0001569187-20-000063 | 10-Q | XBRL Viewer | Armada Hoffler Properties INC

6,514

4,884

1,630

Realized cash flow hedge losses reclassified to net income

(1,003)

(752)

(251)

Net proceeds from issuance of common and preferred stock

30,206

30,185

30,206

755

754

755

Redemption of operating partnership units

(4)

1,259

1,260

(1,260)

Ending balance at Mar. 31, 2019

(14,577)

(11,009)

(3,568)

477,686

523

389,547

(88,949)

(1,981)

299,140

178,546

Beginning balance at Dec. 31, 2018

455,890

500

357,353

(82,699)

(1,283)

273,871

182,019

(167)

^[1]

(125)

^[1]

(125)

^[1]

(42)

^[1]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

24,403

Realized cash flow hedge losses reclassified to net income

(5,709)

230

Noncontrolling interest in acquired real estate entity

4,870

Ending balance at Sep. 30, 2019

$ 636,585

63,250

549

430,193

(100,087)

(5,308)

388,597

5,510

242,478

Accounting Standards Update [Extensible List]

us-gaap:AccountingStandardsUpdate201613Member

Beginning balance at Dec. 31, 2018

$ 455,890

500

357,353

(82,699)

(1,283)

273,871

182,019

(167)

^[1]

(125)

^[1]

(125)

^[1]

(42)

^[1]

Ending balance at Dec. 31, 2019

655,447

63,250

563

455,680

(106,676)

(4,240)

408,577

4,462

242,408

(3,009)

^[2]

(2,185)

^[2]

(2,185)

^[2]

(824)

^[2]

Beginning balance at Mar. 31, 2019

477,686

523

389,547

(88,949)

(1,981)

299,140

178,546

Increase (Decrease) in Stockholders' Equity [Roll Forward]

5,826

4,566

(320)

1,580

Realized cash flow hedge losses reclassified to net income

(3,459)

(2,547)

(912)

Net proceeds from issuance of common and preferred stock

7,498

7,494

7,498

$ 61,001

$ 63,250

$ (2,249)

$ 61,001

Noncontrolling interest in acquired real estate entity

464

463

464

4,870

Issuance of operating partnership units for acquisitions

68,075

69,061

$ (986)

Ending balance at Jun. 30, 2019

(15,554)

(11,107)

(4,447)

606,442

63,250

528

394,269

(95,490)

(4,502)

358,055

4,550

243,837

Increase (Decrease) in Stockholders' Equity [Roll Forward]

12,063

8,313

960

2,790

Realized cash flow hedge losses reclassified to net income

(1,247)

(894)

(353)

123

Net proceeds from issuance of common and preferred stock

34,045

34,025

34,045

461

Issuance of operating partnership units for acquisitions

(1)

2,054

Redemption of operating partnership units

1,439

1,440

(1,440)

(1,388)

Ending balance at Sep. 30, 2019

(15,967)

(11,522)

(4,445)

636,585

63,250

549

430,193

(100,087)

(5,308)

388,597

5,510

242,478

Beginning balance at Dec. 31, 2019

655,447

63,250

563

455,680

(106,676)

(4,240)

408,577

4,462

242,408

(3,009)

^[2]

(2,185)

^[2]

(2,185)

^[2]

(824)

^[2]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

9,135

6,992

(92)

2,235

Realized cash flow hedge losses reclassified to net income

(7,489)

(5,438)

(2,051)

392

285

107

Net proceeds from issuance of common and preferred stock

1,349

1,348

1,349

783

782

783

(6)

(1,067)

Ending balance at Mar. 31, 2020

(17,134)

(12,454)

(4,680)

638,401

63,250

565

457,804

(115,390)

(9,393)

396,836

4,370

237,195

Beginning balance at Dec. 31, 2019

655,447

63,250

563

455,680

(106,676)

(4,240)

408,577

4,462

242,408

$ (3,009)

^[2]

$ (2,185)

^[2]

$ (2,185)

^[2]

$ (824)

^[2]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

32,270

Realized cash flow hedge losses reclassified to net income

(9,886)

2,260

Noncontrolling interest in acquired real estate entity

Ending balance at Sep. 30, 2020

751,437

171,085

579

464,632

(107,262)

(9,767)

519,267

537

231,633

Beginning balance at Mar. 31, 2020

638,401

63,250

565

457,804

(115,390)

(9,393)

396,836

4,370

237,195

Increase (Decrease) in Stockholders' Equity [Roll Forward]

12,309

9,302

(44)

3,051

Realized cash flow hedge losses reclassified to net income

(2,279)

(1,657)

(622)

798

580

218

Net proceeds from issuance of common and preferred stock

4,416

4,411

4,416

(5)

516

Acquisition of noncontrolling interest in real estate entity

(1)

(6,130)

(2,386)

(3,744)

Ending balance at Jun. 30, 2020

(1,175)

646,946

63,346

570

460,339

(107,263)

(10,470)

406,522

582

239,842

Increase (Decrease) in Stockholders' Equity [Roll Forward]

10,826

8,609

(45)

2,262

Realized cash flow hedge losses reclassified to net income

(118)

(87)

(31)

1,070

790

280

Net proceeds from issuance of common and preferred stock

1,622

1,620

1,622

$ 101,369

$ 107,739

$ (6,370)

$ 101,369

524

Issuance of operating partnership units for acquisitions

(4)

Redemption of operating partnership units

8,523

8,530

(8,530)

(2,220)

Ending balance at Sep. 30, 2020

(8,645)

(6,388)

(2,257)

$ 751,437

$ 171,085

$ 579

$ 464,632

$ (107,262)

$ (9,767)

$ 519,267

$ 537

$ 231,633

[1]	The Company recorded cumulative effect adjustments related to the new lease standard in the first quarter of 2019.
[2]	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.

Condensed Consolidated Statement of Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends per Share	$ 0.11	$ 0.22	$ 0.21	$ 0.21	$ 0.21

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

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

OPERATING ACTIVITIES

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

$ 32,270

$ 24,403

Depreciation of buildings and tenant improvements

31,565

27,233

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

10,667

11,641

Accrued straight-line rental revenue

(3,434)

(2,893)

Amortization of leasing incentives and above or below-market rents

(593)

(287)

Amortization of right-of-use assets - finance leases

440

230

Accrued straight-line ground rent expense

(10)

Unrealized credit loss provision

227

Adjustment for uncollectable lease accounts

3,195

220

Noncash stock compensation

1,907

1,339

Impairment charges

205

Noncash interest expense

1,499

898

Interest expense on finance leases

686

340

Gain on real estate dispositions

(6,388)

(4,699)

Adjustment for Annapolis Junction loan discount amortization

^[1]

(3,727)

Change in fair value of derivatives and other

1,424

3,926

Equity in income of unconsolidated real estate entities

(273)

Changes in operating assets and liabilities:

Property assets

(6,642)

(4,225)

Property liabilities

3,356

2,623

Construction assets

(8,328)

(3,452)

Construction liabilities

18,824

(642)

Interest receivable

(13,167)

(7,118)

Net cash provided by operating activities

67,767

45,527

INVESTING ACTIVITIES

Development of real estate investments

(52,157)

(107,458)

Tenant and building improvements

(8,195)

(16,889)

Acquisitions of real estate investments, net of cash received

(34,785)

(133,345)

Dispositions of real estate investments, net of selling costs

96,458

32,468

Notes receivable issuances

(17,687)

(44,531)

Notes receivable paydowns

16,220

16,965

Leasing costs

(2,438)

(2,569)

Leasing incentives

(1,289)

Contributions to equity method investments

(535)

Net cash used for investing activities

(3,873)

(255,894)

FINANCING ACTIVITIES

Proceeds from issuance of cumulative redeemable perpetual preferred stock, net

101,460

61,001

Proceeds from issuance of common stock, net

7,387

71,749

Common shares tendered for tax withholding

(534)

(344)

Debt issuances, credit facility and construction loan borrowings

81,004

349,157

Debt and credit facility repayments, including principal amortization

(181,182)

(200,879)

Debt issuance costs

(326)

(3,225)

Dividends and distributions

(36,058)

(43,537)

Net cash provided by (used for) financing activities

(28,249)

233,922

Net increase in cash and cash equivalents

35,645

23,555

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

43,579

24,051

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

^[2]

79,224

47,606

Supplemental Disclosures (noncash transactions):

(Decrease) increase in dividends and distributions payable

(5,817)

3,949

(Decrease) increase in accrued capital improvements and development costs

(12,564)

(13,204)

Note payable issued in acquisition of noncontrolling interest in real estate investment

6,130

Issuance of operating partnership units for acquisitions

71,115

Operating Partnership units redeemed for common shares

8,530

2,700

Note payable recorded for mandatorily redeemable partnership interest

3,829

Debt assumed at fair value in conjunction with real estate purchases

22,512

101,390

Note receivable extinguished in conjunction with real estate purchase

31,252

Equity method investment redeemed for real estate acquisition

23,011

Noncontrolling interest in acquired real estate entity

4,870

Recognition of operating lease right-of-use assets (3)

^[3]

33,965

Recognition of operating lease liabilities (3)

^[3]

41,631

Recognition of finance lease right-of-use assets

24,500

Recognition of finance lease liabilities

17,871

De-recognition of operating lease right-of-use assets - lease termination

440

De-recognition of operating lease liabilities - lease termination

$ 0

$ 440

[1]

Borrower paid $5.0 million in 2018 in exchange for the Company's purchase option, which 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):



	September 30, 2020		September 30, 2019
Cash and cash equivalents	$	73,579	$	44,195
Restricted cash ^(a)	5,645		3,411
Cash, cash equivalents, and restricted cash	$	79,224	$	47,606

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

[3]

Amounts attributable to 2019 are net of $0.4 million disposal related to the Company's preexisting lease at the Thames Street Wharf property acquired on June 26, 2019.

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

9 Months Ended

Sep. 30, 2019

Sep. 30, 2020

Cash and cash equivalents

$ 44,195

$ 73,579

Restricted cash

3,411

5,645

Cash, cash equivalents, and restricted cash

^[1]

47,606

79,224

Thames Street Wharf

Write Off Of Right Of Use Asset

$ 400

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):



	September 30, 2020		September 30, 2019
Cash and cash equivalents	$	73,579	$	44,195
Restricted cash ^(a)	5,645		3,411
Cash, cash equivalents, and restricted cash	$	79,224	$	47,606

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

Business of Organization	9 Months Ended
Business of Organization	Sep. 30, 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 September 30, 2020, owned 73.8% of the economic interest in the Operating Partnership, of which 0.1% is held as general partnership units. The operations of the Company are carried on primarily through the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. As of September 30, 2020, the Company's property portfolio consisted of 52 operating properties and four properties either under development or not yet stabilized. Refer to Note 5 for information related to the Company's recent acquisitions and dispositions of properties.

