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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 01, 2020
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-35908
Entity Registrant Name	ARMADA HOFFLER PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-1214914
Entity Address, Address Line One	222 Central Park Avenue
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Virginia Beach
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23462
City Area Code	757
Local Phone Number	366-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		56,492,059
Amendment Flag	false
Entity Central Index Key	0001569187
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Common stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	AHH
Security Exchange Name	NYSE
Redeemable convertible preferred stock
Entity Listings [Line Items]
Title of 12(b) Security	6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Trading Symbol	AHHPrA
Security Exchange Name	NYSE

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real estate investments:
Income producing property	$ 1,465,882	$ 1,460,723
Held for development	13,607	5,000
Construction in progress	155,672	140,601
Gross real estate investments	1,635,161	1,606,324
Accumulated depreciation	(235,249)	(224,738)
Net real estate investments	1,399,912	1,381,586
Real estate investments held for sale	0	1,460
Cash and cash equivalents	48,096	39,232
Restricted cash	4,692	4,347
Accounts receivable, net	22,831	23,470
Notes receivable, net	178,652	159,371
Construction receivables, including retentions, net	35,051	36,361
Construction contract costs and estimated earnings in excess of billings, net	458	249
Operating lease right-of-use assets	32,997	33,088
Finance lease right-of-use assets	23,983	24,130
Acquired lease intangible assets, net	65,014	68,702
Other assets	34,404	32,901
Total Assets	1,846,090	1,804,897
LIABILITIES AND EQUITY
Indebtedness, net	1,006,617	950,537
Accounts payable and accrued liabilities	15,768	17,803
Construction payables, including retentions	50,161	53,382
Billings in excess of construction contract costs and estimated earnings	6,311	5,306
Operating lease liabilities	41,512	41,474
Finance lease liabilities	17,916	17,903
Other liabilities	69,404	63,045
Total Liabilities	1,207,689	1,149,450
Stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized: 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, 2,930,000 shares authorized, 2,530,000 shares issued and outstanding as of March 31, 2020 and December 31, 2019	63,250	63,250
Common stock, $0.01 par value, 500,000,000 shares authorized; 56,492,134 and 56,277,971 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	565	563
Additional paid-in capital	457,804	455,680
Distributions in excess of earnings	(115,390)	(106,676)
Accumulated other comprehensive loss	(9,393)	(4,240)
Total stockholders’ equity	396,836	408,577
Noncontrolling interests in investment entities	4,370	4,462
Noncontrolling interests in Operating Partnership	237,195	242,408
Total Equity	638,401	655,447
Total Liabilities and Equity	$ 1,846,090	$ 1,804,897

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	56,492,134	56,277,971
Common stock, shares outstanding (in shares)	56,492,134	56,277,971
Redeemable convertible preferred stock
Preferred stock, shares authorized (in shares)	2,930,000	2,930,000
Preferred stock, shares issued (in shares)	2,530,000	2,530,000
Preferred stock, shares outstanding (in shares)	2,530,000	2,530,000
Preferred Stock dividend rate percentage	6.75%	6.75%

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Rental revenues	$ 42,289	$ 30,909
General contracting and real estate services revenues	47,268	17,036
Total revenues	89,557	47,945
Expenses
Rental expenses	9,375	6,725
Real estate taxes	4,333	3,128
General contracting and real estate services expenses	45,550	16,286
Depreciation and amortization	14,279	9,904
Amortization of right-of-use assets - finance leases	147	0
General and administrative expenses	3,793	3,401
Acquisition, development and other pursuit costs	27	400
Impairment charges	158	0
Total expenses	77,662	39,844
Operating income	11,895	8,101
Interest income	7,226	5,319
Interest expense on indebtedness	(7,959)	(5,886)
Interest expense on finance leases	(229)	0
Equity in income of unconsolidated real estate entities	0	273
Change in fair value of interest rate derivatives	(1,736)	(1,463)
Provision for unrealized credit losses	(377)	0
Other income (expense), net	58	60
Income before taxes	8,878	6,404
Income tax benefit	257	110
Net income	9,135	6,514
Net (income) loss attributable to noncontrolling interests:
Investment entities	92	0
Operating Partnership	(2,235)	(1,630)
Net income attributable to Armada Hoffler Properties, Inc.	6,992	4,884
Preferred stock dividends	(1,067)	0
Net income attributable to common stockholders	$ 5,925	$ 4,884
Net income attributable to stockholders per share (basic and diluted) (in dollars per share)	$ 0.11	$ 0.10
Weighted-average common shares outstanding (basic and diluted) (in shares)	56,398	50,926
Comprehensive income:
Net income	$ 9,135	$ 6,514
Unrealized cash flow hedge losses	(7,489)	(1,003)
Realized cash flow hedge losses reclassified to net income	392	72
Comprehensive income	2,038	5,583
Comprehensive income attributable to Armada Hoffler Properties, Inc.	1,839	4,186
Noncontrolling interests in investment entities
Expenses
Net income	(92)
Comprehensive income:
Net income	(92)
Comprehensive (income) loss attributable to noncontrolling interests:	92	0
Noncontrolling interests in Operating Partnership
Expenses
Net income	2,235	1,630
Comprehensive income:
Net income	2,235	1,630
Unrealized cash flow hedge losses	(2,051)	(251)
Realized cash flow hedge losses reclassified to net income	107	18
Comprehensive (income) loss attributable to noncontrolling interests:	$ (291)	$ (1,397)

Condensed Consolidated Statement 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	Noncontrolling interests in investment entities	Noncontrolling interests in Operating Partnership
Beginning balance at Dec. 31, 2018	$ 455,890		$ 500	$ 357,353	$ (82,699)	$ (1,283)	$ 273,871		$ 182,019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,514				4,884		4,884		1,630
Unrealized cash flow hedge losses	(1,003)					(752)	(752)		(251)
Realized cash flow hedge losses reclassified to net income	72					54	54		18
Net proceeds from issuance of common and preferred stock	30,206		21	30,185			30,206
Restricted stock awards, net of tax withholding	755		1	754			755
Restricted stock award forfeitures	(4)			(4)			(4)
Redemption of operating partnership units	0		1	1,259			1,260		(1,260)
Dividends and distributions declared	(14,577)				(11,009)		(11,009)		(3,568)
Ending balance at Mar. 31, 2019	477,686		523	389,547	(88,949)	(1,981)	299,140		178,546
Beginning balance at Dec. 31, 2019	655,447	$ 63,250	563	455,680	(106,676)	(4,240)	408,577	$ 4,462	242,408
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,135				6,992		6,992	(92)	2,235
Unrealized cash flow hedge losses	(7,489)					(5,438)	(5,438)		(2,051)
Realized cash flow hedge losses reclassified to net income	392					285	285		107
Net proceeds from issuance of common and preferred stock	1,349		1	1,348			1,349
Restricted stock awards, net of tax withholding	783		1	782			783
Restricted stock award forfeitures	(6)			(6)			(6)
Dividends declared on preferred stock	(1,067)				(1,067)		(1,067)
Dividends and distributions declared	(17,134)				(12,454)		(12,454)		(4,680)
Ending balance at Mar. 31, 2020	$ 638,401	$ 63,250	$ 565	$ 457,804	$ (115,390)	$ (9,393)	$ 396,836	$ 4,370	$ 237,195

Condensed Consolidated Statement of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends and distributions declared per common share and unit (in dollars per share)	$ 0.22	$ 0.21

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

3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

OPERATING ACTIVITIES

Net income

$ 9,135

$ 6,514

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

Depreciation of buildings and tenant improvements

10,510

7,743

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

3,769

2,161

Accrued straight-line rental revenue

(557)

(837)

Amortization of leasing incentives and above or below-market rents

(219)

(35)

Amortization of right-of-use assets - finance leases

147

Accrued straight-line ground rent expense

(6)

(3)

Provision for unrealized credit losses

377

Adjustment for uncollectable lease accounts

301

128

Noncash stock compensation

1,030

689

Impairment charges

158

Noncash interest expense

409

304

Interest expense on finance leases

229

Annapolis Junction loan discount amortization

^[1]

(1,118)

Change in fair value of interest rate derivatives

1,736

1,463

Equity in income of unconsolidated real estate entities

(273)

Changes in operating assets and liabilities:

Property assets

1,196

2,591

Property liabilities

(4,151)

(139)

Construction assets

1,370

(502)

Construction liabilities

2,097

579

Interest receivable

(7,224)

(3,186)

Net cash provided by operating activities

20,307

16,079

INVESTING ACTIVITIES

Development of real estate investments

(22,892)

(41,296)

Tenant and building improvements

(2,526)

(3,629)

Acquisitions of real estate investments, net of cash received

(8,607)

(25,792)

Dispositions of real estate investments, net of selling costs

1,442

Notes receivable issuances

(17,020)

(9,668)

Notes receivable paydowns

1,000

1,692

Leasing costs

(567)

(575)

Contributions to equity method investments

(535)

Net cash used for investing activities

(49,170)

(79,803)

FINANCING ACTIVITIES

Proceeds from issuance of common stock, net

1,349

30,206

Common shares tendered for tax withholding

(534)

(344)

Debt issuances, credit facility and construction loan borrowings

62,604

100,327

Debt and credit facility repayments, including principal amortization

(7,971)

(57,690)

Debt issuance costs

(3)

(420)

Dividends and distributions

(17,373)

(13,447)

Net cash provided by financing activities

38,072

58,632

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

9,209

(5,092)

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

43,579

24,051

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

^[2]

52,788

18,959

Supplemental Disclosures (noncash transactions):

Increase in dividends and distributions payable

828

1,130

(Decrease) increase in accrued capital improvements and development costs

(3,866)

(7,609)

Operating Partnership units redeemed for common shares

1,260

Equity method investment redeemed for real estate acquisition

23,011

Recognition of operating lease ROU assets

32,345

Recognition of operating lease liabilities

$ 0

$ 41,632

[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 then-remaining term.

