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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2013	Mar. 24, 2014	Jun. 28, 2013
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Trading Symbol	AHH
Entity Registrant Name	ARMADA HOFFLER PROPERTIES, INC.
Entity Central Index Key	0001569187
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		19,254,365
Entity Public Float			$ 225,100,000

Condensed Combined Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Real estate investments:
Income producing property	$ 406,239	$ 350,814
Held for development		3,926
Construction in progress	56,737
Gross real estate investments	462,976	354,740
Accumulated depreciation	(105,228)	(92,454)
Net real estate investments	357,748	262,286
Cash and cash equivalents	18,882	9,400
Restricted cash	2,160	3,725
Accounts receivable, net	18,272	17,423
Construction receivables, including retentions	12,633	10,490
Construction contract costs and estimated earnings in excess of billings	1,178	1,206
Due from affiliates		5,719
Other assets	24,409	21,564
Total Assets	435,282	331,813
Indebtedness:
Secured debt	277,745	334,438
Participating note		643
Accounts payable and accrued liabilities	6,463	2,478
Construction payables, including retentions	28,139	17,369
Billings in excess of construction contract costs and estimated earnings	1,541	4,236
Due to affiliates		3,597
Other liabilities	15,873	10,393
Total Liabilities	329,761	373,154
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized, 19,163,413 shares issued and outstanding as of December 31, 2013	192
Additional paid-in capital	1,247
Distributions in excess of earnings	(47,934)
Predecessor deficit		(41,341)
Total stockholders' and predecessor deficit	(46,495)	(41,341)
Noncontrolling interests	152,016
Total Equity	105,521	(41,341)
Total Liabilities and Equity	$ 435,282	$ 331,813

Condensed Combined Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2013	Dec. 31, 2012
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	19,163,413	19,163,413
Common stock, shares outstanding	19,163,413	19,163,413

Condensed Combined Statements of Income (Predecessor, USD $) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues
Rental revenues	$ 57,520	$ 54,436	$ 52,578
General contracting and real estate services revenues	82,516	54,046	77,602
Total revenues	140,036	108,482	130,180
Expenses
Rental expenses	14,025	12,682	12,568
Real Estate Taxes	5,124	4,865	4,781
General contracting and real estate services expenses	78,813	50,103	72,138
Depreciation and amortization	14,898	12,909	12,994
General and administrative expenses	6,937	3,232	3,728
Impairment charges	580
Total expenses	120,377	83,791	106,209
Operating income	19,659	24,691	23,971
Interest expense	(12,303)	(16,561)	(18,134)
Loss on extinguishment of debt	(2,387)		(3,448)
Gain on acquisitions	9,460
Other income	297	777	258
Income before taxes	14,726	8,907	2,647
Income tax provision	(273)	0	0
Income from continuing operations	14,453	8,907	2,647
Discontinued operations:
Loss from discontinued operations		(35)	(318)
Gain (loss) on sale of real estate		25	(63)
Results from discontinued operations		(10)	(381)
Net income	14,453	$ 8,897	$ 2,266
Net income attributable to noncontrolling interests	(5,097)
Net income attributable to stockholders	$ 7,336
Net income per share and unit:
Basic and diluted	$ 0.39
Weighted-average outstanding:
Common shares	19,046
Common units	13,059
Basic and diluted	32,105
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	Predecessor deficit	Total stockholders' and predecessor deficit	Noncontrolling interests
Balance (Predecessor) at Dec. 31, 2010	$ (23,545)				$ (23,545)	$ (23,545)
Net income \| Predecessor	2,266				2,266	2,266
Net income	2,266
Contributions \| Predecessor	11,117				11,117	11,117
Distributions \| Predecessor	(27,237)				(27,237)	(27,237)
Balance (Predecessor) at Dec. 31, 2011	(37,399)				(37,399)	(37,399)
Net income \| Predecessor	8,897				8,897	8,897
Net income	8,897
Contributions \| Predecessor	1,655				1,655	1,655
Distributions \| Predecessor	(14,494)				(14,494)	(14,494)
Balance (Predecessor) at Dec. 31, 2012	(41,341)				(41,341)	(41,341)
Balance at Dec. 31, 2012	$ (41,341)
Balance (in shares)	19,163,413
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)
Balance at Dec. 31, 2012	(41,341)
Net income	14,453
Balance at Dec. 31, 2013	105,521	$ 192	$ 1,247	$ (47,934)		(46,495)	$ 152,016
Balance (Predecessor) at May. 12, 2013	(49,502)				(49,502)	(49,502)
Net proceeds from sale of common stock	192,183	$ 190	191,993			192,183
Net proceeds from sale of common stock (in shares)		19,003,750
Formation transactions	(37,954)		(191,993)	(47,605)	$ 49,502	(190,096)	152,142
Restricted stock award grants		$ 2	(2)
Restricted stock award grants (in shares)		160,540
Restricted stock award forfeitures (in shares)		(877)
Vesting of restricted stock awards	1,249		1,249			1,249
Net income	12,433			7,336		7,336	5,097
Dividends declared	(12,888)			(7,665)		(7,665)	(5,223)
Balance at Dec. 31, 2013	$ 105,521	$ 192	$ 1,247	$ (47,934)		$ (46,495)	$ 152,016
Balance (in shares)	19,163,413	19,163,413

Condensed Combined Statements of Cash Flows (Predecessor, USD $) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
OPERATING ACTIVITIES
Net income	$ 14,453	$ 8,897	$ 2,266
Results from discontinued operations		10	381
Income from continuing operations	14,453	8,907	2,647
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	12,806	11,601	11,708
Amortization of deferred leasing costs and in-place lease intangibles	2,092	1,308	1,286
Accrued straight-line rental revenue	(1,055)	(2,158)	(2,370)
Amortization of lease incentives and above or below-market rents	683	755	663
Accrued straight-line ground rent expense	364	333	312
Bad debt expense	162	305	140
Noncash stock compensation	1,249
Impairment charges	580
Noncash interest expense	636	615	896
Noncash loss on extinguishment of debt	644		1,083
Gain on acquisitions	(9,460)
Change in the fair value of derivatives	12	(408)	(436)
Income from real estate joint ventures	(210)	(261)	(309)
Loss on disposal of real estate assets			569
Changes in operating assets and liabilities, net of acquisitions:
Property assets	7,761	(991)	8,196
Property liabilities	(2,836)	2,404	(1,168)
Construction assets	(2,115)	2,170	7,694
Construction liabilities	(3,591)	(2,220)	(7,575)
Net cash provided by continuing operations	22,175	22,360	23,336
Net cash used for discontinued operations		(34)	(153)
Net cash provided by operating activities	22,175	22,326	23,183
INVESTING ACTIVITIES
Development of real estate investments	(41,298)	(2,665)	(3,576)
Tenant and building improvements	(3,920)	(2,307)	(3,801)
Acquisitions of real estate investments, net of cash acquired	(2,106)
Government development grants	300	400	750
Decrease in restricted cash	93	184	1,517
Contributions to real estate joint ventures	(81)
Return of capital from real estate joint ventures	511	405	580
Deferred leasing costs	(1,180)	(741)	(1,973)
Leasing incentives	(266)	(475)	(1,956)
Net cash used for continuing operations	(47,947)	(5,199)	(8,459)
Net cash provided by discontinued operations		497	2,461
Net cash used for investing activities	(47,947)	(4,702)	(5,998)
FINANCING ACTIVITIES
Proceeds from sale of common stock	203,245
Offering costs	(7,937)	(3,125)
Formation transactions	(47,450)
Debt issuances and credit facility borrowings	106,054	30,612	69,049
Debt and credit facility payments, including principal amortization	(197,478)	(35,093)	(63,698)
Debt issuance costs	(2,738)	(931)	(943)
Predecessor contributions	2,218	1,655	11,058
Predecessor distributions	(12,927)	(14,791)	(26,412)
Common stock dividends and common unit distributions	(7,733)
Net cash provided by (used for) continuing operations	35,254	(21,673)	(10,946)
Net cash used for discontinued operations			(1,225)
Net cash provided by (used for) financing activities	35,254	(21,673)	(12,171)
Net increase (decrease) in cash and cash equivalents	9,482	(4,049)	5,014
Cash and cash equivalents, beginning of period	9,400	13,449	8,435
Cash and cash equivalents, end of period	18,882	9,400	13,449
Supplemental cash flow information:
Cash paid for interest	12,617	16,161	17,366
Noncash contributions			59
(Decrease) increase in distributions payable	$ (528)	$ (297)	$ 825

Business and Organization

12 Months Ended

Dec. 31, 2013

Business and Organization

1.	*Business and Organization*

Armada Hoffler Properties, Inc. (the “Company”) is a full service real estate company with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic United States.

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 the 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”) was not a single legal entity, but rather a combination of real estate and construction entities. The entities comprising the Predecessor included: (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 owned 22 properties (seven office, 14 retail and one multifamily), (iv) controlling interests in entities that undertook the development of six properties (two office, two retail and two multifamily, collectively, the “Development Pipeline”) and (v) noncontrolling interests in entities that owned one retail property and one multifamily property (collectively, the “Noncontrolled 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 of 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 Noncontrolled 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

Noncontrolled Entities (Equity method accounting 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 and related offering costs were $192.0 million. The common stock is 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 $150.0 million of outstanding indebtedness with net proceeds from the IPO and paid $47.6 million as partial consideration to prior investors in connection with the Formation Transactions.

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. 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.

Pursuant to the Formation Transactions, the Operating Partnership: (i) acquired 100% of the interests in the Controlled Entities and the Noncontrolled 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, Virginia, upon satisfaction of certain conditions and transferability restrictions including completion of the project’s construction by AH Construction. The Operating Partnership completed the acquisition of Liberty Apartments on January 17, 2014.

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 Noncontrolled Entities were accounted for as purchases at fair value under the acquisition method of accounting.

Because of the timing of the IPO and the Formation Transactions, the financial condition as of December 31, 2012 and results of operations for the years ended December 31, 2012 and 2011 reflect those of the Predecessor. The results of operations for the year ended December 31, 2013 reflect those of the Predecessor together with the Company, while the financial condition as of December 31, 2013 reflects solely that of the Company. References to “Armada Hoffler” in these notes to consolidated and combined financial statements 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.

- Definition

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

+ References

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+ Details

Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Significant Accounting Policies

2.	*Significant Accounting Policies*

Basis of Presentation

The accompanying consolidated and combined financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).

The consolidated financial statements 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 common ownership by their individual partners, members and stockholders and under common control of Mr. Hoffler. All significant intercompany transactions and balances have been eliminated in combination.

Use of Estimates

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

Segments

Segment information is prepared on the same basis that 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 general contracting and real estate services business develops and builds properties for its own account and also provides construction and development services to both related and third parties.

Revenue Recognition

Rental Revenues

Armada Hoffler leases its properties under operating leases and recognizes base rents when earned on a straight-line basis over the lease term. Armada Hoffler begins recognizing rental revenue when the tenant has the right to take possession of or controls the physical use of the property under lease. Armada Hoffler recognizes contingent rental revenue (e.g., percentage rents based on tenant sales) when changes in the factors on which the contingent lease payments are based actually occur. Armada Hoffler recognizes lease incentives as reductions to rental revenue on a straight-line basis over the lease term. Armada Hoffler recognizes cost reimbursement revenue for real estate taxes, operating expenses and common area maintenance costs on an accrual basis during the periods in which the expenses are incurred. Armada Hoffler recognizes lease termination fees either upon termination or evenly over any remaining lease term.

General Contracting and Real Estate Services Revenues

Armada Hoffler recognizes general contracting revenue on construction contracts using the percentage-of-completion method. Under this method, Armada Hoffler recognizes revenue and an estimated profit as construction contract costs are incurred based on the proportion of incurred costs to total estimated construction contract costs at completion. Construction contract costs include all direct material, labor and subcontract costs as well as any indirect costs related to contract performance. Provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined. Changes in job performance, job conditions and estimated profitability, including those arising from contract penalty provisions and final contract settlements, may result in revisions to costs and income and are recognized in the period in which they are determined. Profit incentives are included in revenues when their realization is probable and when they can be reasonably estimated.

Armada Hoffler recognizes real estate services revenues from property development and management when realized and earned, generally as such services are provided.

Real Estate Investments

Income producing property primarily includes land, buildings and tenant improvements and is stated at cost. Real estate investments held for development include land and capitalized development costs. Armada Hoffler reclassifies real estate investments held for development to construction in progress upon commencement of construction. Construction in progress is stated at cost. Direct and certain indirect costs clearly associated with the development, redevelopment, construction, leasing or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred.

