	0
Secured Debt \| Wills Wharf \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							2.25%
Secured Debt \| 249 Central Park Retail
Debt Instrument [Line Items]
Total principal balances							$ 16,828	17,045
Secured Debt \| 249 Central Park 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							$ 10,127	10,257
Secured Debt \| Fountain Plaza 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							$ 7,388	7,483
Secured Debt \| South Retail \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							1.60%
Secured Debt \| One City Center
Debt Instrument [Line Items]
Total principal balances							$ 25,286	0
Secured Debt \| One City Center \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							1.85%
Secured Debt \| Red Mill Central
Debt Instrument [Line Items]
Total principal balances							$ 2,538	0
Stated interest rate							4.80%
Secured Debt \| Premier Apartments
Debt Instrument [Line Items]
Total principal balances							$ 16,750	12,873
Secured Debt \| Premier Apartments \| Notes 2 \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							1.55%
Secured Debt \| Premier Retail
Debt Instrument [Line Items]
Total principal balances							$ 8,250	6,341
Secured Debt \| Premier Retail \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							1.55%
Secured Debt \| Red Mill South
Debt Instrument [Line Items]
Total principal balances							$ 6,137	0
Stated interest rate							3.57%
Secured Debt \| Brooks Crossing Office
Debt Instrument [Line Items]
Total principal balances							$ 14,411	6,910
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							$ 14,727	7,283
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							$ 51,800	52,708
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							$ 14,696	14,940
Stated interest rate							4.50%		4.50%
Secured Debt \| Red Mill North
Debt Instrument [Line Items]
Total principal balances							$ 4,394	0
Stated interest rate							4.73%
Secured Debt \| Greenside (Harding Place)
Debt Instrument [Line Items]
Total principal balances							$ 34,000	25,902
Stated interest rate							3.17%
Secured Debt \| Smith’s Landing
Debt Instrument [Line Items]
Total principal balances							$ 18,174	18,985
Stated interest rate							4.05%
Secured Debt \| Liberty Apartments
Debt Instrument [Line Items]
Total principal balances							$ 14,165	14,437
Stated interest rate							5.66%
Secured Debt \| The Cosmopolitan
Debt Instrument [Line Items]
Total principal balances							$ 43,702	44,468
Stated interest rate							3.35%
Unsecured Debt
Debt Instrument [Line Items]
Total principal balances							$ 315,000	306,000
Unsecured Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Total principal balances							110,000	126,000
Unsecured Debt \| Term Loan Without Related Interest Rate Swap Agreemen
Debt Instrument [Line Items]
Total principal balances							44,500	80,000
Unsecured Debt \| Term Loan With Related Interest Rate Swap
Debt Instrument [Line Items]
Total principal balances							$ 160,500	$ 100,000

Stock-Based Compensation

12 Months Ended

Dec. 31, 2019

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, 2019, the Company had 890,990 shares of common stock reserved for issuance under the Equity Plan.

During the years ended December 31, 2019, 2018, and 2017, the Company granted an aggregate of 154,030, 164,241 and 118,361 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, 2019, 2018, and 2017 was $2.4 million, $2.2 million and $1.7 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, 2019, 2018, and 2017, the Company recognized $2.4 million, $2.0 million and $1.5 million of stock-based compensation, respectively. As of December 31, 2019, the total unrecognized compensation cost related to nonvested restricted shares was $0.1 million, substantially all of which the Company expects to recognize over the next 15 months.

Compensation cost relating to stock-based compensation for the years ended December 31, 2019, 2018, and 2017 was recorded as follows (in thousands):



	Years Ended December 31,
	2019		2018		2017
General and administrative expense	$	1,211	$	1,073	$	977
General contracting and real estate services expenses	402		213		335
Capitalized in conjunction with development projects	746		661		408
Total stock-based compensation cost	$	2,359	$	1,947	$	1,720

The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2019:



	Restricted Stock Awards		Weighted Average Grant Date Fair Value Per Share
Nonvested as of January 1, 2019	125,229		$	13.68
Granted	154,030		15.43
Vested	(134,346	)	14.39
Forfeited	(961	)	14.24
Nonvested as of December 31, 2019	143,952		$	14.88

Restricted stock awards granted and vested during the year ended December 31, 2019 include 19,245 shares tendered by employees to satisfy minimum statutory tax withholding obligations.

Equity - Tax Treatment of Dividends Paid (Details)	12 Months Ended
Equity - Tax Treatment of Dividends Paid (Details)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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	10.62%	9.49%	9.06%
Ordinary income
Dividends Payable [Line Items]
Tax treatment of capital gain dividends, percent	68.83%	63.40%	71.59%
Return of capital
Dividends Payable [Line Items]
Tax treatment of capital gain dividends, percent	20.55%	27.11%	19.35%

Label

Element

Value

Cumulative Effect of New Accounting Principle in Period of Adoption

us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption

$ (167,000)

Parent [Member]

Cumulative Effect of New Accounting Principle in Period of Adoption

us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption

(125,000)

Accumulated Distributions in Excess of Net Income [Member]

Cumulative Effect of New Accounting Principle in Period of Adoption

us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption

(125,000)

Noncontrolling Interests In Operating Partnership [Member]

Cumulative Effect of New Accounting Principle in Period of Adoption

us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption

$ (42,000)

[1]	The Company recorded cumulative effect adjustments related to the new lease standard in the first quarter of 2019. See "Financial Statements — Note 2 — Significant Accounting Policies — Recent Accounting Pronouncements” for additional information.

Business and Organization - Additional Information (Details)	Dec. 31, 2019	Dec. 31, 2018
Business and Organization
Percentage of operating partnerships held	72.60%	74.50%
General Partner
Business and Organization
Percentage of operating partnerships held	0.10%

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, 2019	Dec. 31, 2018
Fair Value of Financial Instruments]
Indebtedness, net	$ 950,537	$ 694,239
Carrying Value
Fair Value of Financial Instruments]
Indebtedness, net	950,537	694,239
Notes receivable	159,371	138,683
Interest rate swap liabilities	7,720	2,474
Interest rate swap and cap assets	25	2,093
Fair Value \| Level 3
Fair Value of Financial Instruments]
Indebtedness, net	958,421	688,437
Notes receivable	159,371	138,683
Fair Value \| Level 2
Fair Value of Financial Instruments]
Interest rate swap liabilities	7,720	2,474
Interest rate swap and cap assets	$ 25	$ 2,093

Acquired Lease Intangibles - Amortization of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of below market lease	$ 2,261	$ 1,754	$ 1,762
Above-market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	875	753	783
Below-market operating ground lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	53	53	53
Below-market finance ground lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	102	0	0
In-place lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 14,971	$ 7,676	$ 9,732

Notes Receivable

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Notes Receivable

The Company had the following loans receivable outstanding as of December 31, 2019 and December 31, 2018 ($ in thousands):



	Outstanding loan amount					Maximum loan commitment		Interest rate			Interest compounding
Development Project	December 31, 2019		December 31, 2018			Maximum loan commitment		Interest rate			Interest compounding
1405 Point	$	—	$	30,238		$	31,032	8.0	%		Monthly
The Residences at Annapolis Junction	40,049		36,361			48,105		10.0	%		Monthly
North Decatur Square	—		18,521			29,673		15.0	%		Annually
Delray Plaza	12,995		7,032			15,000		15.0	%		Annually
Nexton Square	15,097		14,855			17,000		10.0	%	_(b)	Monthly
Interlock Commercial	59,224		18,269			95,000		15.0	%		None
Solis Apartments at Interlock	25,588		13,821			41,100		13.0	%		Annually
Total mezzanine	152,953		139,097			$	276,910
Other notes receivable	1,147		1,275
Notes receivable guarantee premium	5,271		2,800
Notes receivable discount, net ^(a)	—		(4,489		)
Total notes receivable	$	159,371	$	138,683

_______________________________________

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

(b) The interest rate was 15% until October 1, 2019.

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, 2019, 2018, and 2017 as follows (in thousands):



	Years Ended December 31,
Development Project	2019			2018			2017
1405 Point	$	783		$	2,080		$	1,741
The Residences at Annapolis Junction	8,776		^(a)	4,939		^(a)	4,132
North Decatur Square	1,509			2,212			1,035
Delray Plaza	1,622			928			163
Nexton Square	1,962			235			—
Interlock Commercial	6,142		^(b)	202			—
Solis Apartments at Interlock	2,333			55			—
Total mezzanine	23,127			10,651			7,071
Other interest income	88			78			6
Total interest income	$	23,215		$	10,729		$	7,077

________________________________________

(a) Includes amortization of the $5.0 million loan modification fee paid by the borrower in November 2018. Additionally, the 2019 amount includes $0.5 million of interest income recognition relating to an exit fee that is due upon repayment of the loan.

(b) Includes $0.6 million of interest income recognition relating to an exit fee that is due upon repayment of the loan.

Based upon current information, there are no loans for which it is no longer probable that the Company will be able to collect all contractual amounts then due from the borrower. As of December 31, 2019 and 2018, there was no allowance for loan losses. During the years ended December 31, 2019, 2018, and 2017, 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 April 24, 2019, the Company exercised its option to purchase 79% of the interest in the partnership that owns 1405 Point in exchange for extinguishing its note receivable on the project and a cash payment of $0.3 million. The Company consolidated the project in its consolidated financial statements for the year ended December 31, 2019. The project was acquired subject to a loan payable of $64.9 million.

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 includes two six-month extension options subject to minimum debt yields and minimum debt service coverage ratios. Concurrent with the refinancing of the senior construction loan, the Company agreed to modify the mezzanine loan receivable with AJAO as follows:

•The Company agreed to guarantee $8.3 million of the new senior loan;

•The Company agreed to extend the maturity of the mezzanine loan, which will mature concurrently with the new senior loan;

•The Company terminated its rights under the purchase options;

•AJAO paid a modification fee of $5.0 million;

•AJAO will pay an exit fee of $3.0 million upon full repayment of the loan; and

•AJAO paid down $11.1 million of the outstanding mezzanine loan balance, which was comprised of a $9.9 million payment of accrued interest and a $1.2 million payment of principal.

The fee of $5.0 million paid by AJAO was accounted for as a loan discount that was recognized as interest income over the one year loan term from November 2018 to November 2019 using the effective interest method. On December 1, 2019, the first six-month extension option for the senior loan was exercised, and the Company's mezzanine loan was extended in tandem. AJAO will pay an exit fee of $3.0 million upon full repayment of the loan, which is being recognized through the current remaining term of the loan as interest income 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 was 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 had accumulated at a rate of 15.0% per annum. 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.

On July 22, 2019, the borrower paid off the North Decatur Square note receivable in full. The Company received the outstanding principal and interest in the amount of $20.0 million.

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 $17.0 million. The previous loan was repaid from proceeds of the mezzanine loan. This note originally bore interest at a rate of 15% per annum which decreased 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. Upon the closing of this senior construction loan, the Company entered into a payment guarantee for $12.6 million of the senior 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.

On April 19, 2019, the borrower executed its senior construction loan, and the Company's payment guarantee of up to $30.7 million became effective. See Note 15 for additional information. 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, 2019, the Company had outstanding payment guarantees for the senior loans on Residences at Annapolis Junction, Delray Plaza, Nexton Square, and Interlock Commercial as described above. As of December 31, 2019 and 2018, the Company has recorded a guarantee liability of $5.3 million and $2.8 million, respectively, 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

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Federal income taxes:
Current	$ 430	$ (14)	$ (516)
Deferred	(20)	37	(131)
State income taxes:
Current	85	(1)	(62)
Deferred	(4)	7	(16)
Income tax benefit (provision)	$ 491	$ 29	$ (725)

Derivative Financial Instruments - Additional Information (Details) - USD ($)	Jan. 28, 2020	Jan. 10, 2020	Dec. 31, 2019	May 15, 2019	Dec. 31, 2018	Dec. 11, 2018	Jul. 16, 2018	Mar. 07, 2018	Nov. 28, 2017	Sep. 18, 2017	Jun. 23, 2017	Feb. 07, 2017	Jun. 17, 2016	Feb. 25, 2016	Oct. 26, 2015
Derivative [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months			$ (1,400,000)
Derivative, notional amount			496,642,000		$ 513,208,000
LIBOR \| Interest rate caps
Derivative [Line Items]
Derivative, notional amount				$ 100,000,000		$ 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				2.50%		2.75%	2.50%	2.25%	1.50%	1.50%	1.50%	1.50%	1.00%	1.50%	1.25%
Premium paid			$ 2,370,000	$ 288,000		$ 210,000	$ 319,000	$ 310,000	$ 359,000	$ 199,000	$ 154,000	$ 187,000	$ 150,000	$ 57,000	$ 137,000
Subsequent Event \| LIBOR \| Interest rate caps
Derivative [Line Items]
Derivative, notional amount	$ 50,000,000.0	$ 50,000,000.0
Strike rate	1.75%	1.75%
Premium paid	$ 100,000	$ 100,000

Other Assets

12 Months Ended

Dec. 31, 2019

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

Other Assets

Other assets were comprised of the following as of December 31, 2019 and 2018 (in thousands):



	December 31,
	2019		2018
Leasing costs, net	$	11,357	$	10,881
Leasing incentives, net	2,855		3,592
Interest rate swaps and caps	25		2,093
Prepaid expenses and other	12,192		9,836
Preacquisition and predevelopment costs	6,472		1,214
Other assets	$	32,901	$	27,616

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Other Liabilities
Dividends and distributions payable	$ 17,477	$ 13,527
Deferred ground rent payable (a)		9,287
Acquired lease intangibles, net	21,300	12,678
Prepaid rent and other	8,604	3,509
Security deposits	2,673	1,927
Interest rate swaps	7,720	2,475
Guarantee Liability	5,271	2,800
Other liabilities	$ 63,045	$ 46,203

Construction Contracts

12 Months Ended

Dec. 31, 2019

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, 2019 during the year ending December 31, 2020.

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



	Year ended December 31, 2019						Year ended December 31, 2018
	Construction contract costs and estimated earnings in excess of billings			Billings in excess of construction contract costs and estimated earnings			Construction contract costs and estimated earnings in excess of billings			Billings in excess of construction contract costs and estimated earnings
Beginning balance	$	1,358		$	3,037		$	245		$	3,591
Revenue recognized that was included in the balance at the beginning of the period	—			(3,037		)	—			(3,591		)
Increases due to new billings, excluding amounts recognized as revenue during the period	—			6,283			—			4,243
Transferred to receivables	(2,557		)	—			(245		)	—
Construction contract costs and estimated earnings not billed during the period	249			—			352			—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	1,199			(977		)	1,006			(1,206		)
Ending balance	$	249		$	5,306		$	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 $0.9 million and $1.4 million were deferred as of December 31, 2019 and 2018, respectively. Amortization of pre-contract costs for the years ended December 31, 2019 and 2018 was $0.6 million and less than $0.1 million, respectively.

Construction receivables and payables include retentions—amounts that are generally withheld until the completion of the contract or the satisfaction of certain restrictive conditions such as fulfillment guarantees. As of December 31, 2019 and 2018, construction receivables included retentions of $9.0 million and $8.5 million, respectively. The Company expects to collect substantially all construction receivables as of December 31, 2019 during the year ending December 31, 2020. As of December 31, 2019 and 2018, construction payables included retentions of $18.0 million and $21.6 million, respectively. The Company expects to pay substantially all construction payables as of December 31, 2019 during the year ending December 31, 2020.

The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2019 and 2018 (in thousands):



	December 31,
	2019			2018
Costs incurred on uncompleted construction contracts	$	695,564		$	594,006
Estimated earnings	24,553			20,375
Billings	(725,174		)	(616,060		)
Net position	$	(5,057	)	$	(1,679	)

Construction contract costs and estimated earnings in excess of billings	$	249		$	1,358
Billings in excess of construction contract costs and estimated earnings	(5,306		)	(3,037		)
Net position	$	(5,057	)	$	(1,679	)



	Years Ended December 31,
	2019			2018			2017
Beginning backlog	$	165,863		$	49,167		$	217,718
New contracts/change orders	182,495			192,852			25,224
Work performed	(105,736		)	(76,156		)	(193,775		)
Ending backlog	$	242,622		$	165,863		$	49,167

The Company expects to complete a majority of the uncompleted contracts as of December 31, 2019 during the next 12 to 18 months.

Indebtedness - Schedule of Debt Assumed (Details) $ in Thousands	May 23, 2019 USD ($)
Red Mill North
Debt Instrument [Line Items]
Acquisition, assumption of debt	$ 4,451
Loans payable, fair value disclosure	$ 4,520
Stated interest rate	4.73%
Red Mill South
Debt Instrument [Line Items]
Acquisition, assumption of debt	$ 6,310
Loans payable, fair value disclosure	$ 6,090
Stated interest rate	3.57%
Red Mill Central
Debt Instrument [Line Items]
Acquisition, assumption of debt	$ 2,640
Loans payable, fair value disclosure	$ 2,690
Stated interest rate	4.80%
Red Mill West
Debt Instrument [Line Items]
Acquisition, assumption of debt	$ 11,548
Loans payable, fair value disclosure	$ 11,540
Stated interest rate	4.23%
Marketplace at Hilltop
Debt Instrument [Line Items]
Acquisition, assumption of debt	$ 10,740
Loans payable, fair value disclosure	$ 10,790
Stated interest rate	4.42%
Red Mill Commons And Marketplace At Hilltop
Debt Instrument [Line Items]
Acquisition, assumption of debt	$ 35,689
Loans payable, fair value disclosure	$ 35,630

Segments - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information
General contracting and real estate services expenses									$ 101,538	$ 73,628	$ 186,590
General contracting and real estate services revenues
Segment Reporting Information
General contracting and real estate services revenues	$ 39,741	$ 27,638	$ 21,444	$ 17,036	$ 12,705	$ 19,950	$ 20,654	$ 23,050	105,859	76,359	194,034
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									99,900	134,400	51,500
General contracting and real estate services expenses									$ 99,000	$ 133,400	$ 51,000

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

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

Schedule of Compensation Cost for Share-based Payment Arrangements

Compensation cost relating to stock-based compensation for the years ended December 31, 2019, 2018, and 2017 was recorded as follows (in thousands):



	Years Ended December 31,
	2019		2018		2017
General and administrative expense	$	1,211	$	1,073	$	977
General contracting and real estate services expenses	402		213		335
Capitalized in conjunction with development projects	746		661		408
Total stock-based compensation cost	$	2,359	$	1,947	$	1,720

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, 2019:



	Restricted Stock Awards		Weighted Average Grant Date Fair Value Per Share
Nonvested as of January 1, 2019	125,229		$	13.68
Granted	154,030		15.43
Vested	(134,346	)	14.39
Forfeited	(961	)	14.24
Nonvested as of December 31, 2019	143,952		$	14.88

Notes Receivable (Tables)

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Summary of Mezzanine Loans

The Company had the following loans receivable outstanding as of December 31, 2019 and December 31, 2018 ($ in thousands):



	Outstanding loan amount					Maximum loan commitment		Interest rate			Interest compounding
Development Project	December 31, 2019		December 31, 2018			Maximum loan commitment		Interest rate			Interest compounding
1405 Point	$	—	$	30,238		$	31,032	8.0	%		Monthly
The Residences at Annapolis Junction	40,049		36,361			48,105		10.0	%		Monthly
North Decatur Square	—		18,521			29,673		15.0	%		Annually
Delray Plaza	12,995		7,032			15,000		15.0	%		Annually
Nexton Square	15,097		14,855			17,000		10.0	%	_(b)	Monthly
Interlock Commercial	59,224		18,269			95,000		15.0	%		None
Solis Apartments at Interlock	25,588		13,821			41,100		13.0	%		Annually
Total mezzanine	152,953		139,097			$	276,910
Other notes receivable	1,147		1,275
Notes receivable guarantee premium	5,271		2,800
Notes receivable discount, net ^(a)	—		(4,489		)
Total notes receivable	$	159,371	$	138,683

_______________________________________

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

(b) The interest rate was 15% until October 1, 2019.

Summary of Interest Income

The Company recognized interest income for the years ended December 31, 2019, 2018, and 2017 as follows (in thousands):



	Years Ended December 31,
Development Project	2019			2018			2017
1405 Point	$	783		$	2,080		$	1,741
The Residences at Annapolis Junction	8,776		^(a)	4,939		^(a)	4,132
North Decatur Square	1,509			2,212			1,035
Delray Plaza	1,622			928			163
Nexton Square	1,962			235			—
Interlock Commercial	6,142		^(b)	202			—
Solis Apartments at Interlock	2,333			55			—
Total mezzanine	23,127			10,651			7,071
Other interest income	88			78			6
Total interest income	$	23,215		$	10,729		$	7,077

________________________________________

(b) Includes $0.6 million of interest income recognition relating to an exit fee that is due upon repayment of the loan.

