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Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances $ 705,887  
Land 275,535  
Building and Improvements 717,504  
Cost Capitalized Subsequent to Acquisition 744,399  
Land 275,535  
Building and improvements 1,461,903  
Total 1,737,438  
Accumulated Depreciation 285,814 $ 253,965
Net Carrying Amount 1,451,624  
Amount of real estate for federal income tax purposes 1,329,600  
Real estate investments    
Balance at beginning of the year 1,757,917 1,606,324
Construction costs and improvements 86,325 58,039
Acquisitions 83,723 196,214
Dispositions (83,848) (101,768)
Reclassifications (106,679) (892)
Balance at end of the year 1,737,438 1,757,917
Accumulated Depreciation    
Balance at beginning of the year 253,965 224,738
Dispositions (14,809) (14,444)
Reclassifications (5,010) 0
Depreciation 51,668 43,671
Balance at end of the year $ 285,814 $ 253,965
Buildings    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Estimated useful lives 39 years  
Capital improvements | Minimum    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Estimated useful lives 5 years  
Capital improvements | Maximum    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Estimated useful lives 20 years  
Equipment | Minimum    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Estimated useful lives 3 years  
Equipment | Maximum    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Estimated useful lives 7 years  
Office    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances $ 205,491  
Land 23,038  
Building and Improvements 103,160  
Cost Capitalized Subsequent to Acquisition 284,486  
Land 23,038  
Building and improvements 387,646  
Total 410,684  
Accumulated Depreciation 89,638  
Net Carrying Amount 321,046  
Accumulated Depreciation    
Balance at end of the year 89,638  
Office | 4525 Main Street    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 31,476  
Land 982  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 46,703  
Land 982  
Building and improvements 46,703  
Total 47,685  
Accumulated Depreciation 11,903  
Net Carrying Amount 35,782  
Accumulated Depreciation    
Balance at end of the year 11,903  
Office | Armada Hoffler Tower    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 1,976  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 68,938  
Land 1,976  
Building and improvements 68,938  
Total 70,914  
Accumulated Depreciation 40,667  
Net Carrying Amount 30,247  
Accumulated Depreciation    
Balance at end of the year 40,667  
Office | Brooks Crossing Office    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 14,882  
Land 295  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 19,509  
Land 295  
Building and improvements 19,509  
Total 19,804  
Accumulated Depreciation 1,789  
Net Carrying Amount 18,015  
Accumulated Depreciation    
Balance at end of the year 1,789  
Office | One City Center    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 24,084  
Land 2,911  
Building and Improvements 28,202  
Cost Capitalized Subsequent to Acquisition 6,291  
Land 2,911  
Building and improvements 34,493  
Total 37,404  
Accumulated Depreciation 2,742  
Net Carrying Amount 34,662  
Accumulated Depreciation    
Balance at end of the year 2,742  
Office | One Columbus    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 960  
Building and Improvements 10,269  
Cost Capitalized Subsequent to Acquisition 13,707  
Land 960  
Building and improvements 23,976  
Total 24,936  
Accumulated Depreciation 13,880  
Net Carrying Amount 11,056  
Accumulated Depreciation    
Balance at end of the year 13,880  
Office | Thames Street Wharf    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 70,761  
Land 15,861  
Building and Improvements 64,689  
Cost Capitalized Subsequent to Acquisition 353  
Land 15,861  
Building and improvements 65,042  
Total 80,903  
Accumulated Depreciation 4,237  
Net Carrying Amount 76,666  
Accumulated Depreciation    
Balance at end of the year 4,237  
Office | Two Columbus    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 53  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 21,321  
Land 53  
Building and improvements 21,321  
Total 21,374  
Accumulated Depreciation 10,206  
Net Carrying Amount 11,168  
Accumulated Depreciation    
Balance at end of the year 10,206  
Office | Wills Wharf    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 64,288  
Land 0  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 107,664  
Land 0  
Building and improvements 107,664  
Total 107,664  
Accumulated Depreciation 4,214  
Net Carrying Amount 103,450  
Accumulated Depreciation    