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 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 for certain periods of time. 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. The adoption of the ASU did not have a material impact on disclosures in the Company's consolidated financial statements. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company is currently evaluating the effect that adopting this standard may have on its Consolidated Financial Statements. 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 adopted this guidance during the second quarter of 2020 and elected to not apply the existing lease modification accounting framework in instances where the total payments under a modified lease are substantially the same as or less than the total payments under the existing lease. 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

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2020 and 2019 was as follows (in thousands):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Office real estate
Rental revenues	$	11,456	$	10,283	$	32,142	$	23,221
Rental expenses	3,042		2,753		7,879		6,092
Real estate taxes	1,375		1,141		3,749		2,320
Segment net operating income	7,039		6,389		20,514		14,809
Retail real estate
Rental revenues	15,669		20,780		54,794		57,272
Rental expenses	2,618		3,096		8,096		8,556
Real estate taxes	1,808		2,219		5,981		5,923
Segment net operating income	11,243		15,465		40,717		42,793
Multifamily residential real estate
Rental revenues	12,511		11,157		34,904		29,014
Rental expenses	4,563		4,024		11,932		9,865
Real estate taxes	1,577		820		3,596		2,516
Segment net operating income	6,371		6,313		19,376		16,633
General contracting and real estate services
Segment revenues	58,617		27,638		163,283		66,118
Segment expenses	56,509		26,446		157,401		62,855
Segment gross profit	2,108		1,192		5,882		3,263
Net operating income	$	26,761	$	29,359	$	86,489	$	77,498

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 September 30, 2020 and 2019 exclude revenue related to intercompany construction contracts of $3.2 million and $22.4 million, respectively, as it is eliminated in consolidation. General contracting and real estate services revenues for the nine months ended September 30, 2020 and 2019 exclude revenue related to intercompany construction contracts of $24.7 million and $82.6 million, respectively.

General contracting and real estate services expenses for the three months ended September 30, 2020 and 2019 exclude expenses related to intercompany construction contracts of $3.2 million and $22.2 million, respectively. General contracting and real estate services expenses for the nine months ended September 30, 2020 and 2019 exclude expenses related to intercompany construction contracts of $24.5 million and $81.8 million, respectively.

The following table reconciles net operating income to net income, the most directly comparable GAAP measure, for the three and nine months ended September 30, 2020 and 2019 (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Net operating income	$	26,761		$	29,359		$	86,489		$	77,498
Depreciation and amortization	(14,176		)	(15,465		)	(42,232		)	(38,874		)
Amortization of right-of-use assets - finance leases	(147		)	(145		)	(440		)	(230		)
General and administrative expenses	(2,601		)	(2,977		)	(9,382		)	(9,329		)
Acquisition, development and other pursuit costs	(26		)	(93		)	(555		)	(550		)
Impairment charges	(47		)	—			(205		)	—
Gain on real estate dispositions	3,612			4,699			6,388			4,699
Interest income	4,417			5,710			16,055			16,622
Interest expense on indebtedness	(7,294		)	(8,828		)	(22,252		)	(22,205		)
Interest expense on finance leases	(229		)	(228		)	(686		)	(340		)
Equity in income of unconsolidated real estate entities	—			—			—			273
Change in fair value of derivatives and other	318			(530		)	(1,424		)	(3,926		)
Unrealized credit loss release (provision)	33			—			(227		)	—
Other income (expense), net	177			362			521			426
Income tax benefit	28			199			220			339
Net income	$	10,826		$	12,063		$	32,270		$	24,403

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.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 42
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 21
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-Publisher FASB
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-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

Notes Receivable and Current Expected Credit Losses

Leases

9 Months Ended

Sep. 30, 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.

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 and nine months ended September 30, 2020 and 2019 comprised the following (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Base rent and tenant charges	$	37,532		$	41,236		$	117,812		$	106,227
Accrued straight-line rental adjustment	1,925			745			3,435			2,893
Lease incentive amortization	(164		)	(187		)	(497		)	(555		)
Above/below market lease amortization	343			426			1,090			942
Total rental revenue	$	39,636		$	42,220		$	121,840		$	109,507

Leases

Lessee Disclosures

Lessor Disclosures

Rental revenue for the three and nine months ended September 30, 2020 and 2019 comprised the following (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Base rent and tenant charges	$	37,532		$	41,236		$	117,812		$	106,227
Accrued straight-line rental adjustment	1,925			745			3,435			2,893
Lease incentive amortization	(164		)	(187		)	(497		)	(555		)
Above/below market lease amortization	343			426			1,090			942
Total rental revenue	$	39,636		$	42,220		$	121,840		$	109,507

Real Estate Investment

9 Months Ended

Sep. 30, 2020

Real Estate [Abstract]

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.

In June 2020, the Company exercised its option to purchase the remaining 21% ownership interest in 1405 Point in exchange for increased ground lease payments to be made over the approximately 42-year remaining lease term. The Company recorded a note payable of $6.1 million, which represents the present value of these payments. The ground lessor is an affiliate of our former joint venture partner.

On August 31, 2020, the Company entered into an operating agreement with a partner to develop a mixed-use project in Gainesville, Georgia. The Company has a 95% ownership interest in Gainesville Development, LLC (the "Gainesville Partnership"). The Gainesville Partnership acquired undeveloped land on August 31, 2020 for a purchase price of $5.0 million and immediately began development of the site. The Company is responsible for funding the equity requirements of this development, which are estimated to total $17.3 million. Management has concluded that this entity is a VIE as it lacks sufficient equity to fund its operations without additional financial support.

By August 31, 2023, the Company is required to acquire its partner's 5% ownership interest for up to $4.2 million, subject to the initial operating performance of the property. As the Company is required to obtain this ownership interest, the Company consolidates the project in its consolidated financial statements. The Company has recorded a note payable liability of $3.8 million, which is the fair value of the anticipated payments to be made to its partner.

On September 22, 2020, the Company exercised its option to purchase Nexton Square for $17.9 million cash and the assumption of a note payable of $22.9 million. The Company also incurred capitalized acquisition costs of $0.2 million. The developer of this property repaid the Company's mezzanine note receivable of $16.4 million at the time of the acquisition.

The following table summarizes the purchase price allocation (including acquisition costs) based on relative fair value of the assets acquired and intangible liabilities assumed for the Nexton Square acquisition (in thousands):



	Nexton Square
Land	$	9,885
Site improvements	3,690
Building and improvements	24,070
In-place leases	5,239
Below-market leases	(1,877		)
Fair value adjustment on acquired debt	364
Net assets acquired	$	41,371

Property Disposition

On May 29, 2020, the Company sold a portfolio of seven retail properties for $90.0 million. The portfolio consisted of Alexander Pointe, Bermuda Crossroads, Gainsborough Square, Harper Hill Commons, Indian Lakes Crossing, Renaissance Square, and Stone House Square. The gain on sale was $2.8 million. In connection with the sale of this portfolio, the Company repaid $61.9 million on the revolving credit facility, resulting in net proceeds of $25.9 million.

On September 1, 2020, the Company completed the sale of the Walgreen's outparcel at Hanbury Village. Net proceeds after the transaction costs were $7.0 million. The gain on disposition was $3.6 million.

Notes Receivable and Current Expected Credit Losses

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Notes Receivable

The Company had the following notes receivable outstanding as of September 30, 2020 and December 31, 2019 ($ in thousands):



	Outstanding loan amount										Interest compounding
Development Project	September 30, 2020			December 31, 2019		Maximum loan commitment		Interest rate			Interest compounding
The Residences at Annapolis Junction	$	42,767		$	40,049	$	48,105	10.0	%	^(a)	Monthly
Delray Plaza	15,493			12,995		17,000		15.0	%	^(a)(b)(c)	Annually
Nexton Square	—			15,097		17,000		10.0	%		Monthly
Interlock Commercial	82,351			59,224		103,000		15.0	%	^(c)	None
Solis Apartments at Interlock	28,109			25,588		41,100		13.0	%		Annually
Total mezzanine	168,720			152,953		$	226,205
Other notes receivable	14			1,147
Notes receivable guarantee premium	3,034			5,271
Allowance for credit losses	(3,052		)	—
Total notes receivable	$	168,716		$	159,371

________________________________________

(a) Loan was placed on nonaccrual status effective April 1, 2020.

(b) $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 and nine months ended September 30, 2020 and 2019 as follows (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
Development Project	2020			2019			2020			2019
1405 Point	$	—		$	—		$	—		$	783
North Decatur Square	—			178			—			1,509
The Residences at Annapolis Junction	—		^(a)	2,340		^(b)	2,468		^(a)(c)	6,536		^(b)
Delray Plaza	—		^(a)	429			489		^(a)	1,153
Nexton Square	380			550			1,177			1,584
Interlock Commercial	3,189		^(c)	1,595			9,364		^(c)	3,425
Solis Apartments at Interlock	847			596			2,522			1,567
Total mezzanine	4,416			5,688			16,020			16,557
Other interest income	1			22			35			65
Total interest income	$	4,417		$	5,710		$	16,055		$	16,622

________________________________________

(a) Loan was placed on nonaccrual status effective April 1, 2020.

(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.

Interlock Commercial

In May 2020, the Company modified the Interlock Commercial loan to allow for an additional $8.0 million of loan funding; this additional loan funding may be available for cost overruns as well as the building of 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.

Nexton Square

On September 22, 2020, as part of the Nexton Square acquisition, the developer of this property repaid the Company's mezzanine note receivable of $16.4 million.

Current Expected Credit Losses

The Company is exposed to credit losses primarily through its mezzanine lending activities. As of September 30, 2020, the Company had four 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 will also consider placing the loan on nonaccrual 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 September 30, 2020. The Company obtained industry loan loss data relative to these risk ratings as of June 30, 2020.

The following table presents amortized cost basis of the portfolio by year of origination and risk rating as of September 30, 2020 (in thousands):



	Year of Origination
Risk Ratings	2020		2019		2018		2017		2016		Total
Pass	$	—	$	—	$	111,611	$	—	$	—	$	111,611
Special Mention	—		—		—		—		—		—
Substandard	—		—		—		14,723		42,368		57,091
Total amortized cost basis	$	—	$	—	$	111,611	$	14,723	$	42,368	$	168,702

As of December 31, 2019, there was no allowance for loan losses. At September 30, 2020, the Company reported $168.7 million of notes receivable, net of allowances of $3.1 million. Changes in the allowance for the nine months ended September 30, 2020 were as follows (in thousands):



	Nine Months Ended September 30, 2020
Beginning balance (December 31, 2019)	$	—
Cumulative effect of accounting change	2,825
Unrealized credit loss provision	227
Ending balance	$	3,052

The Company places loans on nonaccrual status when the loan balance, together with the balance of any senior loan, approximately equals the estimated realizable value of the underlying development project. As of December 31, 2019, there were no loans on nonaccrual status. During the nine months ended September 30, 2020, the Company placed the loans for Delray Plaza and The Residences at Annapolis Junction on nonaccrual status with total amortized cost basis of $57.1 million. As a result, there was $4.2 million of interest income not recognized during the nine months ended September 30, 2020.

