Indebtedness (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of debt

The Company’s indebtedness comprised the following as of December 31, 2022 and 2021 (dollars in thousands):  

	Principal Balance					Interest Rate (a)				Maturity Date
	December 31,					December 31,
	2022		2021			2022
Secured Debt
Delray Beach Plaza(b)	$	—	$	14,039			N/A			N/A
Red Mill West(c)	—		10,386				N/A			N/A
Hoffler Place(d)(e)	—		18,400				N/A			N/A
Summit Place(d)(e)	—		23,100				N/A			N/A
North Pointe Center Note 2(f)	—		1,942				N/A			N/A
The Residences at Annapolis Junction(g)	—		84,375				N/A			N/A
Marketplace at Hilltop(h)	—		9,706				N/A			N/A
1405 Point(i)	—		52,286				N/A			N/A
Brooks Crossing Office(i)	—		14,882				N/A			N/A
One City Center(i)	—		24,084				N/A			N/A
Wills Wharf(j)	—		64,288				N/A			N/A
249 Central Park Retail(j)(k)	—		16,352				N/A			N/A
Fountain Plaza Retail(j)(k)	—		9,841				N/A			N/A
South Retail(j)(k)	—		7,179				N/A			N/A
Chronicle Mill	27,630		—				LIBOR+	3.00%		May 5, 2024
Red Mill Central	2,013		2,188					4.80%		June 17, 2024
Premier Apartments(l)	16,269		16,508				LIBOR+	1.55%		October 31, 2024
Premier Retail(l)	8,013		8,131				LIBOR+	1.55%		October 31, 2024
Red Mill South	5,191		5,518					3.57%		May 1, 2025
Market at Mill Creek	12,494		13,142				LIBOR+	1.55%		July 12, 2025
Gainesville Apartments	30,000		18,114				SOFR+	1.50%		December 20, 2025
Encore Apartments(m)	23,980		24,523					2.93%		February 10, 2026
4525 Main Street(m)	30,785		31,476					2.93%		February 10, 2026
Southern Post(n)	—		—				SOFR+	2.25%		August 25, 2026
Thames Street Wharf	69,327		70,761				BSBY+	1.30%	(o)	September 30, 2026
Constellation Energy Building	175,000		—				BSBY+	1.50%		November 1, 2026
Southgate Square	26,195		27,060				LIBOR+	1.90%		December 21, 2026
Nexton Square	22,195		20,107				SOFR+	1.95%		June 30, 2027
Liberty Apartments	20,926		13,572				SOFR+	1.50%		September 27, 2027
Greenbrier Square	19,940		20,000					3.74%		October 10, 2027
Lexington Square	13,892		14,172					4.50%		September 1, 2028
Red Mill North	4,079		4,189					4.73%		December 31, 2028
Greenside Apartments	31,862		32,598					3.17%		December 15, 2029
Smith's Landing	15,535		16,452					4.05%		June 1, 2035
Edison Apartments	15,563		15,926					5.30%		December 1, 2044
The Cosmopolitan	41,243		42,090					3.35%		July 1, 2051
Total secured debt	$	612,132	$	747,387
Unsecured Debt
Senior unsecured revolving credit facility	$	61,000	$	5,000		SOFR+	1.30%-1.85%			January 22, 2027
M&T unsecured term loan	100,000		—			SOFR+	1.25%-1.80%		(o)	March 8, 2027
Senior unsecured term loan	31,658		19,500			SOFR+	1.25%-1.80%			January 21, 2028
Senior unsecured term loan	268,342		185,500			SOFR+	1.25%-1.80%		(o)	January 21, 2028
Total unsecured debt	461,000		210,000
Total principal balances	1,073,132		957,387
Other note payable(p)	6,131		10,144		(q)
Unamortized GAAP adjustments	(11,002)		(8,621)
Loans reclassified to liabilities related to assets held for sale, net	—		(41,354)
Indebtedness, net	$	1,068,261	$	917,556

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(a) London Inter-Bank Offered Rate ("LIBOR"), SOFR, and BSBY rates are determined by individual lenders.

(b) On January 19, 2022 the Delray Beach Plaza note was paid off.

(c) On March 3, 2022 the Red Mill West note was paid off.

(d) Cross collateralized.

(e) The loans secured by Hoffler Place and Summit Place were paid off on April 1, 2022 and April 25, 2022, respectively, in conjunction with the sales of the properties. Both properties were held for sale as of December 31, 2021.

(f) On June 29, 2022 the note associated with North Pointe Phase II was paid off in conjunction with the sale of the property.

(g) On July 22, 2022 the note associated with The Residences at Annapolis Junction was paid off in conjunction with the sale of the property.

(h) On August 15, 2022 the Marketplace at Hilltop note was paid off.

(i) On August 25, 2022 the notes secured by the 1405 Point, Brooks Crossing Office, and One City Center properties were paid off.

(j) On December 6, 2022 these notes were paid off with the proceeds of the M&T unsecured term loan.

(k) Cross collateralized.

(l) Cross collateralized.

(m) Cross collateralized.

(n) No funding on the construction loan as of December 31, 2022.

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

(p) Represents the fair value of additional ground lease payments at 1405 Point over the approximately 40-year remaining lease term.

(q) Includes an earn-out liability for the Gainesville Apartments development project as of December 31, 2021, which was paid in October 2022.

Components of debt

The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2022 and 2021 (in thousands):

	December 31,
	2022		2021
Fixed-rate debt	$	641,752	$	534,371
Variable-rate debt	431,380		423,016
Total principal balance	$	1,073,132	$	957,387

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 (1)	Scheduled Principal Payments		Maturities		Total Payments
2023	$	9,770	$	—	$	9,770
2024	10,376		53,022		63,398
2025	10,736		45,259		55,995
2026	8,150		309,376		317,526
2027	4,796		217,779		222,575
Thereafter	61,763		342,105		403,868
Total (1)	$	105,591	$	967,541	$	1,073,132

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(1)Debt principal payments and maturities exclude increased ground lease payments at 1405 Point which are classified as a note payable in the Company's consolidated balance sheets.