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Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2023
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, 2023
  
  
 
Initial CostCost CapitalizedGross Carrying Amount  Year of
 
  
 
 Building andSubsequent to Building and AccumulatedNet CarryingConstruction/
 
 Encumbrances
 
LandImprovementsAcquisitionLandImprovementsTotalDepreciation
Amount (1)
Acquisition
 
Retail          
 
249 Central Park Retail$— 
(2)
$713 $— $17,464 $713 $17,464 $18,177 $10,694 $7,483 2004
 
Apex Entertainment— 
(2)
67 — 17,920 67 17,920 17,987 8,432 9,555 2002
Broad Creek Shopping Center— 
(2)
— — 9,763 — 9,763 9,763 5,486 4,277 1997/2001
 
Broadmoor Plaza— 
(2)
2,410 9,010 1,607 2,410 10,617 13,027 3,827 9,200 1980/2016
Brooks Crossing Retail— 117 — 2,512 117 2,512 2,629 537 2,092 2016
Columbus Village— 
(2)
7,631 10,135 8,536 7,631 18,671 26,302 6,057 20,245 1980/2015
 
Columbus Village II— 
(2) (3)
8,853 10,922 153 8,853 11,075 19,928 6,035 13,893 1995/2016
Commerce Street Retail— 
(2)
118 — 3,357 118 3,357 3,475 2,185 1,290 2008
 
Delray Beach Plaza— 
(2)
— 27,151 486 — 27,637 27,637 2,720 24,917 2021
Dimmock Square— 
(2)
5,100 13,126 1,210 5,100 14,336 19,436 3,777 15,659 1998/2014
 
Fountain Plaza Retail— 
(2)
425 — 8,543 425 8,543 8,968 4,547 4,421 2004
 
Greenbrier Square19,569 8,549 21,170 605 8,549 21,775 30,324 1,679 28,645 2017/2021
Greentree Shopping Center— 
(2)
1,103 — 4,197 1,103 4,197 5,300 1,661 3,639 2014
 
Hanbury Village— 
(2)
2,566 — 16,655 2,566 16,655 19,221 8,553 10,668 2006
 
Harrisonburg Regal— 1,554 — 4,148 1,554 4,148 5,702 2,628 3,074 1999
 
Lexington Square13,599 3,035 20,581 341 3,035 20,922 23,957 3,956 20,001 2017/2018
Market at Mill Creek11,347 2,042 — 21,167 2,042 21,167 23,209 3,484 19,725 2018
Marketplace at Hilltop— 
(2)
2,023 19,886 1,388 2,023 21,274 23,297 2,752 20,545 2000/2019
Nexton Square21,581 9,086 27,760 6,304 9,086 34,064 43,150 3,880 39,270 2020/2020
North Hampton Market— 
(2)
7,250 10,210 1,017 7,250 11,227 18,477 3,415 15,062 2004/2016
North Pointe Center— 
(4)
1,276 — 23,292 1,276 23,292 24,568 12,513 12,055 1998
 
Overlook Village— 
(2)
6,328 20,101 701 6,328 20,802 27,130 1,764 25,366 1990/2021
Parkway Centre— 
(2)
1,372 7,864 184 1,372 8,048 9,420 1,467 7,953 2017/2018
Parkway Marketplace— 
(2)
1,150 — 4,175 1,150 4,175 5,325 2,534 2,791 1998
Patterson Place— 
(2)
15,060 20,180 1,447 15,060 21,627 36,687 5,162 31,525 2004/2016
Pembroke Square— 
(2)
14,513 9,290 446 14,513 9,736 24,249 799 23,450 1966/2015/2022
Perry Hall Marketplace— 
(2)
3,240 8,316 667 3,240 8,983 12,223 2,991 9,232 2001/2015
 
Premier Retail7,898 318 — 15,496 318 15,496 15,814 2,756 13,058 2018
Providence Plaza— 
(2)
9,950 12,369 2,530 9,950 14,899 24,849 4,225 

20,624 2007/2015
 
Red Mill Commons10,654 
(4)
44,252 30,348 6,375 44,252 36,723 80,975 8,532 72,443 2000/2019
Sandbridge Commons— 
(2)
4,118 — 7,509 4,118 7,509 11,627 2,861 

8,766 2015
 
South Retail— 
(2)
190 — 8,316 190 8,316 8,506 5,637 

2,869 2002
 
South Square— 
(2)
14,130 12,670 1,296 14,130 13,966 28,096 3,762 24,334 1977/2016
Southgate Square25,331 10,238 25,950 7,076 10,238 33,026 43,264 7,949 35,315 1991/2016
Southshore Shops— 
(2)
1,770 6,509 726 1,770 7,235 9,005 1,704 7,301 2006/2016
Studio 56 Retail— 
(2)
76 — 3,806 76 3,806 3,882 1,375 

2,507 2007
 
  
 
Initial CostCost CapitalizedGross Carrying Amount  Year of
 
  
 
 Building andSubsequent to Building and AccumulatedNet CarryingConstruction/
 
 Encumbrances
 
LandImprovementsAcquisitionLandImprovementsTotalDepreciation
Amount (1)
Acquisition
 