Armada Hoffler capitalizes direct and indirect project costs associated with the initial construction of a property until the property is substantially complete and ready for its intended use. Capitalized project costs include preacquisition development and preconstruction costs including salaries and related costs of personnel directly involved, real estate taxes, insurance, utilities, ground rent and interest. Interest capitalized during the year ended December 31, 2013 was $0.6 million. Interest capitalized during the years ended December 31, 2012 and 2011 was not significant. Preacquisition development and preconstruction costs, including salaries and related personnel costs, capitalized during each of the three years ended December 31, 2013 were $1.6 million, $0.4 million and $1.3 million, respectively.

Armada Hoffler capitalizes preacquisition development costs directly identifiable with specific properties when the acquisition of such properties is probable. Capitalized preacquisition development costs are presented within other assets in the consolidated and combined balance sheets. Costs attributable to unsuccessful projects are expensed.

Armada Hoffler recognizes real estate development grants from state and local governments as reductions to the carrying amounts of the related real estate investments when any attached conditions are satisfied and when there is reasonable assurance that the grant will be received.

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


Buildings		39 years
Capital improvements		15—20 years
Equipment		5—15 years
Tenant improvements		Term of the related lease (or estimated useful life, if shorter)

Impairment of Long Lived Assets

Armada Hoffler evaluates its real estate assets for impairment on a property by property basis whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If such an evaluation is necessary, Armada Hoffler compares the carrying amount of any such real estate asset with the undiscounted expected future cash flows that are directly associated with, and that are expected to arise as a direct result of, its use and eventual disposition. If the carrying amount of a real estate asset exceeds the associated estimate of undiscounted expected future cash flows, an impairment loss is recognized to reduce the real estate asset’s carrying value to its fair value.

Real estate assets classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. Once a property is designated as held for sale, it is no longer depreciated. A property is classified as held for sale when: (i) senior management commits to a plan to sell the property, (ii) the sale is expected to be completed within one year under terms usual and customary for such sales and (iii) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

Cash and Cash Equivalents

Cash and cash equivalents include demand deposits, investments in money market funds and investments with an original maturity of three months or less.

Restricted Cash

Restricted cash represents amounts held by lenders for real estate taxes, insurance and reserves for capital improvements. Armada Hoffler presents changes in cash restricted for real estate taxes and insurance as operating activities in the consolidated and combined statements of cash flows. Armada Hoffler presents changes in cash restricted for capital improvements as investing activities in the consolidated and combined statements of cash flows.

Accounts Receivable, net

Accounts receivable include amounts from tenants for base rents, contingent rents and cost reimbursements as well as accrued straight-line rental revenue.

Armada Hoffler’s evaluation of the collectability of accounts receivable and the adequacy of the allowance for doubtful accounts is based primarily upon evaluations of individual receivables, current economic conditions, historical experience and other relevant factors. Armada Hoffler establishes reserves for tenant receivables outstanding over 90 days. For all such tenants, Armada Hoffler also reserves any related accrued straight-line rental revenue. Additional reserves are recorded for more current amounts, as applicable, when Armada Hoffler has determined collectability to be doubtful. Armada Hoffler presents bad debt expense within rental expenses in the consolidated and combined statements of income. The extended collection period for accrued straight-line rental revenue along with Armada Hoffler’s evaluation of tenant credit risk may result in the nonrecognition of all or a portion of straight-line rental revenue until the collection of such revenue is reasonably assured.

Deferred Leasing Costs

Commissions paid by Armada Hoffler to third parties to originate a lease are deferred and amortized as depreciation and amortization expense on a straight-line basis over the term of the related lease. Deferred leasing costs are presented within other assets in the consolidated and combined balance sheets.

Lease Incentives

Incentives paid by Armada Hoffler to tenants are deferred and amortized as reductions to rental revenues on a straight-line basis over the term of the related lease. Lease incentives are presented within other assets in the consolidated and combined balance sheets.

Acquired Lease Intangibles

Acquired lease intangibles are presented within other assets and other liabilities in the consolidated balance sheet. The Company amortizes in-place lease assets as depreciation and amortization expense on a straight-line basis over the remaining term of the underlying leases. The Company amortizes above-market lease assets as reductions to rental revenues on a straight-line basis over the remaining term of the underlying leases. The Company amortizes below-market lease liabilities as increases to rental revenues on a straight-line basis over the remaining term of the underlying leases. The Company amortizes below-market ground lease assets as increases to rental expenses on a straight-line basis over the remaining term of the underlying leases.

Debt Issuance Costs

Financing costs are deferred and amortized as interest expense using the effective interest method over the term of the related debt. Debt issuance costs are presented within other assets in the consolidated and combined balance sheets.

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. Armada Hoffler recognizes derivative financial instruments at fair value and presents them within other assets and liabilities in the consolidated and combined balance sheets. Presentation of gains (losses) resulting from changes in the fair value of derivatives depend on their designation and qualification for hedge accounting. Armada Hoffler has not designated any of its derivative instruments as hedges for accounting purposes. As a result, changes in the fair value of derivatives are recognized currently within other income (expense) in the consolidated and combined statements of income.

Stock Based Compensation

The Company measures the compensation cost of restricted stock awards based on the grant date fair value. The Company recognizes compensation cost for the vesting of restricted stock awards using the accelerated attribution method and presents stock-based compensation within general and administrative expenses in the consolidated and combined statement of income.

Income Taxes

The Company will elect to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with the taxable year ended December 31, 2013. To qualify as a REIT for federal income tax purposes, the Company must meet certain organizational and operational requirements, including a requirement to pay distributions to our stockholders of at least 90% of our annual taxable income, excluding net capital gains. As a REIT, the Company generally is not subject to income tax on net income distributed as dividends to stockholders. The Company is subject to state and local income taxes in some jurisdictions and, in certain circumstances, may also be subject to federal excise taxes on undistributed income. In addition, certain of the Company’s activities must be conducted by subsidiaries which elect to be treated as a taxable REIT subsidiary (“TRS”), which is subject to both federal and state 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 and any taxable income of the Company is reflected in the consolidated and combined financial statements.

The Predecessor was comprised primarily of limited partnerships and limited liability companies. AH Holding and the entities comprising AH Construction were organized as S-corporations. Under applicable federal and state income tax rules, the allocated share of net income or loss from the limited partnerships, limited liability companies and S-corporations flows through to the respective partners, members and shareholders. 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.

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.

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.

Net Income Per Share and Unit

The Company calculates net income per share and unit based upon the weighted average shares and units outstanding during the period beginning May 13, 2013. Diluted net income per share and unit is calculated after giving effect to all significant potential dilutive shares outstanding during the period. There were no significant potential dilutive shares or units outstanding during the period May 13, 2013 through December 31, 2013. As a result, basic and diluted outstanding shares and units were the same.

Other Comprehensive Income

Armada Hoffler had no items of other comprehensive income in any of the three years ended 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.

Segments

12 Months Ended

Dec. 31, 2013

Segments

3.	*Segments*

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 each of the three years ended December 31, 2013 was as follows (in thousands):


	Years Ended December 31,
	2013		2012			2011
Office real estate
Rental revenues	$	25,794	$	25,815		$	24,680
Property expenses		7,892		7,668			8,001

Segment net operating income		17,902		18,147			16,679

Retail real estate
Rental revenues		21,755		21,164			20,105
Property expenses		6,779		6,629			5,779

Segment net operating income		14,976		14,535			14,326

Multifamily residential real estate
Rental revenues		9,971		7,457			7,793
Property expenses		4,478		3,176			3,498

Segment net operating income		5,493		4,281			4,295

General contracting and real estate services
Segment revenues		82,516		54,046			77,602
Segment expenses		78,813		50,103			72,138

Segment net operating income		3,703		3,943			5,464

Other		—		(74	)		(71	)

Net operating income	$	42,074	$	40,832		$	40,693

General contracting and real estate services segment revenues for each of the three years ended December 31, 2013 exclude revenue related to intercompany construction contracts of $35.7 million, $1.4 million and $5.6 million, respectively. General contracting and real estate services segment expenses for each of the three years ended December 31, 2013 exclude expenses related to intercompany construction contracts of $35.4 million, $1.3 million and $5.5 million, respectively.

The following table reconciles net operating income to net income for each of the three years ended December 31, 2013 (in thousands):


	Years Ended December 31,
	2013			2012			2011
Net operating income	$	42,074		$	40,832		$	40,693
Depreciation and amortization		(14,898	)		(12,909	)		(12,994	)
General and administrative expenses		(6,937	)		(3,232	)		(3,728	)
Impairment charges		(580	)		—			—
Interest expense		(12,303	)		(16,561	)		(18,134	)
Loss on extinguishment of debt		(2,387	)		—			(3,448	)
Gain on acquisitions		9,460			—			—
Other income		297			777			258
Results from discontinued operations		—			(10	)		(381	)
Income tax provision		(273	)		—			—

Net income	$	14,453		$	8,897		$	2,266

General and administrative expenses represent costs not directly associated with the operation and management of Armada Hoffler’s real estate properties and general contracting business. General and administrative expenses include office personnel salaries and benefits, bank fees, accounting fees, legal fees and other corporate office expenses. General and administrative expenses for the year ended December 31, 2013 include noncash stock compensation of $1.2 million.

During the year ended December 31, 2013, Armada Hoffler recognized $0.6 million of impairment charges representing unamortized leasing assets related to three vacated retail tenants.

Rental revenues of Armada Hoffler’s reportable segments for each of the three years ended December 31, 2013 comprised the following (in thousands):


	Years Ended December 31,
	2013		2012		2011
Minimum rents
Office	$	24,415	$	24,101	$	23,324
Retail		18,473		17,753		16,930
Multifamily		8,364		6,259		6,662
Percentage rents (1)
Office		104		109		107
Retail		121		121		129
Multifamily		105		103		161
Other (2)
Office		1,275		1,605		1,249
Retail		3,161		3,290		3,046
Multifamily		1,502		1,095		970

Rental revenues	$	57,520	$	54,436	$	52,578

(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 each of the three years ended December 31, 2013 comprised the following (in thousands):


	Years Ended December 31,
	2013		2012		2011
Rental expenses
Office	$	5,721	$	5,499	$	5,849
Retail		4,808		4,791		3,940
Multifamily		3,496		2,383		2,771
Other		—		9		8

Total		14,025		12,682		12,568

Real estate taxes
Office		2,171		2,169		2,152
Retail		1,971		1,838		1,839
Multifamily		982		793		727
Other		—		65		63

Total		5,124		4,865		4,781

Property expenses	$	19,149	$	17,547	$	17,349

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
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Rental Revenues

12 Months Ended

Dec. 31, 2013

Rental Revenues

4.	*Rental Revenues*

Armada Hoffler’s rental revenues for each of the three years ended December 31, 2013 comprised the following (in thousands):


	Years ended December 31,
	2013		2012		2011
Base rents	$	51,252	$	48,113	$	46,916
Percentage rents		330		333		397
Other		5,938		5,990		5,265

Rental revenues	$	57,520	$	54,436	$	52,578

Base rents include $1.1 million, $2.2 million and $2.4 million of straight-line revenue recognition for the years ended December 31, 2013, 2012 and 2011, respectively. Minimum rents also include $(0.8) million, $(0.8) million and $(0.7) million of lease incentive amortization for the years ended December 31, 2013, 2012 and 2011, respectively.

Percentage rents are based on tenants’ sales.

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

Operating Leases

12 Months Ended

Dec. 31, 2013

Operating Leases

5.	*Operating Leases*

Armada Hoffler’s commercial tenant leases generally range from five to 20 years, but certain leases with anchor tenants may be longer. Armada Hoffler’s commercial tenant leases provide for minimum rental income during each of the next five years and thereafter as follows (in thousands):


2014	$	44,295
2015		46,297
2016		45,035
2017		42,865
2018		39,486
Thereafter		243,969

Total	$	461,947

Lease terms on multifamily apartment units generally range from seven to 15 months, with a majority having 12-month lease terms. Apartment leases are not included in the preceding table as the remaining terms as of December 31, 2013 are generally less than one year.

Real Estate Investments

12 Months Ended

Dec. 31, 2013

Real Estate Investments

6.	*Real Estate Investments*

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


	December 31,
	2013			2012
Land	$	41,313		$	24,511
Land improvements		12,562			11,543
Buildings and improvements		365,941			316,596
Development costs		—			2,090
Construction in progress		43,160			—

		462,976			354,740

Accumulated depreciation		(105,228	)		(92,454	)

Net real estate investments	$	357,748		$	262,286

In January 2013, Armada Hoffler began construction of 4525 Main Street and Encore Apartments in the Virginia Beach Town Center. As of December 31, 2012, real estate investments held for development included $1.8 million of land for 4525 Main Street and Encore Apartments.

As discussed in Notes 1 and 19, the Operating Partnership acquired a controlling interest in Bermuda Crossroads and Smith’s Landing on May 13, 2013.

On June 4, 2013, Armada Hoffler purchased $2.6 million of land in Durham, North Carolina for the development and construction of Whetstone Apartments.

On August 27, 2013, Armada Hoffler purchased $5.2 million of land in Virginia Beach, Virginia for the development and construction of Sandbridge Commons.