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)	154,030	164,241	118,361
Restricted stock, weighted average fair value	$ 2.4	$ 2.2	$ 1.7
Employee restricted stock award, vesting period	2 years
Nonemployee restricted stock award vest grant over period	1 year
Unrecognized compensation cost	$ 0.1
Unrecognized compensation cost, recognition period	15 years
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares)	19,245
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)	890,990
Stock-based compensation	$ 2.4	$ 2.0	$ 1.5

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, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rental revenues	$ 41,832	$ 42,220	$ 36,378	$ 30,909	$ 30,731	$ 28,930	$ 28,598	$ 28,699	$ 151,339	$ 116,958	$ 108,737
Net operating income	28,869	29,359	26,333	21,806	21,114	19,964	19,908	20,098
Net income	7,855	12,063	5,826	6,514	4,895	5,669	5,945	6,983	32,258	23,492	29,925
Net income attributable to common stockholders	$ 5,223	$ 7,079	$ 4,412	$ 4,884	$ 3,642	$ 4,202	$ 4,319	$ 5,040	$ 21,598	$ 17,203	$ 21,047
Net income per share: basic and diluted (in dollars per share)	$ 0.09	$ 0.13	$ 0.08	$ 0.10	$ 0.07	$ 0.09	$ 0.09	$ 0.11	$ 0.41	$ 0.36	$ 0.50
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	$ 39,741	$ 27,638	$ 21,444	$ 17,036	$ 12,705	$ 19,950	$ 20,654	$ 23,050	$ 105,859	$ 76,359	$ 194,034

- Definition

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

+ References

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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of income tax provision

The income tax benefit (provision) for the years ended December 31, 2019, 2018, and 2017 comprised the following (in thousands):



	Years Ended December 31,
	2019			2018			2017
Federal income taxes:
Current	$	430		$	(14	)	$	(516	)
Deferred	(20		)	37			(131		)
State income taxes:
Current	85			(1		)	(62		)
Deferred	(4		)	7			(16		)
Income tax benefit (provision)	$	491		$	29		$	(725	)

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2019	Feb. 20, 2020	Jun. 28, 2019
Entity Listings [Line Items]
Document Annual Report	true
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-35908
Entity Registrant Name	ARMADA HOFFLER PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-1214914
Entity Address, Address Line One	222 Central Park Avenue
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Virginia Beach
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23462
City Area Code	757
Local Phone Number	366-4000
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 861.5
Entity Common Stock, Shares Outstanding		56,370,060
Amendment Flag	false
Entity Central Index Key	0001569187
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement relating to its 2020 Annual Meeting of Stockholders are incorporated by reference into Part III of this report. The registrant expects to file its Definitive Proxy Statement with the Securities and Exchange Commission within 120 days after December 31, 2019.
Common stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	AHH
Security Exchange Name	NYSE
Redeemable convertible preferred stock
Entity Listings [Line Items]
Title of 12(b) Security	6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Trading Symbol	AHHPrA
Security Exchange Name	NYSE

Segments (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Net operating income of reportable segments

Net operating income of the Company’s reportable segments for the years ended December 31, 2019, 2018, and 2017 was as follows (in thousands):



	Years Ended December 31,
	2019		2018		2017
Office real estate
Rental revenues	$	33,269	$	20,701	$	19,207
Rental expenses	8,722		5,858		5,483
Real estate taxes	3,471		2,034		1,859
Segment net operating income	21,076		12,809		11,865
Retail real estate
Rental revenues	77,593		67,959		63,109
Rental expenses	11,656		10,903		10,234
Real estate taxes	7,916		6,801		6,175
Segment net operating income	58,021		50,255		46,700
Multifamily residential real estate
Rental revenues	40,477		28,298		26,421
Rental expenses	13,954		10,461		9,705
Real estate taxes	3,574		2,548		2,494
Segment net operating income	22,949		15,289		14,222
General contracting and real estate services
Segment revenues	105,859		76,359		194,034
Segment expenses	101,538		73,628		186,590
Segment gross profit	4,321		2,731		7,444
Net operating income	$	106,367	$	81,084	$	80,231

Reconciliation of net operating income to net income

The following table reconciles net operating income to net income for the years ended December 31, 2019, 2018, and 2017 (in thousands):



	Years Ended December 31,
	2019			2018			2017
Net operating income	$	106,367		$	81,084		$	80,231
Depreciation and amortization	(54,564		)	(39,913		)	(37,321		)
Amortization of right-of-use assets - finance leases	(377		)	—			—
General and administrative expenses	(12,392		)	(11,431		)	(10,435		)
Acquisition, development and other pursuit costs	(844		)	(352		)	(648		)
Impairment charges	(252		)	(1,619		)	(110		)
Gain on real estate dispositions	4,699			4,254			8,087
Interest income	23,215			10,729			7,077
Interest expense on indebtedness	(30,776		)	(19,087		)	(17,439		)
Interest expense on finance leases	(568		)	—			—
Equity in income of unconsolidated real estate entities	273			372			—
Loss on extinguishment of debt	—			(11		)	(50		)
Change in fair value of interest rate derivatives	(3,599		)	(951		)	1,127
Other income (expense), net	585			388			131
Income tax benefit (provision)	491			29			(725		)
Net income	$	32,258		$	23,492		$	29,925

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

The income tax benefit (provision) for the years ended December 31, 2019, 2018, and 2017 comprised the following (in thousands):



	Years Ended December 31,
	2019			2018			2017
Federal income taxes:
Current	$	430		$	(14	)	$	(516	)
Deferred	(20		)	37			(131		)
State income taxes:
Current	85			(1		)	(62		)
Deferred	(4		)	7			(16		)
Income tax benefit (provision)	$	491		$	29		$	(725	)

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.

As of December 31, 2019 and 2018, the Company had $0.9 million and $0.4 million, respectively, of net deferred tax assets representing net operating losses of the TRS that are being carried forward and basis differences in the assets of the TRS. The deferred tax assets are presented within other assets in the consolidated balance sheets.

Management has evaluated the Company’s income tax positions and concluded that the Company has no uncertain income tax positions as of December 31, 2019 and 2018. The Company is generally subject to examination by the applicable taxing authorities for the tax years 2016 through 2019. The Company does not currently have any ongoing tax examinations by taxing authorities.

Derivative Financial Instruments - Schedule of LIBOR interest rate caps (Details) - USD ($)	Dec. 31, 2019	May 15, 2019	Dec. 31, 2018	Dec. 11, 2018	Jul. 16, 2018	Mar. 07, 2018	Nov. 28, 2017	Sep. 18, 2017	Jun. 23, 2017	Feb. 07, 2017	Jun. 17, 2016	Feb. 25, 2016	Oct. 26, 2015
Derivative [Line Items]
Notional Amount	$ 496,642,000		$ 513,208,000
LIBOR \| Interest rate caps
Derivative [Line Items]
Notional Amount		$ 100,000,000		$ 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		2.50%		2.75%	2.50%	2.25%	1.50%	1.50%	1.50%	1.50%	1.00%	1.50%	1.25%
Premium Paid	$ 2,370,000	$ 288,000		$ 210,000	$ 319,000	$ 310,000	$ 359,000	$ 199,000	$ 154,000	$ 187,000	$ 150,000	$ 57,000	$ 137,000

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			$ 645,819
Land			275,523
Building and Improvements			557,783
Cost Capitalized Subsequent to Acquisition			773,018
Land			275,523
Building and improvements			1,330,801
Total			1,606,324
Accumulated Depreciation	$ 224,738	$ 188,775	224,738
Net Carrying Amount			1,381,586
Amount of real estate for federal income tax purposes			1,122,800
Real estate investments
Balance at beginning of the year	1,176,586	994,437
Construction costs and improvements	143,700	144,926
Acquisitions	314,898	51,613
Dispositions	(28,117)	(11,420)
Reclassifications	(743)	(2,970)
Balance at end of the year	1,606,324	1,176,586
Accumulated Depreciation
Balance at beginning of the year	188,775	164,521
Dispositions	(1,818)	(5,559)
Reclassifications	(58)	(582)
Depreciation	37,839	30,395
Balance at end of the year	$ 224,738	$ 188,775
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			170,727
Land			23,038
Building and Improvements			103,160
Cost Capitalized Subsequent to Acquisition			250,822
Land			23,038
Building and improvements			353,982
Total			377,020
Accumulated Depreciation	$ 65,020		65,020
Net Carrying Amount			312,000
Accumulated Depreciation
Balance at end of the year	65,020
Office \| 4525 Main Street
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			31,876
Land			982
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			46,282
Land			982
Building and improvements			46,282
Total			47,264
Accumulated Depreciation	8,097		8,097
Net Carrying Amount			39,167
Accumulated Depreciation
Balance at end of the year	8,097
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			63,304
Land			1,976
Building and improvements			63,304
Total			65,280
Accumulated Depreciation	34,237		34,237
Net Carrying Amount			31,043
Accumulated Depreciation
Balance at end of the year	34,237
Office \| Brooks Crossing Office
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			14,411
Land			295
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			19,709
Land			295
Building and improvements			19,709
Total			20,004
Accumulated Depreciation	462		462
Net Carrying Amount			19,542
Accumulated Depreciation
Balance at end of the year	462
Office \| One City Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			25,286
Land			2,911
Building and Improvements			28,202
Cost Capitalized Subsequent to Acquisition			4,632
Land			2,911
Building and improvements			32,834
Total			35,745
Accumulated Depreciation	661		661
Net Carrying Amount			35,084
Accumulated Depreciation
Balance at end of the year	661
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			12,009
Land			960
Building and improvements			22,278
Total			23,238
Accumulated Depreciation	11,958		11,958
Net Carrying Amount			11,280
Accumulated Depreciation
Balance at end of the year	11,958
Office \| Thames Street Wharf
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			70,000
Land			15,861
Building and Improvements			64,689
Cost Capitalized Subsequent to Acquisition			63
Land			15,861
Building and improvements			64,752
Total			80,613
Accumulated Depreciation	858		858
Net Carrying Amount			79,755
Accumulated Depreciation
Balance at end of the year	858
Office \| Two Columbus
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			53
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			20,704
Land			53
Building and improvements			20,704
Total			20,757
Accumulated Depreciation	8,747		8,747
Net Carrying Amount			12,010
Accumulated Depreciation
Balance at end of the year	8,747
Office \| Wills Wharf
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			29,154
Land			0
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			84,119
Land			0
Building and improvements			84,119
Total			84,119
Accumulated Depreciation	0		0
Net Carrying Amount			84,119
Accumulated Depreciation
Balance at end of the year	0
Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			160,776
Land			220,603
Building and Improvements			300,558
Cost Capitalized Subsequent to Acquisition			191,076
Land			220,603
Building and improvements			491,634
Total			712,237
Accumulated Depreciation	101,480		101,480
Net Carrying Amount			610,757
Accumulated Depreciation
Balance at end of the year	101,480
Retail \| 249 Central Park Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			16,828
Land			712
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			15,703
Land			712
Building and improvements			15,703
Total			16,415
Accumulated Depreciation	9,406		9,406
Net Carrying Amount			7,009
Accumulated Depreciation
Balance at end of the year	9,406
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			149
Land			4,050
Building and improvements			5,029
Total			9,079
Accumulated Depreciation	950		950
Net Carrying Amount			8,129
Accumulated Depreciation
Balance at end of the year	950
Retail \| Apex Entertainment
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			67
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			10,596
Land			67
Building and improvements			10,596
Total			10,663
Accumulated Depreciation	4,778		4,778
Net Carrying Amount			5,885
Accumulated Depreciation
Balance at end of the year	4,778
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			1,431
Land			5,450
Building and improvements			12,072
Total			17,522
Accumulated Depreciation	2,951		2,951
Net Carrying Amount			14,571
Accumulated Depreciation
Balance at end of the year	2,951
Retail \| Broad Creek Shopping Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			0
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			9,135
Land			0
Building and improvements			9,135
Total			9,135
Accumulated Depreciation	4,327		4,327
Net Carrying Amount			4,808
Accumulated Depreciation
Balance at end of the year	4,327
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			966
Land			2,410
Building and improvements			9,976
Total			12,386
Accumulated Depreciation	1,843		1,843
Net Carrying Amount			10,543
Accumulated Depreciation
Balance at end of the year	1,843
Retail \| Brooks Crossing Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			359
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			2,334
Land			359
Building and improvements			2,334
Total			2,693
Accumulated Depreciation	229		229
Net Carrying Amount			2,464
Accumulated Depreciation
Balance at end of the year	229
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			7,028
Land			7,631
Building and improvements			17,163
Total			24,794
Accumulated Depreciation	2,512		2,512
Net Carrying Amount			22,282
Accumulated Depreciation
Balance at end of the year	2,512
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			64
Land			14,536
Building and improvements			10,986
Total			25,522
Accumulated Depreciation	1,364		1,364
Net Carrying Amount			24,158
Accumulated Depreciation
Balance at end of the year	1,364
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			3,307
Land			118
Building and improvements			3,307
Total			3,425
Accumulated Depreciation	1,697		1,697
Net Carrying Amount			1,728
Accumulated Depreciation
Balance at end of the year	1,697
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			1,044
Land			1,007
Building and improvements			1,044
Total			2,051
Accumulated Depreciation	217		217
Net Carrying Amount			1,834
Accumulated Depreciation
Balance at end of the year	217
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			314
Land			5,100
Building and improvements			13,440
Total			18,540
Accumulated Depreciation	2,034		2,034
Net Carrying Amount			16,506
Accumulated Depreciation
Balance at end of the year	2,034
Retail \| Fountain Plaza Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			10,127
Land			425
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			7,251
Land			425
Building and improvements			7,251
Total			7,676
Accumulated Depreciation	3,585		3,585
Net Carrying Amount			4,091
Accumulated Depreciation
Balance at end of the year	3,585
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			7,590
Land			2,229
Building and improvements			7,590
Total			9,819
Accumulated Depreciation	3,662		3,662
Net Carrying Amount			6,157
Accumulated Depreciation
Balance at end of the year	3,662
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			4,036
Land			1,103
Building and improvements			4,036
Total			5,139
Accumulated Depreciation	888		888
Net Carrying Amount			4,251
Accumulated Depreciation
Balance at end of the year	888
Retail \| Hanbury Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			18,515
Land			3,793
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			19,579
Land			3,793
Building and improvements			19,579
Total			23,372
Accumulated Depreciation	7,486		7,486
Net Carrying Amount			15,886
Accumulated Depreciation
Balance at end of the year	7,486
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			263
Land			2,840
Building and improvements			8,773
Total			11,613
Accumulated Depreciation	1,169		1,169
Net Carrying Amount			10,444
Accumulated Depreciation
Balance at end of the year	1,169
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	2,203		2,203
Net Carrying Amount			3,499
Accumulated Depreciation
Balance at end of the year	2,203
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			30
Land			7,009
Building and improvements			2,304
Total			9,313
Accumulated Depreciation	171		171
Net Carrying Amount			9,142
Accumulated Depreciation
Balance at end of the year	171
Retail \| Lexington Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			14,696
Land			3,035
Building and Improvements			20,581
Cost Capitalized Subsequent to Acquisition			110
Land			3,035
Building and improvements			20,691
Total			23,726
Accumulated Depreciation	915		915
Net Carrying Amount			22,811
Accumulated Depreciation
Balance at end of the year	915
Retail \| Market at Mill Creek
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			14,727
Land			2,243
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			20,386
Land			2,243
Building and improvements			20,386
Total			22,629
Accumulated Depreciation	415		415
Net Carrying Amount			22,214
Accumulated Depreciation
Balance at end of the year	415
Retail \| Marketplace at Hilltop
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			10,517
Land			2,023
Building and Improvements			19,886
Cost Capitalized Subsequent to Acquisition			35
Land			2,023
Building and improvements			19,921
Total			21,944
Accumulated Depreciation	388		388
Net Carrying Amount			21,556
Accumulated Depreciation
Balance at end of the year	388
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			602
Land			7,250
Building and improvements			10,812
Total			18,062
Accumulated Depreciation	1,811		1,811
Net Carrying Amount			16,251
Accumulated Depreciation
Balance at end of the year	1,811
Retail \| North Point Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			2,214
Land			1,936
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			25,716
Land			1,936
Building and improvements			25,716
Total			27,652
Accumulated Depreciation	14,353		14,353
Net Carrying Amount			13,299
Accumulated Depreciation
Balance at end of the year	14,353
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			690
Land			1,850
Building and improvements			4,060
Total			5,910
Accumulated Depreciation	932		932
Net Carrying Amount			4,978
Accumulated Depreciation
Balance at end of the year	932
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			105
Land			1,372
Building and improvements			7,969
Total			9,341
Accumulated Depreciation	470		470
Net Carrying Amount			8,871
Accumulated Depreciation
Balance at end of the year	470
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			3,832
Land			1,150
Building and improvements			3,832
Total			4,982
Accumulated Depreciation	2,010		2,010
Net Carrying Amount			2,972
Accumulated Depreciation
Balance at end of the year	2,010
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			631
Land			15,059
Building and improvements			20,811
Total			35,870
Accumulated Depreciation	2,638		2,638
Net Carrying Amount			33,232
Accumulated Depreciation
Balance at end of the year	2,638
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			424
Land			3,240
Building and improvements			8,740
Total			11,980
Accumulated Depreciation	1,555		1,555
Net Carrying Amount			10,425
Accumulated Depreciation
Balance at end of the year	1,555
Retail \| Southgate Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			8,250
Land			318
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			14,216
Land			318
Building and improvements			14,216
Total			14,534
Accumulated Depreciation	434		434
Net Carrying Amount			14,100
Accumulated Depreciation
Balance at end of the year	434
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			1,454
Land			9,950
Building and improvements			13,823
Total			23,773
Accumulated Depreciation	1,904		1,904
Net Carrying Amount			21,869
Accumulated Depreciation
Balance at end of the year	1,904
Retail \| Red Mill Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			24,365
Land			44,252
Building and Improvements			30,348
Cost Capitalized Subsequent to Acquisition			98
Land			44,252
Building and improvements			30,446
Total			74,698
Accumulated Depreciation	921		921
Net Carrying Amount			73,777
Accumulated Depreciation
Balance at end of the year	921
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			186
Land			6,730
Building and improvements			8,625
Total			15,355
Accumulated Depreciation	927		927
Net Carrying Amount			14,428
Accumulated Depreciation
Balance at end of the year	927
Retail \| Sandbridge Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			8,020
Land			4,825
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			7,332
Land			4,825
Building and improvements			7,332
Total			12,157
Accumulated Depreciation	1,500		1,500
Net Carrying Amount			10,657
Accumulated Depreciation
Balance at end of the year	1,500
Retail \| Socastee Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			4,567
Land			2,320
Building and Improvements			5,380
Cost Capitalized Subsequent to Acquisition			147
Land			2,320
Building and improvements			5,527
Total			7,847
Accumulated Depreciation	940		940
Net Carrying Amount			6,907
Accumulated Depreciation
Balance at end of the year	940
Retail \| South Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			7,388
Land			190
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			8,123
Land			190
Building and improvements			8,123
Total			8,313
Accumulated Depreciation	4,527		4,527
Net Carrying Amount			3,786
Accumulated Depreciation
Balance at end of the year	4,527
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			757
Land			14,130
Building and improvements			13,427
Total			27,557
Accumulated Depreciation	1,966		1,966
Net Carrying Amount			25,591
Accumulated Depreciation
Balance at end of the year	1,966
Retail \| Southgate Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			20,562
Land			10,238
Building and Improvements			25,950
Cost Capitalized Subsequent to Acquisition			4,352
Land			10,238
Building and improvements			30,302
Total			40,540
Accumulated Depreciation	3,257		3,257
Net Carrying Amount			37,283
Accumulated Depreciation
Balance at end of the year	3,257
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			84
Land			1,770
Building and improvements			6,593
Total			8,363
Accumulated Depreciation	710		710
Net Carrying Amount			7,653
Accumulated Depreciation
Balance at end of the year	710
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			561
Land			6,360
Building and improvements			16,911
Total			23,271
Accumulated Depreciation	2,735		2,735
Net Carrying Amount			20,536
Accumulated Depreciation
Balance at end of the year	2,735
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			2,532
Land			76
Building and improvements			2,532
Total			2,608
Accumulated Depreciation	994		994
Net Carrying Amount			1,614
Accumulated Depreciation
Balance at end of the year	994
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	1,255		1,255
Net Carrying Amount			2,051
Accumulated Depreciation
Balance at end of the year	1,255
Retail \| Wendover Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			19,893
Building and Improvements			22,638
Cost Capitalized Subsequent to Acquisition			429
Land			19,893
Building and improvements			23,067
Total			42,960
Accumulated Depreciation	2,451		2,451
Net Carrying Amount			40,509
Accumulated Depreciation
Balance at end of the year	2,451
Multifamily residential real estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			314,316
Land			26,882
Building and Improvements			154,065
Cost Capitalized Subsequent to Acquisition			331,120
Land			26,882
Building and improvements			485,185
Total			512,067
Accumulated Depreciation	58,238		58,238
Net Carrying Amount			453,829
Accumulated Depreciation
Balance at end of the year	58,238
Multifamily residential real estate \| 1405 Point
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			53,000
Land			0
Building and Improvements			95,466
Cost Capitalized Subsequent to Acquisition			2,106
Land			0
Building and improvements			97,572
Total			97,572
Accumulated Depreciation	2,109		2,109
Net Carrying Amount			95,463
Accumulated Depreciation
Balance at end of the year	2,109
Multifamily residential real estate \| Encore Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			24,842
Land			1,293
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			30,322
Land			1,293
Building and improvements			30,322
Total			31,615
Accumulated Depreciation	5,144		5,144
Net Carrying Amount			26,471
Accumulated Depreciation
Balance at end of the year	5,144
Multifamily residential real estate \| Greenside Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			34,000
Land			5,711
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			45,012
Land			5,711
Building and improvements			45,012
Total			50,723
Accumulated Depreciation	1,822		1,822
Net Carrying Amount			48,901
Accumulated Depreciation
Balance at end of the year	1,822
Multifamily residential real estate \| Hoffler Place
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			29,059
Land			7,401
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			39,758
Land			7,401
Building and improvements			39,758
Total			47,159
Accumulated Depreciation	486		486
Net Carrying Amount			46,673
Accumulated Depreciation
Balance at end of the year	486
Multifamily residential real estate \| Johns Hopkins Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			51,800
Land			0
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			69,931
Land			0
Building and improvements			69,931
Total			69,931
Accumulated Depreciation	7,711		7,711
Net Carrying Amount			62,220
Accumulated Depreciation
Balance at end of the year	7,711
Multifamily residential real estate \| Liberty Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			14,165
Land			3,580
Building and Improvements			23,494
Cost Capitalized Subsequent to Acquisition			1,883
Land			3,580
Building and improvements			25,377
Total			28,957
Accumulated Depreciation	5,146		5,146
Net Carrying Amount			23,811
Accumulated Depreciation
Balance at end of the year	5,146
Multifamily residential real estate \| Premier Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			16,750
Land			647
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			29,139
Land			647
Building and improvements			29,139
Total			29,786
Accumulated Depreciation	1,171		1,171
Net Carrying Amount			28,615
Accumulated Depreciation
Balance at end of the year	1,171
Multifamily residential real estate \| Smith’s Landing
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			18,174
Land			0
Building and Improvements			35,105
Cost Capitalized Subsequent to Acquisition			2,418
Land			0
Building and improvements			37,523
Total			37,523
Accumulated Depreciation	8,002		8,002
Net Carrying Amount			29,521
Accumulated Depreciation
Balance at end of the year	8,002
Multifamily residential real estate \| Summit Place
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			28,824
Land			7,265
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			43,674
Land			7,265
Building and improvements			43,674
Total			50,939
Accumulated Depreciation	0		0
Net Carrying Amount			50,939
Accumulated Depreciation
Balance at end of the year	0
Multifamily residential real estate \| The Cosmopolitan
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			43,702
Land			985
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			66,877
Land			985
Building and improvements			66,877
Total			67,862
Accumulated Depreciation	26,647		26,647
Net Carrying Amount			41,215
Accumulated Depreciation
Balance at end of the year	26,647
Held for development
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			5,000
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			0
Land			5,000
Building and improvements			0
Total			5,000
Accumulated Depreciation	0		0
Net Carrying Amount			$ 5,000
Accumulated Depreciation
Balance at end of the year	$ 0

Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
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)	2,530,000	0
Preferred stock, shares outstanding (in shares)	2,530,000	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)	56,277,971	50,013,731
Common stock, shares outstanding (in shares)	56,277,971	50,013,731
Redeemable convertible preferred stock
Dividend rate	6.75%

Consolidated Statements of Cash Flows - Footnotes (Parenthetical) $ in Thousands	Jun. 26, 2019 USD ($)
The Residences at Annapolis Junction
Write off of right of use asset	$ 400

Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Tax treatment of dividends paid

The tax treatment of dividends paid to common stockholders during the years ended December 31, 2019, 2018, and 2017 was as follows (unaudited):



	Years ended December 31,
	2019		2018		2017
Capital gains	10.62	%	9.49	%	9.06	%
Ordinary income	68.83	%	63.40	%	71.59	%
Return of capital	20.55	%	27.11	%	19.35	%
Total	100.00	%	100.0	%	100.0	%

Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

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 payment guarantees made by the Company as of December 31, 2019 (in thousands):



	Payment guarantee amount
The Residences at Annapolis Junction	$	8,300
Delray Plaza	5,180
Nexton Square	12,600
Interlock Commercial	30,654
Total	$	56,734

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 $4.3 million and $34.8 million as of December 31, 2019 and 2018, respectively. In addition, as of December 31, 2019, the Company has issued a letter of credit for $9.5 million to secure certain performances of the Company's subsidiary construction company under a related party project.

The Operating Partnership has entered into standby letters of credit related to the guarantee of future performance on certain of the Company’s construction contracts. Letters of credit generally are available for draw down in the event the Company does not perform. As of December 31, 2019, the Operating Partnership had an outstanding letter of credit of $9.5 million, as noted above. As of December 31, 2018, the Operating Partnership had an outstanding letter of credit of $2.1 million related to the guarantee on the Point Street Apartments senior construction loan.

Concentrations of Credit Risk

The majority of the Company’s properties are located in Hampton Roads, Virginia. For the years ended December 31, 2019, 2018, and 2017, rental revenues from Hampton Roads properties represented 48%, 53% and 53%, 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, 2019, 2018, and 2017, rental revenues from Town Center properties represented 31%, 38% and 38%, respectively, of the Company’s rental revenues.

A group of three construction customers comprised 67%, 55%, and 41% of the Company’s general contracting and real estate services revenues for the years ended December 31, 2019, 2018, and 2017, respectively. The same customers represented 66%, 28%, and 20% of the Company’s general contracting and real estate services segment gross profit for the years ended December 31, 2019, 2018, and 2017, respectively.

Real Estate Investments and Equity Method Investments (Tables)

12 Months Ended

Dec. 31, 2019

Real Estate [Abstract]

Schedule of real estate investments

The Company’s real estate investments comprised the following as of December 31, 2019 and 2018 (in thousands):



	December 31, 2019
	Income producing property		Held for development		Construction in progress		Total
Land	$	263,258	$	5,000	$	7,265	$	275,523
Land improvements	58,636		—		—		58,636
Buildings and improvements	1,138,829		—		—		1,138,829
Development and construction costs	—		—		133,336		133,336
Real estate investments	$	1,460,723	$	5,000	$	140,601	$	1,606,324



	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

Schedule of the purchase price allocation

The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired and intangible liabilities assumed for the six operating properties acquired during the year ended December 31, 2019 (in thousands):



	Wendover Village additional outparcel		One City Center		1405 Point				Red Mill Commons			Marketplace at Hilltop				Thames Street Wharf
Land	$	1,633	$	2,678	$	—		^(a)	$	44,252		$	2,023		^(b)	$	15,861
Site improvements	50		163		298				2,558			691				150
Building and improvements	888		28,039		92,866				27,790			19,195				64,539
Furniture and fixtures	—		—		2,302				—			—				—
In-place leases	101		15,140		3,371				9,973			4,565				24,385
Above-market leases	111		—		—				1,463			599				—
Below-market leases	—		—		—				(6,221		)	(1,136		)		(3,636		)
Finance lease liabilities	—		—		(8,671		)		—			(9,200		)		—
Finance lease right-of-use assets	—		—		11,730			^(a)	—			12,770			^(b)	—
Net assets acquired	$	2,783	$	46,020	$	101,896			$	79,815		$	29,507			$	101,299

________________________________________

(a) Land is subject to a ground lease.

(b) Portion of land is subject to a ground lease.

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

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

Equity

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Equity

Stockholders’ Equity

As of December 31, 2019 and 2018, the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 56.3 million and 50.0 million shares of common stock issued and outstanding as of December 31, 2019 and 2018, respectively. The Company had 2.5 million shares of its Series A Preferred Stock (as defined below) issued and outstanding as of December 31, 2019. No shares of preferred stock were issued and outstanding as of December 31, 2018.

On May 4, 2016, the Company commenced an 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. During the year ended December 31, 2017, the Company issued and sold 450,890 shares of common stock at a weighted average price of $14.08 per share under the 2016 ATM Program, receiving net proceeds after offering costs and commissions of $6.2 million.

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.

On February 26, 2018, the Company commenced an at-the-market continuous equity offering program (the "2018 ATM Program") through which the Company may, from time to time, issue and sell shares of its common stock. Upon commencing the 2018 ATM Program, the Company simultaneously terminated the 2016 ATM Program. On August 6, 2019, the Company entered into amendments (the "Amendments") to the separate sales agreements related to the 2018 ATM Program, which, among other things, increased the aggregate offering price of shares of the Company’s common stock under the ATM Program from $125.0 million to $180.7 million. During the years ended December 31, 2019 and 2018, the Company issued and sold 5,871,519 and 4,617,409 shares of common stock at a weighted average price of $16.76 and $14.39 per share under the 2018 ATM Program, receiving net proceeds after offering costs and commissions of $97.0 million and $65.2 million, respectively.

On June 18, 2019, the Company issued 2,530,000 shares of its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share ("Series A Preferred Stock"), with a liquidation preference of $25.00 per share, which included 330,000 shares issued upon the underwriters’ full exercise of their option to purchase additional shares. Net proceeds from the offering, after the underwriting discount but before offering expenses payable by the Company, were approximately $61.3 million. The Company used the net proceeds to fund a portion of the purchase price of Thames Street Wharf, a 263,426 square foot office building located in the Harbor Point neighborhood of Baltimore, Maryland. The balance of the net proceeds was used to repay a portion of the outstanding borrowings under the Company’s unsecured revolving credit facility and for general corporate purposes.

In connection with the issuance of the Series A Preferred Stock, on June 18, 2019, the Operating Partnership issued to the Company 2,530,000 6.75% Series A Cumulative Redeemable Perpetual Preferred Units (the "Series A Preferred Units"), which have economic terms that are identical to the Company’s Series A Preferred Stock. The Series A Preferred Units were issued in exchange for the Company’s contribution of the net proceeds from the offering of the Series A Preferred Stock to the Operating Partnership.

Dividends on the Series A Preferred Stock are payable quarterly in arrears on or about the 15th day of each January, April, July and October. The first dividend on the Series A Preferred Stock was paid on October 15, 2019. The Series A Preferred Stock does not have a stated maturity date and is not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, the Series A Preferred Stock will rank senior to the Company's common stock with respect to the payment of distributions and other amounts. Except in instances relating to preservation of the Company's qualification as a REIT or pursuant to the Company’s special optional redemption right, the Series A Preferred Stock is not redeemable prior to June 18, 2024. On and after June 18, 2024, the Company may, at its option, redeem the Series A Preferred Stock, in whole, at any time, or in part, from time to time, for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but excluding, the redemption date.

Upon the occurrence of a change of control (as defined in the articles supplementary designating the terms of the Series A Preferred Stock), the Company has a special optional redemption right that enables it to redeem the Series A Preferred Stock, in whole or in part and within 120 days after the first date on which a change of control has occurred resulting in neither the Company nor the surviving entity having a class of common stock listed on the New York Stock Exchange, NYSE American, or NASDAQ or the acquisition of beneficial ownership of its stock entitling a person to exercise more than 50% of the total voting power of all our stock entitled to vote generally in election of directors. The special optional redemption price is $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but excluding, the date of redemption.

Upon the occurrence of a change of control, holders will have the right (unless the Company has elected to exercise its

special optional redemption right to redeem their Series A Preferred Stock) to convert some or all of such holder’s Series A Preferred Stock into a number of shares of the Company's common stock equal to the lesser of:

•

the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid distributions to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a Series A Preferred Stock distribution payment and prior to the corresponding Series A Preferred Stock distribution payment date, in which case no additional amount for such

accrued and unpaid distribution will be included in this sum) by (ii) the Common Stock Price (as defined in the articles supplementary designating the terms of the Series A Preferred Stock); and


•	2.97796 (i.e., the Share Cap), subject to certain adjustments;

subject, in each case, to certain adjustments and provisions for the receipt of alternative consideration of equivalent value as described in the articles supplementary designating the terms of the Series A Preferred Stock.

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, 2019 and 2018, the Company held a 72.6% and 74.5% common interest in the Operating Partnership, respectively. As of December 31, 2019, the Company also held a preferred interest in the Operating Partnership in the form of preferred units with a liquidation preference of $63.3 million. The Company is the primary beneficiary of the Operating Partnership as it has the power to direct the activities of the Operating Partnership and the rights to absorb 72.6% of the net income of the Operating Partnership. As the primary beneficiary, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Company represent units of limited partnership interest in the Operating Partnership not held by the Company. As of December 31, 2019, there were 21,272,962 Class A Units of limited partnership interest in the Operating partnership not held by the Company. The Company's financial position and results of operations are the same as those of the Operating Partnership.

Additionally, the Operating Partnership owns a majority interest in certain non-wholly-owned operating and development properties. The noncontrolling interest for investment entities of $4.5 million relates to the minority partners' interest in certain joint venture entities as of December 31, 2019, including 1405 Point and Hoffler Place. The noncontrolling interest for the consolidated entities under development or construction was zero as of December 31, 2018.

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.

As partial consideration for the acquisition of Parkway Centre, the Operating Partnership issued 117,228 Class A Units on January 29, 2018.

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 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 May 23, 2019, the Operating Partnership issued 4,125,759 Class A Units valued at $68.1 million in connection with the acquisitions of Red Mill Commons and Marketplace at Hilltop.

On May 30, 2019, the Operating Partnership issued 60,000 Class A Units valued at $1.0 million in exchange for the remaining 35% ownership interest in Brooks Crossing Office, which was previously owned by Tidewater Partners.

On July 1, 2019, due to the holders of Class A Units tendering an aggregate of 125,118 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption requests through the issuance of an equal number of shares of common stock.

On August 20, 2019, the Operating Partnership issued 40,864 Class A Units valued at $0.7 million due to the satisfaction of certain leasing requirements associated with the 2018 acquisition of Lexington Square.

On September 20, 2019, the Operating Partnership issued 73,666 Class A Units valued at $1.3 million upon the satisfaction of certain leasing and development requirements associated with the 2016 acquisition of Southgate Square.

On October 1, 2019, due to a holder of Class A Units tendering 4,896 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.

On December 16, 2019, the Operating Partnership issued additional 110,754 Class A Units valued at $2.1 million due to the satisfaction of certain leasing requirements associated with the 2018 acquisition of Lexington Square.

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.

Dividends and Class A Unit Distributions

During the years ended December 31, 2019, 2018, and 2017, the Company declared dividends per common share and distributions per unit of $0.84, $0.80, and $0.76, respectively. During the years ended December 31, 2019, 2018, and 2017, these common stock dividends totaled $45.4 million, $38.7 million, and $31.1 million, respectively, and these Operating Partnership distributions totaled $16.9 million, $13.8 million, and $12.6 million, respectively.

The tax treatment of dividends paid to common stockholders during the years ended December 31, 2019, 2018, and 2017 was as follows (unaudited):



	Years ended December 31,
	2019		2018		2017
Capital gains	10.62	%	9.49	%	9.06	%
Ordinary income	68.83	%	63.40	%	71.59	%
Return of capital	20.55	%	27.11	%	19.35	%
Total	100.00	%	100.0	%	100.0	%

During the year ended December 31, 2019 the Company declared dividends of $0.970315 per share to holders of Series A Preferred Stock totaling $2.5 million. The Company did not have dividends for preferred shares during the years ended December 31, 2018 and 2017.

Subsequent to December 31, 2019

On January 2, 2020, the Company paid cash dividends of $11.8 million to common stockholders and the Operating Partnership paid cash distributions of $4.5 million to holders of Class A Units. These dividends and distributions were declared and accrued as of December 31, 2019.

On January 15, 2020, the Company paid cash dividends of $1.1 million to the holders of the Series A Preferred Stock. These dividends were declared and accrued as of December 31, 2019.

On February 20, 2020, the Company announced that its Board of Directors declared a cash dividend of $0.22 per common share for the first quarter of 2020. This represents a 4.8% increase over the prior quarter's cash dividend. The first quarter dividend will be payable in cash on April 2, 2020 to stockholders of record on March 25, 2020.

On February 20, 2020, the Company announced that its Board of Directors declared a cash dividend of $0.421875 per share of Series A Preferred Stock for the first quarter of 2020. The dividend will be payable in cash on April 15, 2020 to stockholders of record on April 1, 2020.

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Data [Abstract]

Selected Quarterly Financial Data (Unaudited)

The following tables summarize certain selected quarterly financial data for 2019 and 2018 (in thousands, except per share data):



	2019 Quarters
	First		Second		Third		Fourth
Rental revenues	$	30,909	$	36,378	$	42,220	$	41,832
General contracting and real estate services revenues	17,036		21,444		27,638		39,741
Net operating income	21,806		26,333		29,359		28,869
Net income	6,514		5,826		12,063		7,855
Net income attributable to common stockholders	4,884		4,412		7,079		5,223
Net income attributable to common stockholders per share (basic and diluted)	$	0.10	$	0.08	$	0.13	$	0.09



	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 common stockholders	5,040		4,319		4,202		3,642
Net income attributable to common stockholders per share (basic and diluted)	$	0.11	$	0.09	$	0.09	$	0.07

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

During the three years ended December 31, 2019, the Company had the following LIBOR interest rate caps, which are not designated as cash flow hedges for accounting purposes ($ 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
11/28/2017	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
5/15/2019	6/1/2022	100,000		2.50	%	288
						$	2,370

As of December 31, 2019, the Company held the following floating-to-fixed interest rate swaps ($ in thousands):



Related Debt	Notional Amount			Index	Swap Fixed Rate		Debt effective rate		Effective Date	Expiration Date
Senior unsecured term loan	$	50,000		1-month LIBOR	2.00	%	3.45	%	3/1/2016	2/20/2020
Senior unsecured term loan	50,000			1-month LIBOR	2.78	%	4.23	%	5/1/2018	5/1/2023
John Hopkins Village	51,800		^(a)	1-month LIBOR	2.94	%	4.19	%	8/7/2018	8/7/2025
Senior unsecured term loan	10,500		^(a)(b)	1-month LIBOR	3.02	%	4.47	%	10/12/2018	10/12/2023
249 Central Park Retail, South Retail, and Fountain Plaza Retail	34,342		^(a)	1-month LIBOR	2.25	%	3.85	%	4/1/2019	8/10/2023
Senior unsecured term loan	50,000		^(a)	1-month LIBOR	2.26	%	3.71	%	4/1/2019	10/26/2022
Total	$	246,642

________________________________________

(a) Designated as a cash flow hedge.

(b) Prior to August 15, 2019, this swap was used as a hedge for the cash flows for the loan secured by Lightfoot Marketplace.