Balance at end of the year 4,214  
Retail    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 183,952  
Land 203,272  
Building and Improvements 336,896  
Cost Capitalized Subsequent to Acquisition 200,489  
Land 203,272  
Building and improvements 537,385  
Total 740,657  
Accumulated Depreciation 119,090  
Net Carrying Amount 621,567  
Accumulated Depreciation    
Balance at end of the year 119,090  
Retail | 249 Central Park Retail    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 16,352  
Land 713  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 16,795  
Land 713  
Building and improvements 16,795  
Total 17,508  
Accumulated Depreciation 9,367  
Net Carrying Amount 8,141  
Accumulated Depreciation    
Balance at end of the year 9,367  
Retail | Apex Entertainment    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 67  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 17,893  
Land 67  
Building and improvements 17,893  
Total 17,960  
Accumulated Depreciation 6,404  
Net Carrying Amount 11,556  
Accumulated Depreciation    
Balance at end of the year 6,404  
Retail | Broad Creek Shopping Center    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 0  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 9,423  
Land 0  
Building and improvements 9,423  
Total 9,423  
Accumulated Depreciation 4,854  
Net Carrying Amount 4,569  
Accumulated Depreciation    
Balance at end of the year 4,854  
Retail | Broadmoor Plaza    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 2,410  
Building and Improvements 9,010  
Cost Capitalized Subsequent to Acquisition 1,072  
Land 2,410  
Building and improvements 10,082  
Total 12,492  
Accumulated Depreciation 2,828  
Net Carrying Amount 9,664  
Accumulated Depreciation    
Balance at end of the year 2,828  
Retail | Brooks Crossing Retail    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 117  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 2,364  
Land 117  
Building and improvements 2,364  
Total 2,481  
Accumulated Depreciation 376  
Net Carrying Amount 2,105  
Accumulated Depreciation    
Balance at end of the year 376  
Retail | Columbus Village    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 7,631  
Building and Improvements 10,135  
Cost Capitalized Subsequent to Acquisition 8,259  
Land 7,631  
Building and improvements 18,394  
Total 26,025  
Accumulated Depreciation 4,208  
Net Carrying Amount 21,817  
Accumulated Depreciation    
Balance at end of the year 4,208  
Retail | Columbus Village II    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 14,536  
Building and Improvements 10,922  
Cost Capitalized Subsequent to Acquisition 89  
Land 14,536  
Building and improvements 11,011  
Total 25,547  
Accumulated Depreciation 2,216  
Net Carrying Amount 23,331  
Accumulated Depreciation    
Balance at end of the year 2,216  
Retail | Commerce Street Retail    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 118  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 3,318  
Land 118  
Building and improvements 3,318  
Total 3,436  
Accumulated Depreciation 1,980  
Net Carrying Amount 1,456  
Accumulated Depreciation    
Balance at end of the year 1,980  
Retail | Delray Beach Plaza    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 14,039  
Land 0  
Building and Improvements 27,151  
Cost Capitalized Subsequent to Acquisition 134  
Land 0  
Building and improvements 27,285  
Total 27,285  
Accumulated Depreciation 833  
Net Carrying Amount 26,452  
Accumulated Depreciation    
Balance at end of the year 833  
Retail | Dimmock Square    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 5,100  
Building and Improvements 13,126  
Cost Capitalized Subsequent to Acquisition 677  
Land 5,100  
Building and improvements 13,803  
Total 18,903  
Accumulated Depreciation 2,860  
Net Carrying Amount 16,043  
Accumulated Depreciation    
Balance at end of the year 2,860  
Retail | Fountain Plaza Retail    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 9,841  
Land 425  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 7,519  
Land 425  
Building and improvements 7,519  
Total 7,944  
Accumulated Depreciation 4,023  
Net Carrying Amount 3,921  
Accumulated Depreciation    
Balance at end of the year 4,023  
Retail | Greenbrier Square    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 20,000  
Land 8,549  
Building and Improvements 21,170  
Cost Capitalized Subsequent to Acquisition 14  
Land 8,549  
Building and improvements 21,184  
Total 29,733  
Accumulated Depreciation 288  
Net Carrying Amount 29,445  
Accumulated Depreciation    
Balance at end of the year 288  
