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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2014	May 12, 2014
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1
Entity Registrant Name	ARMADA HOFFLER PROPERTIES, INC.
Entity Central Index Key	0001569187
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		19,253,660

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013
Real estate investments:
Income producing property	$ 434,281	$ 406,239
Construction in progress	78,536	56,737
Gross real estate investments	512,817	462,976
Accumulated depreciation	(108,706)	(105,228)
Net real estate investments	404,111	357,748
Cash and cash equivalents	13,444	18,882
Restricted cash	2,754	2,160
Accounts receivable, net	18,884	18,272
Construction receivables, including retentions	12,736	12,633
Construction contract costs and estimated earnings in excess of billings	1,184	1,178
Other assets	25,799	24,409
Total Assets	478,912	435,282
LIABILITIES AND EQUITY
Indebtedness	317,271	277,745
Accounts payable and accrued liabilities	7,158	6,463
Construction payables, including retentions	27,047	28,139
Billings in excess of construction contract costs and estimated earnings	1,134	1,541
Other liabilities	16,264	15,873
Total Liabilities	368,874	329,761
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized, 19,254,365 and 19,163,413 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively	193	192
Additional paid-in capital	1,473	1,247
Distributions in excess of earnings	(49,550)	(47,934)
Total stockholders' deficit	(47,884)	(46,495)
Noncontrolling interests	157,922	152,016
Total Equity	110,038	105,521
Total Liabilities and Equity	$ 478,912	$ 435,282

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2014	Dec. 31, 2013
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	19,254,365	19,163,413
Common stock, shares outstanding	19,254,365	19,163,413

Condensed Consolidated and Combined Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenues
Rental revenues	$ 15,193	$ 13,398
General contracting and real estate services revenues	19,234
Total revenues	34,427
Expenses
Rental expenses	3,976	3,229
Real estate taxes	1,343	1,212
General contracting and real estate services expenses	17,985
Depreciation and amortization	3,969	3,159
General and administrative expenses	2,046	717
Total expenses	29,319
Operating income	5,108
Interest expense	(2,565)	(3,915)
Other income	112	267
Income before taxes	2,655
Income tax provision	(149)
Net income	2,506	1,931
Net income attributable to noncontrolling interests	(1,041)
Net income attributable to stockholders	$ 1,465
Net income per share and unit:
Basic and diluted	$ 0.08
Weighted-average outstanding:
Common shares	19,193
Common units	13,632
Basic and diluted	32,825
Dividends and distributions declared per common share and unit	$ 0.16
Predecessor [Member]
Revenues
Rental revenues		13,398
General contracting and real estate services revenues		17,956
Total revenues		31,354
Expenses
Rental expenses		3,229
Real estate taxes		1,212
General contracting and real estate services expenses		17,458
Depreciation and amortization		3,159
General and administrative expenses		717
Total expenses		25,775
Operating income		5,579
Interest expense		(3,915)
Other income		267
Income before taxes		1,931
Net income		$ 1,931

Condensed Consolidated Statement of Equity - 3 months ended Mar. 31, 2014 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Distributions in Excess of Earnings [Member]	Total Stockholders' Deficit [Member]	Noncontrolling Interests [Member]
Beginning balance at Dec. 31, 2013	$ 105,521	$ 192	$ 1,247	$ (47,934)	$ (46,495)	$ 152,016
Beginning balance, shares at Dec. 31, 2013	19,163,413	19,163,413
Restricted stock award grants		$ 1	(1)
Restricted stock award grants (in shares)		99,289
Vesting of restricted stock awards	$ 610		610		610
Minimum tax withholding	(82)		(82)		(82)
Minimum tax withholding (in shares)		(8,337)
Acquisitions	$ 6,769					6,769
Exchange of owners' equity for common units			$ (301)		$ (301)	$ 301
Exchange of owners' equity for common units (in shares)
Net income	$ 2,506			$ 1,465	$ 1,465	$ 1,041
Dividends and distributions declared	(5,286)			(3,081)	(3,081)	(2,205)
Ending balance at Mar. 31, 2014	$ 110,038	$ 193	$ 1,473	$ (49,550)	$ (47,884)	$ 157,922
Ending balance, shares at Mar. 31, 2014	19,254,365	19,254,365

