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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2013	Nov. 08, 2013
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Trading Symbol	AHH
Entity Registrant Name	ARMADA HOFFLER PROPERTIES, INC.
Entity Central Index Key	0001569187
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		19,163,623

Condensed Combined Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2013	Dec. 31, 2012
Real estate investments:
Income producing property	$ 404,742
Held for development	7,081
Construction in progress	29,091
Gross real estate investments	440,914	$ 354,740
Accumulated depreciation	(101,920)	(92,454)
Net real estate investments	338,994	262,286
Cash and cash equivalents	9,775	9,400
Restricted cash	2,966
Accounts receivable, net	17,846
Construction receivables, including retentions	12,619
Construction contract costs and estimated earnings in excess of billings	1,452
Other assets	23,199
Total Assets	406,851
Indebtedness:
Secured debt	247,356
Accounts payable and accrued liabilities	6,970
Construction payables, including retentions	26,162
Billings in excess of construction contract costs and estimated earnings	2,270
Due to related parties	406
Other liabilities	15,736
Total Liabilities	298,900
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized, 19,163,500 shares issued and outstanding as of September 30, 2013	192
Additional paid-in capital	1,010
Distributions in excess of earnings	(46,195)
Total stockholders' and predecessor deficit	(44,993)
Noncontrolling interests	152,944
Total Equity	107,951
Total Liabilities and Equity	$ 406,851
Predecessor
Real estate investments:
Income producing property		350,814
Held for development		3,926
Gross real estate investments		354,740
Accumulated depreciation		(92,454)
Net real estate investments		262,286
Cash and cash equivalents		9,400
Restricted cash		3,725
Accounts receivable, net		17,423
Construction receivables, including retentions		10,490
Construction contract costs and estimated earnings in excess of billings		1,206
Due from affiliates		5,719
Other assets		21,564
Total Assets		331,813
Indebtedness:
Secured debt		334,438
Participating note		643
Accounts payable and accrued liabilities		2,478
Construction payables, including retentions		17,369
Billings in excess of construction contract costs and estimated earnings		4,236
Due to affiliates		3,597
Other liabilities		10,393
Total Liabilities		373,154
Stockholders' equity:
Total stockholders' and predecessor deficit		(41,341)
Total Equity		(41,341)
Total Liabilities and Equity		$ 331,813

Condensed Combined Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2013	Dec. 31, 2012
Common stock, par value	$ 0.01
Common stock, shares authorized	500,000,000
Common stock, shares issued	19,163,500
Common stock, shares outstanding	19,163,500
Predecessor
Common stock, par value		$ 0.01
Common stock, shares authorized		500,000,000
Common stock, shares issued		19,163,500
Common stock, shares outstanding		19,163,500

Condensed Combined Statements of Income (Predecessor, USD $) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues
Rental revenues	$ 14,899	$ 13,318	$ 42,528	$ 40,314
General contracting and real estate services revenues	21,896	13,631	63,143	40,655
Total revenues	36,795	26,949	105,671	80,969
Expenses
Rental expenses	3,840	3,637	10,468	9,445
Real estate taxes	1,317	1,200	3,777	3,592
General contracting and real estate services expenses	20,907	12,707	60,868	38,200
Depreciation and amortization	3,933	2,718	11,112	9,297
General and administrative expenses	1,638	904	5,212	2,692
Impairment charges			533
Total expenses	31,635	21,166	91,970	63,226
Operating income	5,160	5,783	13,701	17,743
Interest expense	(2,598)	(4,174)	(9,802)	(12,518)
Loss on extinguishment of debt	(1,127)		(2,252)
Gain on acquisitions			9,460
Other (expense) income	(109)	146	343	533
Income before taxes	1,326	1,755	11,450	5,758
Income tax (provision) benefit	(74)		137
Income from continuing operations	1,252	1,755	11,587	5,758
Discontinued operations:
Loss from discontinued operations				(35)
Gain on sale of real estate				25
Loss from discontinued operations				(10)
Net income	1,252	$ 1,755	11,587	$ 5,748
Net income attributable to noncontrolling interests	(507)		(3,936)
Net income attributable to stockholders	$ 745		$ 5,631
Net income per share:
Basic and diluted	$ 0.04		$ 0.30
Weighted-average outstanding:
Common shares	19,164		18,969
Common units	13,059		13,059
Basic and diluted	32,223		32,028
Dividends declared per common share and unit	$ 0.16		$ 0.24
Predecessor
Discontinued operations:
Net income			$ (2,020)

Combined Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Distributions in excess of earnings and Predecessor deficit	Total stockholders'and Predecessor deficit	Noncontrolling interests
Balance (in shares) \| Predecessor	19,163,500
Balance (Predecessor) at Dec. 31, 2012	$ (41,341)			$ (41,341)	$ (41,341)
Net income \| Predecessor	2,020			2,020	2,020
Contributions \| Predecessor	2,218			2,218	2,218
Distributions \| Predecessor	(12,399)			(12,399)	(12,399)
Balance (Predecessor) at May. 12, 2013	(49,502)			(49,502)	(49,502)
Balance (Predecessor) at Dec. 31, 2012	(41,341)			(41,341)	(41,341)
Net income	11,587
Balance at Sep. 30, 2013	$ 107,951	$ 192	$ 1,010	$ (46,195)	$ (44,993)	$ 152,944
Balance (in shares)	19,163,500	19,163,500

Condensed Combined Statements of Cash Flows (Predecessor, USD $) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
OPERATING ACTIVITIES
Net income	$ 11,587	$ 5,748
Loss from discontinued operations		10
Income from continuing operations	11,587	5,758
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	9,482	8,397
Amortization of deferred leasing costs and in-place lease intangibles	1,630	900
Accrued straight-line rental revenue	(763)	(1,340)
Amortization of lease incentives and above or below market rents	537	549
Accrued straight-line ground rent expense	273	248
Bad debt expense	155	78
Non-cash stock compensation	1,012
Impairment charges	533
Non-cash interest expense	482	437
Non-cash loss on extinguishment of debt	542
Gain on acquisitions	(9,460)
Change in the fair value of derivatives	(41)	(338)
Income from real estate joint ventures	(210)	(139)
Changes in operating assets and liabilities:
Property assets	6,438	(1,944)
Property liabilities	(563)	1,769
Construction assets	(2,375)	4,325
Construction liabilities	(1,071)	(10,207)
Net cash provided by continuing operations	18,188	8,493
Net cash used for discontinued operations		(34)
Net cash provided by operating activities	18,188	8,459
INVESTING ACTIVITIES
Development of real estate investments	(24,928)	(776)
Tenant and building improvements	(2,452)	(2,041)
Acquisitions of real estate investments, net of cash acquired	(2,106)
Government development grants	300	400
Decrease in restricted cash	455	170
Contributions to real estate joint ventures	(81)
Return of capital from real estate joint ventures	511	280
Deferred leasing costs	(671)	(453)
Leasing incentives	(243)
Net cash used for continuing operations	(29,215)	(2,420)
Net cash provided by discontinued operations		497
Net cash used for investing activities	(29,215)	(1,923)
FINANCING ACTIVITIES
Proceeds from sale of common stock	203,245
Offering costs	(7,604)
Formation Transactions	(47,221)
Debt issuances and credit facility borrowings	62,700	18,752
Debt and credit facility payments, including principal amortization	(184,606)	(22,467)
Debt issuance costs	(1,825)	(350)
Predecessor distributions, net	(10,709)	(7,500)
Dividends	(2,578)
Net cash provided by (used for) continuing operations	11,402	(11,565)
Net cash provided by discontinued operations
Net cash provided by (used for) financing activities	11,402	(11,565)
Net increase (decrease) in cash and cash equivalents	375	(5,029)
Cash and cash equivalents, beginning of period	9,400	13,449
Cash and cash equivalents, end of period	9,775	8,420
Supplemental cash flow information:
Cash paid for interest	10,170	12,184
Decrease in distributions payable	$ (528)	$ (825)

Business and Organization

9 Months Ended

Sep. 30, 2013

Business and Organization

1.	*Business and Organization*

Armada Hoffler Properties, Inc. (the “Company”) is the sole general partner of Armada Hoffler, L.P. (the “Operating Partnership”). The operations of the Company are carried on primarily through the Operating Partnership and wholly owned subsidiaries of the Operating Partnership. Both the Company and the Operating Partnership were formed on October 12, 2012 and commenced operations upon completion of the underwritten initial public offering of shares of the Company’s common stock (the “IPO”) and certain related formation transactions (the “Formation Transactions”) on May 13, 2013.

Armada Hoffler Properties, Inc. Predecessor (the “Predecessor”) is not a single legal entity, but rather a combination of real estate and construction entities. The Predecessor is engaged in the development, construction, ownership and management of office, retail and multifamily properties in markets throughout the Mid-Atlantic United States. The entities comprising the Predecessor include: (i) the property development and asset management businesses of Armada Hoffler Holding Company, Inc. (“AH Holding”), (ii) the general commercial construction businesses of Armada Hoffler Construction Company and Armada Hoffler Construction Company of Virginia (collectively, “AH Construction”), (iii) controlling interests in entities that own 22 properties (seven office, 14 retail and one multifamily), (iv) controlling interests in entities undertaking the development of six properties (two office, two retail and two multifamily, collectively the “Development Pipeline”) and (v) non-controlling interests in entities that own one retail property and one multifamily property (collectively, the “Non-controlled Entities”). AH Holding, AH Construction, the controlling interests in the 22 real estate properties and the controlling interests in the Development Pipeline are referred to as the Controlled Entities. The Controlled Entities were under common ownership by their individual partners, members and stockholders and under common control by Daniel A. Hoffler prior to the IPO and the Formation Transactions. Mr. Hoffler had the ability to control each of the Controlled Entities as the primary beneficiary, the majority vote holder or through his interest as a general partner or managing member. The financial position and results of operations of the Controlled Entities have been combined in the Predecessor financial statements for the periods prior to the completion of the IPO and the Formation Transactions. The Predecessor accounted for its investments in the Non-controlled Entities under the equity method of accounting.