For the interest rate swaps designated as cash flow hedges, realized losses are reclassified out of accumulated other comprehensive loss to interest expense in the Consolidated Statements of Comprehensive Income due to payments made to the swap counterparty. During the next 12 months, the Company anticipates reclassifying approximately $1.4 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, 2019 and 2018 (in thousands):



	December 31, 2019							December 31, 2018
			Fair Value							Fair Value
	Notional Amount		Asset		Liability			Notional Amount		Asset		Liability
Derivatives not designated as accounting hedges
Interest rate swaps	$	100,000	$	—	$	(1,992	)	$	100,000	$	303	$	(749	)
Interest rate caps	250,000		25		—			350,000		1,790		—
Total derivatives not designated as accounting hedges	350,000		25		(1,992		)	450,000		2,093		(749		)
Derivatives designated as accounting hedges
Interest rate swaps	146,642		—		(5,728		)	63,208		—		(1,725		)
Total derivatives	$	496,642	$	25	$	(7,720	)	$	513,208	$	2,093	$	(2,474	)

The changes in the fair value of the Company’s derivatives during the years ended December 31, 2019, 2018, and 2017 was as follows (in thousands):



	Years Ended December 31,
	2019			2018			2017
Interest rate swaps	$	(6,050	)	$	(2,281	)	$	770
Interest rate caps	(2,053		)	(564		)	357
Total change in fair value of interest rate derivatives	$	(8,103	)	$	(2,845	)	$	1,127
Comprehensive income statement presentation:
Change in fair value of interest rate derivatives	$	(3,599	)	$	(951	)	$	1,127
Unrealized cash flow hedge losses	(4,504		)	(1,894		)	—
Total change in fair value of interest rate derivatives	$	(8,103	)	$	(2,845	)	$	1,127

Subsequent to December 31, 2019

On January 10, 2020, the Company entered into a LIBOR interest rate cap agreement on a notional amount of $50.0 million at a strike rate of 1.75% for a premium of $0.1 million. The interest rate cap agreement will expire on February 1, 2022.

On January 28, 2020, the Company entered into an additional LIBOR interest rate cap agreement on a notional amount of $50.0 million at a strike rate of 1.75% for a premium of $0.1 million. The interest rate cap agreement will expire on February 1, 2022.

Other Liabilities

12 Months Ended

Dec. 31, 2019

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities were comprised of the following as of December 31, 2019 and 2018 (in thousands):



	December 31,
	2019		2018
Dividends and distributions payable	$	17,477	$	13,527
Deferred ground rent payable ^(a)	—		9,287
Acquired lease intangibles, net	21,300		12,678
Prepaid rent and other	8,604		3,509
Security deposits	2,673		1,927
Interest rate swaps	7,720		2,475
Guarantee Liability	5,271		2,800
Other liabilities	$	63,045	$	46,203

________________________________________

(a) Effective with the adoption of ASC 842 on January 1, 2019, deferred ground rent payable is included in operating lease right-of-use assets on the consolidated balance sheets.

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Rental revenues	$ 151,339	$ 116,958	$ 108,737
Total revenues	257,198	193,317	302,771
Expenses
Rental expenses	34,332
Rental expenses		27,222	25,422
Real estate taxes	14,961	11,383	10,528
General contracting and real estate services expenses	101,538	73,628	186,590
Depreciation and amortization	54,564	39,913	37,321
Amortization of right-of-use assets - finance leases	377
General and administrative expenses	12,392	11,431	10,435
Acquisition, development and other pursuit costs	844	352	648
Impairment charges	252	1,619	110
Total expenses	219,260	165,548	271,054
Gain on real estate dispositions	4,699	4,254	8,087
Operating income	42,637	32,023	39,804
Interest income	23,215	10,729	7,077
Interest expense on indebtedness	(30,776)	(19,087)	(17,439)
Interest expense on finance leases	(568)	0	0
Equity in income of unconsolidated real estate entities	273	372	0
Change in fair value of interest rate derivatives	(3,599)	(951)	1,127
Other income (expense), net	585	377	81
Income before taxes	31,767	23,463	30,650
Income tax benefit (provision)	491	29	(725)
Net income	32,258	23,492	29,925
Net income attributable to noncontrolling interests:
Investment entities	(213)	0	0
Operating Partnership	(7,992)	(6,289)	(8,878)
Net income attributable to Armada Hoffler Properties, Inc.	24,053	17,203	21,047
Preferred stock dividends	(2,455)	0	0
Net income attributable to common stockholders	$ 21,598	$ 17,203	$ 21,047
Net income attributable to stockholders per share (basic and diluted) (in dollars per share)	$ 0.41	$ 0.36	$ 0.50
Weighted-average common shares outstanding (basic and diluted) (in shares)	53,119	47,512	42,423
Comprehensive income:
Net income	$ 32,258	$ 23,492	$ 29,925
Unrealized cash flow hedge losses	(4,504)	(1,894)	0
Realized cash flow hedge losses reclassified to net income	501	169	0
Comprehensive income	28,255	21,767	29,925
Comprehensive income attributable to Armada Hoffler Properties, Inc.	21,096	15,920	21,047
General contracting and real estate services revenues
Revenues
General contracting and real estate services revenues	105,859	76,359	194,034
Noncontrolling interests in investment entities
Expenses
Net income	213
Comprehensive income:
Net income	213
Operating Partnership	(213)	0	0
Noncontrolling interests in Operating Partnership
Expenses
Net income	7,992	6,289	8,878
Comprehensive income:
Net income	7,992	6,289	8,878
Unrealized cash flow hedge losses	(1,183)	(484)
Realized cash flow hedge losses reclassified to net income	137	42
Operating Partnership	$ (6,946)	$ (5,847)	$ (8,878)

Leases - Lessee, Maturities of Leases (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Operating Leases
2019 (excluding nine months ended September 30, 2019)	$ 2,080
2020	2,137
2021	2,361
2022	2,400
2023	2,436
Thereafter	103,524
Total undiscounted cash flows	114,938
Present value discount	(73,464)
Discounted cash flows	41,474
Finance Leases
2019 (excluding nine months ended September 30, 2019)	864
2020	864
2021	868
2022	873
2023	888
Thereafter	43,014
Total undiscounted cash flows	47,371
Present value discount	(29,468)
Discounted cash flows	$ 17,903

Indebtedness - Additional Information (Details)																									12 Months Ended
Indebtedness - Additional Information (Details)	Dec. 27, 2019 USD ($)	Dec. 12, 2019 USD ($)	Oct. 29, 2019 USD ($)	Oct. 03, 2019 USD ($) extension	Aug. 15, 2019 USD ($)	Jun. 26, 2019 USD ($)	May 23, 2019 USD ($)	Apr. 24, 2019 USD ($)	Mar. 14, 2019 USD ($)	Mar. 11, 2019 USD ($)	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. 13, 2017 USD ($)	Aug. 10, 2017 USD ($)	Jul. 13, 2017 USD ($)	Apr. 07, 2017 USD ($)	Feb. 01, 2017 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Feb. 20, 2020 USD ($)	Aug. 28, 2018 USD ($)	Dec. 28, 2017 USD ($)	Nov. 01, 2017 USD ($)	Sep. 01, 2017	Aug. 31, 2017	Aug. 09, 2017	Jun. 29, 2017 USD ($)	Feb. 24, 2017 USD ($)
Debt Instrument [Line Items]
Total principal balances																									$ 960,819,000	$ 700,722,000
Debt repayments																									270,851,000	173,855,000	$ 160,661,000
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																	$ 22,000,000.0
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															$ 35,000,000.0
Johns Hopkins Village
Debt Instrument [Line Items]
Debt, face value												$ 53,000,000.0
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																																3.35%	3.75%
Liberty Apartments
Debt Instrument [Line Items]
Repayment of debt																				$ 5,000,000.0
LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		3.17%
LIBOR \| Thames Street Wharf
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate						1.30%
LIBOR \| Southgate Square
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.55%
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%
LIBOR \| Durham City Center
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate									1.85%
LIBOR \| 1405 Point
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate								2.25%
Note 5 \| North Point Center
Debt Instrument [Line Items]
Repayment of debt																								$ 600,000
Unsecured Debt
Debt Instrument [Line Items]
Total principal balances																									315,000,000	306,000,000
Construction Loans
Debt Instrument [Line Items]
Borrowings under construction loans																									96,300,000	86,900,000	$ 8,900,000
Secured Debt
Debt Instrument [Line Items]
Aggregate capacity under the credit facility		$ 34,000,000.0
Proceeds from lines of credit		$ 5,100,000
Total principal balances																									645,819,000	394,722,000
Secured Debt \| Thames Street Wharf
Debt Instrument [Line Items]
Aggregate capacity under the credit facility						$ 70,000,000.0
Total principal balances																									70,000,000	0
Secured Debt \| Southgate Square
Debt Instrument [Line Items]
Aggregate capacity under the credit facility			$ 25,000,000.0
Proceeds from lines of credit			$ 2,700,000
Secured Debt \| Sandbridge Commons
Debt Instrument [Line Items]
Total principal balances																									8,020,000	8,258,000
Secured Debt \| Southgate Square
Debt Instrument [Line Items]
Total principal balances																									20,562,000	21,442,000
Secured Debt \| Market at Mill Creek
Debt Instrument [Line Items]
Total principal balances																									14,727,000	7,283,000
Secured Debt \| Johns Hopkins Village
Debt Instrument [Line Items]
Total principal balances																									$ 51,800,000	52,708,000
Secured Debt \| Lexington Square
Debt Instrument [Line Items]
Debt, face value																													$ 15,000,000.0
Stated interest rate																									4.50%				4.50%
Total principal balances																									$ 14,696,000	14,940,000
Secured Debt \| Greenside (Harding Place)
Debt Instrument [Line Items]
Stated interest rate																									3.17%
Total principal balances																									$ 34,000,000	25,902,000
Secured Debt \| Hanbury Village
Debt Instrument [Line Items]
Stated interest rate																									3.78%
Total principal balances																									$ 18,515,000	19,019,000
Secured Debt \| The Cosmopolitan
Debt Instrument [Line Items]
Stated interest rate																									3.35%
Total principal balances																									$ 43,702,000	44,468,000
Secured Debt \| Liberty Apartments
Debt Instrument [Line Items]
Stated interest rate																									5.66%
Total principal balances																									$ 14,165,000	14,437,000
Secured Debt \| Durham City Center
Debt Instrument [Line Items]
Aggregate capacity under the credit facility									$ 25,600,000
Accordion feature maximum borrowing capacity									$ 27,600,000
Secured Debt \| 1405 Point
Debt Instrument [Line Items]
Total principal balances																									$ 53,000,000	0
Secured Debt \| LIBOR \| Thames Street Wharf
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																									1.30%
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 \| 1405 Point
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																									2.25%
Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate on credit facility as of end of period (as a percent)																									3.26%
Revolving Credit Facility \| LIBOR \| Thames Street Wharf
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate						2.25%
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Unused commitment fee																									1500.00%
Revolving Credit Facility \| Minimum \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																									1.30%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Unused commitment fee																									2500.00%
Revolving Credit Facility \| Maximum \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																									1.85%
Revolving Credit Facility \| Unsecured Debt
Debt Instrument [Line Items]
Total principal balances																									$ 110,000,000	$ 126,000,000
Revolving Credit Facility \| Secured Debt \| Thames Street Wharf
Debt Instrument [Line Items]
Aggregate capacity under the credit facility						$ 76,000,000.0
Senior Unsecured Term Loan Facility
Debt Instrument [Line Items]
Interest rate on credit facility as of end of period (as a percent)																									3.21%
Senior Unsecured Term Loan Facility \| Minimum \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																									1.25%
Senior Unsecured Term Loan Facility \| Maximum \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																									1.80%
Line of Credit \| Construction Loans \| River City
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																$ 16,300,000
Line of Credit \| Construction Loans \| Brooks Crossing
Debt Instrument [Line Items]
Aggregate capacity under the credit facility														$ 15,600,000
Line of Credit \| Construction Loans \| Market at Mill Creek
Debt Instrument [Line Items]
Aggregate capacity under the credit facility													$ 16,200,000
Line of Credit \| Construction Loans \| Greenside (Harding Place)
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																																				$ 29,800,000
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
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]
Repayment of debt					$ 17,900,000
Proceeds from lines of credit										$ 7,400,000	$ 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				$ 355,000,000.0
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				$ 700,000,000.0
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				$ 205,000,000.0
Operating Partnership \| Senior Unsecured Term Loan Facility \| New Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility				$ 205,000,000.0
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
Chesapeake, Virginia \| Commonwealth Of Virginia
Debt Instrument [Line Items]
Repayment of debt																						$ 4,900,000
Subsequent Event \| Revolving Credit Facility \| Unsecured Debt
Debt Instrument [Line Items]
Total principal balances																												$ 130,000,000.0
Red Mill Commons \| Operating Partnership
Debt Instrument [Line Items]
Acquisition, assumption of debt							$ 24,900,000
First Purchase Option \| 1405 Point
Debt Instrument [Line Items]
Option to acquire additional interest								79.00%
Acquisition, cash consideration								$ 300,000
1405 Point
Debt Instrument [Line Items]
Option to acquire additional interest								79.00%
Acquisition, cash consideration								$ 300,000
Loans payable	$ 53,000,000.0							64,900,000
Debt repayments	$ 12,300,000
Loans payable, fair value disclosure								$ 65,800,000
Marketplace at Hilltop
Debt Instrument [Line Items]
Acquisition, assumption of debt							$ 10,740,000
Stated interest rate							4.42%
Loans payable, fair value disclosure							$ 10,790,000
Marketplace at Hilltop \| Operating Partnership
Debt Instrument [Line Items]
Acquisition, assumption of debt							$ 10,800,000
Yield One \| 1405 Point
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate, debt yield								8.50%
Yield One \| LIBOR \| 1405 Point
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate								2.00%
Yield Two \| 1405 Point
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate, debt yield								9.50%
Yield Two \| LIBOR \| 1405 Point
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate								1.75%

Construction Contracts (Net Position of Uncompleted Construction Contracts) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Contractors [Abstract]
Costs incurred on uncompleted construction contracts	$ 695,564	$ 594,006
Estimated earnings	24,553	20,375
Billings	(725,174)	(616,060)
Net position	(5,057)	(1,679)
Construction contract costs and estimated earnings in excess of billings	249	1,358
Billings in excess of construction contract costs and estimated earnings	$ (5,306)	$ (3,037)

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018 were as follows (in thousands):



	December 31,
	2019				2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
Indebtedness, net	$	950,537	$	958,421	$	694,239	$	688,437
Notes receivable	159,371		159,371		138,683		138,683
Interest rate swap liabilities	7,720		7,720		2,474		2,474
Interest rate swap and cap assets	25		25		2,093		2,093

- 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

Leases - Lessor, Payments to be Received (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
2020	$ 96,374
2021	90,165
2022	82,862
2023	72,673
2024	61,926
Thereafter	266,467
Total	$ 670,467