Construction Contracts

9 Months Ended

Sep. 30, 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 September 30, 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 nine months ended September 30, 2020 and 2019 (in thousands):



	Nine Months Ended September 30, 2020						Nine Months Ended September 30, 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	—			7,237			—			4,256
Transferred to receivables	(468		)	—			(2,015		)	—
Construction contract costs and estimated earnings not billed during the period	215			—			624			—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	219			(152		)	657			(923		)
Ending balance	$	215		$	7,085		$	624		$	3,333

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 $1.2 million and $0.9 million were deferred as of September 30, 2020 and December 31, 2019, respectively. Amortization of pre-contract costs for the nine months ended September 30, 2020 and 2019 was $0.7 million and $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 September 30, 2020 and December 31, 2019, construction receivables included retentions of $16.6 million and $9.0 million, respectively. The Company expects to collect substantially all construction receivables outstanding as of September 30, 2020 during the next twelve months. As of September 30, 2020 and December 31, 2019, construction payables included retentions of $18.6 million and $18.0 million, respectively. The Company expects to pay substantially all construction payables outstanding as of September 30, 2020 during the next twelve months.

The Company’s net position on uncompleted construction contracts comprised the following as of September 30, 2020 and December 31, 2019 (in thousands):



	September 30, 2020			December 31, 2019
Costs incurred on uncompleted construction contracts	$	852,966		$	695,564
Estimated earnings	30,354			24,553
Billings	(890,190		)	(725,174		)
Net position	$	(6,870	)	$	(5,057	)

Construction contract costs and estimated earnings in excess of billings	$	215		$	249
Billings in excess of construction contract costs and estimated earnings	(7,085		)	(5,306		)
Net position	$	(6,870	)	$	(5,057	)

The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of September 30, 2020 and 2019 were as follows (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Beginning backlog	$	193,742		$	178,632		$	242,622		$	165,863
New contracts/change orders	(12,461		)	22,054			43,469			73,250
Work performed	(58,590		)	(27,594		)	(163,400		)	(66,021		)
Ending backlog	$	122,691		$	173,092		$	122,691		$	173,092

During the three months ended September 30, 2020, the Company canceled a contract for the construction of a hotel due to the delay of the owner. The Company expects to complete a majority of the uncompleted contracts in place as of September 30, 2020 during the next 12 to 18 months.

Indebtedness	9 Months Ended
Indebtedness	Sep. 30, 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 September 30, 2020, there was no balance outstanding on the revolving credit facility. As of December 31, 2019, the outstanding balance on the revolving credit facility was $110.0 million. The outstanding balance on the term loan facility was $205.0 million as of both of those dates. As of September 30, 2020, the effective interest rates on the revolving credit facility and the term loan facility were 1.75% and 1.70%, respectively. The Company may, at any time, voluntarily prepay any loan under the credit facility in whole or in part without premium or penalty. On May 29, 2020, in conjunction with the sale of seven unencumbered operating properties, the Company repaid $61.9 million on the revolving credit facility. The Company's unencumbered borrowing pool will support revolving borrowings of up to $125.0 million as of September 30, 2020. The Operating Partnership is the borrower, 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 nine months ended September 30, 2020, the Company borrowed $38.2 million under its existing construction loans to fund new development and construction. In the second quarter of 2020, the Company proactively obtained a waiver from the lender for the Premier Retail/Apartments loan wherein the Company did not have to meet the minimum debt service coverage requirement for the period ended 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 did not have to meet the minimum debt service coverage requirement for the period ended June 30, 2020 and will not have to meet the requirement for the period ending December 31, 2020. In June 2020, the Company exercised its option to purchase the remaining 21% ownership interest in 1405 Point in exchange for increased ground lease payments to be made over the approximately 42-year remaining lease term. The Company recorded a note payable of $6.1 million, which represents the present value of these payments. The ground lessor is an affiliate of our former joint venture partner. On August 31, 2020, the Company entered into a $31.4 million construction loan agreement for the development project owned by the Gainesville Partnership. The loan bears interest at a rate of LIBOR plus a spread of 3.00% with a floor of 3.75%. The loan matures on August 31, 2024 and has one 12-month extension option. The Company's joint venture partner in the Gainesville Partnership has guaranteed payment of 55% of loan advances. On September 22, 2020, as a part of the Nexton Square acquisition, the Company assumed a note payable of $22.9 million. The loan bears interest at a rate of LIBOR plus a spread of 2.25% and will mature on August 8, 2021. On September 22, 2020, the Company paid off the Hanbury Village loan in full. This property was added to the unencumbered borrowing base for the revolving credit facility. As of September 30, 2020, the Company was in compliance with the applicable terms of all loan covenants after giving effect to the waivers granted.

Derivative Financial Instruments

9 Months Ended

Sep. 30, 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 September 30, 2020, the Company had the following LIBOR interest rate caps ($ in thousands):



Effective Date	Maturity Date	Notional Amount			Strike Rate		Premium Paid
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
3/1/2020	3/1/2022	100,000		^(a)	1.50	%	111
7/1/2020	7/1/2023	100,000		^(a)	0.50	%	232
Total		$	450,000				$	990

________________________________________

(a) Designated as a cash flow hedge.

As of September 30, 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	%	4.33	%	5/1/2018	5/1/2023
John Hopkins Village	51,101		^(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	%	4.57	%	10/12/2018	10/12/2023
249 Central Park Retail, South Retail, and Fountain Plaza Retail	33,993		^(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	%	3.81	%	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	%	2.05	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		^(a)	1-month LIBOR	0.50	%	2.05	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		^(a)	1-month LIBOR	0.55	%	2.10	%	4/1/2020	4/1/2024
Total	$	340,594

________________________________________

(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 $4.4 million of net hedging losses from accumulated other comprehensive loss into earnings to offset the variability of the hedged items during this period.

The Company’s derivatives were comprised of the following as of September 30, 2020 and December 31, 2019 (in thousands):



	September 30, 2020							December 31, 2019
	Notional Amount		Fair Value					Notional Amount		Fair Value
			Asset		Liability					Asset		Liability
Derivatives not designated as accounting hedges
Interest rate swaps	$	50,000	$	—	$	(3,389	)	$	100,000	$	—	$	(1,992	)
Interest rate caps	150,000		11		—			250,000		25		—
Total derivatives not designated as accounting hedges	200,000		11		(3,389		)	350,000		25		(1,992		)
Derivatives designated as accounting hedges
Interest rate swaps	290,594		—		(13,081		)	146,642		—		(5,728		)
Interest rate caps	300,000		115		—			—		—		—
Total derivatives	$	790,594	$	126	$	(16,470	)	$	496,642	$	25	$	(7,720	)

The changes in the fair value of the Company’s derivatives during the three and nine months ended September 30, 2020 and 2019 were comprised of the following (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Interest rate swaps	$	323		$	(1,477	)	$	(10,907	)	$	(7,679	)
Interest rate caps	(111		)	(299		)	(391		)	(1,956		)
Total change in fair value of interest rate derivatives	$	212		$	(1,776	)	$	(11,298	)	$	(9,635	)
Comprehensive income statement presentation:
Change in fair value of interest rate derivatives	$	330		$	(529	)	$	(1,412	)	$	(3,926	)
Unrealized cash flow hedge losses	(118		)	(1,247		)	(9,886		)	(5,709		)
Total change in fair value of interest rate derivatives	$	212		$	(1,776	)	$	(11,298	)	$	(9,635	)

Equity

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

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 September 30, 2020, the Company issued and sold 166,630 shares of common stock at a weighted average price of $10.16 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $1.7 million. During the nine months ended September 30, 2020, the Company issued and sold 653,357 shares of common stock at a weighted average price of $9.50 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $6.1 million. During the three months ended September 30, 2020, the Company issued and sold 709,588 shares of the Series A Preferred Stock at a weighted average price of $22.87 per share (inclusive of accrued dividends) under the ATM Program, receiving net proceeds, after offering costs and commissions, of $16.0 million. During the nine months ended September 30, 2020, the Company issued and sold 713,418 shares of the Series A Preferred Stock at a weighted average price of $22.88 per share (inclusive of accrued dividends) under the ATM Program, receiving net proceeds, after offering costs and commissions, of $16.1 million. Shares having an aggregate offering price of $277.5 million remained unsold under the ATM Program as of November 3, 2020.

In connection with the ATM Program, on July 2, 2020, the Company filed, with the State Department of Assessments and Taxation of the State of Maryland ("MSDAT"), Articles Supplementary to the Articles of Amendment and Restatement of the Company (the "Charter"), designating an additional 3,450,000 shares of the Company’s authorized preferred stock as shares of Series A Preferred Stock, resulting in a total of 6,380,000 shares classified as Series A Preferred Stock as of July 2, 2020. The Articles Supplementary became effective on July 2, 2020.

On August 20, 2020, the Company sold 3,600,000 shares of its Series A Preferred Stock at a public offering price of $24.75 per share (inclusive of accrued dividends), for net proceeds, after the underwriting discount and offering expenses payable by the Company, of approximately $86.1 million, pursuant to a prospectus supplement, dated August 13, 2020, and a base prospectus dated March 9, 2020. The offering was a re-opening of the Company’s previous issuances of Series A Preferred Stock. The additional shares of Series A Preferred Stock sold in the offering form a single series, and are fully fungible, with the other outstanding shares of Series A Preferred Stock. The Company used the net proceeds to repay a portion of the outstanding borrowings under the Company’s unsecured revolving credit facility and for general corporate purposes.

In connection with the issuance of the Series A Preferred Stock, on August 20, 2020, the Operating Partnership issued to the Company 3,600,000 6.75% Series A Cumulative Redeemable Perpetual Preferred Units (the "Series A Preferred Units"), which have economic terms that are identical to the Series A Preferred Stock. The Series A Preferred Units were issued in exchange for the Company’s contribution of the net proceeds from the offering of the Series A Preferred Stock to the Operating Partnership.