[2]

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



	March 31, 2020		March 31, 2019
Cash and cash equivalents	$	48,096	$	15,577
Restricted cash ^(a)	4,692		3,382
Cash, cash equivalents, and restricted cash	$	52,788	$	18,959

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

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

Mar. 31, 2020

USD ($)

Cash and cash equivalents

$ 48,096

Restricted cash

4,692

Cash, cash equivalents, and restricted cash

52,788

^[1]

Annapolis Junction | The Residences at Annapolis Junction

Loan modification fee, loan discount

$ 5,000

[1]

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



	March 31, 2020		March 31, 2019
Cash and cash equivalents	$	48,096	$	15,577
Restricted cash ^(a)	4,692		3,382
Cash, cash equivalents, and restricted cash	$	52,788	$	18,959

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

Business of Organization	3 Months Ended
Business of Organization	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business of Organization	Business of Organization Armada Hoffler Properties, Inc. (the "Company") is a full-service real estate company with extensive experience developing, building, owning, and managing high-quality, institutional-grade office, retail, and multifamily properties in attractive markets primarily throughout the Mid-Atlantic and Southeastern United States. The Company is a real estate investment trust ("REIT"), the sole general partner of Armada Hoffler, L.P. (the "Operating Partnership") and, as of March 31, 2020, 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. As of March 31, 2020, the Company's property portfolio consisted of 58 operating properties and three properties either under development or not yet stabilized. Refer to Note 5 for information related to the Company's recent acquisitions and dispositions of operating properties.

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The condensed consolidated financial statements include the financial position and results of operations of the Company and its consolidated subsidiaries, including 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. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented. The accompanying condensed consolidated financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year, particularly in light of the novel coronavirus ("COVID-19") pandemic and its effects on the domestic and global economies. The pandemic has led governments and other authorities around the world, including federal, state and local authorities in the United States, to impose measures intended to control its spread, including restrictions on freedom of movement and business operations such as travel bans, border closings, business closures, quarantines and shelter-in-place orders, causing many of the Company’s tenants, particularly in the Company’s retail portfolio, to suspend or limit operations. We expect to continue to experience effects on our business as the impacts from COVID-19 and the related responses continue to develop. These interim financial statements should be read in conjunction with the audited consolidated financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current, and expected events and economic conditions. Actual results could differ significantly from management’s estimates. Reclassifications Certain items have been reclassified from their prior year classifications to conform to the current year presentation. These reclassifications had no effect on net income or stockholders' equity as previously reported. Recent Accounting Pronouncements Accounting Standards Adopted in 2020 Credit losses In June 2016, the Financial Accounting Standard Board ("FASB") issued ASU 2016-13, Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 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 replaces the "incurred loss" approach under previous guidance with an "expected loss" model for instruments measured at amortized cost, such as the Company's notes receivable, construction receivables, and off-balance sheet credit exposures. The amendment requires entities to consider a broader range of information to estimate expected credit losses, which may result in earlier recognition of losses. The Company adopted the new standard on January 1, 2020, using the modified retrospective transition method and recorded a noncash cumulative effect adjustment to record a reduction to retained earnings of $3.0 million, $2.8 million of which relates to the Company's mezzanine loans and $0.2 million of which relates to the Company's construction accounts receivable. See Note 6—Notes Receivable and Current Expected Credit Losses, for more information. Fair Value Measurements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820). The ASU is part of the FASB's disclosure framework project to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by generally accepted accounting principles. The ASU modifies disclosure requirements on fair value measurements in Topic 820. The Company adopted the new standard on January 1, 2020. Adoption of the ASU did not have a material impact on disclosures in the Company's consolidated financial statements. See Note 12—Fair Value of Financial Instruments, for more information on the Company's presentation of the fair value of financial instruments. Pending Accounting Guidance Lease Modification Accounting Q&A In April 2020, the FASB staff issued a question and answer document (the "Lease Modification Q&A") focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows lessors, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company is evaluating the Lease Modification Q&A. Other Accounting Policies See the Company's Annual Report on Form 10-K for the year ended December 31, 2019 for a description of other accounting principles upon which basis the accompanying consolidated financial statements were prepared.

Segments

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segments

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

Net operating income of the Company’s reportable segments for the three months ended March 31, 2020 and 2019 was as follows (in thousands):



	Three Months Ended March 31,
	2020		2019
Office real estate
Rental revenues	$	10,192	$	5,556
Rental expenses	2,546		1,486
Real estate taxes	1,146		526
Segment net operating income	6,500		3,544
Retail real estate
Rental revenues	20,411		17,257
Rental expenses	3,020		2,600
Real estate taxes	2,166		1,811
Segment net operating income	15,225		12,846
Multifamily residential real estate
Rental revenues	11,686		8,096
Rental expenses	3,809		2,639
Real estate taxes	1,021		791
Segment net operating income	6,856		4,666
General contracting and real estate services
Segment revenues	47,268		17,036
Segment expenses	45,550		16,286
Segment gross profit	1,718		750
Net operating income	$	30,299	$	21,806

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

General contracting and real estate services revenues for the three months ended March 31, 2020 and 2019 exclude revenue related to intercompany construction contracts of $13.1 million and $30.2 million, respectively, as it is eliminated in consolidation. General contracting and real estate services expenses for the three months ended March 31, 2020 and 2019 exclude expenses related to intercompany construction contracts of $13.0 million and $29.9 million, respectively.

The following table reconciles net operating income to net income, the most directly comparable GAAP measure, for the three months ended March 31, 2020 and 2019 (in thousands):



	Three Months Ended March 31,
	2020			2019
Net operating income	$	30,299		$	21,806
Depreciation and amortization	(14,279		)	(9,904		)
Amortization of right-of-use assets - finance leases	(147		)	—
General and administrative expenses	(3,793		)	(3,401		)
Acquisition, development and other pursuit costs	(27		)	(400		)
Impairment charges	(158		)	—
Interest income	7,226			5,319
Interest expense on indebtedness	(7,959		)	(5,886		)
Interest expense on finance leases	(229		)	—
Equity in income of unconsolidated real estate entities	—			273
Change in fair value of interest rate derivatives	(1,736		)	(1,463		)
Provision for unrealized credit losses	(377		)	—
Other income (expense), net	58			60
Income tax benefit	257			110
Net income	$	9,135		$	6,514

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, including corporate office personnel salaries and benefits, bank fees, accounting fees, legal fees, and other corporate office expenses.

Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

Lessee Disclosures

As a lessee, the Company has eight ground leases on seven properties with initial terms that range from 5 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. Six of these leases have been classified as operating leases and two of these leases have been classified as finance leases. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. For more information about the Company's leases refer to the audited consolidated financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Lessor Disclosures

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

Rental revenue for the three months ended March 31, 2020 and 2019 comprised the following (in thousands):



	Three Months Ended March 31,
	2020			2019
Base rent and tenant charges	$	41,513		$	29,925
Accrued straight-line rental adjustment	557			961
Lease incentive amortization	(173		)	(184		)
Above/below market lease amortization	392			207
Total rental revenue	$	42,289		$	30,909

Leases

Lessee Disclosures

Lessor Disclosures

Rental revenue for the three months ended March 31, 2020 and 2019 comprised the following (in thousands):



	Three Months Ended March 31,
	2020			2019
Base rent and tenant charges	$	41,513		$	29,925
Accrued straight-line rental adjustment	557			961
Lease incentive amortization	(173		)	(184		)
Above/below market lease amortization	392			207
Total rental revenue	$	42,289		$	30,909

Leases

Lessee Disclosures

Lessor Disclosures

Rental revenue for the three months ended March 31, 2020 and 2019 comprised the following (in thousands):



	Three Months Ended March 31,
	2020			2019
Base rent and tenant charges	$	41,513		$	29,925
Accrued straight-line rental adjustment	557			961
Lease incentive amortization	(173		)	(184		)
Above/below market lease amortization	392			207
Total rental revenue	$	42,289		$	30,909

Real Estate Investment	3 Months Ended
Real Estate Investment	Mar. 31, 2020
Real Estate [Abstract]
Real Estate Investment	Real Estate Investment Property Acquisitions On January 10, 2020, the Company entered into an operating agreement with a partner to develop a mixed-use property in Charlotte, North Carolina. The Company has an 80% interest in 10^th and Tryon Partners, LLC (the "Tryon Partnership"). On January 10, 2020, the Tryon Partnership purchased land for a purchase price of $6.3 million for this project. The Company is responsible for funding the equity requirements of this development, including the $6.3 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 Tryon Partnership in its consolidated financial statements. On September 12, 2019, the Company entered into an operating agreement with a partner to develop a mixed-use property in Belmont, North Carolina. The Company has an 85% interest in Chronicle Holdings, LLC (the "Chronicle Partnership"). On March 20, 2020, the Chronicle Partnership purchased land for a purchase price of $2.3 million for this project. The Company is responsible for funding the equity requirements of this development, including the $2.3 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 Chronicle Partnership in its consolidated financial statements. Property Disposition On March 16, 2020, the Company executed an agreement to sell a portfolio of seven retail properties for $106.5 million. The portfolio consists of Alexander Pointe, Bermuda Crossroads, Gainsborough Square, Harper Hill Commons, Indian Lakes Crossing, Renaissance Square, and Stone House Square properties. This agreement was terminated on April 8, 2020.

Notes Receivable and Current Expected Credit Losses

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Notes Receivable and Current Expected Credit Losses

Notes Receivable

The Company had the following notes receivable outstanding as of March 31, 2020 and December 31, 2019 ($ in thousands):



	Outstanding loan amount										Interest compounding
Development Project	March 31, 2020			December 31, 2019		Maximum loan commitment		Interest rate			Interest compounding
The Residences at Annapolis Junction	$	42,517		$	40,049	$	48,105	10.0	%		Monthly
Delray Plaza	15,484			12,995		17,000		15.0	%	^(a)	Annually
Nexton Square	15,904			15,097		17,000		10.0	%		Monthly
Interlock Commercial	75,846			59,224		95,000		15.0	%		None
Solis Apartments at Interlock	26,425			25,588		41,100		13.0	%		Annually
Total mezzanine	176,176			152,953		$	218,205
Other notes receivable	1,167			1,147
Notes receivable guarantee premium	4,511			5,271
Allowance for credit losses	(3,202		)	—
Total notes receivable	$	178,652		$	159,371

________________________________________

(a) $2.0 million of this loan is subject to an interest rate of 6%.

