Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

The following table summarizes the guarantees made by the Company as of December 31, 2018 (in thousands):



Development project	Payment guarantee amount
1405 Point	$	25,000
The Residences at Annapolis Junction	8,300
Delray Plaza	4,750		(a)
Nexton Square	—		(b)
Interlock Commercial	—		(c)
Solis Apartments at Interlock	—		(d)
City Center	18,457		(e)
Total	$	56,507

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(a) On January 8, 2019, the mezzanine loan and senior construction loan were modified, and the payment guarantee amount increased to $5.2 million.

(b) As of December 31, 2018, this payment guarantee was not yet effective because the senior construction loan had not yet been executed. On February 8, 2019, the senior construction loan was executed and the $12.6 million payment guarantee became effective. The Company has also guaranteed completion of the development project to the senior construction lender.

(c) As of December 31, 2018, this $30.7 million payment guarantee was not yet effective because the senior construction loan had not yet been executed. Once the senior construction loan is executed, the Company will also guarantee completion of the development project to the senior lender. The Company has also guaranteed completion of the development project to Georgia Tech, the ground lessor.

(d) There is no payment guarantee for the senior construction loan on this project. The Company has guaranteed completion of the development project to the senior lender.

(e) Durham City Center is accounted for as an equity method investment.

Schedule of future 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):



2019	$	71,838
2020	63,981
2021	57,295
2022	51,271
2023	43,338
Thereafter	180,729
Total	$	468,452

Future minimum rental payments for all operating leases during each of the next five years and thereafter are as follows (in thousands):



2019	$	2,127
2020	2,291
2021	2,368
2022	2,364
2023	2,403
Thereafter	105,961
Total	$	117,514