XML 53 R37.htm IDEA: XBRL DOCUMENT v3.22.0.1
Indebtedness (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of debt
The Company’s indebtedness comprised the following as of December 31, 2021 and 2020 (dollars in thousands):  
 Principal Balance
Interest Rate (a)
Maturity Date
 December 31, December 31, 
 202120202021
   Secured Debt
Socastee Commons(b)
$— $4,458 4.57%January 6, 2023
Johns Hopkins Village(c)
— 50,859 LIBOR+1.25%August 7, 2025
Red Mill West10,386 10,851 4.23%June 1, 2022
Marketplace at Hilltop9,706 10,120 4.42%October 1, 2022
1405 Point52,286 53,000 LIBOR+2.25%January 1, 2023
Nexton Square20,107 22,909 LIBOR+2.25%February 1, 2023
Wills Wharf64,288 59,044 LIBOR+2.25%June 26, 2023
249 Central Park Retail(d)
16,352 16,597 LIBOR+1.60%
(e)
August 10, 2023
Fountain Plaza Retail(d)
9,841 9,988 LIBOR+1.60%
(e)
August 10, 2023
South Retail(d)
7,179 7,287 LIBOR+1.60%
(e)
August 10, 2023
Hoffler Place(f)(g)
18,400 18,400 LIBOR+2.60%January 1, 2024
Summit Place(f)(g)
23,100 23,100 LIBOR+2.60%January 1, 2024
One City Center24,084 24,712 LIBOR+1.85%April 1, 2024
Chronicle Mill(h)
— — LIBOR+3.00%May 5, 2024
Red Mill Central2,188 2,363 4.80%June 17, 2024
Gainesville Apartments18,114 — LIBOR+3.00%August 31, 2024
Premier Apartments(i)
16,508 16,716 LIBOR+1.55%October 31, 2024
Premier Retail(i)
8,131 8,241 LIBOR+1.55%October 31, 2024
Red Mill South5,518 5,833 3.57%May 1, 2025
Brooks Crossing Office14,882 15,393 LIBOR+1.60%July 1, 2025
Market at Mill Creek13,142 13,789 LIBOR+1.55%July 12, 2025
North Point Center Note 21,942 2,094 7.25%September 15, 2025
Encore Apartments(j)
24,523 24,337 2.93%February 10, 2026
4525 Main Street(j)
31,476 31,231 2.93%February 10, 2026
Delray Beach Plaza14,039 — LIBOR+3.00%March 8, 2026
Thames Street Wharf70,761 70,000 BSBY+1.30%
(e)
September 30, 2026
Southgate Square27,060 19,682 LIBOR+1.90%December 21, 2026
Greenbrier Square20,000 — 3.74%October 10, 2027
Lexington Square14,172 14,440 4.50%September 1, 2028
Red Mill North4,189 4,294 4.73%December 31, 2028
Greenside Apartments32,598 33,310 3.17%December 15, 2029
The Residences at Annapolis Junction84,375 84,375 SOFR+2.66%November 1, 2030
Smith's Landing16,452 17,331 4.05%June 1, 2035
Liberty Apartments13,572 13,877 5.66%November 1, 2043
Edison Apartments15,926 16,272 5.30%December 1, 2044
The Cosmopolitan42,090 42,909 3.35%July 1, 2051
Total secured debt$747,387 $747,812 
   Unsecured debt
Senior unsecured revolving credit facility$5,000 $10,000 LIBOR+
1.30%-1.85%
January 24, 2024
Senior unsecured term loan19,500 19,500 LIBOR+
1.25%-1.80%
January 24, 2025
Senior unsecured term loan185,500 185,500 LIBOR+
1.25%-1.80%
(e)
January 24, 2025
Total unsecured debt210,000 215,000 
   Total principal balances957,387 962,812 
Other notes payable(k)
10,144 10,004   
Unamortized GAAP adjustments(8,621)(8,971)  
Loans reclassified to liabilities related to assets held for sale, net(41,354)— 
   Indebtedness, net$917,556 $963,845   
________________________________________
(a) LIBOR, SOFR, and Bloomberg Short-Term Bank Yield Index ("BSBY") rates are determined by individual lenders.
(b) On August 25, 2021 the Socastee Commons Note was paid off as part of the property sale.
(c) On November 16, 2021 the Johns Hopkins Village Note was paid off.
(d) Cross collateralized.
(e) Includes debt subject to interest rate swap agreements.
(f) Cross collateralized.
(g) Held for sale as of December 31, 2021.
(h) No funding on the construction loan as of December 31, 2021.
(i) Cross collateralized.
(j) Cross collateralized.
(k) Represents the fair value of additional ground lease payments at 1405 Point over the approximately 42-year remaining lease term and an earn-out liability for the Gainesville development project.
Components of debt
The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2021 and 2020 (in thousands):
 December 31, 
 20212020
Fixed-rate debt$534,371 $573,951 
Variable-rate debt423,016 388,861 
Total principal balance$957,387 $962,812 
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 PaymentsMaturitiesTotal Payments
2022$12,319 $19,570 $31,889 
202312,148 168,447 180,595 
202412,993 112,024 125,017 
202512,944 234,630 247,574 
20269,550 146,003 155,553 
Thereafter85,332 131,427 216,759 
Total (1)
$145,286 $812,101 $957,387 
________________________________________
(1)Debt principal payments and maturities exclude increased ground lease payments at 1405 Point and accrued earn-out payments to the Company’s joint venture partner at Gainesville, each of which is classified as notes payable in the Company's consolidated balance sheets.