Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

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, 2022

				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
Office
4525 Main Street	$	30,785		$	982	$	—	$	46,959	$	982	$	46,959	$	47,941	$	13,831	$	34,110	2014
Armada Hoffler Tower	—		(2)	1,976		—		70,034		1,976		70,034		72,010		43,265		28,745		2002
Brooks Crossing Office	—		(2)	295		—		19,509		295		19,509		19,804		2,456		17,348		2016/2019
Constellation Office	175,000			21,152		176,943		1,692		21,152		178,635		199,787		4,583		195,204		2016/2022
One City Center	—		(2)	2,911		28,202		6,302		2,911		34,504		37,415		3,978		33,437		2019
One Columbus	—		(2)	960		10,269		14,907		960		25,176		26,136		14,929		11,207		1984
Thames Street Wharf	69,327			15,861		64,689		577		15,861		65,266		81,127		5,957		75,170		2010/2019
Two Columbus	—		(2)	53		—		21,739		53		21,739		21,792		10,951		10,841		2009
Wills Wharf	—		(2)	—		—		112,182		—		112,182		112,182		7,810		104,372		2020
Total office	$	275,112		$	44,190	$	280,103	$	293,901	$	44,190	$	574,004	$	618,194	$	107,760	$	510,434
Retail
249 Central Park Retail	$	—	(2)	$	713	$	—	$	17,092	$	713	$	17,092	$	17,805	$	10,043	$	7,762	2004
Apex Entertainment	—		(2)	67		—		17,903		67		17,903		17,970		7,425		10,545		2002
Broad Creek Shopping Center	—		(2)	—		—		9,658		—		9,658		9,658		5,152		4,506		1997-2001
Broadmoor Plaza	—		(2)	2,410		9,010		1,535		2,410		10,545		12,955		3,313		9,642		1980/2016
Brooks Crossing Retail	—			117		—		2,421		117		2,421		2,538		455		2,083		2016
Columbus Village	—		(2)	7,631		10,135		8,533		7,631		18,668		26,299		5,115		21,184		1980/2015
Columbus Village II	—		(2)	14,536		10,922		100		14,536		11,022		25,558		2,648		22,910		1995/2016
Commerce Street Retail	—		(2)	118		—		3,323		118		3,323		3,441		2,086		1,355		2008
Delray Beach Plaza	—		(2)	—		27,151		351		—		27,502		27,502		1,764		25,738		2021
Dimmock Square	—		(2)	5,100		13,126		762		5,100		13,888		18,988		3,305		15,683		1998/2014
Fountain Plaza Retail	—		(2)	425		—		8,049		425		8,049		8,474		4,265		4,209		2004
Greenbrier Square	19,940			8,549		21,170		29		8,549		21,199		29,748		982		28,766		2017/2021
Greentree Shopping Center	—		(2)	1,103		—		4,174		1,103		4,174		5,277		1,477		3,800		2014
Hanbury Village	—		(2)	2,566		—		16,512		2,566		16,512		19,078		8,048		11,030		2006
Harrisonburg Regal	—			1,554		—		4,148		1,554		4,148		5,702		2,522		3,180		1999
Lexington Square	13,892			3,035		20,581		338		3,035		20,919		23,954		3,188		20,766		2017/2018
Market at Mill Creek	12,494			2,261		—		21,040		2,261		21,040		23,301		2,695		20,606		2018
Marketplace at Hilltop	—		(2)	2,023		19,886		433		2,023		20,319		22,342		2,132		20,210		2000/2019
Nexton Square	22,195			9,086		27,760		5,250		9,086		33,010		42,096		2,607		39,489		2020/2020
North Hampton Market	—		(2)	7,250		10,210		975		7,250		11,185		18,435		2,993		15,442		2004/2016
North Pointe Center	—		(3)	1,276		—		23,084		1,276		23,084		24,360		11,609		12,751		1998
Overlook Village	—		(2)	6,328		20,101		271		6,328		20,372		26,700		1,044		25,656		1990/2021
Parkway Centre	—		(2)	1,372		7,864		138		1,372		8,002		9,374		1,217		8,157		2017/2018
Parkway Marketplace	—		(2)	1,150		—		4,137		1,150		4,137		5,287		2,388		2,899		1998
Patterson Place	—		(2)	15,060		20,180		1,088		15,060		21,268		36,328		4,499		31,829		2004/2016