On November 26, 2013, Armada Hoffler purchased $1.5 million of land in Chesapeake, Virginia for the development and construction of Greentree Shopping Center.

On December 16, 2013, Armada Hoffler purchased $1.9 million of land in Chesapeake, Virginia for the development and construction of a new office and manufacturing building for Oceaneering International.

Subsequent to December 31, 2013

As discussed in Note 1, the Company completed the acquisition of Liberty Apartments on January 17, 2014. Total consideration transferred to acquire Liberty Apartments was $30.7 million, consisting of 695,652 common units of the Operating Partnership, the repayment of a $3.0 million mezzanine loan and the assumption of $20.9 million of debt. The Company is currently evaluating the accounting for the Liberty Apartments acquisition and anticipates that the consideration transferred will primarily be allocated to the building, land and acquired lease intangibles.

Accounts Receivable

12 Months Ended

Dec. 31, 2013

Accounts Receivable

7.	*Accounts Receivable*

Accounts receivable comprised the following as of December 31, 2013 and 2012 (in thousands):


	December 31,
	2013		2012
Accrued straight-line rental revenue	$	17,494	$	16,579
Tenant accounts receivable		778		997
Allowance for doubtful accounts		—		(153	)

Accounts receivable	$	18,272	$	17,423

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Construction Contracts

12 Months Ended

Dec. 31, 2013

Construction Contracts

8.	*Construction Contracts*

Construction contract costs and estimated earnings in excess of billings represent reimbursable costs and amounts earned under contracts in progress as of the balance sheet date. Such amounts become billable according to contract terms, which usually consider the passage of time, achievement of certain milestones or completion of the project. Billings of $16.2 million and $78.3 million are netted against construction contract costs and estimated earnings as of December 31, 2013 and 2012, respectively. The Company expects to bill and collect substantially all construction contract costs incurred as of December 31, 2013 during the year ending December 31, 2014.

Armada Hoffler defers precontract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. Precontract costs of $0.8 million and $0.6 million were deferred as of December 31, 2013 and 2012, respectively.

Billings in excess of construction contract costs and estimated earnings represent billings or collections on contracts made in advance of revenue recognized.

Construction receivables and payables include retentions—amounts that are generally withheld until the completion of the contract or the satisfaction of certain restrictive conditions such as fulfillment guarantees. As of December 31, 2013 and 2012, construction receivables included retentions of $3.2 million and $3.0 million, respectively. The Company expects to collect substantially all construction receivables as of December 31, 2013 during the year ending December 31, 2014. As of December 31, 2013 and 2012, construction payables included retentions of $2.1 million and $2.5 million, respectively. The Company expects to pay substantially all construction payables as of December 31, 2013 during the year ending December 31, 2014.

Armada Hoffler’s net position on uncompleted construction contracts comprised the following as of December 31, 2013 and 2012 (in thousands):


	December 31,
	2013			2012
Costs incurred on uncompleted construction contracts	$	97,372		$	542,994
Estimated earnings		4,584			22,526
Billings		(102,319	)		(568,550	)

Net position	$	(363	)	$	(3,030	)


	December 31,
	2013			2012
Construction contract costs and estimated earnings in excess of billings	$	1,178		$	1,206
Billings in excess of construction contract costs and estimated earnings		(1,541	)		(4,236	)

Net position	$	(363	)	$	(3,030	)

The Company expects to complete all uncompleted contracts as of December 31, 2013 during the years ending December 31, 2014 and 2015.

Indebtedness

12 Months Ended

Dec. 31, 2013

Indebtedness

9.	*Indebtedness*

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


	Principal Balance				Stated Interest Rate	Stated Maturity Date
	December 31,				December 31,
Secured Debt	2013		2012		2013	2013
Credit facility	$	70,000	$	—	LIBOR + 1.60% - 2.20%	May 13, 2016
Armada Hoffler Tower		—		39,240	—	—
Richmond Tower		—		47,023	—	—
One Columbus		—		14,095	—	—
Two Columbus		—		18,854	—	—
Oyster Point		6,466		6,648	5.41%	December 1, 2015
Virginia Natural Gas		—		5,524	—	—
Sentara Williamsburg		—		10,997	—	—
249 Central Park Retail⁽¹⁾		15,834		16,086	5.99%	September 8, 2016
South Retail		6,985		7,097	5.99%	September 8, 2016
Studio 56 Retail		2,690		2,760	3.75%	May 7, 2015
Commerce Street Retail		5,613		6,800	LIBOR + 2.25%	October 31, 2018
Fountain Plaza Retail⁽¹⁾		7,917		8,043	5.99%	September 8, 2016
Dick’s at Town Center		8,318		8,413	LIBOR + 2.75%	October 31, 2017
Broad Creek Shopping Center
Note 1⁽²⁾		4,503		4,553	LIBOR + 2.25%	October 31, 2018
Note 2⁽²⁾		8,267		8,360	LIBOR + 2.25%	October 31, 2018
Note 3⁽²⁾		3,461		3,500	LIBOR + 2.25%	October 31, 2018
North Point Center
Note 1		10,319		10,478	6.45%	February 5, 2019
Note 2		2,830		2,910	7.25%	September 15, 2025
Note 3		—		9,356	—	—
Note 4		1,030		1,053	5.59%	December 1, 2014
Note 5⁽³⁾		705		724	LIBOR + 2.00%	February 1, 2017
Hanbury Village
Note 1		21,449		21,666	6.67%	October 11, 2017
Note 2		4,159		4,332	LIBOR + 2.25%	October 31, 2018
Gainsborough Square		—		9,771	—	—
Parkway Marketplace		—		5,747	—	—
Harrisonburg Regal		3,842		4,015	6.06%	June 8, 2017
Courthouse 7-Eleven
Note 1		—		1,505	—	—
Note 2		—		1,739	—	—
Tyre Neck Harris Teeter		2,482		2,650	LIBOR + 2.25%	October 31, 2018
The Cosmopolitan		47,723		48,291	3.75%	July 1, 2051
Smith’s Landing⁽⁴⁾		24,795		—	LIBOR + 2.15%	January 31, 2017
Main Street Land		—		2,208	—	—
4525 Main Street		11,313		—	LIBOR + 1.95%	January 30, 2017
Encore Apartments		3,585		—	LIBOR + 1.95%	January 30, 2017
Whetstone Apartments		284		—	LIBOR + 1.90%	October 8, 2016
Sandbridge Commons		3,172		—	LIBOR + 1.85%	January 17, 2018

	$	277,742	$	334,438

Oyster Point Participation Loan		—	$	643	—	—
Unamortized fair value adjustments		3		—

Total Indebtedness	$	277,745	$	335,081

(1)

Cross collateralized.

(2)

Cross collateralized.

(3)

Subject to an interest rate swap lock at a rate of 3.57%.

(4)

Principal balance excluding fair value adjustments.

Armada Hoffler’s indebtedness comprised the following fixed-rate, variable-rate and participating notes as of December 31, 2013 and 2012 (in thousands):


	December 31,
	2013		2012
Fixed-rate secured debt	$	127,085	$	188,129
Variable-rate secured debt		150,660		146,309
Participating note		—		643

Total Indebtedness	$	277,745	$	335,081

Certain loans require the Company to comply with various financial and other covenants, including the maintenance of minimum debt coverage ratios. As of December 31, 2013, the Company was in compliance with all loan covenants.

Scheduled principal repayments and term-loan maturities during each of the next five years and thereafter are as follows (in thousands):


Year	Scheduled Principal Payments		Term- Loan Maturities		Total Payments
2014	$	2,870	$	1,007	$	3,877
2015		2,930		8,681		11,611
2016		2,653		99,565		102,218
2017		1,843		70,885		72,728
2018		1,404		29,669		31,073
Thereafter		45,558		10,677		56,235

Total	$	57,258	$	220,484	$	277,742

2012 Financing Activity

On February 13, 2012, Armada Hoffler modified the North Point Center Note 5 to lower the interest rate to LIBOR plus 2.00% and extend the maturity date to February 1, 2017. In conjunction with this note, Armada Hoffler entered into an interest rate swap lock at a rate of 3.57%.

On May 7, 2012, Armada Hoffler refinanced the existing Studio 56 Retail loan with a new $2.9 million loan that bears interest at 3.75% and matures on May 7, 2015.

On October 31, 2012, Armada Hoffler modified the Dick’s at Town Center loan to extend the maturity date to October 31, 2017.

On December 7, 2012, Armada Hoffler refinanced the existing Broad Creek Note 2 with a new loan for up to $11.1 million that bears interest at LIBOR plus 2.75% and matures on December 7, 2016. On April 15, 2013, Armada Hoffler borrowed an additional $2.7 million on Broad Creek Shopping Center Note 2.

On December 7, 2012, Armada Hoffler refinanced the existing Broad Creek Note 3 with a new $3.5 million loan that bears interest at LIBOR plus 2.75% and matures on December 7, 2016.

Credit Facility

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. On October 10, 2013, the Operating Partnership increased the aggregate capacity under the credit facility to $155.0 million.

As of December 31, 2013, the following properties served as the borrowing base collateral for the credit facility: (i) Armada Hoffler Tower, (ii) Richmond Tower, (iii) One Columbus, (iv) Two Columbus, (v) Virginia Natural Gas, (vi) Sentara Williamsburg, (vii) a portion of North Point Center, (viii) Gainsborough Square, (ix) Parkway Marketplace and (x) Courthouse 7-Eleven.

The credit facility requires the Operating Partnership to comply with various financial covenants, including:

•

Maximum leverage ratio of 65% as of the last day of each fiscal quarter through December 31, 2014 and 60% as of the last day of each fiscal quarter thereafter;

•

Minimum fixed charge coverage ratio of 1.75x;

•

Minimum tangible net worth equal to at least the sum of 80% of tangible net worth on the closing date of the credit facility plus 75% of the net proceeds of any additional equity issuances;

•

Maximum amount of variable rate indebtedness not exceeding 30% of our total asset value; and

•

Maximum amount of secured recourse indebtedness of 35% of our total asset value.

The credit facility permits investments in the following types of assets: (i) unimproved land holdings in an aggregate amount not exceeding 5% of total asset value, (ii) construction in progress in an aggregate amount not exceeding 25% of total asset value and (iii) unconsolidated affiliates in aggregate amount not exceeding 5% of total asset value. Investments in these types of assets cannot exceed 30% of total asset value. In addition to these financial covenants, the credit facility requires the Operating Partnership to comply with various customary affirmative and negative covenants that restrict the ability to, among other things, incur debt and liens, make investments, dispose of properties and make distributions. As of December 31, 2013, the Operating Partnership was in compliance with all covenants under the credit facility.

As of December 31, 2013, the Operating Partnership had $70.0 million outstanding on the credit facility. The credit facility matures on May 13, 2016 and bears interest between LIBOR plus 1.60% and LIBOR plus 2.20%. The interest rate on the credit facility as of December 31, 2013 was 1.93%. On September 1, 2013, the Operating Partnership executed a LIBOR interest rate cap agreement on a notional amount of $40.0 million and a strike price of 1.50%. The interest rate cap agreement expires on March 1, 2016.

2013 Financing Activity

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


Properties unencumbered:	Amount repaid
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

Subtotal		146,621
Other debt repayments:
Broad Creek Shopping Center Note 2		2,697
Oyster Point Participation Loan		643

Subtotal		3,340

Total	$	149,961

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.

On July 3, 2013, the Company repaid the outstanding $2.2 million balance of the Main Street Land loan in full.

On July 17, 2013, the Operating Partnership defeased the One Columbus loan for $14.9 million, including costs of $1.0 million. The Company recognized a $1.0 million loss on extinguishment of debt representing defeasance 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. On September 1, 2013, the Company executed two LIBOR interest rate cap agreements on an aggregate notional amount of $63.0 million both with strike prices at 3.50%. The interest rate cap agreements expire on March 1, 2016.

On October 8, 2013, the Company closed on an $18.5 million loan to fund the development and construction of Whetstone Apartments. The construction loan bears interest at LIBOR plus 1.90% and matures on October 8, 2016. In conjunction with this loan, the Company executed a LIBOR interest rate cap agreement on a notional amount of $18.5 million and a strike price of 1.50%. The interest rate cap agreement expires on April 1, 2016.

On October 11, 2013, the Operating Partnership repaid the Bermuda Crossroads loan for $10.8 million. The Company recognized a $0.1 million gain on extinguishment of debt representing the unamortized fair value premium adjustment.

On October 25, 2013, the Operating Partnership amended Broad Creek Shopping Center Notes 1, 2 and 3 to remove the recourse component, lower the interest rates to LIBOR plus 2.25% and extend the maturity dates to October 31, 2018. The Company recognized a $0.2 million loss on extinguishment of debt representing unamortized debt issuance costs on Broad Creek Shopping Center Notes 2 and 3.