Interest on the mezzanine loans is accrued and funded utilizing the interest reserves for each loan, which are components of the respective maximum loan commitments, and such accrued interest is added to the loan receivable balances. The Company recognized interest income for the three months ended March 31, 2020 and 2019 as follows (in thousands):



	Three Months Ended March 31,
Development Project	2020			2019
1405 Point	$	—		$	610
The Residences at Annapolis Junction	2,468		^(a)	2,024		^(b)
North Decatur Square	—			638
Delray Plaza	489			310
Nexton Square	391			510
Interlock Commercial	3,017		^(a)	743
Solis Apartments at Interlock	838			463
Total mezzanine	7,203			5,298
Other interest income	23			21
Total interest income	$	7,226		$	5,319

________________________________________

(a) Includes partial recognition of interest income related to an exit fee that is due upon repayment of the loan.

(b) Includes amortization of the $5.0 million loan modification fee paid by the borrower in November 2018.

Delray Plaza

On March 3, 2020, the Delray Plaza loan was modified to increase the maximum amount of the loan to $17.0 million, with $2.0 million of additional funds borrowed at an interest rate of 6% in order to fund final development activities. The borrower pledged 125,832 Class A Units as additional collateral for this loan.

Current Expected Credit Losses

The Company is exposed to credit losses primarily through its mezzanine lending activities. As of March 31, 2020, the Company had five mezzanine loans, all of which are secured by second liens on development projects in various stages of

completion or lease-up. Each of these projects is subject to a loan that is senior to the Company’s mezzanine loan. Interest on these loans is paid in kind and is generally not expected to be paid until a sale of the project after completion of the development.

The Company's management performs a quarterly analysis of the loan portfolio to determine the risk of credit loss based on the progress of development activities including leasing activities, projected development costs, and current and projected mezzanine and senior construction loan balances. The Company estimates future losses on its notes receivable using risk ratings that correspond to probabilities of default and loss given default. The Company's risk ratings are as follows:


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


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

•

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

On a quarterly basis, the Company compares the risk inherent in its loans to industry loan loss data experienced during past business cycles. The Company updated the risk ratings for each of its notes receivable during the three months ended March 31, 2020. The Company obtained industry loan loss data relative to these risk ratings as of December 31, 2019.

The following table presents amortized cost basis of the portfolio by year of origination and risk rating as of March 31, 2020 (in thousands):



	Year of Origination
Risk Ratings	2020		2019		2018		2017		2016		Total
Pass	$	—	$	—	$	120,495	$	—	$	—	$	120,495
Special Mention	—		—		—		—		—		—
Substandard	—		—		—		14,839		42,150		56,989
Total amortized cost basis	$	—	$	—	$	120,495	$	14,839	$	42,150	$	177,484

As of December 31, 2019, there was no allowance for loan losses. At March 31, 2020, the Company reported $178.7 million of notes receivable, net of allowances of $3.2 million. Changes in the allowance for the three months ended March 31, 2020 were as follows (in thousands):



	Three Months Ended March 31, 2020
Beginning balance (December 31, 2019)	$	—
Cumulative effect of accounting change	2,825
Provision for unrealized credit losses	377
Ending balance	$	3,202

The Company places loans on non-accrual status when the loan balance, together with the balance of any senior loan, approximately equal the estimated realizable value of the underlying development project. As of March 31, 2020 and December 31, 2019, there were no loans on non-accrual status. Effective April 1, 2020, the Company placed the loans for Delray Plaza and The Residences at Annapolis Junction on non-accrual status.

Construction Contracts

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 during the next twelve months.

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

The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the three months ended March 31, 2020 and 2019 (in thousands):



	Three Months Ended March 31, 2020						Three Months Ended March 31, 2019
	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	$	249		$	5,306		$	1,358		$	3,037
Revenue recognized that was included in the balance at the beginning of the period	—			(5,306		)	—			(3,037		)
Increases due to new billings, excluding amounts recognized as revenue during the period	—			6,311			—			3,859
Transferred to receivables	(285		)	—			(1,358		)	—
Construction contract costs and estimated earnings not billed during the period	458			—			17			—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	36			—			300			(237		)
Ending balance	$	458		$	6,311		$	317		$	3,622

The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. Pre-contract costs of $1.5 million and $0.9 million were deferred as of March 31, 2020 and December 31, 2019, respectively. Amortization of pre-contract costs for the three months ended March 31, 2020 and 2019 was $0.2 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 March 31, 2020 and December 31, 2019, construction receivables included retentions of $10.9 million and $9.0 million, respectively. The Company expects to collect substantially all construction receivables outstanding as of March 31, 2020 during the next twelve months. As of March 31, 2020 and December 31, 2019, construction payables included retentions of $16.0 million and $18.0 million, respectively. The Company expects to pay substantially all construction payables outstanding as of March 31, 2020 during the next twelve months.

The Company’s net position on uncompleted construction contracts comprised the following as of March 31, 2020 and December 31, 2019 (in thousands):



	March 31, 2020			December 31, 2019
Costs incurred on uncompleted construction contracts	$	741,116		$	695,564
Estimated earnings	26,240			24,553
Billings	(773,209		)	(725,174		)
Net position	$	(5,853	)	$	(5,057	)

Construction contract costs and estimated earnings in excess of billings	$	458		$	249
Billings in excess of construction contract costs and estimated earnings	(6,311		)	(5,306		)
Net position	$	(5,853	)	$	(5,057	)

The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of March 31, 2020 and 2019 were as follows (in thousands):



	Three Months Ended March 31,
	2020			2019
Beginning backlog	$	242,622		$	165,863
New contracts/change orders	40,440			12,019
Work performed	(47,420		)	(17,011		)
Ending backlog	$	235,642		$	160,871

The Company expects to complete a majority of the uncompleted contracts in place as of March 31, 2020 during the next 12 to 18 months.

Indebtedness	3 Months Ended
Indebtedness	Mar. 31, 2020
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Credit Facility The Company has a senior credit facility that was amended and restated on October 3, 2019, 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 credit facility includes an accordion feature that allows the total commitments to be further 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 March 31, 2020 and December 31, 2019, the outstanding balance on the revolving credit facility was $150.0 million and $110.0 million, respectively, and the outstanding balance on the term loan facility was $205.0 million on each of those dates. As of March 31, 2020, no borrowing capacity was available under the credit facility. As of March 31, 2020, the effective interest rates on the revolving credit facility and the term loan facility were 2.49% and 2.44%, respectively. The Company may, at any time, voluntarily prepay any loan under the credit facility in whole or in part without premium or penalty. The Operating Partnership is the borrower under the credit facility, and its obligations under the credit facility are guaranteed by the Company and certain of its subsidiaries that are not otherwise prohibited from providing such guaranty. The credit agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Company's ability to borrow under the credit facility is subject to ongoing compliance with a number of financial covenants, affirmative covenants, and other restrictions. The credit agreement includes customary events of default, in certain cases subject to customary cure periods. The occurrence of an event of default, if not cured within the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest, and all other amounts payable under the credit facility to be immediately due and payable. The Company is currently in compliance with all covenants governing the credit facility. Other 2020 Financing Activity During the three months ended March 31, 2020, the Company borrowed $18.9 million under its existing construction loans to fund new development and construction.

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

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

As of March 31, 2020, the Company had the following LIBOR interest rate caps ($ in thousands):



Origination Date	Expiration Date	Notional Amount			Strike Rate		Premium Paid
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
1/10/2020	2/1/2022	50,000		^(a)	1.75	%	87
1/28/2020	2/1/2022	50,000		^(a)	1.75	%	62
2/28/2020	3/1/2022	100,000		^(a)	1.50	%	111
Total		$	450,000				$	1,387

________________________________________

(a) Designated as a cash flow hedge.

As of March 31, 2020, 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	2.78	%	4.23	%	5/1/2018	5/1/2023
John Hopkins Village	51,566		^(a)	1-month LIBOR	2.94	%	4.19	%	8/7/2018	8/7/2025
Senior unsecured term loan	10,500		^(a)	1-month LIBOR	3.02	%	4.47	%	10/12/2018	10/12/2023
249 Central Park Retail, South Retail, and Fountain Plaza Retail	34,228		^(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
Thames Street Wharf	70,000		^(a)	1-month LIBOR	0.51	%	1.81	%	3/26/2020	6/26/2024
Senior unsecured term loan	25,000		^(a)	1-month LIBOR	0.50	%	1.95	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		^(a)	1-month LIBOR	0.50	%	1.95	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		^(a)	1-month LIBOR	0.55	%	2.00	%	4/1/2020	4/1/2024
Total	$	341,294

________________________________________

(a) Designated as a cash flow hedge.

