Armada Hoffler Properties (AHH) 10-K24 Feb 222021 FY Annual reportFinancial data

Company Profile

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2021	Feb. 18, 2022	Jun. 30, 2021
Entity Listings [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35908
Entity Registrant Name	ARMADA HOFFLER PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-1214914
Entity Address, Address Line One	222 Central Park Avenue
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Virginia Beach
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23462
City Area Code	757
Local Phone Number	366-4000
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 795.6
Entity Common Stock, Shares Outstanding		67,324,313
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement relating to its 2022 Annual Meeting of Stockholders are incorporated by reference into Part III of this report. The registrant expects to file its Definitive Proxy Statement with the Securities and Exchange Commission within 120 days after December 31, 2021.
Entity Central Index Key	0001569187
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Common stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	AHH
Security Exchange Name	NYSE
Redeemable convertible preferred stock
Entity Listings [Line Items]
Title of 12(b) Security	6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Trading Symbol	AHHPrA
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Richmond, Virginia

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate investments:
Income producing property	$ 1,658,609	$ 1,680,943
Held for development	6,294	13,607
Construction in progress	72,535	63,367
Real estate investments	1,737,438	1,757,917
Accumulated depreciation	(285,814)	(253,965)
Net real estate investments	1,451,624	1,503,952
Real estate investments held for sale	80,751	1,165
Cash and cash equivalents	35,247	40,998
Restricted cash	5,196	9,432
Accounts receivable, net	29,576	28,259
Notes receivable, net	126,429	135,432
Construction receivables, including retentions, net	17,865	38,735
Construction contract costs and estimated earnings in excess of billings	243	138
Equity method investment	12,685	1,078
Operating lease right-of-use assets	23,493	32,760
Finance lease right-of-use assets	46,989	23,544
Acquired lease intangible assets	62,038	58,154
Other assets	45,927	43,324
Total Assets	1,938,063	1,916,971
LIABILITIES AND EQUITY
Indebtedness, net	917,556	963,845
Liabilities related to assets held for sale	41,364	0
Accounts payable and accrued liabilities	29,589	23,900
Construction payables, including retentions	31,166	49,821
Billings in excess of construction contract costs and estimated earnings	4,881	6,088
Operating lease liabilities	31,648	41,659
Finance lease liabilities	46,160	17,954
Other liabilities	55,876	56,902
Total Liabilities	1,158,240	1,160,169
Stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized: 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, 9,980,000 shares authorized, 6,843,418 shares issued and outstanding as of December 31, 2021 and 2020	171,085	171,085
Common stock, $0.01 par value, 500,000,000 shares authorized; 63,011,700 and 59,073,220 shares issued and outstanding as of December 31, 2021 and 2020, respectively	630	591
Additional paid-in capital	525,030	472,747
Distributions in excess of earnings	(141,360)	(112,356)
Accumulated other comprehensive loss	(33)	(8,868)
Total stockholders’ equity	555,352	523,199
Noncontrolling interests in investment entities	629	488
Noncontrolling interests in Operating Partnership	223,842	233,115
Total Equity	779,823	756,802
Total Liabilities and Equity	$ 1,938,063	$ 1,916,971

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Preferred stock, par or stated value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	63,011,700	59,073,220
Common stock, shares outstanding (in shares)	63,011,700	59,073,220
Redeemable convertible preferred stock
Preferred stock, shares authorized (in shares)	9,980,000	9,980,000
Dividend rate	6.75%	6.75%
Preferred stock, shares issued (in shares)	6,843,418	6,843,418
Preferred stock, shares outstanding (in shares)	6,843,418	6,843,418

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Rental revenues	$ 192,140	$ 166,488	$ 151,339
General contracting and real estate services revenues	$ 91,936	217,146	105,859
Revenue, Product and Service [Extensible List]	Real Estate [Member]
Total revenues	$ 284,076	383,634	257,198
Expenses
Rental expenses	46,494	38,960	34,332
Real estate taxes	21,852	18,136	14,961
General contracting and real estate services expenses	88,100	209,472	101,538
Depreciation and amortization	68,853	59,972	54,564
Amortization of right-of-use assets - finance leases	1,022	586	377
General and administrative expenses	14,610	12,905	12,392
Acquisition, development and other pursuit costs	112	584	844
Impairment charges	21,378	666	252
Total expenses	262,421	341,281	219,260
Gain on real estate dispositions	19,040	6,388	4,699
Operating income	40,695	48,741	42,637
Interest income	18,457	19,841	23,215
Interest expense	(33,905)	(31,035)	(31,344)
Loss on extinguishment of debt	(3,810)	0	(30)
Equity in income of unconsolidated real estate entities	0	0	273
Change in fair value of derivatives and other	2,182	(1,130)	(3,599)
Unrealized credit loss release (provision)	792	(256)	0
Other income (expense), net	302	515	615
Income before taxes	24,713	36,676	31,767
Income tax benefit	742	283	491
Net income	25,455	36,959	32,258
Net (income) loss attributable to noncontrolling interests:
Investment entities	5	230	(213)
Operating Partnership	(3,568)	(8,037)	(7,992)
Net income attributable to Armada Hoffler Properties, Inc.	21,892	29,152	24,053
Preferred stock dividends	(11,548)	(7,349)	(2,455)
Net income attributable to common stockholders	$ 10,344	$ 21,803	$ 21,598
Net income attributable to common stockholders, basic (in dollars per share)	$ 0.17	$ 0.38	$ 0.41
Net income attributable to common stockholders, diluted (in dollars per share)	$ 0.17	$ 0.38	$ 0.41
Weighted-average common shares outstanding, basic (in shares)	60,647	57,328	53,119
Weighted-average common shares outstanding, diluted (in shares)	60,647	57,328	53,119
Comprehensive income:
Net income	$ 25,455	$ 36,959	$ 32,258
Unrealized cash flow hedge gains (losses)	3,678	(9,751)	(4,504)
Realized cash flow hedge losses reclassified to net income	8,163	3,345	501
Comprehensive income	37,296	30,553	28,255
Comprehensive income attributable to Armada Hoffler Properties, Inc.	30,728	24,524	21,096
Noncontrolling interests in investment entities
Expenses
Net income	(5)	(230)	213
Comprehensive income:
Net income	(5)	(230)	213
Comprehensive (income) loss attributable to noncontrolling interests:	5	230	(213)
Noncontrolling interests in Operating Partnership
Expenses
Net income	3,568	8,037	7,992
Comprehensive income:
Net income	3,568	8,037	7,992
Unrealized cash flow hedge gains (losses)	939	(2,669)	(1,183)
Realized cash flow hedge losses reclassified to net income	2,067	891	137
Comprehensive (income) loss attributable to noncontrolling interests:	$ (6,573)	$ (6,259)	$ (6,946)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment		Preferred stock	Common stock	Additional paid-in capital	Distributions in excess of earnings	Distributions in excess of earningsCumulative Effect, Period of Adoption, Adjustment		Accumulated other comprehensive loss	Total stockholders' equity	Total stockholders' equityCumulative Effect, Period of Adoption, Adjustment		Noncontrolling interests in investment entities	Noncontrolling interests in Operating Partnership	Noncontrolling interests in Operating PartnershipCumulative Effect, Period of Adoption, Adjustment		Redeemable convertible preferred stock	Redeemable convertible preferred stockPreferred stock	Redeemable convertible preferred stockAdditional paid-in capital	Redeemable convertible preferred stockTotal stockholders' equity
Beginning balance at Dec. 31, 2018	$ 455,890	$ (167)	[1]	$ 0	$ 500	$ 357,353	$ (82,699)	$ (125)	[1]	$ (1,283)	$ 273,871	$ (125)	[1]	$ 0	$ 182,019	$ (42)	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	32,258						24,053				24,053			213	7,992
Unrealized cash flow hedge gains (losses)	(4,504)									(3,321)	(3,321)				(1,183)
Realized cash flow hedge losses reclassified to net income	501									364	364				137
Net proceeds from issuance of stock	96,845				59	96,786					96,845							$ 61,001	$ 63,250	$ (2,249)	$ 61,001
Restricted stock awards, net	2,024				2	2,022					2,024
Noncontrolling interest in acquired real estate entity	4,870													4,870
Issuance of operating partnership units for acquisitions	72,183					(986)					(986)				73,169
Redemption of operating partnership units	0				2	2,754					2,756				(2,756)
Distributions to Joint Venture Partners	(621)													(621)
Dividends declared on preferred stock	(2,455)						(2,455)				(2,455)
Dividends and distributions declared on common shares and units	(62,378)						(45,450)				(45,450)				(16,928)
Ending balance at Dec. 31, 2019	655,447	$ (3,009)	[2]	63,250	563	455,680	(106,676)	$ (2,185)	[2]	(4,240)	408,577	$ (2,185)	[2]	4,462	242,408	$ (824)	[2]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	36,959						29,152				29,152			(230)	8,037
Unrealized cash flow hedge gains (losses)	(9,751)									(7,082)	(7,082)				(2,669)
Realized cash flow hedge losses reclassified to net income	3,345									2,454	2,454				891
Net proceeds from issuance of stock	19,650				19	19,631					19,650							$ 101,460	$ 107,835	$ (6,375)	$ 101,460
Restricted stock awards, net	2,342				2	2,340					2,342
Acquisitions of noncontrolling interest in real estate entities	(5,033)					(7,388)					(7,388)			(3,744)	6,099
Redemption of operating partnership units	(2,729)				7	8,859					8,866				(11,595)
Dividends declared on preferred stock	(7,349)						(7,349)				(7,349)
Dividends and distributions declared on common shares and units	(34,530)						(25,298)				(25,298)				(9,232)
Ending balance at Dec. 31, 2020	756,802			171,085	591	472,747	(112,356)			(8,868)	523,199			488	233,115
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	25,455						21,892				21,892			(5)	3,568
Unrealized cash flow hedge gains (losses)	3,678									2,739	2,739				939
Realized cash flow hedge losses reclassified to net income	8,163									6,096	6,096				2,067
Net proceeds from issuance of stock	51,677				38	51,639					51,677
Restricted stock awards, net	2,006				1	2,005					2,006
Acquisitions of noncontrolling interest in real estate entities	(804)					(950)					(950)			146
Redemption of operating partnership units	(2,949)					(411)					(411)				(2,538)
Dividends declared on preferred stock	(11,548)						(11,548)				(11,548)
Dividends and distributions declared on common shares and units	(52,657)						(39,348)				(39,348)				(13,309)
Ending balance at Dec. 31, 2021	$ 779,823			$ 171,085	$ 630	$ 525,030	$ (141,360)			$ (33)	$ 555,352			$ 629	$ 223,842

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

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
OPERATING ACTIVITIES
Net income		$ 25,455		$ 36,959		$ 32,258
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements		51,549		43,671		37,839
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases		17,304		16,301		16,725
Accrued straight-line rental revenue		(4,938)		(5,927)		(3,402)
Amortization of leasing incentives and above or below-market rents		(1,065)		(814)		(629)
Amortization of right-of-use assets - finance leases		1,022		586		377
Accrued straight-line ground rent expense		236		100		(16)
Unrealized credit loss provision (release)		(792)		256		0
Adjustment for uncollectable lease accounts		945		3,842		511
Noncash stock compensation		2,230		2,378		1,613
Impairment charges		21,378		666		252
Noncash interest expense		2,878		2,204		1,228
Noncash loss on extinguishment of debt		3,810		0		30
Gain on real estate dispositions, net		(19,040)		(6,388)		(4,699)
Adjustment for Annapolis Junction modification fee	[1]	0		0		(4,489)
Change in the fair value of derivatives and other		(2,182)		1,130		3,599
Equity in income of unconsolidated real estate entities		0		0		(273)
Changes in operating assets and liabilities:
Property assets		(3,721)		(5,960)		(2,499)
Property liabilities		7,175		6,677		3,936
Construction assets		19,284		(2,302)		(20,356)
Construction liabilities		(27,904)		13,708		18,671
Interest receivable		(2,440)		(15,908)		(12,947)
Net cash provided by operating activities		91,184		91,179		67,729
INVESTING ACTIVITIES
Development of real estate investments		(48,625)		(63,485)		(133,445)
Tenant and building improvements		(15,496)		(10,077)		(19,721)
Acquisitions of real estate investments, net of cash received		(73,595)		(35,151)		(138,380)
Dispositions of real estate investments, net of selling costs		85,322		96,459		32,944
Notes receivable issuances		(30,656)		(24,484)		(54,555)
Notes receivable paydowns		42,301		16,340		22,522
Leasing costs		(4,585)		(3,425)		(3,893)
Leasing incentives		(688)		(1,326)		0
Contributions to equity method investments		(11,607)		(1,078)		(535)
Net cash used for investing activities		(57,629)		(26,227)		(295,063)
FINANCING ACTIVITIES
Proceeds from issuance of cumulative redeemable perpetual preferred stock, net		0		101,460		61,001
Proceeds from issuance of common stock, net		51,677		19,650		96,845
Common shares tendered for tax withholding		(553)		(569)		(369)
Debt issuances, credit facility and construction loan borrowings		161,806		176,619		427,286
Debt and credit facility repayments, including principal amortization		(187,758)		(299,318)		(270,851)
Debt issuance costs		(2,831)		(609)		(5,546)
Payment for debt extinguishment fee		(3,417)		0		0
Acquisition of NCI in consolidated RE investments		(804)		(5,002)		0
Redemption of operating partnership units		(2,949)		(2,729)		0
Dividends and distributions		(58,713)		(47,603)		(61,504)
Net cash (used for) provided by financing activities		(43,542)		(58,101)		246,862
Net (decrease) increase in cash, cash equivalents, and restricted cash		(9,987)		6,851		19,528
Cash, cash equivalents, and restricted cash, beginning of period		50,430	[2]	43,579	[2]	24,051
Cash, cash equivalents, and restricted cash, end of period	[2]	40,443		50,430		43,579
Supplemental cash flow information:
Cash paid for interest		29,237		28,554		28,878
Cash refunded for income taxes		4		167		247
Increase (decrease) in dividends and distributions payable		5,492		(5,724)		3,950
Common shares and OP units issued for acquisitions		0		6,099		73,169
Increase (decrease) in accrued capital improvements and development costs		15,111		(14,324)		(12,666)
Operating Partnership units redeemed for common shares		411		8,866		2,756
Note payable recorded for mandatorily redeemable partnership interest		0		3,829		0
Debt assumed at fair value in conjunction with real estate purchases		19,989		122,300		101,390
Note receivable extinguished in conjunction with real estate purchase		0		42,270		31,252
Equity method investment redeemed for real estate acquisition		0		0		23,011
Noncontrolling interest in acquired real estate entity		0		0		4,870
Note payable issued in acquisition of noncontrolling interest in real estate investment		0		6,130		0
Recognition of operating lease ROU assets	[3]	24,466		0		33,965
Recognition of operating lease liabilities	[3]	27,940		0		41,631
Recognition of finance lease right-of-use assets		0		0		24,500
Recognition of finance lease liabilities		0		0		17,871
De-recognition of operating lease ROU assets - lease termination		9,037		0		440
De-recognition of operating lease liabilities - lease termination		$ 10,143		$ 0		$ 440

[1]	Borrower paid $5.0 million in 2018 in exchange for the Company's purchase option. This was accounted for as a loan modification fee; interest income was recognized as additional interest income on the note receivable over the one-year remaining term.
[2]	The following table sets forth the items from the Company's consolidated balance sheets that are included in cash, cash equivalents, and restricted cash in the consolidated statements of cash flows: As of December 31, 2021 2020 Cash and cash equivalents $ 35,247 $ 40,998 Restricted cash (a) 5,196 9,432 Cash, cash equivalents, and restricted cash $ 40,443 $ 50,430 (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 related to the Company's preexisting lease at the Thames Street Wharf property, which was acquired on June 26, 2019.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows - Footnotes (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019		Dec. 31, 2018
Cash, cash equivalents, and restricted cash	$ 43,579	[1]	$ 24,051
Thames Street Wharf
Write off of right of use asset	$ 400
Annapolis Junction Apartments Owner LLC \| The Residences at Annapolis Junction
Selling price			$ 5,000

[1]	The following table sets forth the items from the Company's consolidated balance sheets that are included in cash, cash equivalents, and restricted cash in the consolidated statements of cash flows: As of December 31, 2021 2020 Cash and cash equivalents $ 35,247 $ 40,998 Restricted cash (a) 5,196 9,432 Cash, cash equivalents, and restricted cash $ 40,443 $ 50,430 (a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.

Business and Organization

Business and Organization	12 Months Ended
Business and Organization	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Armada Hoffler Properties, Inc. (the "Company") is a full service real estate company with extensive experience developing, building, owning, and managing high-quality, institutional-grade office, retail, and multifamily properties in attractive markets primarily throughout the Mid-Atlantic and Southeastern United States. The Company is a real estate investment trust ("REIT"), the sole general partner of Armada Hoffler, L.P. (the "Operating Partnership"), and as of December 31, 2021, owned 75.3% of the economic interest in the Operating Partnership, of which 0.1% is held as general partnership units. The operations of the Company are carried on primarily through the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. Both the Company and the Operating Partnership were formed on October 12, 2012 and commenced operations upon completion of the underwritten initial public offering of shares of the Company’s common stock (the "IPO") and certain related formation transactions on May 13, 2013. As of December 31, 2021, the Company's operating portfolio consisted of the following properties: Property Segment Location Ownership Interest 4525 Main Street Office Virginia Beach, Virginia* 100% Armada Hoffler Tower Office Virginia Beach, Virginia* 100% Brooks Crossing Office Office Newport News, Virginia 100% One City Center Office Durham, North Carolina 100% One Columbus Office Virginia Beach, Virginia* 100% Thames Street Wharf Office Baltimore, Maryland** 100% Two Columbus Office Virginia Beach, Virginia* 100% 249 Central Park Retail Retail Virginia Beach, Virginia* 100% Apex Entertainment Retail Virginia Beach, Virginia* 100% Broad Creek Shopping Center Retail Norfolk, Virginia 100% Broadmoor Plaza Retail South Bend, Indiana 100% Brooks Crossing Retail Retail Newport News, Virginia 65% (1) Columbus Village Retail Virginia Beach, Virginia* 100% Columbus Village II Retail Virginia Beach, Virginia* 100% Commerce Street Retail Retail Virginia Beach, Virginia* 100% Delray Beach Plaza Retail Delray Beach, Florida 100% Dimmock Square Retail Colonial Heights, Virginia 100% Fountain Plaza Retail Retail Virginia Beach, Virginia* 100% Greenbrier Square Retail Chesapeake, Virginia 100% Greentree Shopping Center Retail Chesapeake, Virginia 100% Hanbury Village Retail Chesapeake, Virginia 100% Harrisonburg Regal Retail Harrisonburg, Virginia 100% Lexington Square Retail Lexington, South Carolina 100% Market at Mill Creek Retail Mount Pleasant, South Carolina 70% (1) Marketplace at Hilltop Retail Virginia Beach, Virginia 100% Nexton Square Retail Summerville, South Carolina 100% North Hampton Market Retail Taylors, South Carolina 100% North Point Center Retail Durham, North Carolina 100% Overlook Village Retail Asheville, North Carolina 100% Parkway Centre Retail Moultrie, Georgia 100% Property Segment Location Ownership Interest Parkway Marketplace Retail Virginia Beach, Virginia 100% Patterson Place Retail Durham, North Carolina 100% Perry Hall Marketplace Retail Perry Hall, Maryland 100% Premier Retail Retail Virginia Beach, Virginia* 100% Providence Plaza Retail Charlotte, North Carolina 100% Red Mill Commons Retail Virginia Beach, Virginia 100% Sandbridge Commons Retail Virginia Beach, Virginia 100% South Retail Retail Virginia Beach, Virginia* 100% South Square Retail Durham, North Carolina 100% Southgate Square Retail Colonial Heights, Virginia 100% Southshore Shops Retail Chesterfield, Virginia 100% Studio 56 Retail Retail Virginia Beach, Virginia* 100% Tyre Neck Harris Teeter Retail Portsmouth, Virginia 100% Wendover Village Retail Greensboro, North Carolina 100% 1405 Point Multifamily Baltimore, Maryland** 100% Edison Apartments Multifamily Richmond, Virginia 100% Encore Apartments Multifamily Virginia Beach, Virginia* 100% Greenside Apartments Multifamily Charlotte, North Carolina 100% Hoffler Place Multifamily Charleston, South Carolina 100% Liberty Apartments Multifamily Newport News, Virginia 100% Premier Apartments Multifamily Virginia Beach, Virginia* 100% Smith’s Landing Multifamily Blacksburg, Virginia 100% Summit Place Multifamily Charleston, South Carolina 100% The Cosmopolitan Multifamily Virginia Beach, Virginia* 100% The Residences at Annapolis Junction Multifamily Annapolis Junction, Maryland 79% (1) ________________________________________ * Located in the Town Center of Virginia Beach ** Located at Harbor Point in Baltimore (1) The Company is entitled to a preferred return on its investment in this property. As of December 31, 2021, the following properties were under development, redevelopment or not yet stabilized: Property Segment Location Ownership Interest Wills Wharf Office Baltimore, Maryland* 100% Chronicle Mill Multifamily Belmont, North Carolina 85% (1) Gainesville Apartments Multifamily Gainesville, Georgia 95% (1)(2) Southern Post Mixed-use Roswell, Georgia 100% ________________________________________ * Located at Harbor Point in Baltimore (1) We are entitled to a preferred return on our joint investment in this property. (2) We are required to purchase our joint venture partner's ownership interest after completion of the project, contingent upon obtaining a certificate of occupancy and achieving certain thresholds of net operating income.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). The consolidated financial statements include the financial position and results of operations of the Company, the Operating Partnership, its wholly owned subsidiaries, and any interests in variable interest entities ("VIEs") where the Company has been determined to be the primary beneficiary. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current, and expected events and economic conditions. Actual results could differ from management’s estimates. Segments Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of the Company’s properties individually and aggregates such properties into segments based on their economic characteristics and classes of tenants. The Company operates in four business segments: (i) office real estate, (ii) retail real estate, (iii) multifamily residential real estate, and (iv) general contracting and real estate services. The Company’s general contracting and real estate services business develops and builds properties for its own account and also provides construction and development services to both related and third parties. Reclassifications Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period's presentation. The amounts previously classified as Interest expense on indebtedness and Interest expense on finance leases for the year ended December 31, 2020 in the condensed consolidated statement of comprehensive income are now included in a single line item as Interest expense. These reclassifications had no effect on net income or stockholders' equity as previously reported. Revenue Recognition Rental Revenues The Company leases its properties under operating leases and recognizes base rents when earned on a straight-line basis over the lease term. Rental revenues include $4.9 million, $5.9 million and $3.4 million of straight-line rent adjustments for the years ended December 31, 2021, 2020, and 2019, respectively. The Company begins recognizing rental revenue when the tenant has the right to take possession of or controls the physical use of the property under lease. The extended collection period for accrued straight-line rental revenue along with the Company’s evaluation of tenant credit risk may result in the nonrecognition of all or a portion of straight-line rental revenue until the collection of substantially all such revenue for a tenant is probable. The Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. The Company recognizes leasing incentives as reductions to rental revenue on a straight-line basis over the lease term. Leasing incentive amortization was $0.7 million for each of the years ended December 31, 2021, 2020 and 2019. The Company recognizes fair value adjustments recorded at the time of lease assumption in rental income on a straight-line basis as a reduction to revenue over the remaining life of the lease or any renewal periods for which the Company determines have value at the time of acquisition. The Company recognizes cost reimbursement revenue for real estate taxes, operating expenses, and common area maintenance costs on an accrual basis during the periods in which the expenses are incurred. The Company recognizes lease termination fees either upon termination or amortizes them over any remaining lease term. General Contracting and Real Estate Services Revenues The Company recognizes general contracting revenues as a customer obtains control of promised goods or services in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. For each construction contract, the Company identifies the performance obligations, which typically include the delivery of a single building constructed according to the specifications of the contract. The Company estimates the total transaction price, which generally includes a fixed contract price and may also include variable components such as early completion bonuses, liquidated damages, or cost savings to be shared with the customer. Variable components of the contract price are included in the transaction price to the extent that it is probable that a significant reversal of revenue will not occur. The Company recognizes the estimated transaction price as revenue as it satisfies its performance obligations; the Company estimates its progress in satisfying performance obligations for each contract using the input method, based on the proportion of incurred costs relative to total estimated construction costs at completion. Construction contract costs include all direct material, direct labor, subcontract costs, and overhead costs directly related to contract performance. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, are all significant judgments that may result in revisions to costs and income and are recognized in the period in which they are determined. Additionally, the estimated costs at completion are affected by management’s forecasts of anticipated costs to be incurred and contingency reserves for exposures related to unknown costs, such as design deficiencies and subcontractor defaults. The estimated variable consideration is also affected by claims and unapproved change orders, which may result from changes in the scope of the contract. Provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined. The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. The Company recognizes real estate services revenues from property development and management as it satisfies its performance obligations under these service arrangements. The Company assesses whether multiple contracts with a single counterparty may be combined into a single contract for the revenue recognition purposes based on factors such as the timing of the negotiation and execution of the contracts and whether the economic substance of the contracts was contemplated separately or in tandem. Real Estate Investments Income producing property primarily includes land, buildings, and tenant improvements and is stated at cost. Real estate investments held for development include land. The Company reclassifies real estate investments held for development to construction in progress upon commencement of construction. Construction in progress is stated at cost. Direct and certain indirect costs clearly associated with the development, redevelopment, construction, leasing, or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred. The Company capitalizes direct and indirect project costs associated with the initial development of a property until the property is substantially complete and ready for its intended use. Capitalized project costs include pre-acquisition, development, and preconstruction costs including overhead, salaries, and related costs of personnel directly involved, real estate taxes, insurance, utilities, ground rent, and interest. Interest capitalized during the years ended December 31, 2021, 2020, and 2019 was $1.5 million, $3.6 million and $5.9 million, respectively. Overhead, salaries and related personnel costs capitalized during the years ended December 31, 2021, 2020, and 2019 were $2.1 million, $2.6 million and $3.1 million, respectively. The Company capitalizes predevelopment costs directly identifiable with specific properties when the development of such properties is probable. Capitalized predevelopment costs are presented within other assets in the consolidated balance sheets. Land for which development activities have not yet commenced are presented separately as land held for development in the consolidated balance sheets. Capitalized predevelopment costs as of December 31, 2021 and 2020 were $8.3 million and $15.4 million, respectively. Costs attributable to unsuccessful projects are expensed. Income producing property is depreciated on a straight-line basis over the following estimated useful lives: Buildings 39 years Capital improvements 5—20 years Equipment 3—7 years Tenant improvements Term of the related lease (or estimated useful life, if shorter) Operating Property Acquisitions Acquisitions of operating properties have been and will generally be accounted for as acquisitions of a group of assets, with costs incurred to effect an acquisition, including title, legal, accounting, brokerage commissions, and other related costs, being capitalized as part of the cost of the assets acquired. In connection with such acquisitions, the Company identifies and recognizes all assets acquired and liabilities assumed at their relative fair values as of the acquisition date. The purchase price allocations to tangible assets, such as land, site improvements, and buildings and improvements are presented within income producing property in the consolidated balance sheets and depreciated over their estimated useful lives. Acquired lease intangible assets are presented as a separate component of assets on the consolidated balance sheets. Acquired lease intangible liabilities are presented within other liabilities in the consolidated balance sheets. The Company amortizes in-place lease assets as depreciation and amortization expense on a straight-line basis over the remaining term of the related leases. The Company amortizes above-market lease assets as reductions to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market lease liabilities as increases to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market ground lease assets as increases to amortization of right-of-use assets - finance leases expense on a straight-line basis over the remaining term of the related leases. Conversely, the Company amortizes above-market ground lease assets as decreases to amortization of right-of-use assets - finance leases expense on a straight-line basis over the remaining term of the related leases. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement, as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach. The approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of the structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time. The value of current leases relative to market-rate leases is based on market rents obtained for comparable leases. Given the significance of unobservable inputs used in the valuation of acquired real estate assets, the Company classifies them as Level 3 inputs in the fair value hierarchy. The Company values debt assumed in connection with operating property acquisitions based on a discounted cash flow analysis of the expected cash flows of the debt. Such analysis considers the contractual terms of the debt, including the period to maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs in the fair value hierarchy. Real Estate Sales The Company accounts for the sale of real estate assets and any related gain in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions other than retail land sales. The Company recognizes the sale and associated gain or loss once it transfers control of the real estate asset and the Company does not have significant continuing involvement. Real Estate Investments Held for Sale Real estate assets classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. Once a property is classified as held for sale, it is no longer depreciated. A property is classified as held for sale when: (i) senior management commits to a plan to sell the property, (ii) the property is available for immediate sale in its present condition, subject only to conditions usual and customary for such sales, (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated, (iv) the sale is expected to be completed within one year, (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. As of December 31, 2021, Hoffler Place and Summit Place were classified as held for sale. As of December 31, 2020, the 7-Eleven outparcel at Hanbury Village and a land parcel adjacent to Nexton Square were classified as held for sale. Impairment of Long Lived Assets The Company evaluates its real estate assets for impairment on a property-by-property basis whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If such an evaluation is necessary, the Company compares the carrying amount of any such real estate asset with the undiscounted expected future cash flows that are directly associated with, and that are expected to arise as a direct result of, its use and eventual disposition. If the carrying amount of a real estate asset exceeds the associated estimate of undiscounted expected future cash flows, an impairment loss is recognized to reduce the real estate asset’s carrying value to its fair value. The impairment charges recognized during the year ended December 31, 2021 primarily relate to the $3.0 million impairment of Socastee Commons, which was sold during the year ended December 31, 2021, and the $18.3 million impairment of Hoffler Place and Summit Place, which were classified as held for sale as of December 31, 2021. The impairment charges recognized during the years ended December 31, 2020 and December 31, 2019 represent unamortized leasing or acquired intangible assets related to vacated tenants. Interest Income Interest income on notes receivable is accrued based on the contractual terms of the loans and when it is deemed collectible. Many loans provide for accrual of interest and fees that will not be paid until maturity of the loan. Interest is recognized on these loans at the accrual rate subject to the determination that accrued interest and fees are ultimately collectible, based on the underlying collateral and the status of development activities, as applicable. If this determination cannot be made, recognition of interest income may be fully or partially deferred until it is ultimately paid. Cash and Cash Equivalents Cash and cash equivalents include demand deposits, investments in money market funds, and investments with an original maturity of three months or less. Restricted Cash Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements. Accounts Receivable, net Accounts receivable include amounts from tenants for base rents, contingent rents, and cost reimbursements as well as accrued straight-line rental revenue. As of December 31, 2021 and 2020, accrued straight-line rental revenue presented within accounts receivable in the consolidated balance sheets was $24.7 million and $21.3 million, respectively. The Company’s evaluation of the collectability of accounts receivable and the adequacy of the allowance for doubtful accounts is based primarily upon evaluations of individual accounts receivable, current economic conditions, historical experience, and other relevant factors. The Company establishes a reserve for any receivable associated with a tenant when collection of substantially all operating lease payments for a tenant is not probable. As of both December 31, 2021 and 2020, the allowance for doubtful accounts was $0.4 million. The Company reflects these amounts as a component of rental income on the consolidated statements of comprehensive income. Notes Receivable and Allowance for Loan Losses Notes receivable primarily represent financing to third parties in the form of mezzanine loans or preferred equity investments for the development of new real estate. The Company's mezzanine loans are typically made to borrowers who have little or no equity in the underlying development projects. Mezzanine loans are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. The loans generally have junior liens on the respective real estate projects. The Company’s allowance for loan losses on notes receivable is evaluated using risk ratings that correspond to probabilities of default and loss given default. Risk ratings are determined for each loan after consideration of progress of development activities, including leasing activities, projected development costs, and current and projected mezzanine and senior loan balances. 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. At the end of each reporting period, the Company measures expected credit losses to be incurred over the remaining contractual term based on the risk rating of each loan. If a loan is rated as substandard, the Company then estimates expected credit losses as the difference between the amortized cost basis of the outstanding loan and the estimated projected sales proceeds of the underlying collateral. Changes to the allowance for loan losses resulting from quarterly evaluations are recorded through provision for unrealized credit losses on the consolidated statements of comprehensive income. The Company's loans typically include commitments to fund incremental proceeds to the borrowers over the life of the loan, which future funding commitments are also subject to the current expected credit losses model. The current expected credit losses provision related to future loan fundings is recorded as a component of Other Liabilities on the Company's consolidated balance sheet. This provision is estimated using the same process outlined above for the Company's outstanding loan balances, and changes in this component of the provision will similarly impact the Company's consolidated net income. For both the funded and unfunded portions of the Company's loans, the Company consider the risk rating of each loan as the primary credit quality indicator underlying its assessment. The Company places loans on nonaccrual status when the loan balance, together with the balance of any senior loans, approximately equals the estimated realizable value of the underlying development project. Guarantees The Company measures and records a liability for the fair value of its guarantees on a nonrecurring basis upon issuance using Level 3 internally-developed inputs. These guarantees typically relate to payments that could be required of the Company to senior lenders on its mezzanine loan investments. The Company bases its estimated fair value on the market approach, which compares the guarantee terms and credit characteristics of the underlying development project to other projects for which guarantee pricing terms are available. The offsetting entry for the guarantee liability is a premium on the related loan receivable. The liability is amortized on a straight-line basis over the remaining term of the loan. On a quarterly basis, the Company assesses the likelihood of a contingent liability in connection with these guarantees and will record an additional guarantee liability if the unamortized guarantee liability is insufficient. Leasing Costs Commissions paid by the Company to third parties to originate a lease are deferred and amortized as depreciation and amortization expense on a straight-line basis over the term of the related lease. Leasing costs are presented within other assets in the consolidated balance sheets. Leasing Incentives Incentives paid by the Company to tenants are deferred and amortized as reductions to rental revenues on a straight-line basis over the term of the related lease. Leasing incentives are presented within other assets in the consolidated balance sheets. Debt Issuance Costs Financing costs are deferred and amortized as interest expense using the effective interest method over the term of the related debt. Debt issuance costs are presented as a direct deduction from the carrying value of the associated debt liability in the consolidated balance sheets. Derivative Financial Instruments The Company may enter into interest rate derivatives to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. The Company recognizes derivative financial instruments at fair value and presents them within other assets and liabilities in the consolidated balance sheets. Gains and losses resulting from changes in the fair value of derivatives that are neither designated nor qualify as hedging instruments are recognized within the change in fair value of derivatives and other caption in the consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. Stock-Based Compensation The Company measures the compensation cost of restricted stock awards based on the grant date fair value. The Company recognizes compensation cost for the vesting of restricted stock awards using the accelerated attribution method. Compensation cost associated with the vesting of restricted stock awards is presented within either general and administrative expenses or general contracting and real estate services expenses in the consolidated statements of comprehensive income. Stock-based compensation for personnel directly involved in the construction and development of a property is capitalized. The effect of forfeitures of awards is recorded as they occur. Income Taxes The Company has elected to be taxed as a REIT for U.S. federal income tax purposes. For continued qualification as a REIT for federal income tax purposes, the Company must meet certain organizational and operational requirements, including a requirement to pay distributions to stockholders of at least 90% of annual taxable income, excluding net capital gains. As a REIT, the Company generally is not subject to income tax on net income distributed as dividends to stockholders. The Company is subject to state and local income taxes in some jurisdictions and, in certain circumstances, may also be subject to federal excise taxes on undistributed income. In addition, certain of the Company’s activities must be conducted by subsidiaries that have elected to be treated as a taxable REIT subsidiary ("TRS") subject to both federal and state income taxes. The Operating Partnership conducts its development and construction businesses through the TRS. The related income tax provision or benefit attributable to the profits or losses of the TRS and any taxable income of the Company is reflected in the consolidated financial statements. The Company uses the liability method of accounting for deferred income tax in accordance with GAAP. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the carrying value of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the statutory rates expected to be applied in the periods in which those temporary differences are settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change. A valuation allowance is recorded on the Company’s deferred tax assets when it is more likely than not that such assets will not be realized. When evaluating the realizability of the Company’s deferred tax assets, all evidence, both positive and negative, is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings. Under GAAP, the amount of tax benefit to be recognized is the amount of benefit that is more likely than not to be sustained upon examination. Management analyzes its tax filing positions in the U.S. federal, state and local jurisdictions where it is required to file income tax returns for all open tax years. If, based on this analysis, management determines that uncertainties in tax positions exist, a liability is established. The Company recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction to the provision for income taxes. Discontinued Operations Disposals representing a strategic shift that has or will have a major effect on the Company’s operations and financial results are reported as discontinued operations. Net Income Per Share The Company calculates net income per share based upon the weighted average shares outstanding. Diluted net income per share is calculated after giving effect to all significant potential dilutive shares outstanding during the period. Potential dilutive shares outstanding during the period include unvested restricted stock awards. However, there were no significant potential dilutive shares outstanding for each of the three years ended December 31, 2021, 2020, and 2019. As a result, basic and diluted outstanding shares were the same for each period presented. Recent Accounting Pronouncements Recently Issued Accounting Standards Not Yet Adopted: Reference Rate Reform In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04 Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which became effective on March 12, 2020 and generally can be applied through December 31, 2022. 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. Earnings Per Share In August 2020, the FASB issued ASU 2020-06 an update to ASC Topic 470 and ASC Topic 815, which will be effective beginning January 1, 2022. ASU 2020-06 simplifies the accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies diluted earnings per share calculation in certain areas and provides updated disclosure requirements. The Company is currently evaluating the impact of ASU 2020-06 on its consolidated financial statements.