Controlled Entities (Combined by the Predecessor)


Office Properties		Location
Armada Hoffler Tower		Virginia Beach, VA
Richmond Tower		Richmond, VA
One Columbus		Virginia Beach, VA
Two Columbus		Virginia Beach, VA
Oyster Point		Newport News, VA
Virginia Natural Gas		Virginia Beach, VA
Sentara Williamsburg		Williamsburg, VA

Retail Properties		Location
249 Central Park Retail		Virginia Beach, VA
South Retail		Virginia Beach, VA
Studio 56 Retail		Virginia Beach, VA
Commerce Street Retail		Virginia Beach, VA
Fountain Plaza Retail		Virginia Beach, VA
Dick’s at Town Center		Virginia Beach, VA
Broad Creek Shopping Center		Norfolk, VA
North Point Center		Durham, NC
Hanbury Village		Chesapeake, VA
Gainsborough Square		Chesapeake, VA
Parkway Marketplace		Virginia Beach, VA
Harrisonburg Regal		Harrisonburg, VA
Courthouse 7-Eleven		Virginia Beach, VA
Tyre Neck Harris Teeter		Portsmouth, VA

Multifamily Property		Location
The Cosmopolitan		Virginia Beach, VA
Development Pipeline		Location
4525 Main Street⁽¹⁾		Virginia Beach, VA
Encore Apartments⁽²⁾		Virginia Beach, VA
Whetstone Apartments⁽³⁾		Durham, NC
Sandbridge Commons		Virginia Beach, VA
Brooks Crossing		Newport News, VA
Greentree Shopping Center		Chesapeake, VA

(1)	Previously referred to as Main Street Office.

(2)	Previously referred to as Main Street Apartments.

(3)	Previously referred to as Jackson Street Apartments.


General Contracting and Real Estate Services
AH Holding		AH Construction

Non-controlled Entities (Accounted for under the equity method by the Predecessor)


Retail Property		Location
Bermuda Crossroads		Chester, VA

Multifamily Property		Location
Smith’s Landing		Blacksburg, VA

Initial Public Offering and Formation Transactions

On May 13, 2013, the Company completed the IPO of 16,525,000 shares of common stock priced at $11.50 per share. On May 22, 2013, the underwriters of the IPO exercised their overallotment option in full to purchase an additional 2,478,750 shares at the IPO price of $11.50 per share. Proceeds from the IPO to the Company after deducting the underwriting discount were approximately $203.2 million. The common shares are listed on the New York Stock Exchange under the symbol “AHH” and began trading on May 8, 2013. The Company contributed the net proceeds from the IPO to the Operating Partnership in exchange for common units in the Operating Partnership. The Operating Partnership repaid approximately $150.0 million of outstanding indebtedness and paid approximately $47.2 million as partial consideration to prior investors in connection with the Formation Transactions.

Pursuant to the Formation Transactions, the Operating Partnership: (i) acquired 100% of the interests in the Controlled Entities and the Non-controlled Entities, (ii) succeeded to the ongoing construction and development businesses of AH Holding and AH Construction, (iii) assumed asset management of certain of the properties acquired from the Predecessor, (iv) succeeded to the third party asset management business of AH Holding, (v) succeeded to the projects in the Development Pipeline, (vi) received options to acquire nine parcels of developable land from the Predecessor and (vii) entered into a contribution agreement to acquire Liberty Apartments, a 197-unit multifamily property located in Newport News, VA, upon satisfaction of certain conditions and transferability restrictions including completion of the project’s construction by AH Construction.

The Company accounted for the contribution or acquisition of interests in the Controlled Entities as transactions among entities under common control because Mr. Hoffler had the ability to control each of the Controlled Entities as previously described. As a result, the contribution or acquisition of interests in each of the Controlled Entities was accounted for at the Predecessor’s historical cost. The acquisitions of interests in the Non-controlled Entities were accounted for as purchases at fair value under the acquisition method of accounting.

On May 13, 2013, the Operating Partnership, as borrower, and the Company, as parent guarantor, entered into a $100.0 million senior secured revolving credit facility. Subject to the satisfaction of certain conditions, the Operating Partnership has the option to increase the borrowing capacity under the revolving credit facility to $250.0 million. The revolving credit facility has a three-year term with an initial maturity date of May 13, 2016 and bears interest between LIBOR plus 1.60% and LIBOR plus 2.20%. The Operating Partnership has the option to extend the term to May 12, 2017. Upon completion of the IPO, the Operating Partnership borrowed $40.0 million under the revolving credit facility to fund a portion of the consideration payable in connection with the completion of the Formation Transactions, repay existing lines of credit and certain debt relating to the projects in the Development Pipeline and repay existing indebtedness relating to certain properties acquired in connection with the Formation Transactions.

Because of the timing of the IPO and the Formation Transactions, the Company’s financial condition as of December 31, 2012 and results of operations for the three and nine months ended September 30, 2012 reflect the financial condition and results of operations of the Predecessor. The Company’s results of operations for the nine months ended September 30, 2013 reflect the results of operations of the Predecessor together with the Company, while the financial condition as of September 30, 2013 and the results of operations for the three months ended September 30, 2013 reflect those solely of the Company. References in these notes to condensed consolidated and combined financial statements to “Armada Hoffler” signify the Company for the period after the completion of the IPO and the Formation Transactions on May 13, 2013 and the Predecessor for all prior periods.

Federal Income Taxes

The Company intends to elect to be taxed and to operate in a manner that will allow it to qualify as a real estate investment trust for federal income tax purposes commencing with the taxable year ending December 31, 2013.

Emerging Growth Company Status

The Company qualifies as an emerging growth company (“EGC”) pursuant to the Jumpstart Our Business Startups Act. An EGC may choose to take advantage of the extended private company transition period provided for complying with new or revised accounting standards that may be issued by the Financial Accounting Standards Board or the U.S. Securities and Exchange Commission (the “SEC”). The Company has elected to opt out of such extended transition period. This election is irrevocable.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

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+ Details

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2013

Summary of Significant Accounting Policies

2.	*Summary of Significant Accounting Policies*

Principles of Consolidation and Combination and Basis of Presentation

The accompanying consolidated and combined financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial position and results of operations of the Company, the Operating Partnership and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.

The financial position and results of operations of the entities comprising the Predecessor have been combined because they were under the common control of Mr. Hoffler and under the common management by Armada Hoffler. All significant intercompany transactions and balances have been eliminated in combination.

In the opinion of management, the consolidated and combined financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented.

The accompanying consolidated and combined financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim financial statements should be read in conjunction with the audited combined financial statements of the Predecessor for the year ended December 31, 2012, included in the Company’s final prospectus dated May 7, 2013 and filed with the SEC on May 9, 2013 (SEC File No. 333-187513).

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities as of the date of the financial statements. Such estimates are based on management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from management’s estimates.

Significant Accounting Policies

The accompanying consolidated and combined financial statements were prepared using the accounting principles described in the Company’s final prospectus dated May 7, 2013 (SEC File No. 333-187513).

Income Taxes

For periods prior to the completion of the IPO and the Formation Transactions on May 13, 2013, no provision was made for U.S. federal, state or local income taxes because profits and losses of the Predecessor flowed through to its respective partners, members and shareholders who were individually responsible for reporting such amounts.

For periods subsequent to the completion of the IPO and the Formation Transactions, the taxable REIT subsidiaries (“TRS”) of the Operating Partnership are subject to federal, state and local corporate income taxes. The Operating Partnership conducts its development and construction businesses through the TRS. The related income tax provision or benefit attributable to the profits or losses of the TRS is reflected in the consolidated and combined financial statements.

The Company uses the liability method of accounting for deferred income tax in accordance with GAAP. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the carrying value of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the statutory rates expected to be applied in the periods in which those temporary differences are settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change. A valuation allowance is recorded on the Company’s deferred tax assets when it is more likely than not that such assets will not be realized. When evaluating the realizability of the Company’s deferred tax assets, all evidence, both positive and negative is evaluated. Items considered in this analysis include the ability to carryback losses, the reversal of temporary differences, tax planning strategies and expectations of future earnings.

Under GAAP, the amount of tax benefit to be recognized is the amount of benefit that is more likely than not to be sustained upon examination. Management analyzes its tax filing positions in the U.S. federal, state and local jurisdictions where it is required to file income tax returns for all open tax years. If, based on this analysis, management determines that uncertainties in tax positions exist, a liability is established. The Company recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction to the provision for income taxes.

Noncontrolling Interests

Upon completion of the IPO and the Formation Transactions, the Operating Partnership issued 13,059,365 common units of limited partnership interest to the Predecessor’s prior investors as partial consideration for the contribution of their interests in the Predecessor to the Operating Partnership, which the Company recognized at fair value. Noncontrolling interests in the Company represent common units of the Operating Partnership held by the Predecessor’s prior investors. As of September 30, 2013, the Company held a 59.5% interest in the Operating Partnership. As the sole general partner and the majority interest holder, the Company consolidates the financial position and results of operations of the Operating Partnership.

Holders of common units may not transfer their units without the Company’s prior consent as general partner of the Operating Partnership. Beginning on the first anniversary of the completion of the IPO and the Formation Transactions, common unitholders may tender their units for redemption by the Operating Partnership in exchange for cash equal to the market price of shares of the Company’s common stock at the time of redemption or, at the Company’s option and sole discretion, for shares of common stock on a one-for-one basis. Accordingly, the Company presents the common units of the Operating Partnership held by the Predecessor’s prior investors as noncontrolling interests within equity in the consolidated balance sheet.

Dividends

On July 11, 2013, the Company paid cash dividends of approximately $1.5 million to common stockholders and approximately $1.1 million to common unitholders, representing $0.08 per share or unit.

On August 9, 2013, the Company’s Board of Directors declared a cash dividend of $0.16 per share or unit payable on October 10, 2013 to common stockholders and common unitholders of record on October 1, 2013. On October 10, 2013, the Company paid cash dividends of approximately $3.1 million to common stockholders and approximately $2.1 million to common unitholders. The aggregate $5.2 million dividend payable as of September 30, 2013 is presented within other liabilities in the condensed consolidated balance sheet.

Net Income Per Share

The Company calculates net income per share based upon the weighted average shares outstanding during the period beginning May 13, 2013. Diluted net income per share is calculated after giving effect to all potential dilutive shares outstanding during the period. There were no potential dilutive shares outstanding during the three or nine months ended September 30, 2013. As a result, basic and diluted outstanding shares were the same.

