Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

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, 2024

				Initial Cost				Cost Capitalized		Gross Carrying Amount										Year of
						Building and		Subsequent to				Building and				Accumulated		Net Carrying		Construction/
	Encumbrances			Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Amount (1)		Acquisition
Retail
249 Central Park Retail	$	—	(2)	$	271	$	—	$	5,660	$	271	$	5,660	$	5,931	$	3,321	$	2,610	2004
4525 Main Street Retail	—			108		—		5,157		108		5,157		5,265		2,184		3,081		2014
4621 Columbus Retail	—		(2)	54		—		16,262		54		16,262		16,316		7,679		8,637		2002
Broad Creek Shopping Center	—		(2)	—		—		10,485		—		10,485		10,485		5,813		4,672		1997/2001
Broadmoor Plaza	—		(2)	2,410		9,010		2,604		2,410		11,614		14,024		4,374		9,650		1980/2016
Brooks Crossing Retail	—			117		—		2,570		117		2,570		2,687		629		2,058		2016
Chronicle Mill	—			43		15		1,559		43		1,574		1,617		107		1,510		2021
Columbus Village	—		(2)	7,630		10,135		8,897		7,630		19,032		26,662		7,002		19,660		1980/2015
Columbus Village II	—		(2)(3)	8,852		10,922		2,324		8,852		13,246		22,098		6,343		15,755		1995/2016
Commerce Street Retail	—		(2)	118		—		3,440		118		3,440		3,558		2,253		1,305		2008
Constellation Retail	—			1,692		2,361		43		1,692		2,404		4,096		243		3,853		2016/2022
Delray Beach Plaza	—		(2)	—		27,151		1,208		—		28,359		28,359		3,693		24,666		2021
Dimmock Square	—		(2)	5,100		13,126		2,372		5,100		15,498		20,598		4,366		16,232		1998/2014
Fountain Plaza Retail	—		(2)	425		—		8,582		425		8,582		9,007		4,863		4,144		2004
Greenbrier Square	19,184			8,549		21,170		652		8,549		21,822		30,371		2,421		27,950		2017/2021
Greentree Shopping Center	—		(2)	1,103		—		4,373		1,103		4,373		5,476		1,853		3,623		2014
Hanbury Village	—		(2)	2,565		—		16,832		2,565		16,832		19,397		9,056		10,341		2006
Harrisonburg Regal	—		(2)	1,554		—		4,148		1,554		4,148		5,702		2,734		2,968		1999
Lexington Square	13,293			3,035		20,581		518		3,035		21,099		24,134		4,728		19,406		2017/2018
Liberty Retail	—			3,007		8,534		1,461		3,007		9,995		13,002		8,883		4,119		2013/2014
Marketplace at Hilltop	—		(2)	2,023		19,886		1,473		2,023		21,359		23,382		3,448		19,934		2000/2019
North Hampton Market	—		(2)	7,250		10,210		1,486		7,250		11,696		18,946		3,828		15,118		2004/2016
North Pointe Center	—		(2)	1,276		—		23,783		1,276		23,783		25,059		13,458		11,601		1998
One City Center Retail	—		(2)	437		469		106		437		575		1,012		410		602		2019
Overlook Village	—		(2)	6,328		20,101		756		6,328		20,857		27,185		2,508		24,677		1990/2021
Parkway Centre	—		(2)	1,372		7,864		253		1,372		8,117		9,489		1,722		7,767		2017/2018
Parkway Marketplace	—		(2)	1,150		—		4,627		1,150		4,627		5,777		2,680		3,097		1998
Patterson Place	—		(2)	15,060		20,180		2,489		15,060		22,669		37,729		5,859		31,870		2004/2016
Pembroke Square	—		(2)	14,513		9,290		522		14,513		9,812		24,325		1,519		22,806		1966/ 2015/2022
Perry Hall Marketplace	—		(2)	3,240		8,316		686		3,240		9,002		12,242		3,369		8,873		2001/2015
Point St. Retail	—		(2)	—		7,822		430		—		8,252		8,252		1,312		6,940		2018/2019
Premier Retail	9,496			319		—		16,189		319		16,189		16,508		3,330		13,178		2018
Providence Plaza Retail	—		(2)	4,771		6,094		1,427		4,771		7,521		12,292		2,210		10,082		2007/2015
Red Mill Commons	8,344		(4)	44,252		30,348		7,683		44,252		38,031		82,283		10,934		71,349		2000/2019
Sandbridge Commons	—		(2)	4,118		—		7,531		4,118		7,531		11,649		3,211		8,438		2015
South Retail	—		(2)	190		—		8,683		190		8,683		8,873		5,876		2,997		2002

