Indebtedness (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of debt

The following table summarizes the note balance at assumption, fair value at assumption, maturity date, and interest rate for each loan ($ in thousands):

Loan name	Note balance at assumption		Fair value of loan at assumption		Loan maturity date	Loan interest rate
Red Mill North	$	4,451	$	4,520	12/31/2028	4.73	%
Red Mill South	6,310		6,090		5/1/2025	3.57	%
Red Mill Central	2,640		2,690		6/17/2024	4.80	%
Red Mill West	11,548		11,540		6/1/2022	4.23	%
Marketplace at Hilltop	10,740		10,790		10/1/2022	4.42	%
	$	35,689	$	35,630

The Company’s indebtedness comprised the following as of December 31, 2019 and 2018 (dollars in thousands):  

	Principal Balance						Interest Rate (a)			Maturity Date
	December 31,						December 31,
	2019			2018			2019
Secured Debt
North Point Center Note 1 (b)	$	—		$	9,352		6.45	%		February 5, 2019
Lightfoot Marketplace (c)	—			10,500			LIBOR + 1.75%			October 12, 2023
Hoffler Place (d)	29,059			11,445			LIBOR + 3.24%			January 1, 2021
Summit Place (d)	28,824			11,057			LIBOR + 3.24%			January 1, 2021
Southgate Square	20,562			21,442			LIBOR + 1.60%			April 29, 2021
Encore Apartments (e)	24,842			24,966			3.25	%		September 10, 2021
4525 Main Street (e)	31,876			32,034			3.25	%		September 10, 2021
Red Mill West	11,296			—			4.23	%		June 1, 2022
Thames Street Wharf	70,000			—			LIBOR + 1.30%			June 26, 2022
Hanbury Village	18,515			19,019			3.78	%		August 15, 2022
Marketplace at Hilltop	10,517			—			4.42	%		October 1, 2022
1405 Point	53,000			—			LIBOR + 2.25%			January 1, 2023
Socastee Commons	4,567			4,671			4.57	%		January 6, 2023
Sandbridge Commons	8,020			8,258			LIBOR + 1.75%			January 17, 2023
Wills Wharf	29,154			—			LIBOR + 2.25%			June 26, 2023
249 Central Park Retail (f)	16,828			17,045			LIBOR + 1.60%		(g)	August 10, 2023
Fountain Plaza Retail (f)	10,127			10,257			LIBOR + 1.60%		(g)	August 10, 2023
South Retail (f)	7,388			7,483			LIBOR + 1.60%		(g)	August 10, 2023
One City Center	25,286			—			LIBOR + 1.85%			April 1, 2024
Red Mill Central	2,538			—			4.80	%		June 17, 2024
Premier Apartments (h)	16,750			12,873			LIBOR + 1.55%			October 31, 2024
Premier Retail (h)	8,250			6,341			LIBOR + 1.55%			October 31, 2024
Red Mill South	6,137			—			3.57	%		May 1, 2025
Brooks Crossing Office	14,411			6,910			LIBOR + 1.60%			July 1, 2025
Market at Mill Creek	14,727			7,283			LIBOR + 1.55%			July 12, 2025
Johns Hopkins Village	51,800			52,708			LIBOR + 1.25%		(g)	August 7, 2025
North Point Center Note 2	2,214			2,346			7.25	%		September 15, 2025
Lexington Square	14,696			14,940			4.50	%		September 1, 2028
Red Mill North	4,394			—			4.73	%		December 31, 2028
Greenside Apartments	34,000			25,902			3.17	%		December 15, 2029
Smith's Landing	18,174			18,985			4.05	%		June 1, 2035
Liberty Apartments	14,165			14,437			5.66	%		November 1, 2043
The Cosmopolitan	43,702			44,468			3.35	%		July 1, 2051
Total secured debt	$	645,819		$	394,722
Unsecured Debt
Senior unsecured revolving credit facility	110,000			126,000			LIBOR+1.30%-1.85%			January 24, 2024
Senior unsecured term loan	44,500			80,000			LIBOR+1.25%-1.80%			January 24, 2025
Senior unsecured term loan	160,500			100,000			LIBOR+1.25%-1.80%		(g)	January 24, 2025
Total unsecured debt	$	315,000		$	306,000
Total principal balances	$	960,819		$	700,722
Unamortized fair value adjustments	(878		)	(1,173		)
Unamortized debt issuance costs	(9,404		)	(5,310		)
Indebtedness, net	$	950,537		$	694,239

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(a) LIBOR rate is determined by individual lenders.

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

(c) On August 15, 2019, Lightfoot Note was paid off upon the sale of the property.

(d) Cross collateralized.

(e) Cross collateralized.

(f) Cross collateralized.

(g) Includes debt subject to interest rate swap agreements.

(h) Cross collateralized.

Components of debt

The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2019 and 2018 (in thousands):

	December 31,
	2019		2018
Fixed-rate debt	$	488,276	$	348,426
Variable-rate debt	472,543		352,296
Total principal balance	$	960,819	$	700,722

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 Ending December 31,	Scheduled Principal Payments		Maturities		Total Payments
2020	$	10,191	$	—	$	10,191
2021	10,914		132,124		143,038
2022	9,683		106,691		116,374
2023	7,752		124,677		132,429
2024	6,982		157,978		164,960
Thereafter	72,749		321,078		393,827
Total	$	118,271	$	842,548	$	960,819