Segments

9 Months Ended

Sep. 30, 2013

Segments

3.	*Segments*

Segment information is prepared on the same basis that Armada Hoffler’s management reviews information for operational decision-making purposes. Management evaluates the performance of each of Armada Hoffler’s properties individually and aggregates such properties into segments based on their economic characteristics and classes of tenants. Armada Hoffler operates in four business segments: (i) office real estate, (ii) retail real estate, (iii) multifamily residential real estate and (iv) general contracting and real estate services. Armada Hoffler’s office properties provide office space for various types of businesses and professions. Armada Hoffler’s retail properties are a diverse mix of: (i) retail shopping centers typically anchored by large, nationally recognized tenants, (ii) retail centers located in the Virginia Beach Town Center and (iii) single-tenant properties. Armada Hoffler’s multifamily residential properties provide rental housing in Virginia Beach, VA and Blacksburg, VA. Armada Hoffler’s general contracting and real estate services business develops and builds properties for its own account and also provides construction and development services to related parties and third-party clients.

Net operating income (segment revenues minus segment expenses) is the measure used by Armada Hoffler’s chief operating decision-maker to assess segment performance. Net operating income is not a measure of operating income or cash flows from operating activities as measured by GAAP and is not indicative of cash available to fund cash needs. As a result, net operating income should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate net operating income in the same manner. Armada Hoffler considers net operating income to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of Armada Hoffler’s real estate and construction businesses.

Net operating income of Armada Hoffler’s reportable segments for the three and nine months ended September 30, 2013 and 2012 was as follows (in thousands):


	Three Months Ended September 30,					Nine Months Ended September 30,
	2013		2012			2013		2012
	(Unaudited)
Office real estate
Rental revenues	$	6,364	$	6,194		$	19,270	$	19,153
Property expenses		2,081		2,271			5,967		5,921

Segment net operating income		4,283		3,923			13,303		13,232

Retail real estate
Rental revenues		5,683		5,297			16,071		15,584
Property expenses		1,745		1,618			5,054		4,624

Segment net operating income		3,938		3,679			11,017		10,960
Multifamily residential real estate
Rental revenues		2,852		1,827			7,187		5,577
Property expenses		1,331		946			3,224		2,453

Segment net operating income		1,521		881			3,963		3,124

General contracting and real estate services
Segment revenues		21,896		13,631			63,143		40,655
Segment expenses		20,907		12,707			60,868		38,200

Segment net operating income		989		924			2,275		2,455

Other		—		(2	)		—		(39	)

Net operating income	$	10,731	$	9,405		$	30,558	$	29,732

General contracting and real estate services revenues for the three and nine months ended September 30, 2013 exclude revenue related to intercompany construction contracts of approximately $13.3 million and $18.9 million, respectively. General contracting and real estate services expenses for the three and nine months ended September 30, 2013 exclude expenses related to intercompany construction contracts of approximately $13.1 million and $18.7 million, respectively.

General contracting and real estate services revenues for the three and nine months ended September 30, 2012 exclude revenue related to intercompany construction contracts of approximately $0.2 million and $1.0 million, respectively. General contracting and real estate services expenses for the three and nine months ended September 30, 2012 exclude expenses related to intercompany construction contracts of approximately $0.2 million and $1.0 million, respectively.

The following table reconciles net operating income to net income for the three and nine months ended September 30, 2013 and 2012 (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
	(Unaudited)
Net operating income	$	10,731		$	9,405		$	30,558		$	29,732
Depreciation and amortization		(3,933	)		(2,718	)		(11,112	)		(9,297	)
General and administrative expenses		(1,638	)		(904	)		(5,212	)		(2,692	)
Impairment charges		—			—			(533	)		—
Interest expense		(2,598	)		(4,174	)		(9,802	)		(12,518	)
Loss on extinguishment of debt		(1,127	)		—			(2,252	)		—
Gain on acquisitions		—			—			9,460			—
Other income (expense)		(109	)		146			343			533
Results from discontinued operations		—			—			—			(10	)
Income tax benefit (expense)		(74	)		—			137			—

Net income	$	1,252		$	1,755		$	11,587		$	5,748

General and administrative expenses represent costs not directly associated with the operation and management of Armada Hoffler’s real estate properties. General and administrative expenses include office personnel salaries and benefits, bank fees, accounting fees and other office expenses. For the three and nine months ended September 30, 2013, general and administrative expenses include non-cash stock compensation of $0.2 million and $1.0 million, respectively.

During the nine months ended September 30, 2013, the Company recognized $0.5 million of impairment charges representing unamortized leasing assets related to two vacated retail tenants.

Rental revenues of Armada Hoffler’s reportable segments for the three and nine months ended September 30, 2013 and 2012 comprised the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
	(Unaudited)
Minimum rents
Office	$	6,059	$	5,972	$	18,264	$	17,919
Retail		4,759		4,376		13,733		13,072
Multifamily		2,370		1,621		6,060		4,814
Percentage rents⁽¹⁾
Office		—		—		104		109
Retail		35		40		88		96
Multifamily		21		30		84		93
Other⁽²⁾
Office		304		222		901		1,125
Retail		890		881		2,251		2,416
Multifamily		461		176		1,043		670

Rental revenues	$	14,899	$	13,318	$	42,528	$	40,314

(1)	Percentage rents are based on tenants’ sales.

(2)	Other rental revenue includes cost reimbursements for real estate taxes, property insurance and common area maintenance as well as termination fees.

Property expenses of Armada Hoffler’s reportable segments for the three and nine months ended September 30, 2013 and 2012 comprised the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
	(Unaudited)
Rental expenses
Office	$	1,536	$	1,740	$	4,341	$	4,303
Retail		1,230		1,134		3,593		3,239
Multifamily		1,074		761		2,534		1,896
Other		—		2		—		7

Total	$	3,840	$	3,637	$	10,468	$	9,445

Real estate taxes
Office	$	545	$	531	$	1,626	$	1,618
Retail		515		484		1,461		1,385
Multifamily		257		185		690		557
Other		—		—		—		32

Total	$	1,317	$	1,200	$	3,777	$	3,592

Property expenses	$	5,157	$	4,837	$	14,245	$	13,037

Rental expenses represent costs directly associated with the operation and management of Armada Hoffler’s real estate properties. Rental expenses include asset management fees, property management fees, repairs and maintenance, insurance and utilities.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Real Estate Investments

9 Months Ended

Sep. 30, 2013

Real Estate Investments

4.	*Real Estate Investments*

Armada Hoffler’s real estate investments comprised the following as of September 30, 2013 and December 31, 2012 (in thousands):


	September 30, 2013			December 31, 2012
	(Unaudited)
Land	$	37,812		$	24,511
Land improvements		12,567			11,543
Buildings and improvements		364,439			316,596
Development costs		4,173			2,090
Construction in progress		21,923			—

		440,914			354,740

Accumulated depreciation		(101,920	)		(92,454	)

Net real estate investments	$	338,994		$	262,286

As of September 30, 2013 and December 31, 2012, land includes approximately $2.3 million and $1.8 million, respectively, for the 4525 Main Street and Encore Apartments development projects. Development and construction costs capitalized in connection with the 4525 Main Street and Encore Apartments projects are presented as construction in progress as of September 30, 2013.

As discussed in Notes 1 and 9, the Operating Partnership acquired a controlling interest in Bermuda Crossroads and Smith’s Landing on May 13, 2013. As of September 30, 2013, land includes approximately $5.5 million related to Bermuda Crossroads.

As of September 30, 2013, land includes approximately $2.6 million related to the Whetstone Apartments project, which Armada Hoffler purchased on June 4, 2013. Development and construction costs capitalized in connection with the Whetstone Apartments project are presented as construction in progress as of September 30, 2013.

As of September 30, 2013, land includes approximately $5.2 million related to the Sandbridge Commons project, which Armada Hoffler purchased on August 27, 2013.

Indebtedness

9 Months Ended

Sep. 30, 2013

Indebtedness

5.	*Indebtedness*

On January 3, 2013, Armada Hoffler modified the Main Street Land loan to extend the maturity date from January 5, 2013 to April 3, 2013. On March 25, 2013, Armada Hoffler modified the Main Street Land loan to extend the term to July 3, 2013, on which date the Company repaid the outstanding balance of the loan in full.

On January 16, 2013, Armada Hoffler modified the Virginia Natural Gas loan to lower the interest rate floor from 4.00% to 3.00%.

On February 19, 2013, Armada Hoffler modified the Gainsborough Square loan to extend the maturity date from December 28, 2013 to January 28, 2014.

On April 15, 2013, Armada Hoffler borrowed an additional $2.7 million on Broad Creek Shopping Center Note 2.

In connection with the IPO and Formation Transactions, the Company used proceeds from the IPO and the revolving credit facility to repay the following debt (in thousands):


Armada Hoffler Tower	$	38,813
Richmond Tower		46,523
Two Columbus		18,785
Virginia Natural Gas		5,457
Sentara Williamsburg		10,915
North Point Center Note 3		9,242
Gainsborough Square		9,732
Parkway Marketplace		5,669
Courthouse 7-Eleven Note 1		1,485

Properties unencumbered			$	146,621
Broad Creek Shopping Center Note 2		2,697
Oyster Point Participation Note		643

Other debt repayments				3,340

Total			$	149,961

During the nine months ended September 30, 2013, the Company recognized a $1.1 million loss on extinguishment of debt representing $0.6 million of fees and $0.5 million of unamortized debt issuance costs associated with the debt repaid in connection with the IPO and Formation Transactions.

As discussed in Note 1, upon completion of the IPO, the Operating Partnership borrowed $40.0 million under the revolving credit facility to fund a portion of the consideration payable in connection with the completion of the Formation Transactions, repay existing lines of credit and certain debt relating to the projects in the Development Pipeline and repay existing indebtedness relating to certain properties acquired in connection with the Formation Transactions. The revolving credit facility has a three-year term with an initial maturity date of May 13, 2016 and bears interest between LIBOR plus 1.60% and LIBOR plus 2.20%. The Operating Partnership has the option to extend the maturity date to May 12, 2017. The Operating Partnership incurred approximately $1.8 million of costs in connection with the revolving credit facility.

