Indebtedness (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of debt

The Company’s indebtedness comprised the following as of December 31, 2020 and 2019 (dollars in thousands):  

	Principal Balance				Interest Rate (a)			Maturity Date
	December 31,				December 31,
	2020		2019		2020
Secured Debt
Hanbury Village (b)	$	—	$	18,515	3.78	%		August 15, 2022
Sandbridge Commons (c)	—		8,020		LIBOR + 1.75%			January 17, 2023
Southgate Square	19,682		20,562		LIBOR + 1.60%			April 29, 2021
Nexton Square (d)	22,909		—		LIBOR + 2.25%			August 8, 2021
Encore Apartments (d)(e)	24,337		24,842		3.25	%		September 10, 2021
4525 Main Street (d)(e)	31,231		31,876		3.25	%		September 10, 2021
Red Mill West	10,851		11,296		4.23	%		June 1, 2022
Thames Street Wharf	70,000		70,000		LIBOR + 1.30%		(h)	June 26, 2022
Marketplace at Hilltop	10,120		10,517		4.42	%		October 1, 2022
1405 Point	53,000		53,000		LIBOR + 2.25%			January 1, 2023
Socastee Commons	4,458		4,567		4.57	%		January 6, 2023
Wills Wharf	59,044		29,154		LIBOR + 2.25%			June 26, 2023
249 Central Park Retail (f)	16,597		16,828		LIBOR + 1.60%		(h)	August 10, 2023
Fountain Plaza Retail (f)	9,988		10,127		LIBOR + 1.60%		(h)	August 10, 2023
South Retail (f)	7,287		7,388		LIBOR + 1.60%		(h)	August 10, 2023
Hoffler Place (g)	18,400		29,059		LIBOR + 2.60%			January 1, 2024
Summit Place (g)	23,100		28,824		LIBOR + 2.60%			January 1, 2024
One City Center	24,712		25,286		LIBOR + 1.85%			April 1, 2024
Red Mill Central	2,363		2,538		4.80	%		June 17, 2024
Solis Gainesville	—		—		LIBOR + 3.00%			August 31, 2024
Premier Apartments (i)	16,716		16,750		LIBOR + 1.55%			October 31, 2024
Premier Retail (i)	8,241		8,250		LIBOR + 1.55%			October 31, 2024
Red Mill South	5,833		6,137		3.57	%		May 1, 2025
Brooks Crossing Office	15,393		14,411		LIBOR + 1.60%			July 1, 2025
Market at Mill Creek	13,789		14,727		LIBOR + 1.55%			July 12, 2025
Johns Hopkins Village	50,859		51,800		LIBOR + 1.25%		(h)	August 7, 2025
North Point Center Note 2	2,094		2,214		7.25	%		September 15, 2025
Lexington Square	14,440		14,696		4.50	%		September 1, 2028
Red Mill North	4,294		4,394		4.73	%		December 31, 2028
Greenside Apartments	33,310		34,000		3.17	%		December 15, 2029
The Residences at Annapolis Junction	84,375		—		SOFR + 2.66%			November 1, 2030
Smith's Landing	17,331		18,174		4.05	%		June 1, 2035
Liberty Apartments	13,877		14,165		5.66	%		November 1, 2043
Edison Apartments	16,272		—		5.30	%		December 1, 2044
The Cosmopolitan	42,909		43,702		3.35	%		July 1, 2051
Total secured debt	$	747,812	$	645,819
Unsecured Debt
Senior unsecured revolving credit facility	10,000		110,000		LIBOR+1.30%-1.85%			January 24, 2024
Senior unsecured term loan	19,500		44,500		LIBOR+1.25%-1.80%			January 24, 2025
Senior unsecured term loan	185,500		160,500		LIBOR+1.25%-1.80%		(h)	January 24, 2025
Total unsecured debt	$	215,000	$	315,000
Total principal balances	$	962,812	$	960,819
Unamortized GAAP adjustments	(8,971)		(10,282)
Other note payable (j)	10,004		—
Indebtedness, net	$	963,845	$	950,537

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(a) LIBOR and SOFR rates are determined by individual lenders.

(b) On September 22, 2020, Hanbury Village Note was paid off.

(c) On October 6, 2020, Sandbridge Commons Note was paid off.

(d) Refinanced subsequent to year end.

(e) Cross collateralized.

(f) Cross collateralized.

(g) Cross collateralized.

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

(i) Cross collateralized.

(j) Represents the fair value of additional ground lease payments at 1405 Point over the approximately 42-year remaining lease term and an earn-out liability for the Gainesville development project.

The following table summarizes the note balance at assumption, fair value at assumption, maturity date, and interest rate for each loan ($ in thousands):

Loan name	Note balance at assumption		Fair value of loan at assumption		Loan maturity date	Loan interest rate
Red Mill North	$	4,451	$	4,520	12/31/2028	4.73	%
Red Mill South	6,310		6,090		5/1/2025	3.57	%
Red Mill Central	2,640		2,690		6/17/2024	4.80	%
Red Mill West	11,548		11,540		6/1/2022	4.23	%
Marketplace at Hilltop	10,740		10,790		10/1/2022	4.42	%
	$	35,689	$	35,630

Components of debt

The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2020 and 2019 (in thousands):

	December 31,
	2020		2019
Fixed-rate debt	$	573,951	$	488,276
Variable-rate debt	388,861		472,543
Total principal balance	$	962,812	$	960,819

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 Ending December 31,	Scheduled Principal Payments		Maturities		Total Payments
2021	$	10,682	$	97,151	$	107,833
2022	9,667		89,570		99,237
2023	9,060		147,320		156,380
2024	9,346		98,918		108,264
2025	7,539		279,107		286,646
Thereafter	91,356		113,096		204,452
Total (1)	$	137,650	$	825,162	$	962,812

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(1)Debt principal payments and maturities exclude increased ground lease payments at 1405 Point and accrued earn-out payments to the Company’s joint venture partner at Gainesville, each of which is classified as notes payable in the Company's consolidated balance sheets.