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Indebtedness (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The Company’s indebtedness comprised the following as of December 31, 2024 and 2023 (dollars in thousands):  
 
Amount Outstanding
Interest Rate (a)
Effective Rate for Variable-Rate Debt
Maturity Date (b)
Balance at Maturity
 December 31,December 31,
 202420232024
Secured Debt
Chronicle Mill(c)
$— $34,438 SOFR+3.00%— %May 5, 2024$— 
Red Mill Central (d)
—1,838 4.80%— %June 17, 2024— 
Premier Apartments and Retail(c)
—23,934 SOFR+1.55%— %October 31, 2024— 
Red Mill South4,5024,853 3.57%3.57 %May 1, 20254,383 
Market at Mill Creek(c)
—11,347 SOFR+1.55%— %July 12, 2025—
The Everly30,00030,000 SOFR+1.50%5.83 %December 20, 202530,000
Encore Apartments & 4525 Main Street
52,18753,495 2.93%2.93 %February 10, 202650,726
Southern Post60,24430,546 SOFR+2.25%6.58 %August 25, 202660,244
Thames Street Wharf66,46167,894 SOFR+1.30%2.33 %
(e)
September 30, 202664,072
Constellation Energy Building175,000175,000 SOFR+1.50%5.95 %November 1, 2026175,000
Southgate Square—25,331 SOFR+1.90%— %December 21, 2026—
Nexton Square(f)
—21,581 SOFR+1.95%— %June 30, 2027—
Liberty20,24220,588 SOFR+1.50%4.93 %September 27, 202719,230
Greenbrier Square19,18419,569 3.74%3.74 %October 10, 202718,049
Lexington Square13,29313,599 4.50%4.50 %September 1, 202812,044
Red Mill North3,8423,963 4.73%4.73 %December 31, 20283,295
Premier Apartments and Retail
29,415— 5.53%5.53 %December 1, 202929,415
Greenside Apartments30,32131,104 3.17%3.17 %December 15, 202926,095
Smith's Landing13,58414,578 4.05%4.05 %June 1, 2035384
The Edison14,77415,179 5.30%5.30 %December 1, 2044100
The Cosmopolitan39,46140,367 3.35%3.35 %July 1, 2051187
Total Secured Debt$572,510 $639,204 $493,224 
Unsecured Debt
TD Unsecured Term Loan$95,000 $95,000 SOFR+
1.35%-1.90%
4.85 %
(e)
May 19, 2025$95,000 
Senior Unsecured Revolving Credit Facility140,000 262,000 SOFR+
1.30%-1.85%
6.42 %January 22, 2027140,000 
Senior Unsecured Revolving Credit Facility (Fixed)5,000 5,000 SOFR+
1.30%-1.85%
4.80 %
(e)
January 22, 20275,000 
M&T Unsecured Term Loan35,000— SOFR+
1.25%-1.80%
6.22 %March 8, 202735,000
M&T Unsecured Term Loan (Fixed)
100,000 100,000 SOFR+
1.25%-1.80%
4.90 %
(e)
March 8, 2027100,000 
Senior Unsecured Term Loan271,000125,000 SOFR+
1.25%-1.80%
6.22 %January 21, 2028271,000
Senior Unsecured Term Loan (Fixed)79,000175,000SOFR+
1.25%-1.80%
4.83 %
(e)
January 21, 202879,000
Total Unsecured Debt725,000762,000 725,000
Total Principal Balances
$1,297,510 $1,401,204  $1,218,224 
Other notes payable(g)
6,1216,127  
Unamortized GAAP Adjustments
(8,072)(10,366)
Indebtedness, Net$1,295,559 $1,396,965   
________________________________________
(a) The Secured Overnight Financing Rate ("SOFR") is determined by individual lenders.
(b) Does not reflect the effect of any maturity extension options.
(c) On September 27, 2024, the loans secured by Chronicle Mill, Premier, and Market at Mill Creek were repaid in full.
(d) On June 10, 2024, the loan secured by Red Mill Central was repaid in full at maturity.
(e) Includes debt subject to interest rate swap locks.
(f) On December 18, 2024, the loan secured by Nexton Square was repaid in full in connection with the sale of the property.
(g) Represents the fair value of additional ground lease payments at 1405 Point over the approximately 38-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, 2024 and 2023 (in thousands):
 December 31,
 20242023
Fixed-rate debt$586,266 $816,439 
Variable-rate debt711,244 584,765 
Total principal balance$1,297,510 $1,401,204 
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)(2)(3)
Scheduled Principal PaymentsMaturitiesAmount Due
2025$7,318 $129,383 $136,701 
20265,668 350,042 355,710 
20274,540 317,279 321,819 
20283,983 365,339 369,322 
20293,657 55,510 59,167 
Thereafter54,120 671 54,791 
Total
$79,286 $1,218,224 $1,297,510 
________________________________________
(1) Does not reflect the effect of any maturity extension options.
(2) Includes debt incurred in connection with the development of properties.
(3) Debt principal payments and maturities exclude increased ground lease payments at 1405 Point which are classified as a note payable in our consolidated balance sheets.