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). The consolidated financial statements include the financial position and results of operations of the Company, 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	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	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	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 revised the presentation of its consolidated Balance Sheet for all reporting periods by reclassifying "Acquired intangible lease assets" as a separate line item. As a result, the Company no longer includes acquired intangible lease assets as part of "Other assets". The Company also revised the presentation in its consolidated statement of cash flows for all reporting periods by reclassifying offering cost charges on its common stock issuance and including the charges with "Proceeds from issuance of common stock, net" line item. This presentation change had no other impact on the Company's consolidated financial statements or any other operating measure for the periods affected.
Revenue Recognition	Revenue Recognition Rental Revenues The Company leases its properties under operating leases and recognizes base rents when earned on a straight-line basis over the lease term. Rental revenues include $3.4 million, $2.7 million and $1.2 million of straight-line rent adjustments for the years ended December 31, 2019, 2018, and 2017, respectively. The Company begins recognizing rental revenue when the tenant has the right to take possession of or controls the physical use of the property under lease. The extended collection period for accrued straight-line rental revenue along with the Company’s evaluation of tenant credit risk may result in the nonrecognition of all or a portion of straight-line rental revenue until the collection of substantially all such revenue for a tenant is probable. The Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Contingent rents included in rental revenues were $0.3 million, $0.3 million, and $0.4 million for the years ended December 31, 2019, 2018, and 2017, 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, $0.7 million, and $0.8 million for the years ended December 31, 2019, 2018, and 2017, 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 The Company recognizes general contracting revenues as a customer obtains control of promised goods or services in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. For each construction contract, the Company identifies the performance obligations, which typically include the delivery of a single building constructed according to the specifications of the contract. The Company estimates the total transaction price, which generally includes a fixed contract price and may also include variable components such as early completion bonuses, liquidated damages, or cost savings to be shared with the customer. Variable components of the contract price are included in the transaction price to the extent that it is probable that a significant reversal of revenue will not occur. The Company recognizes the estimated transaction price as revenue as it satisfies its performance obligations; the Company estimates its progress in satisfying performance obligations for each contract using the input method, based on the proportion of incurred costs relative to total estimated construction costs at completion. Construction contract costs include all direct material, direct labor, subcontract costs, and overhead costs directly related to contract performance. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, are all significant judgments that may result in revisions to costs and income and are recognized in the period in which they are determined. Additionally, the estimated costs at completion are affected by management’s forecasts of anticipated costs to be incurred and contingency reserves for exposures related to unknown costs, such as design deficiencies and subcontractor defaults. The estimated variable consideration is also affected by claims and unapproved change orders, which may result from changes in the scope of the contract. Provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined. The Company defers 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	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, 2019, 2018, and 2017 was $5.9 million, $5.0 million and $1.3 million, respectively. Overhead, salaries and related personnel costs capitalized during the years ended December 31, 2019, 2018, and 2017 were $3.1 million, $3.1 million and $2.4 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, 2019 and 2018 were $6.5 million and $1.2 million, respectively. Costs attributable to unsuccessful projects are expensed.
Operating Property Acquisitions	Operating Property Acquisitions Acquisitions of operating properties have been and will generally be accounted for as acquisitions of a group of assets, with costs incurred to effect an acquisition, including title, legal, accounting, brokerage commissions, and other related costs, being capitalized as part of the cost of the assets acquired. In connection with such acquisitions, the Company identifies and recognizes all assets acquired and liabilities assumed at their relative fair values as of the acquisition date. The purchase price allocations to tangible assets, such as land, site improvements, and buildings and improvements are presented within income producing property in the consolidated balance sheets and depreciated over their estimated useful lives. Acquired lease intangible assets are presented as a separate component of assets on the consolidated balance sheets. Acquired lease intangible liabilities are presented within other liabilities in the consolidated balance sheets. The Company amortizes in-place lease assets as depreciation and amortization expense on a straight-line basis over the remaining term of the related leases. The Company amortizes above-market lease assets as reductions to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market lease liabilities as increases to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market ground lease assets as increases to rental expenses on a straight-line basis over the remaining term of the related leases. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement, as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach. The approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of the structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time. The value of current leases relative to market-rate leases is based on market rents obtained for 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 and Real Estate Investments Held for Sale	Real Estate Sales The Company accounts for the sale of real estate assets and any related gain in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions other than retail land sales. The Company recognizes the sale and associated gain or loss once it transfers control of the real estate asset and the Company does not have significant continuing involvement. Real Estate Investments Held for Sale Real estate assets classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. Once a property is classified as held for sale, it is no longer depreciated. A property is classified as held for sale when: (i) senior management commits to a plan to sell the property, (ii) the property is available for immediate sale in its present condition, subject only to conditions usual and customary for such sales, (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated, (iv) the sale is expected to be completed within one year, (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
Impairment of Long Lived Assets	Impairment of Long Lived Assets The Company evaluates its real estate assets for impairment on a property by property basis whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If such an evaluation is necessary, the Company compares the carrying amount of any such real estate asset with the undiscounted expected future cash flows that are directly associated with, and that are expected to arise as a direct result of, its use and eventual disposition. If the carrying amount of a real estate asset exceeds the associated estimate of undiscounted expected future cash flows, an impairment loss is recognized to reduce the real estate asset’s carrying value to its fair value. The impairment charges recognized during the years ended December 31, 2019 and 2017 represent unamortized leasing or acquired intangible assets related to vacated tenants.
Interest Income	Interest Income Interest income on notes receivable is accrued based on the contractual terms of the loans and when it is deemed collectible. Many loans provide for accrual of interest and fees that will not be paid until maturity of the loan. Interest is recognized on these loans at the accrual rate subject to the determination that accrued interest and fees are ultimately collectible, based on the underlying collateral and the status of development activities, as applicable. If this determination cannot be made, recognition of interest income may be fully or partially deferred until it is ultimately paid.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include demand deposits, investments in money market funds, and investments with an original maturity of three months or less.
Restricted Cash	Restricted Cash Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.
Accounts Receivable, net	Accounts Receivable, net Accounts receivable include amounts from tenants for base rents, contingent rents, and cost reimbursements as well as accrued straight-line rental revenue. The Company’s evaluation of the collectability of accounts receivable and the adequacy of the allowance for doubtful accounts is based primarily upon evaluations of individual receivables, current economic conditions, historical experience, and other relevant factors. The Company establishes a reserve for the receivables associated with a tenant when collection of substantially all operating lease payments for a tenant is not probable.
Notes Receivable and Allowance for Loan Losses	Notes Receivable and Allowance for Loan Losses Notes receivable primarily represent financing to third parties in the form of 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 value of the underlying development project. The Company considers factors such as the progress of development activities, including leasing activities, projected development costs, current and projected loan balances, and the estimated realizable value of the loan. The calculation of the estimated realizable value includes an estimation of the projected sales proceeds from the sale of the underlying development property, which is largely dependent on the estimated fair value of the underlying development property and is highly sensitive to significant assumptions based on management’s expectations about future real estate market or economic conditions and the projected operating results of the property. 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 then 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. The allowance for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date.
Guarantees	Guarantees The Company measures and records a liability for the fair value of its guarantees on a nonrecurring basis upon issuance using Level 3 internally-developed inputs. These guarantees typically relate to payments that could be required of the Company to senior lenders on its 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 loan. On a quarterly basis, the Company assesses the likelihood of a contingent liability in connection with these guarantees and will record an additional guarantee liability if the unamortized guarantee liability is insufficient.
Leasing Costs	Leasing Costs Commissions paid by the Company to third parties to originate a lease are deferred and amortized as depreciation and amortization expense on a straight-line basis over the term of the related lease. Leasing costs are presented within other assets in the consolidated balance sheets.
Leasing Incentives	Leasing Incentives Incentives paid by the Company to tenants are deferred and amortized as reductions to rental revenues on a straight-line basis over the term of the related lease. Leasing incentives are presented within other assets in the consolidated balance sheets.
Debt Issuance Costs	Debt Issuance Costs Financing costs are deferred and amortized as interest expense using the effective interest method over the term of the related debt. Debt issuance costs are presented as a direct deduction from the carrying value of the associated debt liability in the consolidated balance sheets.
Derivative Financial Instruments	Derivative Financial Instruments The Company may enter into interest rate derivatives to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. The Company recognizes derivative financial instruments at fair value and presents them within other assets and liabilities in the consolidated balance sheets. Gains and losses 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	Stock-Based Compensation The Company measures the compensation cost of restricted stock awards based on the grant date fair value. The Company recognizes compensation cost for the vesting of restricted stock awards using the accelerated attribution method. Compensation cost associated with the vesting of restricted stock awards is presented within either general and administrative expenses or general contracting and real estate services expenses in the consolidated statements of comprehensive income. Stock-based compensation for personnel directly involved in the construction and development of a property is capitalized. The effect of forfeitures of awards is recorded as they occur.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT for U.S. federal income tax purposes. For continued qualification as a REIT for federal income tax purposes, the Company must meet certain organizational and operational requirements, including a requirement to pay distributions to stockholders of at least 90% of annual taxable income, excluding net capital gains. As a REIT, the Company generally is not subject to income tax on net income distributed as dividends to stockholders. The Company is subject to state and local income taxes in some jurisdictions and, in certain circumstances, may also be subject to federal excise taxes on undistributed income. In addition, certain of the Company’s activities must be conducted by subsidiaries that have elected to be treated as a taxable REIT subsidiary ("TRS") subject to both federal and state income taxes. The Operating Partnership conducts its development and construction businesses through 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	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	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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Standards Adopted: On February 25, 2016, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") that requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets (ASU 2016-02—Leases (Topic 842)). The new standard also makes targeted changes to lessor accounting. The Company adopted the new standard on January 1, 2019, using the modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest comparative period presented as permitted in Accounting Standards Codification ("ASC") Topic 842. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Company to not reassess whether any expired or existing contracts are or contain leases, not reassess the lease classification for any expired or existing leases, and not reassess initial direct costs for existing leases. As of January 1, 2019, the Company did not have any leases classified as finance leases. The Company also elected a practical expedient that allowed it to not separate non-lease components from lease components and instead to account for each lease and non-lease component as a single lease component. The adoption of the new standard as of January 1, 2019 did not impact the Company's consolidated results of operations and had no impact on cash flows. As a lessee, the Company had six ground leases on five properties as of January 1, 2019 with initial terms that ranged from 20 to 65 years and options to extend up to an additional 70 years in certain cases. The exercise of lease renewal options is at the Company's sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. The long-term ground leases represent a majority of the Company's current operating lease payments. The Company recorded right-of-use assets totaling $32.2 million and lease liabilities totaling $41.4 million upon adopting this standard on January 1, 2019. The Company utilized a weighted average discount rate of 5.4% to measure its lease liabilities upon adoption. As a lessor, the Company leases its properties under operating leases and recognizes base rents on a straight-line basis over the lease term. The Company also recognizes revenue from tenant recoveries, through which tenants reimburse the Company on an accrual basis for certain expenses such as utilities, janitorial services, repairs and maintenance, security and alarms, parking lot and ground maintenance, administrative services, management fees, insurance, and real estate taxes. Rental revenues are reduced by the amount of any leasing incentives amortized on a straight-line basis over the term of the applicable lease. In addition, the Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Many tenant leases include one or more options to renew, with renewal terms that can extend the lease term from one to 15 years or more. The exercise of lease renewal options is at the tenant's sole discretion. The Company includes a renewal period in the lease term only if it appears at lease inception that the renewal is reasonably certain. The new standard includes new considerations regarding the recognition of rental revenue when collection is not probable. The Company changed its presentation and measurement of charges for uncollectable lease revenue associated with its office, retail, and residential leasing activity, reflecting those amounts as a component of rental income on the accompanying Consolidated Statement of Comprehensive Income for the year ended December 31, 2019. However, in accordance with its prospective adoption of the standard, the Company did not adjust the prior year period presentation of charges for uncollectable lease revenue associated with its office, retail, and residential leasing activity as a component of operating expenses, excluding property taxes, on the accompanying Consolidated Statement of Comprehensive Income for the years ended December 31, 2018 and 2017. The Company recorded a combined adjustment of $0.2 million to the opening balances for distributions in excess of earnings and noncontrolling interest relating to receivables where collection of substantially all operating lease payments was not probable as of January 1, 2019. Lease-related receivables, which include contractual amounts accrued and unpaid from tenants and accrued straight-line rents receivable, are reduced for credit losses. Such amounts are recognized as a reduction to real estate rental revenues. The Company evaluates the collectability of lease receivables using several factors, including a lessee’s creditworthiness. The Company recognizes a credit loss on lease-related receivables when, in the opinion of management, collection of substantially all lease payments is not probable. When collectability is determined not probable, any lease income subsequent to recognizing the credit loss is limited to the lesser of the lease income reflected on a straight-line basis or cash collected. Recently Issued Accounting Standards Not Yet Adopted: In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in November 2018 issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. The guidance significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance will replace the "incurred loss" approach under existing guidance with an "expected loss" model for instruments measured at amortized cost, such as our notes receivable. The guidance is effective for fiscal years beginning after December 15, 2019 and is to be adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company continues to evaluate the impact of adopting this new accounting standard on the Company’s consolidated financial statements accounting policy and operational implementation issues. The Company expects that the adoption will result in earlier recognition of a provision for loan losses on its notes receivable and an insignificant increase in allowance for bad debt relating to construction receivables as a result of new forward-looking estimation requirements. The Company anticipates recording a reserve for expected credit losses for its notes receivable in an amount between $2.3 million and $3.3 million and an immaterial reserve on its construction receivables as a result of adopting the new standard on January 1, 2020. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement" ("ASU 2018-13"). ASU 2018-13 eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. ASU 2018-13 is not expected to have a material impact on Company's consolidated financial statements or disclosures.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Inputs — quoted prices in active markets for identical assets or liabilities Level 2 Inputs — observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs — unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair values. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and caps. The Company measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. Financial assets and liabilities whose fair values are not measured at fair value but for which the fair value is disclosed include the Company's notes receivable and indebtedness. The fair value is estimated by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs under the fair value hierarchy. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments.
Legal Proceedings	Legal Proceedings The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of its business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined by management to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs, and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

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 revised the presentation of its consolidated Balance Sheet for all reporting periods by reclassifying

"Acquired intangible lease assets" as a separate line item. As a result, the Company no longer includes acquired intangible lease assets as part of "Other assets". The Company also revised the presentation in its consolidated statement of cash flows for all reporting periods by reclassifying offering cost charges on its common stock issuance and including the charges with "Proceeds from issuance of common stock, net" line item. This presentation change had no other impact on the Company's consolidated financial statements or any other operating measure for the periods affected.

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 $3.4 million, $2.7 million and $1.2 million of straight-line rent adjustments for the years ended December 31, 2019, 2018, and 2017, respectively. The Company begins recognizing rental revenue when the tenant has the right to take possession of or controls the physical use of the property under lease. The extended collection period for accrued straight-line rental revenue along with the Company’s evaluation of tenant credit risk may result in the nonrecognition of all or a portion of straight-line rental revenue until the collection of substantially all such revenue for a tenant is probable. The Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Contingent rents included in rental revenues were $0.3 million, $0.3 million, and $0.4 million for the years ended December 31, 2019, 2018, and 2017, 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, $0.7 million, and $0.8 million for the years ended December 31, 2019, 2018, and 2017, 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

The Company recognizes general contracting revenues as a customer obtains control of promised goods or services in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. For each construction contract, the Company identifies the performance obligations, which typically include the delivery of a single building constructed according to the specifications of the contract. The Company estimates the total transaction price, which generally includes a fixed contract price and may also include variable components such as early completion bonuses, liquidated damages, or cost savings to be shared with the customer. Variable components of the contract price are included in the transaction price to the extent that it is probable that a significant reversal of revenue will not occur. The Company recognizes the estimated transaction price as revenue as it satisfies its performance obligations; the Company estimates its progress in satisfying performance obligations for each contract using the input method, based on the proportion of incurred costs relative to total estimated construction costs at completion. Construction contract costs include all direct material, direct labor, subcontract costs, and overhead costs directly related to contract performance. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, are all significant judgments that may result in revisions to costs and income and are recognized in the period in which they are determined. Additionally, the estimated costs at completion are affected by management’s forecasts of anticipated costs to be incurred and contingency reserves for exposures related to unknown costs, such as design deficiencies and subcontractor defaults. The estimated variable consideration is also affected by claims and unapproved change orders, which may result from changes in the scope of the contract. Provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined. The Company defers 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, 2019, 2018, and 2017 was $5.9 million, $5.0 million and $1.3 million, respectively. Overhead, salaries and related personnel costs capitalized during the years ended December 31, 2019, 2018, and 2017 were $3.1 million, $3.1 million and $2.4 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, 2019 and 2018 were $6.5 million and $1.2 million, respectively. Costs attributable to unsuccessful projects are expensed.

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



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

Operating Property Acquisitions

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

The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement, as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach. The approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of the structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time. The value of current leases relative to market-rate leases is based on market rents obtained for 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, 2019, a land parcel adjacent to the Market at Mill Creek shopping center was classified as held for sale. As of December 31, 2018, the Waynesboro Commons shopping center was classified as held for sale.

Impairment of Long Lived Assets

The Company evaluates its real estate assets for impairment on a property by property basis whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If such an evaluation is necessary, the Company compares the carrying amount of any such real estate asset with the undiscounted expected future cash flows that are directly associated with, and that are expected to arise as a direct result of, its use and eventual disposition. If the carrying amount of a real estate asset exceeds the associated estimate of undiscounted expected future cash flows, an impairment loss is recognized to reduce the real estate asset’s carrying value to its fair value. The impairment charges recognized during the years ended December 31, 2019 and 2017 represent unamortized leasing or acquired intangible assets related to vacated tenants. 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.

Interest Income

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

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, 2019 and 2018, accrued straight-line rental revenue presented within accounts receivable in the consolidated balance sheets was $17.9 million and $15.2 million, respectively.

The Company’s evaluation of the collectability of accounts receivable and the adequacy of the allowance for doubtful accounts is based primarily upon evaluations of individual receivables, current economic conditions, historical experience, and other relevant factors. The Company establishes a reserve for the receivables associated with a tenant when collection of substantially all operating lease payments for a tenant is not probable. As of December 31, 2019 and 2018, the allowance for doubtful accounts was $0.3 million and $0.6 million, respectively. The Company reflects these amounts as a component of rental income on the consolidated statements of comprehensive income.

Notes Receivable and Allowance for Loan Losses

Notes receivable primarily represent financing to third parties in the form of 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 value of the underlying development project. The Company considers factors such as the progress of development activities, including leasing activities, projected development costs, current and projected loan balances, and the estimated realizable value of the loan. The calculation of the estimated realizable value includes an estimation of the projected sales proceeds from the sale of the underlying development property, which is largely dependent on the estimated fair value of the underlying development property and is highly sensitive to significant assumptions based on management’s expectations about future real estate market or economic conditions and the projected operating results of the property. 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 then 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.

The allowance for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date.

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 loan. On a quarterly basis, the Company assesses the likelihood of a contingent liability in connection with these guarantees and will record an additional guarantee liability if the unamortized guarantee liability is insufficient.

Leasing Costs

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

Leasing Incentives

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

Debt Issuance Costs

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

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. Stock-based compensation for personnel directly involved in the construction and development of a property is capitalized. The effect of forfeitures of awards is recorded as they occur.

Income Taxes

The Company has elected to be taxed as a REIT for U.S. federal income tax purposes. For continued qualification as a REIT for federal income tax purposes, the Company must meet certain organizational and operational requirements, including a requirement to pay distributions to stockholders of at least 90% of annual taxable income, excluding net capital gains. As a REIT, the Company generally is not subject to income tax on net income distributed as dividends to stockholders. The Company is subject to state and local income taxes in some jurisdictions and, in certain circumstances, may also be subject to federal excise taxes on undistributed income. In addition, certain of the Company’s activities must be conducted by subsidiaries that have elected to be treated as a taxable REIT subsidiary ("TRS") subject to both federal and state income taxes. The Operating Partnership conducts its development and construction businesses through 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, 2019, 2018, and 2017. As a result, basic and diluted outstanding shares and units were the same for each period presented.

Recent Accounting Pronouncements

Recently Issued Accounting Standards Adopted:

On February 25, 2016, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") that requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets (ASU 2016-02—Leases (Topic 842)). The new standard also makes targeted changes to lessor accounting. The Company adopted the new standard on January 1, 2019, using the modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest comparative period presented as permitted in Accounting Standards Codification ("ASC") Topic 842.

In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Company to not reassess whether any expired or existing contracts are or contain leases, not reassess the lease classification for any expired or existing leases, and not reassess initial direct costs for existing leases. As of January 1, 2019, the Company did not have any leases classified as finance leases. The Company also elected a practical expedient that allowed it to not separate non-lease components from lease components and instead to account for each lease and non-lease component as a single lease component. The adoption of the new standard as of January 1, 2019 did not impact the Company's consolidated results of operations and had no impact on cash flows.

As a lessee, the Company had six ground leases on five properties as of January 1, 2019 with initial terms that ranged from 20 to 65 years and options to extend up to an additional 70 years in certain cases. The exercise of lease renewal options is at the Company's sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants.

The long-term ground leases represent a majority of the Company's current operating lease payments. The Company recorded right-of-use assets totaling $32.2 million and lease liabilities totaling $41.4 million upon adopting this standard on January 1, 2019. The Company utilized a weighted average discount rate of 5.4% to measure its lease liabilities upon adoption.

As a lessor, the Company leases its properties under operating leases and recognizes base rents on a straight-line basis over the lease term. The Company also recognizes revenue from tenant recoveries, through which tenants reimburse the Company on an accrual basis for certain expenses such as utilities, janitorial services, repairs and maintenance, security and alarms, parking lot and ground maintenance, administrative services, management fees, insurance, and real estate taxes. Rental revenues are reduced by the amount of any leasing incentives amortized on a straight-line basis over the term of the applicable lease. In addition, the Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Many tenant leases include one or more options to renew, with renewal terms that can extend the lease term from one to 15 years or more. The exercise of lease renewal options is at the tenant's sole discretion. The Company includes a renewal period in the lease term only if it appears at lease inception that the renewal is reasonably certain.

The new standard includes new considerations regarding the recognition of rental revenue when collection is not probable. The Company changed its presentation and measurement of charges for uncollectable lease revenue associated with its office, retail, and residential leasing activity, reflecting those amounts as a component of rental income on the accompanying Consolidated Statement of Comprehensive Income for the year ended December 31, 2019. However, in accordance with its prospective adoption of the standard, the Company did not adjust the prior year period presentation of charges for uncollectable lease revenue associated with its office, retail, and residential leasing activity as a component of operating expenses, excluding property taxes, on the accompanying Consolidated Statement of Comprehensive Income for the years ended December 31, 2018 and 2017. The Company recorded a combined adjustment of $0.2 million to the opening balances for distributions in excess of earnings and noncontrolling interest relating to receivables where collection of substantially all operating lease payments was not probable as of January 1, 2019.

Lease-related receivables, which include contractual amounts accrued and unpaid from tenants and accrued straight-line rents receivable, are reduced for credit losses. Such amounts are recognized as a reduction to real estate rental revenues. The Company evaluates the collectability of lease receivables using several factors, including a lessee’s creditworthiness. The Company recognizes a credit loss on lease-related receivables when, in the opinion of management, collection of substantially all lease payments is not probable. When collectability is determined not probable, any lease income subsequent to recognizing the credit loss is limited to the lesser of the lease income reflected on a straight-line basis or cash collected.

Recently Issued Accounting Standards Not Yet Adopted:

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in November 2018 issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. The guidance significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance will replace the "incurred loss" approach under existing guidance with an "expected loss" model for instruments measured at amortized cost, such as our notes receivable. The guidance is effective for fiscal years beginning after December 15, 2019 and is to be adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company continues to evaluate the impact of adopting this new accounting standard on the Company’s consolidated financial statements accounting policy and operational implementation issues. The Company expects that the adoption will result in earlier recognition of a provision for loan losses on its notes receivable and an insignificant increase in allowance for bad debt relating to construction receivables as a result of new forward-looking estimation requirements. The Company anticipates recording a reserve for expected credit losses for its notes receivable in an amount between $2.3 million and $3.3 million and an immaterial reserve on its construction receivables as a result of adopting the new standard on January 1, 2020.

In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement" ("ASU 2018-13"). ASU 2018-13 eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. ASU 2018-13 is not expected to have a material impact on Company's consolidated financial statements or disclosures.

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

Lessee Disclosures

The components of lease cost for the years ended December 31, 2019, 2018, and 2017 were as follows (in thousands):



	Years Ended December 31,
	2019		2018 ^(b)		2017 ^(b)
Operating lease cost	$	2,700	$	2,962	$	2,686
Finance lease cost:
Amortization of right-of-use assets ^(a)	369		—		—
Interest on lease liabilities	568		—		—

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

(b) All of the Company's leases were classified as operating leases prior to 2019.

The table below presents supplemental cash flow information related to leases during the years ended December 31, 2019, 2018, and 2017 (in thousands):



	Years Ended December 31,
	2019		2018 ^(a)		2017 ^(a)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,969	$	2,354	$	2,103
Operating cash flows from finance leases	533		—		—

(a) All of the Company's leases were classified as operating leases prior to 2019.

Additional information related to leases as of December 31, 2019 and 2018 were as follows:



	December 31,
	2019		2018 ^(a)
Weighted Average Remaining Lease Term (years)
Operating leases	45.4		46.2
Finance leases	41.2		0.0

Weighted Average Discount Rate ^(b)
Operating leases	5.4	%	—	%
Finance leases	5.2	%	—	%

(a) All of the Company's leases were classified as operating leases prior to 2019.

(b) Prior to the adoption of ASC 842 on January 1, 2019, the use of a discount rate to calculate lease liability as the net present value of the minimum lease payments was not required.

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



Year Ending December 31,	Operating Leases			Finance Leases
	(in thousands)
2020	$	2,080		$	864
2021	2,137			864
2022	2,361			868
2023	2,400			873
2024	2,436			888
Thereafter	103,524			43,014
Total undiscounted cash flows	114,938			47,371
Present value discount	(73,464		)	(29,468		)
Discounted cash flows	$	41,474		$	17,903

Lessor Disclosures

Rental revenue for the years ended December 31, 2019, 2018, and 2017 comprised the following (in thousands):



	Years Ended December 31,
	2019			2018			2017
Base rent and tenant charges	$	147,309		$	114,012		$	107,320
Accrued straight-line rental adjustment	3,402			2,731			1,222
Lease incentive amortization	(739		)	(732		)	(785		)
Above/below market lease amortization	1,367			947			980
Total rental revenue	$	151,339		$	116,958		$	108,737

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



Year Ending December 31,	Operating Leases
2020	$	96,374
2021	90,165
2022	82,862
2023	72,673
2024	61,926
Thereafter	266,467
Total	$	670,467

Leases

Lessee Disclosures

The components of lease cost for the years ended December 31, 2019, 2018, and 2017 were as follows (in thousands):



	Years Ended December 31,
	2019		2018 ^(b)		2017 ^(b)
Operating lease cost	$	2,700	$	2,962	$	2,686
Finance lease cost:
Amortization of right-of-use assets ^(a)	369		—		—
Interest on lease liabilities	568		—		—

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

(b) All of the Company's leases were classified as operating leases prior to 2019.

