Indebtedness (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of debt

The Company’s indebtedness comprised the following as of December 31, 2018 and 2017 (dollars in thousands):  

	Principal Balance						Interest Rate			Maturity Date
	December 31,						December 31,
	2018			2017			2018
Secured Debt
Columbus Village Note 1	$	—		$	6,080		LIBOR + 2.00%		(a)	April 5, 2018
Columbus Village Note 2	—			2,218			LIBOR + 2.00%			April 5, 2018
North Point Center Note 1 (b)	9,352			9,571			6.45	%		February 5, 2019
Greenside (Harding Place)	25,902			3,874			LIBOR + 2.95%			February 24, 2020
Premier (Town Center Phase VI)	19,214			1,505			LIBOR + 3.50%			June 29, 2020
Hoffler Place (King Street)	11,445			—			LIBOR + 3.24%			January 1, 2021
Summit Place (Meeting Street)	11,057			—			LIBOR + 3.24%			January 1, 2021
Southgate Square	21,442			20,708			LIBOR + 1.60%			April 29, 2021
4525 Main Street (c)	32,034			32,034			3.25	%		September 10, 2021
Encore Apartments (c)	24,966			24,966			3.25	%		September 10, 2021
Hanbury Village	19,019			19,503			3.78	%		August 15, 2022
Socastee Commons	4,671			4,771			4.57	%		January 6, 2023
Sandbridge Commons	8,258			8,468			LIBOR + 1.75%			January 17, 2023
249 Central Park Retail (d)	17,045			16,851			LIBOR + 1.60%			August 10, 2023
South Retail (d)	7,483			7,394			LIBOR + 1.60%			August 10, 2023
Fountain Plaza Retail (d)	10,257			10,145			LIBOR + 1.60%			August 10, 2023
Lightfoot Marketplace	10,500			10,500			LIBOR + 1.75%		(a)	October 12, 2023
Brooks Crossing Office	6,910			—			LIBOR + 1.60%			July 1, 2025
Market at Mill Creek	7,283			—			LIBOR + 1.55%			July 12, 2025
Johns Hopkins Village	52,708			46,698			LIBOR + 1.25%		(a)	August 7, 2025
North Point Center Note 2	2,346			2,459			7.25	%		September 15, 2025
Lexington Square	14,940			—			4.50	%		September 1, 2028
Smith's Landing	18,985			19,764			4.05	%		June 1, 2035
Liberty Apartments	14,437			14,694			5.66	%		November 1, 2043
The Cosmopolitan	44,468			45,209			3.35	%		July 1, 2051
Total secured debt	$	394,722		$	307,412
Unsecured Debt
Senior unsecured revolving credit facility	126,000			66,000			LIBOR+1.40%-2.00%			October 26, 2021
Senior unsecured term loan	80,000			50,000			LIBOR+1.35%-1.95%			October 26, 2022
Senior unsecured term loan	50,000			50,000			LIBOR+1.35%-1.95%		(a)	October 26, 2022
Senior unsecured term loan	50,000			50,000			LIBOR+1.35%-1.95%		(a)	October 26, 2022
Total unsecured debt	$	306,000		$	216,000
Total principal balances	$	700,722		$	523,412
Unamortized fair value adjustments	(1,173		)	(1,211		)
Unamortized debt issuance costs	(5,310		)	(4,929		)
Indebtedness, net	$	694,239		$	517,272

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(a) Subject to an interest rate swap agreement.

(b) On January 31, 2019, North Point Note 1 was paid off.

(c) Cross collateralized.

(d) Cross collateralized.

Components of debt

The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2018 and 2017 (in thousands):

	December 31,
	2018		2017
Fixed-rate debt	$	348,426	$	229,051
Variable-rate debt	352,296		294,361
Total principal balance	$	700,722	$	523,412

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	Scheduled Principal Payments		Maturities		Total Payments
2019	$	5,593	$	9,333	$	14,926	(1)
2020	6,626		45,116		51,742
2021	5,821		222,744		228,565
2022	4,803		197,109		201,912
2023	11,264		47,244		58,508
Thereafter	71,475		73,594		145,069
Total	$	105,582	$	595,140	$	700,722

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(1) On January 31, 2019, North Point Note 1 was paid off; this is the only debt maturity in 2019.