Indebtedness (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s indebtedness comprised the following as of December 31, 2014 and 2013 (dollars in thousands):

	Principal Balance					Stated Interest Rate	Stated Maturity Date
	December 31,					December 31,
Secured Debt	2014			2013		2014	2014
Credit facility	$	59,000		$	70,000	LIBOR + 1.60% - 2.20%	May 13, 2016
Oyster Point		6,274			6,466	5.41%	December 1, 2015
249 Central Park Retail(1)		15,566			15,834	5.99%	September 8, 2016
South Retail		6,867			6,985	5.99%	September 8, 2016
Studio 56 Retail		2,618			2,690	3.75%	May 7, 2015
Commerce Street Retail		5,549			5,613	LIBOR + 2.25%	October 31, 2018
Fountain Plaza Retail(1)		7,783			7,917	5.99%	September 8, 2016
Dick’s at Town Center		8,216			8,318	LIBOR + 2.75%	October 31, 2017
Broad Creek Shopping Center
Note 1(2)		4,452			4,503	LIBOR + 2.25%	October 31, 2018
Note 2(2)		8,173			8,267	LIBOR + 2.25%	October 31, 2018
Note 3(2)		3,422			3,461	LIBOR + 2.25%	October 31, 2018
North Point Center
Note 1		10,149			10,319	6.45%	February 5, 2019
Note 2		2,753			2,830	7.25%	September 15, 2025
Note 4		—			1,030	—	—
Note 5(3)		685			705	LIBOR + 2.00%	February 1, 2017
Hanbury Village
Note 1		21,218			21,449	6.67%	October 11, 2017
Note 2		4,090			4,159	LIBOR + 2.25%	October 31, 2018
Harrisonburg Regal		3,659			3,842	6.06%	June 8, 2017
Tyre Neck Harris Teeter		2,437			2,482	LIBOR + 2.25%	October 31, 2018
The Cosmopolitan		47,132			47,723	3.75%	July 1, 2051
Smith’s Landing(4)		24,470			24,795	LIBOR + 2.15%	January 31, 2017
Liberty Apartments(4)		20,603			—	5.66%	November 1, 2043
4525 Main Street		30,870			11,313	LIBOR + 1.95%	January 30, 2017
Encore Apartments		22,215			3,585	LIBOR + 1.95%	January 30, 2017
Whetstone Apartments		16,019			284	LIBOR + 1.90%	October 8, 2016
Sandbridge Commons		5,892			3,172	LIBOR + 1.85%	January 17, 2018
Oceaneering		13,490			—	LIBOR + 1.75%	February 28, 2018
Commonwealth of Virginia – Chesapeake		3,585			—	LIBOR + 1.90%	August 28, 2017
Lightfoot Marketplace		3,484			—	LIBOR + 1.90%	November 14, 2017
Total principal balance	$	360,671		$	277,742
Unamortized fair value adjustments		(1,442	)		3
Indebtedness	$	359,229		$	277,745

(1) Cross collateralized.

(2) Cross collateralized.

(3) Subject to an interest rate swap lock at a rate of 3.57%.

(4) Principal balance excluding fair value adjustments.

Components of Debt

The Company’s indebtedness comprised the following fixed and variable-rate debt as of December 31, 2014 and 2013 (in thousands):

	December 31,
	2014		2013
Fixed-rate secured debt	$	144,622	$	127,085
Variable-rate secured debt		216,049		150,657
Total principal balance	$	360,671	$	277,742

Scheduled Principal Repayments and Term-loan Maturities

Scheduled principal repayments and term-loan maturities during each of the next five years and thereafter are as follows (in thousands):

Year	Scheduled Principal Payments		Term- Loan Maturities		Total Payments
2015	$	3,222	$	8,681	$	11,903
2016		3,499		104,300		107,799
2017		2,775		116,141		118,916
2018		1,808		44,674		46,482
2019		1,216		9,333		10,549
Thereafter		63,678		1,344		65,022
Total	$	76,198	$	284,473	$	360,671