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 Condensed Consolidated Statements of Comprehensive Income due to payments made to the swap counterparty. During the next 12 months, the Company anticipates reclassifying approximately $3.7 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 were comprised of the following as of March 31, 2020 and December 31, 2019 (in thousands):



	March 31, 2020							December 31, 2019
	(Unaudited)
	Notional Amount		Fair Value					Notional Amount		Fair Value
			Asset		Liability					Asset		Liability
Derivatives not designated as accounting hedges
Interest rate swaps	$	50,000	$	—	$	(3,755	)	$	100,000	$	—	$	(1,992	)
Interest rate caps	250,000		52		—			250,000		25		—
Total derivatives not designated as accounting hedges	300,000		52		(3,755		)	350,000		25		(1,992		)
Derivatives designated as accounting hedges
Interest rate swaps	291,294		—		(12,676		)	146,642		—		(5,728		)
Interest rate caps	200,000		91		—
Total derivatives	$	791,294	$	143	$	(16,431	)	$	496,642	$	25	$	(7,720	)

The changes in the fair value of the Company’s derivatives during the three months ended March 31, 2020 and 2019 were comprised of the following (in thousands):



	Three Months Ended March 31,
	2020			2019
Interest rate swaps	$	(9,084	)	$	(1,652	)
Interest rate caps	(141		)	(814		)
Total change in fair value of interest rate derivatives	$	(9,225	)	$	(2,466	)
Comprehensive income statement presentation:
Change in fair value of interest rate derivatives	$	(1,736	)	$	(1,463	)
Unrealized cash flow hedge gains losses	(7,489		)	(1,003		)
Total change in fair value of interest rate derivatives	$	(9,225	)	$	(2,466	)

Equity	3 Months Ended
Equity	Mar. 31, 2020
Equity [Abstract]
Equity	Equity Stockholders’ Equity On February 26, 2018, the Company commenced an at-the-market continuous equity offering program (the "Prior ATM Program"), which was amended on August 6, 2019, through which the Company could, from time to time, issue and sell shares of its common stock having an aggregate offering price of up to $180.7 million. During the three months ended March 31, 2020, the Company issued and sold 92,577 shares of common stock at a weighted average price of $18.23 per share under the Prior ATM Program, receiving net proceeds after offering costs and commissions of $1.7 million. On March 10, 2020, the Company commenced a new at-the-market continuous equity offering program (the "ATM Program") through which the Company may, from time to time, issue and sell shares of its common stock and shares of its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock (the "Series A Preferred Stock") having an aggregate offering price of up to $300.0 million, to or through its sales agents and, with respect to shares of its common stock, may enter into separate forward sales agreements to or through the forward purchaser. Upon commencing the ATM Program, the Company simultaneously terminated the Prior ATM Program. During the three months ended March 31, 2020, the Company did not issue any shares under this ATM Program. Shares having an aggregate offering price of $300.0 million remained unsold under the ATM Program as of May 5, 2020. In connection with the ATM Program, on March 6, 2020, the Company filed, with the State Department of Assessments and Taxation of the State of Maryland ("MSDAT"), Articles Supplementary (the "Articles Supplementary") to the Articles of Amendment and Restatement of the Company, designating 400,000 shares of the Company’s authorized preferred stock as shares of Series A Preferred Stock, resulting in a total of 2,930,000 shares classified as Series A Preferred Stock. The Articles Supplementary became effective upon filing with MSDAT. Noncontrolling Interests As of both March 31, 2020 and December 31, 2019, the Company held a 72.6% common interest in the Operating Partnership. As of March 31, 2020, 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 Operating Partnership represent units of limited partnership interest in the Operating Partnership not held by the Company. As of March 31, 2020, there were 21,272,962 Class A units of limited partnership interest in the Operating Partnership ("Class A Units") not held by the Company. The Company's financial position and results of operations are the same as those of the Operating Partnership. Additionally, the Operating Partnership owns a majority interest in certain non-wholly-owned operating and development properties. The noncontrolling interest for investment entities of $4.4 million relates to the minority partners' interest in certain joint venture entities as of March 31, 2020, including 1405 Point and Hoffler Place. The noncontrolling interest for consolidated real estate entities was $4.5 million as of December 31, 2019. Dividends and Distributions 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. On January 15, 2020, the Company paid cash dividends of $1.1 million to the holders of the Series A Preferred Stock. On February 20, 2020, the Board of Directors declared a cash dividend and distribution of $0.22 per share and unit payable on April 2, 2020 to stockholders and unitholders of record on March 25, 2020. On February 20, 2020, the Board of Directors declared a cash dividend of $0.421875 per share on its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock payable on April 15, 2020 to stockholders of record on April 1, 2020.

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	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 March 31, 2020, there were 769,404 shares available for issuance under the Equity Plan. During the three months ended March 31, 2020, the Company granted an aggregate of 142,247 shares of restricted stock to employees and non-employee directors with a weighted average grant date fair value of $17.26 per share. Employee restricted stock awards generally vest over a period of two years: one-third immediately on the grant date and the remaining two-thirds in equal amounts on the first two anniversaries following the grant date, subject to continued service to the Company. Non-employee director restricted stock awards vest either immediately upon grant or over a period of one year, subject to continued service to the Company. Unvested restricted stock awards are entitled to receive dividends from their grant date. During the three months ended March 31, 2020, the Company issued performance-based awards in the form of restricted stock units to certain employees. The performance period for these awards is three years, with a required two-year service period immediately following the expiration of the performance period in order to fully vest. The compensation expense and the effect on the Company’s weighted average diluted shares calculation were immaterial. During the three months ended March 31, 2020, 10,600 shares were issued with a grant date fair value of $18.08 per share due to the partial vesting of performance units awarded to certain employees in 2017. During the three months ended March 31, 2020 and 2019, the Company recognized $1.3 million and $1.1 million, respectively, of stock-based compensation cost. As of March 31, 2020, there were 153,955 nonvested restricted shares outstanding; the total unrecognized compensation expense related to nonvested restricted shares was $1.9 million, which the Company expects to recognize over the next 24 months.

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

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

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

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

Level 3 — unobservable inputs

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

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

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

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

The carrying amounts and fair values of the Company’s financial instruments as of March 31, 2020 and December 31, 2019 were as follows (in thousands):



	March 31, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Indebtedness	$	1,006,617	$	1,009,377	$	950,537	$	958,421
Notes receivable	178,652		173,422		159,371		159,371
Interest rate swap liabilities	16,431		16,431		7,720		7,720
Interest rate swap and cap assets	143		143		25		25

- Definition

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

+ References + Details

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company provides general contracting and real estate services to certain related party entities that are included in these condensed consolidated financial statements. Revenue from construction contracts with these entities for the three months ended March 31, 2020 was $8.5 million, and gross profit from such contracts was $0.3 million. There was no such revenue or gross profit for the three months ended March 31, 2019. As of March 31, 2020 and December 31, 2019, there was $4.2 million and $1.9 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 three months ended March 31, 2020 and 2019. 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 three months ended March 31, 2020, and 2019. The general contracting services described above include contracts with an aggregate price of $79.5 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 certain executives of the Company, not including the Chief Executive Officer and Chief Financial Officer. These contracts were executed in 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 March 31, 2020. The Operating Partnership entered into tax protection agreements that indemnify certain directors and executive officers of the Company from their tax liabilities resulting from the potential future sale of certain of the Company’s properties within seven (or, in a limited number of cases, ten) years of the completion of the Company’s initial public offering and formation transactions completed on May 13, 2013.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2020

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 business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters.

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

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

Guarantees

In connection with the Company's mezzanine lending activities, the Company has made guarantees to pay portions of certain senior loans of third parties associated with the development projects. The following table summarizes the guarantees made by the Company as of March 31, 2020 (in thousands):



Development project	Payment guarantee amount
The Residences at Annapolis Junction	$	8,300
Delray Plaza	5,180
Nexton Square	12,600
Interlock Commercial ⁽¹⁾	30,654
Total	$	56,734

________________________________________

(1) In May 2020, the borrower for the Interlock Commercial loan modified the senior construction loan on the project. As part of this modification, the Company agreed to increase its payment guaranty for this senior loan to $34.3 million.

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 $4.0 million and $4.3 million as of March 31, 2020 and December 31, 2019, respectively. In addition, as of March 31, 2020, the Company has outstanding 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 Company has entered into standby letters of credit using the available capacity under the credit facility. The letters of credit relate to the guarantee of future performance on certain of the Company’s construction contracts. Letters of credit generally are available for draw down in the event the Company does not perform.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the date on which this Form 10-Q was filed, the date on which these financial statements were issued, and identified the items below for discussion. COVID-19 The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business, including the impact on its tenants, rental revenue, business partners, and construction timelines. The Company has proactively deferred the previously announced Chronicle Mill, Southern Post, and Ten Tryon development projects in order to provide additional balance sheet flexibility until economic conditions stabilize, each of which had previously been scheduled to commence during the second quarter of 2020. The extent of the pandemic’s effect on the Company’s operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic and the duration of government measures to mitigate the pandemic, all of which are uncertain and difficult to predict. As a result of the pandemic, the Company could experience material impacts on its business, results of operations and cash flows in the remainder of 2020. The Coronavirus Aid, Relief and Economic Security Act, or the CARES Act, was enacted on March 27, 2020 in the United States. The Company continues to assess the potential impacts of this legislation, including the eligibility of the Company and its tenants for funding under programs designed to provide financial assistance to U.S. businesses. The Company has availed itself of the option to defer payment of the employer share of Social Security payroll taxes that would otherwise have been owed from the date of enactment of the CARES Act through December 31, 2020. Leases Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, the Company is working with tenants to provide rent deferrals, where warranted. See Note 2—Summary of Significant Accounting Policies for a discussion of additional guidance issued by the FASB regarding accounting for lease concessions. Real Estate dispositions On April 8, 2020, the Company’s agreement to sell a portfolio of seven retail properties for $106.5 million, as described in Note 5, was terminated. Notes Receivable Effective April 1, 2020, the Company placed the mezzanine loans for Delray Plaza and The Residences at Annapolis Junction on non-accrual status. These loans have accrued interest up to the point that the outstanding debt is approximately equal to the net realizable value of the underlying development projects. In May 2020, the Company modified the Interlock Commercial loan to allow for an additional $7.0 million of loan funding for purposes of building townhome units as an additional phase of this development project. The borrower also modified the senior construction loan on the project. As part of this modification, the Company agreed to increase its payment guaranty for this senior loan to $34.3 million. Indebtedness In April 2020, the Company borrowed $4.9 million on its construction loans to fund development activities. In April 2020, the Company proactively obtained a waiver from the lender for the Premier Retail/Apartments property wherein the Company will not have to meet the minimum debt service coverage requirement for the period ending June 30, 2020. The Company also proactively obtained a waiver from the lender for the 249 Central Park, Fountain Plaza Retail, and South Retail properties wherein the Company will not have to meet the minimum debt service coverage requirement for the periods ending June 30, 2020 and December 31, 2020. Equity On April 2, 2020, the Company paid cash dividends of $12.4 million to common stockholders, and the Operating Partnership paid cash distributions of $4.7 million to holders of Class A Units other than the Company. On April 15, 2020, the Company paid cash dividends of $1.1 million to holders of shares of Series A Preferred Stock. On April 30, 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 second quarter of 2020. The dividend will be payable in cash on July 15, 2020 to stockholders of record on July 1, 2020. On April 30, 2020, the Company announced that its Board of Directors suspended quarterly cash dividends on common stock and cash distributions on Class A Units.