Segments

Segments	12 Months Ended
Segments	Dec. 31, 2021
Segment Reporting [Abstract]
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 as an alternative to cash flows as a measure of liquidity. Not all companies calculate net operating income in the same manner. The Company considers net operating income to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s real estate and construction businesses. Net operating income of the Company’s reportable segments for the years ended December 31, 2021, 2020, and 2019 was as follows (in thousands): Years Ended December 31, 2021 2020 2019 Office real estate Rental revenues $ 47,363 $ 43,494 $ 33,269 Rental expenses 12,412 10,799 8,722 Real estate taxes 6,112 5,111 3,471 Segment net operating income 28,839 27,584 21,076 Retail real estate Rental revenues 78,572 73,032 77,593 Rental expenses 12,512 11,029 11,656 Real estate taxes 8,416 7,784 7,916 Segment net operating income 57,644 54,219 58,021 Multifamily residential real estate Rental revenues 66,205 49,962 40,477 Rental expenses 21,570 17,132 13,954 Real estate taxes 7,324 5,241 3,574 Segment net operating income 37,311 27,589 22,949 General contracting and real estate services Segment revenues 91,936 217,146 105,859 Segment expenses 88,100 209,472 101,538 Segment gross profit 3,836 7,674 4,321 Net operating income $ 127,630 $ 117,066 $ 106,367 Rental expenses represent costs directly associated with the operation and management of the Company’s real estate properties. Rental expenses include asset management fees, property management fees, repairs and maintenance, insurance, and utilities. General contracting and real estate services revenues for the years ended December 31, 2021, 2020, and 2019 exclude revenue related to intercompany construction contracts of $27.8 million, $26.6 million and $99.9 million, respectively, as it is eliminated in consolidation. General contracting and real estate services expenses for the years ended December 31, 2021, 2020, and 2019 exclude expenses related to intercompany construction contracts of $27.6 million, $26.3 million and $99.0 million, respectively, as it is eliminated in consolidation. The following table reconciles net operating income to net income for the years ended December 31, 2021, 2020, and 2019 (in thousands): Years Ended December 31, 2021 2020 2019 Net operating income $ 127,630 $ 117,066 $ 106,367 Depreciation and amortization (68,853) (59,972) (54,564) Amortization of right-of-use assets - finance leases (1,022) (586) (377) General and administrative expenses (14,610) (12,905) (12,392) Acquisition, development and other pursuit costs (112) (584) (844) Impairment charges (21,378) (666) (252) Gain on real estate dispositions 19,040 6,388 4,699 Interest income 18,457 19,841 23,215 Interest expense (33,905) (31,035) (31,344) Loss on extinguishment of debt (3,810) — (30) Equity in income of unconsolidated real estate entities — — 273 Change in fair value of derivatives and other 2,182 (1,130) (3,599) Unrealized credit loss release (provision) 792 (256) — Other income (expense), net 302 515 615 Income tax benefit 742 283 491 Net income $ 25,455 $ 36,959 $ 32,258

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2021
Leases [Abstract]
Leases	Leases Lessee Disclosures As a lessee, the Company has eight ground leases on seven properties. These ground leases have maximum lease terms (including renewal options) that expire between 2074 and 2117. 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. Five of these leases have been classified as operating leases and three 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. The components of lease cost for the years ended December 31, 2021, 2020, and 2019 were as follows (in thousands): Years Ended December 31, 2021 2020 2019 Operating lease cost (a) $ 2,448 $ 2,626 $ 2,700 Finance lease cost: Amortization of right-of-use assets (a) 1,022 586 369 Interest on lease liabilities 2,251 915 568 ________________________________________ (a) Includes amortization of above & below-market ground lease intangible assets. The table below presents supplemental cash flow information related to leases during the years ended December 31, 2021, 2020, and 2019 (in thousands): Years Ended December 31, 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,085 $ 2,113 $ 1,969 Operating cash flows from finance leases 1,986 864 533 Additional information related to leases as of December 31, 2021 and 2020 were as follows: December 31, 2021 2020 Weighted Average Remaining Lease Term (years) Operating leases 36.7 44.5 Finance leases 43.7 40.2 Weighted Average Discount Rate Operating leases 5.5 % 5.4 % Finance leases 5.7 % 5.2 % The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount. Year Ending December 31, Operating Leases Finance Leases (in thousands) 2022 $ 1,789 $ 2,217 2023 1,845 2,311 2024 1,881 2,326 2025 1,897 2,363 2026 1,882 2,368 Thereafter 68,385 126,685 Total undiscounted cash flows 77,679 138,270 Present value discount (46,031) (92,110) Discounted cash flows $ 31,648 $ 46,160 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 Rental revenue for the years ended December 31, 2021, 2020, and 2019 comprised the following (in thousands): Years Ended December 31, 2021 2020 2019 Base rent and tenant charges $ 186,137 $ 159,747 $ 147,309 Accrued straight-line rental adjustment 4,938 5,927 3,402 Lease incentive amortization (660) (693) (739) Below/(above) market lease amortization 1,725 1,507 1,367 Total rental revenue $ 192,140 $ 166,488 $ 151,339 The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2022 $ 104,222 2023 101,071 2024 92,780 2025 79,645 2026 71,447 Thereafter 328,359 Total $ 777,524
Leases	Leases Lessee Disclosures As a lessee, the Company has eight ground leases on seven properties. These ground leases have maximum lease terms (including renewal options) that expire between 2074 and 2117. 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. Five of these leases have been classified as operating leases and three 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. The components of lease cost for the years ended December 31, 2021, 2020, and 2019 were as follows (in thousands): Years Ended December 31, 2021 2020 2019 Operating lease cost (a) $ 2,448 $ 2,626 $ 2,700 Finance lease cost: Amortization of right-of-use assets (a) 1,022 586 369 Interest on lease liabilities 2,251 915 568 ________________________________________ (a) Includes amortization of above & below-market ground lease intangible assets. The table below presents supplemental cash flow information related to leases during the years ended December 31, 2021, 2020, and 2019 (in thousands): Years Ended December 31, 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,085 $ 2,113 $ 1,969 Operating cash flows from finance leases 1,986 864 533 Additional information related to leases as of December 31, 2021 and 2020 were as follows: December 31, 2021 2020 Weighted Average Remaining Lease Term (years) Operating leases 36.7 44.5 Finance leases 43.7 40.2 Weighted Average Discount Rate Operating leases 5.5 % 5.4 % Finance leases 5.7 % 5.2 % The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount. Year Ending December 31, Operating Leases Finance Leases (in thousands) 2022 $ 1,789 $ 2,217 2023 1,845 2,311 2024 1,881 2,326 2025 1,897 2,363 2026 1,882 2,368 Thereafter 68,385 126,685 Total undiscounted cash flows 77,679 138,270 Present value discount (46,031) (92,110) Discounted cash flows $ 31,648 $ 46,160 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 Rental revenue for the years ended December 31, 2021, 2020, and 2019 comprised the following (in thousands): Years Ended December 31, 2021 2020 2019 Base rent and tenant charges $ 186,137 $ 159,747 $ 147,309 Accrued straight-line rental adjustment 4,938 5,927 3,402 Lease incentive amortization (660) (693) (739) Below/(above) market lease amortization 1,725 1,507 1,367 Total rental revenue $ 192,140 $ 166,488 $ 151,339 The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2022 $ 104,222 2023 101,071 2024 92,780 2025 79,645 2026 71,447 Thereafter 328,359 Total $ 777,524
Leases	Leases Lessee Disclosures As a lessee, the Company has eight ground leases on seven properties. These ground leases have maximum lease terms (including renewal options) that expire between 2074 and 2117. 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. Five of these leases have been classified as operating leases and three 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. The components of lease cost for the years ended December 31, 2021, 2020, and 2019 were as follows (in thousands): Years Ended December 31, 2021 2020 2019 Operating lease cost (a) $ 2,448 $ 2,626 $ 2,700 Finance lease cost: Amortization of right-of-use assets (a) 1,022 586 369 Interest on lease liabilities 2,251 915 568 ________________________________________ (a) Includes amortization of above & below-market ground lease intangible assets. The table below presents supplemental cash flow information related to leases during the years ended December 31, 2021, 2020, and 2019 (in thousands): Years Ended December 31, 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,085 $ 2,113 $ 1,969 Operating cash flows from finance leases 1,986 864 533 Additional information related to leases as of December 31, 2021 and 2020 were as follows: December 31, 2021 2020 Weighted Average Remaining Lease Term (years) Operating leases 36.7 44.5 Finance leases 43.7 40.2 Weighted Average Discount Rate Operating leases 5.5 % 5.4 % Finance leases 5.7 % 5.2 % The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount. Year Ending December 31, Operating Leases Finance Leases (in thousands) 2022 $ 1,789 $ 2,217 2023 1,845 2,311 2024 1,881 2,326 2025 1,897 2,363 2026 1,882 2,368 Thereafter 68,385 126,685 Total undiscounted cash flows 77,679 138,270 Present value discount (46,031) (92,110) Discounted cash flows $ 31,648 $ 46,160 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 Rental revenue for the years ended December 31, 2021, 2020, and 2019 comprised the following (in thousands): Years Ended December 31, 2021 2020 2019 Base rent and tenant charges $ 186,137 $ 159,747 $ 147,309 Accrued straight-line rental adjustment 4,938 5,927 3,402 Lease incentive amortization (660) (693) (739) Below/(above) market lease amortization 1,725 1,507 1,367 Total rental revenue $ 192,140 $ 166,488 $ 151,339 The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2022 $ 104,222 2023 101,071 2024 92,780 2025 79,645 2026 71,447 Thereafter 328,359 Total $ 777,524

Real Estate Investments and Equ

Real Estate Investments and Equity Method Investments	12 Months Ended
Real Estate Investments and Equity Method Investments	Dec. 31, 2021
Real Estate [Abstract]
Real Estate Investments and Equity Method Investments	Real Estate Investments and Equity Method Investment The Company’s real estate investments comprised the following as of December 31, 2021 and 2020 (in thousands): December 31, 2021 Income producing property Held for development Construction in progress Total Land $ 256,728 $ 6,294 $ 12,513 $ 275,535 Land improvements 65,565 — — 65,565 Buildings and improvements 1,336,316 — — 1,336,316 Development and construction costs — — 60,022 60,022 Real estate investments $ 1,658,609 $ 6,294 $ 72,535 $ 1,737,438 December 31, 2020 Income producing property Held for development Construction in progress Total Land $ 261,984 $ 13,607 $ 5,200 $ 280,791 Land improvements 61,275 — — 61,275 Buildings and improvements 1,357,684 — — 1,357,684 Development and construction costs — — 58,167 58,167 Real estate investments $ 1,680,943 $ 13,607 $ 63,367 $ 1,757,917 2021 Operating Property Acquisitions On February 26, 2021, the Company acquired Delray Beach Plaza, a Whole Foods-anchored retail property located in Delray Beach, Florida, for a contract price of $27.6 million plus capitalized transaction costs of $0.2 million. The developer of this property repaid the Company's mezzanine note receivable of $14.3 million at the time of the acquisition. On June 28, 2021, the Company purchased the remaining 7.5% ownership interest in Hoffler Place for a cash payment of $0.3 million. On June 28, 2021, the Company purchased the remaining 10% ownership interest in Summit Place for a cash payment of $0.5 million. On July 28, 2021, the Company acquired Overlook Village, a retail center in Asheville, North Carolina, for a contract price of $28.3 million plus capitalized acquisition costs of $0.1 million. On August 24, 2021, the Company acquired Greenbrier Square, a Kroger-anchored retail center in Chesapeake, Virginia, for total consideration of $36.5 million plus capitalized acquisition costs of $0.3 million. As a part of this acquisition, the Company assumed a note payable of $20.0 million. 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 three operating properties purchased during the year ended December 31, 2021 (in thousands): Delray Beach Plaza Overlook Village Greenbrier Square Land $ — $ 6,328 $ 8,549 Site improvements 4,607 1,727 1,974 Building and improvements 22,544 18,375 19,196 In-place leases 7,209 3,997 6,659 Above-market leases — 81 1,753 Below-market leases (3,121) (2,146) (1,365) Finance lease liabilities (27,940) — — Finance lease right-of-use assets 24,466 — — Fair value adjustment on acquired debt — — 11 Net assets acquired $ 27,765 $ 28,362 $ 36,777 2020 Operating Property Acquisitions In June 2020, the Company exercised its option to purchase the remaining 21.0% 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 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. On October 1, 2020, the Company acquired Edison Apartments, a multifamily property located in downtown Richmond, Virginia, for consideration comprised of 633,734 Class A Units (as defined below), the assumption of a $16.4 million loan payable, and the assumption of $1.1 million in other assets and liabilities. The seller of the property was a partnership that includes several members from the Company's management team and board of directors. On October 30, 2020, the Company acquired 79.0% 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 Company assumed an $83.4 million senior loan as part of this acquisition, which was immediately refinanced with a new $84.4 million loan. This refinanced loan 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. Due to a preferred return that we receive on this investment, no value was assigned to our partner's investment in this property at the time of the acquisition. The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired and intangible liabilities assumed for the three operating properties acquired during the year ended December 31, 2020 (in thousands): Nexton Square Edison Apartments The Residences at Annapolis Junction Land $ 9,885 $ 3,428 $ 14,774 Site improvements 3,690 — 1,786 Building and improvements 24,070 18,227 101,219 Furniture and fixtures — 355 1,796 In-place leases 5,239 1,882 4,079 Below-market leases (1,877) (140) — Fair value adjustment on acquired debt 364 (6) — Net assets acquired $ 41,371 $ 23,746 $ 123,654 2019 Operating Property Acquisitions On February 6, 2019, the Company acquired an additional outparcel of Wendover Village in Greensboro, North Carolina for a contract price of $2.7 million plus capitalized acquisition costs of $0.1 million. This outparcel is leased to a single tenant. On March 14, 2019, the Company acquired the office and retail portions of the One City Center project in Durham, North Carolina in exchange for a redemption of its 37% equity ownership in the joint venture with Austin Lawrence Partners, which totaled $23.0 million as of the acquisition date, and a cash payment of $23.2 million. The Company also incurred capitalized acquisition costs of $0.1 million. On April 24, 2019, the Company exercised its option to purchase 79% of the interests in the partnership that owns 1405 Point in exchange for extinguishing the Company's $31.3 million note receivable on the project, making a cash payment of $0.3 million, and assuming a loan payable of $64.9 million, which was recorded at its fair value of $65.8 million. The Company also incurred capitalized acquisition costs of $0.1 million. On May 23, 2019, the Company acquired Red Mill Commons and Marketplace at Hilltop from Venture Realty Group for consideration comprised of 4.1 million Class A units of limited partnership interest in the Operating Partnership ("Class A Units" or "OP Units"), the assumption of $35.7 million of mortgage debt principal, and $4.5 million in cash. The negotiated price was $105.0 million, which contemplated the price of the Company's common stock of $15.55 per share when the purchase and sale agreement was executed. The aggregate acquisition cost was $109.3 million, which consisted of 4.1 million Class A Units valued at $68.1 million (using the price of the Company's common stock of $16.50 on the date of the acquisition), mortgage debt valued at $35.6 million, cash consideration of $4.5 million, and capitalized acquisition costs of $1.1 million. In connection with the acquisition, the Company and the Operating Partnership entered into a tax protection agreement with the contributors pursuant to which the Company and the Operating Partnership agreed, subject to certain exceptions, to indemnify the contributors for up to 10 years against certain tax liabilities incurred by them, if such liabilities result from a transaction involving a direct or indirect taxable disposition of either or both of these properties or if the Operating Partnership fails to maintain and allocate to the contributors for taxation purposes minimum levels of Operating Partnership liabilities. On June 26, 2019, the Company acquired Thames Street Wharf, a Class A office building located in the Harbor Point development of Baltimore, Maryland, for $101.0 million in cash and $0.3 million of capitalized acquisition costs. The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired and intangible liabilities assumed for the six operating properties acquired during the year ended December 31, 2019 (in thousands): Wendover Village outparcel One City Center 1405 Point Red Mill Commons Marketplace at Hilltop Thames Street Wharf Land $ 1,633 $ 2,678 $ — (a) $ 44,252 $ 2,023 (b) $ 15,861 Site improvements 50 163 298 2,558 691 150 Building and improvements 888 28,039 92,866 27,790 19,195 64,539 Furniture and fixtures — — 2,302 — — — In-place leases 101 15,140 3,371 9,973 4,565 24,385 Above-market leases 111 — — 1,463 599 — Below-market leases — — — (6,221) (1,136) (3,636) Finance lease liabilities — — (8,671) — (9,200) — Finance lease right-of-use assets — — 11,730 (a) — 12,770 (b) — Net assets acquired $ 2,783 $ 46,020 $ 101,896 $ 79,815 $ 29,507 $ 101,299 ________________________________________ (a) Land is subject to a ground lease. (b) Portion of land is subject to a ground lease. Other 2021 Real Estate Transactions On January 4, 2021, the Company completed the sale of the 7-Eleven outparcel at Hanbury Village for a sales price of $2.9 million. The gain on disposition was $2.4 million. On January 14, 2021, the Company completed the sale of a land outparcel at Nexton Square for a sale price of $0.9 million. There was no gain or loss on the disposition. In conjunction with the sale, the Company paid down the Nexton Square loan by $0.8 million. On March 16, 2021, the Company completed the sale of Oakland Marketplace for a sale price of $5.5 million. The gain on disposition was $1.1 million. On March 18, 2021, the Company completed the sale of easement rights at Courthouse 7-Eleven for a sale price of $0.3 million. The gain on disposition was $0.2 million. During the three months ended March 31, 2021, the Company recognized impairment of real estate of $3.0 million related to the Socastee Commons shopping center in Myrtle Beach, South Carolina. The Company anticipated a decline in cash flows due to the expiration of the anchor tenant lease. The Company had not re-leased the anchor tenant space and had determined that it was not probable that this space would be leased at rates sufficient to recover the Company’s investment in the property. The Company recorded an impairment loss equal to the excess of the book value of the property’s assets over the estimated fair value of the property during the first quarter of 2021. On August 25, 2021, the Company completed the sale of Socastee Commons for a price of $3.8 million. The loss on disposition was $0.1 million. On October 28, 2021 the Company completed the sale of Courthouse 7-Eleven for a sale price of $3.1 million. The gain on disposition was $1.1 million. On November 16, 2021 the Company completed the sale of Johns Hopkins Village for a sale price of $75.0 million. The gain on disposition was $14.4 million. On December 15, 2021, the Company completed the sale of a land parcel at Brooks Crossing for a sale price of $0.5 million. The loss recognized upon disposition was immaterial. During the three months ended December 31, 2021, the Company classified the Hoffler Place and Summit Place student-housing properties in real estate investments held for sale. During the three months ended December 31, 2021, the Company recognized impairment of real estate of $18.3 million related to the properties to record the properties at their fair values less costs to sell. The fair values of the properties were based on signed purchase and sale agreements. Other 2020 Real Estate Transactions 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 had an 80% interest in 10th 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 was responsible for funding the equity requirements of this development, including the $6.3 million purchase of the land. Management has concluded that this entity was a VIE as it lacked sufficient equity to fund its operations without additional financial support. The Company was the developer of the project and had the power to direct the activities of the project that most significantly impacted its financial performance. Therefore, the Company was the project's primary beneficiary and consolidated the Tryon Partnership in its consolidated financial statements. On January 14, 2022, the Company acquired the remaining 20% ownership interest in the partnership. See Note 19 for additional information. 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 financial performance. Therefore, the Company is the project's primary beneficiary and consolidates the Chronicle Partnership in its consolidated financial statements. 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 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 1, 2020, the Company completed the sale of the Walgreens outparcel at Hanbury Village. Net proceeds after the transaction costs were $7.0 million. The gain on disposition was $3.6 million. On October 2, 2020, the Company purchased the remaining 20% noncontrolling interest in the Southern Post, a 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. Other 2019 Real Estate Transactions On April 1, 2019, the Company sold Waynesboro Commons for a sale price of $1.1 million. There was no gain or loss recognized on the disposition. On August 15, 2019, the Company sold Lightfoot Marketplace for a sale price of $30.3 million. The gain on disposition was $4.5 million. In conjunction with this sale, the Company paid off the $17.9 million note payable secured by this property. The Company retained the interest rate swap associated with the note payable. On October 15, 2019, the Company entered into an operating agreement with a partner to develop the Southern Post, a mixed-use project in Roswell, Georgia. The Company has an 80% interest in the partnership. On October 25, 2019, the partnership, 1023 Roswell, LLC, purchased land for a purchase price of $5.0 million in cash for this project. The Company is responsible for funding the equity requirements of this development, including the $5.0 million purchase of the land. Management has concluded that this entity is a VIE as it lacks sufficient equity to fund its operations without additional financial support. The Company is the developer of the project and has the power to direct the activities of the project that most significantly impact its performance and is the party most closely associated with the project. Therefore, the Company is the project's primary beneficiary and consolidates the project in its consolidated financial statements. Equity Method Investment Harbor Point Parcel 3 The Company owns a 50% interest in Harbor Point Parcel 3, a joint venture with Beatty Development Group, for purposes of developing T. Rowe Price's new global headquarters office building in Baltimore, Maryland. The Company is a noncontrolling partner in the joint venture and will serve as the project's general contractor. During the year ended December 31, 2021, the Company invested $11.6 million in Harbor Point Parcel 3. The Company has an estimated equity commitment of $30.0 million relating to this project. As of December 31, 2021 the carrying value of the Company's investment in Harbor Point Parcel 3 was $12.7 million. For the year ended December 31, 2021, Harbor Point Parcel 3 had no operating activity, and therefore the Company received no allocated income. Based on the terms of the operating agreement, the Company has concluded that Harbor Point Parcel 3 is a VIE and that the Company holds a variable interest. The Company does not have the power to direct the activities of the project that most significantly impact its performance. Accordingly, the Company is not the project’s primary beneficiary and, therefore, does not consolidate Harbor Point Parcel 3 in its consolidated financial statements. The Company has significant influence over the project due to its 50% ownership as well as certain rights and responsibilities relating to the development project. The Company's investment in the project is recorded as an equity method investment in the consolidated balance sheets.

Notes Receivable and Allowance

Notes Receivable and Allowance for Loan Losses	12 Months Ended
Notes Receivable and Allowance for Loan Losses	Dec. 31, 2021
Receivables [Abstract]
Notes Receivable and Allowance for Loan Losses	Notes Receivable and Allowance for Loan Losses Notes Receivable The Company had the following loans receivable outstanding as of December 31, 2021 and December 31, 2020 ($ in thousands): Outstanding loan amount (a) Maximum loan commitment Interest rate Interest compounding Development Project December 31, 2021 December 31, 2020 Delray Beach Plaza $ — $ 14,289 $ 17,000 15.0 % (b) Annually Interlock Commercial 95,379 85,318 107,000 15.0 % (c) None Nexton Multifamily 23,567 — 22,315 11.0 % Annually Solis Apartments at Interlock — 28,969 41,100 13.0 % Annually Total mezzanine 118,946 128,576 $ 187,415 Other notes receivable 7,234 6,809 Notes receivable guarantee premium 1,243 2,631 Allowance for credit losses (994) (2,584) Total notes receivable $ 126,429 $ 135,432 _______________________________________ (a) Outstanding loan amounts include any accrued and unpaid interest, as applicable. (b) Loan was placed on nonaccrual status effective April 1, 2020. (c) $3.0 million of this loan is subject to an interest rate of 18%. Interest on the mezzanine loans and preferred equity is accrued and funded utilizing the interest reserves for each loan, which are components of the respective maximum loan commitments, and such accrued interest is added to the loan receivable balances. The Company recognized interest income for the years ended December 31, 2021, 2020, and 2019 as follows (in thousands): Years Ended December 31, Development Project 2021 2020 2019 1405 Point $ — $ — $ 783 The Residences at Annapolis Junction — 2,468 (a)(b) 8,776 (b) North Decatur Square — — 1,509 Delray Beach Plaza — 489 (a) 1,622 Nexton Square — 1,177 1,962 Interlock Commercial 12,769 (c) 12,267 (c) 6,142 (c) Nexton Multifamily 1,252 — — Solis Apartments at Interlock 4,005 (d) 3,382 2,333 Total mezzanine 18,026 19,783 23,127 Other interest income 431 58 88 Total interest income $ 18,457 $ 19,841 $ 23,215 ________________________________________ (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. Additionally, the 2020 and 2019 amounts include $1.5 million and $0.5 million, respectively, of interest income recognition relating to an exit fee that was due upon repayment of the loan. (c) The amounts of 2021, 2020 and 2019 include $2.0 million, $2.3 million and $0.6 million, respectively, of interest income recognition relating to an exit fee that is due upon repayment of the loan. (d) Includes prepayment premium of $2.4 million from early payoff of the loan. Delray Beach Plaza On October 27, 2017, the Company invested in the development of an estimated $20.0 million Whole Foods-anchored center located in Delray Beach, Florida. The Company's investment was in the form of a mezzanine loan of up to $13.1 million to the developer, Delray Plaza Holdings, LLC ("DPH"). The Company has agreed to guarantee payment of up to $4.8 million of the senior construction loan. On January 8, 2019, this loan was modified to increase the maximum amount of the loan to $15.0 million and the payment guarantee amount increased to $5.2 million. The mezzanine loan bears interest at a rate of 15.0% per annum. During 2020, the Delray Beach Plaza loan was modified to (i) 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, (ii) extend the maturity date to April 1, 2020, and (iii) require the borrower to tender 125,843 Class A Units that were pledged as collateral for this loan and establish a $2.5 million reserve account to be used for certain unpaid development project costs. On February 26, 2021, the Company acquired Delray Beach Plaza, a Whole Foods-anchored retail property located in Delray Beach, Florida for a contract price of $27.6 million plus capitalized transaction costs of $0.2 million. The developer of this property repaid the Company's mezzanine note receivable of $14.3 million at the time of the acquisition, which consisted of $12.3 million of principal and $2.0 million of accrued interest. Interlock Commercial In October 2018, the Company financed a bridge loan with a maximum commitment of $4.0 million to The Interlock, LLC ("Interlock"), the developer of the office and retail components of The Interlock, a new mixed-use public-private partnership with Georgia Tech in West Midtown Atlanta. This loan was subsequently modified as described below. On December 21, 2018, the Company entered into a mezzanine loan agreement with Interlock for a maximum principal amount of $67.0 million and a total maximum commitment, including accrued interest reserves, of $95.0 million. The previous loan was repaid from proceeds of the mezzanine loan. The mezzanine loan bears interest at a rate of 15.0% per annum and matures at the earlier of (i) 24 months after the original maturity date or earlier termination date of the senior construction loan or (ii) any sale, transfer, or refinancing of the project. In the event that the maturity date is established as being 24 months after the original maturity date or earlier termination date of the senior construction loan, Interlock will have the right to extend the maturity date for 5 years. On April 19, 2019, the borrower executed its senior construction loan, and the Company's payment guarantee of up to $30.7 million became effective. See Note 15 for additional information. See Note 18 for additional discussion. 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 subsequently decided to forego development of these townhome units. The borrower also modified the senior construction loan on the project. On October 2, 2020, the Interlock Commercial loan was modified to decrease the exit fee, subject to the satisfaction of certain conditions. As a result, the exit fee for this loan may range from $6.5 million to $7.5 million. The Company has reduced its estimate of exit fees to be collected to $6.5 million and prospectively adjusted the recognition of the exit fee in interest income. The Company has recognized $4.9 million of this fee as of December 31, 2021. In March 2021, the Company loaned an additional $7.5 million as part of the Interlock Commercial loan to fund project costs due to an additional equity requirement to reduce the senior loan. In September 2021, the loan was modified to increase the maximum loan commitment to $107.0 million, including $70.1 million of principal, and to modify and clarify certain rights and responsibilities under the loan. Management has concluded that this entity is a VIE. Because Interlock is the developer of The Interlock, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements. Nexton Multifamily On April 1, 2021, the Company entered into a $22.3 million preferred equity investment for the development of a multifamily property located in Summerville, South Carolina, adjacent to the Company's Nexton Square property. The investment has economic terms consistent with a note receivable, including a mandatory redemption or maturity on October 1, 2026, and it is accounted for as a note receivable. The Company's investment bears interest at a rate of 11%, compounded annually. Management has concluded that this entity is a VIE. Because the other investor in the project, TP Nexton LLC, is the developer of Nexton Multifamily, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Accordingly, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements. Solis Apartments at Interlock On December 21, 2018, the Company entered into a mezzanine loan agreement with Interlock Mezz Borrower, LLC ("Solis Interlock"), the developer of Solis Apartments at Interlock, which is the apartment component of The Interlock. The mezzanine loan had a maximum principal commitment of $25.2 million and a total maximum commitment, including accrued interest reserves, of $41.1 million. The mezzanine loan bore interest at a rate of 13.0% per annum. On June 7, 2021 the borrower paid off the Solis Apartments at Interlock note receivable in full. The Company received a total of $33.0 million, which consisted of $23.2 million outstanding principal, $7.4 million of accrued interest, and a prepayment premium of $2.4 million that resulted from the early payoff of the loan. Guarantee liabilities As of December 31, 2021, the Company had an outstanding payment guarantee for the senior loan on Interlock Commercial as described above. As of December 31, 2021 and 2020, the Company has recorded a guarantee liability of $1.2 million and $2.6 million, respectively, representing the unamortized fair value. This guarantee is classified as other liabilities on the Company's consolidated balance sheets, with a corresponding adjustment to the notes receivable balance on the consolidated balance sheets. See Note 18 for additional information on the Company's outstanding guarantee. Allowance for Loan Losses The Company is exposed to credit losses primarily through its mezzanine lending activities. As of December 31, 2021, the Company had two mezzanine loans, both of which are financing 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 updated the risk ratings for each of its notes receivable as of December 31, 2021 and obtained industry loan loss data relative to these risk ratings. Each of the outstanding loans as of December 31, 2021 was "Pass" rated. The Company’s analysis resulted in an allowance for loan losses of approximately $1.0 million as of the year ended December 31, 2021. At December 31, 2021, the Company reported $126.4 million of notes receivable, net of allowances of $1.0 million. At December 31, 2020, the Company reported $135.4 million of notes receivable, net of allowances of $2.6 million. Changes in the allowance for the year ended December 31, 2021 and 2020 were as follows (in thousands): Years Ended December 31, 2021 2020 Beginning balance $ 2,584 $ — Cumulative effect of accounting change — 2,825 Unrealized credit loss provision (release) (802) 256 Extinguishment due to acquisition (788) (497) Ending balance (a) $ 994 $ 2,584 _______________________________________ (a) The amount excludes immaterial amount of the provision (release) related to the unfunded commitments, which were recorded in Other liabilities on the consolidated balance sheet During the year ended December 31, 2020, the Company placed the loans for Delray Beach Plaza and The Residences at Annapolis Junction on nonaccrual status with total amortized cost basis of $13.6 million. As a result, there was $5.1 million of interest income not recognized during the twelve months ended December 31, 2020. As of December 31, 2021, there were no loans on non-accrual status.