				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
Pembroke Square	—		(2)	14,513		9,290		1		14,513		9,291		23,804		111		23,693		1966/2015/2022
Perry Hall Marketplace	—		(2)	3,240		8,316		593		3,240		8,909		12,149		2,616		9,533		2001/2015
Premier Retail	8,013			318		—		15,339		318		15,339		15,657		2,147		13,510		2018
Providence Plaza	—		(2)	9,950		12,369		2,057		9,950		14,426		24,376		3,623		20,753		2007/2015
Red Mill Commons	11,283		(3)	44,252		30,348		4,550		44,252		34,898		79,150		6,343		72,807		2000/2019
Sandbridge Commons	—		(2)	4,118		—		7,508		4,118		7,508		11,626		2,512		9,114		2015
South Retail	—		(2)	190		—		8,300		190		8,300		8,490		5,382		3,108		2002
South Square	—		(2)	14,130		12,670		1,129		14,130		13,799		27,929		3,296		24,633		1977/2016
Southgate Square	26,195			10,238		25,950		5,607		10,238		31,557		41,795		6,660		35,135		1991/2016
Southshore Shops	—		(2)	1,770		6,509		443		1,770		6,952		8,722		1,429		7,293		2006/2016
Studio 56 Retail	—		(2)	76		—		2,601		76		2,601		2,677		1,270		1,407		2007
Tyre Neck Harris Teeter	—		(2)	—		—		3,306		—		3,306		3,306		1,754		1,552		2011
Wendover Village	—		(2)	19,893		22,638		961		19,893		23,599		43,492		4,513		38,979		2004/2016-2019
Total retail	$	114,012		$	216,418	$	346,186	$	203,739	$	216,418	$	549,925	$	766,343	$	134,628	$	631,715
Multifamily
1305 Dock Street	$	—		$	2,164	$	18,113	$	172	$	2,164	$	18,285	$	20,449	$	472	$	19,977	2016/2022
1405 Point	—		(2)	—		95,466		3,812		—		99,278		99,278		11,762		87,516		2018/2019
Chronicle Mill	27,630			1,780		533		54,079		1,780		54,612		56,392		361		56,031		2021
Edison Apartments	15,563			3,428		18,582		1,490		3,428		20,072		23,500		1,912		21,588		1919/ 2014/2020
Encore Apartments	23,980			1,293		—		31,562		1,293		31,562		32,855		7,984		24,871		2014
Gainesville Apartments	30,000			4,834		—		45,314		4,834		45,314		50,148		1,039		49,109		2020
Greenside Apartments	31,862			5,711		—		45,622		5,711		45,622		51,333		6,411		44,922		2018
Liberty Apartments	20,926			3,580		23,494		2,516		3,580		26,010		29,590		7,627		21,963		2013/2014
Premier Apartments	16,269			647		—		29,348		647		29,348		29,995		3,876		26,119		2018
Smith’s Landing	15,535			—		35,105		4,477		—		39,582		39,582		11,605		27,977		2009/2013
Southern Post	—			5,000		—		37,496		5,000		37,496		42,496		—		42,496		2021	(4)
The Cosmopolitan	41,243			985		—		76,141		985		76,141		77,126		34,526		42,600		2006
Total multifamily	$	223,008		$	29,422	$	191,293	$	332,029	$	29,422	$	523,322	$	552,744	$	87,575	$	465,169
Held for development	$	—		$	6,294	$	—	$	—	$	6,294	$	—	$	6,294	$	—	$	6,294
Real estate investments	$	612,132		$	296,324	$	817,582	$	829,669	$	296,324	$	1,647,251	$	1,943,575	$	329,963	$	1,613,612

________________________________________

(1)The net carrying amount of real estate for federal income tax purposes was $1,464.5 million as of December 31, 2022.  

(2)Borrowing base collateral for the credit facility as of December 31, 2022.  

(3)A portion of this property is borrowing base collateral for the credit facility as of December 31, 2022.

(4)Construction in progress as of December 31, 2022.      

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,
	2022		2021		2022		2021
Balance at beginning of the year	$	1,737,438	$	1,757,917	$	285,814	$	253,965
Construction costs and improvements	93,467		86,325		—		—
Acquisitions	242,423		83,723		—		—
Dispositions	(129,342)		(83,848)		(10,396)		(14,809)
Reclassifications	(411)		(106,679)		—		(5,010)
Depreciation	—		—		54,545		51,668
Balance at end of the year	$	1,943,575	$	1,737,438	$	329,963	$	285,814