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 remove the recourse components, lower the interest rates to LIBOR plus 2.25% and extend the maturity dates to October 31, 2018. The Operating Partnership prepaid an aggregate of $1.4 million of principal on these three loans.

On December 19, 2013, the Company closed on a $10.0 million loan to fund the development and construction of Sandbridge Commons. The construction loan bears interest at LIBOR plus 1.85% and matures on January 17, 2018.

On December 19, 2013, the Company amended the Smith’s Landing loan to extend the maturity date to January 31, 2017.

Subsequent to December 31, 2013

On January 17, 2014, the Company assumed $20.9 million of debt in connection with the acquisition of Liberty Apartments. The loan bears interest at 5.66% and has a 30-year term.

On February 28, 2014, the Company closed on a $19.5 million loan to fund the development and construction of the Oceaneering International facility. The construction loan bears interest at LIBOR plus 1.75% and matures on February 28, 2018.

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2013

Derivative Financial Instruments

10.

Derivative Financial Instruments

During the year ended December 31, 2013, Armada Hoffler entered into four LIBOR interest rate cap agreements on an aggregate notional amount of $121.5 million with strike prices ranging between 1.50% and 3.50% for collective premiums totaling $0.3 million. All four interest rate cap agreements expire in 2016.

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


	December 31,
	2013							2012
	Notional Amount		Fair Value					Notional Amount		Fair Value
			Asset		Liability					Asset		Liability
Pay fixed interest rate swaps	$	705	$	—	$	(16	)	$	11,721	$	—	$	(239	)
Interest rate caps		130,672		102		—			9,356		9		—

Total	$	131,377	$	102	$	(16	)	$	21,077	$	9	$	(239	)

The changes in the fair value of Armada Hoffler’s derivatives during each of the three years ended December 31, 2013 was as follows (in thousands):


	Years Ended December 31,
	2013			2012			2011
Pay fixed interest rate swaps	$	152		$	445		$	436
Interest rate caps		(164	)		(37	)		—

Other (expense) income	$	(12	)	$	408		$	436

Subsequent to December 31, 2013

On March 14, 2014, the Company executed a LIBOR interest rate cap agreement on a notional amount of $50.0 million and a strike price of 1.25% for a premium of $0.4 million. The interest rate cap agreement expires on March 1, 2017.

- 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
-Publisher FASB
-Name Accounting Standards Codification
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Equity

12 Months Ended

Dec. 31, 2013

Equity

11.

Equity

Stockholders’ Equity

As of December 31, 2013, the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 19.2 million shares of common stock issued and outstanding as of December 31, 2013. No shares of preferred stock were issued and outstanding as of December 31, 2013.

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 December 31, 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.

Common Stock Dividends and Common Unit Distributions

During the year ended December 31, 2013, the Company declared aggregate cash dividends and distributions to common stockholders and common unitholders of $12.9 million. During the year ended December 31, 2013, the Company paid aggregate cash dividends and distributions to common stockholders and common unitholders of $7.7 million. The $5.2 million of aggregate dividends and distributions payable as of December 31, 2013 is presented within other liabilities in the consolidated balance sheet.

During the year ended December 31, 2013, the Company declared the following dividends per share and distributions per unit:


Period	Dividend Per Share/Distribution Per Unit		Declaration Date	Record Date	Paid Date
May 13, 2013 to June 30, 2013	$	0.08	June 19, 2013	July 1, 2013	July 11, 2013
July 1, 2013 to September 30, 2013		0.16	August 9, 2013	October 1, 2013	October 10, 2013
October 1, 2013 to December 31, 2013		0.16	November 11, 2013	December 30, 2013	January 9, 2014

Total	$	0.40

The tax status of dividends per share and distributions per unit paid during the year ended December 31, 2013 was as follows:


	Per Share/ Unit		%
Ordinary income	$	0.04		17.0	%
Return of capital		0.20		83.0	%

Total	$	0.24		100.0	%

Subsequent to December 31, 2013

On January 9, 2014, the Company paid cash dividends of $3.1 million to common stockholders and $2.1 million to common unitholders.

On February 18, 2014, the Company’s Board of Directors declared a cash dividend/distribution of $0.16 per share/unit payable on April 10, 2014 to common stockholders and common unitholders of record on April 1, 2014.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2013

Stock-Based Compensation

12.

Stock-Based Compensation

The Company’s 2013 Equity Incentive Plan permits the grant of restricted stock awards, stock options, stock appreciation rights, performance units and other equity based awards up to an aggregate of 700,000 shares of common stock over the ten-year term of the plan. As of December 31, 2013, the Company had 540,337 shares of common stock reserved for issuance under the 2013 Equity Incentive Plan.

During the year ended December 31, 2013, the Company granted an aggregate of 169,227 shares of restricted stock to employees and nonemployee directors. Restricted stock awards vest over a period of two years: one-third immediately on the grant date and the remaining two-thirds in equal amounts on the first two anniversaries following the grant date, subject to continued service to the Company.

During the year ended December 31, 2013, the Company recognized $1.2 million of stock-based compensation expense. As of December 31, 2013, the total unrecognized compensation cost related to nonvested restricted shares was $0.7 million, substantially all of which the Company expects to recognize over the next 17 months.

The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2013:


	Restricted Stock Awards			Weighted Average Grant Date Fair Value Per Share
Nonvested as of January 1, 2013		—		$	—
Granted		169,227			11.50
Vested		(56,410	)		11.50
Forfeited		(877	)		11.50

Nonvested as of December 31, 2013		111,940		$	11.50

Restricted stock awards granted and vested during the year ended December 31, 2013 include 8,687 shares tendered by employees to satisfy minimum statutory tax withholding obligations.

Subsequent to December 31, 2013

On March 3, 2014, the Company granted 99,289 shares of restricted stock to employees with a grant date fair value of $9.94 per share.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2013

Employee Benefit Plans

13.

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 $1.2 million.

Armada Hoffler has a defined contribution 401(k) plan. Under the 401(k) plan, participants may make voluntary contributions up to the maximum allowed by law. Armada Hoffler may make discretionary matching contributions based on a percentage of the employees’ contributions. Discretionary matching contributions were not significant for any of the three years ended December 31, 2013.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2013

Fair Value of Financial Instruments

14.

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 December 31, 2013 and 2012 were as follows (in thousands):


	December 31,
	2013				2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured debt	$	277,745	$	273,310	$	334,438	$	339,623
Participating note		—		—		643		643
Interest rate swap liabilities		16		16		239		239
Interest rate cap assets		102		102		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

Income Taxes

12 Months Ended

Dec. 31, 2013

Income Taxes

15.

Income Taxes

The income tax provision for the year ended December 31, 2013 comprised the following (in thousands):


	Year Ended December 31, 2013
Federal income taxes:
Current	$	356
Deferred		(113	)
State income taxes:
Current		43
Deferred		(13	)

Income tax provision	$	273

As of December 31, 2013, the Company had $0.5 million of net deferred tax assets representing basis differences in the assets of the TRS and stock based compensation attributable to the TRS.

Management has evaluated the Company’s income tax positions and concluded that the Company has no uncertain income tax positions as of December 31, 2013.

The Company had no income tax expense or benefit for the years ended December 31, 2012 and 2011 as the Predecessor consisted of flow-through entities that were not subject to tax.

Other Assets

12 Months Ended

Dec. 31, 2013

Other Assets

16.

Other Assets

Other assets comprised the following as of December 31, 2013 and 2012 (in thousands):


	December 31,
	2013		2012
Deferred leasing costs, net	$	7,858	$	8,004
Lease incentives, net		4,851		5,763
Acquired lease intangibles, net		4,369		—
Preacquisition development costs		2,036		—
Debt issuance costs, net		3,072		1,951
Offering costs		—		3,294
Cash surrender value of life insurance		—		1,196
Prepaid assets and other		2,223		1,356

Other assets	$	24,409	$	21,564

Other Liabilities

12 Months Ended

Dec. 31, 2013

Other Liabilities

17.

Other Liabilities

Other liabilities comprised the following as of December 31, 2013 and 2012 (in thousands):


	December 31,
	2013		2012
Deferred ground rent payable	$	6,475	$	6,111
Dividends/distributions payable		5,155		—
Acquired lease intangibles, net		1,638		—
Deferred compensation		—		1,249
Interest rate swap liability		16		239
Other installment notes		279		496
Security deposits		748		469
Prepaid rent and other		1,562		1,829

Other liabilities	$	15,873	$	10,393

Noncontrolled Entities

12 Months Ended

Dec. 31, 2013

Noncontrolled Entities

18.

Noncontrolled Entities

As of December 31, 2012, Armada Hoffler held indirect noncontrolling investments in real estate joint ventures that owned the following properties:


Property	Type	Location	Ownership %
Bermuda Crossroads	Retail	Chester, VA	50.0%
Smith’s Landing	Multifamily	Blacksburg, VA	40.0%

Armada Hoffler’s indirect ownership interests in both Bermuda Crossroads and Smith’s Landing did not provide control over these entities; however, they did provide significant influence. As a result, Armada Hoffler accounted for these investments under the equity method of accounting.

As of December 31, 2012, the carrying amount of Armada Hoffler’s investment in Bermuda Crossroads was not significant. Income from Bermuda Crossroads represents distributions received in excess of the carrying amount of Armada Hoffler’s investment. Income from Bermuda Crossroads for the year ended December 31, 2012 was not significant. Income from Bermuda Crossroads for the year ended December 31, 2011 was $0.2 million.

Liabilities for cumulative distributions in excess of cumulative investments in and earnings from equity method investees are only recognized to the extent that Armada Hoffler has guaranteed obligations of the investee. Armada Hoffler has guaranteed certain obligations of Smith’s Landing and, as a result, the carrying amount of Armada Hoffler’s investment in Smith’s Landing was $(0.7) million as of December 31, 2012. This amount is presented within other liabilities in the combined balance sheet. Equity in the earnings of Smith’s Landing for the years ended December 31, 2012 and 2011 were appoximately $0.2 million and $0.1 million, respectively.

Acquisition of Noncontrolled Entities

12 Months Ended

Dec. 31, 2013

Acquisition of Noncontrolled Entities

19.

Acquisition of Noncontrolled 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 Noncontrolled 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 $3.2 million. Total consideration in the form of cash and common units paid for the 60% interest in Smith’s Landing was $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
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 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. 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 $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):


	Years Ended December 31,
	2013		2012
Rental revenues	$	59,517	$	60,075
Net income		5,581		18,520

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 year ended December 31, 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 December 31, 2013 included in the consolidated and combined statements of income were $3.8 million and $0.2 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

Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2013

Acquired Lease Intangibles

20.

Acquired Lease Intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2013 (in thousands):


	December 31, 2013
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
In-place lease assets	$	3,279	$	817	$	2,462
Above-market lease assets		27		7		20
Below-market lease liabilities		1,750		112		1,638
Below-market ground lease assets		1,920		33		1,887

Armada Hoffler did not have any acquired lease intangibles as of December 31, 2012.

Amortization of in-place lease assets, net below-market lease liabilities and below-market lease assets for the year ended December 31, 2013 was $0.8 million, $0.1 million and less than $0.1 million, respectively.

Estimated amortization of acquired lease intangibles for each of the five succeeding years is as follows (in thousands):


	Rental Revenues		Rental Expenses		Depreciation and Amortization
Year ending December 31,
2014	$	158	$	53	$	458
2015		149		53		409
2016		111		53		355
2017		112		53		332
2018		104		53		189

Discontinued Operations

12 Months Ended

Dec. 31, 2013

Discontinued Operations

21.

Discontinued Operations

Armada Hoffler presented the held for sale Studio 56 residential condominium units as discontinued operations during the years ended December 31, 2012 and 2011. Net sale proceeds during the years ended December 31, 2012 and 2011 were $0.5 million and $2.5 million, respectively. Armada Hoffler sold the last Studio 56 residential condominium unit during the year ended December 31, 2012. Armada Hoffler currently has no plans to develop residential condominium units for sale.

- 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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+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2013

Related Party Transactions

22.

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 party entities of Armada Hoffler was $45.0 million, $17.4 million and $0 million for the years ended December 31, 2013, 2012 and 2011, respectively. Operating margin from such contracts was $1.5 million, $1.2 million and $0 million for the years ended December 31, 2013, 2012 and 2011, respectively. Real estate services fees from affiliated entities of Armada Hoffler were not significant for any of the three years ended December 31, 2013. In addition, affiliated entities also reimburse Armada Hoffler for monthly maintenance and facilities management services provided to the properties. Cost reimbursements earned by Armada Hoffler from affiliated entities were not significant for any of the three years ended December 31, 2013.

In connection with the Formation Transactions, the Operating Partnership entered into tax protection agreements that indemnify certain directors and executive officers of the Company from their tax liabilities resulting from the potential future sale of certain of the Company’s properties within seven (or, in a limited number of cases, ten) years of the completion of the Formation Transactions on May 13, 2013.