Construction Contracts

Construction Contracts	12 Months Ended
Construction Contracts	Dec. 31, 2021
Contractors [Abstract]
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 December 31, 2021 during the year ending December 31, 2022. Billings in excess of construction contract costs and estimated earnings represent billings or collections on contracts made in advance of revenue recognized. The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the year ended December 31, 2021 and 2020 (in thousands): Year ended December 31, 2021 Year ended December 31, 2020 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 $ 138 $ 6,088 $ 249 $ 5,306 Revenue recognized that was included in the balance at the beginning of the period — (6,088) — (5,306) Increases due to new billings, excluding amounts recognized as revenue during the period — 6,237 — 6,244 Transferred to receivables (714) — (545) — Construction contract costs and estimated earnings not billed during the period 243 — 138 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion 576 (1,356) 296 (156) Ending balance $ 243 $ 4,881 $ 138 $ 6,088 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 $2.2 million and $1.7 million were deferred as of December 31, 2021 and 2020, respectively. Amortization of pre-contract costs for the years ended December 31, 2021 and 2020 was $0.3 million and $0.8 million, respectively. Construction receivables and payables include retentions, which are amounts that are generally withheld until the completion of the contract or the satisfaction of certain restrictive conditions such as fulfillment guarantees. As of December 31, 2021 and 2020, construction receivables included retentions of $3.1 million and $17.1 million, respectively. The Company expects to collect substantially all construction receivables as of December 31, 2021 during the year ending December 31, 2022. As of December 31, 2021 and 2020, construction payables included retentions of $4.2 million and $17.7 million, respectively. The Company expects to pay substantially all construction payables as of December 31, 2021 during the year ending December 31, 2022. The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Costs incurred on uncompleted construction contracts $ 379,993 $ 461,725 Estimated earnings 15,115 13,205 Billings (399,746) (480,880) Net position $ (4,638) $ (5,950) Construction contract costs and estimated earnings in excess of billings $ 243 $ 138 Billings in excess of construction contract costs and estimated earnings (4,881) (6,088) Net position $ (4,638) $ (5,950) The Company's balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) for each of the three years ended December 31, 2021, 2020 and 2019 were as follows (in thousands): Years Ended December 31, 2021 2020 2019 Beginning backlog $ 71,258 $ 242,622 $ 165,863 New contracts/change orders 236,077 45,882 182,495 Work performed (91,816) (217,246) (105,736) Ending backlog $ 215,519 $ 71,258 $ 242,622

Indebtedness

Indebtedness	12 Months Ended
Indebtedness	Dec. 31, 2021
Debt Disclosure [Abstract]
Indebtedness	Indebtedness The Company’s indebtedness comprised the following as of December 31, 2021 and 2020 (dollars in thousands): Principal Balance Interest Rate (a) Maturity Date December 31, December 31, 2021 2020 2021 Secured Debt Socastee Commons (b) $ — $ 4,458 4.57% January 6, 2023 Johns Hopkins Village (c) — 50,859 LIBOR+ 1.25% August 7, 2025 Red Mill West 10,386 10,851 4.23% June 1, 2022 Marketplace at Hilltop 9,706 10,120 4.42% October 1, 2022 1405 Point 52,286 53,000 LIBOR+ 2.25% January 1, 2023 Nexton Square 20,107 22,909 LIBOR+ 2.25% February 1, 2023 Wills Wharf 64,288 59,044 LIBOR+ 2.25% June 26, 2023 249 Central Park Retail (d) 16,352 16,597 LIBOR+ 1.60% (e) August 10, 2023 Fountain Plaza Retail (d) 9,841 9,988 LIBOR+ 1.60% (e) August 10, 2023 South Retail (d) 7,179 7,287 LIBOR+ 1.60% (e) August 10, 2023 Hoffler Place (f)(g) 18,400 18,400 LIBOR+ 2.60% January 1, 2024 Summit Place (f)(g) 23,100 23,100 LIBOR+ 2.60% January 1, 2024 One City Center 24,084 24,712 LIBOR+ 1.85% April 1, 2024 Chronicle Mill (h) — — LIBOR+ 3.00% May 5, 2024 Red Mill Central 2,188 2,363 4.80% June 17, 2024 Gainesville Apartments 18,114 — LIBOR+ 3.00% August 31, 2024 Premier Apartments (i) 16,508 16,716 LIBOR+ 1.55% October 31, 2024 Premier Retail (i) 8,131 8,241 LIBOR+ 1.55% October 31, 2024 Red Mill South 5,518 5,833 3.57% May 1, 2025 Brooks Crossing Office 14,882 15,393 LIBOR+ 1.60% July 1, 2025 Market at Mill Creek 13,142 13,789 LIBOR+ 1.55% July 12, 2025 North Point Center Note 2 1,942 2,094 7.25% September 15, 2025 Encore Apartments (j) 24,523 24,337 2.93% February 10, 2026 4525 Main Street (j) 31,476 31,231 2.93% February 10, 2026 Delray Beach Plaza 14,039 — LIBOR+ 3.00% March 8, 2026 Thames Street Wharf 70,761 70,000 BSBY+ 1.30% (e) September 30, 2026 Southgate Square 27,060 19,682 LIBOR+ 1.90% December 21, 2026 Greenbrier Square 20,000 — 3.74% October 10, 2027 Lexington Square 14,172 14,440 4.50% September 1, 2028 Red Mill North 4,189 4,294 4.73% December 31, 2028 Greenside Apartments 32,598 33,310 3.17% December 15, 2029 The Residences at Annapolis Junction 84,375 84,375 SOFR+ 2.66% November 1, 2030 Smith's Landing 16,452 17,331 4.05% June 1, 2035 Liberty Apartments 13,572 13,877 5.66% November 1, 2043 Edison Apartments 15,926 16,272 5.30% December 1, 2044 The Cosmopolitan 42,090 42,909 3.35% July 1, 2051 Total secured debt $ 747,387 $ 747,812 Unsecured debt Senior unsecured revolving credit facility $ 5,000 $ 10,000 LIBOR+ 1.30%-1.85% January 24, 2024 Senior unsecured term loan 19,500 19,500 LIBOR+ 1.25%-1.80% January 24, 2025 Senior unsecured term loan 185,500 185,500 LIBOR+ 1.25%-1.80% (e) January 24, 2025 Total unsecured debt 210,000 215,000 Total principal balances 957,387 962,812 Other notes payable (k) 10,144 10,004 Unamortized GAAP adjustments (8,621) (8,971) Loans reclassified to liabilities related to assets held for sale, net (41,354) — Indebtedness, net $ 917,556 $ 963,845 ________________________________________ (a) LIBOR, SOFR, and Bloomberg Short-Term Bank Yield Index ("BSBY") rates are determined by individual lenders. (b) On August 25, 2021 the Socastee Commons Note was paid off as part of the property sale. (c) On November 16, 2021 the Johns Hopkins Village Note was paid off. (d) Cross collateralized. (e) Includes debt subject to interest rate swap agreements. (f) Cross collateralized. (g) Held for sale as of December 31, 2021. (h) No funding on the construction loan as of December 31, 2021. (i) Cross collateralized. (j) Cross collateralized. (k) Represents the fair value of additional ground lease payments at 1405 Point over the approximately 42-year remaining lease term and an earn-out liability for the Gainesville development project. The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Fixed-rate debt $ 534,371 $ 573,951 Variable-rate debt 423,016 388,861 Total principal balance $ 957,387 $ 962,812 Certain loans require the Company to comply with various financial and other covenants, including the maintenance of minimum debt coverage ratios. As of December 31, 2021, the Company was in compliance with all loan covenants. See "Other 2021 Financing Activity" section below for additional discussion. Scheduled principal repayments and maturities during each of the next five years and thereafter are as follows (in thousands): Year Ending December 31, Scheduled Principal Payments Maturities Total Payments 2022 $ 12,319 $ 19,570 $ 31,889 2023 12,148 168,447 180,595 2024 12,993 112,024 125,017 2025 12,944 234,630 247,574 2026 9,550 146,003 155,553 Thereafter 85,332 131,427 216,759 Total (1) $ 145,286 $ 812,101 $ 957,387 ________________________________________ (1) Debt principal payments and maturities exclude increased ground lease payments at 1405 Point and accrued earn-out payments to the Company’s joint venture partner at Gainesville, each of which is classified as notes payable in the Company's consolidated balance sheets. 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 increased to $700.0 million, subject to certain conditions, including obtaining commitments from any one or more lenders. The revolving credit facility has a scheduled maturity date of January 24, 2024, with two six-month extension options, subject to certain conditions, including payment of a 0.075% extension fee at each extension. The term loan facility has a scheduled maturity date of January 24, 2025. The revolving credit facility bears interest at LIBOR (the London Inter-Bank Offered Rate) plus a margin ranging from 1.30% to 1.85%, and the term loan facility bears interest at LIBOR plus a margin ranging from 1.25% to 1.80%, in each case depending on the Company's total leverage. The Company is also obligated to pay an unused commitment fee of 15 or 25 basis points on the unused portions of the commitments under the revolving credit facility, depending on the amount of borrowings under the credit facility. As of December 31, 2021, the interest rates on the revolving credit facility and the term loan facility were 1.70% and 1.65%, respectively. If the Company attains investment grade credit ratings from Standard and Poor's and Moody's Investor Service, the Operating Partnership may elect to have borrowings become subject to interest rates based on such credit ratings. The Company may, at any time, voluntarily prepay any loan under the credit facility in whole or in part without premium or penalty. The Operating Partnership is the borrower under the credit facility, and its obligations under the credit facility are guaranteed by the Company and certain of its subsidiaries that are not otherwise prohibited from providing such guaranty. The credit agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Company's ability to borrow under the credit facility is subject to ongoing compliance with a number of financial covenants, affirmative covenants, and other restrictions. The credit agreement includes customary events of default, in certain cases subject to customary cure periods. The occurrence of an event of default, if not cured within the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest, and all other amounts payable under the credit facility to be immediately due and payable. On January 7, 2021, the Operating Partnership entered into a $15.0 million standby letter of credit using the available capacity under the credit facility to guarantee the funding of its investment in the Harbor Point Parcel 3 joint venture, which is the developer of T. Rowe Price's new global headquarters. This letter of credit was available for draw down on the revolving credit facility in the event the Company did not meet its equity requirement. The letter of credit expired on January 4, 2022 and was not required to be renewed. The Company is currently in compliance with all covenants under the credit agreement. Other 2021 Financing Activity On January 15, 2021, the Company refinanced the loan secured by 4525 Main Street and Encore Apartments. The Company increased the balance by $1.5 million, bringing the total balance of the loan to $57.0 million. The new loan bears interest at a rate of 2.93% and will mature on February 10, 2026. On January 28, 2021, the Company refinanced the Nexton Square loan and paid the balance down by $2.0 million, bringing the balance to $20.1 million. The loan bears interest at a rate of LIBOR plus a spread of 2.25% (LIBOR has a 0.25% floor) and will mature on February 1, 2023. On March 8, 2021, the Company obtained a loan secured by Delray Beach Plaza in the amount of $14.5 million. The loan bears interest at a rate of LIBOR plus a spread of 3.00% and will mature on March 8, 2026. On May 5, 2021, the Company entered into a $35.1 million construction loan agreement for the Chronicle Mill development project. The loan bears interest at a rate of LIBOR plus a spread of 3.00% (LIBOR has a 0.25% floor). The loan matures on May 5, 2024 and has two 12-month extension options. On August 24, 2021, as a part of the Greenbrier Square acquisition, the Company assumed a note payable of $20.0 million. The loan bears interest at a fixed rate of 3.74% and will mature on October 10, 2027. On September 30, 2021, the Company refinanced the loan secured by Thames Street Wharf. The new $71.0 million loan bears interest at a rate of BSBY plus a spread of 1.30% and will mature on September 30, 2026. The Company simultaneously entered into an interest rate swap agreement that effectively fixes the interest rate at 2.35% for the term of the loan. On April 15, 2021, the Company refinanced the $19.5 million Southgate Square loan. On December 21, 2021, the Company refinanced the loan with a new $27.1 million loan. The new loan bears interest at a rate of LIBOR plus a spread of 1.90% (LIBOR has a 0.20% floor) and will mature on December 21, 2026. During the year ended December 31, 2021, the Company borrowed $23.4 million under its existing construction loans to fund new development and construction. In September 2021, the loan covenants for the syndicated loan secured by Wills Wharf were modified to extend the deadline for the Company to meet a lease-up requirement included in the loan agreement from October 1, 2021 to February 1, 2022. At February 1, 2022, it was determined that the Company did not meet the lease-up requirement stipulated. The covenant requires the property to be 75% leased, and the property was 70% leased as of that date. This was not an event of default but did trigger an appraisal for the property. Other 2020 Financing Activity 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% (LIBOR has a floor of 0.75%). 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 was scheduled to mature on August 8, 2021. This loan was subsequently refinanced prior to its original maturity date. See Other 2021 Financing Activity. 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. On October 1, 2020, the Company assumed a $16.4 million loan payable with the acquisition of Edison Apartments, a multifamily property located in downtown Richmond, Virginia 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. On October 30, 2020, as part of the acquisition of The Residences at Annapolis Junction, the Company assumed an $83.4 million senior loan, which was immediately refinanced with a new $84.4 million loan. This new loan bears interest at a rate of SOFR plus a spread of 2.66% and will mature on November 1, 2030. On December 22, 2020, the Company refinanced the Summit Place loan. The Company decreased the balance to $23.1 million by paying down $11.5 million. The loan bears interest at a rate of LIBOR plus a spread of 2.60% (LIBOR has a 0.40% floor) and will mature on January 1, 2024. On December 22, 2020, the Company refinanced the Hoffler Place loan. The Company decreased the balance to $18.4 million by paying down $12.8 million. The loan bears interest at a rate of LIBOR plus a spread of 2.60% (LIBOR has a 0.40% floor) and will mature on January 1, 2024. In April 2020, the Company proactively obtained a waiver from the lender for the Premier Retail/Apartments property wherein it 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 it did not have to meet the minimum debt service coverage requirement for the periods ended June 30, 2020 and December 31, 2020. As of December 31, 2020, the Company was in compliance with all covenants on its outstanding indebtedness after giving effect to the waivers granted. During the year ended December 31, 2020, the Company borrowed $39.7 million under its existing construction loans to fund new development and construction.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
Derivative Financial Instruments	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments As of December 31, 2021, the Company had the following LIBOR and SOFR interest rate caps ($ in thousands): Effective Date Maturity Date Notional Amount Strike Rate Premium Paid 5/15/2019 6/1/2022 $ 100,000 2.50% (LIBOR) $ 288 1/10/2020 2/1/2022 50,000 (a) 1.75% (LIBOR) 87 1/28/2020 2/1/2022 50,000 (a) 1.75% (LIBOR) 62 3/2/2020 3/1/2022 100,000 (a) 1.50% (LIBOR) 111 7/1/2020 7/1/2023 100,000 (a) 0.50% (LIBOR) 232 11/1/2020 11/1/2023 84,375 (a) 1.84% (SOFR) (b) 91 2/2/2021 2/1/2023 100,000 0.50% (LIBOR) 45 3/4/2021 4/1/2023 14,479 2.50% (LIBOR) 4 5/5/2021 5/1/2023 50,000 0.50% (LIBOR) 75 5/5/2021 5/1/2023 35,100 0.50% (LIBOR) 55 6/16/2021 7/1/2023 100,000 0.50% (LIBOR) 120 $ 783,954 $ 1,170 ________________________________________ (a) Designated as a cash flow hedge. (b) This interest rate swap is subject to SOFR, which has been identified as an alternative to LIBOR. LIBOR will be phased out beginning December 31, 2021. As of December 31, 2021, 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 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 33,372 (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 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 Thames Street Wharf 70,761 (a) 1-month BSBY (b) 1.05 % 2.35 % 9/30/2021 9/30/2026 Total $ 289,633 ________________________________________ (a) Designated as a cash flow hedge. (b) This interest rate swap is subject to BSBY, which has been identified as an alternative to LIBOR. LIBOR will be phased out beginning December 31, 2021. For the interest rate swaps designated as cash flow hedges, realized losses are reclassified out of accumulated other comprehensive loss to interest expense in the consolidated statements of comprehensive income due to payments made to the swap counterparty. During the next 12 months, the Company anticipates reclassifying approximately $2.0 million of net hedging losses from accumulated other comprehensive loss into earnings to offset the variability of the hedged items during this period. The Company’s derivatives comprised the following as of December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Fair Value Fair Value Notional Amount Asset Liability Notional Amount Asset Liability Derivatives not designated as accounting hedges Interest rate swaps $ 50,000 $ — $ (1,454) $ 50,000 $ — $ (3,056) Interest rate caps 399,579 1,019 — 150,000 4 — Total derivatives not designated as accounting hedges 449,579 1,019 (1,454) 200,000 4 (3,056) Derivatives designated as accounting hedges Interest rate swaps 239,633 1,317 (2,013) 290,231 — (11,797) Interest rate caps 384,375 590 — 384,375 86 — Total derivatives $ 1,073,587 $ 2,926 $ (3,467) $ 874,606 $ 90 $ (14,853) The changes in the fair value of the Company’s derivatives during the years ended December 31, 2021, 2020, and 2019 was as follows (in thousands): Years Ended December 31, 2021 2020 2019 Interest rate swaps $ 4,775 $ (10,318) $ (6,050) Interest rate caps 1,222 (518) (2,053) Total change in fair value of interest rate derivatives $ 5,997 $ (10,836) $ (8,103) Comprehensive income statement presentation: Change in fair value of derivatives and other $ 2,319 $ (1,085) $ (3,599) Unrealized cash flow hedge losses 3,678 (9,751) (4,504) Total change in fair value of interest rate derivatives $ 5,997 $ (10,836) $ (8,103)

Equity

Equity	12 Months Ended
Equity	Dec. 31, 2021
Equity [Abstract]
Equity	Equity Stockholders’ Equity As of December 31, 2021 and 2020, the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 63.0 million and 59.1 million shares of common stock issued and outstanding as of December 31, 2021 and 2020, respectively. The Company had 6.8 million shares of its Series A Preferred Stock (as defined below) issued and outstanding as of December 31, 2021 and 2020. Common Stock On February 26, 2018, the Company commenced an at-the-market continuous equity offering program (the "2018 ATM Program") through which the Company may, from time to time, issue and sell shares of its common stock. Upon commencing the 2018 ATM Program, the Company simultaneously terminated the 2016 ATM Program. On August 6, 2019, the Company entered into amendments (the "Amendments") to the separate sales agreements related to the 2018 ATM Program, which, among other things, increased the aggregate offering price of shares of the Company’s common stock under the ATM Program from $125.0 million to $180.7 million. During the years ended December 31, 2020 and 2019, the Company issued and sold 92,577 and 5,871,519 shares of common stock at a weighted average price of $18.23 and $16.76 per share under the 2018 ATM Program, receiving net proceeds after offering costs and commissions of $1.7 million and $97.0 million, respectively. 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 2018 ATM Program. During the years ended December 31, 2021 and 2020, the Company issued and sold 3,801,731 and 1,783,768 shares of common stock at a weighted average price of $13.87 and $10.48 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $51.7 million and $18.4 million, respectively. During the year ended December 31, 2021, the Company did not issue any shares of the Series A Preferred Stock under the ATM Program. During the year ended December 31, 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. Preferred Stock On June 18, 2019, the Company issued 2,530,000 shares of its Series A Preferred Stock, with a liquidation preference of $25.00 per share, which included 330,000 shares issued upon the underwriters’ full exercise of their option to purchase additional shares. Net proceeds from the offering, after the underwriting discount but before offering expenses payable by the Company, were approximately $61.3 million. The Company used the net proceeds to fund a portion of the purchase price of Thames Street Wharf, a 263,426 square foot office building located in the Harbor Point neighborhood of Baltimore, Maryland. The balance of the net proceeds was used to repay a portion of the outstanding borrowings under the Company’s unsecured revolving credit facility and for general corporate purposes. In connection with the issuance of the Series A Preferred Stock, on June 18, 2019, the Operating Partnership issued to the Company 2,530,000 6.75% Series A Cumulative Redeemable Perpetual Preferred Units (the "Series A Preferred Units"), which have economic terms that are identical to the Company’s Series A Preferred Stock. The Series A Preferred Units were issued in exchange for the Company’s contribution of the net proceeds from the offering of the Series A Preferred Stock to the Operating Partnership. 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 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. Dividends on the Series A Preferred Stock are payable quarterly in arrears on or about the 15th day of each January, April, July and October. The first dividend on the Series A Preferred Stock was paid on October 15, 2019. The Series A Preferred Stock does not have a stated maturity date and is not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, the Series A Preferred Stock will rank senior to the Company's common stock with respect to the payment of distributions and other amounts. Except in instances relating to preservation of the Company's qualification as a REIT or pursuant to the Company’s special optional redemption right, the Series A Preferred Stock is not redeemable prior to June 18, 2024. On and after June 18, 2024, the Company may, at its option, redeem the Series A Preferred Stock, in whole, at any time, or in part, from time to time, for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but excluding, the redemption date. Upon the occurrence of a change of control (as defined in the articles supplementary designating the terms of the Series A Preferred Stock), the Company has a special optional redemption right that enables it to redeem the Series A Preferred Stock, in whole or in part and within 120 days after the first date on which a change of control has occurred resulting in neither the Company nor the surviving entity having a class of common stock listed on the New York Stock Exchange, NYSE American, or NASDAQ or the acquisition of beneficial ownership of its stock entitling a person to exercise more than 50% of the total voting power of all our stock entitled to vote generally in election of directors. The special optional redemption price is $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but excluding, the date of redemption. Upon the occurrence of a change of control, holders will have the right (unless the Company has elected to exercise its special optional redemption right to redeem their Series A Preferred Stock) to convert some or all of such holder’s Series A Preferred Stock into a number of shares of the Company's common stock equal to the lesser of: • the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid distributions to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a Series A Preferred Stock distribution payment and prior to the corresponding Series A Preferred Stock distribution payment date, in which case no additional amount for such accrued and unpaid distribution will be included in this sum) by (ii) the Common Stock Price (as defined in the articles supplementary designating the terms of the Series A Preferred Stock); and • 2.97796 (i.e., the Share Cap), subject to certain adjustments; subject, in each case, to certain adjustments and provisions for the receipt of alternative consideration of equivalent value as described in the articles supplementary designating the terms of the Series A Preferred Stock. Noncontrolling Interests As of December 31, 2021 and 2020, the Company held a 75.3% and 73.9% common interest in the Operating Partnership, respectively. As of December 31, 2021, 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 75.3% of the net income of the Operating Partnership. As the primary beneficiary, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Company represent units of limited partnership interest in the Operating Partnership not held by the Company. As of December 31, 2021, there were 20,633,485 Class A Units of limited partnership interest in the Operating partnership not held by the Company. The Company's financial position and results of operations are the same as those of the Operating Partnership. Additionally, the Operating Partnership owns a majority interest in certain non-wholly-owned operating and development properties. The noncontrolling interest for investment entities of $0.6 million relates to the minority partners' interest in certain joint venture entities as of December 31, 2021. The noncontrolling interest for consolidated real estate entities was $0.5 million as of December 31, 2020. On January 4, 2021, a holder of Class A Units tendered 12,000 Class A Units for redemption by the Operating Partnership, which the Company elected to satisfy by issuing an equal number of shares of common stock. On October 1, a holder of Class A Units tendered 220,000 Class A Units for redemption by the Operating Partnership, which the Company elected to satisfy by making a cash payment of $2.9 million. Holders of OP Units may not transfer their units without the Company’s prior consent as general partner of the Operating Partnership. Subject to the satisfaction of certain conditions, holders of Class A Units may tender their units for redemption by the Operating Partnership in exchange for cash equal to the market price of shares of the Company’s common stock at the time of redemption or, at the Company’s option and sole discretion, for unregistered or registered shares of common stock on a one-for-one basis. Accordingly, the Company presents OP Units of the Operating Partnership not held by the Company as noncontrolling interests within equity in the consolidated balance sheets. Dividends and Class A Unit Distributions During the years ended December 31, 2021, 2020, and 2019, the Company declared dividends per common share and distributions per unit of $0.64, $0.44, and $0.84, respectively. During the years ended December 31, 2021, 2020, and 2019, these common stock dividends totaled $39.3 million, $25.3 million, and $45.4 million, respectively, and these Operating Partnership distributions totaled $13.3 million, $9.2 million, and $16.9 million, respectively. The tax treatment of dividends paid to common stockholders during the years ended December 31, 2021, 2020, and 2019 was as follows (unaudited): Years ended December 31, 2021 2020 2019 Capital gains 8.98 % — % 10.62 % Ordinary income 66.71 % 59.09 % 68.83 % Return of capital 24.31 % 40.91 % 20.55 % Total 100.00 % 100.00 % 100.00 % During both years ended December 31, 2021 and 2020, the Company declared dividends of $1.687500 per share to holders of Series A Preferred Stock. During the year ended December 31, 2019, the Company declared dividends of $0.970315 per share to holders of Series A Preferred Stock. During the years ended December 31, 2021, 2020, and 2019, these preferred stock dividends totaled $11.5 million, $7.3 million, and $2.5 million, respectively. The tax treatment of dividends paid to preferred stockholders during the years ended December 31, 2021, 2020, and 2019 was as follows (unaudited): Years ended December 31, 2021 2020 2019 Capital gains 11.96 % — % — % Ordinary income 88.04 % 100.00 % 100.00 % Total 100.00 % 100.00 % 100.00 %

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
Stock-Based Compensation	Dec. 31, 2021
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 December 31, 2021, the Company had 604,041 shares of common stock available for issuance under the Equity Plan. During the years ended December 31, 2021, 2020, and 2019, the Company granted an aggregate of 166,768, 176,382 and 154,030 shares of restricted stock to employees and nonemployee directors, respectively. The grant date fair value of the restricted stock awards granted during the years ended December 31, 2021, 2020, and 2019 was $2.1 million, $2.8 million and $2.4 million, respectively. Employee restricted stock awards generally vest over a period of two years: one-third immediately on the grant date and the remaining two-thirds in equal amounts on the first two anniversaries following the grant date, subject to continued service to the Company. Beginning with grants made in 2021, executive officers' restricted shares generally vest over a period of three years: two-fifths immediately on the grant date and the remaining three-fifths in equal amounts on the first three 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 years ended December 31, 2021 and 2020, the Company issued performance-based awards in the form of restricted stock units to certain employees. The performance period for these awards is three years, with a required two-year service period immediately following the expiration of the performance period in order to fully vest. The compensation expense and the effect on the Company’s weighted average diluted shares calculation were immaterial. During the three months ended December 31, 2021, 5,760 shares were issued with a grant date fair value of $15.19 per share due to the partial vesting of performance units awarded to certain employees in 2017. Of those shares, 1,926 were surrendered by the employees for income tax withholdings. During the three months ended March 31, 2020, 10,600 shares were issued with a grant date fair value of $18.08 per share due to the partial vesting of performance units awarded to certain employees in 2017. Of those shares, 3,677 were surrendered by the employees for income tax withholdings. During the three months ended December 31, 2020, 10,842 shares were issued with a grant date fair value of $11.11 per share due to the partial vesting of performance units awarded to certain employees in 2016 and 2017. Of those shares, 3,165 were surrendered by the employees for income tax withholdings. During the years ended December 31, 2021, 2020, and 2019, the Company recognized $2.6 million, $2.9 million and $2.4 million of stock-based compensation, respectively. As of December 31, 2021, the total unrecognized compensation cost related to unvested restricted shares was $0.7 million, substantially all of which the Company expects to recognize over the next 27 months. Compensation cost relating to stock-based compensation for the years ended December 31, 2021, 2020, and 2019 was recorded as follows (in thousands): Years Ended December 31, 2021 2020 2019 General and administrative expense $ 1,505 $ 1,615 $ 1,211 General contracting and real estate services expenses 738 763 402 Capitalized in conjunction with development projects 329 483 746 Total stock-based compensation cost $ 2,572 $ 2,861 $ 2,359 The following table summarizes the changes in the Company’s unvested restricted stock awards during the year ended December 31, 2021: Restricted Stock Weighted Average Grant Date Fair Value Per Share Unvested as of January 1, 2021 167,578 $ 15.31 Granted 166,768 12.88 Vested (180,327) 13.98 Forfeited (2,207) 13.88 Unvested as of December 31, 2021 151,812 $ 14.24 Restricted stock awards granted and vested during the year ended December 31, 2021 include 43,646 shares tendered by employees to satisfy minimum statutory tax withholding obligations.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
Fair Value of Financial Instruments	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Inputs — quoted prices in active markets for identical assets or liabilities Level 2 Inputs — observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs — unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair values. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and caps. The Company measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. Financial assets and liabilities whose fair values are not measured at fair value but for which the fair value is disclosed include the Company's notes receivable and indebtedness. The fair value is estimated by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs under the fair value hierarchy. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The carrying amounts and fair values of the Company’s financial instruments as of December 31, 2021 and 2020 were as follows (in thousands): December 31, 2021 2020 Carrying Fair Carrying Fair Indebtedness, net $ 958,910 $ 976,520 $ 963,845 $ 980,714 Notes receivable 126,429 126,429 135,432 135,223 Interest rate swap liabilities 3,467 3,467 14,853 14,853 Interest rate swap and cap assets 2,926 2,926 90 90

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax benefit (provision) for the years ended December 31, 2021, 2020, and 2019 comprised the following (in thousands): Years Ended December 31, 2021 2020 2019 Federal income taxes: Current $ 722 $ 290 $ 430 Deferred (100) (18) (20) State income taxes: Current 139 14 85 Deferred (19) (3) (4) Income tax benefit $ 742 $ 283 $ 491 As of December 31, 2021 and 2020, the Company had $1.3 million and $0.5 million, respectively, of net deferred tax assets representing net operating losses of the TRS that are being carried forward and basis differences in the assets of the TRS. The deferred tax assets are presented within other assets in the consolidated balance sheets. Management has evaluated the Company’s income tax positions and concluded that the Company has no uncertain income tax positions as of December 31, 2021 and 2020. The Company is generally subject to examination by the applicable taxing authorities for the tax years 2018 through 2021. The Company does not currently have any ongoing tax examinations by taxing authorities.