The table below presents supplemental cash flow information related to leases during the years ended December 31, 2019, 2018, and 2017 (in thousands):



	Years Ended December 31,
	2019		2018 ^(a)		2017 ^(a)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,969	$	2,354	$	2,103
Operating cash flows from finance leases	533		—		—

(a) All of the Company's leases were classified as operating leases prior to 2019.

Additional information related to leases as of December 31, 2019 and 2018 were as follows:



	December 31,
	2019		2018 ^(a)
Weighted Average Remaining Lease Term (years)
Operating leases	45.4		46.2
Finance leases	41.2		0.0

Weighted Average Discount Rate ^(b)
Operating leases	5.4	%	—	%
Finance leases	5.2	%	—	%

(a) All of the Company's leases were classified as operating leases prior to 2019.

(b) Prior to the adoption of ASC 842 on January 1, 2019, the use of a discount rate to calculate lease liability as the net present value of the minimum lease payments was not required.



Year Ending December 31,	Operating Leases			Finance Leases
	(in thousands)
2020	$	2,080		$	864
2021	2,137			864
2022	2,361			868
2023	2,400			873
2024	2,436			888
Thereafter	103,524			43,014
Total undiscounted cash flows	114,938			47,371
Present value discount	(73,464		)	(29,468		)
Discounted cash flows	$	41,474		$	17,903

Lessor Disclosures

Rental revenue for the years ended December 31, 2019, 2018, and 2017 comprised the following (in thousands):



	Years Ended December 31,
	2019			2018			2017
Base rent and tenant charges	$	147,309		$	114,012		$	107,320
Accrued straight-line rental adjustment	3,402			2,731			1,222
Lease incentive amortization	(739		)	(732		)	(785		)
Above/below market lease amortization	1,367			947			980
Total rental revenue	$	151,339		$	116,958		$	108,737

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



Year Ending December 31,	Operating Leases
2020	$	96,374
2021	90,165
2022	82,862
2023	72,673
2024	61,926
Thereafter	266,467
Total	$	670,467

Leases

Lessee Disclosures

The components of lease cost for the years ended December 31, 2019, 2018, and 2017 were as follows (in thousands):



	Years Ended December 31,
	2019		2018 ^(b)		2017 ^(b)
Operating lease cost	$	2,700	$	2,962	$	2,686
Finance lease cost:
Amortization of right-of-use assets ^(a)	369		—		—
Interest on lease liabilities	568		—		—

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

(b) All of the Company's leases were classified as operating leases prior to 2019.

The table below presents supplemental cash flow information related to leases during the years ended December 31, 2019, 2018, and 2017 (in thousands):



	Years Ended December 31,
	2019		2018 ^(a)		2017 ^(a)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,969	$	2,354	$	2,103
Operating cash flows from finance leases	533		—		—

(a) All of the Company's leases were classified as operating leases prior to 2019.

Additional information related to leases as of December 31, 2019 and 2018 were as follows:



	December 31,
	2019		2018 ^(a)
Weighted Average Remaining Lease Term (years)
Operating leases	45.4		46.2
Finance leases	41.2		0.0

Weighted Average Discount Rate ^(b)
Operating leases	5.4	%	—	%
Finance leases	5.2	%	—	%

(a) All of the Company's leases were classified as operating leases prior to 2019.

(b) Prior to the adoption of ASC 842 on January 1, 2019, the use of a discount rate to calculate lease liability as the net present value of the minimum lease payments was not required.



Year Ending December 31,	Operating Leases			Finance Leases
	(in thousands)
2020	$	2,080		$	864
2021	2,137			864
2022	2,361			868
2023	2,400			873
2024	2,436			888
Thereafter	103,524			43,014
Total undiscounted cash flows	114,938			47,371
Present value discount	(73,464		)	(29,468		)
Discounted cash flows	$	41,474		$	17,903

Lessor Disclosures

Rental revenue for the years ended December 31, 2019, 2018, and 2017 comprised the following (in thousands):



	Years Ended December 31,
	2019			2018			2017
Base rent and tenant charges	$	147,309		$	114,012		$	107,320
Accrued straight-line rental adjustment	3,402			2,731			1,222
Lease incentive amortization	(739		)	(732		)	(785		)
Above/below market lease amortization	1,367			947			980
Total rental revenue	$	151,339		$	116,958		$	108,737

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



Year Ending December 31,	Operating Leases
2020	$	96,374
2021	90,165
2022	82,862
2023	72,673
2024	61,926
Thereafter	266,467
Total	$	670,467

Leases - Lessor, Rental Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Leases [Abstract]
Base rent and tenant charges	$ 147,309	$ 114,012	$ 107,320
Accrued straight-line rental adjustment	3,402	2,731	1,222
Lease incentive amortization	(739)	(732)	(785)
Above/below market lease amortization	1,367	947	980
Total rental revenue	$ 151,339	$ 116,958	$ 108,737

Acquired Lease Intangibles - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019
In-place lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease assets	7 years 9 months 18 days
Above-market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease assets	5 years 2 months 12 days
Below Market Lease
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease liabilities	11 years 6 months
Below-market operating ground lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease assets	29 years 6 months
Below-market finance ground lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease assets	41 years 2 months 12 days
Below Market Lease Renewal Options
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease assets	12 years 2 months 12 days

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Summary of guarantees

The following table summarizes the payment guarantees made by the Company as of December 31, 2019 (in thousands):



	Payment guarantee amount
The Residences at Annapolis Junction	$	8,300
Delray Plaza	5,180
Nexton Square	12,600
Interlock Commercial	30,654
Total	$	56,734

Business and Organization (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of 100% owned properties

As of December 31, 2019, 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%
Brooks Crossing Office	Office	Newport News, Virginia	100%
One City Center	Office	Durham, North Carolina	100%
One Columbus	Office	Virginia Beach, Virginia*	100%
Thames Street Wharf	Office	Baltimore, Maryland	100%
Two Columbus	Office	Virginia Beach, Virginia*	100%
249 Central Park Retail	Retail	Virginia Beach, Virginia*	100%
Alexander Pointe	Retail	Salisbury, North Carolina	100%
Apex Entertainment ⁽¹⁾	Retail	Virginia Beach, Virginia*	100%
Bermuda Crossroads	Retail	Chester, Virginia	100%
Broad Creek Shopping Center	Retail	Norfolk, Virginia	100%
Broadmoor Plaza	Retail	South Bend, Indiana	100%
Brooks Crossing Retail ⁽²⁾	Retail	Newport News, Virginia	65%
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%
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%
Market at Mill Creek ⁽²⁾	Retail	Mount Pleasant, South Carolina	70%
Marketplace at Hilltop	Retail	Virginia Beach, Virginia	100%
North Hampton Market	Retail	Taylors, South Carolina	100%



Property	Segment	Location	Ownership Interest
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%
Red Mill Commons	Retail	Virginia Beach, Virginia	100%
Renaissance Square	Retail	Davidson, North Carolina	100%
Sandbridge Commons	Retail	Virginia Beach, Virginia	100%
Socastee Commons	Retail	Myrtle Beach, South Carolina	100%
South Retail	Retail	Virginia Beach, Virginia*	100%
South Square	Retail	Durham, North Carolina	100%
Southgate Square	Retail	Colonial Heights, Virginia	100%
Southshore Shops	Retail	Chesterfield, Virginia	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%
1405 Point	Multifamily	Baltimore, Maryland	79%
Encore Apartments	Multifamily	Virginia Beach, Virginia*	100%
Greenside Apartments	Multifamily	Charlotte, North Carolina	100%
Hoffler Place	Multifamily	Charleston, South Carolina	93%
Johns Hopkins Village	Multifamily	Baltimore, Maryland	100%
Liberty Apartments	Multifamily	Newport News, Virginia	100%
Premier Apartments	Multifamily	Virginia Beach, Virginia*	100%
Smith’s Landing	Multifamily	Blacksburg, Virginia	100%

________________________________________

* Located in the Town Center of Virginia Beach

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

Schedule of properties under development or construction

As of December 31, 2019, the following properties were under development, redevelopment or not yet stabilized:



Property	Segment	Location	Ownership Interest
Wills Wharf	Office	Baltimore, Maryland	100	%
Premier Retail	Retail	Virginia Beach, Virginia*	100	%
Summit Place	Multifamily	Charleston, South Carolina	90	%
The Cosmopolitan	Multifamily	Virginia Beach, Virginia*	100	%

________________________________________

* Located in the Town Center of Virginia Beach

Leases - Additional Information Related to Leases (Details)	Dec. 31, 2019	Dec. 31, 2018
Weighted Average Remaining Lease Term (years)
Operating leases	45 years 4 months 24 days	46 years 2 months 12 days
Finance leases	41 years 2 months 12 days	0 years
Weighted Average Discount Rate
Operating leases	5.40%	0.00%
Finance leases	5.20%	0.00%

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation

12 Months Ended

Dec. 31, 2019

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, 2019



				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	$	31,876		$	982	$	—	$	46,282	$	982	$	46,282	$	47,264	$	8,097	$	39,167	2014
Armada Hoffler Tower	—		⁽²⁾	1,976		—		63,304		1,976		63,304		65,280		34,237		31,043		2002
Brooks Crossing Office	14,411			295		—		19,709		295		19,709		20,004		462		19,542		2016
One City Center	25,286			2,911		28,202		4,632		2,911		32,834		35,745		661		35,084		2018/2019
One Columbus	—		⁽²⁾	960		10,269		12,009		960		22,278		23,238		11,958		11,280		1984
Thames Street Wharf	70,000			15,861		64,689		63		15,861		64,752		80,613		858		79,755		2010/2019
Two Columbus	—		⁽²⁾	53		—		20,704		53		20,704		20,757		8,747		12,010		2009
Wills Wharf	29,154			—		—		84,119		—		84,119		84,119		—		84,119		2019	⁽⁴⁾
Total office	$	170,727		$	23,038	$	103,160	$	250,822	$	23,038	$	353,982	$	377,020	$	65,020	$	312,000
Retail
249 Central Park Retail	$	16,828		$	712	$	—	$	15,703	$	712	$	15,703	$	16,415	$	9,406	$	7,009	2004
Alexander Pointe	—		⁽²⁾	4,050		4,880		149		4,050		5,029		9,079		950		8,129		1997/2016
Apex Entertainment (Dick's)	—		⁽²⁾	67		—		10,596		67		10,596		10,663		4,778		5,885		2002
Bermuda Crossroads	—		⁽²⁾	5,450		10,641		1,431		5,450		12,072		17,522		2,951		14,571		2001/2013
Broad Creek Shopping Center	—		⁽²⁾	—		—		9,135		—		9,135		9,135		4,327		4,808		1997-2001
Broadmoor Plaza	—		⁽²⁾	2,410		9,010		966		2,410		9,976		12,386		1,843		10,543		1980/2016
Brooks Crossing Retail	—			359		—		2,334		359		2,334		2,693		229		2,464		2016
Columbus Village	—		⁽²⁾	7,631		10,135		7,028		7,631		17,163		24,794		2,512		22,282		1980/2015
Columbus Village II	—		⁽²⁾	14,536		10,922		64		14,536		10,986		25,522		1,364		24,158		1995/2016
Commerce Street Retail	—		⁽²⁾	118		—		3,307		118		3,307		3,425		1,697		1,728		2008
Courthouse 7-Eleven	—		⁽²⁾	1,007		—		1,044		1,007		1,044		2,051		217		1,834		2011
Dimmock Square	—		⁽²⁾	5,100		13,126		314		5,100		13,440		18,540		2,034		16,506		1998/2014
Fountain Plaza Retail	10,127			425		—		7,251		425		7,251		7,676		3,585		4,091		2004
Gainsborough Square	—		⁽²⁾	2,229		—		7,590		2,229		7,590		9,819		3,662		6,157		1999
Greentree Shopping Center	—		⁽²⁾	1,103		—		4,036		1,103		4,036		5,139		888		4,251		2014
Hanbury Village	18,515		⁽³⁾	3,793		—		19,579		3,793		19,579		23,372		7,486		15,886		2006
Harper Hill Commons	—		⁽²⁾	2,840		8,510		263		2,840		8,773		11,613		1,169		10,444		2004/2016
Harrisonburg Regal	—			1,554		—		4,148		1,554		4,148		5,702		2,203		3,499		1999
Indian Lakes Crossing	—		⁽²⁾	7,009		2,274		30		7,009		2,304		9,313		171		9,142		2008/2018
Lexington Square	14,696			3,035		20,581		110		3,035		20,691		23,726		915		22,811		2017/2018
Market at Mill Creek	14,727			2,243		—		20,386		2,243		20,386		22,629		415		22,214		2018
Marketplace at Hilltop	10,517			2,023		19,886		35		2,023		19,921		21,944		388		21,556		2000/2019



North Hampton Market	—		⁽²⁾	7,250		10,210		602		7,250		10,812		18,062		1,811		16,251		2004/2016
North Point Center	2,214		⁽³⁾	1,936		—		25,716		1,936		25,716		27,652		14,353		13,299		1998
Oakland Marketplace	—		⁽²⁾	1,850		3,370		690		1,850		4,060		5,910		932		4,978		2004/2016
Parkway Centre	—		⁽²⁾	1,372		7,864		105		1,372		7,969		9,341		470		8,871		2017/2018
Parkway Marketplace	—		⁽²⁾	1,150		—		3,832		1,150		3,832		4,982		2,010		2,972		1998
Patterson Place	—		⁽²⁾	15,059		20,180		631		15,059		20,811		35,870		2,638		33,232		2004/2016
Perry Hall Marketplace	—		⁽²⁾	3,240		8,316		424		3,240		8,740		11,980		1,555		10,425		2001/2015
Premier Retail	8,250			318		—		14,216		318		14,216		14,534		434		14,100		2018
Providence Plaza	—		⁽²⁾	9,950		12,369		1,454		9,950		13,823		23,773		1,904		21,869		2007/2015
Red Mill Commons	24,365		⁽³⁾	44,252		30,348		98		44,252		30,446		74,698		921		73,777		2000/2019
Renaissance Square	—		⁽²⁾	6,730		8,439		186		6,730		8,625		15,355		927		14,428		2008/2016
Sandbridge Commons	8,020			4,825		—		7,332		4,825		7,332		12,157		1,500		10,657		2015
Socastee Commons	4,567			2,320		5,380		147		2,320		5,527		7,847		940		6,907		2000/2015
South Retail	7,388			190		—		8,123		190		8,123		8,313		4,527		3,786		2002
South Square	—		⁽²⁾	14,130		12,670		757		14,130		13,427		27,557		1,966		25,591		1977/2016
Southgate Square	20,562			10,238		25,950		4,352		10,238		30,302		40,540		3,257		37,283		1991/2016
Southshore Shops	—		⁽²⁾	1,770		6,509		84		1,770		6,593		8,363		710		7,653		2006/2016
Stone House Square	—		⁽²⁾	6,360		16,350		561		6,360		16,911		23,271		2,735		20,536		2008/2015
Studio 56 Retail	—		⁽²⁾	76		—		2,532		76		2,532		2,608		994		1,614		2007
Tyre Neck Harris Teeter	—		⁽²⁾	—		—		3,306		—		3,306		3,306		1,255		2,051		2011
Wendover Village	—		⁽²⁾	19,893		22,638		429		19,893		23,067		42,960		2,451		40,509		2004/2016-2019
Total retail	$	160,776		$	220,603	$	300,558	$	191,076	$	220,603	$	491,634	$	712,237	$	101,480	$	610,757
Multifamily
1405 Point	$	53,000		$	—	$	95,466	$	2,106	$	—	$	97,572	$	97,572	$	2,109	$	95,463	2018/2019
Encore Apartments	24,842			1,293		—		30,322		1,293		30,322		31,615		5,144		26,471		2014
Greenside Apartments	34,000			5,711		—		45,012		5,711		45,012		50,723		1,822		48,901		2018
Hoffler Place	29,059			7,401		—		39,758		7,401		39,758		47,159		486		46,673		2019
Johns Hopkins Village	51,800			—		—		69,931		—		69,931		69,931		7,711		62,220		2016
Liberty Apartments	14,165			3,580		23,494		1,883		3,580		25,377		28,957		5,146		23,811		2013/2014
Premier Apartments	16,750			647		—		29,139		647		29,139		29,786		1,171		28,615		2018
Smith’s Landing	18,174			—		35,105		2,418		—		37,523		37,523		8,002		29,521		2009/2013
Summit Place	28,824			7,265		—		43,674		7,265		43,674		50,939		—		50,939		—	⁽⁴⁾
The Cosmopolitan	43,702			985		—		66,877		985		66,877		67,862		26,647		41,215		2006
Total multifamily	$	314,316		$	26,882	$	154,065	$	331,120	$	26,882	$	485,185	$	512,067	$	58,238	$	453,829
Held for development	$	—		$	5,000	$	—	$	—	$	5,000	$	—	$	5,000	$	—	$	5,000
Real estate investments	$	645,819		$	275,523	$	557,783	$	773,018	$	275,523	$	1,330,801	$	1,606,324	$	224,738	$	1,381,586

________________________________________


(1)	The net carrying amount of real estate for federal income tax purposes was $1,122.8 million as of December 31, 2019.


(2)	Borrowing base collateral for the credit facility as of December 31, 2019.


(3)	A portion of this property is borrowing base collateral for the credit facility as of December 31, 2019.


(4)	Construction in progress as of December 31, 2019.