Retail | Greentree Shopping Center    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 1,103  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 4,147  
Land 1,103  
Building and improvements 4,147  
Total 5,250  
Accumulated Depreciation 1,287  
Net Carrying Amount 3,963  
Accumulated Depreciation    
Balance at end of the year 1,287  
Retail | Hanbury Village    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 2,566  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 16,312  
Land 2,566  
Building and improvements 16,312  
Total 18,878  
Accumulated Depreciation 7,549  
Net Carrying Amount 11,329  
Accumulated Depreciation    
Balance at end of the year 7,549  
Retail | Harrisonburg Regal    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 1,554  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 4,148  
Land 1,554  
Building and improvements 4,148  
Total 5,702  
Accumulated Depreciation 2,415  
Net Carrying Amount 3,287  
Accumulated Depreciation    
Balance at end of the year 2,415  
Retail | Lexington Square    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 14,172  
Land 3,035  
Building and Improvements 20,581  
Cost Capitalized Subsequent to Acquisition 298  
Land 3,035  
Building and improvements 20,879  
Total 23,914  
Accumulated Depreciation 2,420  
Net Carrying Amount 21,494  
Accumulated Depreciation    
Balance at end of the year 2,420  
Retail | Market at Mill Creek    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 13,142  
Land 2,261  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 21,007  
Land 2,261  
Building and improvements 21,007  
Total 23,268  
Accumulated Depreciation 1,910  
Net Carrying Amount 21,358  
Accumulated Depreciation    
Balance at end of the year 1,910  
Retail | Marketplace at Hilltop    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 9,706  
Land 2,023  
Building and Improvements 19,886  
Cost Capitalized Subsequent to Acquisition 201  
Land 2,023  
Building and improvements 20,087  
Total 22,110  
Accumulated Depreciation 1,530  
Net Carrying Amount 20,580  
Accumulated Depreciation    
Balance at end of the year 1,530  
Retail | Nexton Square    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 20,107  
Land 9,086  
Building and Improvements 27,760  
Cost Capitalized Subsequent to Acquisition 3,413  
Land 9,086  
Building and improvements 31,173  
Total 40,259  
Accumulated Depreciation 1,407  
Net Carrying Amount 38,852  
Accumulated Depreciation    
Balance at end of the year 1,407  
Retail | North Hampton Market    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 7,250  
Building and Improvements 10,210  
Cost Capitalized Subsequent to Acquisition 947  
Land 7,250  
Building and improvements 11,157  
Total 18,407  
Accumulated Depreciation 2,576  
Net Carrying Amount 15,831  
Accumulated Depreciation    
Balance at end of the year 2,576  
Retail | North Point Center    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 1,942  
Land 1,936  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 28,859  
Land 1,936  
Building and improvements 28,859  
Total 30,795  
Accumulated Depreciation 15,767  
Net Carrying Amount 15,028  
Accumulated Depreciation    
Balance at end of the year 15,767  
Retail | Overlook Village    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 6,328  
Building and Improvements 20,101  
Cost Capitalized Subsequent to Acquisition 112  
Land 6,328  
Building and improvements 20,213  
Total 26,541  
Accumulated Depreciation 342  
Net Carrying Amount 26,199  
Accumulated Depreciation    
Balance at end of the year 342  
Retail | Parkway Centre    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 1,372  
Building and Improvements 7,864  
Cost Capitalized Subsequent to Acquisition 114  
Land 1,372  
Building and improvements 7,978  
Total 9,350  
Accumulated Depreciation 966  
Net Carrying Amount 8,384  
Accumulated Depreciation    
Balance at end of the year 966  
Retail | Parkway Marketplace    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 1,150  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 3,894  
Land 1,150  
Building and improvements 3,894  
Total 5,044  
Accumulated Depreciation 2,250  
Net Carrying Amount 2,794  
Accumulated Depreciation    
Balance at end of the year 2,250  
Retail | Patterson Place    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 15,060  
Building and Improvements 20,180  
Cost Capitalized Subsequent to Acquisition 865  
Land 15,060  
Building and improvements 21,045  
Total 36,105  
Accumulated Depreciation 3,856  
Net Carrying Amount 32,249  
Accumulated Depreciation    
Balance at end of the year 3,856  
Retail | Perry Hall Marketplace    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 3,240  