Other Assets

Other Assets	12 Months Ended
Other Assets	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets were comprised of the following as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Leasing costs, net $ 13,043 $ 13,007 Leasing incentives, net 3,330 3,303 Interest rate swaps and caps 2,926 90 Prepaid expenses and other 18,345 11,542 Pre-acquisition and pre-development costs 8,283 15,382 Other assets $ 45,927 $ 43,324

Other Liabilities

Other Liabilities	12 Months Ended
Other Liabilities	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Other Liabilities	Other Liabilities Other liabilities were comprised of the following as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Dividends and distributions payable $ 17,245 $ 11,753 Acquired lease intangibles, net 19,256 15,621 Prepaid rent and other 11,294 9,068 Security deposits 3,371 2,976 Interest rate swaps 3,467 14,853 Guarantee liability 1,243 2,631 Other liabilities $ 55,876 $ 56,902

Acquired Lease Intangibles

Acquired Lease Intangibles	12 Months Ended
Acquired Lease Intangibles	Dec. 31, 2021
Acquired Lease Intangibles
Acquired Lease Intangibles	Acquired Lease Intangibles The following table summarizes the Company’s acquired lease intangibles as of December 31, 2021 (in thousands): December 31, 2021 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 126,528 $ 67,486 $ 59,042 Above-market lease assets 7,442 4,446 2,996 Above/Below-market ground lease assets 5,075 810 4,265 Below-market lease liabilities 30,798 11,542 19,256 The following table summarizes the Company’s acquired lease intangibles as of December 31, 2020 (in thousands): December 31, 2020 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 110,643 $ 54,276 $ 56,367 Above-market lease assets 5,638 3,851 1,787 Below-market ground lease assets 8,549 667 7,882 Below-market lease liabilities 25,015 9,394 15,621 During the years ended December 31, 2021, 2020, and 2019, the Company recognized the following amortization of intangible lease assets and liabilities (in thousands): Years Ended December 31, 2021 2020 2019 Intangible lease assets In-place lease assets $ 13,210 $ 6,935 $ 14,971 Above-market lease assets 595 300 875 Above/Below-market ground lease assets 144 213 155 Intangible lease liabilities Below-market lease liabilities 2,148 1,119 2,261 As of December 31, 2021, the weighted-average remaining lives of in-place lease assets, above-market lease assets, above/below-market ground lease assets, and below-market lease liabilities were 7.9 years, 5.8 years, 43.2 years and 12.4 years, respectively. As of December 31, 2021, the weighted-average remaining life of below-market lease renewal options was 9.4 years. Estimated amortization of acquired lease intangibles for each of the five succeeding years is as follows (in thousands): Rental Revenues Depreciation and Amortization Year ending December 31, 2022 $ 1,766 $ 10,833 2023 1,568 8,895 2024 1,579 7,157 2025 1,505 6,145 2026 1,516 5,870

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company provides general contracting and real estate services to certain related party entities that are included in these consolidated financial statements. Revenue from construction contracts with related party entities of the Company was $23.6 million, $52.2 million and $5.7 million for the years ended December 31, 2021, 2020, and 2019, respectively. Gross profits from such contracts were $1.7 million, $2.0 million and $0.2 million for the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021 and 2020, there was $4.1 million and $8.6 million, respectively, outstanding from related parties of the Company included in net construction receivables. Real estate services fees from affiliated entities of the Company were not material for any of the years ended December 31, 2021, 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 years ended December 31, 2021, 2020, and 2019. The general contracting services described above include contracts with an aggregate price of $81.6 million with the developer of a mixed-use project, including an apartment building, retail space, and a parking garage located in Virginia Beach, Virginia. The developer is owned in part by executives and nonindependent directors of the Company, not including the Chief Executive Officer and Chief Financial Officer. These contracts were executed in October and December 2019 and are projected to result in aggregate gross profit of $3.9 million to the Company, representing a gross profit margin of 5.05%. As part of these contracts and per the requirements of the lender for this project, the Company issued a letter of credit for $9.5 million to secure certain performances of the Company's subsidiary construction company under the contracts, which remains outstanding as of December 31, 2021. On October 1, 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 the assumption of $1.1 million in other assets and liabilities. The seller of the project is comprised in part by members of the Company's management and board of directors. Additionally, a development fee of $1.8 million, which was included in the assumed assets and liabilities, was paid to the development group partially owned by members of the Company's management and board of directors.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of its business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined by management to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs, and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant. Guarantees In connection with the Company's mezzanine lending activities, the Company has made guarantees to pay portions of certain senior loans of third parties associated with the development projects. As of December 31, 2021, the Company had an outstanding payment guarantee for the senior loan on Interlock Commercial for $37.5 million. The Company has recorded a $1.2 million liability and corresponding addition to notes receivable relating to this guarantee. 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 $2.1 million and $2.4 million as of December 31, 2021 and 2020, respectively. In addition, during the year ended December 31, 2019, the Company issued a letter of credit for $9.5 million to secure certain performances of the Company's subsidiary construction company under a related party project, which was still in effect at December 31, 2021. On January 7, 2021, the Operating Partnership entered into a $15.0 million standby letter of credit using the available capacity under the credit facility to guarantee the funding of its investment in the Harbor Point Parcel 3 joint venture, which is the developer of T. Rowe Price's new global headquarters. This letter of credit was available for draw down on the revolving credit facility in the event the Company did not meet its equity requirement. The letter of credit expired on January 4, 2022 and was not required to be renewed. The Operating Partnership has entered into standby letters of credit related to the guarantee of future performance on certain of the Company’s construction contracts. Letters of credit generally are available for draw down in the event the Company does not perform. As of both December 31, 2021 and 2020, the Operating Partnership had outstanding letters of credit totaling $9.5 million, as noted above. Concentrations of Credit Risk The majority of the Company’s properties are located in Hampton Roads, Virginia. For the years ended December 31, 2021, 2020, and 2019, rental revenues from Hampton Roads properties represented 40%, 44% and 48%, respectively, of the Company’s rental revenues. Many of the Company’s Hampton Roads properties are located in the Town Center of Virginia Beach. For the years ended December 31, 2021, 2020, and 2019, rental revenues from Town Center properties represented 26%, 27% and 31%, respectively, of the Company’s rental revenues.

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the date on which this Form 10-K was filed, the date on which these financial statements were issued, and identified the items below for discussion. Real Estate On January 14, 2022, the Company acquired a 79% membership interest and an additional 11% economic interest in the mixed-use property known as the Exelon Building for a purchase price of approximately $92.2 million in cash and a loan to the seller of $12.8 million. The Exelon Building was subject to a $156.1 million loan, which the Company immediately refinanced following the acquisition with a new $175.0 million loan. The new loan bears interest at a rate of BSBY plus a spread of 1.50% and will mature on November 1, 2026. On January 14, 2022, the Company acquired remaining 20% ownership interest in the partnership that is developing the Ten Tryon project in Charlotte, North Carolina for a cash payment of $3.9 million. On February 17, 2022 the due diligence period associated with a purchase and sale agreement for Hoffler Place expired, and the buyer's deposit became non-refundable. Notes Receivable During February 2022, the Company received $13.5 million as a partial repayment for the Interlock Commercial mezzanine loan. Indebtedness On January 4, 2022, the Company borrowed $25.0 million under the revolving credit facility. On January 5, 2022, the Company contributed $2.6 million to the Harbor Point Parcel 3 joint venture in order to meet the lender's equity funding requirement since the $15.0 million standby letter of credit expired on January 4, 2022. On January 14, 2022, the Company borrowed $50.0 million under the revolving credit facility to fund the acquisition of the Exelon Building. On January 19, 2022, the Company paid off the $14.1 million balance of the loan associated secured by the Delray Beach Plaza shopping center. In January 2022, the Company borrowed $8.6 million on its construction loans to fund development activities. On February 18, the Company paid down the revolving credit facility by $22.0 million. Borrowings under the revolving credit facility were $58.0 million on February 18, 2022. Derivative Financial Instruments On January 11, 2022, the Company entered in to a BSBY interest rate cap agreement on a notional amount of $175.0 million at a strike rate of 4.00% for a premium of $0.2 million. The interest rate cap will expire on February 1, 2024. Equity On January 1, 2022, due to the holders of Class A Units tendering an aggregate of 12,149 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption requests through the issuance of an equal number of shares of common stock. On January 6, 2022, the Company paid cash dividends of $10.7 million to common stockholders and the Operating Partnership paid cash distributions of $3.5 million to holders of Class A Units. These dividends and distributions were declared and accrued as of December 31, 2021. On January 11, 2022, the Company completed an underwritten public offering of 4,025,000 shares of common stock, which were purchased from the Company at a purchase price of $14.45 per share of common stock, which resulted in net proceeds after offering costs of $58.0 million. On January 14, 2022, the Company paid cash dividends of $2.9 million to the holders of the Series A Preferred Stock. These dividends were declared and accrued as of December 31, 2021. On February 23, 2022, the Company announced that its board of directors declared a cash dividend of $0.17 per common share for the first quarter of 2022. The first quarter dividend will be payable in cash on April 7, 2022 to stockholders of record on March 30, 2022.

Schedule III - Consolidated Rea

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation	SCHEDULE III—Consolidated Real Estate Investments and Accumulated Depreciation December 31, 2021 Initial Cost Cost Capitalized Gross Carrying Amount Year of Building and Subsequent to Building and Accumulated Net Carrying Construction/ Encumbrances Land Improvements Acquisition Land Improvements Total Depreciation Amount (1) Acquisition Office 4525 Main Street $ 31,476 $ 982 $ — $ 46,703 $ 982 $ 46,703 $ 47,685 $ 11,903 $ 35,782 2014 Armada Hoffler Tower — (2) 1,976 — 68,938 1,976 68,938 70,914 40,667 30,247 2002 Brooks Crossing Office 14,882 295 — 19,509 295 19,509 19,804 1,789 18,015 2016/2019 One City Center 24,084 2,911 28,202 6,291 2,911 34,493 37,404 2,742 34,662 2019 One Columbus — (2) 960 10,269 13,707 960 23,976 24,936 13,880 11,056 1984 Thames Street Wharf 70,761 15,861 64,689 353 15,861 65,042 80,903 4,237 76,666 2010/2019 Two Columbus — (2) 53 — 21,321 53 21,321 21,374 10,206 11,168 2009 Wills Wharf 64,288 — — 107,664 — 107,664 107,664 4,214 103,450 2020 Total office $ 205,491 $ 23,038 $ 103,160 $ 284,486 $ 23,038 $ 387,646 $ 410,684 $ 89,638 $ 321,046 Retail 249 Central Park Retail $ 16,352 $ 713 $ — $ 16,795 $ 713 $ 16,795 $ 17,508 $ 9,367 $ 8,141 2004 Apex Entertainment — (2) 67 — 17,893 67 17,893 17,960 6,404 11,556 2002 Broad Creek Shopping Center — (2) — — 9,423 — 9,423 9,423 4,854 4,569 1997-2001 Broadmoor Plaza — (2) 2,410 9,010 1,072 2,410 10,082 12,492 2,828 9,664 1980/2016 Brooks Crossing Retail — 117 — 2,364 117 2,364 2,481 376 2,105 2016 Columbus Village — (2) 7,631 10,135 8,259 7,631 18,394 26,025 4,208 21,817 1980/2015 Columbus Village II — (2) 14,536 10,922 89 14,536 11,011 25,547 2,216 23,331 1995/2016 Commerce Street Retail — (2) 118 — 3,318 118 3,318 3,436 1,980 1,456 2008 Delray Beach Plaza 14,039 — 27,151 134 — 27,285 27,285 833 26,452 2021 Dimmock Square — (2) 5,100 13,126 677 5,100 13,803 18,903 2,860 16,043 1998/2014 Fountain Plaza Retail 9,841 425 — 7,519 425 7,519 7,944 4,023 3,921 2004 Greenbrier Square 20,000 8,549 21,170 14 8,549 21,184 29,733 288 29,445 2017/2021 Greentree Shopping Center — (2) 1,103 — 4,147 1,103 4,147 5,250 1,287 3,963 2014 Hanbury Village — (2) 2,566 — 16,312 2,566 16,312 18,878 7,549 11,329 2006 Harrisonburg Regal — 1,554 — 4,148 1,554 4,148 5,702 2,415 3,287 1999 Lexington Square 14,172 3,035 20,581 298 3,035 20,879 23,914 2,420 21,494 2017/2018 Market at Mill Creek 13,142 2,261 — 21,007 2,261 21,007 23,268 1,910 21,358 2018 Marketplace at Hilltop 9,706 2,023 19,886 201 2,023 20,087 22,110 1,530 20,580 2000/2019 Nexton Square 20,107 9,086 27,760 3,413 9,086 31,173 40,259 1,407 38,852 2020 North Hampton Market — (2) 7,250 10,210 947 7,250 11,157 18,407 2,576 15,831 2004/2016 North Point Center 1,942 (3) 1,936 — 28,859 1,936 28,859 30,795 15,767 15,028 1998 Overlook Village — (2) 6,328 20,101 112 6,328 20,213 26,541 342 26,199 1990/2021 Parkway Centre — (2) 1,372 7,864 114 1,372 7,978 9,350 966 8,384 2017/2018 Parkway Marketplace — (2) 1,150 — 3,894 1,150 3,894 5,044 2,250 2,794 1998 Patterson Place — (2) 15,060 20,180 865 15,060 21,045 36,105 3,856 32,249 2004/2016 Perry Hall Marketplace — (2) 3,240 8,316 505 3,240 8,821 12,061 2,254 9,807 2001/2015 Premier Retail 8,131 318 — 15,318 318 15,318 15,636 1,551 14,085 2018 Providence Plaza — (2) 9,950 12,369 1,818 9,950 14,187 24,137 3,038 21,099 2007/2015 Red Mill Commons 22,281 (3) 44,252 30,348 1,991 44,252 32,339 76,591 4,425 72,166 2000/2019 Sandbridge Commons — (2) 4,825 — 7,458 4,825 7,458 12,283 2,170 10,113 2015 South Retail 7,179 190 — 8,279 190 8,279 8,469 5,090 3,379 2002 South Square — (2) 14,130 12,670 1,099 14,130 13,769 27,899 2,837 25,062 1977/2016 Southgate Square 27,060 10,238 25,950 5,152 10,238 31,102 41,340 5,476 35,864 1991/2016 Southshore Shops — (2) 1,770 6,509 285 1,770 6,794 8,564 1,178 7,386 2006/2016 Studio 56 Retail — (2) 76 — 2,596 76 2,596 2,672 1,172 1,500 2007 Tyre Neck Harris Teeter — (2) — — 3,306 — 3,306 3,306 1,588 1,718 2011 Wendover Village — (2) 19,893 22,638 808 19,893 23,446 43,339 3,799 39,540 2004/2016-2019 Total retail $ 183,952 $ 203,272 $ 336,896 $ 200,489 $ 203,272 $ 537,385 $ 740,657 $ 119,090 $ 621,567 Multifamily 1405 Point $ 52,286 $ — $ 95,466 $ 3,146 $ — $ 98,612 $ 98,612 $ 8,487 $ 90,125 2018/2019 Chronicle Mill — 2,313 — 25,879 2,313 25,879 28,192 — 28,192 2021 (4) Edison Apartments 15,926 3,428 18,582 1,281 3,428 19,863 23,291 1,019 22,272 1919 & 2014/2020 Encore Apartments 24,523 1,293 — 30,855 1,293 30,855 32,148 7,028 25,120 2014 Gainesville Apartments 18,114 5,200 — 37,204 5,200 37,204 42,404 — 42,404 2020 (4) Greenside Apartments 32,598 5,711 — 45,350 5,711 45,350 51,061 4,855 46,206 2018 Liberty Apartments 13,572 3,580 23,494 2,299 3,580 25,793 29,373 6,782 22,591 2013/2014 Premier Apartments 16,508 647 — 29,218 647 29,218 29,865 2,963 26,902 2018 Smith’s Landing 16,452 — 35,105 3,395 — 38,500 38,500 10,342 28,158 2009/2013 Southern Post — 5,000 — 6,480 5,000 6,480 11,480 — 11,480 2021 (4) The Cosmopolitan 42,090 985 — 73,932 985 73,932 74,917 31,836 43,081 2006 The Residences at Annapolis Junction 84,375 14,774 104,801 385 14,774 105,186 119,960 3,774 116,186 2018/2020 Total multifamily $ 316,444 $ 42,931 $ 277,448 $ 259,424 $ 42,931 $ 536,872 $ 579,803 $ 77,086 $ 502,717 Held for development $ — $ 6,294 $ — $ — $ 6,294 $ — $ 6,294 $ — $ 6,294 Real estate investments $ 705,887 $ 275,535 $ 717,504 $ 744,399 $ 275,535 $ 1,461,903 $ 1,737,438 $ 285,814 $ 1,451,624 ________________________________________ (1) The net carrying amount of real estate for federal income tax purposes was $1,329.6 million as of December 31, 2021. (2) Borrowing base collateral for the credit facility as of December 31, 2021. (3) A portion of this property is borrowing base collateral for the credit facility as of December 31, 2021. (4) Construction in progress as of December 31, 2021. Income producing property is depreciated on a straight-line basis over the following estimated useful lives: Buildings 39 years Capital improvements 5—20 years Equipment 3—7 years Tenant improvements Term of the related lease (or estimated useful life, if shorter) Real Estate Accumulated Investments Depreciation December 31, 2021 2020 2021 2020 Balance at beginning of the year $ 1,757,917 $ 1,606,324 $ 253,965 $ 224,738 Construction costs and improvements 86,325 58,039 — — Acquisitions 83,723 196,214 — — Dispositions (83,848) (101,768) (14,809) (14,444) Reclassifications (106,679) (892) (5,010) — Depreciation — — 51,668 43,671 Balance at end of the year $ 1,737,438 $ 1,757,917 $ 285,814 $ 253,965

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States ("GAAP").
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current, and expected events and economic conditions. Actual results could differ from management’s estimates.
Segments	Segments Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of the Company’s properties individually and aggregates such properties into segments based on their economic characteristics and classes of tenants. The Company operates in four business segments: (i) office real estate, (ii) retail real estate, (iii) multifamily residential real estate, and (iv) general contracting and real estate services. The Company’s general contracting and real estate services business develops and builds properties for its own account and also provides construction and development services to both related and third parties.
Reclassifications	Reclassifications Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period's presentation. The amounts previously classified as Interest expense on indebtedness and Interest expense on finance leases for the year ended December 31, 2020 in the condensed consolidated statement of comprehensive income are now included in a single line item as Interest expense. These reclassifications had no effect on net income or stockholders' equity as previously reported.
Revenue Recognition	Revenue Recognition Rental Revenues The Company leases its properties under operating leases and recognizes base rents when earned on a straight-line basis over the lease term. Rental revenues include $4.9 million, $5.9 million and $3.4 million of straight-line rent adjustments for the years ended December 31, 2021, 2020, and 2019, respectively. The Company begins recognizing rental revenue when the tenant has the right to take possession of or controls the physical use of the property under lease. The extended collection period for accrued straight-line rental revenue along with the Company’s evaluation of tenant credit risk may result in the nonrecognition of all or a portion of straight-line rental revenue until the collection of substantially all such revenue for a tenant is probable. The Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. The Company recognizes leasing incentives as reductions to rental revenue on a straight-line basis over the lease term. Leasing incentive amortization was $0.7 million for each of the years ended December 31, 2021, 2020 and 2019. The Company recognizes fair value adjustments recorded at the time of lease assumption in rental income on a straight-line basis as a reduction to revenue over the remaining life of the lease or any renewal periods for which the Company determines have value at the time of acquisition. The Company recognizes cost reimbursement revenue for real estate taxes, operating expenses, and common area maintenance costs on an accrual basis during the periods in which the expenses are incurred. The Company recognizes lease termination fees either upon termination or amortizes them over any remaining lease term. General Contracting and Real Estate Services Revenues The Company recognizes general contracting revenues as a customer obtains control of promised goods or services in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. For each construction contract, the Company identifies the performance obligations, which typically include the delivery of a single building constructed according to the specifications of the contract. The Company estimates the total transaction price, which generally includes a fixed contract price and may also include variable components such as early completion bonuses, liquidated damages, or cost savings to be shared with the customer. Variable components of the contract price are included in the transaction price to the extent that it is probable that a significant reversal of revenue will not occur. The Company recognizes the estimated transaction price as revenue as it satisfies its performance obligations; the Company estimates its progress in satisfying performance obligations for each contract using the input method, based on the proportion of incurred costs relative to total estimated construction costs at completion. Construction contract costs include all direct material, direct labor, subcontract costs, and overhead costs directly related to contract performance. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, are all significant judgments that may result in revisions to costs and income and are recognized in the period in which they are determined. Additionally, the estimated costs at completion are affected by management’s forecasts of anticipated costs to be incurred and contingency reserves for exposures related to unknown costs, such as design deficiencies and subcontractor defaults. The estimated variable consideration is also affected by claims and unapproved change orders, which may result from changes in the scope of the contract. Provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined. The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. The Company recognizes real estate services revenues from property development and management as it satisfies its performance obligations under these service arrangements. The Company assesses whether multiple contracts with a single counterparty may be combined into a single contract for the revenue recognition purposes based on factors such as the timing of the negotiation and execution of the contracts and whether the economic substance of the contracts was contemplated separately or in tandem.
Real Estate Investments	Real Estate Investments Income producing property primarily includes land, buildings, and tenant improvements and is stated at cost. Real estate investments held for development include land. The Company reclassifies real estate investments held for development to construction in progress upon commencement of construction. Construction in progress is stated at cost. Direct and certain indirect costs clearly associated with the development, redevelopment, construction, leasing, or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred. The Company capitalizes direct and indirect project costs associated with the initial development of a property until the property is substantially complete and ready for its intended use. Capitalized project costs include pre-acquisition, development, and preconstruction costs including overhead, salaries, and related costs of personnel directly involved, real estate taxes, insurance, utilities, ground rent, and interest. Interest capitalized during the years ended December 31, 2021, 2020, and 2019 was $1.5 million, $3.6 million and $5.9 million, respectively. Overhead, salaries and related personnel costs capitalized during the years ended December 31, 2021, 2020, and 2019 were $2.1 million, $2.6 million and $3.1 million, respectively. The Company capitalizes predevelopment costs directly identifiable with specific properties when the development of such properties is probable. Capitalized predevelopment costs are presented within other assets in the consolidated balance sheets. Land for which development activities have not yet commenced are presented separately as land held for development in the consolidated balance sheets. Capitalized predevelopment costs as of December 31, 2021 and 2020 were $8.3 million and $15.4 million, respectively. Costs attributable to unsuccessful projects are expensed.
Operating Property Acquisitions	Operating Property Acquisitions Acquisitions of operating properties have been and will generally be accounted for as acquisitions of a group of assets, with costs incurred to effect an acquisition, including title, legal, accounting, brokerage commissions, and other related costs, being capitalized as part of the cost of the assets acquired. In connection with such acquisitions, the Company identifies and recognizes all assets acquired and liabilities assumed at their relative fair values as of the acquisition date. The purchase price allocations to tangible assets, such as land, site improvements, and buildings and improvements are presented within income producing property in the consolidated balance sheets and depreciated over their estimated useful lives. Acquired lease intangible assets are presented as a separate component of assets on the consolidated balance sheets. Acquired lease intangible liabilities are presented within other liabilities in the consolidated balance sheets. The Company amortizes in-place lease assets as depreciation and amortization expense on a straight-line basis over the remaining term of the related leases. The Company amortizes above-market lease assets as reductions to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market lease liabilities as increases to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market ground lease assets as increases to amortization of right-of-use assets - finance leases expense on a straight-line basis over the remaining term of the related leases. Conversely, the Company amortizes above-market ground lease assets as decreases to amortization of right-of-use assets - finance leases expense on a straight-line basis over the remaining term of the related leases. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement, as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach. The approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of the structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time. The value of current leases relative to market-rate leases is based on market rents obtained for comparable leases. Given the significance of unobservable inputs used in the valuation of acquired real estate assets, the Company classifies them as Level 3 inputs in the fair value hierarchy.
Real Estate Sales and Real Estate Investments Held for Sale	Real Estate Sales The Company accounts for the sale of real estate assets and any related gain in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions other than retail land sales. The Company recognizes the sale and associated gain or loss once it transfers control of the real estate asset and the Company does not have significant continuing involvement. Real Estate Investments Held for Sale Real estate assets classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. Once a property is classified as held for sale, it is no longer depreciated. A property is classified as held for sale when: (i) senior management commits to a plan to sell the property, (ii) the property is available for immediate sale in its present condition, subject only to conditions usual and customary for such sales, (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated, (iv) the sale is expected to be completed within one year, (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
Impairment of Long Lived Assets	Impairment of Long Lived Assets The Company evaluates its real estate assets for impairment on a property-by-property basis whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If such an evaluation is necessary, the Company compares the carrying amount of any such real estate asset with the undiscounted expected
Interest Income	Interest Income Interest income on notes receivable is accrued based on the contractual terms of the loans and when it is deemed collectible. Many loans provide for accrual of interest and fees that will not be paid until maturity of the loan. Interest is recognized on these loans at the accrual rate subject to the determination that accrued interest and fees are ultimately collectible, based on the underlying collateral and the status of development activities, as applicable. If this determination cannot be made, recognition of interest income may be fully or partially deferred until it is ultimately paid.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include demand deposits, investments in money market funds, and investments with an original maturity of three months or less.
Restricted Cash	Restricted Cash
Accounts Receivable, net	Accounts Receivable, net
Notes Receivable and Allowance for Loan Losses	Notes Receivable and Allowance for Loan Losses Notes receivable primarily represent financing to third parties in the form of mezzanine loans or preferred equity investments for the development of new real estate. The Company's mezzanine loans are typically made to borrowers who have little or no equity in the underlying development projects. Mezzanine loans are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. The loans generally have junior liens on the respective real estate projects. The Company’s allowance for loan losses on notes receivable is evaluated using risk ratings that correspond to probabilities of default and loss given default. Risk ratings are determined for each loan after consideration of progress of development activities, including leasing activities, projected development costs, and current and projected mezzanine and senior loan balances. 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. At the end of each reporting period, the Company measures expected credit losses to be incurred over the remaining contractual term based on the risk rating of each loan. If a loan is rated as substandard, the Company then estimates expected credit losses as the difference between the amortized cost basis of the outstanding loan and the estimated projected sales proceeds of the underlying collateral. Changes to the allowance for loan losses resulting from quarterly evaluations are recorded through provision for unrealized credit losses on the consolidated statements of comprehensive income. The Company's loans typically include commitments to fund incremental proceeds to the borrowers over the life of the loan, which future funding commitments are also subject to the current expected credit losses model. The current expected credit losses provision related to future loan fundings is recorded as a component of Other Liabilities on the Company's consolidated balance sheet. This provision is estimated using the same process outlined above for the Company's outstanding loan balances, and changes in this component of the provision will similarly impact the Company's consolidated net income. For both the funded and unfunded portions of the Company's loans, the Company consider the risk rating of each loan as the primary credit quality indicator underlying its assessment. The Company places loans on nonaccrual status when the loan balance, together with the balance of any senior loans, approximately equals the estimated realizable value of the underlying development project.
Guarantees	Guarantees
Leasing Costs	Leasing Costs Commissions paid by the Company to third parties to originate a lease are deferred and amortized as depreciation and amortization expense on a straight-line basis over the term of the related lease. Leasing costs are presented within other assets in the consolidated balance sheets.
Leasing Incentives	Leasing Incentives Incentives paid by the Company to tenants are deferred and amortized as reductions to rental revenues on a straight-line basis over the term of the related lease. Leasing incentives are presented within other assets in the consolidated balance sheets.
Debt Issuance Costs	Debt Issuance Costs Financing costs are deferred and amortized as interest expense using the effective interest method over the term of the related debt. Debt issuance costs are presented as a direct deduction from the carrying value of the associated debt liability in the consolidated balance sheets.
Derivative Financial Instruments	Derivative Financial Instruments The Company may enter into interest rate derivatives to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. The Company recognizes derivative financial instruments at fair value and presents them within other assets and liabilities in the consolidated balance sheets. Gains and losses resulting from changes in the fair value of derivatives that are neither designated nor qualify as hedging
Stock-Based Compensation	Stock-Based Compensation
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT for U.S. federal income tax purposes. For continued qualification as a REIT for federal income tax purposes, the Company must meet certain organizational and operational requirements, including a requirement to pay distributions to stockholders of at least 90% of annual taxable income, excluding net capital gains. As a REIT, the Company generally is not subject to income tax on net income distributed as dividends to stockholders. The Company is subject to state and local income taxes in some jurisdictions and, in certain circumstances, may also be subject to federal excise taxes on undistributed income. In addition, certain of the Company’s activities must be conducted by subsidiaries that have elected to be treated as a taxable REIT subsidiary ("TRS") subject to both federal and state income taxes. The Operating Partnership conducts its development and construction businesses through the TRS. The related income tax provision or benefit attributable to the profits or losses of the TRS and any taxable income of the Company is reflected in the consolidated financial statements. The Company uses the liability method of accounting for deferred income tax in accordance with GAAP. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the carrying value of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the statutory rates expected to be applied in the periods in which those temporary differences are settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change. A valuation allowance is recorded on the Company’s deferred tax assets when it is more likely than not that such assets will not be realized. When evaluating the realizability of the Company’s deferred tax assets, all evidence, both positive and negative, is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings. Under GAAP, the amount of tax benefit to be recognized is the amount of benefit that is more likely than not to be sustained upon examination. Management analyzes its tax filing positions in the U.S. federal, state and local jurisdictions where it is required to file income tax returns for all open tax years. If, based on this analysis, management determines that uncertainties in tax positions exist, a liability is established. The Company recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction to the provision for income taxes.
Discontinued Operations	Discontinued Operations Disposals representing a strategic shift that has or will have a major effect on the Company’s operations and financial results are reported as discontinued operations.
Net Income Per Share and Unit	Net Income Per Share
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Standards Not Yet Adopted: Reference Rate Reform In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04 Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which became effective on March 12, 2020 and generally can be applied through December 31, 2022. 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. Earnings Per Share In August 2020, the FASB issued ASU 2020-06 an update to ASC Topic 470 and ASC Topic 815, which will be effective beginning January 1, 2022. ASU 2020-06 simplifies the accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies diluted earnings per share calculation in certain areas and provides updated disclosure requirements. The Company is currently evaluating the impact of ASU 2020-06 on its consolidated financial statements.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Inputs — quoted prices in active markets for identical assets or liabilities Level 2 Inputs — observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs — unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair values. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and caps. The Company measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. Financial assets and liabilities whose fair values are not measured at fair value but for which the fair value is disclosed include the Company's notes receivable and indebtedness. The fair value is estimated by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs under the fair value hierarchy. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.
Legal Proceedings	Legal Proceedings The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of its business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined by management to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs, and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant.