In connection with the offering, on August 17, 2020, the Company filed, with MSDAT, Articles Supplementary to the Charter, designating an additional 3,600,000 shares of the Company’s authorized preferred stock as shares of Series A Preferred Stock, resulting in a total of 9,980,000 shares classified as Series A Preferred Stock. The Articles Supplementary became effective upon filing with MSDAT.

Noncontrolling Interests

As of September 30, 2020 and December 31, 2019, the Company held a 73.8% and 72.6% common interest in the Operating Partnership, respectively. As of September 30, 2020, the Company also held a preferred interest in the Operating Partnership in the form of preferred units with a liquidation preference of $171.1 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 73.8% 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 September 30, 2020, there were 20,522,484 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 $0.5 million relates to the minority partners' interest in certain joint venture entities as of September 30, 2020, including Hoffler Place and Summit Place. The noncontrolling interest for consolidated real estate entities was $4.5 million as of December 31, 2019.

In June 2020, the Company exercised its option to purchase the remaining 21% ownership interest in 1405 Point in exchange for increased ground lease payments to be made to an affiliate of the Company's joint venture partner. The Company recorded a note payable of $6.1 million, which represents the present value of these payments over the approximately 42-year remaining lease term. The $2.4 million difference between the present value of these payments and the extinguishment of the existing noncontrolling interest balance was recorded as an adjustment to additional paid-in capital.

On July 1, 2020, due to the holders of Class A Units tendering an aggregate of 756,697 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption requests through the issuance of an equal number of shares of common stock.

Dividends and Distributions

During the nine months ended September 30, 2020, the following dividends/distributions were declared or paid:

Equity type

Declaration Date

Record Date

Payment Date

Dividends per Share/Unit

Aggregate Dividends/Distributions on Stock and Units (in thousands)

Common Stock/Class A Units

11/06/2019

12/23/2019

01/02/2020

0.21

16,285

Common Stock/Class A Units

02/20/2020

03/25/2020

04/02/2020

0.22

17,108

Common Stock/Class A Units

07/30/2020

09/30/2020

10/08/2020

0.11

8,630

Series A Preferred Stock

11/06/2019

01/02/2020

01/15/2020

0.421875

1,067

Series A Preferred Stock

02/20/2020

04/01/2020

04/15/2020

0.421875

1,067

Series A Preferred Stock

04/30/2020

07/01/2020

07/15/2020

0.421875

1,175

Series A Preferred Stock

07/30/2020

10/01/2020

10/15/2020

0.421875

2,887

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2020
Share-based Payment Arrangement [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 September 30, 2020, there were 737,550 shares available for issuance under the Equity Plan. During the nine months ended September 30, 2020, the Company granted an aggregate of 175,268 shares of restricted stock to employees and non-employee directors with a weighted average grant date fair value of $15.80 per share. Of those shares, 27,060 were surrendered by the employees and non-employee directors for income tax withholdings. 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 nine months ended September 30, 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 nine months ended September 30, 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. Of those shares, 3,677 were surrendered by the employees and non-employee directors for income tax withholdings. During the three months ended September 30, 2020 and 2019, the Company recognized $0.5 million and $0.5 million, respectively, of stock-based compensation cost. During the nine months ended September 30, 2020 and 2019, the Company recognized $2.3 million and $2.0 million, respectively, of stock-based compensation cost. As of September 30, 2020, there were 167,602 nonvested restricted shares outstanding; the total unrecognized compensation expense related to nonvested restricted shares was $1.3 million, which the Company expects to recognize over the next 18 months.

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 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 September 30, 2020 and December 31, 2019 were as follows (in thousands):



	September 30, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Indebtedness, net	$	886,509	$	894,811	$	950,537	$	958,421
Notes receivable, net	168,716		167,853		159,371		159,371
Interest rate swap liabilities	16,470		16,470		7,720		7,720
Interest rate swap and cap assets	126		126		25		25

Commitments and Contingencies Disclosure [Abstract]

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

+ References + Details

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 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 September 30, 2020 was $15.9 million, and gross profit from such contracts was $0.6 million. Revenue from construction contracts with these entities for the nine months ended September 30, 2020 was $35.4 million, and gross profit from such contracts was $1.3 million. There was no such revenue or gross profit for the three and nine months ended September 30, 2019. As of September 30, 2020 and December 31, 2019, there was $8.9 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 and nine months ended September 30, 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 and nine months ended September 30, 2020, and 2019. The general contracting services described above include contracts with an aggregate price of $80.7 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 $3.1 million to the Company, representing a gross profit margin of 3.8%. 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 September 30, 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

9 Months Ended

Sep. 30, 2020

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 September 30, 2020 (in thousands):



Development project	Payment guarantee amount
The Residences at Annapolis Junction	$	8,300
Delray Plaza	5,180
Interlock Commercial	34,300
Total	$	47,780

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 $3.6 million and $4.3 million as of September 30, 2020 and December 31, 2019, respectively. In addition, as of September 30, 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	9 Months Ended
Subsequent Events	Sep. 30, 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. Real Estate On October 2, 2020, the Company acquired Edison Apartments, a multifamily property located in downtown Richmond, Virginia, for consideration comprised of 633,734 Class A Units, the assumption of a $16.4 million loan payable, and assumption of $1.8 million in other liabilities. The seller of the property was a partnership that includes several members from the Company's management team and board of directors. In October 2020, the Company terminated the leases for Regal Cinemas in Columbus Village II (part of the Town Center of Virginia Beach) and Harrisonburg, Virginia. The Company has written off the accounts receivable for this tenant as an adjustment to rental revenue totaling $1.1 million for the three months ended September 30, 2020. The Company is evaluating potential uses for the existing buildings, as well as potential redevelopment concepts at each location, and will assess the recoverability of its investment in each of the buildings as part of this evaluation. On October 30, 2020, the Company acquired 79% of the partnership that owns the Residences at Annapolis Junction. As part of this purchase, the Company extinguished its note receivable for this project and made a cash payment of $0.2 million. The partnership obtained a senior loan for $84.4 million, which bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus a margin of 2.66% and matures on November 1, 2030. As part of this financing transaction, the partnership also purchased an interest rate cap for $0.1 million with a SOFR strike rate of 1.84%, which expires on November 1, 2023. Notes Receivable On October 2, 2020, the Delray Plaza loan was modified to extend the maturity date of the loan to April 27, 2021. As a partial loan repayment, the borrower tendered 125,843 Class A Units that were pledged as collateral for this loan. The borrower also established a $2.5 million reserve account to be used for certain unpaid development project costs. On October 2, 2020, the Interlock Commercial loan was modified to decrease the exit fee, subject to the satisfaction of certain conditions that reduce the Company's risk as a lender. The Company has reduced its estimate of exit fees to be collected and prospectively adjusted the recognition of the exit fee in interest income. Indebtedness On October 6, 2020, the Company paid off the Sandbridge Commons loan in full. This property was added to the unencumbered borrowing base for the revolving credit facility. In October 2020, the Company borrowed $0.8 million on its construction loans to fund development activities. Equity On October 1, 2020, due to the holders of Class A Units tendering an aggregate of 164,890 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption requests with an aggregate cash payment of $1.5 million. On October 2, 2020, the Company purchased the remaining 20% noncontrolling interest in the mixed-use development project in Roswell, Georgia in exchange for a cash payment of $3.5 million and future consideration of $1.5 million to be paid in cash upon satisfaction of certain conditions. On October 8, 2020, the Company paid cash dividends of $6.4 million to common stockholders, and the Operating Partnership paid cash distributions of $2.3 million to holders of Class A Units other than the Company. On October 15, 2020, the Company paid cash dividends of $2.9 million to holders of shares of Series A Preferred Stock.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 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 for certain periods of time. 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. The adoption of the ASU did not have a material impact on disclosures in the Company's consolidated financial statements. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company is currently evaluating the effect that adopting this standard may have on its Consolidated Financial Statements. 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 adopted this guidance during the second quarter of 2020 and elected to not apply the existing lease modification accounting framework in instances where the total payments under a modified lease are substantially the same as or less than the total payments under the existing lease.
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	Construction Contracts Construction contract costs and estimated earnings in excess of billings represent reimbursable costs and amounts earned under contracts in progress as of the balance sheet date. Such amounts become billable according to contract terms, which usually consider the passage of time, achievement of certain milestones, or completion of the project. The Company expects to bill and collect substantially all construction contract costs and estimated earnings in excess of billings as of September 30, 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 Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable.
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)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Net operating income of reportable segments

Net operating income of the Company’s reportable segments for the three and nine months ended September 30, 2020 and 2019 was as follows (in thousands):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Office real estate
Rental revenues	$	11,456	$	10,283	$	32,142	$	23,221
Rental expenses	3,042		2,753		7,879		6,092
Real estate taxes	1,375		1,141		3,749		2,320
Segment net operating income	7,039		6,389		20,514		14,809
Retail real estate
Rental revenues	15,669		20,780		54,794		57,272
Rental expenses	2,618		3,096		8,096		8,556
Real estate taxes	1,808		2,219		5,981		5,923
Segment net operating income	11,243		15,465		40,717		42,793
Multifamily residential real estate
Rental revenues	12,511		11,157		34,904		29,014
Rental expenses	4,563		4,024		11,932		9,865
Real estate taxes	1,577		820		3,596		2,516
Segment net operating income	6,371		6,313		19,376		16,633
General contracting and real estate services
Segment revenues	58,617		27,638		163,283		66,118
Segment expenses	56,509		26,446		157,401		62,855
Segment gross profit	2,108		1,192		5,882		3,263
Net operating income	$	26,761	$	29,359	$	86,489	$	77,498

Reconciliation of net operating income to net income

The following table reconciles net operating income to net income, the most directly comparable GAAP measure, for the three and nine months ended September 30, 2020 and 2019 (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Net operating income	$	26,761		$	29,359		$	86,489		$	77,498
Depreciation and amortization	(14,176		)	(15,465		)	(42,232		)	(38,874		)
Amortization of right-of-use assets - finance leases	(147		)	(145		)	(440		)	(230		)
General and administrative expenses	(2,601		)	(2,977		)	(9,382		)	(9,329		)
Acquisition, development and other pursuit costs	(26		)	(93		)	(555		)	(550		)
Impairment charges	(47		)	—			(205		)	—
Gain on real estate dispositions	3,612			4,699			6,388			4,699
Interest income	4,417			5,710			16,055			16,622
Interest expense on indebtedness	(7,294		)	(8,828		)	(22,252		)	(22,205		)
Interest expense on finance leases	(229		)	(228		)	(686		)	(340		)
Equity in income of unconsolidated real estate entities	—			—			—			273
Change in fair value of derivatives and other	318			(530		)	(1,424		)	(3,926		)
Unrealized credit loss release (provision)	33			—			(227		)	—
Other income (expense), net	177			362			521			426
Income tax benefit	28			199			220			339
Net income	$	10,826		$	12,063		$	32,270		$	24,403