Condensed Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
OPERATING ACTIVITIES
Net income	$ 2,506	$ 1,931
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	3,478
Amortization of deferred leasing costs and in-place lease intangibles	491
Accrued straight-line rental revenue	(469)
Amortization of lease incentives and above or below-market rents	160
Accrued straight-line ground rent expense	79
Bad debt expense	11
Noncash stock compensation	329
Noncash interest expense	133
Change in the fair value of derivatives	(93)	(110)
Changes in operating assets and liabilities, net of acquisitions:
Property assets	(1,311)
Property liabilities	11
Construction assets	(109)
Construction liabilities	(2,003)
Net cash provided by operating activities	3,213
INVESTING ACTIVITIES
Development of real estate investments	(20,320)
Tenant and building improvements	(2,495)
Acquisitions of real estate investments, net of cash acquired	(2,895)
Increase in restricted cash	(35)
Deferred leasing costs	(153)
Net cash used for investing activities	(25,898)
FINANCING ACTIVITIES
Offering costs	(149)
Credit facility and construction loan borrowings	23,269
Debt and credit facility payments, including principal amortization	(714)
Debt issuance costs	(4)
Dividends and distributions	(5,155)
Net cash provided by (used for) financing activities	17,247
Net decrease in cash and cash equivalents	(5,438)
Cash and cash equivalents, beginning of period	18,882
Cash and cash equivalents, end of period	13,444
Supplemental cash flow information:
Cash paid for interest	$ 2,794
Predecessor [Member]
OPERATING ACTIVITIES
Net income		1,931
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements		2,845
Amortization of deferred leasing costs and in-place lease intangibles		314
Accrued straight-line rental revenue		(300)
Amortization of lease incentives and above or below-market rents		196
Accrued straight-line ground rent expense		85
Bad debt expense		117
Noncash interest expense		172
Change in the fair value of derivatives		(110)
Income from real estate joint ventures		(93)
Changes in operating assets and liabilities, net of acquisitions:
Property assets		(692)
Property liabilities		1,661
Construction assets		(3,009)
Construction liabilities		1,170
Net cash provided by operating activities		4,287
INVESTING ACTIVITIES
Development of real estate investments		(2,200)
Tenant and building improvements		(746)
Increase in restricted cash		(95)
Return of capital from real estate joint ventures, net		49
Deferred leasing costs		(150)
Leasing incentives		(40)
Net cash used for investing activities		(3,182)
FINANCING ACTIVITIES
Offering costs		(2,587)
Debt and credit facility payments, including principal amortization		(1,453)
Predecessor distributions, net		(2,364)
Net cash provided by (used for) financing activities		(6,404)
Net decrease in cash and cash equivalents		(5,299)
Cash and cash equivalents, beginning of period		9,400
Cash and cash equivalents, end of period		4,101
Supplemental cash flow information:
Cash paid for interest		$ 3,748

Business and Organization

3 Months Ended

Mar. 31, 2014

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.

As of March 31, 2014, the Company’s operating property portfolio consisted of the following properties:


Name	Segment	Location
Armada Hoffler Tower	Office	Virginia Beach, Virginia
One Columbus	Office	Virginia Beach, Virginia
Oyster Point	Office	Newport News, Virginia
Richmond Tower	Office	Richmond, Virginia
Sentara Williamsburg	Office	Williamsburg, Virginia
Two Columbus	Office	Virginia Beach, Virginia
Virginia Natural Gas	Office	Virginia Beach, Virginia
249 Central Park Retail	Retail	Virginia Beach, Virginia
Bermuda Crossroads	Retail	Chester, Virginia
Broad Creek Shopping Center	Retail	Norfolk, Virginia
Commerce Street Retail	Retail	Virginia Beach, Virginia
Courthouse 7-Eleven	Retail	Virginia Beach, Virginia
Dick’s at Town Center	Retail	Virginia Beach, Virginia
Fountain Plaza Retail	Retail	Virginia Beach, Virginia
Gainsborough Square	Retail	Chesapeake, Virginia
Hanbury Village	Retail	Chesapeake, Virginia
Harrisonburg Regal	Retail	Harrisonburg, Virginia
North Point Center	Retail	Durham, North Carolina
Parkway Marketplace	Retail	Virginia Beach, Virginia
South Retail	Retail	Virginia Beach, Virginia
Studio 56 Retail	Retail	Virginia Beach, Virginia
Tyre Neck Harris Teeter	Retail	Portsmouth, Virginia
Liberty Apartments	Multifamily	Newport News, Virginia
Smith’s Landing	Multifamily	Blacksburg, Virginia
The Cosmopolitan	Multifamily	Virginia Beach, Virginia