Business and Organization (Tabl

Business and Organization (Tables)	12 Months Ended
Business and Organization (Tables)	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of 100% owned properties	As of December 31, 2021, the Company's operating portfolio consisted of the following properties: Property Segment Location Ownership Interest 4525 Main Street Office Virginia Beach, Virginia* 100% Armada Hoffler Tower Office Virginia Beach, Virginia* 100% Brooks Crossing Office Office Newport News, Virginia 100% One City Center Office Durham, North Carolina 100% One Columbus Office Virginia Beach, Virginia* 100% Thames Street Wharf Office Baltimore, Maryland** 100% Two Columbus Office Virginia Beach, Virginia* 100% 249 Central Park Retail Retail Virginia Beach, Virginia* 100% Apex Entertainment Retail Virginia Beach, Virginia* 100% Broad Creek Shopping Center Retail Norfolk, Virginia 100% Broadmoor Plaza Retail South Bend, Indiana 100% Brooks Crossing Retail Retail Newport News, Virginia 65% (1) Columbus Village Retail Virginia Beach, Virginia* 100% Columbus Village II Retail Virginia Beach, Virginia* 100% Commerce Street Retail Retail Virginia Beach, Virginia* 100% Delray Beach Plaza Retail Delray Beach, Florida 100% Dimmock Square Retail Colonial Heights, Virginia 100% Fountain Plaza Retail Retail Virginia Beach, Virginia* 100% Greenbrier Square Retail Chesapeake, Virginia 100% Greentree Shopping Center Retail Chesapeake, Virginia 100% Hanbury Village Retail Chesapeake, Virginia 100% Harrisonburg Regal Retail Harrisonburg, Virginia 100% Lexington Square Retail Lexington, South Carolina 100% Market at Mill Creek Retail Mount Pleasant, South Carolina 70% (1) Marketplace at Hilltop Retail Virginia Beach, Virginia 100% Nexton Square Retail Summerville, South Carolina 100% North Hampton Market Retail Taylors, South Carolina 100% North Point Center Retail Durham, North Carolina 100% Overlook Village Retail Asheville, North Carolina 100% Parkway Centre Retail Moultrie, Georgia 100% Property Segment Location Ownership Interest Parkway Marketplace Retail Virginia Beach, Virginia 100% Patterson Place Retail Durham, North Carolina 100% Perry Hall Marketplace Retail Perry Hall, Maryland 100% Premier Retail Retail Virginia Beach, Virginia* 100% Providence Plaza Retail Charlotte, North Carolina 100% Red Mill Commons Retail Virginia Beach, Virginia 100% Sandbridge Commons Retail Virginia Beach, Virginia 100% South Retail Retail Virginia Beach, Virginia* 100% South Square Retail Durham, North Carolina 100% Southgate Square Retail Colonial Heights, Virginia 100% Southshore Shops Retail Chesterfield, Virginia 100% Studio 56 Retail Retail Virginia Beach, Virginia* 100% Tyre Neck Harris Teeter Retail Portsmouth, Virginia 100% Wendover Village Retail Greensboro, North Carolina 100% 1405 Point Multifamily Baltimore, Maryland** 100% Edison Apartments Multifamily Richmond, Virginia 100% Encore Apartments Multifamily Virginia Beach, Virginia* 100% Greenside Apartments Multifamily Charlotte, North Carolina 100% Hoffler Place Multifamily Charleston, South Carolina 100% Liberty Apartments Multifamily Newport News, Virginia 100% Premier Apartments Multifamily Virginia Beach, Virginia* 100% Smith’s Landing Multifamily Blacksburg, Virginia 100% Summit Place Multifamily Charleston, South Carolina 100% The Cosmopolitan Multifamily Virginia Beach, Virginia* 100% The Residences at Annapolis Junction Multifamily Annapolis Junction, Maryland 79% (1) ________________________________________ * Located in the Town Center of Virginia Beach ** Located at Harbor Point in Baltimore (1) The Company is entitled to a preferred return on its investment in this property.
Schedule of properties under development or construction	As of December 31, 2021, the following properties were under development, redevelopment or not yet stabilized: Property Segment Location Ownership Interest Wills Wharf Office Baltimore, Maryland* 100% Chronicle Mill Multifamily Belmont, North Carolina 85% (1) Gainesville Apartments Multifamily Gainesville, Georgia 95% (1)(2) Southern Post Mixed-use Roswell, Georgia 100% ________________________________________ * Located at Harbor Point in Baltimore (1) We are entitled to a preferred return on our joint investment in this property. (2) We are required to purchase our joint venture partner's ownership interest after completion of the project, contingent upon obtaining a certificate of occupancy and achieving certain thresholds of net operating income.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
Significant Accounting Policies (Tables)	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives	Income producing property is depreciated on a straight-line basis over the following estimated useful lives: Buildings 39 years Capital improvements 5—20 years Equipment 3—7 years Tenant improvements Term of the related lease (or estimated useful life, if shorter)

Segments (Tables)

Segments (Tables)	12 Months Ended
Segments (Tables)	Dec. 31, 2021
Segment Reporting [Abstract]
Net operating income of reportable segments	Net operating income of the Company’s reportable segments for the years ended December 31, 2021, 2020, and 2019 was as follows (in thousands): Years Ended December 31, 2021 2020 2019 Office real estate Rental revenues $ 47,363 $ 43,494 $ 33,269 Rental expenses 12,412 10,799 8,722 Real estate taxes 6,112 5,111 3,471 Segment net operating income 28,839 27,584 21,076 Retail real estate Rental revenues 78,572 73,032 77,593 Rental expenses 12,512 11,029 11,656 Real estate taxes 8,416 7,784 7,916 Segment net operating income 57,644 54,219 58,021 Multifamily residential real estate Rental revenues 66,205 49,962 40,477 Rental expenses 21,570 17,132 13,954 Real estate taxes 7,324 5,241 3,574 Segment net operating income 37,311 27,589 22,949 General contracting and real estate services Segment revenues 91,936 217,146 105,859 Segment expenses 88,100 209,472 101,538 Segment gross profit 3,836 7,674 4,321 Net operating income $ 127,630 $ 117,066 $ 106,367
Reconciliation of net operating income to net income	The following table reconciles net operating income to net income for the years ended December 31, 2021, 2020, and 2019 (in thousands): Years Ended December 31, 2021 2020 2019 Net operating income $ 127,630 $ 117,066 $ 106,367 Depreciation and amortization (68,853) (59,972) (54,564) Amortization of right-of-use assets - finance leases (1,022) (586) (377) General and administrative expenses (14,610) (12,905) (12,392) Acquisition, development and other pursuit costs (112) (584) (844) Impairment charges (21,378) (666) (252) Gain on real estate dispositions 19,040 6,388 4,699 Interest income 18,457 19,841 23,215 Interest expense (33,905) (31,035) (31,344) Loss on extinguishment of debt (3,810) — (30) Equity in income of unconsolidated real estate entities — — 273 Change in fair value of derivatives and other 2,182 (1,130) (3,599) Unrealized credit loss release (provision) 792 (256) — Other income (expense), net 302 515 615 Income tax benefit 742 283 491 Net income $ 25,455 $ 36,959 $ 32,258

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2021
Leases [Abstract]
Schedule of lease costs	The components of lease cost for the years ended December 31, 2021, 2020, and 2019 were as follows (in thousands): Years Ended December 31, 2021 2020 2019 Operating lease cost (a) $ 2,448 $ 2,626 $ 2,700 Finance lease cost: Amortization of right-of-use assets (a) 1,022 586 369 Interest on lease liabilities 2,251 915 568 ________________________________________ (a) Includes amortization of above & below-market ground lease intangible assets. The table below presents supplemental cash flow information related to leases during the years ended December 31, 2021, 2020, and 2019 (in thousands): Years Ended December 31, 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,085 $ 2,113 $ 1,969 Operating cash flows from finance leases 1,986 864 533 Additional information related to leases as of December 31, 2021 and 2020 were as follows: December 31, 2021 2020 Weighted Average Remaining Lease Term (years) Operating leases 36.7 44.5 Finance leases 43.7 40.2 Weighted Average Discount Rate Operating leases 5.5 % 5.4 % Finance leases 5.7 % 5.2 %
Schedule of maturities of operating lease liabilities	The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount. Year Ending December 31, Operating Leases Finance Leases (in thousands) 2022 $ 1,789 $ 2,217 2023 1,845 2,311 2024 1,881 2,326 2025 1,897 2,363 2026 1,882 2,368 Thereafter 68,385 126,685 Total undiscounted cash flows 77,679 138,270 Present value discount (46,031) (92,110) Discounted cash flows $ 31,648 $ 46,160
Schedule of maturities of finance lease liabilities	The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount. Year Ending December 31, Operating Leases Finance Leases (in thousands) 2022 $ 1,789 $ 2,217 2023 1,845 2,311 2024 1,881 2,326 2025 1,897 2,363 2026 1,882 2,368 Thereafter 68,385 126,685 Total undiscounted cash flows 77,679 138,270 Present value discount (46,031) (92,110) Discounted cash flows $ 31,648 $ 46,160
Schedule of rental revenue	Rental revenue for the years ended December 31, 2021, 2020, and 2019 comprised the following (in thousands): Years Ended December 31, 2021 2020 2019 Base rent and tenant charges $ 186,137 $ 159,747 $ 147,309 Accrued straight-line rental adjustment 4,938 5,927 3,402 Lease incentive amortization (660) (693) (739) Below/(above) market lease amortization 1,725 1,507 1,367 Total rental revenue $ 192,140 $ 166,488 $ 151,339
Schedule of minimum rental payments	The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2022 $ 104,222 2023 101,071 2024 92,780 2025 79,645 2026 71,447 Thereafter 328,359 Total $ 777,524

Real Estate Investments and E_2

Real Estate Investments and Equity Method Investments (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of real estate investments	The Company’s real estate investments comprised the following as of December 31, 2021 and 2020 (in thousands): December 31, 2021 Income producing property Held for development Construction in progress Total Land $ 256,728 $ 6,294 $ 12,513 $ 275,535 Land improvements 65,565 — — 65,565 Buildings and improvements 1,336,316 — — 1,336,316 Development and construction costs — — 60,022 60,022 Real estate investments $ 1,658,609 $ 6,294 $ 72,535 $ 1,737,438 December 31, 2020 Income producing property Held for development Construction in progress Total Land $ 261,984 $ 13,607 $ 5,200 $ 280,791 Land improvements 61,275 — — 61,275 Buildings and improvements 1,357,684 — — 1,357,684 Development and construction costs — — 58,167 58,167 Real estate investments $ 1,680,943 $ 13,607 $ 63,367 $ 1,757,917
Schedule of the purchase price allocation	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 three operating properties purchased during the year ended December 31, 2021 (in thousands): Delray Beach Plaza Overlook Village Greenbrier Square Land $ — $ 6,328 $ 8,549 Site improvements 4,607 1,727 1,974 Building and improvements 22,544 18,375 19,196 In-place leases 7,209 3,997 6,659 Above-market leases — 81 1,753 Below-market leases (3,121) (2,146) (1,365) Finance lease liabilities (27,940) — — Finance lease right-of-use assets 24,466 — — Fair value adjustment on acquired debt — — 11 Net assets acquired $ 27,765 $ 28,362 $ 36,777 The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired and intangible liabilities assumed for the three operating properties acquired during the year ended December 31, 2020 (in thousands): Nexton Square Edison Apartments The Residences at Annapolis Junction Land $ 9,885 $ 3,428 $ 14,774 Site improvements 3,690 — 1,786 Building and improvements 24,070 18,227 101,219 Furniture and fixtures — 355 1,796 In-place leases 5,239 1,882 4,079 Below-market leases (1,877) (140) — Fair value adjustment on acquired debt 364 (6) — Net assets acquired $ 41,371 $ 23,746 $ 123,654 Wendover Village outparcel One City Center 1405 Point Red Mill Commons Marketplace at Hilltop Thames Street Wharf Land $ 1,633 $ 2,678 $ — (a) $ 44,252 $ 2,023 (b) $ 15,861 Site improvements 50 163 298 2,558 691 150 Building and improvements 888 28,039 92,866 27,790 19,195 64,539 Furniture and fixtures — — 2,302 — — — In-place leases 101 15,140 3,371 9,973 4,565 24,385 Above-market leases 111 — — 1,463 599 — Below-market leases — — — (6,221) (1,136) (3,636) Finance lease liabilities — — (8,671) — (9,200) — Finance lease right-of-use assets — — 11,730 (a) — 12,770 (b) — Net assets acquired $ 2,783 $ 46,020 $ 101,896 $ 79,815 $ 29,507 $ 101,299 ________________________________________ (a) Land is subject to a ground lease. (b) Portion of land is subject to a ground lease.

Notes Receivable and Allowanc_2

Notes Receivable and Allowance for Loan Losses (Tables)	12 Months Ended
Notes Receivable and Allowance for Loan Losses (Tables)	Dec. 31, 2021
Receivables [Abstract]
Summary of Mezzanine Loans	The Company had the following loans receivable outstanding as of December 31, 2021 and December 31, 2020 ($ in thousands): Outstanding loan amount (a) Maximum loan commitment Interest rate Interest compounding Development Project December 31, 2021 December 31, 2020 Delray Beach Plaza $ — $ 14,289 $ 17,000 15.0 % (b) Annually Interlock Commercial 95,379 85,318 107,000 15.0 % (c) None Nexton Multifamily 23,567 — 22,315 11.0 % Annually Solis Apartments at Interlock — 28,969 41,100 13.0 % Annually Total mezzanine 118,946 128,576 $ 187,415 Other notes receivable 7,234 6,809 Notes receivable guarantee premium 1,243 2,631 Allowance for credit losses (994) (2,584) Total notes receivable $ 126,429 $ 135,432 _______________________________________ (a) Outstanding loan amounts include any accrued and unpaid interest, as applicable. (b) Loan was placed on nonaccrual status effective April 1, 2020.
Summary of Interest Income	The Company recognized interest income for the years ended December 31, 2021, 2020, and 2019 as follows (in thousands): Years Ended December 31, Development Project 2021 2020 2019 1405 Point $ — $ — $ 783 The Residences at Annapolis Junction — 2,468 (a)(b) 8,776 (b) North Decatur Square — — 1,509 Delray Beach Plaza — 489 (a) 1,622 Nexton Square — 1,177 1,962 Interlock Commercial 12,769 (c) 12,267 (c) 6,142 (c) Nexton Multifamily 1,252 — — Solis Apartments at Interlock 4,005 (d) 3,382 2,333 Total mezzanine 18,026 19,783 23,127 Other interest income 431 58 88 Total interest income $ 18,457 $ 19,841 $ 23,215 ________________________________________ (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. Additionally, the 2020 and 2019 amounts include $1.5 million and $0.5 million, respectively, of interest income recognition relating to an exit fee that was due upon repayment of the loan. (c) The amounts of 2021, 2020 and 2019 include $2.0 million, $2.3 million and $0.6 million, respectively, of interest income recognition relating to an exit fee that is due upon repayment of the loan. (d) Includes prepayment premium of $2.4 million from early payoff of the loan.
Financing Receivable, Allowance for Credit Loss	Changes in the allowance for the year ended December 31, 2021 and 2020 were as follows (in thousands): Years Ended December 31, 2021 2020 Beginning balance $ 2,584 $ — Cumulative effect of accounting change — 2,825 Unrealized credit loss provision (release) (802) 256 Extinguishment due to acquisition (788) (497) Ending balance (a) $ 994 $ 2,584 _______________________________________

Construction Contracts (Tables)

Construction Contracts (Tables)	12 Months Ended
Construction Contracts (Tables)	Dec. 31, 2021
Contractors [Abstract]
Summary of balances and changes of construction contracts	The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the year ended December 31, 2021 and 2020 (in thousands): Year ended December 31, 2021 Year ended December 31, 2020 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 $ 138 $ 6,088 $ 249 $ 5,306 Revenue recognized that was included in the balance at the beginning of the period — (6,088) — (5,306) Increases due to new billings, excluding amounts recognized as revenue during the period — 6,237 — 6,244 Transferred to receivables (714) — (545) — Construction contract costs and estimated earnings not billed during the period 243 — 138 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion 576 (1,356) 296 (156) Ending balance $ 243 $ 4,881 $ 138 $ 6,088 The Company's balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) for each of the three years ended December 31, 2021, 2020 and 2019 were as follows (in thousands): Years Ended December 31, 2021 2020 2019 Beginning backlog $ 71,258 $ 242,622 $ 165,863 New contracts/change orders 236,077 45,882 182,495 Work performed (91,816) (217,246) (105,736) Ending backlog $ 215,519 $ 71,258 $ 242,622
Net position of uncompleted construction contracts	The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Costs incurred on uncompleted construction contracts $ 379,993 $ 461,725 Estimated earnings 15,115 13,205 Billings (399,746) (480,880) Net position $ (4,638) $ (5,950) Construction contract costs and estimated earnings in excess of billings $ 243 $ 138 Billings in excess of construction contract costs and estimated earnings (4,881) (6,088) Net position $ (4,638) $ (5,950)

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
Indebtedness (Tables)	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of debt	The Company’s indebtedness comprised the following as of December 31, 2021 and 2020 (dollars in thousands): Principal Balance Interest Rate (a) Maturity Date December 31, December 31, 2021 2020 2021 Secured Debt Socastee Commons (b) $ — $ 4,458 4.57% January 6, 2023 Johns Hopkins Village (c) — 50,859 LIBOR+ 1.25% August 7, 2025 Red Mill West 10,386 10,851 4.23% June 1, 2022 Marketplace at Hilltop 9,706 10,120 4.42% October 1, 2022 1405 Point 52,286 53,000 LIBOR+ 2.25% January 1, 2023 Nexton Square 20,107 22,909 LIBOR+ 2.25% February 1, 2023 Wills Wharf 64,288 59,044 LIBOR+ 2.25% June 26, 2023 249 Central Park Retail (d) 16,352 16,597 LIBOR+ 1.60% (e) August 10, 2023 Fountain Plaza Retail (d) 9,841 9,988 LIBOR+ 1.60% (e) August 10, 2023 South Retail (d) 7,179 7,287 LIBOR+ 1.60% (e) August 10, 2023 Hoffler Place (f)(g) 18,400 18,400 LIBOR+ 2.60% January 1, 2024 Summit Place (f)(g) 23,100 23,100 LIBOR+ 2.60% January 1, 2024 One City Center 24,084 24,712 LIBOR+ 1.85% April 1, 2024 Chronicle Mill (h) — — LIBOR+ 3.00% May 5, 2024 Red Mill Central 2,188 2,363 4.80% June 17, 2024 Gainesville Apartments 18,114 — LIBOR+ 3.00% August 31, 2024 Premier Apartments (i) 16,508 16,716 LIBOR+ 1.55% October 31, 2024 Premier Retail (i) 8,131 8,241 LIBOR+ 1.55% October 31, 2024 Red Mill South 5,518 5,833 3.57% May 1, 2025 Brooks Crossing Office 14,882 15,393 LIBOR+ 1.60% July 1, 2025 Market at Mill Creek 13,142 13,789 LIBOR+ 1.55% July 12, 2025 North Point Center Note 2 1,942 2,094 7.25% September 15, 2025 Encore Apartments (j) 24,523 24,337 2.93% February 10, 2026 4525 Main Street (j) 31,476 31,231 2.93% February 10, 2026 Delray Beach Plaza 14,039 — LIBOR+ 3.00% March 8, 2026 Thames Street Wharf 70,761 70,000 BSBY+ 1.30% (e) September 30, 2026 Southgate Square 27,060 19,682 LIBOR+ 1.90% December 21, 2026 Greenbrier Square 20,000 — 3.74% October 10, 2027 Lexington Square 14,172 14,440 4.50% September 1, 2028 Red Mill North 4,189 4,294 4.73% December 31, 2028 Greenside Apartments 32,598 33,310 3.17% December 15, 2029 The Residences at Annapolis Junction 84,375 84,375 SOFR+ 2.66% November 1, 2030 Smith's Landing 16,452 17,331 4.05% June 1, 2035 Liberty Apartments 13,572 13,877 5.66% November 1, 2043 Edison Apartments 15,926 16,272 5.30% December 1, 2044 The Cosmopolitan 42,090 42,909 3.35% July 1, 2051 Total secured debt $ 747,387 $ 747,812 Unsecured debt Senior unsecured revolving credit facility $ 5,000 $ 10,000 LIBOR+ 1.30%-1.85% January 24, 2024 Senior unsecured term loan 19,500 19,500 LIBOR+ 1.25%-1.80% January 24, 2025 Senior unsecured term loan 185,500 185,500 LIBOR+ 1.25%-1.80% (e) January 24, 2025 Total unsecured debt 210,000 215,000 Total principal balances 957,387 962,812 Other notes payable (k) 10,144 10,004 Unamortized GAAP adjustments (8,621) (8,971) Loans reclassified to liabilities related to assets held for sale, net (41,354) — Indebtedness, net $ 917,556 $ 963,845 ________________________________________ (a) LIBOR, SOFR, and Bloomberg Short-Term Bank Yield Index ("BSBY") rates are determined by individual lenders. (b) On August 25, 2021 the Socastee Commons Note was paid off as part of the property sale. (c) On November 16, 2021 the Johns Hopkins Village Note was paid off. (d) Cross collateralized. (e) Includes debt subject to interest rate swap agreements. (f) Cross collateralized. (g) Held for sale as of December 31, 2021. (h) No funding on the construction loan as of December 31, 2021. (i) Cross collateralized. (j) Cross collateralized.
Components of debt	The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Fixed-rate debt $ 534,371 $ 573,951 Variable-rate debt 423,016 388,861 Total principal balance $ 957,387 $ 962,812
Scheduled principal repayments and term-loan maturities	Scheduled principal repayments and maturities during each of the next five years and thereafter are as follows (in thousands): Year Ending December 31, Scheduled Principal Payments Maturities Total Payments 2022 $ 12,319 $ 19,570 $ 31,889 2023 12,148 168,447 180,595 2024 12,993 112,024 125,017 2025 12,944 234,630 247,574 2026 9,550 146,003 155,553 Thereafter 85,332 131,427 216,759 Total (1) $ 145,286 $ 812,101 $ 957,387 ________________________________________ (1) Debt principal payments and maturities exclude increased ground lease payments at 1405 Point and accrued earn-out payments to the Company’s joint venture partner at Gainesville, each of which is classified as notes payable in the Company's consolidated balance sheets.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
Derivative Financial Instruments (Tables)	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of LIBOR interest rate caps	As of December 31, 2021, the Company had the following LIBOR and SOFR interest rate caps ($ in thousands): Effective Date Maturity Date Notional Amount Strike Rate Premium Paid 5/15/2019 6/1/2022 $ 100,000 2.50% (LIBOR) $ 288 1/10/2020 2/1/2022 50,000 (a) 1.75% (LIBOR) 87 1/28/2020 2/1/2022 50,000 (a) 1.75% (LIBOR) 62 3/2/2020 3/1/2022 100,000 (a) 1.50% (LIBOR) 111 7/1/2020 7/1/2023 100,000 (a) 0.50% (LIBOR) 232 11/1/2020 11/1/2023 84,375 (a) 1.84% (SOFR) (b) 91 2/2/2021 2/1/2023 100,000 0.50% (LIBOR) 45 3/4/2021 4/1/2023 14,479 2.50% (LIBOR) 4 5/5/2021 5/1/2023 50,000 0.50% (LIBOR) 75 5/5/2021 5/1/2023 35,100 0.50% (LIBOR) 55 6/16/2021 7/1/2023 100,000 0.50% (LIBOR) 120 $ 783,954 $ 1,170 ________________________________________ (a) Designated as a cash flow hedge. (b) This interest rate swap is subject to SOFR, which has been identified as an alternative to LIBOR. LIBOR will be phased out beginning December 31, 2021. As of December 31, 2021, 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 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 33,372 (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 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 Thames Street Wharf 70,761 (a) 1-month BSBY (b) 1.05 % 2.35 % 9/30/2021 9/30/2026 Total $ 289,633 ________________________________________ (a) Designated as a cash flow hedge. (b) This interest rate swap is subject to BSBY, which has been identified as an alternative to LIBOR. LIBOR will be phased out beginning December 31, 2021.
Schedule of derivatives	The Company’s derivatives comprised the following as of December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Fair Value Fair Value Notional Amount Asset Liability Notional Amount Asset Liability Derivatives not designated as accounting hedges Interest rate swaps $ 50,000 $ — $ (1,454) $ 50,000 $ — $ (3,056) Interest rate caps 399,579 1,019 — 150,000 4 — Total derivatives not designated as accounting hedges 449,579 1,019 (1,454) 200,000 4 (3,056) Derivatives designated as accounting hedges Interest rate swaps 239,633 1,317 (2,013) 290,231 — (11,797) Interest rate caps 384,375 590 — 384,375 86 — Total derivatives $ 1,073,587 $ 2,926 $ (3,467) $ 874,606 $ 90 $ (14,853)
Schedule of changes in fair value of derivatives	The changes in the fair value of the Company’s derivatives during the years ended December 31, 2021, 2020, and 2019 was as follows (in thousands): Years Ended December 31, 2021 2020 2019 Interest rate swaps $ 4,775 $ (10,318) $ (6,050) Interest rate caps 1,222 (518) (2,053) Total change in fair value of interest rate derivatives $ 5,997 $ (10,836) $ (8,103) Comprehensive income statement presentation: Change in fair value of derivatives and other $ 2,319 $ (1,085) $ (3,599) Unrealized cash flow hedge losses 3,678 (9,751) (4,504) Total change in fair value of interest rate derivatives $ 5,997 $ (10,836) $ (8,103)

Equity (Tables)

Equity (Tables)	12 Months Ended
Equity (Tables)	Dec. 31, 2021
Equity [Abstract]
Tax treatment of dividends paid	The tax treatment of dividends paid to common stockholders during the years ended December 31, 2021, 2020, and 2019 was as follows (unaudited): Years ended December 31, 2021 2020 2019 Capital gains 8.98 % — % 10.62 % Ordinary income 66.71 % 59.09 % 68.83 % Return of capital 24.31 % 40.91 % 20.55 % Total 100.00 % 100.00 % 100.00 % The tax treatment of dividends paid to preferred stockholders during the years ended December 31, 2021, 2020, and 2019 was as follows (unaudited): Years ended December 31, 2021 2020 2019 Capital gains 11.96 % — % — % Ordinary income 88.04 % 100.00 % 100.00 % Total 100.00 % 100.00 % 100.00 %

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
Stock-Based Compensation (Tables)	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Compensation Cost for Share-based Payment Arrangements	Compensation cost relating to stock-based compensation for the years ended December 31, 2021, 2020, and 2019 was recorded as follows (in thousands): Years Ended December 31, 2021 2020 2019 General and administrative expense $ 1,505 $ 1,615 $ 1,211 General contracting and real estate services expenses 738 763 402 Capitalized in conjunction with development projects 329 483 746 Total stock-based compensation cost $ 2,572 $ 2,861 $ 2,359
Summary of the changes in the company's nonvested restricted stock awards	The following table summarizes the changes in the Company’s unvested restricted stock awards during the year ended December 31, 2021: Restricted Stock Weighted Average Grant Date Fair Value Per Share Unvested as of January 1, 2021 167,578 $ 15.31 Granted 166,768 12.88 Vested (180,327) 13.98 Forfeited (2,207) 13.88 Unvested as of December 31, 2021 151,812 $ 14.24

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
Fair Value of Financial Instruments (Tables)	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Carrying amounts and fair values of financial instruments measured based on level two inputs	The carrying amounts and fair values of the Company’s financial instruments as of December 31, 2021 and 2020 were as follows (in thousands): December 31, 2021 2020 Carrying Fair Carrying Fair Indebtedness, net $ 958,910 $ 976,520 $ 963,845 $ 980,714 Notes receivable 126,429 126,429 135,432 135,223 Interest rate swap liabilities 3,467 3,467 14,853 14,853 Interest rate swap and cap assets 2,926 2,926 90 90

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Summary of income tax provision	The income tax benefit (provision) for the years ended December 31, 2021, 2020, and 2019 comprised the following (in thousands): Years Ended December 31, 2021 2020 2019 Federal income taxes: Current $ 722 $ 290 $ 430 Deferred (100) (18) (20) State income taxes: Current 139 14 85 Deferred (19) (3) (4) Income tax benefit $ 742 $ 283 $ 491

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
Other Assets (Tables)	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of other assets	Other assets were comprised of the following as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Leasing costs, net $ 13,043 $ 13,007 Leasing incentives, net 3,330 3,303 Interest rate swaps and caps 2,926 90 Prepaid expenses and other 18,345 11,542 Pre-acquisition and pre-development costs 8,283 15,382 Other assets $ 45,927 $ 43,324

Other Liabilities (Tables)

Other Liabilities (Tables)	12 Months Ended
Other Liabilities (Tables)	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Summary of other liabilities	Other liabilities were comprised of the following as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Dividends and distributions payable $ 17,245 $ 11,753 Acquired lease intangibles, net 19,256 15,621 Prepaid rent and other 11,294 9,068 Security deposits 3,371 2,976 Interest rate swaps 3,467 14,853 Guarantee liability 1,243 2,631 Other liabilities $ 55,876 $ 56,902

Acquired Lease Intangibles (Tab

Acquired Lease Intangibles (Tables)	12 Months Ended
Acquired Lease Intangibles (Tables)	Dec. 31, 2021
Acquired Lease Intangibles
Summary of the company's acquired lease intangibles	The following table summarizes the Company’s acquired lease intangibles as of December 31, 2021 (in thousands): December 31, 2021 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 126,528 $ 67,486 $ 59,042 Above-market lease assets 7,442 4,446 2,996 Above/Below-market ground lease assets 5,075 810 4,265 Below-market lease liabilities 30,798 11,542 19,256 The following table summarizes the Company’s acquired lease intangibles as of December 31, 2020 (in thousands): December 31, 2020 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 110,643 $ 54,276 $ 56,367 Above-market lease assets 5,638 3,851 1,787 Below-market ground lease assets 8,549 667 7,882 Below-market lease liabilities 25,015 9,394 15,621
Schedule of finite-lived intangible assets	During the years ended December 31, 2021, 2020, and 2019, the Company recognized the following amortization of intangible lease assets and liabilities (in thousands): Years Ended December 31, 2021 2020 2019 Intangible lease assets In-place lease assets $ 13,210 $ 6,935 $ 14,971 Above-market lease assets 595 300 875 Above/Below-market ground lease assets 144 213 155 Intangible lease liabilities Below-market lease liabilities 2,148 1,119 2,261
Estimated amortization of acquired lease intangibles	Estimated amortization of acquired lease intangibles for each of the five succeeding years is as follows (in thousands): Rental Revenues Depreciation and Amortization Year ending December 31, 2022 $ 1,766 $ 10,833 2023 1,568 8,895 2024 1,579 7,157 2025 1,505 6,145 2026 1,516 5,870

Business and Organization - Add

Business and Organization - Additional Information (Details)	Dec. 31, 2021	Dec. 31, 2020
Business and Organization
Percentage of operating partnerships held	75.30%	73.90%
General Partner
Business and Organization
Percentage of operating partnerships held	0.10%

Business and Organization - Sch

Business and Organization - Schedule of Owned Properties (Details)	Dec. 31, 2021
4525 Main Street \| Office
Business and Organization
Ownership interest percentage in property	100.00%
Armada Hoffler Tower \| Office
Business and Organization
Ownership interest percentage in property	100.00%
Brooks Crossing Office \| Office
Business and Organization
Ownership interest percentage in property	100.00%
One City Center \| Office
Business and Organization
Ownership interest percentage in property	100.00%
One Columbus \| Office
Business and Organization
Ownership interest percentage in property	100.00%
Thames Street Wharf \| Office
Business and Organization
Ownership interest percentage in property	100.00%
Two Columbus \| Office
Business and Organization
Ownership interest percentage in property	100.00%
249 Central Park Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Apex Entertainment \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Broad Creek Shopping Center \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Broadmoor Plaza \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Brooks Crossing Retail \| Retail
Business and Organization
Ownership interest percentage in property	65.00%
Columbus Village \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Columbus Village II \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Commerce Street Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Delray Beach Plaza \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Dimmock Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Fountain Plaza Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Greenbrier Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Greentree Shopping Center \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Hanbury Village \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Harrisonburg Regal \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Lexington Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Market at Mill Creek \| Retail
Business and Organization
Ownership interest percentage in property	70.00%
Marketplace at Hilltop \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Nexton Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
North Hampton Market \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
North Point Center \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Overlook Village \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Parkway Centre \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Parkway Marketplace \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Patterson Place \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Perry Hall Marketplace \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Premier Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Providence Plaza \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Red Mill Commons \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Sandbridge Commons \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
South Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
South Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Southgate Square \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Southshore Shops \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Studio 56 Retail \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Tyre Neck Harris Teeter \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
Wendover Village \| Retail
Business and Organization
Ownership interest percentage in property	100.00%
1405 Point \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Edison Apartments \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Encore Apartments \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Greenside Apartments \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Hoffler Place \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Liberty Apartments \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Premier Apartments \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Smith’s Landing \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Summit Place \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
The Cosmopolitan \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
The Residences at Annapolis Junction \| Multifamily
Business and Organization
Ownership interest percentage in property	79.00%