On July 16, 2013, the Operating Partnership borrowed an additional $15.0 million under the revolving credit facility and defeased the One Columbus loan on July 17, 2013 for $14.9 million, including costs of $1.0 million. The Company recognized a $1.0 million loss on extinguishment of debt representing fees and unamortized debt issuance costs.

On July 30, 2013, the Company closed on a $63.0 million construction loan to fund the 4525 Main Street and Encore Apartments development projects. The construction loan bears interest at LIBOR plus 1.95% and matures on January 30, 2017. As of September 30, 2013, the Company did not have any amounts outstanding on the construction loan.

As of September 30, 2013, the Operating Partnership had $45.0 million outstanding and $55.0 million available on the revolving credit facility for which Armada Hoffler Tower, Richmond Tower, Virginia Natural Gas and Sentara Williamsburg collectively served as the borrowing base collateral. As of September 30, 2013, the interest rate on the revolving credit facility was 1.93%.

Subsequent to September 30, 2013:

On October 8, 2013, the Company borrowed an additional $15.0 million under the revolving credit facility, resulting in an outstanding balance of $60.0 million on the revolving credit facility.

On October 8, 2013, the Company closed on an $18.5 million construction loan to fund the Whetstone Apartments development project in Durham, NC. The construction loan bears interest at LIBOR plus 1.90% and matures on October 8, 2016, with a one-year extension option. As of the date of this filing, the Company did not have any amounts outstanding on this construction loan.

On October 10, 2013, the Operating Partnership increased the aggregate capacity under the revolving credit facility to $155.0 million by adding the following six properties to the borrowing base collateral: i) One Columbus, (ii) Two Columbus, (iii) a portion of North Point Center, (iv) Gainsborough Square, (v) Parkway Marketplace and (vi) Courthouse 7-Eleven.

On October 11, 2013, the Operating Partnership repaid the Bermuda Crossroads loan for approximately $10.8 million.

On October 25, 2013, the Operating Partnership amended Broad Creek Shopping Center Notes 1, 2 and 3 to lower the interest rates to LIBOR plus 2.25% and extend the maturity dates to October 31, 2018. The lender also agreed to make Broad Creek Shopping Center Notes 1, 2 and 3 each non-recourse loans.

On October 31, 2013, the Operating Partnership amended the Commerce Street Retail loan, Hanbury Village Note 2 and the Tyre Neck Harris Teeter loan to lower the interest rates to LIBOR plus 2.25% and extend the maturity dates to October 31, 2018. The Operating Partnership collectively prepaid approximately $1.4 million of principal on these three loans. The lender also agreed to make the Commerce Street Retail loan, Hanbury Village Note 2 and the Tyre Neck Harris Teeter loan each non-recourse loans.

As of the date of this filing, the Company had approximately $5.9 million outstanding on the 4525 Main Street and Encore Apartments construction loans.

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2013

Derivative Financial Instruments

6.	*Derivative Financial Instruments*

Armada Hoffler may enter into interest rate derivatives to manage exposure to interest rate risks. Armada Hoffler does not use derivative financial instruments for trading or speculative purposes and has not designated any of its derivatives as hedges for accounting purposes. As a result, changes in the fair value of derivatives are recognized currently within other income in the consolidated and combined statements of operations.

On September 1, 2013, Armada Hoffler executed three interest rate cap agreements with a total notional amount of approximately $103.0 million, strike prices ranging from 1.50% to 3.50% and terms ending on March 1, 2016. The total premium paid to execute the three interest rate cap agreements was approximately $0.2 million.

Armada Hoffler’s derivatives comprised the following as of September 30, 2013 and December 31, 2012 (in thousands):


	September 30, 2013							December 31, 2012
			(Unaudited)
	Notional Amount		Fair Value					Notional Amount		Fair Value
	Notional Amount		Gain		Loss			Notional Amount		Gain		Loss
Pay fixed interest rate swaps	$	710	$	—	$	(18	)	$	11,721	$	—	$	(239	)
Interest rate caps		112,232		97		—			9,356		9		—

Total	$	112,942	$	97	$	(18	)	$	21,077	$	9	$	(239	)

The changes in the fair value of Armada Hoffler’s derivatives during the three and nine months ended September 30, 2013 and 2012 comprised the following (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
	(Unaudited)
Pay fixed interest rate swaps	$	(2	)	$	122		$	150		$	343
Interest rate caps		(113	)		(5	)		(109	)		(5	)

Other (expense) income	$	(115	)	$	117		$	41		$	338

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Employee Benefit Plans

9 Months Ended

Sep. 30, 2013

Employee Benefit Plans

7.	*Employee Benefit Plans*

The Predecessor had a deferred compensation plan for certain key employees pursuant to which Armada Hoffler purchased whole life insurance policies. Armada Hoffler discontinued its deferred compensation plan in May 2013 and as result, the Company has no further obligation under this plan. As of December 31, 2012, the Predecessor’s deferred compensation liability and cash surrender value of life insurance policies were both approximately $1.2 million.

The Armada Hoffler Properties, Inc. 2013 Equity Incentive Plan provides for stock based awards in the form of options, restricted shares and other equity awards up to an aggregate of 700,000 shares over the ten-year term of the plan.

During the nine months ended September 30, 2013, the Company granted an aggregate of 168,642 shares of restricted stock to employees and non-employee directors at a grant date fair value of $11.50. Using the accelerated attribution method, the Company recognized stock based compensation related to vested shares during the three and nine months ended September 30, 2013 of approximately $0.2 million and $1.0 million, respectively. As of September 30, 2013, there were 112,223 non-vested restricted shares outstanding; the total compensation cost related to non-vested restricted shares was approximately $0.9 million, which we expect to recognize over the next 21 months.

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2013

Fair Value of Financial Instruments

8.	*Fair Value of Financial Instruments*

Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows:

Level 1 Inputs—quoted prices in active markets for identical assets or liabilities

Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities

Level 3 Inputs—unobservable inputs

Except as disclosed below, the carrying amounts of Armada Hoffler’s financial instruments approximate their fair value. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps, interest rate caps, the cash surrender value of life insurance and deferred compensation. Armada Hoffler measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

The fair value of Armada Hoffler’s secured debt is sensitive to fluctuations in interest rates. Discounted cash flow analysis based on Level 2 inputs is generally used to estimate the fair value of Armada Hoffler’s secured debt.

Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments.

The carrying amounts and fair values of our financial instruments, all of which are based on Level 2 inputs, as of September 30, 2013 and December 31, 2012 were as follows (in thousands):


	September 30, 2013				December 31, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Unaudited)
Secured debt	$	247,356	$	234,375	$	334,438	$	339,623
Participating note		—		—		643		643
Interest rate swap liabilities		18		18		239		239
Interest rate cap assets		97		97		9		9
Cash surrender value of life insurance		—		—		1,196		1,196
Deferred compensation liability		—		—		1,249		1,249

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Acquisition of Non-controlled Entities

9 Months Ended

Sep. 30, 2013

Acquisition of Non-controlled Entities

9.	*Acquisition of Non-controlled Entities*

As discussed in Note 1, the Company completed the IPO of shares of its common stock on May 13, 2013. Substantially concurrent with the completion of the IPO and in connection with the Formation Transactions, the Operating Partnership acquired 100% of the interests in the Non-controlled Entities of the Predecessor (Bermuda Crossroads and Smith’s Landing).

The acquisitions of the interests in Bermuda Crossroads and Smith’s Landing on May 13, 2013 were accounted for as purchases at fair value under the acquisition method of accounting. Total consideration in the form of cash and common units paid for the 50% interest in Bermuda Crossroads was approximately $3.2 million. Total consideration in the form of cash and common units paid for the 60% interest in Smith’s Landing was approximately $7.5 million.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):


	Bermuda Crossroads			Smith’s Landing
	(Unaudited)
Income producing property	$	16,091		$	35,105
Intangible assets		2,860			2,420
Net working capital		237			14
Secured debt		(11,053	)		(24,995	)
Below-market leases		(1,750	)		—

Net assets acquired	$	6,385		$	12,544

The identified intangible assets for Bermuda Crossroads are primarily in-place leases. The in-place and below-market leases will be amortized over the weighted average lives of the remaining lease terms. The identified intangible assets for Smith’s Landing include $1.9 million assigned to a below-market ground lease and $0.5 million assigned to in-place leases, both of which will be amortized over the weighted average lives of the remaining lease terms. The fair value adjustment to the assumed secured debt of Bermuda Crossroads was a $0.2 million premium. The fair value adjustment to the assumed secured debt of Smith’s Landing was not significant.

Prior to the acquisition date, the Predecessor accounted for its 50% interest in Bermuda Crossroads and 40% interest in Smith’s Landing as equity-method investments. The acquisition-date fair values of the previous equity interests in Bermuda Crossroads and Smith’s Landing were approximately $3.2 million and $5.0 million, respectively. The Company recognized a gain of $9.5 million as a result of remeasuring the Predecessor’s prior equity interests in Bermuda Crossroads and Smith’s Landing held before the acquisitions.

The following table summarizes the consolidated and combined results of operations of Armada Hoffler, Bermuda Crossroads and Smith’s Landing on a pro forma basis, as if both Bermuda Crossroads and Smith’s Landing had been acquired as of January 1, 2012 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30
	2013		2012		2013		2012
	(Unaudited)
Rental revenues	$	14,899	$	14,767	$	44,538	$	44,564
Net (loss) income		1,448		1,863		2,667		15,233

The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if these acquisitions had taken place on January 1, 2012. The pro forma financial information includes adjustments to depreciation and amortization expense for acquired property and intangible assets and liabilities, adjustments to rental revenue and rental expenses for above and below-market leases and adjustments to interest expense for fair value adjustments to assumed indebtedness.

Pro forma net income for the nine months ended September 30, 2012 includes the nonrecurring $9.5 million gain as a result of remeasuring the Predecessor’s prior equity interests in Bermuda Crossroads and Smith’s Landing held before the acquisitions.

Rental revenues and net income of both Bermuda Crossroads and Smith’s Landing for the period from the acquisition date to September 30, 2013 included in the consolidated and combined statements of income were approximately $2.3 million and $(0.3) million, respectively.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

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+ Details

Discontinued Operations

9 Months Ended

Sep. 30, 2013

Discontinued Operations

10.

