Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Summary of guarantees

The following table summarizes the guarantees made by the Company as of March 31, 2019 (in thousands):

Development project	Payment guarantee amount
1405 Point	$	25,000	(a)
The Residences at Annapolis Junction	8,300
Delray Plaza	5,180
Nexton Square	12,600
Interlock Commercial	—		(b)
Total	$	51,080

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(a) On April 25, 2019, the Company exercised its option to purchase 79% of the partnership that owns 1405 Point.

(b) As of March 31, 2019, this $30.7 million payment guarantee was not yet effective because the senior construction loan had not yet been executed. On April 19, 2019, the senior construction loan was executed, and the payment guarantee became effective. The Company now also guarantees 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.