Business and Organization - S_2

Business and Organization - Schedule of Properties under development, redevelopment or not yet stabilized (Details)	Dec. 31, 2021
Wills Wharf \| Office
Business and Organization
Ownership interest percentage in property	100.00%
Chronicle Mill \| Multifamily
Business and Organization
Ownership interest percentage in property	85.00%
Gainesville Apartments \| Multifamily
Business and Organization
Ownership interest percentage in property	95.00%
Southern Post \| Mixed-use
Business and Organization
Ownership interest percentage in property	100.00%

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)business_segmentshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares
Accounting Policies [Line Items]
Business segments \| business_segment	4
Accrued straight-line rental adjustment	$ (4,938)	$ (5,927)	$ (3,402)
Leasing incentive amortization	700	700	700
Interest capitalized	1,500	3,600	5,900
Indirect project costs	2,100	2,600	$ 3,100
Capitalized pre-acquisition development costs	8,283	15,382
Accounts receivable, net	29,576	28,259
Allowance for doubtful accounts	$ 400	$ 400
Percentage of taxable income for distributions to stockholders	90.00%
Dilutive shares outstanding (in shares) \| shares	0	0	0
Socastee Commons Shopping Center \| Socastee Commons
Accounting Policies [Line Items]
Impairment of real estate	$ 3,000
Hoffler Place and Summit Place \| Hoffler Place and Summit Place
Accounting Policies [Line Items]
Impairment of real estate	18,300
Accrued Straight-line Rental Revenue
Accounting Policies [Line Items]
Accounts receivable, net	$ 24,700	$ 21,300

Significant Accounting Polici_5

Significant Accounting Policies - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2021
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years
Capital improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Capital improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years

Segments - Net Income of Report

Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information
Rental revenues	$ 192,140	$ 166,488	$ 151,339
Real estate taxes	21,852	18,136	14,961
Segment revenues	91,936	217,146	105,859
Net operating income	127,630	117,066	106,367
Office real estate
Segment Reporting Information
Rental revenues	47,363	43,494	33,269
Rental expenses	12,412	10,799	8,722
Real estate taxes	6,112	5,111	3,471
Net operating income	28,839	27,584	21,076
Retail real estate
Segment Reporting Information
Rental revenues	78,572	73,032	77,593
Rental expenses	12,512	11,029	11,656
Real estate taxes	8,416	7,784	7,916
Net operating income	57,644	54,219	58,021
Multifamily residential real estate
Segment Reporting Information
Rental revenues	66,205	49,962	40,477
Rental expenses	21,570	17,132	13,954
Real estate taxes	7,324	5,241	3,574
Net operating income	37,311	27,589	22,949
General contracting and real estate services
Segment Reporting Information
Net operating income	3,836	7,674	4,321
General contracting and real estate services revenues \| General contracting and real estate services
Segment Reporting Information
Segment revenues	91,936	217,146	105,859
Segment expenses	$ 88,100	$ 209,472	$ 101,538

Segments - Additional informati

Segments - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information
General contracting and real estate services revenues	$ 91,936	$ 217,146	$ 105,859
General contracting and real estate services revenues \| General contracting and real estate services
Segment Reporting Information
General contracting and real estate services revenues	91,936	217,146	105,859
General contracting and real estate services expenses	88,100	209,472	101,538
General contracting and real estate services revenues \| General contracting and real estate services \| Intersegment Eliminations
Segment Reporting Information
General contracting and real estate services revenues	27,800	26,600	99,900
General contracting and real estate services expenses	$ 27,600	$ 26,300	$ 99,000

Segments - Reconciliation of Ne

Segments - Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information
Net operating income	$ 127,630	$ 117,066	$ 106,367
Amortization of right-of-use assets - finance leases	(1,022)	(586)	(377)
General and administrative expenses	(14,610)	(12,905)	(12,392)
Acquisition, development and other pursuit costs	(112)	(584)	(844)
Impairment charges	(21,378)	(666)	(252)
Gain on real estate dispositions	19,040	6,388	4,699
Interest income	18,457	19,841	23,215
Interest expense	(33,905)	(31,035)	(31,344)
Loss on extinguishment of debt	(3,810)	0	(30)
Equity in income of unconsolidated real estate entities	0	0	273
Change in fair value of derivatives and other	2,182	(1,130)	(3,599)
Unrealized credit loss release (provision)	792	(256)	0
Other income (expense), net	302	515	615
Income tax benefit	742	283	491
Net income	25,455	36,959	32,258
Operating Segments
Segment Reporting Information
Net operating income	127,630	117,066	106,367
Segment Reconciling Items
Segment Reporting Information
Depreciation and amortization	(68,853)	(59,972)	(54,564)
Amortization of right-of-use assets - finance leases	(1,022)	(586)	(377)
General and administrative expenses	(14,610)	(12,905)	(12,392)
Acquisition, development and other pursuit costs	(112)	(584)	(844)
Impairment charges	(21,378)	(666)	(252)
Gain on real estate dispositions	19,040	6,388	4,699
Interest income	18,457	19,841	23,215
Interest expense	(33,905)	(31,035)	(31,344)
Loss on extinguishment of debt	(3,810)	0	(30)
Equity in income of unconsolidated real estate entities	0	0	273
Change in fair value of derivatives and other	2,182	(1,130)	(3,599)
Unrealized credit loss release (provision)	792	(256)	0
Other income (expense), net	302	515	615
Income tax benefit	$ 742	$ 283	$ 491

Leases - Additional Information

Leases - Additional Information (Details)	12 Months Ended
Leases - Additional Information (Details)	Dec. 31, 2021leaseextensionproperty
Lessee, Lease, Description [Line Items]
Number of ground leases	8
Number of properties subject to ground leases \| property	7
Number of operating leases	5
Number of finance leases	3
Number of options to extend \| extension	1
Minimum
Lessee, Lease, Description [Line Items]
Term of renewal options	1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of renewal options	15 years

Leases - Operating and Finance

Leases - Operating and Finance Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 2,448	$ 2,626	$ 2,700
Finance lease cost:
Amortization of right-of-use assets	1,022	586	369
Interest on lease liabilities	2,251	915	568
Operating cash flows from operating leases	2,085	2,113	1,969
Operating cash flows from finance leases	$ 1,986	$ 864	$ 533

Leases - Additional Informati_2

Leases - Additional Information Related to Leases (Details)	Dec. 31, 2021	Dec. 31, 2020
Weighted Average Remaining Lease Term (years)
Operating leases	36 years 8 months 12 days	44 years 6 months
Finance leases	43 years 8 months 12 days	40 years 2 months 12 days
Weighted Average Discount Rate
Operating leases	5.50%	5.40%
Finance leases	5.70%	5.20%

Leases - Lessee, Maturities of

Leases - Lessee, Maturities of Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
2022	$ 1,789
2023	1,845
2024	1,881
2025	1,897
2026	1,882
Thereafter	68,385
Total undiscounted cash flows	77,679
Present value discount	(46,031)
Discounted cash flows	31,648	$ 41,659
Finance Leases
2022	2,217
2023	2,311
2024	2,326
2025	2,363
2026	2,368
Thereafter	126,685
Total undiscounted cash flows	138,270
Present value discount	(92,110)
Discounted cash flows	$ 46,160	$ 17,954

Leases - Lessor, Rental Income

Leases - Lessor, Rental Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Base rent and tenant charges	$ 186,137	$ 159,747	$ 147,309
Accrued straight-line rental adjustment	4,938	5,927	3,402
Lease incentive amortization	(660)	(693)	(739)
Below/(above) market lease amortization	1,725	1,507	1,367
Total rental revenue	$ 192,140	$ 166,488	$ 151,339

Leases - Lessor, Payments to be

Leases - Lessor, Payments to be Received (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 104,222
2023	101,071
2024	92,780
2025	79,645
2026	71,447
Thereafter	328,359
Total	$ 777,524

Real Estate Investments and E_3

Real Estate Investments and Equity Method Investments - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Land	$ 275,535	$ 280,791
Land improvements	65,565	61,275
Buildings and improvements	1,336,316	1,357,684
Development and construction costs	60,022	58,167
Real estate investments	1,737,438	1,757,917	$ 1,606,324
Income producing property
Real Estate Properties [Line Items]
Land	256,728	261,984
Land improvements	65,565	61,275
Buildings and improvements	1,336,316	1,357,684
Development and construction costs	0	0
Real estate investments	1,658,609	1,680,943
Held for development
Real Estate Properties [Line Items]
Land	6,294	13,607
Land improvements	0	0
Buildings and improvements	0	0
Development and construction costs	0	0
Real estate investments	6,294	13,607
Construction in progress
Real Estate Properties [Line Items]
Land	12,513	5,200
Land improvements	0	0
Buildings and improvements	0	0
Development and construction costs	60,022	58,167
Real estate investments	$ 72,535	$ 63,367

Real Estate Investments and E_4

Real Estate Investments and Equity Method Investments - Operating Property Acquisitions (Details) $ / shares in Units, $ in Thousands

Aug. 24, 2021USD ($)

Jul. 28, 2021USD ($)

Jun. 28, 2021USD ($)

Feb. 26, 2021USD ($)

Oct. 30, 2020USD ($)

Oct. 01, 2020USD ($)shares

Sep. 22, 2020USD ($)

Jun. 30, 2020USD ($)

Jun. 26, 2019USD ($)

May 23, 2019USD ($)$ / sharesshares

Apr. 24, 2019USD ($)

Mar. 14, 2019USD ($)

Feb. 06, 2019USD ($)

Dec. 31, 2021USD ($)property

Dec. 31, 2020USD ($)property

Dec. 31, 2019USD ($)

Oct. 31, 2020USD ($)

Real Estate [Line Items]

Notes receivable paydowns

$ 42,301

$ 16,340

$ 22,522

Number of operating properties acquired | property

Payment for debt extinguishment fee

$ 3,417

$ 0

Notional amount

1,073,587

874,606

Total notes receivable

126,429

135,432

Mezzanine Loan

Real Estate [Line Items]

Notes receivable

118,946

128,576

1405 Point

Real Estate [Line Items]

Recognized identifiable assets acquired and liabilities

101,896

Nexton Square

Real Estate [Line Items]

Capitalized acquisition costs

$ 200

Acquisition, cash consideration

17,900

Acquisition, assumption of debt

22,900

Recognized identifiable assets acquired and liabilities

41,371

Nexton Square | Mezzanine Loan

Real Estate [Line Items]

Notes receivable

$ 16,400

Edison Apartments

Real Estate [Line Items]

Recognized identifiable assets acquired and liabilities

23,746

The Residences at Annapolis Junction

Real Estate [Line Items]

Recognized identifiable assets acquired and liabilities

$ 123,654

Senior Notes

$ 83,400

$ 84,400

The Residences at Annapolis Junction | SOFR

Real Estate [Line Items]

Stated interest rate, basis spread on variable rate

2.66%

Delray Beach Plaza

Real Estate [Line Items]

Purchase price

$ 27,600

Capitalized acquisition costs

200

Recognized identifiable assets acquired and liabilities

$ 27,765

Delray Beach Plaza | Mezzanine Loan

Real Estate [Line Items]

Notes receivable paydowns

$ 14,300

Notes receivable

$ 14,289

Hoffler Place

Real Estate [Line Items]

Percentage of ownership interest

0.075

Payments to acquire real estate held-for-investment

$ 300

Summit Place

Real Estate [Line Items]

Percentage of ownership interest

0.10

Acquisition, cash consideration

$ 500

Overlook Village

Real Estate [Line Items]

Recognized identifiable assets acquired and liabilities

28,362

Overlook Village | Overlook Village

Real Estate [Line Items]

Capitalized acquisition costs

$ 100

Consideration transferred

$ 28,300

Greenbrier Square

Real Estate [Line Items]

Purchase price

$ 36,500

Capitalized acquisition costs

300

Loans payable

20,000

Acquisition, assumption of debt

$ 20,000

Recognized identifiable assets acquired and liabilities

$ 36,777

Wendover Village

Real Estate [Line Items]

Purchase price

$ 2,700

Capitalized acquisition costs

$ 100

Durham City Center

Real Estate [Line Items]

Purchase price

$ 23,000

Acquisition, cash consideration

23,200

Capitalized acquisition costs

$ 100

1405 Point

Real Estate [Line Items]

Acquisition, cash consideration

$ 300

Loans payable

64,900

Interest acquired

21.00%

Remaining lease term

42 years

Acquisition, assumption of debt

$ 6,100

Capitalized acquisition costs

$ 100

Option to acquire additional interest

79.00%

Total notes receivable

$ 31,300

Loans payable, fair value disclosure

$ 65,800

Thames Street Wharf

Real Estate [Line Items]

Acquisition, cash consideration

$ 101,000

Capitalized acquisition costs

$ 300

Edison Apartments | Richmond, Virginia

Real Estate [Line Items]

Acquisition, assumption of debt

$ 16,400

Acquisition, common units/shares issued (in shares) | shares

633,734

Recognized identifiable assets acquired and liabilities

$ 1,100

The Residences at Annapolis Junction

Real Estate [Line Items]

Interest acquired

79.00%

Payment for debt extinguishment fee

$ 200

Senior Notes

83,400

Short-term debt, refinanced, amount

84,400

The Residences at Annapolis Junction | Interest rate caps

Real Estate [Line Items]

Notional amount

$ 100

The Residences at Annapolis Junction | SOFR

Real Estate [Line Items]

Stated interest rate, basis spread on variable rate

2.66%

Derivative, variable interest rate

1.84%

Office And Retail Portions | Durham City Center II LLC

Real Estate [Line Items]

Interests in equity method investments

37.00%

Operating Partnership | Red Mill Commons And Marketplace At Hilltop

Real Estate [Line Items]

Purchase price

$ 105,000

Acquisition, cash consideration

4,500

Acquisition, assumption of debt

$ 35,700

Acquisition, common units/shares issued (in shares) | shares

4,100,000

Capitalized acquisition costs

$ 1,100

Business acquisition, share price | $ / shares

$ 15.55

Future sale period for properties in limited number of cases

10 years

Consideration transferred, adjusted amount

$ 109,300

Equity interests, adjusted amount

68,100

Liabilities incurred, adjusted amount

$ 35,600

Share price, adjusted amount | $ / shares

$ 16.50

Real Estate Investments and E_5

Real Estate Investments and Equity Method Investments - Summary of the Purchase Price Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Delray Beach Plaza
Business Acquisition [Line Items]
Land	$ 0
Above-market leases	0
Below-market leases	(3,121)
Finance lease liabilities	(27,940)
Finance lease right-of-use assets	24,466
Fair value adjustment on acquired debt	0
Net assets acquired	27,765
Overlook Village
Business Acquisition [Line Items]
Land	6,328
Above-market leases	81
Below-market leases	(2,146)
Finance lease liabilities	0
Finance lease right-of-use assets	0
Fair value adjustment on acquired debt	0
Net assets acquired	28,362
Greenbrier Square
Business Acquisition [Line Items]
Land	8,549
Above-market leases	1,753
Below-market leases	(1,365)
Finance lease liabilities	0
Finance lease right-of-use assets	0
Fair value adjustment on acquired debt	(11)
Net assets acquired	36,777
Nexton Square
Business Acquisition [Line Items]
Land	9,885
Below-market leases	(1,877)
Fair value adjustment on acquired debt	(364)
Net assets acquired	41,371
Edison Apartments
Business Acquisition [Line Items]
Land	3,428
Below-market leases	(140)
Fair value adjustment on acquired debt	6
Net assets acquired	23,746
The Residences at Annapolis Junction
Business Acquisition [Line Items]
Land	14,774
Below-market leases	0
Fair value adjustment on acquired debt	0
Net assets acquired	123,654
Wendover Village
Business Acquisition [Line Items]
Land		$ 1,633
Below-market leases		0
Finance lease liabilities		0
Finance lease right-of-use assets		0
Net assets acquired		2,783
One City Center
Business Acquisition [Line Items]
Land		2,678
Below-market leases		0
Finance lease liabilities		0
Finance lease right-of-use assets		0
Net assets acquired		46,020
1405 Point
Business Acquisition [Line Items]
Land		0
Below-market leases		0
Finance lease liabilities		(8,671)
Finance lease right-of-use assets		11,730
Net assets acquired		101,896
Red Mill Commons
Business Acquisition [Line Items]
Land		44,252
Below-market leases		(6,221)
Finance lease liabilities		0
Finance lease right-of-use assets		0
Net assets acquired		79,815
Marketplace at Hilltop
Business Acquisition [Line Items]
Land		2,023
Below-market leases		(1,136)
Finance lease liabilities		(9,200)
Finance lease right-of-use assets		12,770
Net assets acquired		29,507
Thames Street Wharf
Business Acquisition [Line Items]
Land		15,861
Below-market leases		(3,636)
Finance lease liabilities		0
Finance lease right-of-use assets		0
Net assets acquired		101,299
Site improvements \| Delray Beach Plaza
Business Acquisition [Line Items]
Property, plant, and equipment	4,607
Site improvements \| Overlook Village
Business Acquisition [Line Items]
Property, plant, and equipment	1,727
Site improvements \| Greenbrier Square
Business Acquisition [Line Items]
Property, plant, and equipment	1,974
Site improvements \| Nexton Square
Business Acquisition [Line Items]
Property, plant, and equipment	3,690
Site improvements \| Edison Apartments
Business Acquisition [Line Items]
Property, plant, and equipment	0
Site improvements \| The Residences at Annapolis Junction
Business Acquisition [Line Items]
Property, plant, and equipment	1,786
Site improvements \| Wendover Village
Business Acquisition [Line Items]
Property, plant, and equipment		50
Site improvements \| One City Center
Business Acquisition [Line Items]
Property, plant, and equipment		163
Site improvements \| 1405 Point
Business Acquisition [Line Items]
Property, plant, and equipment		298
Site improvements \| Red Mill Commons
Business Acquisition [Line Items]
Property, plant, and equipment		2,558
Site improvements \| Marketplace at Hilltop
Business Acquisition [Line Items]
Property, plant, and equipment		691
Site improvements \| Thames Street Wharf
Business Acquisition [Line Items]
Property, plant, and equipment		150
Building and improvements \| Delray Beach Plaza
Business Acquisition [Line Items]
Property, plant, and equipment	22,544
Building and improvements \| Overlook Village
Business Acquisition [Line Items]
Property, plant, and equipment	18,375
Building and improvements \| Greenbrier Square
Business Acquisition [Line Items]
Property, plant, and equipment	19,196
Building and improvements \| Nexton Square
Business Acquisition [Line Items]
Property, plant, and equipment	24,070
Building and improvements \| Edison Apartments
Business Acquisition [Line Items]
Property, plant, and equipment	18,227
Building and improvements \| The Residences at Annapolis Junction
Business Acquisition [Line Items]
Property, plant, and equipment	101,219
Building and improvements \| Wendover Village
Business Acquisition [Line Items]
Property, plant, and equipment		888
Building and improvements \| One City Center
Business Acquisition [Line Items]
Property, plant, and equipment		28,039
Building and improvements \| 1405 Point
Business Acquisition [Line Items]
Property, plant, and equipment		92,866
Building and improvements \| Red Mill Commons
Business Acquisition [Line Items]
Property, plant, and equipment		27,790
Building and improvements \| Marketplace at Hilltop
Business Acquisition [Line Items]
Property, plant, and equipment		19,195
Building and improvements \| Thames Street Wharf
Business Acquisition [Line Items]
Property, plant, and equipment		64,539
Furniture and fixtures \| Nexton Square
Business Acquisition [Line Items]
Property, plant, and equipment	0
Furniture and fixtures \| Edison Apartments
Business Acquisition [Line Items]
Property, plant, and equipment	355
Furniture and fixtures \| The Residences at Annapolis Junction
Business Acquisition [Line Items]
Property, plant, and equipment	1,796
Furniture and fixtures \| Wendover Village
Business Acquisition [Line Items]
Property, plant, and equipment		0
Furniture and fixtures \| One City Center
Business Acquisition [Line Items]
Property, plant, and equipment		0
Furniture and fixtures \| 1405 Point
Business Acquisition [Line Items]
Property, plant, and equipment		2,302
Furniture and fixtures \| Red Mill Commons
Business Acquisition [Line Items]
Property, plant, and equipment		0
Furniture and fixtures \| Marketplace at Hilltop
Business Acquisition [Line Items]
Property, plant, and equipment		0
Furniture and fixtures \| Thames Street Wharf
Business Acquisition [Line Items]
Property, plant, and equipment		0
In-place lease assets \| Delray Beach Plaza
Business Acquisition [Line Items]
Finite-lived intangibles	7,209
In-place lease assets \| Overlook Village
Business Acquisition [Line Items]
Finite-lived intangibles	3,997
In-place lease assets \| Greenbrier Square
Business Acquisition [Line Items]
Finite-lived intangibles	6,659
In-place lease assets \| Nexton Square
Business Acquisition [Line Items]
Finite-lived intangibles	5,239
In-place lease assets \| Edison Apartments
Business Acquisition [Line Items]
Finite-lived intangibles	1,882
In-place lease assets \| The Residences at Annapolis Junction
Business Acquisition [Line Items]
Finite-lived intangibles	$ 4,079
In-place lease assets \| Wendover Village
Business Acquisition [Line Items]
Finite-lived intangibles		101
In-place lease assets \| One City Center
Business Acquisition [Line Items]
Finite-lived intangibles		15,140
In-place lease assets \| 1405 Point
Business Acquisition [Line Items]
Finite-lived intangibles		3,371
In-place lease assets \| Red Mill Commons
Business Acquisition [Line Items]
Finite-lived intangibles		9,973
In-place lease assets \| Marketplace at Hilltop
Business Acquisition [Line Items]
Finite-lived intangibles		4,565
In-place lease assets \| Thames Street Wharf
Business Acquisition [Line Items]
Finite-lived intangibles		24,385
Above-market leases \| Wendover Village
Business Acquisition [Line Items]
Finite-lived intangibles		111
Above-market leases \| One City Center
Business Acquisition [Line Items]
Finite-lived intangibles		0
Above-market leases \| 1405 Point
Business Acquisition [Line Items]
Finite-lived intangibles		0
Above-market leases \| Red Mill Commons
Business Acquisition [Line Items]
Finite-lived intangibles		1,463
Above-market leases \| Marketplace at Hilltop
Business Acquisition [Line Items]
Finite-lived intangibles		599
Above-market leases \| Thames Street Wharf
Business Acquisition [Line Items]
Finite-lived intangibles		$ 0

Real Estate Investments and E_6

Real Estate Investments and Equity Method Investments - Other Real Estate Transactions (Details) $ in Thousands

Aug. 31, 2023USD ($)

Jan. 14, 2022USD ($)

Dec. 15, 2021USD ($)

Nov. 16, 2021USD ($)

Oct. 28, 2021USD ($)

Aug. 25, 2021USD ($)

Mar. 18, 2021USD ($)

Mar. 16, 2021USD ($)

Jan. 28, 2021USD ($)

Jan. 14, 2021USD ($)

Jan. 04, 2021USD ($)

Oct. 02, 2020USD ($)

Sep. 22, 2020USD ($)

Sep. 01, 2020USD ($)

Aug. 31, 2020USD ($)

May 29, 2020USD ($)property

Mar. 20, 2020USD ($)

Jan. 10, 2020USD ($)

Oct. 25, 2019USD ($)

Oct. 15, 2019

Sep. 12, 2019

Aug. 15, 2019USD ($)

Apr. 01, 2019USD ($)

Dec. 31, 2021USD ($)

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Real Estate [Line Items]

Dispositions of real estate investments, net of selling costs

$ 85,322

$ 96,459

$ 32,944

Debt repayments

187,758

299,318

270,851

Payments to acquire interest in joint venture

11,607

$ 1,078

$ 535

Southern Post | Mixed-use

Real Estate [Line Items]

Interest acquired

20.00%

Acquisition, assumption of debt

$ 1,500

Acquisition, cash consideration

$ 3,500

Primary Beneficiary | Tryon Partners, LLC

Real Estate [Line Items]

Ownership percentage

80.00%

Payments for purchase of land

$ 6,300

Belmont, North Carolina | Primary Beneficiary | Chronicle Holdings, LLC

Real Estate [Line Items]

Ownership percentage

85.00%

Payments for purchase of land

$ 2,300

Gainesville, Georgia

Real Estate [Line Items]

Payments to acquire interest in joint venture

$ 5,000

Gainesville, Georgia | Primary Beneficiary | Gainesville Development, LLC

Real Estate [Line Items]

Ownership percentage

95.00%

Funding commitment

$ 17,300

Discontinued Operations, Disposed of by Sale

Real Estate [Line Items]

Gain (loss) on disposition of property

$ 2,800

Consideration

$ 90,000

Number of retail properties held-for-sale | property

Socastee Commons Shopping Center | Socastee Commons

Real Estate [Line Items]

Impairment of real estate

3,000

Socastee Commons Shopping Center | Socastee Commons | Disposal Group, Held-for-sale, Not Discontinued Operations

Real Estate [Line Items]

Gain (loss) on disposition of property

$ (100)

Consideration

$ 3,800

Johns Hopkins Village | Discontinued Operations, Disposed of by Sale

Real Estate [Line Items]

Dispositions of real estate investments, net of selling costs

$ 75,000

Gain (loss) on disposition of property

$ 14,400

Lightfoot Marketplace | Lightfoot Marketplace | Held-for-sale or Disposed of by Sale, Not Discontinued Operations

Real Estate [Line Items]

Dispositions of real estate investments, net of selling costs

$ 30,300

Gain (loss) on disposition of property

4,500

Waynesboro Commons | Waynesboro Commons | Held-for-sale or Disposed of by Sale, Not Discontinued Operations

Real Estate [Line Items]

Dispositions of real estate investments, net of selling costs

$ 1,100

Hanbury Village | Discontinued Operations, Disposed of by Sale

Real Estate [Line Items]

Dispositions of real estate investments, net of selling costs

$ 2,900

$ 7,000

Gain (loss) on disposition of property

$ 2,400

$ 3,600

Nexton Square

Real Estate [Line Items]

Repayment of debt

$ 2,000

Acquisition, assumption of debt

$ 22,900

Acquisition, cash consideration

$ 17,900

Nexton Square | Discontinued Operations, Disposed of by Sale

Real Estate [Line Items]

Dispositions of real estate investments, net of selling costs

$ 900

Debt repayments

$ 800

Oakland Marketplace | Discontinued Operations, Disposed of by Sale

Real Estate [Line Items]

Dispositions of real estate investments, net of selling costs

$ 5,500

Gain (loss) on disposition of property

$ 1,100

Courthouse 7-Eleven | Discontinued Operations, Disposed of by Sale

Real Estate [Line Items]

Dispositions of real estate investments, net of selling costs

$ 3,100

$ 300

Gain (loss) on disposition of property

$ 1,100

$ 200

Hoffler Place and Summit Place | Hoffler Place and Summit Place

Real Estate [Line Items]

Impairment of real estate

$ 18,300

Brooks Crossing | Disposal Group, Disposed of by Sale, Not Discontinued Operations

Real Estate [Line Items]

Dispositions of real estate investments, net of selling costs

$ 500

Subsequent Event | Ten Tryon Project

Real Estate [Line Items]

Interest acquired

20.00%

Acquisition, cash consideration

$ 3,900

Subsequent Event | Gainesville, Georgia | Primary Beneficiary | Gainesville Development, LLC

Real Estate [Line Items]

Interest acquired

5.00%

Purchase price

$ 4,200

Acquisition, assumption of debt

$ 3,800

Line of Credit | Secured Debt | Lightfoot Marketplace

Real Estate [Line Items]

Repayment of debt

$ 17,900

1023 Roswell, LLC | Primary Beneficiary

Real Estate [Line Items]

Ownership percentage

80.00%

Funding commitment

$ 5,000

1023 Roswell, LLC | Rosewell, Georgia

Real Estate [Line Items]

Payments for purchase of land

$ 5,000

Tryon Partners, LLC

Real Estate [Line Items]

Payments for purchase of land

$ 6,300

Chronicle Holdings, LLC | Belmont, North Carolina

Real Estate [Line Items]

Payments for purchase of land

$ 2,300

Operating Partnership | Senior unsecured revolving credit facility | New Credit Facility

Real Estate [Line Items]

Repayments of credit facility

$ 61,900

Excess amount of disposal group consideration, after repayment of debt

$ 25,900

Real Estate Investments and E_7

Real Estate Investments and Equity Method Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Line Items]
Equity method investment	$ 12,685	$ 1,078
Harbor Point Parcel 3 \| Beatty Development Group
Real Estate [Line Items]
Interests in equity method investments	50.00%
Payments to acquire equity method investments	$ 11,600
Maximum commitment	30,000
Equity method investment	$ 12,700

Notes Receivable and Allowanc_3

Notes Receivable and Allowance for Loan Losses - Summary of Notes Receivable (Details) - USD ($) $ in Thousands	Jun. 07, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2021	Apr. 01, 2021	Mar. 31, 2021	Sep. 22, 2020	May 31, 2020	Jan. 08, 2019	Dec. 21, 2018	Nov. 30, 2018	Oct. 27, 2017
Notes Receivable
Notes receivable guarantee premium		$ 1,243	$ 2,631
Notes receivable discount, net		(994)	(2,584)
Financing Receivable, after Allowance for Credit Loss, Total		126,429	135,432
Interest income		18,457	19,841	$ 23,215
Mezzanine Loan
Notes Receivable
Notes receivable		118,946	128,576
Maximum loan commitment		187,415
Interest income		18,026	19,783	23,127
Other notes receivable
Notes Receivable
Notes receivable		7,234	6,809
Interest income		431	58	88
Delray Beach Plaza \| Mezzanine Loan
Notes Receivable
Notes receivable		0	14,289
Maximum loan commitment		$ 17,000	17,000							$ 15,000			$ 13,100
Interest rate		15.00%											15.00%
Additional funds available			$ 2,000
Interest rate			6.00%
Interest income		$ 0	$ 489	1,622
Interlock Commercial \| Mezzanine Loan
Notes Receivable
Notes receivable		95,379	85,318
Maximum loan commitment		107,000			$ 107,000						$ 95,000
Interest rate											15.00%
Additional funds available		$ 3,000					$ 7,500		$ 8,000
Interest rate		18.00%
Interest income		$ 12,769	12,267	6,142
Interest income, exit fees		2,000	2,300	600
Nexton Multifamily \| Mezzanine Loan
Notes Receivable
Notes receivable		23,567	0
Maximum loan commitment		22,315				$ 22,300
Interest rate						11.00%					11.00%
Interest income		1,252	0	0
Solis Apartments At Interlock
Notes Receivable
Prepayment premium		2,400
Solis Apartments At Interlock \| Mezzanine Loan
Notes Receivable
Notes receivable		0	28,969
Maximum loan commitment		41,100									$ 41,100
Interest rate											13.00%
Interest income		4,005	3,382	2,333
Prepayment premium	$ 2,400
1405 Point \| Mezzanine Loan
Notes Receivable
Interest income		0	0	783
The Residences at Annapolis Junction \| Annapolis Junction Apartments Owner LLC
Notes Receivable
Loan modification fee												$ 5,000
The Residences at Annapolis Junction \| Mezzanine Loan
Notes Receivable
Interest income		0	2,468	8,776
Interest income, exit fees			1,500	500
North Decatur Square \| Mezzanine Loan
Notes Receivable
Interest income		0	0	1,509
Nexton Square \| Mezzanine Loan
Notes Receivable
Notes receivable								$ 16,400
Interest income		$ 0	$ 1,177	$ 1,962