Building and Improvements 8,316  
Cost Capitalized Subsequent to Acquisition 505  
Land 3,240  
Building and improvements 8,821  
Total 12,061  
Accumulated Depreciation 2,254  
Net Carrying Amount 9,807  
Accumulated Depreciation    
Balance at end of the year 2,254  
Retail | Premier Retail    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 8,131  
Land 318  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 15,318  
Land 318  
Building and improvements 15,318  
Total 15,636  
Accumulated Depreciation 1,551  
Net Carrying Amount 14,085  
Accumulated Depreciation    
Balance at end of the year 1,551  
Retail | Providence Plaza    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 9,950  
Building and Improvements 12,369  
Cost Capitalized Subsequent to Acquisition 1,818  
Land 9,950  
Building and improvements 14,187  
Total 24,137  
Accumulated Depreciation 3,038  
Net Carrying Amount 21,099  
Accumulated Depreciation    
Balance at end of the year 3,038  
Retail | Red Mill Commons    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 22,281  
Land 44,252  
Building and Improvements 30,348  
Cost Capitalized Subsequent to Acquisition 1,991  
Land 44,252  
Building and improvements 32,339  
Total 76,591  
Accumulated Depreciation 4,425  
Net Carrying Amount 72,166  
Accumulated Depreciation    
Balance at end of the year 4,425  
Retail | Sandbridge Commons    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 4,825  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 7,458  
Land 4,825  
Building and improvements 7,458  
Total 12,283  
Accumulated Depreciation 2,170  
Net Carrying Amount 10,113  
Accumulated Depreciation    
Balance at end of the year 2,170  
Retail | South Retail    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 7,179  
Land 190  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 8,279  
Land 190  
Building and improvements 8,279  
Total 8,469  
Accumulated Depreciation 5,090  
Net Carrying Amount 3,379  
Accumulated Depreciation    
Balance at end of the year 5,090  
Retail | South Square    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 14,130  
Building and Improvements 12,670  
Cost Capitalized Subsequent to Acquisition 1,099  
Land 14,130  
Building and improvements 13,769  
Total 27,899  
Accumulated Depreciation 2,837  
Net Carrying Amount 25,062  
Accumulated Depreciation    
Balance at end of the year 2,837  
Retail | Southgate Square    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 27,060  
Land 10,238  
Building and Improvements 25,950  
Cost Capitalized Subsequent to Acquisition 5,152  
Land 10,238  
Building and improvements 31,102  
Total 41,340  
Accumulated Depreciation 5,476  
Net Carrying Amount 35,864  
Accumulated Depreciation    
Balance at end of the year 5,476  
Retail | Southshore Shops    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 1,770  
Building and Improvements 6,509  
Cost Capitalized Subsequent to Acquisition 285  
Land 1,770  
Building and improvements 6,794  
Total 8,564  
Accumulated Depreciation 1,178  
Net Carrying Amount 7,386  
Accumulated Depreciation    
Balance at end of the year 1,178  
Retail | Studio 56 Retail    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 76  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 2,596  
Land 76  
Building and improvements 2,596  
Total 2,672  
Accumulated Depreciation 1,172  
Net Carrying Amount 1,500  
Accumulated Depreciation    
Balance at end of the year 1,172  
Retail | Tyre Neck Harris Teeter    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 0  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 3,306  
Land 0  
Building and improvements 3,306  
Total 3,306  
Accumulated Depreciation 1,588  
Net Carrying Amount 1,718  
Accumulated Depreciation    
Balance at end of the year 1,588  
Retail | Wendover Village    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 19,893  
Building and Improvements 22,638  
Cost Capitalized Subsequent to Acquisition 808  
Land 19,893  
Building and improvements 23,446  
Total 43,339  
Accumulated Depreciation 3,799  
Net Carrying Amount 39,540  
Accumulated Depreciation    
Balance at end of the year 3,799  
Multifamily    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 316,444  
Land 42,931  
Building and Improvements 277,448  
Cost Capitalized Subsequent to Acquisition 259,424  
Land 42,931  
Building and improvements 536,872  
Total 579,803  
Accumulated Depreciation 77,086  
Net Carrying Amount 502,717  
Accumulated Depreciation    
Balance at end of the year 77,086  
Multifamily | 1405 Point    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 52,286  