Discontinued Operations

Armada Hoffler presents properties held for sale as discontinued operations only when Armada Hoffler will not have any significant continuing involvement in the properties’ operations after their disposition and when the properties’ operations and cash flows: (i) can be clearly distinguished and (ii) will be eliminated from Armada Hoffler’s ongoing operations upon disposition. Armada Hoffler presented the held for sale Studio 56 residential condominium units as discontinued operations during the three and nine months ended September 30, 2012. Net sale proceeds during the nine months ended September 30, 2012 were approximately $0.5 million. Armada Hoffler sold the last Studio 56 residential condominium unit during the three months ended June 30, 2012. Armada Hoffler currently has no plans to develop and sell residential condominium units.

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

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-Name Accounting Standards Codification
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+ Details

Related Party Transactions

9 Months Ended

Sep. 30, 2013

Related Party Transactions

11.

Related Party Transactions

Armada Hoffler provides general contracting and real estate services to certain related party entities that are not included in these consolidated and combined financial statements.

Revenue from construction contracts with related parties of Armada Hoffler was approximately $10.6 million and $7.2 million for the three months ended September 30, 2013 and 2012, respectively. Fees from such contracts were approximately $0.3 million and $0.9 million for the three months ended September 30, 2013 and 2012, respectively.

Revenue from construction contracts with related parties of Armada Hoffler was approximately $35.7 million and $10.0 million for the nine months ended September 30, 2013 and 2012, respectively. Fees from such contracts were approximately $1.1 million and $1.0 million for the nine months ended September 30, 2013 and 2012, respectively.

Real estate services fees from affiliated entities of Armada Hoffler were not significant for either the three or nine months ended September 30, 2013 or 2012. In addition, affiliated entities also reimburse Armada Hoffler for monthly maintenance and facilities management services provided to the properties. Cost reimbursements from affiliated entities were not significant for either the three or nine months ended September 30, 2013 or 2012.

Amounts due to related parties as of September 30, 2013 include amounts payable to prior investors in connection with the Formation Transactions.

Distributions payable to the owners of the Predecessor of approximately $0.5 million are presented within due to affiliates in the combined balance sheet as of December 31, 2012.

Upon completion of the IPO and Formation Transactions, the Operating Partnership supplies letters of credit on behalf of the Company’s construction business.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2013

Commitments and Contingencies

12.

Commitments and Contingencies

Legal Proceedings

Armada Hoffler is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of its business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters.

Armada Hoffler currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on Armada Hoffler’s financial position, results of operations or liquidity. Armada Hoffler accrues a liability for litigation if an unfavorable outcome is determined by management to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined by management to be probable and a range of loss can be reasonably estimated, Armada Hoffler accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Armada Hoffler does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on its financial position or results of operations; however, litigation is subject to inherent uncertainties.

Under Armada Hoffler’s leases, tenants are typically obligated to indemnify Armada Hoffler from and against all liabilities, costs and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant.

Subsequent Events

9 Months Ended

Sep. 30, 2013

Subsequent Events

13.

Subsequent Events

As discussed in Note 5, the Company borrowed an additional $15.0 million on the revolving credit facility, closed on an $18.5 million construction loan to fund the Whetstone Apartments development project, increased the aggregate capacity under the revolving credit facility to $155.0 million, repaid the Bermuda Crossroads loan for approximately $10.8 million, amended six loans and borrowed approximately $5.9 million on the 4525 Main Street and Encore Apartments construction loans.

As discussed in Note 2, the Company paid an aggregate of approximately $5.2 million of cash dividends to common stockholders and common unitholders on October 10, 2013.

Effective October 24, 2013, Admiral Joseph W. Prueher, USN (Ret.) was unanimously elected to the Company’s Board of Directors (the “Board”). Admiral Prueher will serve until the Company’s annual meeting of stockholders to be held in 2014 and until his successor is duly elected and qualifies. In connection with his appointment, Admiral Prueher received a grant of 585 shares of restricted common stock under the Company’s 2013 Equity Incentive Plan. One-third of the grant vested on October 24, 2013, the date of grant, while the remaining two-thirds vest in equal amounts on the first two anniversaries following the date of grant, subject to Admiral Prueher’s continued service on the Board.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2013
Principles of Consolidation and Combination and Basis of Presentation	Principles of Consolidation and Combination and Basis of Presentation The accompanying consolidated and combined financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial position and results of operations of the Company, the Operating Partnership and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The financial position and results of operations of the entities comprising the Predecessor have been combined because they were under the common control of Mr. Hoffler and under the common management by Armada Hoffler. All significant intercompany transactions and balances have been eliminated in combination. In the opinion of management, the consolidated and combined financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented. The accompanying consolidated and combined financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim financial statements should be read in conjunction with the audited combined financial statements of the Predecessor for the year ended December 31, 2012, included in the Company’s final prospectus dated May 7, 2013 and filed with the SEC on May 9, 2013 (SEC File No. 333-187513).
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities as of the date of the financial statements. Such estimates are based on management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from management’s estimates.
Income Taxes	Income Taxes For periods prior to the completion of the IPO and the Formation Transactions on May 13, 2013, no provision was made for U.S. federal, state or local income taxes because profits and losses of the Predecessor flowed through to its respective partners, members and shareholders who were individually responsible for reporting such amounts. For periods subsequent to the completion of the IPO and the Formation Transactions, the taxable REIT subsidiaries (“TRS”) of the Operating Partnership are subject to federal, state and local corporate income taxes. The Operating Partnership conducts its development and construction businesses through the TRS. The related income tax provision or benefit attributable to the profits or losses of the TRS is reflected in the consolidated and combined financial statements. The Company uses the liability method of accounting for deferred income tax in accordance with GAAP. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the carrying value of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the statutory rates expected to be applied in the periods in which those temporary differences are settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change. A valuation allowance is recorded on the Company’s deferred tax assets when it is more likely than not that such assets will not be realized. When evaluating the realizability of the Company’s deferred tax assets, all evidence, both positive and negative is evaluated. Items considered in this analysis include the ability to carryback losses, the reversal of temporary differences, tax planning strategies and expectations of future earnings. Under GAAP, the amount of tax benefit to be recognized is the amount of benefit that is more likely than not to be sustained upon examination. Management analyzes its tax filing positions in the U.S. federal, state and local jurisdictions where it is required to file income tax returns for all open tax years. If, based on this analysis, management determines that uncertainties in tax positions exist, a liability is established. The Company recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction to the provision for income taxes.
Noncontrolling Interests	Noncontrolling Interests Upon completion of the IPO and the Formation Transactions, the Operating Partnership issued 13,059,365 common units of limited partnership interest to the Predecessor’s prior investors as partial consideration for the contribution of their interests in the Predecessor to the Operating Partnership, which the Company recognized at fair value. Noncontrolling interests in the Company represent common units of the Operating Partnership held by the Predecessor’s prior investors. As of September 30, 2013, the Company held a 59.5% interest in the Operating Partnership. As the sole general partner and the majority interest holder, the Company consolidates the financial position and results of operations of the Operating Partnership. Holders of common units may not transfer their units without the Company’s prior consent as general partner of the Operating Partnership. Beginning on the first anniversary of the completion of the IPO and the Formation Transactions, common unitholders may tender their units for redemption by the Operating Partnership in exchange for cash equal to the market price of shares of the Company’s common stock at the time of redemption or, at the Company’s option and sole discretion, for shares of common stock on a one-for-one basis. Accordingly, the Company presents the common units of the Operating Partnership held by the Predecessor’s prior investors as noncontrolling interests within equity in the consolidated balance sheet.
Dividends	Dividends On July 11, 2013, the Company paid cash dividends of approximately $1.5 million to common stockholders and approximately $1.1 million to common unitholders, representing $0.08 per share or unit. On August 9, 2013, the Company’s Board of Directors declared a cash dividend of $0.16 per share or unit payable on October 10, 2013 to common stockholders and common unitholders of record on October 1, 2013. On October 10, 2013, the Company paid cash dividends of approximately $3.1 million to common stockholders and approximately $2.1 million to common unitholders. The aggregate $5.2 million dividend payable as of September 30, 2013 is presented within other liabilities in the condensed consolidated balance sheet.
Net Income Per Share	Net Income Per Share The Company calculates net income per share based upon the weighted average shares outstanding during the period beginning May 13, 2013. Diluted net income per share is calculated after giving effect to all potential dilutive shares outstanding during the period. There were no potential dilutive shares outstanding during the three or nine months ended September 30, 2013. As a result, basic and diluted outstanding shares were the same.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Segments (Tables)

9 Months Ended

Sep. 30, 2013

Net Operating Income of Reportable Segments

Net operating income of Armada Hoffler’s reportable segments for the three and nine months ended September 30, 2013 and 2012 was as follows (in thousands):


	Three Months Ended September 30,					Nine Months Ended September 30,
	2013		2012			2013		2012
	(Unaudited)
Office real estate
Rental revenues	$	6,364	$	6,194		$	19,270	$	19,153
Property expenses		2,081		2,271			5,967		5,921

Segment net operating income		4,283		3,923			13,303		13,232

Retail real estate
Rental revenues		5,683		5,297			16,071		15,584
Property expenses		1,745		1,618			5,054		4,624

Segment net operating income		3,938		3,679			11,017		10,960
Multifamily residential real estate
Rental revenues		2,852		1,827			7,187		5,577
Property expenses		1,331		946			3,224		2,453

Segment net operating income		1,521		881			3,963		3,124

General contracting and real estate services
Segment revenues		21,896		13,631			63,143		40,655
Segment expenses		20,907		12,707			60,868		38,200

Segment net operating income		989		924			2,275		2,455

Other		—		(2	)		—		(39	)

Net operating income	$	10,731	$	9,405		$	30,558	$	29,732

Reconciliation of Net Operating Income to Net Income

The following table reconciles net operating income to net income for the three and nine months ended September 30, 2013 and 2012 (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
	(Unaudited)
Net operating income	$	10,731		$	9,405		$	30,558		$	29,732
Depreciation and amortization		(3,933	)		(2,718	)		(11,112	)		(9,297	)
General and administrative expenses		(1,638	)		(904	)		(5,212	)		(2,692	)
Impairment charges		—			—			(533	)		—
Interest expense		(2,598	)		(4,174	)		(9,802	)		(12,518	)
Loss on extinguishment of debt		(1,127	)		—			(2,252	)		—
Gain on acquisitions		—			—			9,460			—
Other income (expense)		(109	)		146			343			533
Results from discontinued operations		—			—			—			(10	)
Income tax benefit (expense)		(74	)		—			137			—

Net income	$	1,252		$	1,755		$	11,587		$	5,748

Rental Revenues of Reportable Segments

Rental revenues of Armada Hoffler’s reportable segments for the three and nine months ended September 30, 2013 and 2012 comprised the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
	(Unaudited)
Minimum rents
Office	$	6,059	$	5,972	$	18,264	$	17,919
Retail		4,759		4,376		13,733		13,072
Multifamily		2,370		1,621		6,060		4,814
Percentage rents⁽¹⁾
Office		—		—		104		109
Retail		35		40		88		96
Multifamily		21		30		84		93
Other⁽²⁾
Office		304		222		901		1,125
Retail		890		881		2,251		2,416
Multifamily		461		176		1,043		670

Rental revenues	$	14,899	$	13,318	$	42,528	$	40,314

(1)	Percentage rents are based on tenants’ sales.