Tyre Neck Harris Teeter— 
(2)
— — 3,306 — 3,306 3,306 1,920 

1,386 2011
 
Wendover Village— 
(2)
19,893 22,638 1,393 19,893 24,031 43,924 5,256 38,668 2004/2016-2019
The Interlock Retail— 
(2)
— 66,104 841 — 66,945 66,945 1,162 65,783 2021/2023
Total retail$109,979 $210,516 $412,290 $216,955 $210,516 $629,245 $839,761 $160,674 

$679,087  
Office
4525 Main Street30,074 982 — 47,170 982 47,170 48,152 15,795 32,357 2014
Armada Hoffler Tower— 
(2)
1,976 — 72,567 1,976 72,567 74,543 45,789 28,754 2002
Brooks Crossing Office— 
(2)
295 — 19,497 295 19,497 19,792 3,123 16,669 2016/2019
Constellation Office175,000 21,152 176,943 1,910 21,152 178,853 200,005 9,279 190,726 2016/2022
One City Center— 
(2)
2,911 28,202 6,463 2,911 34,665 37,576 5,058 32,518 2019
One Columbus— 
(2)
960 10,269 16,244 960 26,513 27,473 16,063 11,410 1984
Thames Street Wharf67,894 15,861 64,689 2,152 15,861 66,841 82,702 7,708 74,994 2010/2019
Two Columbus— 
(2)
53 — 22,167 53 22,167 22,220 11,693 10,527 2009
Wills Wharf— 
(2)
— — 113,200 — 113,200 113,200 11,893 101,307 2020
The Interlock Office— 
(2)
— 117,864 758 — 118,622 118,622 2,022 116,600 2021/2023
Total office$272,968 $44,190 $397,967 $302,128 $44,190 $700,095 $744,285 $128,423 $615,862 
Multifamily
1305 Dock Street$— $2,165 $18,114 $313 $2,165 $18,427 $20,592 $965 $19,627 2016/2022
1405 Point — 
(2)
— 95,466 4,258 — 99,724 99,724 15,090 84,634 2018/2019
Chronicle Mill34,438 1,788 533 57,523 1,788 58,056 59,844 2,301 57,543 2021
The Edison15,179 3,428 18,582 1,592 3,428 20,174 23,602 2,819 20,783 1919/ 2014/2020
Encore Apartments23,421 1,293 — 31,913 1,293 31,913 33,206 9,002 24,204 2014
The Everly30,000 4,832 — 45,386 4,832 45,386 50,218 2,299 47,919 2020
Greenside Apartments31,104 5,711 — 45,735 5,711 45,735 51,446 7,934 43,512 2018
Liberty Apartments20,588 3,580 23,494 2,768 3,580 26,262 29,842 8,503 21,339 2013/2014
Premier Apartments16,036 647 — 29,371 647 29,371 30,018 4,772 25,246 2018
Smith’s Landing14,578 — 35,105 5,595 — 40,700 40,700 12,928 27,772 2009/2013
Southern Post30,546 5,000 — 87,502 5,000 87,502 92,502 — 92,502 2021(5)
The Cosmopolitan40,367 985 — 78,584 985 78,584 79,569 37,459 42,110 2006
Total multifamily$256,257 $29,429 $191,294 $390,540 $29,429 $581,834 $611,263 $104,072 $507,191   
Held for development$— 
(6)
$11,978 $— $— $11,978 $— $11,978 $— $11,978   
Real estate investments$639,204 $296,113 $1,001,551 $909,623 $296,113 $1,911,174 $2,207,287 $393,169 $1,814,118   
________________________________________
(1)The net carrying amount of real estate for federal income tax purposes was $1,579.1 million as of December 31, 2023.  
(2)Borrowing base collateral for the amended credit facility, M&T term loan facility, and TD term loan facility as of December 31, 2023.  
(3)As of December 31, 2023, $5.7 million of this property's land value was included in held for development related to redevelopment plans.
(4)A portion of this property is borrowing base collateral for the amended credit facility, M&T term loan facility, and TD term loan facility as of December 31, 2023.
(5)Construction in progress as of December 31, 2023.
(6)Held for development includes Columbus Village II land held for redevelopment and Ten Tryon, both of which are borrowing base collateral for the amended credit facility, M&T term loan facility, and TD term loan facility as of December 31, 2023.      
Income producing property is depreciated on a straight-line basis over the following estimated useful lives:
 
Buildings39 years
Capital improvements
5—20 years
Equipment
3—7 years
Tenant improvementsTerm of the related lease (or estimated useful life, if shorter)
 
 Real EstateAccumulated
 InvestmentsDepreciation
 December 31, 
 2023202220232022
Balance at beginning of the year$1,943,575 $1,737,438 $329,963 $285,814 
Construction costs and improvements80,089 93,467 — — 
Acquisitions183,982 242,423 — — 
Dispositions(260)(129,342)(260)(10,396)
Reclassifications(99)(411)— — 
Depreciation— — 63,466 54,545 
Balance at end of the year$2,207,287 $1,943,575 $393,169 $329,963