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Schedule of rental revenue

Rental revenue for the three and nine months ended September 30, 2020 and 2019 comprised the following (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Base rent and tenant charges	$	37,532		$	41,236		$	117,812		$	106,227
Accrued straight-line rental adjustment	1,925			745			3,435			2,893
Lease incentive amortization	(164		)	(187		)	(497		)	(555		)
Above/below market lease amortization	343			426			1,090			942
Total rental revenue	$	39,636		$	42,220		$	121,840		$	109,507

Real Estate Investment (Tables)

9 Months Ended

Sep. 30, 2020

Real Estate [Abstract]

Summary of the purchase price allocation



	Nexton Square
Land	$	9,885
Site improvements	3,690
Building and improvements	24,070
In-place leases	5,239
Below-market leases	(1,877		)
Fair value adjustment on acquired debt	364
Net assets acquired	$	41,371

Notes Receivable and Current Expected Credit Losses (Tables)

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Summary of Mezzanine Loans

The Company had the following notes receivable outstanding as of September 30, 2020 and December 31, 2019 ($ in thousands):



	Outstanding loan amount										Interest compounding
Development Project	September 30, 2020			December 31, 2019		Maximum loan commitment		Interest rate			Interest compounding
The Residences at Annapolis Junction	$	42,767		$	40,049	$	48,105	10.0	%	^(a)	Monthly
Delray Plaza	15,493			12,995		17,000		15.0	%	^(a)(b)(c)	Annually
Nexton Square	—			15,097		17,000		10.0	%		Monthly
Interlock Commercial	82,351			59,224		103,000		15.0	%	^(c)	None
Solis Apartments at Interlock	28,109			25,588		41,100		13.0	%		Annually
Total mezzanine	168,720			152,953		$	226,205
Other notes receivable	14			1,147
Notes receivable guarantee premium	3,034			5,271
Allowance for credit losses	(3,052		)	—
Total notes receivable	$	168,716		$	159,371

________________________________________

(a) Loan was placed on nonaccrual status effective April 1, 2020.

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

Summary of Interest Income

The Company recognized interest income for the three and nine months ended September 30, 2020 and 2019 as follows (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
Development Project	2020			2019			2020			2019
1405 Point	$	—		$	—		$	—		$	783
North Decatur Square	—			178			—			1,509
The Residences at Annapolis Junction	—		^(a)	2,340		^(b)	2,468		^(a)(c)	6,536		^(b)
Delray Plaza	—		^(a)	429			489		^(a)	1,153
Nexton Square	380			550			1,177			1,584
Interlock Commercial	3,189		^(c)	1,595			9,364		^(c)	3,425
Solis Apartments at Interlock	847			596			2,522			1,567
Total mezzanine	4,416			5,688			16,020			16,557
Other interest income	1			22			35			65
Total interest income	$	4,417		$	5,710		$	16,055		$	16,622

________________________________________

(a) Loan was placed on nonaccrual status effective April 1, 2020.

(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 September 30, 2020 (in thousands):



	Year of Origination
Risk Ratings	2020		2019		2018		2017		2016		Total
Pass	$	—	$	—	$	111,611	$	—	$	—	$	111,611
Special Mention	—		—		—		—		—		—
Substandard	—		—		—		14,723		42,368		57,091
Total amortized cost basis	$	—	$	—	$	111,611	$	14,723	$	42,368	$	168,702

Allowance for Credit Losses on Financing Receivables

Changes in the allowance for the nine months ended September 30, 2020 were as follows (in thousands):



	Nine Months Ended September 30, 2020
Beginning balance (December 31, 2019)	$	—
Cumulative effect of accounting change	2,825
Unrealized credit loss provision	227
Ending balance	$	3,052

Construction Contracts (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020 and 2019 were as follows (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Beginning backlog	$	193,742		$	178,632		$	242,622		$	165,863
New contracts/change orders	(12,461		)	22,054			43,469			73,250
Work performed	(58,590		)	(27,594		)	(163,400		)	(66,021		)
Ending backlog	$	122,691		$	173,092		$	122,691		$	173,092



	Nine Months Ended September 30, 2020						Nine Months Ended September 30, 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	—			7,237			—			4,256
Transferred to receivables	(468		)	—			(2,015		)	—
Construction contract costs and estimated earnings not billed during the period	215			—			624			—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	219			(152		)	657			(923		)
Ending balance	$	215		$	7,085		$	624		$	3,333

Net position of uncompleted construction contracts

The Company’s net position on uncompleted construction contracts comprised the following as of September 30, 2020 and December 31, 2019 (in thousands):



	September 30, 2020			December 31, 2019
Costs incurred on uncompleted construction contracts	$	852,966		$	695,564
Estimated earnings	30,354			24,553
Billings	(890,190		)	(725,174		)
Net position	$	(6,870	)	$	(5,057	)

Construction contract costs and estimated earnings in excess of billings	$	215		$	249
Billings in excess of construction contract costs and estimated earnings	(7,085		)	(5,306		)
Net position	$	(6,870	)	$	(5,057	)

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of LIBOR interest rate caps and floating to fixed interest rate swaps

As of September 30, 2020, the Company had the following LIBOR interest rate caps ($ in thousands):



Effective Date	Maturity Date	Notional Amount			Strike Rate		Premium Paid
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
3/1/2020	3/1/2022	100,000		^(a)	1.50	%	111
7/1/2020	7/1/2023	100,000		^(a)	0.50	%	232
Total		$	450,000				$	990

________________________________________

(a) Designated as a cash flow hedge.

As of September 30, 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	%	4.33	%	5/1/2018	5/1/2023
John Hopkins Village	51,101		^(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	%	4.57	%	10/12/2018	10/12/2023
249 Central Park Retail, South Retail, and Fountain Plaza Retail	33,993		^(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	%	3.81	%	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	%	2.05	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		^(a)	1-month LIBOR	0.50	%	2.05	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		^(a)	1-month LIBOR	0.55	%	2.10	%	4/1/2020	4/1/2024
Total	$	340,594

________________________________________

(a) Designated as a cash flow hedge.

Schedule of derivatives

The Company’s derivatives were comprised of the following as of September 30, 2020 and December 31, 2019 (in thousands):



	September 30, 2020							December 31, 2019
	Notional Amount		Fair Value					Notional Amount		Fair Value
			Asset		Liability					Asset		Liability
Derivatives not designated as accounting hedges
Interest rate swaps	$	50,000	$	—	$	(3,389	)	$	100,000	$	—	$	(1,992	)
Interest rate caps	150,000		11		—			250,000		25		—
Total derivatives not designated as accounting hedges	200,000		11		(3,389		)	350,000		25		(1,992		)
Derivatives designated as accounting hedges
Interest rate swaps	290,594		—		(13,081		)	146,642		—		(5,728		)
Interest rate caps	300,000		115		—			—		—		—
Total derivatives	$	790,594	$	126	$	(16,470	)	$	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 and nine months ended September 30, 2020 and 2019 were comprised of the following (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Interest rate swaps	$	323		$	(1,477	)	$	(10,907	)	$	(7,679	)
Interest rate caps	(111		)	(299		)	(391		)	(1,956		)
Total change in fair value of interest rate derivatives	$	212		$	(1,776	)	$	(11,298	)	$	(9,635	)
Comprehensive income statement presentation:
Change in fair value of interest rate derivatives	$	330		$	(529	)	$	(1,412	)	$	(3,926	)
Unrealized cash flow hedge losses	(118		)	(1,247		)	(9,886		)	(5,709		)
Total change in fair value of interest rate derivatives	$	212		$	(1,776	)	$	(11,298	)	$	(9,635	)

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.

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Dividends and Distributions

Equity (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

During the nine months ended September 30, 2020, the following dividends/distributions were declared or paid:

Equity type

Declaration Date

Record Date

Payment Date

Dividends per Share/Unit

Aggregate Dividends/Distributions on Stock and Units (in thousands)

Common Stock/Class A Units

11/06/2019

12/23/2019

01/02/2020

0.21

16,285

Common Stock/Class A Units

02/20/2020

03/25/2020

04/02/2020

0.22

17,108

Common Stock/Class A Units

07/30/2020

09/30/2020

10/08/2020

0.11

8,630

Series A Preferred Stock

11/06/2019

01/02/2020

01/15/2020

0.421875

1,067

Series A Preferred Stock

02/20/2020

04/01/2020

04/15/2020

0.421875

1,067

Series A Preferred Stock

04/30/2020

07/01/2020

07/15/2020

0.421875

1,175

Series A Preferred Stock

07/30/2020

10/01/2020

10/15/2020

0.421875

2,887

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020 and December 31, 2019 were as follows (in thousands):



	September 30, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Indebtedness, net	$	886,509	$	894,811	$	950,537	$	958,421
Notes receivable, net	168,716		167,853		159,371		159,371
Interest rate swap liabilities	16,470		16,470		7,720		7,720
Interest rate swap and cap assets	126		126		25		25

Commitments and Contingencies Disclosure [Abstract]

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)

9 Months Ended

Sep. 30, 2020

Summary of guarantees

The following table summarizes the guarantees made by the Company as of September 30, 2020 (in thousands):



Development project	Payment guarantee amount
The Residences at Annapolis Junction	$	8,300
Delray Plaza	5,180
Interlock Commercial	34,300
Total	$	47,780

Business of Organization - Additional Information (Details) - property	Sep. 30, 2020	Dec. 31, 2019
Business And Organization [Line Items]
Percentage of operating partnership held	73.80%	72.60%
Operating Property
Business And Organization [Line Items]
Number of real estate properties	52
Development Property
Business And Organization [Line Items]
Number of real estate properties	4
General Partner
Business And Organization [Line Items]
Percentage of operating partnership held	0.10%

Significant Accounting Policies - Additional Information (Details) - USD ($)
$ in Thousands

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

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

Cumulative Effect, Period of Adoption, Adjustment

$ (751,437)

$ (646,946)

$ (638,401)

$ (655,447)

$ (636,585)

$ (606,442)

$ (477,686)

$ (455,890)

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

Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Accounting Standard Update 2016-13

3,009

^[1]

$ 167

^[2]

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

Cumulative Effect, Period of Adoption, Adjustment | Mezzanine Loan | Retained Earnings | Accounting Standard Update 2016-13

3,000

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

Cumulative Effect, Period of Adoption, Adjustment | Construction Receivables | Retained Earnings | Accounting Standard Update 2016-13

2,800

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

$ 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.
[2]	The Company recorded cumulative effect adjustments related to the new lease standard in the first quarter of 2019.

