Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation

SCHEDULE III—Consolidated Real Estate Investments and Accumulated Depreciation

December 31, 2019



				Initial Cost				Cost Capitalized		Gross Carrying Amount										Year of
						Building and		Subsequent to				Building and				Accumulated		Net Carrying		Construction/
	Encumbrances			Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Amount ⁽¹⁾		Acquisition
Office
4525 Main Street	$	31,876		$	982	$	—	$	46,282	$	982	$	46,282	$	47,264	$	8,097	$	39,167	2014
Armada Hoffler Tower	—		⁽²⁾	1,976		—		63,304		1,976		63,304		65,280		34,237		31,043		2002
Brooks Crossing Office	14,411			295		—		19,709		295		19,709		20,004		462		19,542		2016
One City Center	25,286			2,911		28,202		4,632		2,911		32,834		35,745		661		35,084		2018/2019
One Columbus	—		⁽²⁾	960		10,269		12,009		960		22,278		23,238		11,958		11,280		1984
Thames Street Wharf	70,000			15,861		64,689		63		15,861		64,752		80,613		858		79,755		2010/2019
Two Columbus	—		⁽²⁾	53		—		20,704		53		20,704		20,757		8,747		12,010		2009
Wills Wharf	29,154			—		—		84,119		—		84,119		84,119		—		84,119		2019	⁽⁴⁾
Total office	$	170,727		$	23,038	$	103,160	$	250,822	$	23,038	$	353,982	$	377,020	$	65,020	$	312,000
Retail
249 Central Park Retail	$	16,828		$	712	$	—	$	15,703	$	712	$	15,703	$	16,415	$	9,406	$	7,009	2004
Alexander Pointe	—		⁽²⁾	4,050		4,880		149		4,050		5,029		9,079		950		8,129		1997/2016
Apex Entertainment (Dick's)	—		⁽²⁾	67		—		10,596		67		10,596		10,663		4,778		5,885		2002
Bermuda Crossroads	—		⁽²⁾	5,450		10,641		1,431		5,450		12,072		17,522		2,951		14,571		2001/2013
Broad Creek Shopping Center	—		⁽²⁾	—		—		9,135		—		9,135		9,135		4,327		4,808		1997-2001
Broadmoor Plaza	—		⁽²⁾	2,410		9,010		966		2,410		9,976		12,386		1,843		10,543		1980/2016
Brooks Crossing Retail	—			359		—		2,334		359		2,334		2,693		229		2,464		2016
Columbus Village	—		⁽²⁾	7,631		10,135		7,028		7,631		17,163		24,794		2,512		22,282		1980/2015
Columbus Village II	—		⁽²⁾	14,536		10,922		64		14,536		10,986		25,522		1,364		24,158		1995/2016
Commerce Street Retail	—		⁽²⁾	118		—		3,307		118		3,307		3,425		1,697		1,728		2008
Courthouse 7-Eleven	—		⁽²⁾	1,007		—		1,044		1,007		1,044		2,051		217		1,834		2011
Dimmock Square	—		⁽²⁾	5,100		13,126		314		5,100		13,440		18,540		2,034		16,506		1998/2014
Fountain Plaza Retail	10,127			425		—		7,251		425		7,251		7,676		3,585		4,091		2004
Gainsborough Square	—		⁽²⁾	2,229		—		7,590		2,229		7,590		9,819		3,662		6,157		1999
Greentree Shopping Center	—		⁽²⁾	1,103		—		4,036		1,103		4,036		5,139		888		4,251		2014
Hanbury Village	18,515		⁽³⁾	3,793		—		19,579		3,793		19,579		23,372		7,486		15,886		2006
Harper Hill Commons	—		⁽²⁾	2,840		8,510		263		2,840		8,773		11,613		1,169		10,444		2004/2016
Harrisonburg Regal	—			1,554		—		4,148		1,554		4,148		5,702		2,203		3,499		1999
Indian Lakes Crossing	—		⁽²⁾	7,009		2,274		30		7,009		2,304		9,313		171		9,142		2008/2018
Lexington Square	14,696			3,035		20,581		110		3,035		20,691		23,726		915		22,811		2017/2018
Market at Mill Creek	14,727			2,243		—		20,386		2,243		20,386		22,629		415		22,214		2018
Marketplace at Hilltop	10,517			2,023		19,886		35		2,023		19,921		21,944		388		21,556		2000/2019