Certain owners of Armada Hoffler, including Mr. Hoffler, guaranteed $154.8 million of Armada Hoffler’s indebtedness as of December 31, 2012.

Capital contributions from the owners of Armada Hoffler, including Mr. Hoffler, are presented as contributions in the combined statements of equity. Distributions to the owners of Armada Hoffler are presented as distributions in the combined statements of equity. Distributions payable to the owners of Armada Hoffler of $0.5 million are presented within due to affiliates in the combined balance sheets as of December 31, 2012, all of which were paid during 2013.

- 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

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies

23.

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.

Commitments

Armada Hoffler has a bonding line of credit for its general contracting construction business and is contingently liable under performance and payment bonds, bonds for cancellation of mechanics liens and defect bonds. Such bonds collectively totaled $35.8 million and $34.0 million as of December 31, 2013 and 2012, respectively.

The Operating Partnership has entered into standby letters of credit using the available capacity under the credit facility. The letters of credit relate to the guarantee of future performance on certain of the Company’s construction contracts. Letters of credit generally are available for draw down in the event the Company does not perform. As of December 31, 2013, the Operating Partnership had total outstanding letters of credit of $3.0 million.

Armada Hoffler has four ground leases on three properties with initial terms that range from twenty to fifty years and options to extend up to an additional 40 years in certain cases. Armada Hoffler also leases automobiles and equipment.

Future minimum rental payments during each of the next five years and thereafter are as follows (in thousands):


2014	$	1,535
2015		1,495
2016		1,445
2017		1,430
2018		1,453
Thereafter		62,021

Total	$	69,379

Ground rent expense for the years ended December 31, 2013, 2012 and 2011 was $1.5 million, $1.5 million and $1.3 million, respectively.

Concentrations of Credit Risk

The majority of Armada Hoffler’s income producing properties are located in Hampton Roads, Virginia. During each of the three years ended December 31, 2013, rental revenues from Hampton Roads properties represented 70%, 75% and 76%, respectively, of Armada Hoffler’s rental revenues. Ten of Armada Hoffler’s income producing properties are located in the Town Center of Virginia Beach. During each of the three years ended December 31, 2013, rental revenues from Town Center properties represented 48%, 51% and 52%, respectively, of Armada Hoffler’s rental revenues.

Revenues from Richmond Tower individually represented 15%, 16% and 16% of Armada Hoffler’s rental revenues during each of the three years ended December 31, 2013, respectively. A single tenant—Williams Mullen, a prominent Mid-Atlantic law firm—occupies over 80% of Richmond Tower. Williams Mullen also leases office space at Armada Hoffler Tower. Base rents from Williams Mullen represented 16%, 17% and 17% of Armada Hoffler’s rental revenues during each of the three years ended December 31, 2013, respectively.

As of December 31, 2013 and 2012, Armada Hoffler Tower, Richmond Tower and The Cosmopolitan each individually represented more than 10% of Armada Hoffler’s total assets.

Construction contracts with three customers collectively represented 50% of Armada Hoffler’s general contracting and real estate services revenues for the year ended December 31, 2013. These same three customers also collectively accounted for 69% of construction receivables as of December 31, 2013. Construction contracts with two customers collectively represented 37% and 83% of Armada Hoffler’s general contracting and real estate services revenues for the years ended December 31, 2012 and 2011, respectively. These same two customers also collectively accounted for 18% of construction receivables as of December 31, 2012.

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2013

Selected Quarterly Financial Data (Unaudited)

24.

Selected Quarterly Financial Data (Unaudited)

The following tables summarize certain selected quarterly financial data for 2013 and 2012 (in thousands, except per share data):


	2013 Quarters
	First		Second		Third		Fourth
Rental revenues	$	13,398	$	14,231	$	14,899	$	14,992
General contracting and real estate services revenues		17,956		23,291		21,896		19,373
Net operating income		9,455		10,372		10,731		11,516
Net income		1,931		8,404		1,252		2,866
Net income attributable to stockholders		—		4,886		745		1,705
Net income per share: basic and diluted	$	—	$	0.26	$	0.04	$	0.09


	2012 Quarters
	First		Second		Third		Fourth
Rental revenues	$	13,387	$	13,609	$	13,318	$	14,122
General contracting and real estate services revenues		14,641		12,383		13,631		13,391
Net operating income		9,989		10,338		9,405		11,100
Net income	$	1,883	$	2,110	$	1,755	$	3,149

Subsequent Events

12 Months Ended

Dec. 31, 2013

Subsequent Events

25.

Subsequent Events

As discussed in Note 11, the Company paid an aggregate of $5.2 million of cash dividends and distributions to common stockholders and common unitholders on January 9, 2014.

As discussed in Notes 1, 6 and 9, the Company completed the acquisition of Liberty Apartments on January 17, 2014 for total consideration of $30.7 million, including the issuance of 695,652 common units of the Operating Partnership, the repayment of a $3.0 million mezzanine loan and the assumption of $20.9 million of debt.

As discussed in Note 11, the Company’s Board of Directors declared a cash dividend/distribution of $0.16 per share/unit on February 18, 2014.

As discussed in Note 9, the Company closed on a $19.5 million loan on February 28, 2014 to fund the development and construction of the Oceaneering International facility.

As discussed in Note 12, the Company granted 99,289 shares of restricted stock to employees with a grant date fair value of $9.94 per share on March 3, 2014.

As discussed in Note 10, the Company executed a LIBOR interest rate cap agreement on a notional amount of $50.0 million and a strike price of 1.25% on March 14, 2014. The interest rate cap agreement expires on March 1, 2017.

SCHEDULE III-Consolidated Real Estate Investments and Accumulated Depreciation

12 Months Ended

Dec. 31, 2013

SCHEDULE III-Consolidated Real Estate Investments and Accumulated Depreciation

SCHEDULE III—Consolidated Real Estate Investments and Accumulated Depreciation

December 31, 2013


	(In thousands)
	Encumbrances as of December 31, 2013			Initial Cost				Land Improvements		Cost Capitalized Subsequent to Acquisition		Gross Carrying Amount as of December 31, 2013						Accumulated Depreciation as of December 31, 2013		Year Built			Life on which depreciation in latest income statement is computed
	Encumbrances as of December 31, 2013			Land		Building and Improvements		Land Improvements		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Total⁽¹⁾		Accumulated Depreciation as of December 31, 2013		Year Built
Office
Armada Hoffler Tower	$	—	⁽²⁾	$	1,976	$	—	$	—	$	52,592	$	1,976	$	52,592	$	54,568	$	22,142		2002			39 years
Richmond Tower		—	⁽²⁾		3,038		—		—		45,160		3,038		45,160		48,198		5,568		2010			39 years
One Columbus		—	⁽²⁾		960		10,269		—		6,370		960		16,639		17,599		7,896		1984	⁽³⁾		39 years
Two Columbus		—	⁽²⁾		53		—		—		17,800		53		17,800		17,853		3,427		2009			39 years
Oyster Point		6,466			57		—		614		10,532		57		11,146		11,203		8,367		1989			39 years
Virginia Natural Gas		—	⁽²⁾		590		—		—		4,579		590		4,579		5,169		579		2010			39 years
Sentara Williamsburg		—	⁽²⁾		1,371		—				10,324		1,371		10,324		11,695		2,693		2008			39 years

Total office	$	6,466		$	8,045	$	10,269	$	614	$	147,357	$	8,045	$	158,240	$	166,285	$	50,672

Retail
249 Central Park Retail		15,834			713		—		—		13,014		713		13,014		13,727		5,833		2004			39 years
South Retail		6,985			190		—		—		6,470		190		6,470		6,660		2,968		2002			39 years
Studio 56 Retail		2,690			76		—		—		2,297		76		2,297		2,373		451		2007			39 years
Commerce Street Retail		5,613			118		—		—		3,142		118		3,142		3,260		670		2008			39 years
Fountain Plaza Retail		7,917			425		—		—		6,933		425		6,933		7,358		2,272		2004			39 years
Dick’s at Town Center		8,318			67		—		—		8,885		67		8,885		8,952		2,442		2002			39 years
Broad Creek Shopping Center		16,231			—		—		4,006		11,561		—		15,567		15,567		6,816		1997-2001			39 years
North Point Center		14,884	⁽²⁾		1,936		—		3,273		21,413		1,936		24,686		26,622		9,309		1998			39 years
Hanbury Village		25,608			3,792		—		—		18,007		3,792		18,007		21,799		4,075		2009			39 years
Gainsborough Square		—	⁽²⁾		2,229		—		13		6,670		2,229		6,683		8,912		2,470		1999			39 years
Parkway Marketplace		—	⁽²⁾		1,150		—		360		3,140		1,150		3,500		4,650		1,413		1998			39 years
Harrisonburg Regal		3,842			1,554		—		—		4,148		1,554		4,148		5,702		1,556		1999			39 years
Courthouse 7-Eleven		—	⁽²⁾		1,007		—		—		1,043		1,007		1,043		2,050		56		2011			39 years
Tyre Neck Harris Teeter		2,482			—		—		3,306		—		—		3,306		3,306		278		2011			39 years
Bermuda Crossroads		—			5,450		10,101		540		288		5,450		10,929		16,379		313		2001	⁽⁴⁾		39 years

Total retail	$	110,404		$	18,707	$	10,101	$	11,498	$	107,011	$	18,707	$	128,610	$	147,317	$	40,922

Mutifamily
The Cosmopolitan	$	47,723		$	985	$	—	$	—	$	56,067	$	985	$	56,067	$	57,052	$	12,930		2006			39 years
Smith’s Landing		24,795			—		34,655		450		573		—		35,678		35,678		704		2009	⁽⁴⁾		39 years

Total multifamily	$	72,518		$	985	$	34,655	$	450	$	56,640	$	985	$	91,745	$	92,730	$	13,634

Income producing property	$	189,388		$	27,737	$	55,025	$	12,562	$	311,008	$	27,737	$	378,595	$	406,332	$	105,228

SCHEDULE III—Consolidated Real Estate Investments and Accumulated Depreciation

December 31, 2013 (continued)


	(In thousands)
	Encumbrances as of December 31, 2013		Initial Cost				Land Improvements		Cost Capitalized Subsequent to Acquisition		Gross Carrying Amount as of December 31, 2013						Accumulated Depreciation as of December 31, 2013		Year Built	Life on which depreciation in latest income statement is computed
	Encumbrances as of December 31, 2013		Land		Building and Improvements		Land Improvements		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Total⁽¹⁾		Accumulated Depreciation as of December 31, 2013		Year Built
Construction in progress
4525 Main Street		11,313		982		—		—		24,584		982		24,584		25,566		—	N/A
Encore Apartments		3,585		1,293		—		—		10,376		1,293		10,376		11,669		—	N/A
Whetstone Apartments		284		2,644		—		—		5,016		2,644		5,016		7,660		—	N/A
Sandbridge Commons		3,172		5,267		—		—		748		5,267		748		6,015		—	N/A
Greentree Shopping Center		—		1,523		—		—		667		1,523		667		2,190		—	N/A
Oceaneering International		—		1,867		—		—		1,677		1,867		1,677		3,544		—	N/A

Total construction in progress	$	18,354	$	13,576	$	—	$	—	$	43,068	$	13,576	$	43,068	$	56,644	$	—

Total	$	207,742	$	41,313	$	55,025	$	12,562	$	354,076	$	41,313	$	421,663	$	462,976	$	105,228

(1)	As of December 31, 2013, total land, buildings and improvements were carried at $279.4 million for federal income tax purposes.

(2)	Borrowing base collateral for the credit facility.

(3)	Acquired in 2000.

(4)	Acquired in 2013.


	Real Estate Investments						Accumulated Depreciation
	December 31,
	2013			2012			2013			2012
Balance at beginning of the year	$	354,740		$	349,933		$	92,454		$	80,923
Acquisitions		62,936			—			—			—
Construction costs and tenant improvements		45,332			4,972			—			—
Depreciation expense		—			—			12,806			11,601
Disposals		(32	)		(70	)		(32	)		(70	)
Government development grants		—			(95	)		—			—

Balance at end of the year	$	462,976		$	354,740		$	105,228		$	92,454

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2013

Basis of Presentation

Basis of Presentation

The accompanying consolidated and combined financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).

Use of Estimates

Use of Estimates

Segments

Segments

Revenue Recognition

Revenue Recognition

Rental Revenues

General Contracting and Real Estate Services Revenues

Armada Hoffler recognizes real estate services revenues from property development and management when realized and earned, generally as such services are provided.

Real Estate Investments

Real Estate Investments

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


Buildings		39 years
Capital improvements		15—20 years
Equipment		5—15 years
Tenant improvements		Term of the related lease (or estimated useful life, if shorter)

Impairment of Long Lived Assets

Impairment of Long Lived Assets

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include demand deposits, investments in money market funds and investments with an original maturity of three months or less.

