Indebtedness (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s indebtedness comprised the following as of December 31, 2023 and 2022 (dollars in thousands):  

	Principal Balance				Interest Rate (a)			Maturity Date (b)
	December 31,				December 31,
	2023		2022		2023
Secured Debt
Chronicle Mill	$	34,438	$	27,630	SOFR+	3.00%		May 5, 2024
Red Mill Central	1,838		2,013			4.80%		June 17, 2024
Premier Apartments(c)	16,036		16,269		SOFR+	1.55%		October 31, 2024
Premier Retail(c)	7,898		8,013		SOFR+	1.55%		October 31, 2024
Red Mill South	4,853		5,191			3.57%		May 1, 2025
Market at Mill Creek	11,347		12,494		SOFR+	1.55%		July 12, 2025
The Everly	30,000		30,000		SOFR+	1.50%		December 20, 2025
Encore Apartments(d)	23,421		23,980			2.93%		February 10, 2026
4525 Main Street(d)	30,074		30,785			2.93%		February 10, 2026
Southern Post	30,546		—		SOFR+	2.25%		August 25, 2026
Thames Street Wharf	67,894		69,327		SOFR+	1.30%	(e)	September 30, 2026
Constellation Energy Building	175,000		175,000		SOFR+	1.50%		November 1, 2026
Southgate Square	25,331		26,195		SOFR+	1.90%		December 21, 2026
Nexton Square	21,581		22,195		SOFR+	1.95%		June 30, 2027
Liberty Apartments	20,588		20,926		SOFR+	1.50%		September 27, 2027
Greenbrier Square	19,569		19,940			3.74%		October 10, 2027
Lexington Square	13,599		13,892			4.50%		September 1, 2028
Red Mill North	3,963		4,079			4.73%		December 31, 2028
Greenside Apartments	31,104		31,862			3.17%		December 15, 2029
Smith's Landing	14,578		15,535			4.05%		June 1, 2035
The Edison	15,179		15,563			5.30%		December 1, 2044
The Cosmopolitan	40,367		41,243			3.35%		July 1, 2051
Total secured debt	$	639,204	$	612,132
Unsecured Debt
TD unsecured term loan	$	95,000	$	—	SOFR+	1.35%-1.90%	(e)	May 19, 2025
Senior unsecured revolving credit facility	262,000		61,000		SOFR+	1.30%-1.85%		January 22, 2027
Senior unsecured revolving credit facility (fixed)	5,000		—		SOFR+	1.30%-1.85%	(e)	January 22, 2027
M&T unsecured term loan	100,000		100,000		SOFR+	1.25%-1.80%	(e)	March 8, 2027
Senior unsecured term loan	125,000		31,658		SOFR+	1.25%-1.80%		January 21, 2028
Senior unsecured term loan (fixed)	175,000		268,342		SOFR+	1.25%-1.80%	(e)	January 21, 2028
Total unsecured debt	762,000		461,000
Total principal balances	1,401,204		1,073,132
Other note payable(f)	6,127		6,131
Unamortized GAAP adjustments	(10,366)		(11,002)
Indebtedness, net	$	1,396,965	$	1,068,261

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(a) The Secured Overnight Financing Rate ("SOFR") is determined by individual lenders.

(b) Does not reflect the effect of any maturity extension options.

(c) Cross collateralized.

(d) Cross collateralized.

(e) Includes debt subject to interest rate swap locks.

(f) Represents the fair value of additional ground lease payments at 1405 Point over the approximately 39-year remaining lease term.

Schedule of Fixed and Variable-Rate Debt

The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2023 and 2022 (in thousands):

	December 31,
	2023		2022
Fixed-rate debt	$	816,439	$	641,752
Variable-rate debt	584,765		431,380
Total principal balance	$	1,401,204	$	1,073,132

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
2024	$	10,377	$	59,830	$	70,207
2025	10,736		139,759		150,495
2026	8,150		339,922		348,072
2027	4,796		423,766		428,562
2028	3,983		315,339		319,322
Thereafter	57,780		26,766		84,546
Total	$	95,822	$	1,305,382	$	1,401,204

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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.