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The condensed consolidated financial statements include the financial position and results of operations of the Company and its consolidated subsidiaries, including 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. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented. The accompanying condensed consolidated financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year, particularly in light of the novel coronavirus ("COVID-19") pandemic and its effects on the domestic and global economies. The pandemic has led governments and other authorities around the world, including federal, state and local authorities in the United States, to impose measures intended to control its spread, including restrictions on freedom of movement and business operations such as travel bans, border closings, business closures, quarantines and shelter-in-place orders, causing many of the Company’s tenants, particularly in the Company’s retail portfolio, to suspend or limit operations. We expect to continue to experience effects on our business as the impacts from COVID-19 and the related responses continue to develop. These interim financial statements should be read in conjunction with the audited consolidated financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current, and expected events and economic conditions. Actual results could differ significantly from management’s estimates.
Reclassification	Reclassifications Certain items have been reclassified from their prior year classifications to conform to the current year presentation. These reclassifications had no effect on net income or stockholders' equity as previously reported.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Adopted in 2020 Credit losses In June 2016, the Financial Accounting Standard Board ("FASB") issued ASU 2016-13, Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 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 replaces the "incurred loss" approach under previous guidance with an "expected loss" model for instruments measured at amortized cost, such as the Company's notes receivable, construction receivables, and off-balance sheet credit exposures. The amendment requires entities to consider a broader range of information to estimate expected credit losses, which may result in earlier recognition of losses. The Company adopted the new standard on January 1, 2020, using the modified retrospective transition method and recorded a noncash cumulative effect adjustment to record a reduction to retained earnings of $3.0 million, $2.8 million of which relates to the Company's mezzanine loans and $0.2 million of which relates to the Company's construction accounts receivable. See Note 6—Notes Receivable and Current Expected Credit Losses, for more information. Fair Value Measurements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820). The ASU is part of the FASB's disclosure framework project to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by generally accepted accounting principles. The ASU modifies disclosure requirements on fair value measurements in Topic 820. The Company adopted the new standard on January 1, 2020. Adoption of the ASU did not have a material impact on disclosures in the Company's consolidated financial statements. See Note 12—Fair Value of Financial Instruments, for more information on the Company's presentation of the fair value of financial instruments. Pending Accounting Guidance Lease Modification Accounting Q&A In April 2020, the FASB staff issued a question and answer document (the "Lease Modification Q&A") focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows lessors, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company is evaluating the Lease Modification Q&A.
Segments	Segments Net operating income (segment revenues minus segment expenses) is the measure used by the Company’s chief operating decision-maker to assess segment performance. Net operating income is not a measure of operating income or cash flows from operating activities as measured by GAAP and is not indicative of cash available to fund cash needs. As a result, net operating income should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate net operating income in the same manner. The Company considers net operating income to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s real estate and construction businesses.
Construction Contracts	The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable.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 March 31, 2020 during the next twelve months. Billings in excess of construction contract costs and estimated earnings represent billings or collections on contracts made in advance of revenue recognized.
Derivative Financial Instruments	Derivative Financial Instruments The Company enters into interest rate derivative contracts to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. Derivative financial instruments are recognized at fair value and presented within other assets and other liabilities in the condensed consolidated balance sheets. Gains and losses resulting from changes in the fair value of derivatives that are neither designated nor qualify as hedging instruments are recognized within the change in fair value of interest rate derivatives in the condensed consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 — unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair values. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and caps. The Company measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. Financial assets and liabilities whose fair values are not measured at fair value but for which the fair value is disclosed include the Company's notes receivable and indebtedness. The fair value is estimated by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs under the fair value hierarchy. In certain cases, the inputs used to estimate the fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments.
Legal Proceedings	Legal Proceedings The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs, and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant.

Segments (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Net operating income of reportable segments

Net operating income of the Company’s reportable segments for the three months ended March 31, 2020 and 2019 was as follows (in thousands):



	Three Months Ended March 31,
	2020		2019
Office real estate
Rental revenues	$	10,192	$	5,556
Rental expenses	2,546		1,486
Real estate taxes	1,146		526
Segment net operating income	6,500		3,544
Retail real estate
Rental revenues	20,411		17,257
Rental expenses	3,020		2,600
Real estate taxes	2,166		1,811
Segment net operating income	15,225		12,846
Multifamily residential real estate
Rental revenues	11,686		8,096
Rental expenses	3,809		2,639
Real estate taxes	1,021		791
Segment net operating income	6,856		4,666
General contracting and real estate services
Segment revenues	47,268		17,036
Segment expenses	45,550		16,286
Segment gross profit	1,718		750
Net operating income	$	30,299	$	21,806

Reconciliation of net operating income to net income

The following table reconciles net operating income to net income, the most directly comparable GAAP measure, for the three months ended March 31, 2020 and 2019 (in thousands):



	Three Months Ended March 31,
	2020			2019
Net operating income	$	30,299		$	21,806
Depreciation and amortization	(14,279		)	(9,904		)
Amortization of right-of-use assets - finance leases	(147		)	—
General and administrative expenses	(3,793		)	(3,401		)
Acquisition, development and other pursuit costs	(27		)	(400		)
Impairment charges	(158		)	—
Interest income	7,226			5,319
Interest expense on indebtedness	(7,959		)	(5,886		)
Interest expense on finance leases	(229		)	—
Equity in income of unconsolidated real estate entities	—			273
Change in fair value of interest rate derivatives	(1,736		)	(1,463		)
Provision for unrealized credit losses	(377		)	—
Other income (expense), net	58			60
Income tax benefit	257			110
Net income	$	9,135		$	6,514

Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Schedule of rental revenue

Rental revenue for the three months ended March 31, 2020 and 2019 comprised the following (in thousands):



	Three Months Ended March 31,
	2020			2019
Base rent and tenant charges	$	41,513		$	29,925
Accrued straight-line rental adjustment	557			961
Lease incentive amortization	(173		)	(184		)
Above/below market lease amortization	392			207
Total rental revenue	$	42,289		$	30,909

Notes Receivable and Current Expected Credit Losses (Tables)

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Summary of Mezzanine Loans

The Company had the following notes receivable outstanding as of March 31, 2020 and December 31, 2019 ($ in thousands):



	Outstanding loan amount										Interest compounding
Development Project	March 31, 2020			December 31, 2019		Maximum loan commitment		Interest rate			Interest compounding
The Residences at Annapolis Junction	$	42,517		$	40,049	$	48,105	10.0	%		Monthly
Delray Plaza	15,484			12,995		17,000		15.0	%	^(a)	Annually
Nexton Square	15,904			15,097		17,000		10.0	%		Monthly
Interlock Commercial	75,846			59,224		95,000		15.0	%		None
Solis Apartments at Interlock	26,425			25,588		41,100		13.0	%		Annually
Total mezzanine	176,176			152,953		$	218,205
Other notes receivable	1,167			1,147
Notes receivable guarantee premium	4,511			5,271
Allowance for credit losses	(3,202		)	—
Total notes receivable	$	178,652		$	159,371

Summary of Interest Income

The Company recognized interest income for the three months ended March 31, 2020 and 2019 as follows (in thousands):



	Three Months Ended March 31,
Development Project	2020			2019
1405 Point	$	—		$	610
The Residences at Annapolis Junction	2,468		^(a)	2,024		^(b)
North Decatur Square	—			638
Delray Plaza	489			310
Nexton Square	391			510
Interlock Commercial	3,017		^(a)	743
Solis Apartments at Interlock	838			463
Total mezzanine	7,203			5,298
Other interest income	23			21
Total interest income	$	7,226		$	5,319

________________________________________

(a) Includes partial recognition of interest income related to an exit fee that is due upon repayment of the loan.

(b) Includes amortization of the $5.0 million loan modification fee paid by the borrower in November 2018.

Financing Receivable Credit Quality Indicators

The following table presents amortized cost basis of the portfolio by year of origination and risk rating as of March 31, 2020 (in thousands):



	Year of Origination
Risk Ratings	2020		2019		2018		2017		2016		Total
Pass	$	—	$	—	$	120,495	$	—	$	—	$	120,495
Special Mention	—		—		—		—		—		—
Substandard	—		—		—		14,839		42,150		56,989
Total amortized cost basis	$	—	$	—	$	120,495	$	14,839	$	42,150	$	177,484

Allowance for Credit Losses on Financing Receivables

Changes in the allowance for the three months ended March 31, 2020 were as follows (in thousands):



	Three Months Ended March 31, 2020
Beginning balance (December 31, 2019)	$	—
Cumulative effect of accounting change	2,825
Provision for unrealized credit losses	377
Ending balance	$	3,202

Construction Contracts (Tables)

3 Months Ended

Mar. 31, 2020

Contractors [Abstract]

Summary of balances and changes of construction contracts

The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of March 31, 2020 and 2019 were as follows (in thousands):



	Three Months Ended March 31,
	2020			2019
Beginning backlog	$	242,622		$	165,863
New contracts/change orders	40,440			12,019
Work performed	(47,420		)	(17,011		)
Ending backlog	$	235,642		$	160,871



	Three Months Ended March 31, 2020						Three Months Ended March 31, 2019
	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	$	249		$	5,306		$	1,358		$	3,037
Revenue recognized that was included in the balance at the beginning of the period	—			(5,306		)	—			(3,037		)
Increases due to new billings, excluding amounts recognized as revenue during the period	—			6,311			—			3,859
Transferred to receivables	(285		)	—			(1,358		)	—
Construction contract costs and estimated earnings not billed during the period	458			—			17			—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	36			—			300			(237		)
Ending balance	$	458		$	6,311		$	317		$	3,622

Net position of uncompleted construction contracts

The Company’s net position on uncompleted construction contracts comprised the following as of March 31, 2020 and December 31, 2019 (in thousands):



	March 31, 2020			December 31, 2019
Costs incurred on uncompleted construction contracts	$	741,116		$	695,564
Estimated earnings	26,240			24,553
Billings	(773,209		)	(725,174		)
Net position	$	(5,853	)	$	(5,057	)

Construction contract costs and estimated earnings in excess of billings	$	458		$	249
Billings in excess of construction contract costs and estimated earnings	(6,311		)	(5,306		)
Net position	$	(5,853	)	$	(5,057	)

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of LIBOR interest rate caps

As of March 31, 2020, the Company had the following LIBOR interest rate caps ($ in thousands):



Origination Date	Expiration Date	Notional Amount			Strike Rate		Premium Paid
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
1/10/2020	2/1/2022	50,000		^(a)	1.75	%	87
1/28/2020	2/1/2022	50,000		^(a)	1.75	%	62
2/28/2020	3/1/2022	100,000		^(a)	1.50	%	111
Total		$	450,000				$	1,387

________________________________________

(a) Designated as a cash flow hedge.