				Initial Cost				Cost Capitalized		Gross Carrying Amount										Year of
						Building and		Subsequent to				Building and				Accumulated		Net Carrying		Construction/
	Encumbrances			Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Amount (1)		Acquisition
South Square	—		(2)	14,130		12,670		1,530		14,130		14,200		28,330		4,244		24,086		1977/2016
Southern Post Retail	14,844			931		—		22,624		931		22,624		23,555		364		23,191		2021
Southgate Square	—			10,238		25,950		7,290		10,238		33,240		43,478		9,853		33,625		1991/2016
Southshore Shops	—		(2)	1,770		6,509		851		1,770		7,360		9,130		2,008		7,122		2006/2016
Studio 56 Retail	—		(2)	76		—		3,810		76		3,810		3,886		1,540		2,346		2007
The Cosmo Retail	—			108		—		6,867		108		6,867		6,975		5,020		1,955		2006
The Edison Retail	—			549		2,689		247		549		2,936		3,485		498		2,987		1919/ 2014/2020
The Interlock Retail	—		(2)	—		66,104		1,468		—		67,572		67,572		3,035		64,537		2021/2023
Two Columbus Retail	—		(2)	7		—		2,644		7		2,644		2,651		1,339		1,312		2009
Tyre Neck Harris Teeter	—		(2)	—		—		3,309		—		3,309		3,309		2,087		1,222		2011
Wendover Village	—		(2)	19,894		22,638		2,013		19,894		24,651		44,545		6,035		38,510		2004/2016/2019
West Retail	—		(2)	138		—		215		138		215		353		109		244		2002
Total retail	$	65,161		$	200,773	$	400,145	$	230,139	$	200,773	$	630,284	$	831,057	$	184,351	$	646,706
Office
249 Central Park Office	—		(2)	442		—		12,477		442		12,477		12,919		8,035		4,884		2014
4525 Main Street	29,341			874		—		42,240		874		42,240		43,114		15,518		27,596		2014
4605 Columbus Office	—			12		—		1,760		12		1,760		1,772		1,618		154		2002
Armada Hoffler Tower	—		(2)	1,838		—		74,999		1,838		74,999		76,837		48,719		28,118		2002
Brooks Crossing Office	—		(2)	295		—		19,525		295		19,525		19,820		3,784		16,036		2016/2019
Chronicle Mill Office	—			344		7		700		344		707		1,051		37		1,014		2021
Constellation Office	175,000			19,459		174,582		3,163		19,459		177,745		197,204		13,779		183,425		2016/2022
One City Center	—		(2)	2,474		27,733		6,235		2,474		33,968		36,442		5,712		30,730		2019
One Columbus	—		(2)	960		10,269		16,843		960		27,112		28,072		17,268		10,804		1984
Providence Plaza Office	—		(2)	5,179		6,275		1,469		5,179		7,744		12,923		2,621		10,302		2007/2015
Southern Post Office	15,272			1,575		—		38,263		1,575		38,263		39,838		831		39,007		2024
Thames Street Wharf	66,461			15,861		64,689		2,369		15,861		67,058		82,919		9,472		73,447		2010/2019
The Interlock Office	—		(2)	—		117,864		579		—		118,443		118,443		5,073		113,370		2021/2023
Two Columbus Office	—		(2)	47		—		21,299		47		21,299		21,346		11,146		10,200		2009
Wills Wharf	—		(2)	—		—		119,979		—		119,979		119,979		17,887		102,092		2020
Total office	$	286,074		$	49,360	$	401,419	$	361,900	$	49,360	$	763,319	$	812,679	$	161,500	$	651,179
Mutifamily
1305 Dock Street	$	—		$	2,165	$	18,114	$	434	$	2,165	$	18,548	$	20,713	$	1,479	$	19,234	2016/2022
1405 Point	—		(2)	—		87,644		4,819		—		92,463		92,463		16,671		75,792		2018/2019
Chandler Residences	30,128			2,507		—		52,774		2,507		52,774		55,281		1,511		53,770		2021
Chronicle Mill Apartments	—			1,401		537		55,411		1,401		55,948		57,349		4,164		53,185		2021
Encore Apartments	22,846			1,293		—		32,996		1,293		32,996		34,289		10,193		24,096		2014
Greenside Apartments	30,321			5,711		—		46,071		5,711		46,071		51,782		9,295		42,487		2018
Liberty Apartments	20,242			573		14,960		2,561		573		17,521		18,094		465		17,629		2013/2014
Premier Apartments	19,919			647		—		30,032		647		30,032		30,679		5,667		25,012		2018
Smith’s Landing	13,584			—		35,105		6,533		—		41,638		41,638		14,307		27,331		2009/2013