Land 0  
Building and Improvements 95,466  
Cost Capitalized Subsequent to Acquisition 3,146  
Land 0  
Building and improvements 98,612  
Total 98,612  
Accumulated Depreciation 8,487  
Net Carrying Amount 90,125  
Accumulated Depreciation    
Balance at end of the year 8,487  
Multifamily | Chronicle Mill    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 2,313  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 25,879  
Land 2,313  
Building and improvements 25,879  
Total 28,192  
Accumulated Depreciation 0  
Net Carrying Amount 28,192  
Accumulated Depreciation    
Balance at end of the year 0  
Multifamily | Edison Apartments    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 15,926  
Land 3,428  
Building and Improvements 18,582  
Cost Capitalized Subsequent to Acquisition 1,281  
Land 3,428  
Building and improvements 19,863  
Total 23,291  
Accumulated Depreciation 1,019  
Net Carrying Amount 22,272  
Accumulated Depreciation    
Balance at end of the year 1,019  
Multifamily | Encore Apartments    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 24,523  
Land 1,293  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 30,855  
Land 1,293  
Building and improvements 30,855  
Total 32,148  
Accumulated Depreciation 7,028  
Net Carrying Amount 25,120  
Accumulated Depreciation    
Balance at end of the year 7,028  
Multifamily | Gainesville Apartments    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 18,114  
Land 5,200  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 37,204  
Land 5,200  
Building and improvements 37,204  
Total 42,404  
Accumulated Depreciation 0  
Net Carrying Amount 42,404  
Accumulated Depreciation    
Balance at end of the year 0  
Multifamily | Greenside Apartments    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 32,598  
Land 5,711  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 45,350  
Land 5,711  
Building and improvements 45,350  
Total 51,061  
Accumulated Depreciation 4,855  
Net Carrying Amount 46,206  
Accumulated Depreciation    
Balance at end of the year 4,855  
Multifamily | Liberty Apartments    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 13,572  
Land 3,580  
Building and Improvements 23,494  
Cost Capitalized Subsequent to Acquisition 2,299  
Land 3,580  
Building and improvements 25,793  
Total 29,373  
Accumulated Depreciation 6,782  
Net Carrying Amount 22,591  
Accumulated Depreciation    
Balance at end of the year 6,782  
Multifamily | Premier Apartments    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 16,508  
Land 647  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 29,218  
Land 647  
Building and improvements 29,218  
Total 29,865  
Accumulated Depreciation 2,963  
Net Carrying Amount 26,902  
Accumulated Depreciation    
Balance at end of the year 2,963  
Multifamily | Smith’s Landing    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 16,452  
Land 0  
Building and Improvements 35,105  
Cost Capitalized Subsequent to Acquisition 3,395  
Land 0  
Building and improvements 38,500  
Total 38,500  
Accumulated Depreciation 10,342  
Net Carrying Amount 28,158  
Accumulated Depreciation    
Balance at end of the year 10,342  
Multifamily | Southern Post    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 5,000  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 6,480  
Land 5,000  
Building and improvements 6,480  
Total 11,480  
Accumulated Depreciation 0  
Net Carrying Amount 11,480  
Accumulated Depreciation    
Balance at end of the year 0  
Multifamily | The Cosmopolitan    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 42,090  
Land 985  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 73,932  
Land 985  
Building and improvements 73,932  
Total 74,917  
Accumulated Depreciation 31,836  
Net Carrying Amount 43,081  
Accumulated Depreciation    
Balance at end of the year 31,836  
Multifamily | The Residences at Annapolis Junction    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 84,375  
Land 14,774  
Building and Improvements 104,801  
Cost Capitalized Subsequent to Acquisition 385  
Land 14,774  
Building and improvements 105,186  
Total 119,960  
Accumulated Depreciation 3,774  
Net Carrying Amount 116,186  
Accumulated Depreciation    
Balance at end of the year 3,774  
Held for development    
SEC Schedule III, Real Estate and Accumulated Depreciation    
Encumbrances 0  
Land 6,294  
Building and Improvements 0  
Cost Capitalized Subsequent to Acquisition 0  
Land 6,294  
Building and improvements 0  
Total 6,294  
Accumulated Depreciation 0  
Net Carrying Amount 6,294  
Accumulated Depreciation    
Balance at end of the year $ 0