As of March 31, 2020, 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	2.78	%	4.23	%	5/1/2018	5/1/2023
John Hopkins Village	51,566		^(a)	1-month LIBOR	2.94	%	4.19	%	8/7/2018	8/7/2025
Senior unsecured term loan	10,500		^(a)	1-month LIBOR	3.02	%	4.47	%	10/12/2018	10/12/2023
249 Central Park Retail, South Retail, and Fountain Plaza Retail	34,228		^(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
Thames Street Wharf	70,000		^(a)	1-month LIBOR	0.51	%	1.81	%	3/26/2020	6/26/2024
Senior unsecured term loan	25,000		^(a)	1-month LIBOR	0.50	%	1.95	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		^(a)	1-month LIBOR	0.50	%	1.95	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		^(a)	1-month LIBOR	0.55	%	2.00	%	4/1/2020	4/1/2024
Total	$	341,294

________________________________________

(a) Designated as a cash flow hedge.

Schedule of derivatives

The Company’s derivatives were comprised of the following as of March 31, 2020 and December 31, 2019 (in thousands):



	March 31, 2020							December 31, 2019
	(Unaudited)
	Notional Amount		Fair Value					Notional Amount		Fair Value
			Asset		Liability					Asset		Liability
Derivatives not designated as accounting hedges
Interest rate swaps	$	50,000	$	—	$	(3,755	)	$	100,000	$	—	$	(1,992	)
Interest rate caps	250,000		52		—			250,000		25		—
Total derivatives not designated as accounting hedges	300,000		52		(3,755		)	350,000		25		(1,992		)
Derivatives designated as accounting hedges
Interest rate swaps	291,294		—		(12,676		)	146,642		—		(5,728		)
Interest rate caps	200,000		91		—
Total derivatives	$	791,294	$	143	$	(16,431	)	$	496,642	$	25	$	(7,720	)

Schedule of changes in fair value of derivatives

The changes in the fair value of the Company’s derivatives during the three months ended March 31, 2020 and 2019 were comprised of the following (in thousands):



	Three Months Ended March 31,
	2020			2019
Interest rate swaps	$	(9,084	)	$	(1,652	)
Interest rate caps	(141		)	(814		)
Total change in fair value of interest rate derivatives	$	(9,225	)	$	(2,466	)
Comprehensive income statement presentation:
Change in fair value of interest rate derivatives	$	(1,736	)	$	(1,463	)
Unrealized cash flow hedge gains losses	(7,489		)	(1,003		)
Total change in fair value of interest rate derivatives	$	(9,225	)	$	(2,466	)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

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

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

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
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-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Section 50
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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

+ Details

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019 were as follows (in thousands):



	March 31, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Indebtedness	$	1,006,617	$	1,009,377	$	950,537	$	958,421
Notes receivable	178,652		173,422		159,371		159,371
Interest rate swap liabilities	16,431		16,431		7,720		7,720
Interest rate swap and cap assets	143		143		25		25

- 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

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Summary of guarantees

The following table summarizes the guarantees made by the Company as of March 31, 2020 (in thousands):



Development project	Payment guarantee amount
The Residences at Annapolis Junction	$	8,300
Delray Plaza	5,180
Nexton Square	12,600
Interlock Commercial ⁽¹⁾	30,654
Total	$	56,734

________________________________________

Business of Organization - Additional Information (Details) - property	Mar. 31, 2020	Dec. 31, 2019
Business And Organization [Line Items]
Percentage of operating partnership held	72.60%	72.60%
Operating Property
Business And Organization [Line Items]
Number of real estate properties	58
Development Property
Business And Organization [Line Items]
Number of real estate properties	3
General Partner
Business And Organization [Line Items]
Percentage of operating partnership held	0.10%

Significant Accounting Policies - Additional Information (Details) - Accounting Standard Update 2016-13
$ in Thousands

Jan. 01, 2020

USD ($)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative effect of accounting change

$ (3,009)

^[1]

Retained Earnings

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative effect of accounting change

(3,000)

Mezzanine Loan | Retained Earnings

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative effect of accounting change

2,800

Construction Receivables | Retained Earnings

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative effect of accounting change

$ 200

[1]	The Company recorded cumulative effect adjustments related to the new Current Expected Credit Losses ("CECL") standard in the first quarter of 2020. See "Financial Statements — Note 2 — Significant Accounting Policies — Recent Accounting Pronouncements” for additional information.

Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information
Rental expenses	$ 9,375	$ 6,725
Real estate taxes	4,333	3,128
Segment revenues	47,268	17,036
Segment expenses	45,550	16,286
Rental revenues	42,289	30,909
Operating Segments
Segment Reporting Information
Gross profit	30,299	21,806
Operating Segments \| Office real estate
Segment Reporting Information
Rental expenses	2,546	1,486
Real estate taxes	1,146	526
Gross profit	6,500	3,544
Rental revenues	10,192	5,556
Operating Segments \| Retail real estate
Segment Reporting Information
Rental expenses	3,020	2,600
Real estate taxes	2,166	1,811
Gross profit	15,225	12,846
Rental revenues	20,411	17,257
Operating Segments \| Multifamily residential real estate
Segment Reporting Information
Rental expenses	3,809	2,639
Real estate taxes	1,021	791
Gross profit	6,856	4,666
Rental revenues	11,686	8,096
Operating Segments \| General contracting and real estate services \| General contracting and real estate services
Segment Reporting Information
Segment revenues	47,268	17,036
Segment expenses	45,550	16,286
Gross profit	$ 1,718	$ 750

Segments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information
General contracting and real estate services revenues	$ 47,268	$ 17,036
General contracting and real estate services expenses	45,550	16,286
General contracting and real estate services \| General contracting and real estate services \| Intercompany Eliminations
Segment Reporting Information
General contracting and real estate services revenues	13,100	30,200
General contracting and real estate services expenses	$ 13,000	$ 29,900

Segments - Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	$ (14,279)	$ (9,904)
Amortization of finance leases	(147)	0
General and administrative expenses	(3,793)	(3,401)
Acquisition, development and other pursuit costs	(27)	(400)
Impairment charges	(158)	0
Interest income	7,226	5,319
Interest expense on finance leases	(229)	0
Equity in income of unconsolidated real estate entities	0	273
Change in fair value of interest rate derivatives	(1,736)	(1,463)
Provision for unrealized credit losses	(377)	0
Other income (expense), net	58	60
Income tax benefit	257	110
Net income	9,135	6,514
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	30,299	21,806
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	(14,279)	(9,904)
Amortization of finance leases	(147)	0
General and administrative expenses	(3,793)	(3,401)
Acquisition, development and other pursuit costs	(27)	(400)
Impairment charges	(158)	0
Interest income	7,226	5,319
Interest expense on indebtedness	(7,959)	(5,886)
Interest expense on finance leases	(229)	0
Equity in income of unconsolidated real estate entities	0	273
Change in fair value of interest rate derivatives	(1,736)	(1,463)
Provision for unrealized credit losses	(377)	0
Other income (expense), net	58	60
Income tax benefit	$ 257	$ 110

Leases - Additional Information (Details)	3 Months Ended
Leases - Additional Information (Details)	Mar. 31, 2020 property lease extension
Lessee, Lease, Description [Line Items]
Number of ground leases	8
Number of properties subject to ground leases \| property	7
Maximum optional ground lease extension term	70 years
Number of operating leases	6
Number of finance leases	2
Number of options to extend, more than \| extension	1
Minimum
Lessee, Lease, Description [Line Items]
Term of contract	5 years
Renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of contract	65 years
Renewal term	15 years

Leases - Lessor, Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Base rent and tenant charges	$ 41,513	$ 29,925
Accrued straight-line rental adjustment	557	961
Lease incentive amortization	(173)	(184)
Above/below market lease amortization	392	207
Total rental revenue	$ 42,289	$ 30,909

Real Estate Investment - Acquisitions (Details) - USD ($) $ in Millions	Mar. 20, 2020	Jan. 10, 2020	Sep. 12, 2019
Tryon Partners, LLC
Real Estate Properties [Line Items]
Payments for purchase of land		$ 6.3
Chronicle Holdings LLC \| Belmont, North Carolina
Real Estate Properties [Line Items]
Payments for purchase of land	$ 2.3
Variable Interest Entity, Primary Beneficiary \| Tryon Partners, LLC
Real Estate Properties [Line Items]
Payments for purchase of land		$ 6.3
Ownership percentage		80.00%
Variable Interest Entity, Primary Beneficiary \| Belmont, North Carolina \| Chronicle Holdings LLC
Real Estate Properties [Line Items]
Payments for purchase of land	$ 2.3
Ownership percentage			85.00%

Real Estate Investment Real Estate Investment - Property Disposition (Details) - Held-for-sale $ in Millions	Apr. 08, 2020 USD ($) property	Mar. 16, 2020 USD ($) property
Real Estate Properties [Line Items]
Number of retail properties held-for-sale \| property		7
Real estate held-for-sale \| $		$ 106.5
Subsequent Event
Real Estate Properties [Line Items]
Number of retail properties held-for-sale \| property	7
Real estate held-for-sale \| $	$ 106.5