(2)	Other rental revenue includes cost reimbursements for real estate taxes, property insurance and common area maintenance as well as termination fees.

Property Expenses of Reportable Segments

Property expenses of Armada Hoffler’s reportable segments for the three and nine months ended September 30, 2013 and 2012 comprised the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
	(Unaudited)
Rental expenses
Office	$	1,536	$	1,740	$	4,341	$	4,303
Retail		1,230		1,134		3,593		3,239
Multifamily		1,074		761		2,534		1,896
Other		—		2		—		7

Total	$	3,840	$	3,637	$	10,468	$	9,445

Real estate taxes
Office	$	545	$	531	$	1,626	$	1,618
Retail		515		484		1,461		1,385
Multifamily		257		185		690		557
Other		—		—		—		32

Total	$	1,317	$	1,200	$	3,777	$	3,592

Property expenses	$	5,157	$	4,837	$	14,245	$	13,037

Real Estate Investments (Tables)

9 Months Ended

Sep. 30, 2013

Real Estate Investments

Armada Hoffler’s real estate investments comprised the following as of September 30, 2013 and December 31, 2012 (in thousands):


	September 30, 2013			December 31, 2012
	(Unaudited)
Land	$	37,812		$	24,511
Land improvements		12,567			11,543
Buildings and improvements		364,439			316,596
Development costs		4,173			2,090
Construction in progress		21,923			—

		440,914			354,740

Accumulated depreciation		(101,920	)		(92,454	)

Net real estate investments	$	338,994		$	262,286

Indebtedness (Tables)

9 Months Ended

Sep. 30, 2013

Extinguishment of Debt

In connection with the IPO and Formation Transactions, the Company used proceeds from the IPO and the revolving credit facility to repay the following debt (in thousands):


Armada Hoffler Tower	$	38,813
Richmond Tower		46,523
Two Columbus		18,785
Virginia Natural Gas		5,457
Sentara Williamsburg		10,915
North Point Center Note 3		9,242
Gainsborough Square		9,732
Parkway Marketplace		5,669
Courthouse 7-Eleven Note 1		1,485

Properties unencumbered			$	146,621
Broad Creek Shopping Center Note 2		2,697
Oyster Point Participation Note		643

Other debt repayments				3,340

Total			$	149,961

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Schedule of Derivatives

Armada Hoffler’s derivatives comprised the following as of September 30, 2013 and December 31, 2012 (in thousands):


	September 30, 2013							December 31, 2012
			(Unaudited)
	Notional Amount		Fair Value					Notional Amount		Fair Value
	Notional Amount		Gain		Loss			Notional Amount		Gain		Loss
Pay fixed interest rate swaps	$	710	$	—	$	(18	)	$	11,721	$	—	$	(239	)
Interest rate caps		112,232		97		—			9,356		9		—

Total	$	112,942	$	97	$	(18	)	$	21,077	$	9	$	(239	)

The changes in the fair value of Armada Hoffler’s derivatives during the three and nine months ended September 30, 2013 and 2012 comprised the following (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
	(Unaudited)
Pay fixed interest rate swaps	$	(2	)	$	122		$	150		$	343
Interest rate caps		(113	)		(5	)		(109	)		(5	)

Other (expense) income	$	(115	)	$	117		$	41		$	338

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs

The carrying amounts and fair values of our financial instruments, all of which are based on Level 2 inputs, as of September 30, 2013 and December 31, 2012 were as follows (in thousands):


	September 30, 2013				December 31, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Unaudited)
Secured debt	$	247,356	$	234,375	$	334,438	$	339,623
Participating note		—		—		643		643
Interest rate swap liabilities		18		18		239		239
Interest rate cap assets		97		97		9		9
Cash surrender value of life insurance		—		—		1,196		1,196
Deferred compensation liability		—		—		1,249		1,249

Acquisition of Non-controlled Entities (Tables)

9 Months Ended

Sep. 30, 2013

Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):


	Bermuda Crossroads			Smith’s Landing
	(Unaudited)
Income producing property	$	16,091		$	35,105
Intangible assets		2,860			2,420
Net working capital		237			14
Secured debt		(11,053	)		(24,995	)
Below-market leases		(1,750	)		—

Net assets acquired	$	6,385		$	12,544

Consolidated and Combined Results of Operations on a Pro Forma Basis


	Three Months Ended September 30,				Nine Months Ended September 30
	2013		2012		2013		2012
	(Unaudited)
Rental revenues	$	14,899	$	14,767	$	44,538	$	44,564
Net (loss) income		1,448		1,863		2,667		15,233

Business and Organization - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended
	May 22, 2013 $ / shares shares	May 13, 2013 USD ($) Property Parcels $ / shares shares	Sep. 30, 2013 Property
Real Estate Properties [Line Items]
Proceeds from Initial Public Offering \| $		$ 203.2
Options to acquire developeable lands, number of parcels of developable land to be acquired \| Parcels		9
Interest acquired		100.00%
Number Of Units to be purchased under purchase agreement		197
IPO
Real Estate Properties [Line Items]
Common stock, shares issued \| shares		16,525,000
Common stock, purchase price \| $ / shares		$ 11.50
Underwriters Exercise Of Overallotment Option
Real Estate Properties [Line Items]
Common stock, shares issued \| shares	2,478,750
Common stock, purchase price \| $ / shares	$ 11.50
Subsidiaries
Real Estate Properties [Line Items]
Interest acquired		100.00%
Subsidiaries \| Real estate properties
Real Estate Properties [Line Items]
Number of properties			22
Subsidiaries \| Real estate properties \| Office real estate
Real Estate Properties [Line Items]
Number of properties			7
Subsidiaries \| Real estate properties \| Retail real estate
Real Estate Properties [Line Items]
Number of properties			14
Subsidiaries \| Real estate properties \| Multifamily residential real estate
Real Estate Properties [Line Items]
Number of properties			1
Subsidiaries \| Development Pipeline
Real Estate Properties [Line Items]
Number of properties			6
Subsidiaries \| Development Pipeline \| Office real estate
Real Estate Properties [Line Items]
Number of properties			2
Subsidiaries \| Development Pipeline \| Retail real estate
Real Estate Properties [Line Items]
Number of properties			2
Subsidiaries \| Development Pipeline \| Multifamily residential real estate
Real Estate Properties [Line Items]
Number of properties			2
Equity Method Investments
Real Estate Properties [Line Items]
Interest acquired		100.00%
Equity Method Investments \| Retail real estate
Real Estate Properties [Line Items]
Number of properties			1
Equity Method Investments \| Multifamily residential real estate
Real Estate Properties [Line Items]
Number of properties			1
Operating Partnership
Real Estate Properties [Line Items]
Operating partnership payment of outstanding indebtedness \| $		$ 150.0
Consideration paid to prior investors \| $		$ 47.2

Initial Public Offering and Formation Transactions - Additional Information (Detail) - Operating Partnership - USD ($) $ in Millions	1 Months Ended
	Jul. 16, 2013	May 13, 2013
Operations And Organization [Line Items]
Senior secured revolving credit facility, maximum borrowing capacity		$ 100.0
Senior secured revolving credit facility, maximum borrowing capacity with option		$ 250.0
Revolving credit facility, term		3 years
Revolving credit facility, initial maturity date		May 13, 2016
Revolving credit facility, potential extended maturity date		May 12, 2017
Revolving credit facility, borrowed amount	$ 15.0	$ 40.0
Minimum
Operations And Organization [Line Items]
Revolving credit facility, interest rate description		LIBOR plus 1.60%
Revolving credit facility, percentage added to LIBOR		1.60%
Maximum
Operations And Organization [Line Items]
Revolving credit facility, interest rate description		LIBOR plus 2.20%
Revolving credit facility, percentage added to LIBOR		2.20%

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	9 Months Ended
	Oct. 10, 2013	Aug. 09, 2013	Jul. 11, 2013	Sep. 30, 2013
Schedule Of Significant Accounting Policies [Line Items]
Common units issued				13,059,365
Percentage of Operating Partnership held				59.50%
Cash dividend paid, per share			$ 0.08
Dividends paid				$ 2,578
Cash dividend declared, per share		$ 0.16
Cash dividend declared, payable date		Oct. 10, 2013
Cash dividend declared, record date		Oct. 01, 2013
Dividend payable				$ 5,200
Common Stockholders
Schedule Of Significant Accounting Policies [Line Items]
Dividends paid			$ 1,500
Common Unitholders
Schedule Of Significant Accounting Policies [Line Items]
Dividends paid			$ 1,100
Subsequent Event
Schedule Of Significant Accounting Policies [Line Items]
Dividends paid	$ 5,200
Subsequent Event \| Common Stockholders
Schedule Of Significant Accounting Policies [Line Items]
Dividends paid	3,100
Subsequent Event \| Common Unitholders
Schedule Of Significant Accounting Policies [Line Items]
Dividends paid	$ 2,100