Notes Receivable and Allowanc_4

Notes Receivable and Allowance for Loan Losses - Additional Information (Details) $ in Thousands	Jun. 07, 2021USD ($)	Feb. 26, 2021USD ($)	Sep. 22, 2020USD ($)	Dec. 21, 2018USD ($)	Dec. 31, 2020USD ($)shares	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)	Sep. 30, 2021USD ($)	Apr. 01, 2021USD ($)	Mar. 31, 2021USD ($)	May 31, 2020USD ($)	Apr. 24, 2019USD ($)	Apr. 19, 2019USD ($)	Jan. 08, 2019USD ($)	Oct. 31, 2018USD ($)	Oct. 27, 2017USD ($)
Notes Receivable
Notes receivable paydowns						$ 42,301	$ 16,340	$ 22,522
Guaranty liabilities					$ 2,631	1,243	2,631
Allowances for loan losses					2,584	994	2,584	$ 0
Total notes receivable					135,432	126,429	135,432
Financing receivable, nonaccrual						13,600
Financing receivable, interest not recognized							5,100
Delray Beach Plaza
Notes Receivable
Purchase price		$ 27,600
Capitalized acquisition costs		200
Principal amount		12,300
Accrued interest		2,000
Delray Beach Plaza \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)																	$ 4,800
Nexton Square
Notes Receivable
Capitalized acquisition costs			$ 200
Interlock Commercial \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)						37,500
Solis Apartments At Interlock
Notes Receivable
Prepayment premium						2,400
Delray Beach, Florida \| Whole Foods Anchored Center \| Loans Receivable
Notes Receivable
Investment in development																	20,000
Mezzanine Loan
Notes Receivable
Maximum loan commitment						187,415
Notes receivable					128,576	$ 118,946	128,576
Number of loans \| loan						2
Mezzanine Loan \| Delray Beach Plaza
Notes Receivable
Maximum loan commitment					17,000	$ 17,000	17,000								$ 15,000		$ 13,100
Interest rate						15.00%											15.00%
Additional funds available					$ 2,000		$ 2,000
Interest rate					6.00%		6.00%
Collateral for secured borrowings (in shares) \| shares					125,843		125,843
Reserve account							$ 2,500
Notes receivable paydowns		$ 14,300
Notes receivable					$ 14,289	$ 0	14,289
Mezzanine Loan \| Delray Beach Plaza \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)															$ 5,200
Mezzanine Loan \| Nexton Square
Notes Receivable
Notes receivable			$ 16,400
Mezzanine Loan \| Interlock Commercial
Notes Receivable
Maximum loan commitment				$ 95,000		107,000			$ 107,000
Interest rate				15.00%
Guarantor obligations of the senior construction loan (up to)														$ 30,700
Additional funds available						$ 3,000					$ 7,500	$ 8,000
Interest rate						18.00%
Principal amount									$ 70,100
Notes receivable					85,318	$ 95,379	85,318
Maximum commitment, excluding accrued interest reserves				$ 67,000
Financing receivable term				24 months
Financing receivable term extension option				5 years
Exit fee					6,500
Exit fee revenue recognized					4,900
Guaranty liabilities					2,600	1,200	2,600
Mezzanine Loan \| Interlock Commercial \| Minimum
Notes Receivable
Exit fee					6,500
Mezzanine Loan \| Interlock Commercial \| Maximum
Notes Receivable
Exit fee					7,500
Mezzanine Loan \| Nexton Multifamily
Notes Receivable
Maximum loan commitment						22,315				$ 22,300
Interest rate				11.00%						11.00%
Notes receivable					0	23,567	0
Mezzanine Loan \| Solis Apartments At Interlock
Notes Receivable
Maximum loan commitment				$ 41,100		41,100
Interest rate				13.00%
Notes receivable paydowns	$ 33,000
Principal amount	23,200
Accrued interest	7,400
Notes receivable					$ 28,969	$ 0	$ 28,969
Maximum commitment, excluding accrued interest reserves				$ 25,200
Prepayment premium	$ 2,400
Bridge Loan \| Mezzanine Loan \| Interlock Commercial
Notes Receivable
Notes receivable																$ 4,000
1405 Point
Notes Receivable
Total notes receivable													$ 31,300

Notes Receivable and Allowanc_5

Notes Receivable and Allowance for Loan Losses - Changes in Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,584	$ 0
Unrealized credit loss provision (release)	(802)	256
Extinguishment due to acquisition	(788)	(497)
Ending balance	994	2,584
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0	2,825
Ending balance		$ 0

Construction Contracts (Summary

Construction Contracts (Summary of Costs in Excess of Billings and Billings in Excess of Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Change In Contract With Customer, Asset [Roll Forward]
Beginning balance	$ 138	$ 249
Transferred to receivables	(714)	(545)
Construction contract costs and estimated earnings not billed during the period	243	138
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	576	296
Ending balance	243	138
Change In Contract With Customer, Liability [Roll Forward]
Beginning balance	6,088	5,306
Revenue recognized that was included in the balance at the beginning of the period	(6,088)	(5,306)
Increases due to new billings, excluding amounts recognized as revenue during the period	6,237	6,244
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	(1,356)	(156)
Ending balance	$ 4,881	$ 6,088

Construction Contracts - Additi

Construction Contracts - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Contractors [Abstract]
Deferred precontract costs	$ 2,200	$ 1,700
Amortization of pre-contract costs	300	800
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Billing in excess of construction contract costs	4,881	6,088	$ 5,306
Construction receivables retentions	3,100	17,100
Construction
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Billing in excess of construction contract costs	$ 4,200	$ 17,700

Construction Contracts (Net Pos

Construction Contracts (Net Position of Uncompleted Construction Contracts) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Contractors [Abstract]
Costs incurred on uncompleted construction contracts	$ 379,993	$ 461,725
Estimated earnings	15,115	13,205
Billings	(399,746)	(480,880)
Net position	(4,638)	(5,950)
Construction contract costs and estimated earnings in excess of billings	243	138	$ 249
Billings in excess of construction contract costs and estimated earnings	$ (4,881)	$ (6,088)	$ (5,306)

Construction Contracts (Summa_2

Construction Contracts (Summary of Backlog) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue, Remaining Performance Obligation [Roll Forward]
Beginning backlog	$ 71,258	$ 242,622	$ 165,863
New contracts/change orders	236,077	45,882	182,495
Work performed	(91,816)	(217,246)	(105,736)
Ending backlog	$ 215,519	$ 71,258	$ 242,622
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	12 months
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	18 months

Indebtedness - Schedule of Debt

Indebtedness - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 21, 2021	Jan. 28, 2021	Oct. 30, 2020	Sep. 22, 2020	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021	Aug. 24, 2021
Debt Instrument [Line Items]
Total principal balances					$ 957,387	$ 962,812
Other notes payable					10,144	10,004
Unamortized GAAP adjustments					(8,621)	(8,971)
Liabilities related to assets held for sale					(41,364)	0
Indebtedness, net					917,556	963,845
Discontinued Operations, Held-for-sale
Debt Instrument [Line Items]
Liabilities related to assets held for sale					$ (41,354)	$ 0
LIBOR \| Senior unsecured revolving credit facility \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.30%
LIBOR \| Senior unsecured revolving credit facility \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.85%
LIBOR \| Senior unsecured term loan \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.25%
LIBOR \| Senior unsecured term loan \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.80%
LIBOR \| Senior unsecured term loan \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.25%
LIBOR \| Senior unsecured term loan \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.80%
Socastee Commons
Debt Instrument [Line Items]
Stated interest rate						4.57%
Johns Hopkins Village
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate						1.25%
Red Mill West
Debt Instrument [Line Items]
Stated interest rate					4.23%
Marketplace at Hilltop
Debt Instrument [Line Items]
Stated interest rate					4.42%
1405 Point
Debt Instrument [Line Items]
Remaining lease term					42 years
1405 Point \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					2.25%
Nexton Square
Debt Instrument [Line Items]
Indebtedness, net		$ 20,100
Nexton Square \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		2.25%		2.25%	2.25%
Wills Wharf \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					2.25%
249 Central Park Retail \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.60%
Fountain Plaza Retail \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.60%
South Retail \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.60%
Hoffler Place \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					2.60%
Summit Place \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					2.60%
One City Center \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.85%
Chronicle Mill \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate						3.00%
Red Mill Central
Debt Instrument [Line Items]
Stated interest rate					4.80%
Gainesville Apartments \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					3.00%
Premier Apartments \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.55%
Premier Retail \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.55%
Red Mill South
Debt Instrument [Line Items]
Stated interest rate					3.57%
Brooks Crossing Office \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.60%
Market at Mill Creek \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.55%
North Point Center
Debt Instrument [Line Items]
Stated interest rate					7.25%
Encore Apartments
Debt Instrument [Line Items]
Stated interest rate					2.93%
4525 Main Street
Debt Instrument [Line Items]
Stated interest rate					2.93%
Delray Beach Plaza \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					3.00%
Thames Street Wharf
Debt Instrument [Line Items]
Indebtedness, net							$ 71,000
Stated interest rate							2.35%
Thames Street Wharf \| BSBY
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.30%
Southgate Square \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.90%				1.90%
Greenbrier Square
Debt Instrument [Line Items]
Stated interest rate					3.74%			3.74%
Lexington Square
Debt Instrument [Line Items]
Stated interest rate					4.50%
Red Mill North
Debt Instrument [Line Items]
Stated interest rate					4.73%
Greenside Apartments
Debt Instrument [Line Items]
Stated interest rate					3.17%
The Residences at Annapolis Junction \| SOFR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			2.66%		2.66%
Smith’s Landing
Debt Instrument [Line Items]
Stated interest rate					4.05%
Liberty Apartments
Debt Instrument [Line Items]
Stated interest rate					5.66%
Edison Apartments
Debt Instrument [Line Items]
Stated interest rate					5.30%
Secured Debt
Debt Instrument [Line Items]
Total principal balances					$ 747,387	$ 747,812
Secured Debt \| Socastee Commons
Debt Instrument [Line Items]
Total principal balances					0	4,458
Secured Debt \| Johns Hopkins Village
Debt Instrument [Line Items]
Total principal balances					0	50,859
Secured Debt \| Red Mill West
Debt Instrument [Line Items]
Total principal balances					10,386	10,851
Secured Debt \| Marketplace at Hilltop
Debt Instrument [Line Items]
Total principal balances					9,706	10,120
Secured Debt \| 1405 Point
Debt Instrument [Line Items]
Total principal balances					52,286	53,000
Secured Debt \| Nexton Square
Debt Instrument [Line Items]
Total principal balances					20,107	22,909
Secured Debt \| Wills Wharf
Debt Instrument [Line Items]
Total principal balances					64,288	59,044
Secured Debt \| 249 Central Park Retail
Debt Instrument [Line Items]
Total principal balances					16,352	16,597
Secured Debt \| Fountain Plaza Retail
Debt Instrument [Line Items]
Total principal balances					9,841	9,988
Secured Debt \| South Retail
Debt Instrument [Line Items]
Total principal balances					7,179	7,287
Secured Debt \| Hoffler Place
Debt Instrument [Line Items]
Total principal balances					18,400	18,400
Secured Debt \| Summit Place
Debt Instrument [Line Items]
Total principal balances					23,100	23,100
Secured Debt \| One City Center
Debt Instrument [Line Items]
Total principal balances					24,084	24,712
Secured Debt \| Chronicle Mill
Debt Instrument [Line Items]
Total principal balances					0	0
Secured Debt \| Red Mill Central
Debt Instrument [Line Items]
Total principal balances					2,188	2,363
Secured Debt \| Gainesville Apartments
Debt Instrument [Line Items]
Total principal balances					18,114	0
Secured Debt \| Premier Apartments
Debt Instrument [Line Items]
Total principal balances					16,508	16,716
Secured Debt \| Premier Retail
Debt Instrument [Line Items]
Total principal balances					8,131	8,241
Secured Debt \| Red Mill South
Debt Instrument [Line Items]
Total principal balances					5,518	5,833
Secured Debt \| Brooks Crossing Office
Debt Instrument [Line Items]
Total principal balances					14,882	15,393
Secured Debt \| Market at Mill Creek
Debt Instrument [Line Items]
Total principal balances					13,142	13,789
Secured Debt \| North Point Center
Debt Instrument [Line Items]
Total principal balances					1,942	2,094
Secured Debt \| Encore Apartments
Debt Instrument [Line Items]
Total principal balances					24,523	24,337
Secured Debt \| 4525 Main Street
Debt Instrument [Line Items]
Total principal balances					31,476	31,231
Secured Debt \| Delray Beach Plaza
Debt Instrument [Line Items]
Total principal balances					14,039	0
Secured Debt \| Thames Street Wharf
Debt Instrument [Line Items]
Total principal balances					70,761	70,000
Secured Debt \| Southgate Square
Debt Instrument [Line Items]
Total principal balances					27,060	19,682
Secured Debt \| Greenbrier Square
Debt Instrument [Line Items]
Total principal balances					20,000	0
Secured Debt \| Lexington Square
Debt Instrument [Line Items]
Total principal balances					14,172	14,440
Secured Debt \| Red Mill North
Debt Instrument [Line Items]
Total principal balances					4,189	4,294
Secured Debt \| Greenside Apartments
Debt Instrument [Line Items]
Total principal balances					32,598	33,310
Secured Debt \| The Residences at Annapolis Junction
Debt Instrument [Line Items]
Total principal balances					84,375	84,375
Secured Debt \| Smith’s Landing
Debt Instrument [Line Items]
Total principal balances					16,452	17,331
Secured Debt \| Liberty Apartments
Debt Instrument [Line Items]
Total principal balances					13,572	13,877
Secured Debt \| Edison Apartments
Debt Instrument [Line Items]
Total principal balances					15,926	16,272
Secured Debt \| The Cosmopolitan
Debt Instrument [Line Items]
Total principal balances					$ 42,090	42,909
Stated interest rate					3.35%
Unsecured Debt
Debt Instrument [Line Items]
Total principal balances					$ 210,000	215,000
Unsecured Debt \| Senior unsecured revolving credit facility
Debt Instrument [Line Items]
Total principal balances					5,000	10,000
Unsecured Debt \| Senior unsecured term loan
Debt Instrument [Line Items]
Total principal balances					19,500	19,500
Unsecured Debt \| Senior unsecured term loan
Debt Instrument [Line Items]
Total principal balances					$ 185,500	$ 185,500

Indebtedness - Components of De

Indebtedness - Components of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total principal balances	$ 957,387	$ 962,812
Fixed-rate
Debt Instrument [Line Items]
Total principal balances	534,371	573,951
Variable-rate
Debt Instrument [Line Items]
Total principal balances	$ 423,016	$ 388,861

Indebtedness - Scheduled Princi

Indebtedness - Scheduled Principal Repayments and Term-loan Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Principal repayments and maturities
2022	$ 31,889
2023	180,595
2024	125,017
2025	247,574
2026	155,553
Thereafter	216,759
Total (1)	957,387	$ 962,812
Scheduled Principal Payments
Principal repayments and maturities
2022	12,319
2023	12,148
2024	12,993
2025	12,944
2026	9,550
Thereafter	85,332
Total (1)	145,286
Maturities
Principal repayments and maturities
2022	19,570
2023	168,447
2024	112,024
2025	234,630
2026	146,003
Thereafter	131,427
Total (1)	$ 812,101

Indebtedness - Additional Infor

Indebtedness - Additional Information (Details)

Feb. 01, 2022

Dec. 21, 2021USD ($)

Sep. 30, 2021USD ($)

Aug. 24, 2021USD ($)

May 05, 2021USD ($)extension

Apr. 15, 2021USD ($)

Mar. 08, 2021USD ($)

Jan. 28, 2021USD ($)

Jan. 15, 2021USD ($)

Dec. 22, 2020USD ($)

Oct. 30, 2020USD ($)

Oct. 01, 2020USD ($)

Sep. 22, 2020USD ($)

Aug. 31, 2020USD ($)

Jun. 30, 2020USD ($)

Oct. 03, 2019USD ($)extension

Feb. 01, 2022

Dec. 31, 2021USD ($)

Dec. 31, 2020USD ($)

Feb. 18, 2022USD ($)

Jan. 04, 2022USD ($)

Jan. 07, 2021USD ($)

Oct. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Debt Instrument [Line Items]

Indebtedness, net

$ 917,556,000

$ 963,845,000

Total principal balances

$ 957,387,000

$ 962,812,000

Harbor Point Parcel 3 Partnership

Debt Instrument [Line Items]

Outstanding letters of credit

$ 15,000,000

Harbor Point Parcel 3 Partnership | Subsequent Event

Debt Instrument [Line Items]

Outstanding letters of credit

$ 15,000,000

Thames Street Wharf

Debt Instrument [Line Items]

Indebtedness, net

$ 71,000,000

Stated interest rate

2.35%

Southgate Square

Debt Instrument [Line Items]

Floor interest rate

0.0020

Extinguishment of debt

$ 19,500,000

Debt, face value

$ 27,100,000

Johns Hopkins Village

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.25%

Lexington Square

Debt Instrument [Line Items]

Stated interest rate

4.50%

North Point Center

Debt Instrument [Line Items]

Stated interest rate

7.25%

Liberty Apartments

Debt Instrument [Line Items]

Stated interest rate

5.66%

Nexton Square

Debt Instrument [Line Items]

Indebtedness, net

$ 20,100,000

Repayment of debt

$ 2,000,000

Floor interest rate

0.0025

Acquisition, assumption of debt

$ 22,900,000

Edison Apartments

Debt Instrument [Line Items]

Stated interest rate

5.30%

The Residences at Annapolis Junction

Debt Instrument [Line Items]

Senior notes

$ 83,400,000

$ 84,400,000

Summit Place

Debt Instrument [Line Items]

Repayment of debt

$ 11,500,000

Floor interest rate

0.0040

Debt, face value

$ 23,100,000

Hoffler Place

Debt Instrument [Line Items]

Repayment of debt

$ 12,800,000

Floor interest rate

0.0040

Debt, face value

$ 18,400,000

4525 Main Street and Encore Apartments

Debt Instrument [Line Items]

Increase (decrease) in long term debt

$ 1,500,000

Indebtedness, net

$ 57,000,000

Stated interest rate

2.93%

Greenbrier Square

Debt Instrument [Line Items]

Stated interest rate

3.74%

Acquisition, assumption of debt

$ 20,000,000

LIBOR | Chronicle Mill

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

3.00%

LIBOR | Southgate Square

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.90%

LIBOR | Market at Mill Creek

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.55%

LIBOR | Nexton Square

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.25%

LIBOR | Summit Place

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.60%

LIBOR | Hoffler Place

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.60%

LIBOR | Wills Wharf

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.25%

SOFR | The Residences at Annapolis Junction

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.66%

Bloomberg Short-Term Bank Yield | Thames Street Wharf

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.30%

New Credit Facility | Harbor Point Parcel 3 Partnership

Debt Instrument [Line Items]

Outstanding letters of credit

$ 15,000,000

Unsecured Debt

Debt Instrument [Line Items]

Total principal balances

$ 210,000,000

$ 215,000,000

Construction Loans

Debt Instrument [Line Items]

Borrowings under construction loans

23,400,000

39,700,000

Construction Loans | Chronicle Mill

Debt Instrument [Line Items]

Number of extension options | extension

Duration of extension option

12 months

Indebtedness, net

$ 35,100,000

Construction Loans | LIBOR | Chronicle Mill

Debt Instrument [Line Items]

Floor interest rate

0.0025

Secured Debt

Debt Instrument [Line Items]

Total principal balances

747,387,000

747,812,000

Secured Debt | Thames Street Wharf

Debt Instrument [Line Items]

Total principal balances

70,761,000

70,000,000

Secured Debt | Southgate Square

Debt Instrument [Line Items]

Total principal balances

27,060,000

19,682,000

Secured Debt | Market at Mill Creek

Debt Instrument [Line Items]

Total principal balances

13,142,000

13,789,000

Secured Debt | Johns Hopkins Village

Debt Instrument [Line Items]

Total principal balances

50,859,000

Secured Debt | Lexington Square

Debt Instrument [Line Items]

Total principal balances

14,172,000

14,440,000

Secured Debt | North Point Center

Debt Instrument [Line Items]

Total principal balances

1,942,000

2,094,000

Secured Debt | Liberty Apartments

Debt Instrument [Line Items]

Total principal balances

13,572,000

13,877,000

Secured Debt | Nexton Square

Debt Instrument [Line Items]

Total principal balances

20,107,000

22,909,000

Secured Debt | Edison Apartments

Debt Instrument [Line Items]

Total principal balances

15,926,000

16,272,000

Secured Debt | The Residences at Annapolis Junction

Debt Instrument [Line Items]

Total principal balances

84,375,000

Secured Debt | Wills Wharf

Debt Instrument [Line Items]

Total principal balances

64,288,000

59,044,000

Secured Debt | Wills Wharf | Subsequent Event

Debt Instrument [Line Items]

Actual amount of property leased (in percent)

70.00%

Secured Debt | Delray Beach Plaza

Debt Instrument [Line Items]

Indebtedness, net

$ 14,500,000

Secured Debt | Greenbrier Square

Debt Instrument [Line Items]

Total principal balances

$ 20,000,000

Secured Debt | LIBOR | Delray Beach Plaza

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

3.00%

Secured Debt | Minimum | Wills Wharf | Subsequent Event

Debt Instrument [Line Items]

Required amount of property leased (in percent)

75.00%

Senior unsecured revolving credit facility

Debt Instrument [Line Items]

Debt effective rate

1.70%

Senior unsecured revolving credit facility | Minimum

Debt Instrument [Line Items]

Unused commitment fee

0.15%

Senior unsecured revolving credit facility | Minimum | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.30%

Senior unsecured revolving credit facility | Maximum

Debt Instrument [Line Items]

Unused commitment fee

0.25%

Senior unsecured revolving credit facility | Maximum | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.85%

Senior unsecured revolving credit facility | Unsecured Debt

Debt Instrument [Line Items]

Total principal balances

$ 5,000,000

10,000,000

Senior unsecured revolving credit facility | Unsecured Debt | Subsequent Event

Debt Instrument [Line Items]

Total principal balances

$ 58,000,000

Senior Unsecured Term Loan Facility

Debt Instrument [Line Items]

Debt effective rate

1.65%

Senior Unsecured Term Loan Facility | Minimum | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.25%

Senior Unsecured Term Loan Facility | Maximum | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.80%

Operating Partnership

Debt Instrument [Line Items]

Outstanding letters of credit

$ 9,500,000

Operating Partnership | New Credit Facility

Debt Instrument [Line Items]

Aggregate capacity under the credit facility

$ 355,000,000

Accordion feature maximum borrowing capacity

$ 700,000,000

Number of extension options | extension

Duration of extension option

6 months

Extension fee percentage

0.075%

Operating Partnership | Senior unsecured revolving credit facility | New Credit Facility

Debt Instrument [Line Items]

Aggregate capacity under the credit facility

$ 150,000,000

Operating Partnership | Senior Unsecured Term Loan Facility | New Credit Facility

Debt Instrument [Line Items]

Aggregate capacity under the credit facility

$ 205,000,000

Gainesville Development, LLC | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

3.00%

Gainesville Development, LLC | Construction Loans

Debt Instrument [Line Items]

Aggregate capacity under the credit facility

$ 31,400,000

Floor interest rate

0.0075

Percentage of payments of loan advances

55.00%

1405 Point

Debt Instrument [Line Items]

Acquisition, assumption of debt

$ 6,100,000

Interest acquired

21.00%

Remaining lease term

42 years

Edison Apartments | Richmond, Virginia

Debt Instrument [Line Items]

Acquisition, assumption of debt

$ 16,400,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of LIBOR interest rate caps (Details) - USD ($)	Dec. 31, 2021	Jun. 16, 2021	May 05, 2021	Mar. 04, 2021	Feb. 02, 2021	Dec. 31, 2020	Nov. 01, 2020	Jul. 01, 2020	Mar. 02, 2020	Jan. 28, 2020	Jan. 10, 2020	May 15, 2019
Derivative [Line Items]
Notional Amount	$ 1,073,587,000					$ 874,606,000
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	449,579,000					200,000,000
Interest rate caps \| Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	384,375,000					384,375,000
Interest rate caps \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	399,579,000					$ 150,000,000
LIBOR \| Interest rate caps
Derivative [Line Items]
Notional Amount	783,954,000
Premium Paid	$ 1,170,000
LIBOR \| Interest rate caps \| Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount								$ 100,000,000	$ 100,000,000	$ 50,000,000	$ 50,000,000
Strike Rate								0.50%	1.50%	1.75%	1.75%
Premium Paid								$ 232,000	$ 111,000	$ 62,000	$ 87,000
LIBOR \| Interest rate caps \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount		$ 100,000,000	$ 50,000,000	$ 14,479,000	$ 100,000,000							$ 100,000,000
Strike Rate		0.50%	0.50%	2.50%	0.50%							2.50%
Premium Paid		$ 120,000	$ 75,000	$ 4,000	$ 45,000							$ 288,000
LIBOR \| Interest Rate Cap 2 \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount			$ 35,100,000
Strike Rate			0.50%
Premium Paid			$ 55,000
SOFR \| Interest rate caps \| Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount							$ 84,375,000
Strike Rate							1.84%
Premium Paid							$ 91,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Floating-to-Fixed Interest Rate Swaps (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional Amount	$ 1,073,587		$ 874,606
Interest rate swaps
Derivative [Line Items]
Notional Amount	289,633
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	449,579		200,000
Not Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Notional Amount	50,000		50,000
Not Designated as Hedging Instrument \| Senior Unsecured Term Loan 2.78% \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 50,000
Swap Fixed Rate	2.78%
Debt effective rate	4.33%
Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 239,633		$ 290,231
Designated as Hedging Instrument \| Senior Unsecured Term Loan 3.02% \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 10,500
Swap Fixed Rate	3.02%
Debt effective rate	4.57%
Designated as Hedging Instrument \| 249 Central Park Retail \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 33,372
Swap Fixed Rate	2.25%
Debt effective rate	3.85%
Designated as Hedging Instrument \| Senior Unsecured Term Loan 2.26% \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 50,000
Swap Fixed Rate	2.26%
Debt effective rate	3.81%
Designated as Hedging Instrument \| Senior Unsecured Term Loan 0.50% \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 25,000
Swap Fixed Rate	0.50%
Debt effective rate	2.05%
Designated as Hedging Instrument \| Senior Unsecured Term Loan 0.50% \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 25,000
Swap Fixed Rate	0.50%
Debt effective rate	2.05%
Designated as Hedging Instrument \| Senior Unsecured Term Loan 0.55% \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 25,000
Swap Fixed Rate	0.55%
Debt effective rate	2.10%
Designated as Hedging Instrument \| Thames Street Wharf \| Interest rate swaps
Derivative [Line Items]
Notional Amount		$ 70,761
Swap Fixed Rate		1.05%
Debt effective rate		2.35%

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional Amount	$ 1,073,587	$ 874,606
Asset, fair value	2,926	90
Liability, fair value	(3,467)	(14,853)
Change in fair value of derivatives and other	2,319	(1,085)	$ (3,599)
Unrealized cash flow hedge gains (losses)	3,678	(9,751)	(4,504)
Total change in fair value of interest rate derivatives	5,997	(10,836)	(8,103)
Interest rate swaps
Derivative [Line Items]
Notional Amount	289,633
Total change in fair value of interest rate derivatives	4,775	(10,318)	(6,050)
Interest rate caps
Derivative [Line Items]
Total change in fair value of interest rate derivatives	1,222	(518)	$ (2,053)
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	449,579	200,000
Asset, fair value	1,019	4
Liability, fair value	(1,454)	(3,056)
Not Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Notional Amount	50,000	50,000
Asset, fair value	0	0
Liability, fair value	(1,454)	(3,056)
Not Designated as Hedging Instrument \| Interest rate caps
Derivative [Line Items]
Notional Amount	399,579	150,000
Asset, fair value	1,019	4
Liability, fair value	0	0
Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Notional Amount	239,633	290,231
Asset, fair value	1,317	0
Liability, fair value	(2,013)	(11,797)
Designated as Hedging Instrument \| Interest rate caps
Derivative [Line Items]
Notional Amount	384,375	384,375
Asset, fair value	590	86
Liability, fair value	$ 0	$ 0

Derivative Financial Instrume_6

Derivative Financial Instruments - Additional Information (Details) $ in Thousands	Dec. 31, 2021USD ($)
Derivative [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months	$ (2,000)
LIBOR \| Interest rate caps
Derivative [Line Items]
Premium paid	$ 1,170

Equity - Additional Information

Equity - Additional Information (Details)	Oct. 01, 2021USD ($)shares	Jan. 04, 2021shares	Aug. 20, 2020USD ($)$ / sharesshares	Mar. 10, 2020USD ($)	Aug. 06, 2019USD ($)	Aug. 05, 2019USD ($)	Jun. 18, 2019USD ($)ft²$ / sharesshares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares
Class of Stock [Line Items]
Authorized capital shares of common stock (in shares)								500,000,000	500,000,000
Preferred stock, shares authorized (in shares)								100,000,000	100,000,000
Common stock, shares issued (in shares)								63,011,700	59,073,220
Common stock, shares outstanding (in shares)								63,011,700	59,073,220
Percent of total voting power for voting stock								0.50
Percentage of operating partnerships held								75.30%	73.90%
Operating partnership units redemption ratio								1
Dividend declared (in dollars per share) \| $ / shares								$ 0.64	$ 0.44	$ 0.84
Aggregate cash dividends and distributions, paid \| $								$ 58,713,000	$ 47,603,000	$ 61,504,000
Preferred stock, $0.01 par value, 100,000,000 shares authorized: 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, 9,980,000 shares authorized, 6,843,418 shares issued and outstanding as of December 31, 2021 and 2020 \| $								171,085,000	171,085,000
Noncontrolling interests in investment entities \| $								$ 629,000	488,000
Class A units
Class of Stock [Line Items]
Units not held by company (in shares)								20,633,485
Class A units \| Operating Partnership
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid \| $								$ 13,300,000	9,200,000	16,900,000
Common stock
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid \| $								$ 39,300,000	$ 25,300,000	45,400,000
2018 ATM Program \| Common stock
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to) \| $					$ 180,700,000	$ 125,000,000
The Amendments, At-the-Market Continuous Equity Program [Member] \| Common stock
Class of Stock [Line Items]
Stock issued during period (in shares)								3,801,731	1,783,768
Sale of stock, weighted average price per share \| $ / shares								$ 13.87	$ 10.48
The Amendments, At-the-Market Continuous Equity Program [Member] \| Preferred stock
Class of Stock [Line Items]
Net proceeds after offering costs and commissions from sale of shares \| $								$ 51,700,000	$ 18,400,000
Prior At-The-Market Program [Member]
Class of Stock [Line Items]
Net proceeds after offering costs and commissions from sale of shares \| $									$ 1,700,000	$ 97,000,000
Prior At-The-Market Program [Member] \| Common stock
Class of Stock [Line Items]
Stock issued during period (in shares)									92,577	5,871,519
Issuance of common stock, price per share (in dollars per share) \| $ / shares									$ 18.23	$ 16.76
Thames Street Wharf
Class of Stock [Line Items]
Area of retail space \| ft²							263,426
Redeemable convertible preferred stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)								9,980,000	9,980,000
Preferred stock, shares issued (in shares)							2,530,000	6,843,418	6,843,418
Preferred stock, shares outstanding (in shares)								6,843,418	6,843,418
Dividend rate								6.75%	6.75%
Liquidation preference (in dollars per share) \| $ / shares							$ 25
Proceeds from issuance of preferred stock and preference stock \| $							$ 61,300,000
Preferred stock, redemption price (in dollars per share) \| $ / shares								$ 25
Maximum conversion price (in dollars per share) \| $ / shares								$ 2.97796
Redeemable convertible preferred stock \| Over-Allotment Option
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)							330,000
Redeemable convertible preferred stock \| At The Market Program [Member]
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to) \| $				$ 300,000,000
Dividend rate				6.75%
Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)			3,600,000				2,530,000
Dividend rate							6.75%
Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)								6,800,000	6,800,000
Preferred stock, shares outstanding (in shares)								6,800,000	6,800,000
Dividends declared (in dollars per share) \| $ / shares								$ 1.687500	$ 1.687500	$ 0.970315
Dividends, Preferred Stock, Stock \| $								$ 11,500,000	$ 7,300,000	$ 2,500,000
Series A Cumulative Redeemable Preferred Stock \| The Amendments, At-the-Market Continuous Equity Program [Member]
Class of Stock [Line Items]
Stock issued during period (in shares)									713,418
Net proceeds after offering costs and commissions from sale of shares \| $									$ 16,100,000
Sale of stock, weighted average price per share \| $ / shares									$ 22.88
Series A Cumulative Redeemable Preferred Stock \| Public Stock Offering [Member]
Class of Stock [Line Items]
Issuance of common stock, price per share (in dollars per share) \| $ / shares			$ 24.75
Net proceeds after offering costs and commissions from sale of shares \| $			$ 86,100,000
Number of shares issued in public offering			3,600,000
Common Class A \| Stock Issuance - Shares From Existing Shareholder
Class of Stock [Line Items]
Redemption of operating partnership units (in shares)	220,000	12,000
Payment to settle obligation \| $	$ 2,900,000
Consolidated Entities Under Development Or Construction \| Operating Partnership
Class of Stock [Line Items]
Nonredeemable noncontrolling interest \| $									$ 500,000