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information
Rental revenues	$ 39,636	$ 42,220	$ 121,840	$ 109,507
Rental expenses	10,223	9,873	27,907	24,513
Real estate taxes	4,760	4,180	13,326	10,759
Segment revenues	58,617	27,638	163,283	66,118
Operating Segments
Segment Reporting Information
Gross profit	26,761	29,359	86,489	77,498
Operating Segments \| Office real estate
Segment Reporting Information
Rental revenues	11,456	10,283	32,142	23,221
Rental expenses	3,042	2,753	7,879	6,092
Real estate taxes	1,375	1,141	3,749	2,320
Gross profit	7,039	6,389	20,514	14,809
Operating Segments \| Retail real estate
Segment Reporting Information
Rental revenues	15,669	20,780	54,794	57,272
Rental expenses	2,618	3,096	8,096	8,556
Real estate taxes	1,808	2,219	5,981	5,923
Gross profit	11,243	15,465	40,717	42,793
Operating Segments \| Multifamily residential real estate
Segment Reporting Information
Rental revenues	12,511	11,157	34,904	29,014
Rental expenses	4,563	4,024	11,932	9,865
Real estate taxes	1,577	820	3,596	2,516
Gross profit	6,371	6,313	19,376	16,633
Operating Segments \| General contracting and real estate services \| General contracting and real estate services
Segment Reporting Information
Segment revenues	58,617	27,638	163,283	66,118
Segment expenses	56,509	26,446	157,401	62,855
Gross profit	$ 2,108	$ 1,192	$ 5,882	$ 3,263

Segments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information
General contracting and real estate services revenues	$ 58,617	$ 27,638	$ 163,283	$ 66,118
General contracting and real estate services \| General contracting and real estate services \| Intercompany Eliminations
Segment Reporting Information
General contracting and real estate services revenues	3,200	22,400	24,700	82,600
General contracting and real estate services expenses	$ 3,200	$ 22,200	$ 24,500	$ 81,800

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Segments - Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Amortization of finance leases	$ (147)			$ (145)			$ (440)	$ (230)
General and administrative expenses	(2,601)			(2,977)			(9,382)	(9,329)
Acquisition, development and other pursuit costs	(26)			(93)			(555)	(550)
Impairment charges	(47)			0			(205)	0
Gain on real estate dispositions	3,612			4,699			6,388	4,699
Interest income	4,417			5,710			16,055	16,622
Interest expense on indebtedness	(7,294)			(8,828)			(22,252)	(22,205)
Interest expense on finance leases	(229)			(228)			(686)	(340)
Equity in income of unconsolidated real estate entities	0			0			0	273
Change in fair value of derivatives and other	318			(530)			(1,424)	(3,926)
Unrealized credit loss release (provision)	33			0			(227)	0
Other income (expense), net	177			362			521	426
Income tax benefit	28			199			220	339
Net income	10,826	$ 12,309	$ 9,135	12,063	$ 5,826	$ 6,514	32,270	24,403
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	26,761			29,359			86,489	77,498
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	(14,176)			(15,465)			(42,232)	(38,874)
Amortization of finance leases	(147)			(145)			(440)	(230)
General and administrative expenses	(2,601)			(2,977)			(9,382)	(9,329)
Acquisition, development and other pursuit costs	(26)			(93)			(555)	(550)
Impairment charges	(47)			0			(205)	0
Gain on real estate dispositions	3,612			4,699			6,388	4,699
Interest income	4,417			5,710			16,055	16,622
Interest expense on indebtedness	(7,294)			(8,828)			(22,252)	(22,205)
Interest expense on finance leases	(229)			(228)			(686)	(340)
Equity in income of unconsolidated real estate entities	0			0			0	273
Change in fair value of derivatives and other	318			(530)			(1,424)	(3,926)
Unrealized credit loss release (provision)	33			0			(227)	0
Other income (expense), net	177			362			521	426
Income tax benefit	$ 28			$ 199			$ 220	$ 339

Leases - Additional Information (Details)	9 Months Ended
Leases - Additional Information (Details)	Sep. 30, 2020 property extension lease
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Base rent and tenant charges	$ 37,532	$ 41,236	$ 117,812	$ 106,227
Accrued straight-line rental adjustment	1,925	745	3,435	2,893
Lease incentive amortization	(164)	(187)	(497)	(555)
Above/below market lease amortization	343	426	1,090	942
Total rental revenue	$ 39,636	$ 42,220	$ 121,840	$ 109,507

Real Estate Investment - Acquisitions (Details) - USD ($) $ in Thousands	Aug. 31, 2023	Oct. 02, 2020	Sep. 22, 2020	Aug. 31, 2020	Jun. 30, 2020	Mar. 20, 2020	Jan. 10, 2020	Sep. 12, 2019	Sep. 30, 2020	Dec. 31, 2019
Gainesville, Georgia
Real Estate Properties [Line Items]
Payment to acquire interest in partnership				$ 5,000
Tryon Partners, LLC
Real Estate Properties [Line Items]
Payments for purchase of land							$ 6,300
Chronicle Holdings LLC \| Belmont, North Carolina
Real Estate Properties [Line Items]
Payments for purchase of land						$ 2,300
Variable Interest Entity, Primary Beneficiary \| Tryon Partners, LLC
Real Estate Properties [Line Items]
Ownership percentage							80.00%
Payments for purchase of land							$ 6,300
Variable Interest Entity, Primary Beneficiary \| Belmont, North Carolina \| Chronicle Holdings LLC
Real Estate Properties [Line Items]
Ownership percentage								85.00%
Payments for purchase of land						$ 2,300
Variable Interest Entity, Primary Beneficiary \| Gainesville, Georgia \| Gainesville Development, LLC
Real Estate Properties [Line Items]
Ownership percentage				95.00%
Variable interest entity, funding commitment				$ 17,300
1405 Point
Real Estate Properties [Line Items]
Percentage of voting interests acquired					21.00%
Remaining lease term					42 years
Note balance at assumption					$ 6,100
Nexton Square
Real Estate Properties [Line Items]
Note balance at assumption			$ 22,900
Cash payment			17,900
Acquisition related costs			200
Mezzanine Loan
Real Estate Properties [Line Items]
Notes receivable									$ 168,720	$ 152,953
Mezzanine Loan \| Nexton Square
Real Estate Properties [Line Items]
Notes receivable			$ 16,400						$ 0	$ 15,097
Subsequent Event
Real Estate Properties [Line Items]
Percentage of voting interests acquired		20.00%
Note balance at assumption		$ 1,500
Cash payment		$ 3,500
Subsequent Event \| Variable Interest Entity, Primary Beneficiary \| Gainesville, Georgia \| Gainesville Development, LLC
Real Estate Properties [Line Items]
Percentage of voting interests acquired	5.00%
Consideration transferred	$ 4,200
Note balance at assumption	$ 3,800

Real Estate Investment Real Estate Investment - Property Disposition (Details) $ in Thousands			9 Months Ended
	Sep. 01, 2020 USD ($)	May 29, 2020 USD ($) property	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)
Real Estate Properties [Line Items]
Dispositions of real estate investments, net of selling costs			$ 96,458	$ 32,468
Disposed of by Sale
Real Estate Properties [Line Items]
Number of retail properties held-for-sale \| property		7
Real estate held-for-sale		$ 90,000
Gain (loss) on disposition of property		2,800
Revolving Credit Facility \| New Credit Facility \| Operating Partnership
Real Estate Properties [Line Items]
Repayments of long-term lines of credit		61,900
Proceeds from disposal group consideration after payments to long-term lines of credit		$ 25,900
Hanbury Village \| Disposed of by Sale
Real Estate Properties [Line Items]
Gain (loss) on disposition of property	$ 3,600
Dispositions of real estate investments, net of selling costs	$ 7,000

Real Estate Investment - Summary of the Purchase Price Allocation (Details) - Nexton Square $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Business Acquisition [Line Items]
Land	$ 9,885
Below-market leases	(1,877)
Fair value adjustment on acquired debt	364
Net assets acquired	41,371
In-place leases
Business Acquisition [Line Items]
Finite-lived intangibles	5,239
Site improvements
Business Acquisition [Line Items]
Property, plant, and equipment	3,690
Building and improvements
Business Acquisition [Line Items]
Property, plant, and equipment	$ 24,070

Notes Receivable and Current Expected Credit Losses (Summary of Mezzanine Loans) (Details) - USD ($)	Sep. 30, 2020	Sep. 22, 2020	May 31, 2020	Mar. 03, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable guarantee premium	$ 3,034,000				$ 5,271,000
Allowance for credit losses	(3,052,000)				0
Total notes receivable	168,716,000				159,371,000
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	168,720,000				152,953,000
Maximum loan commitment	226,205,000
Total notes receivable	168,702,000
Mezzanine Loan \| The Residences at Annapolis Junction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	42,767,000				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	$ 15,493,000				12,995,000
Maximum loan commitment	$ 17,000,000			$ 17,000,000.0
Interest rate	15.00%
Additional funds available	$ 2,000,000.0			$ 2,000,000.0
Interest rate	6.00%			6.00%
Mezzanine Loan \| Nexton Square
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 0	$ 16,400,000			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	$ 82,351,000				59,224,000
Maximum loan commitment	$ 103,000,000
Interest rate	15.00%
Additional funds available			$ 8,000,000.0
Mezzanine Loan \| Solis Apartments at Interlock
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 28,109,000				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	$ 14,000				$ 1,147,000

Notes Receivable and Current Expected Credit Losses (Schedule of Interest on the Mezzanine Loans) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 4,417	$ 5,710	$ 16,055	$ 16,622
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	4,416	5,688	16,020	16,557
Other Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	1	22	35	65
1405 Point \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	0	0	783
North Decatur Square \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	178	0	1,509
The Residences at Annapolis Junction \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	2,340	2,468	6,536
Delray Plaza \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	429	489	1,153
Nexton Square \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	380	550	1,177	1,584
Interlock Commercial \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	3,189	1,595	9,364	3,425
Solis Apartments at Interlock \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	847	$ 596	2,522	$ 1,567
Annapolis Junction \| The Residences at Annapolis Junction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modification fee	$ 5,000		$ 5,000