Restricted Cash

Restricted Cash

Accounts Receivable, net

Accounts Receivable, net

Accounts receivable include amounts from tenants for base rents, contingent rents and cost reimbursements as well as accrued straight-line rental revenue.

Deferred Leasing Costs

Deferred Leasing Costs

Lease Incentives

Lease Incentives

Acquired Lease Intangibles

Acquired Lease Intangibles

Debt Issuance Costs

Debt Issuance Costs

Derivative Financial Instruments

Derivative Financial Instruments

Stock Based Compensation

Stock Based Compensation

Income Taxes

Income Taxes

Discontinued Operations

Discontinued Operations

Net Income Per Share and Unit

Net Income Per Share and Unit

Other Comprehensive Income

Other Comprehensive Income

Armada Hoffler had no items of other comprehensive income in any of the three years ended December 31, 2013.

Emerging Growth Company Status

Emerging Growth Company Status

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

Estimated Useful Lives

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


Buildings		39 years
Capital improvements		15 – 20 years
Equipment		5 – 15 years
Tenant improvements		Term of the related lease (or estimated useful life, if shorter)

Segments (Tables)

12 Months Ended

Dec. 31, 2013

Net Operating Income of Reportable Segments

Net operating income of Armada Hoffler’s reportable segments for each of the three years ended December 31, 2013 was as follows (in thousands):


	Years Ended December 31,
	2013		2012			2011
Office real estate
Rental revenues	$	25,794	$	25,815		$	24,680
Property expenses		7,892		7,668			8,001

Segment net operating income		17,902		18,147			16,679

Retail real estate
Rental revenues		21,755		21,164			20,105
Property expenses		6,779		6,629			5,779

Segment net operating income		14,976		14,535			14,326

Multifamily residential real estate
Rental revenues		9,971		7,457			7,793
Property expenses		4,478		3,176			3,498

Segment net operating income		5,493		4,281			4,295

General contracting and real estate services
Segment revenues		82,516		54,046			77,602
Segment expenses		78,813		50,103			72,138

Segment net operating income		3,703		3,943			5,464

Other		—		(74	)		(71	)

Net operating income	$	42,074	$	40,832		$	40,693

Reconciliation of Net Operating Income to Net Income

The following table reconciles net operating income to net income for each of the three years ended December 31, 2013 (in thousands):


	Years Ended December 31,
	2013			2012			2011
Net operating income	$	42,074		$	40,832		$	40,693
Depreciation and amortization		(14,898	)		(12,909	)		(12,994	)
General and administrative expenses		(6,937	)		(3,232	)		(3,728	)
Impairment charges		(580	)		—			—
Interest expense		(12,303	)		(16,561	)		(18,134	)
Loss on extinguishment of debt		(2,387	)		—			(3,448	)
Gain on acquisitions		9,460			—			—
Other income		297			777			258
Results from discontinued operations		—			(10	)		(381	)
Income tax provision		(273	)		—			—

Net income	$	14,453		$	8,897		$	2,266

Rental Revenues of Reportable Segments

Rental revenues of Armada Hoffler’s reportable segments for each of the three years ended December 31, 2013 comprised the following (in thousands):


	Years Ended December 31,
	2013		2012		2011
Minimum rents
Office	$	24,415	$	24,101	$	23,324
Retail		18,473		17,753		16,930
Multifamily		8,364		6,259		6,662
Percentage rents (1)
Office		104		109		107
Retail		121		121		129
Multifamily		105		103		161
Other (2)
Office		1,275		1,605		1,249
Retail		3,161		3,290		3,046
Multifamily		1,502		1,095		970

Rental revenues	$	57,520	$	54,436	$	52,578

(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 each of the three years ended December 31, 2013 comprised the following (in thousands):


	Years Ended December 31,
	2013		2012		2011
Rental expenses
Office	$	5,721	$	5,499	$	5,849
Retail		4,808		4,791		3,940
Multifamily		3,496		2,383		2,771
Other		—		9		8

Total		14,025		12,682		12,568

Real estate taxes
Office		2,171		2,169		2,152
Retail		1,971		1,838		1,839
Multifamily		982		793		727
Other		—		65		63

Total		5,124		4,865		4,781

Property expenses	$	19,149	$	17,547	$	17,349

Rental Revenues (Tables)

12 Months Ended

Dec. 31, 2013

Rental Revenues

Armada Hoffler’s rental revenues for each of the three years ended December 31, 2013 comprised the following (in thousands):


	Years ended December 31,
	2013		2012		2011
Base rents	$	51,252	$	48,113	$	46,916
Percentage rents		330		333		397
Other		5,938		5,990		5,265

Rental revenues	$	57,520	$	54,436	$	52,578

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2013

Commercial Tenant Leases, Minimum Rental Income


2014	$	44,295
2015		46,297
2016		45,035
2017		42,865
2018		39,486
Thereafter		243,969

Total	$	461,947

Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2013

Real Estate Investments

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


	December 31,
	2013			2012
Land	$	41,313		$	24,511
Land improvements		12,562			11,543
Buildings and improvements		365,941			316,596
Development costs		—			2,090
Construction in progress		43,160			—

		462,976			354,740

Accumulated depreciation		(105,228	)		(92,454	)

Net real estate investments	$	357,748		$	262,286

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2013

Accounts Receivable

Accounts receivable comprised the following as of December 31, 2013 and 2012 (in thousands):


	December 31,
	2013		2012
Accrued straight-line rental revenue	$	17,494	$	16,579
Tenant accounts receivable		778		997
Allowance for doubtful accounts		—		(153	)

Accounts receivable	$	18,272	$	17,423

Construction Contracts (Tables)

12 Months Ended

Dec. 31, 2013

Net Position of Uncompleted Construction Contracts

Armada Hoffler’s net position on uncompleted construction contracts comprised the following as of December 31, 2013 and 2012 (in thousands):


	December 31,
	2013			2012
Costs incurred on uncompleted construction contracts	$	97,372		$	542,994
Estimated earnings		4,584			22,526
Billings		(102,319	)		(568,550	)

Net position	$	(363	)	$	(3,030	)


	December 31,
	2013			2012
Construction contract costs and estimated earnings in excess of billings	$	1,178		$	1,206
Billings in excess of construction contract costs and estimated earnings		(1,541	)		(4,236	)

Net position	$	(363	)	$	(3,030	)

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2013

Indebtedness

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


	Principal Balance				Stated Interest Rate	Stated Maturity Date
	December 31,				December 31,
Secured Debt	2013		2012		2013	2013
Credit facility	$	70,000	$	—	LIBOR + 1.60% - 2.20%	May 13, 2016
Armada Hoffler Tower		—		39,240	—	—
Richmond Tower		—		47,023	—	—
One Columbus		—		14,095	—	—
Two Columbus		—		18,854	—	—
Oyster Point		6,466		6,648	5.41%	December 1, 2015
Virginia Natural Gas		—		5,524	—	—
Sentara Williamsburg		—		10,997	—	—
249 Central Park Retail⁽¹⁾		15,834		16,086	5.99%	September 8, 2016
South Retail		6,985		7,097	5.99%	September 8, 2016
Studio 56 Retail		2,690		2,760	3.75%	May 7, 2015
Commerce Street Retail		5,613		6,800	LIBOR + 2.25%	October 31, 2018
Fountain Plaza Retail⁽¹⁾		7,917		8,043	5.99%	September 8, 2016
Dick’s at Town Center		8,318		8,413	LIBOR + 2.75%	October 31, 2017
Broad Creek Shopping Center
Note 1⁽²⁾		4,503		4,553	LIBOR + 2.25%	October 31, 2018
Note 2⁽²⁾		8,267		8,360	LIBOR + 2.25%	October 31, 2018
Note 3⁽²⁾		3,461		3,500	LIBOR + 2.25%	October 31, 2018
North Point Center
Note 1		10,319		10,478	6.45%	February 5, 2019
Note 2		2,830		2,910	7.25%	September 15, 2025
Note 3		—		9,356	—	—
Note 4		1,030		1,053	5.59%	December 1, 2014
Note 5⁽³⁾		705		724	LIBOR + 2.00%	February 1, 2017
Hanbury Village
Note 1		21,449		21,666	6.67%	October 11, 2017
Note 2		4,159		4,332	LIBOR + 2.25%	October 31, 2018
Gainsborough Square		—		9,771	—	—
Parkway Marketplace		—		5,747	—	—
Harrisonburg Regal		3,842		4,015	6.06%	June 8, 2017
Courthouse 7-Eleven
Note 1		—		1,505	—	—
Note 2		—		1,739	—	—
Tyre Neck Harris Teeter		2,482		2,650	LIBOR + 2.25%	October 31, 2018
The Cosmopolitan		47,723		48,291	3.75%	July 1, 2051
Smith’s Landing⁽⁴⁾		24,795		—	LIBOR + 2.15%	January 31, 2017
Main Street Land		—		2,208	—	—
4525 Main Street		11,313		—	LIBOR + 1.95%	January 30, 2017
Encore Apartments		3,585		—	LIBOR + 1.95%	January 30, 2017
Whetstone Apartments		284		—	LIBOR + 1.90%	October 8, 2016
Sandbridge Commons		3,172		—	LIBOR + 1.85%	January 17, 2018

	$	277,742	$	334,438

Oyster Point Participation Loan		—	$	643	—	—
Unamortized fair value adjustments		3		—

Total Indebtedness	$	277,745	$	335,081

(1)

Cross collateralized.

(2)

Cross collateralized.

(3)

Subject to an interest rate swap lock at a rate of 3.57%.

(4)

Principal balance excluding fair value adjustments.

Scheduled Principal Repayments and Term-loan Maturities

Scheduled principal repayments and term-loan maturities during each of the next five years and thereafter are as follows (in thousands):


Year	Scheduled Principal Payments		Term-Loan Maturities		Total Payments
2014	$	2,870	$	1,007	$	3,877
2015		2,930		8,681		11,611
2016		2,653		99,565		102,218
2017		1,843		70,885		72,728
2018		1,404		29,669		31,073
Thereafter		45,558		10,677		56,235

Total	$	57,258	$	220,484	$	277,742

Extinguishment of Debt

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


Properties unencumbered:	Amount repaid
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

Subtotal		146,621
Other debt repayments:
Broad Creek Shopping Center Note 2		2,697
Oyster Point Participation Loan		643

Subtotal		3,340

Total	$	149,961

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Derivatives

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


	December 31,
	2013							2012
	Notional Amount		Fair Value					Notional Amount		Fair Value
			Asset		Liability					Asset		Liability
Pay fixed interest rate swaps	$	705	$	—	$	(16	)	$	11,721	$	—	$	(239	)
Interest rate caps		130,672		102		—			9,356		9		—

Total	$	131,377	$	102	$	(16	)	$	21,077	$	9	$	(239	)

The changes in the fair value of Armada Hoffler’s derivatives during each of the three years ended December 31, 2013 was as follows (in thousands):


	Years Ended December 31,
	2013			2012			2011
Pay fixed interest rate swaps	$	152		$	445		$	436
Interest rate caps		(164	)		(37	)		—

Other (expense) income	$	(12	)	$	408		$	436

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Equity (Tables)

12 Months Ended

Dec. 31, 2013

Declared Dividends Per Share and Distributions Per Unit

During the year ended December 31, 2013, the Company declared the following dividends per share and distributions per unit:


Period	Dividend Per Share/Distribution Per Unit		Declaration Date	Record Date	Paid Date
May 13, 2013 to June 30, 2013	$	0.08	June 19, 2013	July 1, 2013	July 11, 2013
July 1, 2013 to September 30, 2013		0.16	August 9, 2013	October 1, 2013	October 10, 2013
October 1, 2013 to December 31, 2013		0.16	November 11, 2013	December 30, 2013	January 9, 2014

Total	$	0.40

Tax Status of Dividends per Share and Distributions per Unit Paid

The tax status of dividends per share and distributions per unit paid during the year ended December 31, 2013 was as follows:


	Per Share/ Unit		%
Ordinary income	$	0.04		17.0	%
Return of capital		0.20		83.0	%

Total	$	0.24		100.0	%

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

Summary of the Changes in the Company's Nonvested Restricted Stock Awards

The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2013:


	Restricted Stock Awards			Weighted Average Grant Date Fair Value Per Share
Nonvested as of January 1, 2013		—		$	—
Granted		169,227			11.50
Vested		(56,410	)		11.50
Forfeited		(877	)		11.50

Nonvested as of December 31, 2013		111,940		$	11.50

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2013 and 2012 were as follows (in thousands):


	December 31,
	2013				2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured debt	$	277,745	$	273,310	$	334,438	$	339,623
Participating note		—		—		643		643
Interest rate swap liabilities		16		16		239		239
Interest rate cap assets		102		102		9		9
Cash surrender value of life insurance		—		—		1,196		1,196
Deferred compensation liability		—		—		1,249		1,249

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Provision

The income tax provision for the year ended December 31, 2013 comprised the following (in thousands):