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,
	2019			2018			2019			2018
Balance at beginning of the year	$	1,176,586		$	994,437		$	188,775		$	164,521
Construction costs and improvements	143,700			144,926			—			—
Acquisitions	314,898			51,613			—			—
Dispositions	(28,117		)	(11,420		)	(1,818		)	(5,559		)
Reclassifications	(743		)	(2,970		)	(58		)	(582		)
Depreciation	—			—			37,839			30,395
Balance at end of the year	$	1,606,324		$	1,176,586		$	224,738		$	188,775

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Commitments and Contingencies
Contingent liabilities for construction performance	$ 4.3	$ 34.8
Rental Revenues \| Hampton Roads Properties
Commitments and Contingencies
Concentrations of credit risk	48.00%	53.00%	53.00%
Rental Revenues \| Town Center Properties
Commitments and Contingencies
Concentrations of credit risk	31.00%	38.00%	38.00%
Operating Partnership
Commitments and Contingencies
Outstanding letters of credit	$ 9.5	$ 2.1
Group Of Three Construction Customers \| General Contracting and Real Estate Services Revenues
Commitments and Contingencies
Concentrations of credit risk	67.00%	55.00%	41.00%
Group Of Three Construction Customers \| General Contracting and Real Estate Services Segment Profit
Commitments and Contingencies
Concentrations of credit risk	66.00%	28.00%	20.00%

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

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

OPERATING ACTIVITIES

Net income

$ 32,258

$ 23,492

$ 29,925

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

Depreciation of buildings and tenant improvements

37,839

30,395

25,974

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

16,725

9,518

11,347

Accrued straight-line rental revenue

(3,402)

(2,731)

(1,222)

Amortization of leasing incentives and above or below-market rents

(629)

(266)

(195)

Amortization of right-of-use assets - finance leases

377

Accrued straight-line ground rent expense

(16)

214

530

Adjustment for uncollectable accounts

511

419

564

Noncash stock compensation

1,613

1,281

1,323

Impairment charges

252

1,619

110

Noncash interest expense

1,258

1,116

1,274

Interest expense on finance leases

568

Gain on real estate dispositions

(4,699)

(4,254)

(8,087)

Adjustment for Annapolis Junction purchase option

^[1]

(4,489)

4,489

Change in the fair value of interest rate derivatives

3,599

951

(1,127)

Equity in income of unconsolidated real estate entities

(273)

(372)

Changes in operating assets and liabilities:

Property assets

(2,499)

(3,539)

(2,415)

Property liabilities

3,368

1,720

2,843

Construction assets

(20,356)

7,554

17,573

Construction liabilities

18,671

(15,248)

(20,110)

Interest receivable

(12,947)

(271)

(7,071)

Net cash provided by operating activities

67,729

56,087

51,236

INVESTING ACTIVITIES

Development of real estate investments

(133,445)

(133,791)

(45,730)

Tenant and building improvements

(19,721)

(11,723)

(12,252)

Acquisitions of real estate investments, net of cash received

(138,380)

(57,544)

(30,026)

Dispositions of real estate investments, net of selling costs

32,944

34,673

12,557

Notes receivable issuances

(54,555)

(58,208)

(16,219)

Notes receivable paydowns

22,522

1,165

Leasing costs

(3,893)

(4,607)

(2,235)

Leasing incentives

(108)

(274)

Contributions to equity method investments

(535)

(10,420)

(1,176)

Net cash used for investing activities

(295,063)

(240,563)

(95,355)

FINANCING ACTIVITIES

Proceeds from issuance of cumulative redeemable perpetual preferred stock, net

61,001

Proceeds from issuance of common stock, net

96,845

65,244

91,381

Common shares tendered for tax withholding

(369)

(409)

(289)

Debt issuances, credit facility and construction loan borrowings

427,286

349,580

162,585

Debt and credit facility repayments, including principal amortization

(270,851)

(173,855)

(160,661)

Debt issuance costs

(5,546)

(1,457)

(2,403)

Redemption of operating partnership units

(2,595)

(5,155)

Dividends on cumulative redeemable perpetual preferred stock

(61,504)

(50,897)

(43,616)

Net cash provided by financing activities

246,862

185,611

41,842

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

19,528

1,135

(2,277)

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

^[2]

24,051

22,916

25,193

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

^[2]

43,579

24,051

22,916

Supplemental cash flow information:

Cash paid for interest

28,878

(17,319)

(16,318)

Cash refunded (paid) for income taxes

247

(371)

Increase in dividends payable

3,950

1,640

2,160

Common shares and OP units issued for acquisitions

^[3]

73,169

1,702

506

(Decrease) increase in accrued capital improvements and development costs

12,666

(18,310)

(10,899)

Operating Partnership units redeemed for common shares

2,756

3,715

Debt principal extinguished in conjunction with real estate sales

5,594

Debt assumed at fair value in conjunction with real estate purchases

101,390

Debt assumed at fair value in conjunction with real estate purchases

2,000

Redeemable noncontrolling interest from development

600

Note receivable extinguished in conjunction with real estate purchase

31,252

Equity method investment redeemed for real estate acquisition

23,011

Noncontrolling interest in acquired real estate entity

4,870

Recognition of operating lease ROU assets

^[4]

33,965

Recognition of operating lease liabilities

^[4]

41,631

Recognition of finance lease ROU assets

24,500

Recognition of finance lease liabilities

17,871

De-recognition of operating lease ROU assets - lease termination

440

De-recognition of operating lease liabilities - lease termination

$ 440

$ 0

[1]

Borrower paid $5.0 million in 2018 in exchange for the Company's purchase option. This was accounted for as a loan modification fee; interest income was 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,
	2019		2018
Cash and cash equivalents	$	39,232	$	21,254
Restricted cash ^(a)	4,347		2,797
Cash, cash equivalents, and restricted cash	$	43,579	$	24,051

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

[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.

[4]

Net of $0.4 million disposal related to the Company's preexisting lease at the Thames Street Wharf property, which was acquired on June 26, 2019.

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018 were as follows (in thousands):



	December 31,
	2019				2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
Indebtedness, net	$	950,537	$	958,421	$	694,239	$	688,437
Notes receivable	159,371		159,371		138,683		138,683
Interest rate swap liabilities	7,720		7,720		2,474		2,474
Interest rate swap and cap assets	25		25		2,093		2,093

- 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

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of lease costs

The components of lease cost for the years ended December 31, 2019, 2018, and 2017 were as follows (in thousands):



	Years Ended December 31,
	2019		2018 ^(b)		2017 ^(b)
Operating lease cost	$	2,700	$	2,962	$	2,686
Finance lease cost:
Amortization of right-of-use assets ^(a)	369		—		—
Interest on lease liabilities	568		—		—

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

(b) All of the Company's leases were classified as operating leases prior to 2019.

The table below presents supplemental cash flow information related to leases during the years ended December 31, 2019, 2018, and 2017 (in thousands):



	Years Ended December 31,
	2019		2018 ^(a)		2017 ^(a)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,969	$	2,354	$	2,103
Operating cash flows from finance leases	533		—		—

(a) All of the Company's leases were classified as operating leases prior to 2019.

Additional information related to leases as of December 31, 2019 and 2018 were as follows:



	December 31,
	2019		2018 ^(a)
Weighted Average Remaining Lease Term (years)
Operating leases	45.4		46.2
Finance leases	41.2		0.0

Weighted Average Discount Rate ^(b)
Operating leases	5.4	%	—	%
Finance leases	5.2	%	—	%

(a) All of the Company's leases were classified as operating leases prior to 2019.

(b) Prior to the adoption of ASC 842 on January 1, 2019, the use of a discount rate to calculate lease liability as the net present value of the minimum lease payments was not required.

Schedule of maturities of operating lease liabilities



Year Ending December 31,	Operating Leases			Finance Leases
	(in thousands)
2020	$	2,080		$	864
2021	2,137			864
2022	2,361			868
2023	2,400			873
2024	2,436			888
Thereafter	103,524			43,014
Total undiscounted cash flows	114,938			47,371
Present value discount	(73,464		)	(29,468		)
Discounted cash flows	$	41,474		$	17,903

Schedule of maturities of finance lease liabilities



Year Ending December 31,	Operating Leases			Finance Leases
	(in thousands)
2020	$	2,080		$	864
2021	2,137			864
2022	2,361			868
2023	2,400			873
2024	2,436			888
Thereafter	103,524			43,014
Total undiscounted cash flows	114,938			47,371
Present value discount	(73,464		)	(29,468		)
Discounted cash flows	$	41,474		$	17,903

Schedule of rental revenue

Rental revenue for the years ended December 31, 2019, 2018, and 2017 comprised the following (in thousands):



	Years Ended December 31,
	2019			2018			2017
Base rent and tenant charges	$	147,309		$	114,012		$	107,320
Accrued straight-line rental adjustment	3,402			2,731			1,222
Lease incentive amortization	(739		)	(732		)	(785		)
Above/below market lease amortization	1,367			947			980
Total rental revenue	$	151,339		$	116,958		$	108,737

Schedule of minimum rental payments

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



Year Ending December 31,	Operating Leases
2020	$	96,374
2021	90,165
2022	82,862
2023	72,673
2024	61,926
Thereafter	266,467
Total	$	670,467

Stock-Based Compensation - Summary of the Changes in the Company's Nonvested Restricted Stock Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock Awards
Nonvested as of beginning of period (in shares)	125,229
Granted (in shares)	154,030	164,241	118,361
Vested (in shares)	(134,346)
Forfeited (in shares)	(961)
Nonvested as of end of period (in shares)	143,952	125,229
Weighted Average Grant Date Fair Value Per Share
Nonvested as of beginning of period (in dollars per share)	$ 13.68
Granted (in dollars per share)	15.43
Vested (in dollars per share)	14.39
Forfeited (in dollars per share)	14.24
Nonvested as of end of period (in dollars per share)	$ 14.88	$ 13.68

Other Assets (Tables)

12 Months Ended

Dec. 31, 2019

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

Summary of other assets

Other assets were comprised of the following as of December 31, 2019 and 2018 (in thousands):



	December 31,
	2019		2018
Leasing costs, net	$	11,357	$	10,881
Leasing incentives, net	2,855		3,592
Interest rate swaps and caps	25		2,093
Prepaid expenses and other	12,192		9,836
Preacquisition and predevelopment costs	6,472		1,214
Other assets	$	32,901	$	27,616

Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Notional Amount	$ 496,642	$ 513,208
Asset, fair value	25	2,093
Liability, fair value	(7,720)	(2,474)
Change in fair value of interest rate derivatives	(3,599)	(951)	$ 1,127
Unrealized cash flow hedge losses	(4,504)	(1,894)	0
Total change in fair value of interest rate derivatives	(8,103)	(2,845)	1,127
Interest rate swaps
Derivative [Line Items]
Notional Amount	246,642
Total change in fair value of interest rate derivatives	(6,050)	(2,281)	770
Interest rate caps
Derivative [Line Items]
Total change in fair value of interest rate derivatives	(2,053)	(564)	$ 357
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	350,000	450,000
Asset, fair value	25	2,093
Liability, fair value	(1,992)	(749)
Not Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Notional Amount	100,000	100,000
Asset, fair value	0	303
Liability, fair value	(1,992)	(749)
Not Designated as Hedging Instrument \| Interest rate caps
Derivative [Line Items]
Notional Amount	250,000	350,000
Asset, fair value	25	1,790
Liability, fair value	0	0
Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Notional Amount	146,642	63,208
Asset, fair value	0	0
Liability, fair value	$ (5,728)	$ (1,725)

Related Party Transactions - Additional Information (Details) - Construction Contracts - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transactions
Revenue from contracts with affiliated entities		$ 5.7	$ 1.5	$ 7.6
Gross profit from related parties		0.2	0.3	$ 0.4
Due from related parties	$ 1.9	$ 1.9	$ 0.2
Executive Officer
Related Party Transactions
Gross profit from related parties	3.0
Gross profit margin, related parties		4.00%
Related Party Transaction, Amounts of Transaction		$ 79.3
Outstanding letters of credit	$ 9.5	$ 9.5

Real Estate Investments and Equity Method Investments - Other Real Estate Transactions (Details)																		12 Months Ended
	Jan. 10, 2020 USD ($)	Oct. 25, 2019 USD ($)	Oct. 15, 2019	Aug. 15, 2019 USD ($)	Apr. 01, 2019 USD ($)	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 ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jan. 18, 2018
Real Estate [Line Items]
Dispositions of real estate investments, net of selling costs																		$ 32,944,000	$ 34,673,000	$ 12,557,000
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
Lightfoot Marketplace \| Lightfoot Marketplace \| Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Dispositions of real estate investments, net of selling costs				$ 30,300,000
Gain (loss) on disposition of property				4,500,000
Waynesboro Commons \| Waynesboro Commons \| Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Dispositions of real estate investments, net of selling costs					$ 1,100,000
Market At Mill Creek Partners, LLC
Real Estate [Line Items]
Payments for purchase of land											$ 2,900,000
Capitalized acquisition costs											$ 100,000
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
Subsequent Event \| Charlotte, NC
Real Estate [Line Items]
Payments for purchase of land	$ 6,300,000
Line of Credit \| Secured Debt \| Lightfoot Marketplace
Real Estate [Line Items]
Repayment of debt				$ 17,900,000
1023 Roswell, LLC \| Primary Beneficiary
Real Estate [Line Items]
Ownership percentage			80.00%
Variable Interest Entity, Funding Commitment		$ 5,000,000.0
1023 Roswell, LLC \| Rosewell, Georgia
Real Estate [Line Items]
Payments for purchase of land		$ 5,000,000.0

Commitments and Contingencies - Guarantor (Details) - Financial Guarantee - USD ($) $ in Thousands	Dec. 31, 2019	Feb. 08, 2019	Oct. 27, 2017
Guarantor Obligations [Line Items]
Guarantor obligations	$ 56,734
The Residences at Annapolis Junction
Guarantor Obligations [Line Items]
Guarantor obligations	8,300
Delray Plaza
Guarantor Obligations [Line Items]
Guarantor obligations	5,180		$ 4,800
Nexton Square
Guarantor Obligations [Line Items]
Guarantor obligations	12,600	$ 12,600
Interlock Commercial
Guarantor Obligations [Line Items]
Guarantor obligations	$ 30,654

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of debt

The following table summarizes the note balance at assumption, fair value at assumption, maturity date, and interest rate for each loan ($ in thousands):



Loan name	Note balance at assumption		Fair value of loan at assumption		Loan maturity date	Loan interest rate
Red Mill North	$	4,451	$	4,520	12/31/2028	4.73	%
Red Mill South	6,310		6,090		5/1/2025	3.57	%
Red Mill Central	2,640		2,690		6/17/2024	4.80	%
Red Mill West	11,548		11,540		6/1/2022	4.23	%
Marketplace at Hilltop	10,740		10,790		10/1/2022	4.42	%
	$	35,689	$	35,630

The Company’s indebtedness comprised the following as of December 31, 2019 and 2018 (dollars in thousands):



	Principal Balance						Interest Rate ^(a)			Maturity Date
	December 31,						December 31,
	2019			2018			2019
Secured Debt
North Point Center Note 1 ^(b)	$	—		$	9,352		6.45	%		February 5, 2019
Lightfoot Marketplace ^(c)	—			10,500			LIBOR + 1.75%			October 12, 2023
Hoffler Place ^(d)	29,059			11,445			LIBOR + 3.24%			January 1, 2021
Summit Place ^(d)	28,824			11,057			LIBOR + 3.24%			January 1, 2021
Southgate Square	20,562			21,442			LIBOR + 1.60%			April 29, 2021
Encore Apartments ^(e)	24,842			24,966			3.25	%		September 10, 2021
4525 Main Street ^(e)	31,876			32,034			3.25	%		September 10, 2021
Red Mill West	11,296			—			4.23	%		June 1, 2022
Thames Street Wharf	70,000			—			LIBOR + 1.30%			June 26, 2022
Hanbury Village	18,515			19,019			3.78	%		August 15, 2022
Marketplace at Hilltop	10,517			—			4.42	%		October 1, 2022
1405 Point	53,000			—			LIBOR + 2.25%			January 1, 2023
Socastee Commons	4,567			4,671			4.57	%		January 6, 2023
Sandbridge Commons	8,020			8,258			LIBOR + 1.75%			January 17, 2023
Wills Wharf	29,154			—			LIBOR + 2.25%			June 26, 2023
249 Central Park Retail ^(f)	16,828			17,045			LIBOR + 1.60%		^(g)	August 10, 2023
Fountain Plaza Retail ^(f)	10,127			10,257			LIBOR + 1.60%		^(g)	August 10, 2023
South Retail ^(f)	7,388			7,483			LIBOR + 1.60%		^(g)	August 10, 2023
One City Center	25,286			—			LIBOR + 1.85%			April 1, 2024
Red Mill Central	2,538			—			4.80	%		June 17, 2024
Premier Apartments ^(h)	16,750			12,873			LIBOR + 1.55%			October 31, 2024
Premier Retail ^(h)	8,250			6,341			LIBOR + 1.55%			October 31, 2024
Red Mill South	6,137			—			3.57	%		May 1, 2025
Brooks Crossing Office	14,411			6,910			LIBOR + 1.60%			July 1, 2025
Market at Mill Creek	14,727			7,283			LIBOR + 1.55%			July 12, 2025
Johns Hopkins Village	51,800			52,708			LIBOR + 1.25%		^(g)	August 7, 2025
North Point Center Note 2	2,214			2,346			7.25	%		September 15, 2025
Lexington Square	14,696			14,940			4.50	%		September 1, 2028
Red Mill North	4,394			—			4.73	%		December 31, 2028
Greenside Apartments	34,000			25,902			3.17	%		December 15, 2029
Smith's Landing	18,174			18,985			4.05	%		June 1, 2035
Liberty Apartments	14,165			14,437			5.66	%		November 1, 2043
The Cosmopolitan	43,702			44,468			3.35	%		July 1, 2051
Total secured debt	$	645,819		$	394,722
Unsecured Debt
Senior unsecured revolving credit facility	110,000			126,000			LIBOR+1.30%-1.85%			January 24, 2024
Senior unsecured term loan	44,500			80,000			LIBOR+1.25%-1.80%			January 24, 2025
Senior unsecured term loan	160,500			100,000			LIBOR+1.25%-1.80%		^(g)	January 24, 2025
Total unsecured debt	$	315,000		$	306,000
Total principal balances	$	960,819		$	700,722
Unamortized fair value adjustments	(878		)	(1,173		)
Unamortized debt issuance costs	(9,404		)	(5,310		)
Indebtedness, net	$	950,537		$	694,239

________________________________________

(a) LIBOR rate is determined by individual lenders.

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

(d) Cross collateralized.

(e) Cross collateralized.

(f) Cross collateralized.

(g) Includes debt subject to interest rate swap agreements.

(h) Cross collateralized.

Components of debt

The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2019 and 2018 (in thousands):



	December 31,
	2019		2018
Fixed-rate debt	$	488,276	$	348,426
Variable-rate debt	472,543		352,296
Total principal balance	$	960,819	$	700,722

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 Ending December 31,	Scheduled Principal Payments		Maturities		Total Payments
2020	$	10,191	$	—	$	10,191
2021	10,914		132,124		143,038
2022	9,683		106,691		116,374
2023	7,752		124,677		132,429
2024	6,982		157,978		164,960
Thereafter	72,749		321,078		393,827
Total	$	118,271	$	842,548	$	960,819

- 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)
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-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
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 942
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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-Section 55
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-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
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Significant Accounting Policies - Additional Information (Details)		12 Months Ended
	Jan. 01, 2019 USD ($) property lease	Dec. 31, 2019 USD ($) business_segment extension shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($) shares	Jan. 01, 2020 USD ($)
Accounting Policies [Line Items]
Business segments \| business_segment		4
Accrued straight-line rental adjustment		$ 3,402,000	$ 2,731,000	$ 1,222,000
Contingent rents included in revenue		300,000	300,000	400,000
Leasing incentive amortization		700,000	700,000	800,000
Interest capitalized		5,900,000	5,000,000.0	1,300,000
Indirect project costs		3,100,000	3,100,000	$ 2,400,000
Capitalized preacquisition development costs		6,472,000	1,214,000
Impairment charges			1,500,000
Accounts receivable, net		23,470,000	19,016,000
Allowance for doubtful accounts		$ 300,000	$ 600,000
Percentage of taxable income for distributions to stockholders		90.00%
Dilutive shares outstanding (in shares) \| shares		0	0	0
Number of ground leases \| lease	6
Number of properties subject to ground leases \| property	5
Maximum optional ground lease extension term	70 years
Operating lease right-of-use assets		$ 33,088,000
Operating lease liabilities		$ 41,474,000
Weighted average discount rate		5.40%	0.00%
Option to extend, number \| extension		1
Adjustment for uncollectable accounts		$ 511,000	$ 419,000	$ 564,000
Allowances for loan losses		0	0
Accrued Straight-line Rental Revenue
Accounting Policies [Line Items]
Accounts receivable, net		$ 17,900,000	$ 15,200,000
Accounting Standards Update 2016-02
Accounting Policies [Line Items]
Operating lease right-of-use assets	$ 32,200,000
Operating lease liabilities	$ 41,400,000
Weighted average discount rate	5.40%
Adjustment for uncollectable accounts	$ 200,000
Minimum
Accounting Policies [Line Items]
Lease term	20 years
Renewal term		1 year
Maximum
Accounting Policies [Line Items]
Lease term	65 years
Renewal term		15 years
Forecast \| Subsequent Event \| Minimum \| Accounting Standard Update 2016-13
Accounting Policies [Line Items]
Allowances for loan losses					$ 2,300,000
Forecast \| Subsequent Event \| Maximum \| Accounting Standard Update 2016-13
Accounting Policies [Line Items]
Allowances for loan losses					$ 3,300,000

Real Estate Investments and Equity Method Investments - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Land	$ 275,523	$ 213,632
Land improvements	58,636	53,521
Buildings and improvements	1,138,829	791,719
Development and construction costs	133,336	117,714
Real estate investments	1,606,324	1,176,586	$ 994,437
Income producing property
Real Estate Properties [Line Items]
Land	263,258	192,677
Land improvements	58,636	53,521
Buildings and improvements	1,138,829	791,719
Development and construction costs	0	0
Real estate investments	1,460,723	1,037,917
Held for development
Real Estate Properties [Line Items]
Land	5,000	2,994
Land improvements	0	0
Buildings and improvements	0	0
Development and construction costs	0	0
Real estate investments	5,000	2,994
Construction in progress
Real Estate Properties [Line Items]
Land	7,265	17,961
Land improvements	0	0
Buildings and improvements	0	0
Development and construction costs	133,336	117,714
Real estate investments	$ 140,601	$ 135,675

Segments

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segments

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

Net operating income of the Company’s reportable segments for the years ended December 31, 2019, 2018, and 2017 was as follows (in thousands):



	Years Ended December 31,
	2019		2018		2017
Office real estate
Rental revenues	$	33,269	$	20,701	$	19,207
Rental expenses	8,722		5,858		5,483
Real estate taxes	3,471		2,034		1,859
Segment net operating income	21,076		12,809		11,865
Retail real estate
Rental revenues	77,593		67,959		63,109
Rental expenses	11,656		10,903		10,234
Real estate taxes	7,916		6,801		6,175
Segment net operating income	58,021		50,255		46,700
Multifamily residential real estate
Rental revenues	40,477		28,298		26,421
Rental expenses	13,954		10,461		9,705
Real estate taxes	3,574		2,548		2,494
Segment net operating income	22,949		15,289		14,222
General contracting and real estate services
Segment revenues	105,859		76,359		194,034
Segment expenses	101,538		73,628		186,590
Segment gross profit	4,321		2,731		7,444
Net operating income	$	106,367	$	81,084	$	80,231

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, 2019, 2018, and 2017 exclude revenue related to intercompany construction contracts of $99.9 million, $134.4 million and $51.5 million, respectively, as it is eliminated in consolidation. General contracting and real estate services expenses for the years ended December 31, 2019, 2018, and 2017 exclude expenses related to intercompany construction contracts of $99.0 million, $133.4 million and $51.0 million, respectively, as it is eliminated in consolidation.