Equity - Tax Treatment of Divid

Equity - Tax Treatment of Dividends Paid (Details)	12 Months Ended
Equity - Tax Treatment of Dividends Paid (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Common stock
Dividends Payable [Line Items]
Tax treatment of dividends, percent	100.00%	100.00%	100.00%
Preferred stock
Dividends Payable [Line Items]
Tax treatment of dividends, percent	100.00%	100.00%	100.00%
Capital gains \| Common stock
Dividends Payable [Line Items]
Tax treatment of dividends, percent	8.98%	0.00%	10.62%
Capital gains \| Preferred stock
Dividends Payable [Line Items]
Tax treatment of dividends, percent	11.96%	0.00%	0.00%
Ordinary income \| Common stock
Dividends Payable [Line Items]
Tax treatment of dividends, percent	66.71%	59.09%	68.83%
Ordinary income \| Preferred stock
Dividends Payable [Line Items]
Tax treatment of dividends, percent	88.04%	100.00%	100.00%
Return of capital \| Common stock
Dividends Payable [Line Items]
Tax treatment of dividends, percent	24.31%	40.91%	20.55%

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)				166,768	176,382	154,030
Restricted stock, weighted average fair value				$ 2.1	$ 2.8	$ 2.4
Vesting period				2 years
Nonemployee restricted stock award vest grant over period				1 year
Granted (in dollars per share)				$ 12.88
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares)				2,207
Unrecognized compensation cost	$ 0.7			$ 0.7
Unrecognized compensation cost, recognition period				27 months
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares)				43,646
Restricted Stock \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Restricted Stock \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date				33.33%
Restricted Stock \| Tranche One \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date				40.00%
Restricted Stock \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date				33.33%
Restricted Stock \| Tranche Two \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date				20.00%
Restricted Stock \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date				33.33%
Restricted Stock \| Tranche Three \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date				20.00%
Restricted Stock \| Tranche Four \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date				20.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)	5,760	10,842	10,600
Vesting period				3 years
Service period following expiration of performance period				2 years
Granted (in dollars per share)	$ 15.19	$ 11.11	$ 18.08
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares)	1,926	3,165	3,677
2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares of common stock permitted to be granted (in shares)	1,700,000			1,700,000
Shares of common stock reserved for issuance (in shares)	604,041			604,041
Stock-based compensation				$ 2.6	$ 2.9	$ 2.4

Stock-Based Compensation - Comp

Stock-Based Compensation - Compensation Cost Relating to Stock-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capitalized in conjunction with development projects	$ 329	$ 483	$ 746
Share-based compensation cost	2,572	2,861	2,359
General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	1,505	1,615	1,211
General contracting and real estate services expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 738	$ 763	$ 402

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of the Changes in the Company's Unvested Restricted Stock Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock Awards
Unvested as of beginning of period (in shares)	167,578
Granted (in shares)	166,768	176,382	154,030
Vested (in shares)	(180,327)
Forfeited (in shares)	(2,207)
Unvested as of end of period (in shares)	151,812	167,578
Weighted Average Grant Date Fair Value Per Share
Unvested as of beginning of period (in dollars per share)	$ 15.31
Granted (in dollars per share)	12.88
Vested (in dollars per share)	13.98
Forfeited (in dollars per share)	13.88
Unvested as of end of period (in dollars per share)	$ 14.24	$ 15.31

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value of Financial Instruments]
Indebtedness, net	$ 917,556	$ 963,845
Carrying Value
Fair Value of Financial Instruments]
Indebtedness, net	958,910	963,845
Notes receivable	126,429	135,432
Interest rate swap liabilities	3,467	14,853
Interest rate swap and cap assets	2,926	90
Fair Value \| Level 3
Fair Value of Financial Instruments]
Indebtedness, net	976,520	980,714
Notes receivable	126,429	135,223
Fair Value \| Level 2
Fair Value of Financial Instruments]
Interest rate swap liabilities	3,467	14,853
Interest rate swap and cap assets	$ 2,926	$ 90

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Federal income taxes:
Current	$ 722	$ 290	$ 430
Deferred	(100)	(18)	(20)
State income taxes:
Current	139	14	85
Deferred	(19)	(3)	(4)
Income tax benefit	$ 742	$ 283	$ 491

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Net deferred tax assets	$ 1,300,000	$ 500,000
Uncertain income tax positions	$ 0	$ 0

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing costs, net	$ 13,043	$ 13,007
Leasing incentives, net	3,330	3,303
Interest rate swaps and caps	2,926	90
Prepaid expenses and other	18,345	11,542
Pre-acquisition and pre-development costs	8,283	15,382
Other assets	$ 45,927	$ 43,324

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities
Dividends and distributions payable	$ 17,245	$ 11,753
Acquired lease intangibles, net	19,256	15,621
Prepaid rent and other	11,294	9,068
Security deposits	3,371	2,976
Interest rate swaps	3,467	14,853
Guarantee liability	1,243	2,631
Other liabilities	$ 55,876	$ 56,902

Acquired Lease Intangibles - Su

Acquired Lease Intangibles - Summary of the Company's Acquired Lease Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Below Market Lease
Below Market Lease, Gross	$ 30,798	$ 25,015
Below Market Lease, Accumulated Amortization	11,542	9,394
Below Market Lease, Net	19,256	15,621
In-place lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	126,528	110,643
Accumulated Amortization	67,486	54,276
Net Carrying Amount	59,042	56,367
Above-market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,442	5,638
Accumulated Amortization	4,446	3,851
Net Carrying Amount	2,996	1,787
Above/Below-Market Ground Lease Assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,075	8,549
Accumulated Amortization	810	667
Net Carrying Amount	$ 4,265	$ 7,882

Acquired Lease Intangibles - Am

Acquired Lease Intangibles - Amortization of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of below market lease	$ 2,148	$ 1,119	$ 2,261
In-place lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	13,210	6,935	14,971
Above-market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	595	300	875
Above/Below-Market Ground Lease Assets
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 144	$ 213	$ 155

Acquired Lease Intangibles - Ad

Acquired Lease Intangibles - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021
In-place lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease assets	7 years 10 months 24 days
Above-market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease assets	5 years 9 months 18 days
Above/Below-Market Ground Lease Assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease assets	43 years 2 months 12 days
Below Market Lease
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease liabilities	12 years 4 months 24 days
Below Market Lease Renewal Options
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease assets	9 years 4 months 24 days

Acquired Lease Intangibles - Es

Acquired Lease Intangibles - Estimated Amortization of Acquired Lease Intangibles (Details) $ in Thousands	Dec. 31, 2021USD ($)
Estimated amortization of acquired lease intangibles- Rental Revenues
2022	$ 1,766
2023	1,568
2024	1,579
2025	1,505
2026	1,516
Estimated amortization of acquired lease intangibles -Depreciation and Amortization
2022	10,833
2023	8,895
2024	7,157
2025	6,145
2026	$ 5,870

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Oct. 01, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Richmond, Virginia \| Edison Apartments
Related Party Transactions
Acquisition, common units/shares issued (in shares)	633,734
Loan payable	$ 16,400
Net assets acquired	1,100
Edison Apartments
Related Party Transactions
Net assets acquired		$ 23,746
Construction Contracts
Related Party Transactions
Revenue from contracts with affiliated entities		23,600	$ 52,200	$ 5,700
Gross profit from related parties		1,700	2,000	$ 200
Due from related parties		4,100	$ 8,600
Development Fee \| Edison Apartments \| Richmond, Virginia
Related Party Transactions
Related party transaction	$ 1,800
Executive Officer \| Construction Contracts
Related Party Transactions
Gross profit from related parties		3,900
Related party amount of transaction		$ 81,600
Gross profit margin, related parties		5.05%
Outstanding letters of credit		$ 9,500

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 07, 2021
Commitments and Contingencies
Contingent liabilities for construction performance	$ 2.1	$ 2.4
Harbor Point Parcel 3 Partnership
Commitments and Contingencies
Outstanding letters of credit				$ 15
Interlock Commercial \| Financial Guarantee
Commitments and Contingencies
Guarantor obligations of the senior construction loan (up to)	37.5
Guarantor obligations liability	$ 1.2
Hampton Roads Properties \| Rental Revenues \| Geographic Concentration Risk
Commitments and Contingencies
Concentrations of credit risk	40.00%	44.00%	48.00%
Town Center Properties \| Rental Revenues \| Geographic Concentration Risk
Commitments and Contingencies
Concentrations of credit risk	26.00%	27.00%	31.00%
Operating Partnership
Commitments and Contingencies
Outstanding letters of credit	$ 9.5	$ 9.5	$ 9.5
Group Of Three Construction Customers \| General Contracting and Real Estate Services Revenues \| Customer Concentration Risk
Commitments and Contingencies
Concentrations of credit risk	58.00%	65.00%	67.00%

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands

Feb. 23, 2022

Feb. 18, 2022

Jan. 22, 2022

Jan. 19, 2022

Jan. 14, 2022

Jan. 11, 2022

Jan. 06, 2022

Jan. 05, 2022

Jan. 04, 2022

Jan. 01, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Jan. 07, 2021

Subsequent Event [Line Items]

Total principal balances

$ 957,387

$ 962,812

Notional amount

1,073,587

874,606

Aggregate cash dividends and distributions, paid

$ 58,713

$ 47,603

$ 61,504

Dividend declared (in dollars per share)

$ 0.64

$ 0.44

$ 0.84

Harbor Point Parcel 3 Partnership

Subsequent Event [Line Items]

Outstanding letters of credit

$ 15,000

Not Designated as Hedging Instrument

Subsequent Event [Line Items]

Notional amount

$ 449,579

$ 200,000

Common stock

Subsequent Event [Line Items]

Aggregate cash dividends and distributions, paid

$ 39,300

$ 25,300

$ 45,400

Series A Cumulative Redeemable Preferred Stock

Subsequent Event [Line Items]

Preferred stock dividends declared (in dollars per share)

$ 1.687500

$ 0.970315

Interest rate caps | Not Designated as Hedging Instrument

Subsequent Event [Line Items]

Notional amount

$ 399,579

$ 150,000

Unsecured Debt

Subsequent Event [Line Items]

Total principal balances

210,000

215,000

Secured Debt

Subsequent Event [Line Items]

Total principal balances

747,387

747,812

Secured Debt | Delray Beach Plaza

Subsequent Event [Line Items]

Total principal balances

14,039

Senior unsecured revolving credit facility | Unsecured Debt

Subsequent Event [Line Items]

Total principal balances

$ 5,000

$ 10,000

Subsequent Event

Subsequent Event [Line Items]

Dividend declared (in dollars per share)

$ 0.17

Subsequent Event | Exelon Building

Subsequent Event [Line Items]

Membership interest acquired (in percent)

79.00%

Economic interest acquired (in percent)

11.00%

Payments to acquire real estate held-for-investment

$ 92,200

Loan issued to seller

12,800

Acquisition, assumption of debt

156,100

Debt, face value

$ 175,000

Subsequent Event | Harbor Point Parcel 3 Partnership

Subsequent Event [Line Items]

Payments to acquire equity method investments

$ 2,600

Outstanding letters of credit

$ 15,000

Subsequent Event | Interlock Commercial | Mezzanine Loan

Subsequent Event [Line Items]

Paydown received on note receivable

$ 13,500

Subsequent Event | Ten Tryon Project

Subsequent Event [Line Items]

Interest acquired (in percent)

20.00%

Acquisition, cash consideration

$ 3,900

Subsequent Event | Public Offering

Subsequent Event [Line Items]

Number of shares issued in public offering

4,025,000

Issuance of common stock, price per share (in dollars per share)

$ 14.45

Net proceeds after offering costs and commissions from sale of shares

$ 58,000

Subsequent Event | Common stock

Subsequent Event [Line Items]

Aggregate cash dividends and distributions, paid

$ 10,700

Subsequent Event | Class A units

Subsequent Event [Line Items]

Aggregate cash dividends and distributions, paid

$ 3,500

Subsequent Event | Common Class A | Stock Issuance - Shares From Existing Shareholder

Subsequent Event [Line Items]

Number of shares issued in public offering

12,149

Subsequent Event | Series A Cumulative Redeemable Preferred Stock

Subsequent Event [Line Items]

Aggregate cash dividends and distributions, paid

2,900

Preferred stock dividends declared (in dollars per share)

$ 0.421875

Subsequent Event | Secured Debt | Delray Beach Plaza

Subsequent Event [Line Items]

Extinguishment of debt

$ 14,100

Subsequent Event | Construction Loans

Subsequent Event [Line Items]

Construction loan borrowings

$ 8,600

Subsequent Event | Senior unsecured revolving credit facility | Unsecured Debt

Subsequent Event [Line Items]

Repayments of credit facility

$ 22,000

Proceeds from lines of credit

$ 50,000

$ 25,000

Total principal balances

$ 58,000

Subsequent Event | BSBY | Interest rate caps | Not Designated as Hedging Instrument

Subsequent Event [Line Items]

Notional amount

$ 175,000

Strike Rate

4.00%

Premium paid

$ 200

Subsequent Event | Bloomberg Short-Term Bank Yield | Exelon Building

Subsequent Event [Line Items]

Stated interest rate, basis spread on variable rate

1.50%

Schedule III - Consolidated R_2

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 705,887
Land	275,535
Building and Improvements	717,504
Cost Capitalized Subsequent to Acquisition	744,399
Land	275,535
Building and improvements	1,461,903
Total	1,737,438
Accumulated Depreciation	285,814	$ 253,965
Net Carrying Amount	1,451,624
Amount of real estate for federal income tax purposes	1,329,600
Real estate investments
Balance at beginning of the year	1,757,917	1,606,324
Construction costs and improvements	86,325	58,039
Acquisitions	83,723	196,214
Dispositions	(83,848)	(101,768)
Reclassifications	(106,679)	(892)
Balance at end of the year	1,737,438	1,757,917
Accumulated Depreciation
Balance at beginning of the year	253,965	224,738
Dispositions	(14,809)	(14,444)
Reclassifications	(5,010)	0
Depreciation	51,668	43,671
Balance at end of the year	$ 285,814	$ 253,965
Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	39 years
Capital improvements \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	5 years
Capital improvements \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	20 years
Equipment \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	3 years
Equipment \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	7 years
Office
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 205,491
Land	23,038
Building and Improvements	103,160
Cost Capitalized Subsequent to Acquisition	284,486
Land	23,038
Building and improvements	387,646
Total	410,684
Accumulated Depreciation	89,638
Net Carrying Amount	321,046
Accumulated Depreciation
Balance at end of the year	89,638
Office \| 4525 Main Street
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	31,476
Land	982
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	46,703
Land	982
Building and improvements	46,703
Total	47,685
Accumulated Depreciation	11,903
Net Carrying Amount	35,782
Accumulated Depreciation
Balance at end of the year	11,903
Office \| Armada Hoffler Tower
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	1,976
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	68,938
Land	1,976
Building and improvements	68,938
Total	70,914
Accumulated Depreciation	40,667
Net Carrying Amount	30,247
Accumulated Depreciation
Balance at end of the year	40,667
Office \| Brooks Crossing Office
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	14,882
Land	295
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	19,509
Land	295
Building and improvements	19,509
Total	19,804
Accumulated Depreciation	1,789
Net Carrying Amount	18,015
Accumulated Depreciation
Balance at end of the year	1,789
Office \| One City Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	24,084
Land	2,911
Building and Improvements	28,202
Cost Capitalized Subsequent to Acquisition	6,291
Land	2,911
Building and improvements	34,493
Total	37,404
Accumulated Depreciation	2,742
Net Carrying Amount	34,662
Accumulated Depreciation
Balance at end of the year	2,742
Office \| One Columbus
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	960
Building and Improvements	10,269
Cost Capitalized Subsequent to Acquisition	13,707
Land	960
Building and improvements	23,976
Total	24,936
Accumulated Depreciation	13,880
Net Carrying Amount	11,056
Accumulated Depreciation
Balance at end of the year	13,880
Office \| Thames Street Wharf
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	70,761
Land	15,861
Building and Improvements	64,689
Cost Capitalized Subsequent to Acquisition	353
Land	15,861
Building and improvements	65,042
Total	80,903
Accumulated Depreciation	4,237
Net Carrying Amount	76,666
Accumulated Depreciation
Balance at end of the year	4,237
Office \| Two Columbus
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	53
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	21,321
Land	53
Building and improvements	21,321
Total	21,374
Accumulated Depreciation	10,206
Net Carrying Amount	11,168
Accumulated Depreciation
Balance at end of the year	10,206
Office \| Wills Wharf
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	64,288
Land	0
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	107,664
Land	0
Building and improvements	107,664
Total	107,664
Accumulated Depreciation	4,214
Net Carrying Amount	103,450
Accumulated Depreciation
Balance at end of the year	4,214
Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	183,952
Land	203,272
Building and Improvements	336,896
Cost Capitalized Subsequent to Acquisition	200,489
Land	203,272
Building and improvements	537,385
Total	740,657
Accumulated Depreciation	119,090
Net Carrying Amount	621,567
Accumulated Depreciation
Balance at end of the year	119,090
Retail \| 249 Central Park Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	16,352
Land	713
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	16,795
Land	713
Building and improvements	16,795
Total	17,508
Accumulated Depreciation	9,367
Net Carrying Amount	8,141
Accumulated Depreciation
Balance at end of the year	9,367
Retail \| Apex Entertainment
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	67
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	17,893
Land	67
Building and improvements	17,893
Total	17,960
Accumulated Depreciation	6,404
Net Carrying Amount	11,556
Accumulated Depreciation
Balance at end of the year	6,404
Retail \| Broad Creek Shopping Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	0
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	9,423
Land	0
Building and improvements	9,423
Total	9,423
Accumulated Depreciation	4,854
Net Carrying Amount	4,569
Accumulated Depreciation
Balance at end of the year	4,854
Retail \| Broadmoor Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	2,410
Building and Improvements	9,010
Cost Capitalized Subsequent to Acquisition	1,072
Land	2,410
Building and improvements	10,082
Total	12,492
Accumulated Depreciation	2,828
Net Carrying Amount	9,664
Accumulated Depreciation
Balance at end of the year	2,828
Retail \| Brooks Crossing Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	117
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	2,364
Land	117
Building and improvements	2,364
Total	2,481
Accumulated Depreciation	376
Net Carrying Amount	2,105
Accumulated Depreciation
Balance at end of the year	376
Retail \| Columbus Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	7,631
Building and Improvements	10,135
Cost Capitalized Subsequent to Acquisition	8,259
Land	7,631
Building and improvements	18,394
Total	26,025
Accumulated Depreciation	4,208
Net Carrying Amount	21,817
Accumulated Depreciation
Balance at end of the year	4,208
Retail \| Columbus Village II
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	14,536
Building and Improvements	10,922
Cost Capitalized Subsequent to Acquisition	89
Land	14,536
Building and improvements	11,011
Total	25,547
Accumulated Depreciation	2,216
Net Carrying Amount	23,331
Accumulated Depreciation
Balance at end of the year	2,216
Retail \| Commerce Street Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	118
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	3,318
Land	118
Building and improvements	3,318
Total	3,436
Accumulated Depreciation	1,980
Net Carrying Amount	1,456
Accumulated Depreciation
Balance at end of the year	1,980
Retail \| Delray Beach Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	14,039
Land	0
Building and Improvements	27,151
Cost Capitalized Subsequent to Acquisition	134
Land	0
Building and improvements	27,285
Total	27,285
Accumulated Depreciation	833
Net Carrying Amount	26,452
Accumulated Depreciation
Balance at end of the year	833
Retail \| Dimmock Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	5,100
Building and Improvements	13,126
Cost Capitalized Subsequent to Acquisition	677
Land	5,100
Building and improvements	13,803
Total	18,903
Accumulated Depreciation	2,860
Net Carrying Amount	16,043
Accumulated Depreciation
Balance at end of the year	2,860
Retail \| Fountain Plaza Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	9,841
Land	425
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	7,519
Land	425
Building and improvements	7,519
Total	7,944
Accumulated Depreciation	4,023
Net Carrying Amount	3,921
Accumulated Depreciation
Balance at end of the year	4,023
Retail \| Greenbrier Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	20,000
Land	8,549
Building and Improvements	21,170
Cost Capitalized Subsequent to Acquisition	14
Land	8,549
Building and improvements	21,184
Total	29,733
Accumulated Depreciation	288
Net Carrying Amount	29,445
Accumulated Depreciation
Balance at end of the year	288
Retail \| Greentree Shopping Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	1,103
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	4,147
Land	1,103
Building and improvements	4,147
Total	5,250
Accumulated Depreciation	1,287
Net Carrying Amount	3,963
Accumulated Depreciation
Balance at end of the year	1,287
Retail \| Hanbury Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	2,566
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	16,312
Land	2,566
Building and improvements	16,312
Total	18,878
Accumulated Depreciation	7,549
Net Carrying Amount	11,329
Accumulated Depreciation
Balance at end of the year	7,549
Retail \| Harrisonburg Regal
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	1,554
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	4,148
Land	1,554
Building and improvements	4,148
Total	5,702
Accumulated Depreciation	2,415
Net Carrying Amount	3,287
Accumulated Depreciation
Balance at end of the year	2,415
Retail \| Lexington Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	14,172
Land	3,035
Building and Improvements	20,581
Cost Capitalized Subsequent to Acquisition	298
Land	3,035
Building and improvements	20,879
Total	23,914
Accumulated Depreciation	2,420
Net Carrying Amount	21,494
Accumulated Depreciation
Balance at end of the year	2,420
Retail \| Market at Mill Creek
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	13,142
Land	2,261
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	21,007
Land	2,261
Building and improvements	21,007
Total	23,268
Accumulated Depreciation	1,910
Net Carrying Amount	21,358
Accumulated Depreciation
Balance at end of the year	1,910
Retail \| Marketplace at Hilltop
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	9,706
Land	2,023
Building and Improvements	19,886
Cost Capitalized Subsequent to Acquisition	201
Land	2,023
Building and improvements	20,087
Total	22,110
Accumulated Depreciation	1,530
Net Carrying Amount	20,580
Accumulated Depreciation
Balance at end of the year	1,530
Retail \| Nexton Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	20,107
Land	9,086
Building and Improvements	27,760
Cost Capitalized Subsequent to Acquisition	3,413
Land	9,086
Building and improvements	31,173
Total	40,259
Accumulated Depreciation	1,407
Net Carrying Amount	38,852
Accumulated Depreciation
Balance at end of the year	1,407
Retail \| North Hampton Market
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	7,250
Building and Improvements	10,210
Cost Capitalized Subsequent to Acquisition	947
Land	7,250
Building and improvements	11,157
Total	18,407
Accumulated Depreciation	2,576
Net Carrying Amount	15,831
Accumulated Depreciation
Balance at end of the year	2,576
Retail \| North Point Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,942
Land	1,936
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	28,859
Land	1,936
Building and improvements	28,859
Total	30,795
Accumulated Depreciation	15,767
Net Carrying Amount	15,028
Accumulated Depreciation
Balance at end of the year	15,767
Retail \| Overlook Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	6,328
Building and Improvements	20,101
Cost Capitalized Subsequent to Acquisition	112
Land	6,328
Building and improvements	20,213
Total	26,541
Accumulated Depreciation	342
Net Carrying Amount	26,199
Accumulated Depreciation
Balance at end of the year	342
Retail \| Parkway Centre
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	1,372
Building and Improvements	7,864
Cost Capitalized Subsequent to Acquisition	114
Land	1,372
Building and improvements	7,978
Total	9,350
Accumulated Depreciation	966
Net Carrying Amount	8,384
Accumulated Depreciation
Balance at end of the year	966
Retail \| Parkway Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	1,150
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	3,894
Land	1,150
Building and improvements	3,894
Total	5,044
Accumulated Depreciation	2,250
Net Carrying Amount	2,794
Accumulated Depreciation
Balance at end of the year	2,250
Retail \| Patterson Place
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	15,060
Building and Improvements	20,180
Cost Capitalized Subsequent to Acquisition	865
Land	15,060
Building and improvements	21,045
Total	36,105
Accumulated Depreciation	3,856
Net Carrying Amount	32,249
Accumulated Depreciation
Balance at end of the year	3,856
Retail \| Perry Hall Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	3,240
Building and Improvements	8,316
Cost Capitalized Subsequent to Acquisition	505
Land	3,240
Building and improvements	8,821
Total	12,061
Accumulated Depreciation	2,254
Net Carrying Amount	9,807
Accumulated Depreciation
Balance at end of the year	2,254
Retail \| Premier Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	8,131
Land	318
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	15,318
Land	318
Building and improvements	15,318
Total	15,636
Accumulated Depreciation	1,551
Net Carrying Amount	14,085
Accumulated Depreciation
Balance at end of the year	1,551
Retail \| Providence Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	9,950
Building and Improvements	12,369
Cost Capitalized Subsequent to Acquisition	1,818
Land	9,950
Building and improvements	14,187
Total	24,137
Accumulated Depreciation	3,038
Net Carrying Amount	21,099
Accumulated Depreciation
Balance at end of the year	3,038
Retail \| Red Mill Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	22,281
Land	44,252
Building and Improvements	30,348
Cost Capitalized Subsequent to Acquisition	1,991
Land	44,252
Building and improvements	32,339
Total	76,591
Accumulated Depreciation	4,425
Net Carrying Amount	72,166
Accumulated Depreciation
Balance at end of the year	4,425
Retail \| Sandbridge Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	4,825
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	7,458
Land	4,825
Building and improvements	7,458
Total	12,283
Accumulated Depreciation	2,170
Net Carrying Amount	10,113
Accumulated Depreciation
Balance at end of the year	2,170
Retail \| South Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	7,179
Land	190
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	8,279
Land	190
Building and improvements	8,279
Total	8,469
Accumulated Depreciation	5,090
Net Carrying Amount	3,379
Accumulated Depreciation
Balance at end of the year	5,090
Retail \| South Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	14,130
Building and Improvements	12,670
Cost Capitalized Subsequent to Acquisition	1,099
Land	14,130
Building and improvements	13,769
Total	27,899
Accumulated Depreciation	2,837
Net Carrying Amount	25,062
Accumulated Depreciation
Balance at end of the year	2,837
Retail \| Southgate Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	27,060
Land	10,238
Building and Improvements	25,950
Cost Capitalized Subsequent to Acquisition	5,152
Land	10,238
Building and improvements	31,102
Total	41,340
Accumulated Depreciation	5,476
Net Carrying Amount	35,864
Accumulated Depreciation
Balance at end of the year	5,476
Retail \| Southshore Shops
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	1,770
Building and Improvements	6,509
Cost Capitalized Subsequent to Acquisition	285
Land	1,770
Building and improvements	6,794
Total	8,564
Accumulated Depreciation	1,178
Net Carrying Amount	7,386
Accumulated Depreciation
Balance at end of the year	1,178
Retail \| Studio 56 Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	76
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	2,596
Land	76
Building and improvements	2,596
Total	2,672
Accumulated Depreciation	1,172
Net Carrying Amount	1,500
Accumulated Depreciation
Balance at end of the year	1,172
Retail \| Tyre Neck Harris Teeter
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	0
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	3,306
Land	0
Building and improvements	3,306
Total	3,306
Accumulated Depreciation	1,588
Net Carrying Amount	1,718
Accumulated Depreciation
Balance at end of the year	1,588
Retail \| Wendover Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	19,893
Building and Improvements	22,638
Cost Capitalized Subsequent to Acquisition	808
Land	19,893
Building and improvements	23,446
Total	43,339
Accumulated Depreciation	3,799
Net Carrying Amount	39,540
Accumulated Depreciation
Balance at end of the year	3,799
Multifamily
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	316,444
Land	42,931
Building and Improvements	277,448
Cost Capitalized Subsequent to Acquisition	259,424
Land	42,931
Building and improvements	536,872
Total	579,803
Accumulated Depreciation	77,086
Net Carrying Amount	502,717
Accumulated Depreciation
Balance at end of the year	77,086
Multifamily \| 1405 Point
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	52,286
Land	0
Building and Improvements	95,466
Cost Capitalized Subsequent to Acquisition	3,146
Land	0
Building and improvements	98,612
Total	98,612
Accumulated Depreciation	8,487
Net Carrying Amount	90,125
Accumulated Depreciation
Balance at end of the year	8,487
Multifamily \| Chronicle Mill
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	2,313
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	25,879
Land	2,313
Building and improvements	25,879
Total	28,192
Accumulated Depreciation	0
Net Carrying Amount	28,192
Accumulated Depreciation
Balance at end of the year	0
Multifamily \| Edison Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	15,926
Land	3,428
Building and Improvements	18,582
Cost Capitalized Subsequent to Acquisition	1,281
Land	3,428
Building and improvements	19,863
Total	23,291
Accumulated Depreciation	1,019
Net Carrying Amount	22,272
Accumulated Depreciation
Balance at end of the year	1,019
Multifamily \| Encore Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	24,523
Land	1,293
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	30,855
Land	1,293
Building and improvements	30,855
Total	32,148
Accumulated Depreciation	7,028
Net Carrying Amount	25,120
Accumulated Depreciation
Balance at end of the year	7,028
Multifamily \| Gainesville Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	18,114
Land	5,200
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	37,204
Land	5,200
Building and improvements	37,204
Total	42,404
Accumulated Depreciation	0
Net Carrying Amount	42,404
Accumulated Depreciation
Balance at end of the year	0
Multifamily \| Greenside Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	32,598
Land	5,711
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	45,350
Land	5,711
Building and improvements	45,350
Total	51,061
Accumulated Depreciation	4,855
Net Carrying Amount	46,206
Accumulated Depreciation
Balance at end of the year	4,855
Multifamily \| Liberty Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	13,572
Land	3,580
Building and Improvements	23,494
Cost Capitalized Subsequent to Acquisition	2,299
Land	3,580
Building and improvements	25,793
Total	29,373
Accumulated Depreciation	6,782
Net Carrying Amount	22,591
Accumulated Depreciation
Balance at end of the year	6,782
Multifamily \| Premier Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	16,508
Land	647
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	29,218
Land	647
Building and improvements	29,218
Total	29,865
Accumulated Depreciation	2,963
Net Carrying Amount	26,902
Accumulated Depreciation
Balance at end of the year	2,963
Multifamily \| Smith’s Landing
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	16,452
Land	0
Building and Improvements	35,105
Cost Capitalized Subsequent to Acquisition	3,395
Land	0
Building and improvements	38,500
Total	38,500
Accumulated Depreciation	10,342
Net Carrying Amount	28,158
Accumulated Depreciation
Balance at end of the year	10,342
Multifamily \| Southern Post
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	5,000
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	6,480
Land	5,000
Building and improvements	6,480
Total	11,480
Accumulated Depreciation	0
Net Carrying Amount	11,480
Accumulated Depreciation
Balance at end of the year	0
Multifamily \| The Cosmopolitan
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	42,090
Land	985
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	73,932
Land	985
Building and improvements	73,932
Total	74,917
Accumulated Depreciation	31,836
Net Carrying Amount	43,081
Accumulated Depreciation
Balance at end of the year	31,836
Multifamily \| The Residences at Annapolis Junction
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	84,375
Land	14,774
Building and Improvements	104,801
Cost Capitalized Subsequent to Acquisition	385
Land	14,774
Building and improvements	105,186
Total	119,960
Accumulated Depreciation	3,774
Net Carrying Amount	116,186
Accumulated Depreciation
Balance at end of the year	3,774
Held for development
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Land	6,294
Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	0
Land	6,294
Building and improvements	0
Total	6,294
Accumulated Depreciation	0
Net Carrying Amount	6,294
Accumulated Depreciation
Balance at end of the year	$ 0