Notes Receivable and Current Expected Credit Losses (Summary of Mezzanine Loans) (Details) - USD ($)	Mar. 31, 2020	Mar. 03, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable guarantee premium	$ 4,511,000		$ 5,271,000
Allowance for credit losses	(3,202,000)		0
Total notes receivable	178,652,000		159,371,000
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	176,176,000		152,953,000
Maximum loan commitment	218,205,000
Total notes receivable	177,484,000
Mezzanine Loan \| The Residences at Annapolis Junction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	42,517,000		40,049,000
Maximum loan commitment	$ 48,105,000
Interest rate	10.00%
Mezzanine Loan \| Delray Plaza
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 15,484,000		12,995,000
Maximum loan commitment	$ 17,000,000
Interest rate	15.00%
Additional funds available	$ 2,000,000.0
Interest rate		6.00%
Mezzanine Loan \| Nexton Square
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	15,904,000		15,097,000
Maximum loan commitment	$ 17,000,000
Interest rate	10.00%
Mezzanine Loan \| Interlock Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 75,846,000		59,224,000
Maximum loan commitment	$ 95,000,000
Interest rate	15.00%
Mezzanine Loan \| Solis Apartments at Interlock
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 26,425,000		25,588,000
Maximum loan commitment	$ 41,100,000
Interest rate	13.00%
Other Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 1,167,000		$ 1,147,000

Notes Receivable and Current Expected Credit Losses (Schedule of Interest on the Mezzanine Loans) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 7,226	$ 5,319
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	7,203	5,298
Other Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	23	21
1405 Point \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	610
The Residences at Annapolis Junction \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	2,468	2,024
North Decatur Square \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	638
Delray Plaza \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	489	310
Nexton Square \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	391	510
Interlock Commercial \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	3,017	743
Solis Apartments at Interlock \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	838	$ 463
Annapolis Junction \| The Residences at Annapolis Junction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modification fee	$ 5,000

Notes Receivable and Current Expected Credit Losses (Details)	Mar. 31, 2020 USD ($) loan	Mar. 03, 2020 shares	Dec. 31, 2019 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ 3,202,000		$ 0
Notes receivable, net	$ 178,652,000		$ 159,371,000
Number of Mezzanine Loans \| loan	5
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, net	$ 177,484,000
Maximum loan commitment	218,205,000
Mezzanine Loan \| Delray Plaza
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral for secured borrowings \| shares		125,832
Maximum loan commitment	17,000,000
Additional funds available	$ 2,000,000.0
Interest rate		6.00%

Notes Receivable and Current Expected Credit Losses (Amortized Cost Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable	$ 178,652	$ 159,371
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0
2019	0
2018	120,495
2017	14,839
2016	42,150
Total notes receivable	177,484
Pass \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0
2019	0
2018	120,495
2017	0
2016	0
Total notes receivable	120,495
Special Mention \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	0
Total notes receivable	0
Substandard \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0
2019	0
2018	0
2017	14,839
2016	42,150
Total notes receivable	$ 56,989

Notes Receivable and Current Expected Credit Losses (Changes in Allowance for Credit Loss) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 0
Provision for unrealized credit losses	377,000	$ 0
Ending balance	3,202,000
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 2,825,000

Construction Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
Construction Contracts (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized contract cost, amortization	$ 200	$ 100
Construction receivables retentions	10,900		$ 9,000
Retention payable	6,311	$ 3,622	5,306	$ 3,037
Construction
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Retention payable	16,000		18,000
Portion Attributable To Pending Contracts
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred pre-contract costs	$ 1,500		$ 900

Construction Contracts - Summary of Costs in Excess of Billings and Billings in Excess of Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Construction contract costs and estimated earnings in excess of billings
Beginning balance	$ 249	$ 1,358
Transferred to receivables	(285)	(1,358)
Construction contract costs and estimated earnings not billed during the period	458	17
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	36	300
Ending balance	458	317
Billings in excess of construction contract costs and estimated earnings
Beginning balance	5,306	3,037
Revenue recognized that was included in the balance at the beginning of the period	(5,306)	(3,037)
Increases due to new billings, excluding amounts recognized as revenue during the period	6,311	3,859
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	0	(237)
Ending balance	$ 6,311	$ 3,622

Construction Contracts - Summary of Net Position (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Contractors [Abstract]
Costs incurred on uncompleted construction contracts	$ 741,116	$ 695,564
Estimated earnings	26,240	24,553
Billings	(773,209)	(725,174)
Net position	(5,853)	(5,057)
Construction contract costs and estimated earnings in excess of billings, net	458	249
Billings in excess of construction contract costs and estimated earnings	$ (6,311)	$ (5,306)

Construction Contracts - Summary of Backlog (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue, Remaining Performance Obligation [Roll Forward]
Beginning backlog	$ 242,622	$ 165,863
New contracts/change orders	40,440	12,019
Work performed	(47,420)	(17,011)
Ending backlog	$ 235,642	$ 160,871
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
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]: 2020-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	18 months

Indebtedness - Additional Information (Details)		1 Months Ended	3 Months Ended
Indebtedness - Additional Information (Details)	Jan. 31, 2019 USD ($) extension	Apr. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Indebtedness
Credit facility, remaining borrowing capacity			$ 0
Revolving Credit Facility
Indebtedness
Interest rate on credit facility as of end of period			2.49%
Term Loan Facility
Indebtedness
Interest rate on credit facility as of end of period			2.44%
Minimum \| Revolving Credit Facility
Indebtedness
Basis points on unused commitment fee			0.15%
Minimum \| Revolving Credit Facility \| LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate			1.30%
Minimum \| Term Loan Facility \| LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate			1.25%
Maximum \| Revolving Credit Facility
Indebtedness
Basis points on unused commitment fee			0.25%
Maximum \| Revolving Credit Facility \| LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate			1.85%
Maximum \| Term Loan Facility \| LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate			1.80%
Construction loans
Indebtedness
Borrowings under construction loans			$ 18,900,000
Construction loans \| Subsequent Event
Indebtedness
Borrowings under construction loans		$ 4,900,000
Operating Partnership \| New Credit Facility
Indebtedness
Aggregate capacity under the credit facility	$ 355,000,000.0
Operating Partnership \| New Credit Facility \| Revolving Credit Facility
Indebtedness
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%
Credit facility, amount outstanding			150,000,000.0	$ 110,000,000.0
Operating Partnership \| New Credit Facility \| Term Loan Facility
Indebtedness
Aggregate capacity under the credit facility	$ 205,000,000.0
Credit facility, amount outstanding			$ 205,000,000.0	$ 205,000,000

Derivative Financial Instruments Derivative Financial Instruments - Schedule of LIBOR interest rate caps (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Feb. 28, 2020	Jan. 28, 2020	Jan. 10, 2020	Dec. 31, 2019	May 15, 2019	Dec. 11, 2018	Jul. 16, 2018	Mar. 07, 2018
Derivative [Line Items]
Notional Amount	$ 791,294				$ 496,642
Interest Rate Caps \| LIBOR
Derivative [Line Items]
Notional Amount	450,000
Premium Paid	1,387
Not designated as accounting hedges
Derivative [Line Items]
Notional Amount	300,000				350,000
Not designated as accounting hedges \| Interest Rate Caps
Derivative [Line Items]
Notional Amount	250,000				$ 250,000
Not designated as accounting hedges \| Interest Rate Caps \| LIBOR
Derivative [Line Items]
Notional Amount						$ 100,000	$ 50,000	$ 50,000	$ 50,000
Strike Rate						2.50%	2.75%	2.50%	2.25%
Premium Paid						$ 288	$ 210	$ 319	$ 310
Designated as accounting hedge \| Interest Rate Caps
Derivative [Line Items]
Notional Amount	$ 200,000
Designated as accounting hedge \| Interest Rate Caps \| LIBOR
Derivative [Line Items]
Notional Amount		$ 100,000	$ 50,000	$ 50,000
Strike Rate		1.50%	1.75%	1.75%
Premium Paid		$ 111	$ 62	$ 87

Derivative Financial Instruments - Floating-to-Fixed Interest Rate Swaps (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional Amount	$ 791,294	$ 496,642
Interest rate swaps
Derivative [Line Items]
Notional Amount	341,294
Not designated as accounting hedges
Derivative [Line Items]
Notional Amount	300,000	350,000
Not designated as accounting hedges \| Interest rate swaps
Derivative [Line Items]
Notional Amount	50,000	100,000
Not designated as accounting hedges \| Senior Unsecured Term Loan 2.78% \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 50,000
Fixed interest rate	2.78%
Effective interest rate	4.23%
Designated as accounting hedge \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 291,294	$ 146,642
Designated as accounting hedge \| John Hopkins Village \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 51,566
Fixed interest rate	2.94%
Effective interest rate	4.19%
Designated as accounting hedge \| Senior Unsecured Term Loan 3.02% \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 10,500
Fixed interest rate	3.02%
Effective interest rate	4.47%
Designated as accounting hedge \| 249 Central Park Retail, South Retail, and Fountain Plaza Retail \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 34,228
Fixed interest rate	2.25%
Effective interest rate	3.85%
Designated as accounting hedge \| Senior Unsecured Term Loan 2.26% \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 50,000
Fixed interest rate	2.26%
Effective interest rate	3.71%
Designated as accounting hedge \| Thames Street Wharf \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 70,000
Fixed interest rate	0.51%
Effective interest rate	1.81%
Designated as accounting hedge \| Senior Unsecured Term Loan 0.50%, Term Loan One \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 25,000
Fixed interest rate	0.50%
Effective interest rate	1.95%
Designated as accounting hedge \| Senior Unsecured Term Loan 0.50%, Term Loan Two \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 25,000
Fixed interest rate	0.50%
Effective interest rate	1.95%
Designated as accounting hedge \| Senior Unsecured Term Loan 0.55% \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 25,000
Fixed interest rate	0.55%
Effective interest rate	2.00%

Derivative Financial Instruments - Additional Information (Details) $ in Millions	Mar. 31, 2020 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) reclassified during next 12 months	$ (3.7)

Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Derivative [Line Items]
Notional Amount	$ 791,294		$ 496,642
Asset, Fair Value	143		25
Liability, Fair Value	(16,431)		(7,720)
Change in fair value of interest rate derivatives	(1,736)	$ (1,463)
Unrealized cash flow hedge losses	(7,489)	(1,003)
Total change in fair value of interest rate derivatives	(9,225)	(2,466)
Interest rate swaps
Derivative [Line Items]
Notional Amount	341,294
Total change in fair value of interest rate derivatives	(9,084)	(1,652)
Interest rate caps
Derivative [Line Items]
Total change in fair value of interest rate derivatives	(141)	$ (814)
Not designated as accounting hedges
Derivative [Line Items]
Notional Amount	300,000		350,000
Asset, Fair Value	52		25
Liability, Fair Value	(3,755)		(1,992)
Not designated as accounting hedges \| Interest rate swaps
Derivative [Line Items]
Notional Amount	50,000		100,000
Asset, Fair Value	0		0
Liability, Fair Value	(3,755)		(1,992)
Not designated as accounting hedges \| Interest rate caps
Derivative [Line Items]
Notional Amount	250,000		250,000
Asset, Fair Value	52		25
Liability, Fair Value	0		0
Designated as accounting hedge \| Interest rate swaps
Derivative [Line Items]
Notional Amount	291,294		146,642
Asset, Fair Value	0		0
Liability, Fair Value	12,676		$ 5,728
Designated as accounting hedge \| Interest rate caps
Derivative [Line Items]
Notional Amount	200,000
Asset, Fair Value	91
Liability, Fair Value	$ 0

Equity - Additional Information (Details) - USD ($)							3 Months Ended		12 Months Ended
Equity - Additional Information (Details) - USD ($)	Feb. 20, 2020	Jan. 15, 2020	Jan. 02, 2020	Aug. 06, 2019	Jun. 18, 2019	May 04, 2016	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Mar. 06, 2020
Class of Stock
Preferred stock, shares authorized (in shares)							100,000,000		100,000,000
Net proceeds from issuance of common and preferred stock							$ 1,349,000	$ 30,206,000
Preferred stock, par value (in dollars per share)							$ 0.01		$ 0.01
Percentage of operating partnership held							72.60%		72.60%
Aggregate cash dividends and distributions, paid							$ 17,373,000	$ 13,447,000
Dividends and distributions declared per common share and unit (in dollars per share)							$ 0.22	$ 0.21
Class A units
Class of Stock
Class A Units not held by Company (in shares)							21,272,962
Class A units \| Operating Partnership
Class of Stock
Aggregate cash dividends and distributions, paid			$ 4,500,000
Common stock
Class of Stock
Net proceeds from issuance of common and preferred stock							$ 1,000	$ 21,000
Aggregate cash dividends and distributions, paid			$ 11,800,000
New ATM Program \| Common stock
Class of Stock
Maximum aggregate offering price of shares to be sold (up to)				$ 180,700,000
The Amendments
Class of Stock
Consideration received on transaction							$ 1,700,000
The Amendments \| Common stock
Class of Stock
Shares issued (in shares)							92,577
Weighted average price (in dollars per share)							$ 18.23
At The Market Program
Class of Stock
Preferred stock, shares authorized (in shares)										400,000
Noncontrolling interests in investment entities
Class of Stock
Liquidation preference							$ 63,300,000
Noncontrolling interests in investment entities \| Operating Partnership
Class of Stock
Ownership interest percentage in properties							$ 4,400,000
Consolidated Entities Under Development Or Construction \| Operating Partnership
Class of Stock
Ownership interest percentage in properties									$ 4,500,000
Common stock
Class of Stock
Dividends and distributions declared per common share and unit (in dollars per share)	$ 0.22
Redeemable convertible preferred stock
Class of Stock
Preferred stock, shares authorized (in shares)							2,930,000		2,930,000
Preferred Stock dividend rate percentage					6.75%		6.75%		6.75%
Aggregate cash dividends and distributions, paid		$ 1,100,000
Redeemable convertible preferred stock \| Preferred stock
Class of Stock
Preferred stock, dividends declared (in dollars per share)	$ 0.421875
Redeemable convertible preferred stock \| At The Market Program
Class of Stock
Maximum aggregate offering price of shares to be sold (up to)						$ 300,000,000.0
Preferred Stock dividend rate percentage					6.75%
Construction loans
Class of Stock
Borrowings under construction loans							$ 18,900,000

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 1.3	$ 1.1
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock granted (in shares)	142,247
Restricted stock granted, grant date fair value (in dollars per share)	$ 17.26
Employee restricted stock award, vesting period	2 years
Non-employee restricted stock award vest grant over period	1 year
Nonvested restricted shares outstanding (in shares)	153,955
Unrecognized compensation cost	$ 1.9
Unrecognized compensation cost, recognition period	24 years
Restricted Stock \| Grant Date
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage	33.33%
Restricted Stock \| First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage	33.33%
Restricted Stock \| Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage	33.33%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock granted (in shares)	10,600
Restricted stock granted, grant date fair value (in dollars per share)	$ 18.08
Amended and Restated 2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares reserved for issuance (in shares)	1,700,000
Shares available for issuance (in shares)	769,404
Long Term Incentive Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Performance period	3 years
Service period	2 years

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Carrying Value
Fair Value of Financial Instruments
Indebtedness	$ 1,006,617	$ 950,537
Notes receivable	178,652	159,371
Interest rate swap liabilities	16,431	7,720
Interest rate swap and cap assets	143	25
Fair Value
Fair Value of Financial Instruments
Indebtedness	1,009,377	958,421
Notes receivable	173,422	159,371
Interest rate swap liabilities	16,431	7,720
Interest rate swap and cap assets	$ 143	$ 25

Related Party Transactions - Additional Information (Details) - USD ($)		3 Months Ended			12 Months Ended
	May 13, 2013	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2019
Operating Partnership
Related Party Transactions
Credit facility, amount outstanding		$ 9,500,000
Construction Contracts
Related Party Transactions
Revenue from contracts with affiliated entities		8,500,000		$ 0
Gross profit from related parties		300,000		0
Due from related parties		4,200,000	$ 1,900,000		$ 1,900,000
Real Estate Service Fees
Related Party Transactions
Revenue from contracts with affiliated entities		0		0
Cost Reimbursements
Related Party Transactions
Revenue from contracts with affiliated entities		0		$ 0
Tax Protection Agreements \| Operating Partnership
Related Party Transactions
Future sale period for properties	7 years
Future sale period for properties in limited number of cases	10 years
Executive Officer \| Construction Contracts
Related Party Transactions
Gross profit from related parties			$ 3,000,000.0
Related party amount of transaction		79,500,000
Gross profit margin, related parties					4.00%
Credit facility, amount outstanding		$ 9,500,000

Commitments and Contingencies - Guarantees (Details) - Financial Guarantee - USD ($) $ in Thousands	May 01, 2020	Mar. 31, 2020
Commitments and Contingencies
Guarantor obligations, maximum exposure (up to)		$ 56,734
The Residences at Annapolis Junction
Commitments and Contingencies
Guarantor obligations, maximum exposure (up to)		8,300
Delray Plaza
Commitments and Contingencies
Guarantor obligations, maximum exposure (up to)		5,180
Nexton Square
Commitments and Contingencies
Guarantor obligations, maximum exposure (up to)		12,600
Interlock Commercial
Commitments and Contingencies
Guarantor obligations, maximum exposure (up to)		$ 30,654
Subsequent Event \| Interlock Commercial
Commitments and Contingencies
Guarantor obligations, maximum exposure (up to)	$ 34,300

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Commitments and Contingencies
Line of credit, performance and payment bonds	$ 4.0	$ 4.3
Operating Partnership
Commitments and Contingencies
Credit facility, amount outstanding	$ 9.5

Subsequent Events (Details) $ / shares in Units, $ in Thousands							1 Months Ended	3 Months Ended
	Apr. 30, 2020 $ / shares	Apr. 15, 2020 USD ($)	Apr. 02, 2020 USD ($)	Feb. 20, 2020 $ / shares	Jan. 15, 2020 USD ($)	Jan. 02, 2020 USD ($)	Apr. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	May 01, 2020 USD ($)	Apr. 08, 2020 USD ($) property	Mar. 16, 2020 USD ($) property
Subsequent Event [Line Items]
Dividends and distributions								$ 17,373	$ 13,447
Held-for-sale
Subsequent Event [Line Items]
Number of retail properties held-for-sale \| property												7
Real estate held-for-sale												$ 106,500
Held-for-sale \| Subsequent Event
Subsequent Event [Line Items]
Number of retail properties held-for-sale \| property											7
Real estate held-for-sale											$ 106,500
Construction loans
Subsequent Event [Line Items]
Borrowings under construction loans								18,900
Construction loans \| Subsequent Event
Subsequent Event [Line Items]
Borrowings under construction loans							$ 4,900
Common stock \| Operating Partnership \| Subsequent Event
Subsequent Event [Line Items]
Dividends and distributions			$ 12,400
Redeemable convertible preferred stock
Subsequent Event [Line Items]
Dividends and distributions					$ 1,100
Redeemable convertible preferred stock \| Subsequent Event
Subsequent Event [Line Items]
Dividends and distributions		$ 1,100
Class A units \| Operating Partnership
Subsequent Event [Line Items]
Dividends and distributions						$ 4,500
Class A units \| Operating Partnership \| Subsequent Event
Subsequent Event [Line Items]
Dividends and distributions			$ 4,700
Preferred stock \| Redeemable convertible preferred stock
Subsequent Event [Line Items]
Preferred stock, dividends declared (in dollars per share) \| $ / shares				$ 0.421875
Preferred stock \| Redeemable convertible preferred stock \| Subsequent Event
Subsequent Event [Line Items]
Preferred stock, dividends declared (in dollars per share) \| $ / shares	$ 0.421875
Financial Guarantee
Subsequent Event [Line Items]
Guarantor obligations, maximum exposure (up to)								56,734
Interlock Commercial \| Subsequent Event
Subsequent Event [Line Items]
Additional funds available										$ 7,000
Interlock Commercial \| Financial Guarantee
Subsequent Event [Line Items]
Guarantor obligations, maximum exposure (up to)								$ 30,654
Interlock Commercial \| Financial Guarantee \| Subsequent Event
Subsequent Event [Line Items]
Guarantor obligations, maximum exposure (up to)										$ 34,300

Label

Element

Value

Accounting Standards Update 2016-02 [Member]

Cumulative Effect of New Accounting Principle in Period of Adoption