North Hampton Market	—		⁽²⁾	7,250		10,210		602		7,250		10,812		18,062		1,811		16,251		2004/2016
North Point Center	2,214		⁽³⁾	1,936		—		25,716		1,936		25,716		27,652		14,353		13,299		1998
Oakland Marketplace	—		⁽²⁾	1,850		3,370		690		1,850		4,060		5,910		932		4,978		2004/2016
Parkway Centre	—		⁽²⁾	1,372		7,864		105		1,372		7,969		9,341		470		8,871		2017/2018
Parkway Marketplace	—		⁽²⁾	1,150		—		3,832		1,150		3,832		4,982		2,010		2,972		1998
Patterson Place	—		⁽²⁾	15,059		20,180		631		15,059		20,811		35,870		2,638		33,232		2004/2016
Perry Hall Marketplace	—		⁽²⁾	3,240		8,316		424		3,240		8,740		11,980		1,555		10,425		2001/2015
Premier Retail	8,250			318		—		14,216		318		14,216		14,534		434		14,100		2018
Providence Plaza	—		⁽²⁾	9,950		12,369		1,454		9,950		13,823		23,773		1,904		21,869		2007/2015
Red Mill Commons	24,365		⁽³⁾	44,252		30,348		98		44,252		30,446		74,698		921		73,777		2000/2019
Renaissance Square	—		⁽²⁾	6,730		8,439		186		6,730		8,625		15,355		927		14,428		2008/2016
Sandbridge Commons	8,020			4,825		—		7,332		4,825		7,332		12,157		1,500		10,657		2015
Socastee Commons	4,567			2,320		5,380		147		2,320		5,527		7,847		940		6,907		2000/2015
South Retail	7,388			190		—		8,123		190		8,123		8,313		4,527		3,786		2002
South Square	—		⁽²⁾	14,130		12,670		757		14,130		13,427		27,557		1,966		25,591		1977/2016
Southgate Square	20,562			10,238		25,950		4,352		10,238		30,302		40,540		3,257		37,283		1991/2016
Southshore Shops	—		⁽²⁾	1,770		6,509		84		1,770		6,593		8,363		710		7,653		2006/2016
Stone House Square	—		⁽²⁾	6,360		16,350		561		6,360		16,911		23,271		2,735		20,536		2008/2015
Studio 56 Retail	—		⁽²⁾	76		—		2,532		76		2,532		2,608		994		1,614		2007
Tyre Neck Harris Teeter	—		⁽²⁾	—		—		3,306		—		3,306		3,306		1,255		2,051		2011
Wendover Village	—		⁽²⁾	19,893		22,638		429		19,893		23,067		42,960		2,451		40,509		2004/2016-2019
Total retail	$	160,776		$	220,603	$	300,558	$	191,076	$	220,603	$	491,634	$	712,237	$	101,480	$	610,757
Multifamily
1405 Point	$	53,000		$	—	$	95,466	$	2,106	$	—	$	97,572	$	97,572	$	2,109	$	95,463	2018/2019
Encore Apartments	24,842			1,293		—		30,322		1,293		30,322		31,615		5,144		26,471		2014
Greenside Apartments	34,000			5,711		—		45,012		5,711		45,012		50,723		1,822		48,901		2018
Hoffler Place	29,059			7,401		—		39,758		7,401		39,758		47,159		486		46,673		2019
Johns Hopkins Village	51,800			—		—		69,931		—		69,931		69,931		7,711		62,220		2016
Liberty Apartments	14,165			3,580		23,494		1,883		3,580		25,377		28,957		5,146		23,811		2013/2014
Premier Apartments	16,750			647		—		29,139		647		29,139		29,786		1,171		28,615		2018
Smith’s Landing	18,174			—		35,105		2,418		—		37,523		37,523		8,002		29,521		2009/2013
Summit Place	28,824			7,265		—		43,674		7,265		43,674		50,939		—		50,939		—	⁽⁴⁾
The Cosmopolitan	43,702			985		—		66,877		985		66,877		67,862		26,647		41,215		2006
Total multifamily	$	314,316		$	26,882	$	154,065	$	331,120	$	26,882	$	485,185	$	512,067	$	58,238	$	453,829
Held for development	$	—		$	5,000	$	—	$	—	$	5,000	$	—	$	5,000	$	—	$	5,000
Real estate investments	$	645,819		$	275,523	$	557,783	$	773,018	$	275,523	$	1,330,801	$	1,606,324	$	224,738	$	1,381,586

________________________________________


(1)	The net carrying amount of real estate for federal income tax purposes was $1,122.8 million as of December 31, 2019.


(2)	Borrowing base collateral for the credit facility as of December 31, 2019.


(3)	A portion of this property is borrowing base collateral for the credit facility as of December 31, 2019.


(4)	Construction in progress as of December 31, 2019.

Income producing property is depreciated on a straight-line basis over the following estimated useful lives:



Buildings	39 years
Capital improvements	5—20 years
Equipment	3—7 years
Tenant improvements	Term of the related lease
	(or estimated useful life, if shorter)



	Real Estate						Accumulated
	Investments						Depreciation
	December 31,
	2019			2018			2019			2018
Balance at beginning of the year	$	1,176,586		$	994,437		$	188,775		$	164,521
Construction costs and improvements	143,700			144,926			—			—
Acquisitions	314,898			51,613			—			—
Dispositions	(28,117		)	(11,420		)	(1,818		)	(5,559		)
Reclassifications	(743		)	(2,970		)	(58		)	(582		)
Depreciation	—			—			37,839			30,395
Balance at end of the year	$	1,606,324		$	1,176,586		$	224,738		$	188,775