	Year Ended December 31, 2013
Federal income taxes:
Current	$	356
Deferred		(113	)
State income taxes:
Current		43
Deferred		(13	)

Income tax provision	$	273

Other Assets (Tables)

12 Months Ended

Dec. 31, 2013

Other Assets

Other assets comprised the following as of December 31, 2013 and 2012 (in thousands):


	December 31,
	2013		2012
Deferred leasing costs, net	$	7,858	$	8,004
Lease incentives, net		4,851		5,763
Acquired lease intangibles, net		4,369		—
Preacquisition development costs		2,036		—
Debt issuance costs, net		3,072		1,951
Offering costs		—		3,294
Cash surrender value of life insurance		—		1,196
Prepaid assets and other		2,223		1,356

Other assets	$	24,409	$	21,564

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2013

Other liabilities

Other liabilities comprised the following as of December 31, 2013 and 2012 (in thousands):


	December 31,
	2013		2012
Deferred ground rent payable	$	6,475	$	6,111
Dividends/distributions payable		5,155		—
Acquired lease intangibles, net		1,638		—
Deferred compensation		—		1,249
Interest rate swap liability		16		239
Other installment notes		279		496
Security deposits		748		469
Prepaid rent and other		1,562		1,829

Other liabilities	$	15,873	$	10,393

Acquisition of Noncontrolled Entities (Tables)

12 Months Ended

Dec. 31, 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
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


	Years Ended December 31,
	2013		2012
Rental revenues	$	59,517	$	60,075
Net income		5,581		18,520

Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2013

Summary of the Company's Acquired Lease Intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2013 (in thousands):


	December 31, 2013
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
In-place lease assets	$	3,279	$	817	$	2,462
Above-market lease assets		27		7		20
Below-market lease liabilities		1,750		112		1,638
Below-market ground lease assets		1,920		33		1,887

Estimated Amortization of Acquired Lease Intangibles

Estimated amortization of acquired lease intangibles for each of the five succeeding years is as follows (in thousands):


	Rental Revenues		Rental Expenses		Depreciation and Amortization
Year ending December 31,
2014	$	158	$	53	$	458
2015		149		53		409
2016		111		53		355
2017		112		53		332
2018		104		53		189

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2013

Future Minimum Rental Payments

Future minimum rental payments during each of the next five years and thereafter are as follows (in thousands):


2014	$	1,535
2015		1,495
2016		1,445
2017		1,430
2018		1,453
Thereafter		62,021

Total	$	69,379

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2013

Summary Certain Selected Quarterly Financial Data

The following tables summarize certain selected quarterly financial data for 2013 and 2012 (in thousands, except per share data):


	2013 Quarters
	First		Second		Third		Fourth
Rental revenues	$	13,398	$	14,231	$	14,899	$	14,992
General contracting and real estate services revenues		17,956		23,291		21,896		19,373
Net operating income		9,455		10,372		10,731		11,516
Net income		1,931		8,404		1,252		2,866
Net income attributable to stockholders		—		4,886		745		1,705
Net income per share: basic and diluted	$	—	$	0.26	$	0.04	$	0.09


	2012 Quarters
	First		Second		Third		Fourth
Rental revenues	$	13,387	$	13,609	$	13,318	$	14,122
General contracting and real estate services revenues		14,641		12,383		13,631		13,391
Net operating income		9,989		10,338		9,405		11,100
Net income	$	1,883	$	2,110	$	1,755	$	3,149

Business and Organization - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended
	May 31, 2013 USD ($) Property Parcels $ / shares shares	May 22, 2013 $ / shares shares	Dec. 31, 2013 Property	Oct. 10, 2013 USD ($)
Real Estate Properties [Line Items]
Number of properties			3
Proceeds from Initial Public Offering \| $	$ 192.0
Revolving credit facility, borrowed amount \| $	$ 40.0
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
Operating Partnership
Real Estate Properties [Line Items]
Operating partnership payment of outstanding indebtedness \| $	$ 150.0
Consideration paid to prior investors \| $	47.6
Senior secured revolving credit facility, maximum borrowing capacity \| $	$ 100.0			$ 155.0
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

Significant Accounting Policies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2013 USD ($) Segment	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Accounting Policies [Line Items]
Business segments \| Segment	4
Interest capitalized	$ 0.6
Indirect project costs	$ 1.6	$ 0.4	$ 1.3

Schedule Of Useful Life Of Property Plant And Equipment Table (Detail)	12 Months Ended
	Dec. 31, 2013
Building
Property Plant And Equipment Estimated Useful Lifes [Line Items]
Estimated useful life	39 years
Capital Improvements \| Minimum
Property Plant And Equipment Estimated Useful Lifes [Line Items]
Estimated useful life	15 years
Capital Improvements \| Maximum
Property Plant And Equipment Estimated Useful Lifes [Line Items]
Estimated useful life	20 years
Equipment \| Minimum
Property Plant And Equipment Estimated Useful Lifes [Line Items]
Estimated useful life	5 years
Equipment \| Maximum
Property Plant And Equipment Estimated Useful Lifes [Line Items]
Estimated useful life	15 years
Tenant Improvements
Property Plant And Equipment Estimated Useful Lifes [Line Items]
Estimated useful life	Term of the related lease (or estimated useful life, if shorter)

Net Operating Income of Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Multifamily residential real estate Rental revenues	$ 14,992	$ 14,899	$ 14,231	$ 13,398	$ 14,122	$ 13,318	$ 13,609	$ 13,387	$ 57,520	$ 54,436	$ 52,578
Segment revenues	$ 19,373	$ 21,896	$ 23,291	$ 17,956	$ 13,391	$ 13,631	$ 12,383	$ 14,641	82,516	54,046	77,602
Other										(74)	(71)
Property expenses									14,025	12,682	12,568
Segment expenses									78,813	50,103	72,138
Net operating income									42,074	40,832	40,693
Office real estate
Segment Reporting Information [Line Items]
Multifamily residential real estate Rental revenues									25,794	25,815	24,680
Property expenses									7,892	7,668	8,001
Net operating income									17,902	18,147	16,679
Retail real estate
Segment Reporting Information [Line Items]
Multifamily residential real estate Rental revenues									21,755	21,164	20,105
Property expenses									6,779	6,629	5,779
Net operating income									14,976	14,535	14,326
Multifamily residential real estate
Segment Reporting Information [Line Items]
Multifamily residential real estate Rental revenues									9,971	7,457	7,793
Property expenses									4,478	3,176	3,498
Net operating income									5,493	4,281	4,295
General contracting and real estate services
Segment Reporting Information [Line Items]
Segment revenues									82,516	54,046	77,602
Segment expenses									78,813	50,103	72,138
Net operating income									$ 3,703	$ 3,943	$ 5,464

Segments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
General contracting and real estate services revenues	$ 19,373	$ 21,896	$ 23,291	$ 17,956	$ 13,391	$ 13,631	$ 12,383	$ 14,641	$ 82,516	$ 54,046	$ 77,602
General contracting and real estate services expenses									78,813	50,103	72,138
Non-cash stock compensation									1,249
Impairment charges									580
General and Administrative Expense
Segment Reporting Information [Line Items]
Non-cash stock compensation									1,200
General contracting and real estate services
Segment Reporting Information [Line Items]
General contracting and real estate services revenues									82,516	54,046	77,602
General contracting and real estate services expenses									78,813	50,103	72,138
Intersegment Eliminations \| General contracting and real estate services
Segment Reporting Information [Line Items]
General contracting and real estate services revenues									35,700	1,400	5,600
General contracting and real estate services expenses									$ 35,400	$ 1,300	$ 5,500

Reconciliation of Net Operating Income to Net Income (Detail) - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Net operating income		$ 42,074	$ 40,832	$ 40,693
Depreciation and amortization		(14,898)	(12,909)	(12,994)
General and administrative expenses		(6,937)	(3,232)	(3,728)
Impairment charges		(580)
Interest expense		(12,303)	(16,561)	(18,134)
Loss on extinguishment of debt		(2,387)		(3,448)
Gain on acquisitions		9,460
Other income		297	777	258
Results from discontinued operations			(10)	(381)
Income tax provision		(273)	0	0
Net income	$ 12,433	$ 14,453	$ 8,897	$ 2,266

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

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Segment Reporting Information [Line Items]

Minimum rents

$ 51,252

$ 48,113

$ 46,916

Percentage rents

330

333

397

Other

5,938

5,990

5,265

Rental revenues

$ 14,992

$ 14,899

$ 14,231

$ 13,398

$ 14,122

$ 13,318

$ 13,609

$ 13,387

57,520

54,436

52,578

Office real estate

Segment Reporting Information [Line Items]

Minimum rents

24,415

24,101

23,324

Percentage rents

^[1]

104

109

107

Other

^[2]

1,275

1,605

1,249

Rental revenues

25,794

25,815

24,680

Retail real estate

Segment Reporting Information [Line Items]

Minimum rents

18,473

17,753

16,930

Percentage rents

^[1]

121

129

Other

^[2]

3,161

3,290

3,046

Rental revenues

21,755

21,164

20,105

Multifamily residential real estate

Segment Reporting Information [Line Items]

Minimum rents

8,364

6,259

6,662

Percentage rents

^[1]

105

103

161

Other

^[2]

1,502

1,095

970

Rental revenues

$ 9,971

$ 7,457

$ 7,793

[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	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Rental expenses	$ 14,025	$ 12,682	$ 12,568
Real Estate Taxes	5,124	4,865	4,781
Property expenses	19,149	17,547	17,349
Office real estate
Segment Reporting Information [Line Items]
Rental expenses	5,721	5,499	5,849
Real Estate Taxes	2,171	2,169	2,152
Retail real estate
Segment Reporting Information [Line Items]
Rental expenses	4,808	4,791	3,940
Real Estate Taxes	1,971	1,838	1,839
Multifamily residential real estate
Segment Reporting Information [Line Items]
Rental expenses	3,496	2,383	2,771
Real Estate Taxes	$ 982	793	727
Other
Segment Reporting Information [Line Items]
Rental expenses		9	8
Real Estate Taxes		$ 65	$ 63

Rental Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Rental Revenue (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating Leases, Income Statement, Lease Revenue [Abstract]
Base rents									$ 51,252	$ 48,113	$ 46,916
Percentage rents									330	333	397
Other									5,938	5,990	5,265
Rental revenues	$ 14,992	$ 14,899	$ 14,231	$ 13,398	$ 14,122	$ 13,318	$ 13,609	$ 13,387	$ 57,520	$ 54,436	$ 52,578

Rental Revenues - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating Leases, Income Statement, Lease Revenue [Abstract]
Accrued straight-line rental revenue	$ 1,055	$ 2,158	$ 2,370
Minimum rent, Lease incentive amortization	$ (800)	$ (800)	$ (700)

Operating Leases - Additional Information (Detail)	12 Months Ended
Operating Leases - Additional Information (Detail)	Dec. 31, 2013
Commercial tenant lease \| Minimum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	5 years
Commercial tenant lease \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	20 years
Multifamily residential real estate \| Minimum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	7 months
Multifamily residential real estate \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	15 months
Multifamily residential real estate \| Majority
Property Subject to or Available for Operating Lease [Line Items]
Lease term	12 months
Apartment leases \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	1 year

Commercial Tenant Leases Minimum Rental Income (Detail) $ in Thousands	Dec. 31, 2013 USD ($)
Operating lease
2014	$ 44,295
2015	46,297
2016	45,035
2017	42,865
2018	39,486
Thereafter	243,969
Total	$ 461,947

Real Estate Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real Estate Properties [Line Items]
Land	$ 41,313	$ 24,511
Land improvements	12,562	11,543
Buildings and improvements	365,941	316,596
Development costs		2,090
Construction in progress	43,160
Gross real estate investments	462,976	354,740	$ 349,933
Accumulated depreciation	(105,228)	(92,454)	$ (80,923)
Net real estate investments	$ 357,748	$ 262,286

Real Estate Investments - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 17, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate Properties [Line Items]
Land		$ 41,313	$ 24,511
Oceaneering International Facility
Real Estate Properties [Line Items]
Land		1,900
Subsequent Event \| Liberty Apartments
Real Estate Properties [Line Items]
Acquisition, total consideration	$ 30,700
Acquisition, common units issued	695,652
Acquisition, repayment of loan	$ 3,000
Acquisition, assumption of debt	$ 20,900
Main Street Land
Real Estate Properties [Line Items]
Land			$ 1,800
Whetstone Apartments
Real Estate Properties [Line Items]
Land		2,600
Sandbridge Commons
Real Estate Properties [Line Items]
Land		5,200
Greentree Shopping Center
Real Estate Properties [Line Items]
Land		$ 1,500

Accounts Receivable (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued straight-line rental revenue	$ 17,494	$ 16,579
Tenant accounts receivable	778	997
Allowance for doubtful accounts		(153)
Accounts receivable	$ 18,272	$ 17,423