Notes Receivable and Current Expected Credit Losses Additional Information (Details)	9 Months Ended
	Sep. 30, 2020 USD ($) loan	Sep. 30, 2019 USD ($)	Sep. 22, 2020 USD ($)	May 31, 2020 USD ($)	Mar. 03, 2020 USD ($) shares	Dec. 31, 2019 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayments of Debt	$ 181,182,000	$ 200,879,000
Number of mezzanine loans \| loan	4
Allowance for credit losses	$ 3,052,000					$ 0
Notes receivable, net	168,716,000					159,371,000
Notes receivable, nonaccrual status	57,100,000
Accrued interest writeoff related to notes receivable	4,200,000
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment	226,205,000
Notes receivable	168,720,000					152,953,000
Notes receivable, net	168,702,000
Mezzanine Loan \| Delray Plaza
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment	17,000,000				$ 17,000,000.0
Additional funds available	$ 2,000,000.0				$ 2,000,000.0
Interest rate	6.00%				6.00%
Collateral for secured borrowings \| shares					125,832
Notes receivable	$ 15,493,000					12,995,000
Mezzanine Loan \| Interlock Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment	103,000,000
Additional funds available				$ 8,000,000.0
Guarantor obligations, maximum exposure (up to)				$ 34,300,000
Notes receivable	82,351,000					59,224,000
Mezzanine Loan \| Nexton Square
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment	17,000,000
Notes receivable	$ 0		$ 16,400,000			$ 15,097,000

Notes Receivable and Current Expected Credit Losses (Amortized Cost Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable	$ 168,716	$ 159,371
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0
2019	0
2018	111,611
2017	14,723
2016	42,368
Total notes receivable	168,702
Pass \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0
2019	0
2018	111,611
2017	0
2016	0
Total notes receivable	111,611
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	14,723
2016	42,368
Total notes receivable	$ 57,091

Notes Receivable and Current Expected Credit Losses (Changes in Allowance for Credit Loss) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			$ 0
Unrealized credit loss provision	$ (33,000)	$ 0	227,000	$ 0
Ending balance	$ 3,052,000		3,052,000
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			$ 2,825,000

Construction Contracts (Details) - USD ($) $ in Millions	9 Months Ended
Construction Contracts (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized contract cost, amortization	$ 0.7	$ 0.1
Construction receivables retentions	16.6		$ 9.0
Construction
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Retentions	18.6		18.0
Portion Attributable To Pending Contracts
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred pre-contract costs	$ 1.2		$ 0.9

Construction Contracts - Summary of Costs in Excess of Billings and Billings in Excess of Costs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Construction contract costs and estimated earnings in excess of billings
Beginning balance	$ 249	$ 1,358
Transferred to receivables	(468)	(2,015)
Construction contract costs and estimated earnings not billed during the period	215	624
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	219	657
Ending balance	215	624
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	7,237	4,256
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	(152)	(923)
Ending balance	$ 7,085	$ 3,333

Construction Contracts - Summary of Net Position (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Contractors [Abstract]
Costs incurred on uncompleted construction contracts	$ 852,966	$ 695,564
Estimated earnings	30,354	24,553
Billings	(890,190)	(725,174)
Net position	(6,870)	(5,057)
Construction contract costs and estimated earnings in excess of billings, net	215	249	$ 624	$ 1,358
Billings in excess of construction contract costs and estimated earnings	$ (7,085)	$ (5,306)	$ (3,333)	$ (3,037)

Construction Contracts - Summary of Backlog (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue, Remaining Performance Obligation [Roll Forward]
Beginning backlog	$ 193,742	$ 178,632	$ 242,622	$ 165,863
New contracts/change orders	(12,461)	22,054	43,469	73,250
Work performed	(58,590)	(27,594)	(163,400)	(66,021)
Ending backlog	$ 122,691	$ 173,092	$ 122,691	$ 173,092
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	12 months		12 months
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	18 months		18 months

Indebtedness - Additional Information (Details)								1 Months Ended	9 Months Ended
Indebtedness - Additional Information (Details)	Oct. 02, 2020 USD ($)	Sep. 22, 2020 USD ($)	Aug. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)	May 29, 2020 USD ($)	Oct. 03, 2019 USD ($) extension	Jan. 31, 2019	Oct. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
Subsequent Event
Indebtedness
Note balance at assumption	$ 1,500,000
Percentage of voting interests acquired	20.00%
Cash payment	$ 3,500,000
Revolving Credit Facility
Indebtedness
Interest rate on credit facility as of end of period									1.75%
Term Loan Facility
Indebtedness
Interest rate on credit facility as of end of period									1.70%
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									$ 38,200,000
Construction loans \| Subsequent Event
Indebtedness
Borrowings under construction loans								$ 800,000
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			125,000,000.0
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									0	$ 110,000,000.0
Number Unembumbered Operating Properties					7
Repayments of long-term lines of credit					$ 61,900,000
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
Gainesville Development, LLC \| LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate			3.00%
Gainesville Development, LLC \| Construction loans
Indebtedness
Aggregate capacity under the credit facility			$ 31,400,000
Floor interest rate			0.0375
Payments of loan advances, percent			55.00%
1405 Point
Indebtedness
Note balance at assumption				$ 6,100,000
Percentage of voting interests acquired				21.00%
Remaining lease term				42 years
Nexton Square
Indebtedness
Note balance at assumption		$ 22,900,000
Cash payment		$ 17,900,000
Nexton Square \| LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate		2.25%

Derivative Financial Instruments Derivative Financial Instruments - Schedule of LIBOR interest rate caps (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jul. 01, 2020	Mar. 01, 2020	Jan. 28, 2020	Jan. 10, 2020	Dec. 31, 2019	May 15, 2019	Dec. 11, 2018
Derivative [Line Items]
Notional Amount	$ 790,594					$ 496,642
Interest rate caps \| LIBOR
Derivative [Line Items]
Notional Amount	450,000
Premium Paid	990
Not designated as accounting hedges
Derivative [Line Items]
Notional Amount	200,000					350,000
Not designated as accounting hedges \| Interest rate caps
Derivative [Line Items]
Notional Amount	150,000					250,000
Not designated as accounting hedges \| Interest rate caps \| LIBOR
Derivative [Line Items]
Notional Amount							$ 100,000	$ 50,000
Strike Rate							2.50%	2.75%
Premium Paid							$ 288	$ 210
Designated as accounting hedge \| Interest rate caps
Derivative [Line Items]
Notional Amount	$ 300,000					$ 0
Designated as accounting hedge \| Interest rate caps \| LIBOR
Derivative [Line Items]
Notional Amount		$ 100,000	$ 100,000	$ 50,000	$ 50,000
Strike Rate		0.50%	1.50%	1.75%	1.75%
Premium Paid		$ 232	$ 111	$ 62	$ 87

Derivative Financial Instruments - Floating-to-Fixed Interest Rate Swaps (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional amount	$ 790,594	$ 496,642
Interest rate swaps
Derivative [Line Items]
Notional amount	340,594
Not designated as accounting hedges
Derivative [Line Items]
Notional amount	200,000	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	4.33%
Designated as accounting hedge \| Interest rate swaps
Derivative [Line Items]
Notional amount	$ 290,594	$ 146,642
Designated as accounting hedge \| John Hopkins Village \| Interest rate swaps
Derivative [Line Items]
Notional amount	$ 51,101
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	4.57%
Designated as accounting hedge \| 249 Central Park Retail, South Retail, and Fountain Plaza Retail \| Interest rate swaps
Derivative [Line Items]
Notional amount	$ 33,993
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	3.81%
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	2.05%
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	2.05%
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	2.10%

Derivative Financial Instruments - Additional Information (Details) $ in Millions	Sep. 30, 2020 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) reclassified during next 12 months	$ (4.4)

Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Derivative [Line Items]
Notional amount	$ 790,594						$ 790,594		$ 496,642
Asset, Fair Value	126						126		25
Liability, Fair Value	(16,470)						(16,470)		(7,720)
Change in fair value of interest rate derivatives	330			$ (529)			(1,412)	$ (3,926)
Unrealized cash flow hedge losses	(118)	$ (2,279)	$ (7,489)	(1,247)	$ (3,459)	$ (1,003)	(9,886)	(5,709)
Total change in fair value of interest rate derivatives	212			(1,776)			(11,298)	(9,635)
Interest rate swaps
Derivative [Line Items]
Notional amount	340,594						340,594
Total change in fair value of interest rate derivatives	323			(1,477)			(10,907)	(7,679)
Interest rate caps
Derivative [Line Items]
Total change in fair value of interest rate derivatives	(111)			$ (299)			(391)	$ (1,956)
Not designated as accounting hedges
Derivative [Line Items]
Notional amount	200,000						200,000		350,000
Asset, Fair Value	11						11		25
Liability, Fair Value	(3,389)						(3,389)		(1,992)
Not designated as accounting hedges \| Interest rate swaps
Derivative [Line Items]
Notional amount	50,000						50,000		100,000
Asset, Fair Value	0						0		0
Liability, Fair Value	(3,389)						(3,389)		(1,992)
Not designated as accounting hedges \| Interest rate caps
Derivative [Line Items]
Notional amount	150,000						150,000		250,000
Asset, Fair Value	11						11		25
Liability, Fair Value	0						0		0
Designated as accounting hedge \| Interest rate swaps
Derivative [Line Items]
Notional amount	290,594						290,594		146,642
Asset, Fair Value	0						0		0
Liability, Fair Value	(13,081)						(13,081)		(5,728)
Designated as accounting hedge \| Interest rate caps
Derivative [Line Items]
Notional amount	300,000						300,000		0
Asset, Fair Value	115						115		0
Liability, Fair Value	$ 0						$ 0		$ 0