The following table reconciles net operating income to net income for the years ended December 31, 2019, 2018, and 2017 (in thousands):



	Years Ended December 31,
	2019			2018			2017
Net operating income	$	106,367		$	81,084		$	80,231
Depreciation and amortization	(54,564		)	(39,913		)	(37,321		)
Amortization of right-of-use assets - finance leases	(377		)	—			—
General and administrative expenses	(12,392		)	(11,431		)	(10,435		)
Acquisition, development and other pursuit costs	(844		)	(352		)	(648		)
Impairment charges	(252		)	(1,619		)	(110		)
Gain on real estate dispositions	4,699			4,254			8,087
Interest income	23,215			10,729			7,077
Interest expense on indebtedness	(30,776		)	(19,087		)	(17,439		)
Interest expense on finance leases	(568		)	—			—
Equity in income of unconsolidated real estate entities	273			372			—
Loss on extinguishment of debt	—			(11		)	(50		)
Change in fair value of interest rate derivatives	(3,599		)	(951		)	1,127
Other income (expense), net	585			388			131
Income tax benefit (provision)	491			29			(725		)
Net income	$	32,258		$	23,492		$	29,925

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.

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of LIBOR interest rate caps

During the three years ended December 31, 2019, the Company had the following LIBOR interest rate caps, which are not designated as cash flow hedges for accounting purposes ($ 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
11/28/2017	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
5/15/2019	6/1/2022	100,000		2.50	%	288
						$	2,370

As of December 31, 2019, the Company held the following floating-to-fixed interest rate swaps ($ in thousands):



Related Debt	Notional Amount			Index	Swap Fixed Rate		Debt effective rate		Effective Date	Expiration Date
Senior unsecured term loan	$	50,000		1-month LIBOR	2.00	%	3.45	%	3/1/2016	2/20/2020
Senior unsecured term loan	50,000			1-month LIBOR	2.78	%	4.23	%	5/1/2018	5/1/2023
John Hopkins Village	51,800		^(a)	1-month LIBOR	2.94	%	4.19	%	8/7/2018	8/7/2025
Senior unsecured term loan	10,500		^(a)(b)	1-month LIBOR	3.02	%	4.47	%	10/12/2018	10/12/2023
249 Central Park Retail, South Retail, and Fountain Plaza Retail	34,342		^(a)	1-month LIBOR	2.25	%	3.85	%	4/1/2019	8/10/2023
Senior unsecured term loan	50,000		^(a)	1-month LIBOR	2.26	%	3.71	%	4/1/2019	10/26/2022
Total	$	246,642

________________________________________

(a) Designated as a cash flow hedge.

(b) Prior to August 15, 2019, this swap was used as a hedge for the cash flows for the loan secured by Lightfoot Marketplace.

Schedule of derivatives

The Company’s derivatives comprised the following as of December 31, 2019 and 2018 (in thousands):



	December 31, 2019							December 31, 2018
			Fair Value							Fair Value
	Notional Amount		Asset		Liability			Notional Amount		Asset		Liability
Derivatives not designated as accounting hedges
Interest rate swaps	$	100,000	$	—	$	(1,992	)	$	100,000	$	303	$	(749	)
Interest rate caps	250,000		25		—			350,000		1,790		—
Total derivatives not designated as accounting hedges	350,000		25		(1,992		)	450,000		2,093		(749		)
Derivatives designated as accounting hedges
Interest rate swaps	146,642		—		(5,728		)	63,208		—		(1,725		)
Total derivatives	$	496,642	$	25	$	(7,720	)	$	513,208	$	2,093	$	(2,474	)

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, 2019, 2018, and 2017 was as follows (in thousands):



	Years Ended December 31,
	2019			2018			2017
Interest rate swaps	$	(6,050	)	$	(2,281	)	$	770
Interest rate caps	(2,053		)	(564		)	357
Total change in fair value of interest rate derivatives	$	(8,103	)	$	(2,845	)	$	1,127
Comprehensive income statement presentation:
Change in fair value of interest rate derivatives	$	(3,599	)	$	(951	)	$	1,127
Unrealized cash flow hedge losses	(4,504		)	(1,894		)	—
Total change in fair value of interest rate derivatives	$	(8,103	)	$	(2,845	)	$	1,127

- 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
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

Construction Contracts (Summary of Costs in Excess of Billings and Billings in Excess of Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Change In Contract With Customer, Asset [Roll Forward]
Beginning balance	$ 1,358	$ 245
Transferred to receivables	(2,557)	(245)
Construction contract costs and estimated earnings not billed during the period	249	352
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	1,199	1,006
Ending balance	249	1,358
Change In Contract With Customer, Liability [Roll Forward]
Beginning balance	3,037	3,591
Revenue recognized that was included in the balance at the beginning of the period	(3,037)	(3,591)
Increases due to new billings, excluding amounts recognized as revenue during the period	6,283	4,243
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	(977)	(1,206)
Ending balance	$ 5,306	$ 3,037

Real Estate Investments and Equity Method Investments - Summary of the Purchase Price Allocation (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 25, 2017	Dec. 31, 2019	Dec. 31, 2018
Wendover Village
Business Acquisition [Line Items]
Land		$ 1,633
Below-market leases		0
Finance lease liabilities		0
Finance lease right-of-use assets		0
Net assets acquired		2,783
One City Center
Business Acquisition [Line Items]
Land		2,678
Below-market leases		0
Finance lease liabilities		0
Finance lease right-of-use assets		0
Net assets acquired		46,020
1405 Point
Business Acquisition [Line Items]
Land		0
Below-market leases		0
Finance lease liabilities		(8,671)
Finance lease right-of-use assets		11,730
Net assets acquired		101,896
Red Mill Commons
Business Acquisition [Line Items]
Land		44,252
Below-market leases		(6,221)
Finance lease liabilities		0
Finance lease right-of-use assets		0
Net assets acquired		79,815
Marketplace at Hilltop
Business Acquisition [Line Items]
Land		2,023
Below-market leases		(1,136)
Finance lease liabilities		(9,200)
Finance lease right-of-use assets		12,770
Net assets acquired		29,507
Thames Street Wharf
Business Acquisition [Line Items]
Land		15,861
Below-market leases		(3,636)
Finance lease liabilities		0
Finance lease right-of-use assets		0
Net assets acquired		101,299
Indian Lakes Crossing
Business Acquisition [Line Items]
Land			$ 10,926
Below-market leases			(175)
Net assets acquired			14,854
Parkway Centre
Business Acquisition [Line Items]
Land			1,372
Below-market leases			(10)
Net assets acquired			11,572
Lexington Square
Business Acquisition [Line Items]
Land			3,036
Below-market leases			(447)
Net assets acquired			24,574
Wendover Village Ourparcel Phase
Business Acquisition [Line Items]
Land	$ 5,550
Below-market leases	(50)
Net assets acquired	14,418
Site improvements \| Wendover Village
Business Acquisition [Line Items]
Property, plant, and equipment		50
Site improvements \| One City Center
Business Acquisition [Line Items]
Property, plant, and equipment		163
Site improvements \| 1405 Point
Business Acquisition [Line Items]
Property, plant, and equipment		298
Site improvements \| Red Mill Commons
Business Acquisition [Line Items]
Property, plant, and equipment		2,558
Site improvements \| Marketplace at Hilltop
Business Acquisition [Line Items]
Property, plant, and equipment		691
Site improvements \| Thames Street Wharf
Business Acquisition [Line Items]
Property, plant, and equipment		150
Site improvements \| Indian Lakes Crossing
Business Acquisition [Line Items]
Property, plant, and equipment			531
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
Site improvements \| Wendover Village Ourparcel Phase
Business Acquisition [Line Items]
Property, plant, and equipment	232
Building and improvements \| Wendover Village
Business Acquisition [Line Items]
Property, plant, and equipment		888
Building and improvements \| One City Center
Business Acquisition [Line Items]
Property, plant, and equipment		28,039
Building and improvements \| 1405 Point
Business Acquisition [Line Items]
Property, plant, and equipment		92,866
Building and improvements \| Red Mill Commons
Business Acquisition [Line Items]
Property, plant, and equipment		27,790
Building and improvements \| Marketplace at Hilltop
Business Acquisition [Line Items]
Property, plant, and equipment		19,195
Building and improvements \| Thames Street Wharf
Business Acquisition [Line Items]
Property, plant, and equipment		64,539
Building and improvements \| Indian Lakes Crossing
Business Acquisition [Line Items]
Property, plant, and equipment			1,913
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
Building and improvements \| Wendover Village Ourparcel Phase
Business Acquisition [Line Items]
Property, plant, and equipment	6,977
Furniture and Fixtures \| Wendover Village
Business Acquisition [Line Items]
Property, plant, and equipment		0
Furniture and Fixtures \| One City Center
Business Acquisition [Line Items]
Property, plant, and equipment		0
Furniture and Fixtures \| 1405 Point
Business Acquisition [Line Items]
Property, plant, and equipment		2,302
Furniture and Fixtures \| Red Mill Commons
Business Acquisition [Line Items]
Property, plant, and equipment		0
Furniture and Fixtures \| Marketplace at Hilltop
Business Acquisition [Line Items]
Property, plant, and equipment		0
Furniture and Fixtures \| Thames Street Wharf
Business Acquisition [Line Items]
Property, plant, and equipment		0
In-place lease assets \| Wendover Village
Business Acquisition [Line Items]
Finite-lived intangibles		101
In-place lease assets \| One City Center
Business Acquisition [Line Items]
Finite-lived intangibles		15,140
In-place lease assets \| 1405 Point
Business Acquisition [Line Items]
Finite-lived intangibles		3,371
In-place lease assets \| Red Mill Commons
Business Acquisition [Line Items]
Finite-lived intangibles		9,973
In-place lease assets \| Marketplace at Hilltop
Business Acquisition [Line Items]
Finite-lived intangibles		4,565
In-place lease assets \| Thames Street Wharf
Business Acquisition [Line Items]
Finite-lived intangibles		24,385
In-place lease assets \| Indian Lakes Crossing
Business Acquisition [Line Items]
Finite-lived intangibles			1,648
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
In-place lease assets \| Wendover Village Ourparcel Phase
Business Acquisition [Line Items]
Finite-lived intangibles	1,382
Above-market leases \| Wendover Village
Business Acquisition [Line Items]
Finite-lived intangibles		111
Above-market leases \| One City Center
Business Acquisition [Line Items]
Finite-lived intangibles		0
Above-market leases \| 1405 Point
Business Acquisition [Line Items]
Finite-lived intangibles		0
Above-market leases \| Red Mill Commons
Business Acquisition [Line Items]
Finite-lived intangibles		1,463
Above-market leases \| Marketplace at Hilltop
Business Acquisition [Line Items]
Finite-lived intangibles		599
Above-market leases \| Thames Street Wharf
Business Acquisition [Line Items]
Finite-lived intangibles		$ 0
Above-market leases \| Indian Lakes Crossing
Business Acquisition [Line Items]
Finite-lived intangibles			11
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
Above-market leases \| Wendover Village Ourparcel Phase
Business Acquisition [Line Items]
Finite-lived intangibles	$ 327

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

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)

Real Estate Investments and Equity Method Investments

12 Months Ended

Dec. 31, 2019

Real Estate [Abstract]

Real Estate Investments and Equity Method Investments

The Company’s real estate investments comprised the following as of December 31, 2019 and 2018 (in thousands):



	December 31, 2019
	Income producing property		Held for development		Construction in progress		Total
Land	$	263,258	$	5,000	$	7,265	$	275,523
Land improvements	58,636		—		—		58,636
Buildings and improvements	1,138,829		—		—		1,138,829
Development and construction costs	—		—		133,336		133,336
Real estate investments	$	1,460,723	$	5,000	$	140,601	$	1,606,324



	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

2019 Operating Property Acquisitions

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 plus capitalized acquisition costs of $0.1 million. This phase is leased by a single tenant.

On March 14, 2019, the Company acquired the office and retail portions of the One City Center project in Durham, North Carolina in exchange for a redemption of its 37% equity ownership in the joint venture with Austin Lawrence Partners, which totaled $23.0 million as of the acquisition date, and a cash payment of $23.2 million. The Company also incurred capitalized acquisition costs of $0.1 million.

On April 24, 2019, the Company exercised its option to purchase 79% of the interests in the partnership that owns 1405 Point in exchange for extinguishing the Company's $31.3 million note receivable on the project, making a cash payment of $0.3 million, and assuming a loan payable of $64.9 million, which was recorded at its fair value of $65.8 million. The Company also incurred capitalized acquisition costs of $0.1 million.

On May 23, 2019, the Company acquired Red Mill Commons and Marketplace at Hilltop from Venture Realty Group for consideration comprised of 4.1 million Class A units of limited partnership interest in the Operating Partnership

("Class A Units" or "OP Units"), the assumption of $35.7 million of mortgage debt principal, and $4.5 million in cash. The negotiated price was $105.0 million, which contemplated the price of the Company's common stock of $15.55 per share when the purchase and sale agreement was executed. The aggregate acquisition cost was $109.3 million, which consisted of 4.1 million Class A Units valued at $68.1 million (using the price of the Company's common stock of $16.50 on the date of the acquisition), mortgage debt valued at $35.6 million, cash consideration of $4.5 million, and capitalized acquisition costs of $1.1 million. In connection with the acquisition, the Company and the Operating Partnership entered into a tax protection agreement with the contributors pursuant to which the Company and the Operating Partnership agreed, subject to certain exceptions, to indemnify the contributors for up to 10 years against certain tax liabilities incurred by them, if such liabilities result from a transaction involving a direct or indirect taxable disposition of either or both of these properties or if the Operating Partnership fails to maintain and allocate to the contributors for taxation purposes minimum levels of Operating Partnership liabilities.

On June 26, 2019, the Company acquired Thames Street Wharf, a Class A office building located in the Harbor Point development of Baltimore, Maryland, for $101.0 million in cash and $0.3 million of capitalized acquisition costs.



	Wendover Village additional outparcel		One City Center		1405 Point				Red Mill Commons			Marketplace at Hilltop				Thames Street Wharf
Land	$	1,633	$	2,678	$	—		^(a)	$	44,252		$	2,023		^(b)	$	15,861
Site improvements	50		163		298				2,558			691				150
Building and improvements	888		28,039		92,866				27,790			19,195				64,539
Furniture and fixtures	—		—		2,302				—			—				—
In-place leases	101		15,140		3,371				9,973			4,565				24,385
Above-market leases	111		—		—				1,463			599				—
Below-market leases	—		—		—				(6,221		)	(1,136		)		(3,636		)
Finance lease liabilities	—		—		(8,671		)		—			(9,200		)		—
Finance lease right-of-use assets	—		—		11,730			^(a)	—			12,770			^(b)	—
Net assets acquired	$	2,783	$	46,020	$	101,896			$	79,815		$	29,507			$	101,299

________________________________________

(a) Land is subject to a ground lease.

(b) Portion of land is subject to a ground lease.

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) 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 $27.0 million, consisting of cash consideration of $24.2 million and $2.8 million of additional consideration in the form of Class A Units issued during 2019. As part of this transaction, the Company also capitalized acquisition costs of $0.4 million.



	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

Other 2019 Real Estate Transactions

On April 1, 2019, the Company sold Waynesboro Commons for a sale price of $1.1 million. There was no gain or loss recognized on the disposition.

On August 15, 2019, the Company sold Lightfoot Marketplace for a sale price of $30.3 million. The gain on disposition was $4.5 million. In conjunction with this sale, the Company paid off the $17.9 million note payable secured by this property. The Company retained the interest rate swap associated with the note payable.

On October 15, 2019, the Company entered into an operating agreement with a partner to develop a mixed-use project in Roswell, Georgia. The Company has an 80% interest in the partnership. On October 25, 2019, the partnership, 1023 Roswell, LLC, purchased land for a purchase price of $5.0 million in cash for this project. The Company is responsible for funding the equity requirements of this development, including the $5.0 million purchase of the land. 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 project 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.

Subsequent to December 31, 2019

On January 10, 2020, the Company purchased land in Charlotte, North Carolina for a purchase price of $6.3 million for the development of a mixed-use property.

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. Management has concluded that this entity is a VIE as it lacks sufficient equity to fund its operations without additional financial support. The Company was 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 was 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 used 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.

Equity Method Investments

One City Center

On February 25, 2016, the Company acquired a 37% interest in One City Center, a joint venture with Austin Lawrence Partners, for purposes of developing a 22-story mixed-use tower in Durham, North Carolina. The Company was a minority partner in the joint venture and served as the project's general contractor. During the years ended

December 31, 2019, 2018 and 2017, the Company invested $0.5 million, $7.3 million and $11.2 million, respectively, in One City Center.

For the period from January 1, 2019 to March 13, 2019, One City Center had operating income of $0.3 million allocated to the Company. For the year ended December 31, 2018, One City Center had operating income of $0.4 million allocated to the Company. For the year ended December 31, 2017, One City Center had no operating activity, and therefore the Company received no allocated income.

On March 14, 2019, the Company acquired the office and retail portions of One City Center in exchange for its 37% equity ownership in the joint venture and a cash payment of $23.2 million.

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Other Liabilities Disclosure [Abstract]

Summary of other liabilities

Other liabilities were comprised of the following as of December 31, 2019 and 2018 (in thousands):



	December 31,
	2019		2018
Dividends and distributions payable	$	17,477	$	13,527
Deferred ground rent payable ^(a)	—		9,287
Acquired lease intangibles, net	21,300		12,678
Prepaid rent and other	8,604		3,509
Security deposits	2,673		1,927
Interest rate swaps	7,720		2,475
Guarantee Liability	5,271		2,800
Other liabilities	$	63,045	$	46,203

________________________________________

(a) Effective with the adoption of ASC 842 on January 1, 2019, deferred ground rent payable is included in operating lease right-of-use assets on the consolidated balance sheets.

Acquired Lease Intangibles - Summary of the Company's Acquired Lease Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Below Market Lease
Below Market Lease, Gross	$ 29,575	$ 18,692
Below Market Lease, Accumulated Amortization	8,275	6,014
Below Market Lease, Net	21,300	12,678
In-place lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	112,555	57,689
Accumulated Amortization	47,341	32,370
Net Carrying Amount	65,214	25,319
Above-market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,039	4,917
Accumulated Amortization	3,551	2,676
Net Carrying Amount	3,488	2,241
Below-market operating ground lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,920	1,920
Accumulated Amortization	352	299
Net Carrying Amount	1,568	1,621
Below-market finance ground lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,629	0
Accumulated Amortization	102	0
Net Carrying Amount	$ 6,527	$ 0

Indebtedness - Scheduled Principal Repayments and Term-loan Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Principal repayments and maturities
2020	$ 10,191
2021	143,038
2022	116,374
2023	132,429
2024	164,960
Thereafter	393,827
Total	960,819	$ 700,722
Monthly Principal Amortization
Principal repayments and maturities
2020	10,191
2021	10,914
2022	9,683
2023	7,752
2024	6,982
Thereafter	72,749
Total	118,271
Balloon Payments At Loan Maturity
Principal repayments and maturities
2020	0
2021	132,124
2022	106,691
2023	124,677
2024	157,978
Thereafter	321,078
Total	$ 842,548

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	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		$ 900,000	$ 400,000
Uncertain income tax positions		$ 0	$ 0

Construction Contracts (Summary of Backlog) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue, Remaining Performance Obligation [Roll Forward]
Beginning backlog	$ 165,863	$ 49,167	$ 217,718
New contracts/change orders	182,495	192,852	25,224
Work performed	(105,736)	(76,156)	(193,775)
Ending backlog	$ 242,622	$ 165,863	$ 49,167
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
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]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	18 months