Segments - Additional Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended
Segments - Additional Information (Detail) $ in Thousands	Sep. 30, 2013 USD ($)	Sep. 30, 2012 USD ($)	Sep. 30, 2013 USD ($) Segment	Sep. 30, 2012 USD ($)
Segment Reporting Information [Line Items]
Business segments \| Segment			4
General contracting and real estate services revenues	$ 21,896	$ 13,631	$ 63,143	$ 40,655
General contracting and real estate services expenses	20,907	12,707	60,868	38,200
Non-cash stock compensation			1,012
Impairment charges			533
General contracting and real estate services
Segment Reporting Information [Line Items]
General contracting and real estate services revenues	21,896	13,631	63,143	40,655
General contracting and real estate services expenses	20,907	12,707	60,868	38,200
General and Administrative Expense
Segment Reporting Information [Line Items]
Non-cash stock compensation	200		1,000
Intersegment Eliminations \| General contracting and real estate services
Segment Reporting Information [Line Items]
General contracting and real estate services revenues	13,300	200	18,900	1,000
General contracting and real estate services expenses	$ 13,100	$ 200	$ 18,700	$ 1,000

Net Operating Income of Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Segment Reporting Information [Line Items]
Rental revenues	$ 14,899	$ 13,318	$ 42,528	$ 40,314
Segment revenues	21,896	13,631	63,143	40,655
Other		(2)		(39)
Property expenses	3,840	3,637	10,468	9,445
Segment expenses	20,907	12,707	60,868	38,200
Net operating income	10,731	9,405	30,558	29,732
Office real estate
Segment Reporting Information [Line Items]
Rental revenues	6,364	6,194	19,270	19,153
Property expenses	2,081	2,271	5,967	5,921
Net operating income	4,283	3,923	13,303	13,232
Retail real estate
Segment Reporting Information [Line Items]
Rental revenues	5,683	5,297	16,071	15,584
Property expenses	1,745	1,618	5,054	4,624
Net operating income	3,938	3,679	11,017	10,960
Multifamily residential real estate
Segment Reporting Information [Line Items]
Rental revenues	2,852	1,827	7,187	5,577
Property expenses	1,331	946	3,224	2,453
Net operating income	1,521	881	3,963	3,124
General contracting and real estate services
Segment Reporting Information [Line Items]
Segment revenues	21,896	13,631	63,143	40,655
Segment expenses	20,907	12,707	60,868	38,200
Net operating income	$ 989	$ 924	$ 2,275	$ 2,455

Reconciliation of Net Operating Income to Net Income (Detail) - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2012
Segment Reporting Information [Line Items]
Net operating income	$ 10,731	$ 9,405		$ 30,558	$ 29,732
Depreciation and amortization	(3,933)	(2,718)		(11,112)	(9,297)
General and administrative expenses	(1,638)	(904)		(5,212)	(2,692)
Impairment charges				(533)
Interest expense	(2,598)	(4,174)		(9,802)	(12,518)
Loss on extinguishment of debt	(1,127)			(2,252)
Gain on acquisitions				9,460
Other income (expense)	(109)	146		343	533
Results from discontinued operations					(10)
Income tax benefit (expense)	(74)			137
Net income	$ 1,252	$ 1,755	$ 9,567	$ 11,587	$ 5,748

Rental Revenues of Reportable Segments (Detail) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Segment Reporting Information [Line Items]

Rental revenues

$ 14,899

$ 13,318

$ 42,528

$ 40,314

Office real estate

Segment Reporting Information [Line Items]

Minimum rents

6,059

5,972

18,264

17,919

Percentage rents

^[1]

104

109

Other

^[2]

304

222

901

1,125

Rental revenues

6,364

6,194

19,270

19,153

Retail real estate

Segment Reporting Information [Line Items]

Minimum rents

4,759

4,376

13,733

13,072

Percentage rents

^[1]

Other

^[2]

890

881

2,251

2,416

Rental revenues

5,683

5,297

16,071

15,584

Multifamily residential real estate

Segment Reporting Information [Line Items]

Minimum rents

2,370

1,621

6,060

4,814

Percentage rents

^[1]

Other

^[2]

461

176

1,043

670

Rental revenues

$ 2,852

$ 1,827

$ 7,187

$ 5,577

[1]	Percentage rents are based on tenants' sales.
[2]	Other rental revenue includes cost reimbursements for real estate taxes, property insurance and common area maintenance as well as termination fees.

Property Expenses of Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Segment Reporting Information [Line Items]
Rental expenses	$ 3,840	$ 3,637	$ 10,468	$ 9,445
Real estate taxes	1,317	1,200	3,777	3,592
Property expenses	5,157	4,837	14,245	13,037
Office real estate
Segment Reporting Information [Line Items]
Rental expenses	1,536	1,740	4,341	4,303
Real estate taxes	545	531	1,626	1,618
Retail real estate
Segment Reporting Information [Line Items]
Rental expenses	1,230	1,134	3,593	3,239
Real estate taxes	515	484	1,461	1,385
Multifamily residential real estate
Segment Reporting Information [Line Items]
Rental expenses	1,074	761	2,534	1,896
Real estate taxes	$ 257	185	$ 690	557
Other
Segment Reporting Information [Line Items]
Rental expenses		$ 2		7
Real estate taxes				$ 32

Real Estate Investments (Detail) - USD ($) $ in Thousands	Sep. 30, 2013	Dec. 31, 2012
Real Estate Properties [Line Items]
Land	$ 37,812	$ 24,511
Land improvements	12,567	11,543
Buildings and improvements	364,439	316,596
Development costs	4,173	2,090
Construction in progress	21,923
Gross real estate investments	440,914	354,740
Accumulated depreciation	(101,920)	(92,454)
Net real estate investments	$ 338,994	$ 262,286

Real Estate Investments - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2013	Dec. 31, 2012
Real Estate Properties [Line Items]
Land	$ 37,812	$ 24,511
Main Street Land
Real Estate Properties [Line Items]
Land	2,300	$ 1,800
Bermuda Crossroads
Real Estate Properties [Line Items]
Land	5,500
Whetstone Apartments
Real Estate Properties [Line Items]
Land	2,600
Sandbridge Commons
Real Estate Properties [Line Items]
Land	$ 5,200

Indebtedness - Additional Information (Detail) - USD ($) $ in Thousands				1 Months Ended												3 Months Ended	9 Months Ended
	Oct. 11, 2013	Oct. 10, 2013	Oct. 08, 2013	Oct. 31, 2013	Oct. 25, 2013	Jul. 30, 2013	Jul. 17, 2013	Jul. 16, 2013	May 13, 2013	Apr. 15, 2013	Mar. 25, 2013	Feb. 19, 2013	Feb. 18, 2013	Jan. 03, 2013	Jan. 02, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2012	Nov. 12, 2013	Jan. 16, 2013	Jan. 15, 2013
Debt Instrument [Line Items]
Debt instrument, additional borrowed amount																	$ 62,700	$ 18,752
Loss on extinguishment of debt																$ (1,127)	(2,252)
Loss on extinguishment of debt, unamortized debt issuance costs																	542
Defeased loan amount																	149,961
Operating Partnership
Debt Instrument [Line Items]
Revolving credit facility, borrowed amount								$ 15,000	$ 40,000
Debt issuance costs									1,800
Revolving credit facility, outstanding amount																45,000	45,000
Revolving credit facility, available amount																$ 55,000	$ 55,000
Revolving credit facility, interest rate																1.93%	1.93%
Line of credit facility, borrowing capacity									$ 100,000
Operating Partnership \| Minimum
Debt Instrument [Line Items]
Revolving credit facility, interest rate description									LIBOR plus 1.60%
Construction loan, interest rate									1.60%
Operating Partnership \| Maximum
Debt Instrument [Line Items]
Revolving credit facility, interest rate description									LIBOR plus 2.20%
Construction loan, interest rate									2.20%
Two Columbus
Debt Instrument [Line Items]
Defeased loan amount							$ 14,900
Defeased loan, costs							$ 1,000
Subsequent Event \| Operating Partnership
Debt Instrument [Line Items]
Debt instrument maturity date				Oct. 31, 2018
Revolving credit facility, borrowed amount			$ 15,000
Revolving credit facility, interest rate description				LIBOR plus 2.25%
Construction loan, interest rate				2.25%
Revolving credit facility, outstanding amount			60,000
Line of credit facility, borrowing capacity		$ 155,000
Line of Credit Facility, Borrowing Capacity, Description		On October 10, 2013, the Operating Partnership increased the aggregate capacity under the revolving credit facility to $155.0 million by adding the following six properties to the borrowing base collateral i) One Columbus, (ii) Two Columbus, (iii) a portion of North Point Center, (iv) Gainsborough Square, (v) Parkway Marketplace and (vi) Courthouse 7-Eleven.
Prepaid Loan				$ 1,400
Subsequent Event \| Bermuda Crossroads \| Operating Partnership
Debt Instrument [Line Items]
Revolving credit facility, repayment of debt	$ 10,800
IPO
Debt Instrument [Line Items]
Loss on extinguishment of debt																	$ 1,100
Loss on extinguishment of debt, fees																	(600)
Loss on extinguishment of debt, unamortized debt issuance costs																	542
Construction Loans
Debt Instrument [Line Items]
Debt instrument maturity date						Jan. 30, 2017
Revolving credit facility, interest rate description						LIBOR plus 1.95%
Construction loan, interest rate						1.95%
Construction loan						$ 63,000
Construction Loans \| Subsequent Event
Debt Instrument [Line Items]
Construction loan			$ 18,500
Construction Loans \| Subsequent Event \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Construction loan, interest rate			1.90%
Virginia Natural Gas
Debt Instrument [Line Items]
Stated interest rate, prime rate basis spread on variable rate																				3.00%	4.00%
Defeased loan amount																	5,457
Gainsborough Square
Debt Instrument [Line Items]
Debt instrument maturity date												Jan. 28, 2014	Dec. 28, 2013
Defeased loan amount																	9,732
Broad Creek Shopping Center \| Subsequent Event \| Operating Partnership \| Credit Facility Amendment
Debt Instrument [Line Items]
Debt instrument maturity date					Oct. 31, 2018
Revolving credit facility, interest rate description					LIBOR plus 2.25%
Construction loan, interest rate					2.25%
Broad Creek Shopping Center \| Notes 2
Debt Instrument [Line Items]
Debt instrument, additional borrowed amount										$ 2,700
Defeased loan amount																	$ 2,697
Main Street Land
Debt Instrument [Line Items]
Debt instrument maturity date											Jul. 03, 2013			Apr. 03, 2013	Jan. 05, 2013
Main Street Land \| Construction Loans \| Subsequent Event
Debt Instrument [Line Items]
Construction loan																			$ 5,900