Equity - Additional Information (Details) - USD ($)														1 Months Ended		3 Months Ended						9 Months Ended		12 Months Ended
Equity - Additional Information (Details) - USD ($)	Nov. 03, 2020	Oct. 15, 2020	Oct. 08, 2020	Oct. 02, 2020	Aug. 20, 2020	Jul. 30, 2020	Jul. 01, 2020	Jun. 30, 2020	Apr. 30, 2020	Mar. 10, 2020	Feb. 20, 2020	Nov. 06, 2019	Aug. 06, 2019	Oct. 31, 2020	Jun. 30, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Aug. 17, 2020	Jul. 02, 2020
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																100,000,000						100,000,000		100,000,000
Net proceeds from issuance of common and preferred stock																$ 1,622,000	$ 4,416,000	$ 1,349,000	$ 34,045,000	$ 7,498,000	$ 30,206,000
Preferred stock, par value (in dollars per share)																$ 0.01						$ 0.01		$ 0.01
Percentage of operating partnership held																73.80%						73.80%		72.60%
Acquisition of noncontrolling interest in real estate entity																	6,130,000
Aggregate Distribution (in thousands)																						$ 36,058,000	$ 43,537,000
Dividends per Share																$ 0.11		$ 0.22	$ 0.21	$ 0.21	$ 0.21
Class A units
Class of Stock [Line Items]
Class A Units not held by Company (in shares)																20,522,484						20,522,484
Additional paid-in capital
Class of Stock [Line Items]
Net proceeds from issuance of common and preferred stock																$ 1,620,000	4,411,000	$ 1,348,000	$ 34,025,000	$ 7,494,000	$ 30,185,000
Acquisition of noncontrolling interest in real estate entity																	2,386,000
Common stock
Class of Stock [Line Items]
Net proceeds from issuance of common and preferred stock																$ 2,000	5,000	1,000	$ 20,000	4,000	$ 21,000
Prior At-The-Market Program
Class of Stock [Line Items]
Consideration received on transaction																		$ 1,700,000
Prior At-The-Market Program \| Common stock
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to)													$ 180,700,000
Shares issued (in shares)																		92,577
Weighted average price (in dollars per share)																		$ 18.23
The Amendments \| Preferred stock
Class of Stock [Line Items]
Shares issued (in shares)																709,588
Consideration received on transaction																$ 16,000,000.0
Sale of stock, weighted average price per share																$ 22.87
The Amendments \| Common stock
Class of Stock [Line Items]
Shares issued (in shares)																166,630						653,357
Consideration received on transaction																$ 1,700,000						$ 6,100,000
Sale of stock, weighted average price per share																$ 10.16						$ 9.50
Noncontrolling interests in investment entities
Class of Stock [Line Items]
Liquidation preference																$ 171,100,000						$ 171,100,000
Noncontrolling interests in investment entities \| Operating Partnership
Class of Stock [Line Items]
Ownership interest percentage in properties																$ 500,000						$ 500,000
Consolidated Entities Under Development Or Construction \| Operating Partnership
Class of Stock [Line Items]
Ownership interest percentage in properties																								$ 4,500,000
Redeemable convertible preferred stock
Class of Stock [Line Items]
Preferred stock, shares issued																6,843,418						6,843,418		2,530,000
Additonal shares authorized (in shares)																									3,600,000	3,450,000
Preferred stock, shares authorized (in shares)																9,980,000						9,980,000		2,930,000	9,980,000	6,380,000
Net proceeds from issuance of common and preferred stock																$ 101,369,000	91,000			61,001,000
Preferred Stock dividend rate percentage																						6.75%		6.75%
Redeemable convertible preferred stock \| Additional paid-in capital
Class of Stock [Line Items]
Net proceeds from issuance of common and preferred stock																(6,370,000)	(5,000)			(2,249,000)
Redeemable convertible preferred stock \| Preferred stock
Class of Stock [Line Items]
Net proceeds from issuance of common and preferred stock																$ 107,739,000	$ 96,000			$ 63,250,000
Redeemable convertible preferred stock \| At The Market Program
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to)										$ 300,000,000.0
Preferred Stock dividend rate percentage										6.75%
Series A Preferred Stock
Class of Stock [Line Items]
Dividends per Share						$ 0.421875			$ 0.421875		$ 0.421875	$ 0.421875
Series A Preferred Stock \| The Amendments
Class of Stock [Line Items]
Shares issued (in shares)																						713,418
Consideration received on transaction																						$ 16,100,000
Sale of stock, weighted average price per share																$ 22.88
Series A Preferred Stock \| Public Stock Offering
Class of Stock [Line Items]
Weighted average price (in dollars per share)					$ 24.75
Consideration received on transaction					$ 86,100,000
Sale of stock, number of shares issued in transaction					3,600,000
Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued					3,600,000
Preferred Stock dividend rate percentage					6.75%
Common Class A
Class of Stock [Line Items]
Dividends per Share						$ 0.11					$ 0.22	$ 0.21
Common Class A \| Common stock
Class of Stock [Line Items]
Shares issued (in shares)							756,697
1405 Point
Class of Stock [Line Items]
Percentage of voting interests acquired								21.00%							21.00%		21.00%
Note balance at assumption								$ 6,100,000
Remaining lease term								42 years							42 years		42 years
1405 Point \| Additional paid-in capital
Class of Stock [Line Items]
Acquisition of noncontrolling interest in real estate entity															$ 2,400,000
Construction loans
Class of Stock [Line Items]
Borrowings under construction loans																						$ 38,200,000
Subsequent Event
Class of Stock [Line Items]
Percentage of voting interests acquired				20.00%
Note balance at assumption				$ 1,500,000
Subsequent Event \| Class A units \| Operating Partnership
Class of Stock [Line Items]
Aggregate Distribution (in thousands)			$ 2,300,000
Subsequent Event \| Redeemable convertible preferred stock
Class of Stock [Line Items]
Aggregate Distribution (in thousands)		$ 2,900,000
Subsequent Event \| Series A Preferred Stock \| The Amendments
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to)	$ 277,500,000
Subsequent Event \| Common Class A
Class of Stock [Line Items]
Aggregate Distribution (in thousands)			$ 6,400,000
Subsequent Event \| Construction loans
Class of Stock [Line Items]
Borrowings under construction loans														$ 800,000

Equity - Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended						9 Months Ended
	Jul. 30, 2020	Apr. 30, 2020	Feb. 20, 2020	Nov. 06, 2019	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Class of Stock [Line Items]
Dividends per Share					$ 0.11		$ 0.22	$ 0.21	$ 0.21	$ 0.21
Aggregate Distribution (in thousands)											$ 36,058	$ 43,537
Aggregate Dividends (in thousands)					$ 2,220	$ 1,175	$ 1,067	$ 1,388
Common Class A
Class of Stock [Line Items]
Dividends per Share	$ 0.11		$ 0.22	$ 0.21
Aggregate Dividends (in thousands)	$ 8,630		$ 17,108	$ 16,285
Series A Preferred Stock
Class of Stock [Line Items]
Dividends per Share	$ 0.421875	$ 0.421875	$ 0.421875	$ 0.421875
Aggregate Dividends (in thousands)	$ 2,887	$ 1,175	$ 1,067	$ 1,067

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 0.5	$ 0.5	$ 2.3	$ 2.0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock granted (in shares)			175,268
Restricted stock granted, grant date fair value (in dollars per share)			$ 15.80
Restricted stock surrendered, forfeited in period (in dollars per share)			27,060
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)	167,602		167,602
Unrecognized compensation cost	$ 1.3		$ 1.3
Unrecognized compensation cost, recognition period			18 months
Restricted Stock \| Grant Date
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage			33.33%
Restricted Stock \| First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage			33.33%
Restricted Stock \| Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage			33.33%
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
Restricted stock surrendered, forfeited in period (in dollars per share)			3,677
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		1,700,000
Shares available for issuance (in shares)	737,550		737,550
Long Term Incentive Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Performance period			3 years
Service period			2 years

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Carrying Value
Fair Value of Financial Instruments
Indebtedness, net	$ 886,509	$ 950,537
Notes receivable, net	168,716	159,371
Interest rate swap liabilities	16,470	7,720
Interest rate swap and cap assets	126	25
Fair Value
Fair Value of Financial Instruments
Indebtedness, net	894,811	958,421
Notes receivable, net	167,853	159,371
Interest rate swap liabilities	16,470	7,720
Interest rate swap and cap assets	$ 126	$ 25

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended		12 Months Ended
	May 13, 2013	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Operating Partnership
Related Party Transactions
Credit facility, amount outstanding		$ 9.5		$ 9.5
Construction Contracts
Related Party Transactions
Revenue from contracts with affiliated entities		15.9	$ 0.0	35.4	$ 0.0
Gross profit from related parties		0.6	$ 0.0	1.3	$ 0.0
Due from related parties		8.9		8.9		$ 1.9
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						$ 3.1
Related party amount of transaction				80.7
Gross profit margin, related parties						3.80%
Credit facility, amount outstanding		$ 9.5		$ 9.5

Commitments and Contingencies - Guarantees (Details) - Financial Guarantee $ in Thousands	Sep. 30, 2020 USD ($)
Commitments and Contingencies
Guarantor obligations, maximum exposure (up to)	$ 47,780
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
Interlock Commercial
Commitments and Contingencies
Guarantor obligations, maximum exposure (up to)	$ 34,300

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Commitments and Contingencies
Line of credit, performance and payment bonds	$ 3.6	$ 4.3
Operating Partnership
Commitments and Contingencies
Credit facility, amount outstanding	$ 9.5

Subsequent Events (Details) - USD ($) $ in Thousands						1 Months Ended	3 Months Ended	9 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Oct. 30, 2020	Oct. 15, 2020	Oct. 08, 2020	Oct. 02, 2020	Oct. 01, 2020	Oct. 31, 2020	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Subsequent Event [Line Items]
Notional amount							$ 790,594	$ 790,594		$ 496,642
Dividends and distributions								36,058	$ 43,537
Subsequent Event
Subsequent Event [Line Items]
Note balance at assumption				$ 1,500
Percentage of voting interests acquired				20.00%
Payment to acquire business				$ 3,500
Construction loans
Subsequent Event [Line Items]
Borrowings under construction loans								$ 38,200
Construction loans \| Subsequent Event
Subsequent Event [Line Items]
Borrowings under construction loans						$ 800
Common Class A \| Subsequent Event
Subsequent Event [Line Items]
Maximum loan commitment				$ 2,500
Dividends and distributions			$ 6,400
Redeemable convertible preferred stock \| Subsequent Event
Subsequent Event [Line Items]
Dividends and distributions		$ 2,900
Noncontrolling interests in investment entities \| Common Class A \| Subsequent Event
Subsequent Event [Line Items]
Shares issued through public offering (in shares)					164,890
Redeemable noncontrolling interest					$ 1,500
Class A units \| Operating Partnership \| Subsequent Event
Subsequent Event [Line Items]
Dividends and distributions			$ 2,300
Edison Apartments \| Subsequent Event
Subsequent Event [Line Items]
Acquisition, common units/shares issued (in shares)				633,734
Note balance at assumption				$ 16,400
Note balance at assumption, other				$ 1,800
The Residences at Annapolis Junction \| Subsequent Event
Subsequent Event [Line Items]
Percentage of voting interests acquired	79.00%
Payment for debt extinguishment	$ 200
Senior loan	$ 84,400
Columbus Village II
Subsequent Event [Line Items]
Adjustment in operating leases, income statement, lease revenue							$ 1,100
Asset Pledged as Collateral \| Common Class A \| Subsequent Event
Subsequent Event [Line Items]
Securities received as collateral				125,843
SOFR \| The Residences at Annapolis Junction \| Subsequent Event
Subsequent Event [Line Items]
Stated interest rate, basis spread on variable rate	2.66%
Derivative, strike rate	1.84%
Interest rate caps \| Subsequent Event
Subsequent Event [Line Items]
Notional amount	$ 100

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201602Member

Indicates amendment to accounting standards.

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