				Initial Cost				Cost Capitalized		Gross Carrying Amount										Year of
						Building and		Subsequent to				Building and				Accumulated		Net Carrying		Construction/
	Encumbrances			Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Amount (1)		Acquisition
The Cosmopolitan	39,461			877		—		73,878		877		73,878		74,755		35,502		39,253		2006
The Edison	14,774			2,879		15,893		1,459		2,879		17,352		20,231		3,242		16,989		1919/ 2014/2020
The Everly	30,000			4,834		—		45,458		4,834		45,458		50,292		3,560		46,732		2020
Total multifamily	$	221,275		$	22,887	$	172,253	$	352,426	$	22,887	$	524,679	$	547,566	$	106,056	$	441,510
Held for development	$	—	(5)	$	5,683	$	—	$	—	$	5,683	$	—	$	5,683	$	—	$	5,683
Real estate investments	$	572,510		$	278,703	$	973,817	$	944,465	$	278,703	$	1,918,282	$	2,196,985	$	451,907	$	1,745,078

________________________________________

(1)The net carrying amount of real estate for federal income tax purposes was $1,575.9 million as of December 31, 2024.  

(2)Borrowing base collateral for the credit facility, M&T term loan facility, and TD term loan facility as of December 31, 2024.  

(3)As of December 31, 2024, $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 credit facility, M&T term loan facility, and TD term loan facility as of December 31, 2024.

(5)Held for development includes Columbus Village II land held for redevelopment, which is borrowing base collateral for the credit facility, M&T term loan facility, and TD term loan facility as of December 31, 2024.      

Income producing property is depreciated on a straight-line basis over the following estimated useful lives:

Buildings	39 years
Capital improvements	5—20 years
Equipment	3—7 years
Tenant improvements	Term of the related lease (or estimated useful life, if shorter)

	Real Estate				Accumulated
	Investments				Depreciation
	December 31,
	2024		2023		2024		2023
Balance at beginning of the year	$	2,207,287	$	1,943,575	$	393,169	$	329,963
Construction costs and improvements	62,057		80,089		—		—
Acquisitions	—		183,982		—		—
Dispositions	(66,618)		(260)		(9,543)		(260)
Reclassifications	(5,741)		(99)		1,371		—
Depreciation	—		—		66,910		63,466
Balance at end of the year	$	2,196,985	$	2,207,287	$	451,907	$	393,169