Indebtedness (Tables)

12 Months Ended

Dec. 31, 2015

Indebtedness

Schedule of Debt

The Company’s indebtedness was comprised of the following as of December 31, 2015 and 2014 (dollars in thousands):

					Stated Interest		Stated Maturity
	Principal Balance				Rate		Date
	December 31,				December 31,
	2015		2014		2015
249 Central Park Retail(1)	$	15,282	$	15,566	5.99	%	September 8, 2016
Fountain Plaza Retail(1)		7,641		7,783	5.99	%	September 8, 2016
South Retail		6,742		6,867	5.99	%	September 8, 2016
4525 Main Street(2)		31,613		30,870	LIBOR + 1.95	%	January 30, 2017
Encore Apartments(2)		25,184		22,215	LIBOR + 1.95	%	January 30, 2017
North Point Center Note 5(3)		664		685	LIBOR + 2.00	%	February 1, 2017
Oyster Point		6,400		6,274	LIBOR+ 1.40%-2.00	%	February 28, 2017
Harrisonburg Regal		3,463		3,659	6.06	%	June 8, 2017
Commonwealth of Virginia - Chesapeake		4,933		3,585	LIBOR + 1.90	%	August 28, 2017
Hanbury Village Note 1		20,970		21,218	6.67	%	October 11, 2017
Lightfoot Marketplace		7,759		3,484	LIBOR + 1.90	%	November 14, 2017
Sandbridge Commons		9,010		5,892	LIBOR + 1.85	%	January 17, 2018
Columbus Village Note 1(3)		6,429		—	LIBOR + 2.00	%	April 5, 2018
Columbus Village Note 2		2,310		—	LIBOR + 2.00	%	April 5, 2018
Johns Hopkins Village		3,968		—	LIBOR + 1.90	%	July 30, 2018
North Point Center Note 1		9,969		10,149	6.45	%	February 5, 2019
Revolving credit facility		74,000		59,000	LIBOR+ 1.40%-2.00	%	February 20, 2019
Term loan(3)		50,000		—	LIBOR+ 1.35%-1.95	%	February 20, 2020
Socastee Commons		4,957		—	4.57	%	January 6, 2023
North Point Center Note 2		2,662		2,753	7.25	%	September 15, 2025
Smith's Landing		21,226		24,470	4.05	%	June 1, 2035
Liberty Apartments		20,312		20,603	5.66	%	November 1, 2043
The Cosmopolitan		46,519		47,132	3.75	%	July 1, 2051
Broad Creek Shopping Center Note 1		—		4,452	—		—
Broad Creek Shopping Center Note 2		—		8,173	—		—
Broad Creek Shopping Center Note 3		—		3,422	—		—
Commerce Street Retail		—		5,549	—		—
Dick's at Town Center		—		8,216	—		—
Hanbury Village Note 2		—		4,090	—		—
Oceaneering		—		13,490	—		—
Studio 56 Retail		—		2,618	—		—
Tyre Neck Harris Teeter		—		2,437	—		—
Whetstone Apartments		—		16,019	—		—
Total principal balance	$	382,013	$	360,671
Unamortized fair value adjustments		(1,287)		(1,442)
Unamortized debt issuance costs		(3,133)		(2,884)
Indebtedness, net	$	377,593	$	356,345

(1) Cross collateralized.

(2) Cross collateralized.

(3) Subject to an interest rate swap agreement.

Components of Debt

The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2015 and 2014 (in thousands):

	December 31,
	2015		2014
Fixed-rate debt	$	159,743	$	144,622
Variable-rate debt		222,270		216,049
Total principal balance	$	382,013	$	360,671

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):

	Scheduled		Term-
	Principal		Loan		Total
Year	Payments		Maturities		Payments
2016	$	3,365	$	29,281	$	32,646
2017		2,914		100,194		103,108
2018		2,300		20,731		23,031
2019		2,132		83,333		85,465
2020		2,207		50,000		52,207
Thereafter		79,989		5,567		85,556
Total	$	92,907	$	289,106	$	382,013