Construction Contracts - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2013	Dec. 31, 2012
Receivables, Long-term Contracts or Programs [Abstract]
Billings netted against construction contract costs and estimated earnings	$ 16.2	$ 78.3
Deferred Precontract costs	0.8	0.6
Construction receivables retentions	3.2	3.0
Construction payables retentions	$ 2.1	$ 2.5

Net Position of Uncompleted Construction Contracts (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Contracts In Progress Costs And Earnings [Line Items]
Costs incurred on uncompleted contracts	$ 97,372	$ 542,994
Estimated earnings	4,584	22,526
Billings	(102,319)	(568,550)
Net position	(363)	(3,030)
Construction contract costs and estimated earnings in excess of billings	1,178	1,206
Billings in excess of construction contract costs and estimated earnings	(1,541)	(4,236)
Net position	$ (363)	$ (3,030)

Schedule of Debt (Detail) - USD ($)
$ in Thousands

12 Months Ended

Feb. 13, 2012

Dec. 31, 2013

Dec. 31, 2012

Schedule of Debt (Parenthetical) (Detail) - Note 5 - North Point		12 Months Ended
	Feb. 13, 2012	Dec. 31, 2013
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	2.00%
Interest rate swap lock
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	3.57%	3.57%

Components of Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Secured debt	$ 277,745	$ 334,438
Participating note		643
Indebtedness	277,745	335,081
Fixed-rate
Debt Instrument [Line Items]
Secured debt	127,085	188,129
Variable-rate
Debt Instrument [Line Items]
Secured debt	$ 150,660	$ 146,309

Summary of Repayment of Debt (Detail) $ in Thousands	12 Months Ended
Summary of Repayment of Debt (Detail) $ in Thousands	Dec. 31, 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) - USD ($) $ in Thousands	Mar. 14, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative [Line Items]
Interest rate cap agreement, notional amount		$ 131,377	$ 21,077
Interest rate cap
Derivative [Line Items]
Interest rate cap agreement, notional amount		121,500
Interest rate cap agreement, premium		$ 300
Interest rate cap agreement, expiration year		2016
Minimum \| Interest rate cap
Derivative [Line Items]
Interest rate cap agreement, strike price		1.50%
Maximum \| Interest rate cap
Derivative [Line Items]
Interest rate cap agreement, strike price		3.50%
Subsequent Event \| Interest rate cap
Derivative [Line Items]
Interest rate cap agreement, notional amount	$ 50,000
Interest rate cap agreement, strike price	1.25%
Interest rate cap agreement, premium	$ 400
Interest rate cap agreement, expiration date	Mar. 01, 2017

Schedule of Derivatives (Detail) - USD ($) $ in Thousands	12 Months Ended
Schedule of Derivatives (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Derivative [Line Items]
Notional Amount	$ 131,377	$ 21,077
Fair Value, Asset	102	9
Fair Value, Liability	(16)	(239)
Gain	(12)	408	$ 436
Pay fixed interest rate swaps
Derivative [Line Items]
Notional Amount	705	11,721
Fair Value, Liability	(16)	(239)
Gain	152	445	$ 436
Interest rate cap
Derivative [Line Items]
Notional Amount	130,672	9,356
Fair Value, Asset	102	9
Gain	$ (164)	$ (37)

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Feb. 18, 2014	Jan. 09, 2014	Dec. 31, 2013	Dec. 31, 2012
Class of Stock [Line Items]
Authorized capital shares of common stock			500,000,000	500,000,000
Authorized capital shares of preferred stock			100,000,000
Shares of common stock issued			19,163,413	19,163,413
Shares of common stock outstanding			19,163,413	19,163,413
Common units issued			13,059,365
Percentage of Operating Partnership held			59.50%
Aggregate cash dividends and distributions, declared			$ 12,900
Aggregate cash dividends and distributions, paid			7,733
Aggregate dividends and distributions payable			$ 5,155
Cash dividend/distribution per share, declared			$ 0.40
Subsequent Event \| Dividend Paid
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid		$ 5,200
Subsequent Event \| Dividend Paid \| Common Stockholders
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid		3,100
Subsequent Event \| Dividend Paid \| Common Unitholders
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid		$ 2,100
Subsequent Event \| Dividend Declared
Class of Stock [Line Items]
Cash dividend/distribution, date declared			Feb. 18, 2014
Cash dividend/distribution per share, declared	$ 0.16
Cash dividend/distribution, date payable			Apr. 10, 2014
Cash dividend/distribution, date of record			Apr. 01, 2014

Dividends Per Share and Distribution Per Unit Declared (Detail)	12 Months Ended
	Dec. 31, 2013 $ / shares
Dividends Payable [Line Items]
Dividend Per Share/Distribution Per Unit	$ 0.40
May 13, 2013 to June 30, 2013
Dividends Payable [Line Items]
Dividend Per Share/Distribution Per Unit	$ 0.08
Declaration Date	Jun. 19, 2013
Record Date	Jul. 01, 2013
Paid Date	Jul. 11, 2013
July 1, 2013 to September 30, 2013
Dividends Payable [Line Items]
Dividend Per Share/Distribution Per Unit	$ 0.16
Declaration Date	Aug. 09, 2013
Record Date	Oct. 01, 2013
Paid Date	Oct. 10, 2013
October 1, 2013 to December 31, 2013
Dividends Payable [Line Items]
Dividend Per Share/Distribution Per Unit	$ 0.16
Declaration Date	Nov. 11, 2013
Record Date	Dec. 30, 2013
Paid Date	Jan. 09, 2014

Tax Status of Dividends Per Share and Distribution Per Unit Paid (Detail)	12 Months Ended
	Dec. 31, 2013 $ / shares
Dividends Payable [Line Items]
Tax Status of Dividends, Per Share/ Unit	$ 0.24
Tax Status of Dividends, %	100.00%
Ordinary income
Dividends Payable [Line Items]
Tax Status of Dividends, Per Share/ Unit	$ 0.04
Tax Status of Dividends, %	17.00%
Return of capital
Dividends Payable [Line Items]
Tax Status of Dividends, Per Share/ Unit	$ 0.20
Tax Status of Dividends, %	83.00%

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 03, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 1,249
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted		169,227
Restricted stock award, vesting period		2 years
Restricted stock award, percentage vested on grant date		33.33%
Unrecognized compensation cost		$ 700
Unrecognized compensation cost, recognition period		17 months
Shares tendered by employees to satisfy minimum statutory tax withholding obligations		8,687
Restricted stock granted, grant date fair value		$ 11.50
2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares of common stock permitted to be granted		700,000
Equity Incentive Plan, term		10 years
Shares of common stock reserved for issuance		540,337
Subsequent Event \| Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	99,289
Restricted stock granted, grant date fair value	$ 9.94

Changes in Nonvested Restricted Stock Awards (Detail) - Restricted Stock Awards	12 Months Ended
	Dec. 31, 2013 $ / shares shares
Restricted Stock Awards
Nonvested as of beginning of period \| shares
Granted \| shares	169,227
Vested \| shares	(56,410)
Forfeited \| shares	(877)
Nonvested as of end of period \| shares	111,940
Weighted Average Grant Date Fair Value Per Share
Nonvested as of beginning of period \| $ / shares
Granted \| $ / shares	11.50
Vested \| $ / shares	11.50
Forfeited \| $ / shares	11.50
Nonvested as of end of period \| $ / shares	$ 11.50

Employee Benefit Plans - Additional Information (Detail) $ in Thousands	Dec. 31, 2012 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Deferred Compensation Liabilities	$ 1,249
Cash surrender value of life insurance policies	$ 1,196

Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured debt	$ 277,745	$ 334,438
Participating note		643
Interest rate swap liabilities	16	239
Cash surrender value of life insurance		1,196
Deferred compensation liability		1,249
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured debt	273,310	339,623
Participating note		643
Interest rate swap liabilities	16	239
Interest rate cap assets	102	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	277,745	334,438
Participating note		643
Interest rate swap liabilities	16	239
Interest rate cap assets	$ 102	9
Cash surrender value of life insurance		1,196
Deferred compensation liability		$ 1,249

Income Tax Provision (Detail) - USD ($) $ in Thousands	12 Months Ended
Income Tax Provision (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Federal income taxes:
Current	$ 356
Deferred	(113)
State income taxes:
Current	43
Deferred	(13)
Income tax provision	$ 273	$ 0	$ 0

Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Other Assets [Line Items]
Deferred leasing costs, net	$ 7,858	$ 8,004
Lease incentives, net	4,851	5,763
Acquired lease intangibles, net	4,369
Preacquisition development costs	2,036
Debt issuance costs, net	3,072	1,951
Offering costs		3,294
Cash surrender value of life insurance		1,196
Prepaid assets and other	2,223	1,356
Other assets	$ 24,409	$ 21,564

Other Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Other Liabilities [Abstract]
Deferred ground rent payable	$ 6,475	$ 6,111
Dividends/distributions payable	5,155
Acquired lease intangibles, net	1,638
Deferred compensation		1,249
Interest rate swap liability	16	239
Other installment notes	279	496
Security deposits	748	469
Prepaid rent and other	1,562	1,829
Other liabilities	$ 15,873	$ 10,393

Noncontrolling Investments (Detail)	12 Months Ended
Noncontrolling Investments (Detail)	Dec. 31, 2013
Bermuda Crossroads
Real Estate Properties [Line Items]
Property	Bermuda Crossroads
Type	Retail
Location	Chester, VA
Ownership %	50.00%
Smith's Landing
Real Estate Properties [Line Items]
Property	Smith's Landing
Type	Multifamily
Location	Blacksburg, VA
Ownership %	40.00%

Acquisition of Noncontrolled Entities - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2013	Dec. 31, 2013
Business Acquisition [Line Items]
Percentage of operating partnership acquired	100.00%
Acquisition, below-market ground lease		$ 1,638
Acquisition, in-place leases		4,369
Gain loss from remeasurement of equity method investment	$ 9,500
Rental revenues from acquisition date		3,800
Net income from acquisition date		$ 200
Pro Forma
Business Acquisition [Line Items]
Gain loss from remeasurement of equity method investment	$ 9,500
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%
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

Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	May 31, 2013
Business Acquisition [Line Items]
Below-market leases	$ (1,638)
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	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Rental revenues	$ 59,517	$ 60,075
Net income	$ 5,581	$ 18,520

Acquired Lease Intangibles (Detail) $ in Thousands	Dec. 31, 2013 USD ($)
In-place lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,279
Accumulated Amortization	817
Net Carrying Amount	2,462
Above-market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	27
Accumulated Amortization	7
Net Carrying Amount	20
Below-market lease liabilities
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,750
Accumulated Amortization	112
Net Carrying Amount	1,638
Below-market ground lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,920
Accumulated Amortization	33
Net Carrying Amount	$ 1,887

Discontinued Operations - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposal of discontinuous operation	$ 0.5	$ 2.5

Commitments and Contingencies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2013 USD ($) Property	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Loss Contingencies [Line Items]
Line of credit, performance and payment bonds	$ 35.8	$ 34.0
Outstanding letters of credit	$ 3.0
Number of ground leases \| Property	4
Number of properties \| Property	3
Option to extend lease terms, maximum	40 years
Ground rent expense		$ 1.5	$ 1.5	$ 1.3
Rental Revenues \| Hampton Roads properties
Loss Contingencies [Line Items]
Concentrations of Credit Risk	70.00%	75.00%	76.00%
Rental Revenues \| Town Center Properties
Loss Contingencies [Line Items]
Concentrations of Credit Risk	48.00%	51.00%	52.00%
Rental Revenues \| Richmond Tower
Loss Contingencies [Line Items]
Concentrations of Credit Risk	15.00%	16.00%	16.00%
Rental Revenues \| Williams Mullen
Loss Contingencies [Line Items]
Concentrations of Credit Risk	16.00%	17.00%	17.00%
General contracting and real estate services revenues \| Three Customers
Loss Contingencies [Line Items]
Concentrations of Credit Risk	50.00%
General contracting and real estate services revenues \| Two Customers
Loss Contingencies [Line Items]
Concentrations of Credit Risk		37.00%	83.00%
Construction receivables \| Three Customers
Loss Contingencies [Line Items]
Concentrations of Credit Risk	69.00%
Construction receivables \| Two Customers
Loss Contingencies [Line Items]
Concentrations of Credit Risk		18.00%
Minimum
Loss Contingencies [Line Items]
Initial terms of leases	20 years
Minimum \| Rental Revenues \| Williams Mullen
Loss Contingencies [Line Items]
Area of Richmond Tower occupied	80.00%
Maximum
Loss Contingencies [Line Items]
Initial terms of leases	50 years

Future Minimum Rental Payments (Detail) $ in Thousands	Dec. 31, 2013 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2014	$ 1,535
2015	1,495
2016	1,445
2017	1,430
2018	1,453
Thereafter	62,021
Total	$ 69,379