Summary of Repayment of Debt (Detail) $ in Thousands	9 Months Ended
Summary of Repayment of Debt (Detail) $ in Thousands	Sep. 30, 2013 USD ($)
Scheduled Principal Payments For Borrowings [Line Items]
Repayment of debt	$ 149,961
Armada Hoffler Tower
Scheduled Principal Payments For Borrowings [Line Items]
Repayment of debt	38,813
Richmond Tower
Scheduled Principal Payments For Borrowings [Line Items]
Repayment of debt	46,523
Two Columbus
Scheduled Principal Payments For Borrowings [Line Items]
Repayment of debt	18,785
Virginia Natural Gas
Scheduled Principal Payments For Borrowings [Line Items]
Repayment of debt	5,457
Sentara Williamsburg
Scheduled Principal Payments For Borrowings [Line Items]
Repayment of debt	10,915
North Point \| Notes 3
Scheduled Principal Payments For Borrowings [Line Items]
Repayment of debt	9,242
Gainsborough Square
Scheduled Principal Payments For Borrowings [Line Items]
Repayment of debt	9,732
Parkway Marketplace
Scheduled Principal Payments For Borrowings [Line Items]
Repayment of debt	5,669
Courthouse 7-Eleven \| Notes 1
Scheduled Principal Payments For Borrowings [Line Items]
Repayment of debt	1,485
Unencumbered
Scheduled Principal Payments For Borrowings [Line Items]
Repayment of debt	146,621
Broad Creek Shopping Center \| Notes 2
Scheduled Principal Payments For Borrowings [Line Items]
Repayment of debt	2,697
Oyster Point
Scheduled Principal Payments For Borrowings [Line Items]
Repayment of debt	643
Other Financing Obligations Repayments
Scheduled Principal Payments For Borrowings [Line Items]
Repayment of debt	$ 3,340

Derivative Financial Instruments - Additional Informations (Detail) $ in Thousands	1 Months Ended
	Sep. 01, 2013 USD ($)	Sep. 30, 2013 USD ($)	Dec. 31, 2012 USD ($)
Derivative [Line Items]
Total notional amount	$ 103,000	$ 112,942	$ 21,077
Number of interest cap agreement	3
Total Premium paid	$ 200
Minimum
Derivative [Line Items]
Strike price	1.50%
Maximum
Derivative [Line Items]
Strike price	3.50%

Schedule of Derivatives (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Schedule of Derivatives (Detail) - USD ($) $ in Thousands	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Sep. 01, 2013
Derivative [Line Items]
Notional Amount	$ 112,942		$ 112,942		$ 21,077	$ 103,000
Fair Value Gain			97		9
Fair Value Loss			(18)		(239)
Gain	(115)	$ 117	41	$ 338
Pay fixed interest rate swaps
Derivative [Line Items]
Notional Amount	710		710		11,721
Fair Value Loss			(18)		(239)
Gain	(2)	122	150	343
Interest rate cap
Derivative [Line Items]
Notional Amount	112,232		112,232		9,356
Fair Value Gain			97		$ 9
Gain	$ (113)	$ (5)	$ (109)	$ (5)

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation liabilities			$ 1,200
Cash surrender value of life insurance policies			$ 1,200
Stock based awards	700,000	700,000
Stock based awards, term		10 years
Share based compensation cost		$ 1,012
Restricted Stock
Defined Benefit Plan Disclosure [Line Items]
Stock based awards, restricted share granted		168,642
Stock based awards, fair value of shares granted		$ 11.50
Share based compensation cost	$ 200	$ 1,000
Stock based awards, unvested restricted shares	112,223	112,223
Stock based awards, unvested restricted shares total compensation cost	$ 900	$ 900
Stock based awards, unvested restricted shares total compensation cost period	21 months

Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Detail) - USD ($) $ in Thousands	Sep. 30, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured debt	$ 247,356
Cash surrender value of life insurance		$ 1,200
Deferred compensation liability		1,200
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured debt	234,375	339,623
Participating note		643
Interest rate swap liabilities	18	239
Interest rate cap assets	97	9
Cash surrender value of life insurance		1,196
Deferred compensation liability		1,249
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured debt	247,356	334,438
Participating note		643
Interest rate swap liabilities	18	239
Interest rate cap assets	$ 97	9
Cash surrender value of life insurance		1,196
Deferred compensation liability		$ 1,249

Acquisition of Non-controlled Entities - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 13, 2013	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Business Acquisition [Line Items]
Percentage of operating partnership acquired	100.00%
Gain loss from remeasurment of equity mehtod investement	$ 9,500
Proforma Rental revenue	2,300	$ 14,899	$ 14,767	$ 44,538	$ 44,564
Proforma net income	(300)	$ 1,448	$ 1,863	$ 2,667	$ 15,233
Pro Forma
Business Acquisition [Line Items]
Gain loss from remeasurment of equity mehtod investement	$ 9,500
Smith's Landing
Business Acquisition [Line Items]
Ownership percentage of acquired non-controlled entities	60.00%
Acquitions, Consideration in the form of cash and common units	$ 7,500
Acquisition-date fair values of equity interests	$ 5,000
Smith's Landing \| Predecessor
Business Acquisition [Line Items]
Ownership percentage of acquired non-controlled entities	40.00%
Smith's Landing \| Intangible Assets
Business Acquisition [Line Items]
Acquisition, below-market ground lease	$ 1,900
Acquisition, in-place leases	$ 500
Bermuda Crossroads
Business Acquisition [Line Items]
Ownership percentage of acquired non-controlled entities	50.00%
Acquitions, Consideration in the form of cash and common units	$ 3,200
Acquisition, below-market ground lease	1,750
Fair value adjustment to assumed secured debt	200
Acquisition-date fair values of equity interests	$ 3,200
Bermuda Crossroads \| Predecessor
Business Acquisition [Line Items]
Ownership percentage of acquired non-controlled entities	50.00%

Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) $ in Thousands	May 13, 2013 USD ($)
Bermuda Crossroads
Business Acquisition [Line Items]
Income producing property	$ 16,091
Intangible assets	2,860
Net working capital	237
Secured debt	(11,053)
Below-market leases	(1,750)
Net assets acquired	6,385
Smith's Landing
Business Acquisition [Line Items]
Income producing property	35,105
Intangible assets	2,420
Net working capital	14
Secured debt	(24,995)
Net assets acquired	$ 12,544

Consolidated and Combined Results of Operations on a Pro Forma Basis (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 13, 2013	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Rental revenues	$ 2,300	$ 14,899	$ 14,767	$ 44,538	$ 44,564
Net (loss) income	$ (300)	$ 1,448	$ 1,863	$ 2,667	$ 15,233

Discontinued Operations - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2012 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposal of discontinuous operation	$ 0.5

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Related Party Transaction Due From To Related Party [Line Items]
Revenue from contracts with affiliated entities	$ 10.6	$ 7.2	$ 35.7	$ 10.0
Fees from contracts with affiliated entities	$ 0.3	$ 0.9	$ 1.1	$ 1.0
Distributions payable to the owners					$ 0.5

- Definition

Amounts due to recorded owners or owners with a beneficial interest of more than 10 percent of the voting interests or officers of the company.

+ References + Details

Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands				1 Months Ended			9 Months Ended
	Oct. 11, 2013	Oct. 10, 2013	Oct. 08, 2013	Oct. 24, 2013	Jul. 16, 2013	May 13, 2013	Sep. 30, 2013	Nov. 12, 2013	Jul. 30, 2013
Subsequent Event [Line Items]
Dividends paid							$ 2,578
Operating Partnership
Subsequent Event [Line Items]
Revolving credit facility, borrowed amount					$ 15,000	$ 40,000
Line of credit facility, borrowing capacity						$ 100,000
Construction Loans
Subsequent Event [Line Items]
Construction loan									$ 63,000
Subsequent Event
Subsequent Event [Line Items]
Dividends paid		$ 5,200
Subsequent Event \| Board of Directors \| 2013 Equity Incentive Plan
Subsequent Event [Line Items]
Restricted Share Granted				585
Shares vested percentage				0.33%
shares expected to vest percentage				0.67%
Subsequent Event \| Operating Partnership
Subsequent Event [Line Items]
Revolving credit facility, borrowed amount			$ 15,000
Line of credit facility, borrowing capacity		$ 155,000
Subsequent Event \| Operating Partnership \| Bermuda Crossroads
Subsequent Event [Line Items]
Revolving credit facility, repayment of debt	$ 10,800
Subsequent Event \| Construction Loans
Subsequent Event [Line Items]
Construction loan			$ 18,500
Subsequent Event \| Construction Loans \| Main Street Land
Subsequent Event [Line Items]
Construction loan								$ 5,900

Label	Element	Value
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 192,183,000
Stockholders Equity Other	us-gaap_StockholdersEquityOther	37,576,000
Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition	1,012,000
Dividends	us-gaap_Dividends	7,733,000
Additional Paid In Capital [Member]
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	(2,000)
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	191,993,000
Stockholders Equity Other	us-gaap_StockholdersEquityOther	191,993,000
Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition	1,012,000
Parent [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	192,183,000
Stockholders Equity Other	us-gaap_StockholdersEquityOther	189,718,000
Profit Loss	us-gaap_ProfitLoss	5,631,000
Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition	1,012,000
Dividends	us-gaap_Dividends	4,599,000
Noncontrolling Interest [Member]
Stockholders Equity Other	us-gaap_StockholdersEquityOther	(152,142,000)
Profit Loss	us-gaap_ProfitLoss	3,936,000
Dividends	us-gaap_Dividends	3,134,000
Common Stock [Member]
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	2,000
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 190,000
Stock Issued During Period Shares New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	19,003,750
Stock Issued During Period Shares Restricted Stock Award Forfeited	us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited	205
Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures	us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures	159,955
Retained Earnings [Member]
Stockholders Equity Other	us-gaap_StockholdersEquityOther	$ 47,227,000
Profit Loss	us-gaap_ProfitLoss	5,631,000
Dividends	us-gaap_Dividends	4,599,000
Retained Earnings [Member] \| Predecessor [Member]
Stockholders Equity Other	us-gaap_StockholdersEquityOther	$ (49,502,000)