Subsequent Events

6 Months Ended

Jun. 30, 2018

SUBSEQUENT EVENTS

Subsequent to June 30, 2018, the Company:


•	closed on the first phase of the sale of a land parcel, which included rights to develop eight residential units, at One Loudoun Downtown, a multi-tenant retail operating property located in Ashburn, Virginia, for a sales price of $1,800. The sale of land will occur in three phases and will include the rights to develop a total of 30 residential units for a total sales price of $6,800;

•

entered into a development joint venture agreement for the expansion of pads G and H at One Loudoun Downtown. The project encompasses the construction of 378 residential units and up to 80,000 square feet of commercial space. The joint venture facilitates the construction and management of the residential units and construction of a portion of the commercial space, which will be delivered to the Company once complete; and


•	declared the cash dividend for the third quarter of 2018 of $0.165625 per share on its outstanding Class A common stock, which will be paid on October 10, 2018 to Class A common shareholders of record at the close of business on September 25, 2018.

On July 23, 2018, the Executive Compensation Committee (the Committee) of the Company’s Board of Directors approved the adoption of the Senior Executive Cash Incentive Bonus Plan (Incentive Plan), which is the general plan under which the Company will award annual cash incentive compensation to its executive officers. Under the Incentive Plan, the Committee may select key executives to be eligible to receive cash bonuses based on the attainment of established corporate and/or individual performance goals, which will be measured at the end of each performance period. The Incentive Plan also allows for the establishment of additional bonus opportunities that are higher or lower than the target bonus opportunity and for discretionary bonus payments. Bonus payments under the Incentive Plan will be conditioned upon the executive’s continued employment through the payment date, unless otherwise provided or agreed upon. The Incentive Plan may be amended or terminated at any time.