As of March 31, 2014, the Company had the following properties under development (the “Development Pipeline”):


Name	Segment	Location
4525 Main Street	Office	Virginia Beach, Virginia
Brooks Crossing	Office	Newport News, Virginia
Oceaneering	Office	Chesapeake, Virginia
Greentree Shopping Center	Retail	Chesapeake, Virginia
Sandbridge Commons	Retail	Virginia Beach, Virginia
Encore Apartments	Multifamily	Virginia Beach, Virginia
Whetstone Apartments	Multifamily	Durham, North Carolina

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 under common ownership by their individual partners, members and stockholders and under common control or significant influence of Daniel A. Hoffler prior to the IPO and the Formation Transactions. The financial position and results of operations of the entities under common control of Mr. Hoffler 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 entities under significant influence of Mr. Hoffler using the equity method of accounting.

Pursuant to the Formation Transactions, the Operating Partnership: (i) acquired 100% of the interests in the entities comprising the Predecessor, (ii) succeeded to the ongoing construction and development businesses of the Predecessor, (iii) assumed asset management of certain of the properties acquired from the Predecessor, (iv) succeeded to the third party asset management business of the Predecessor, (v) succeeded to the projects under development by the Predecessor, (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 the Company. The Operating Partnership completed the acquisition of Liberty Apartments on January 17, 2014.

Because of the timing of the IPO and the Formation Transactions, the results of operations for the three months ended March 31, 2013 reflect those of the Predecessor. The financial condition as of March 31, 2014 and December 31, 2013 and the results of operations for the three months ended March 31, 2014 reflect those 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.

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+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2014

Summary of Significant Accounting Policies

2.	*Summary of 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 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.

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

The accompanying consolidated and combined financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim financial statements should be read in conjunction with the audited consolidated and combined financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

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.

Significant Accounting Policies

The accompanying consolidated and combined financial statements were prepared on the basis of the accounting principles described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, among others.

Segments

3 Months Ended

Mar. 31, 2014

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 the three months ended March 31, 2014 and 2013 was as follows (in thousands):


	Three Months Ended March 31,
	2014		2013
	(Unaudited)
Office real estate
Rental revenues	$	6,549	$	6,486
Property expenses		2,131		1,946


Segment net operating income		4,418		4,540


Retail real estate
Rental revenues		5,770		5,005
Property expenses		1,825		1,680


Segment net operating income		3,945		3,325


Multifamily residential real estate
Rental revenues		2,874		1,907
Property expenses		1,363		815


Segment net operating income		1,511		1,092


General contracting and real estate services
Segment revenues		19,234		17,956
Segment expenses		17,985		17,458


Segment net operating income		1,249		498


Net operating income	$	11,123	$	9,455

General contracting and real estate services revenues for the three months ended March 31, 2014 and 2013 exclude revenue related to intercompany construction contracts of $18.7 million and $2.0 million, respectively. General contracting and real estate services expenses for the three months ended March 31, 2014 and 2013 exclude expenses related to intercompany construction contracts of $18.5 million and $2.0 million, respectively. General contracting and real estate services expenses for the three months ended March 31, 2014 includes noncash stock compensation of $0.1 million.

The following table reconciles net operating income to net income for the three months ended March 31, 2014 and 2013 (in thousands):


	Three Months Ended March 31,
	2014			2013
	(Unaudited)
Net operating income	$	11,123		$	9,455
Depreciation and amortization		(3,969	)		(3,159	)
General and administrative expenses		(2,046	)		(717	)
Interest expense		(2,565	)		(3,915	)
Other income		112			267
Income tax provision		(149	)		—


Net income	$	2,506		$	1,931

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 three months ended March 31, 2014 include noncash stock compensation of $0.2 million.

Rental revenues of Armada Hoffler’s reportable segments for the three months ended March 31, 2014 and 2013 comprised the following (in thousands):


	Three Months Ended March 31,
	2014		2013
	(Unaudited)
Minimum rents
Office	$	6,152	$	6,100
Retail		4,774		4,365
Multifamily		2,450		1,627
Percentage rents (1)
Office		45		104
Retail		91		24
Multifamily		35		42
Other (2)
Office		352		282
Retail		905		616
Multifamily		389		238


Rental revenues	$	15,193	$	13,398

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

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

Property expenses of Armada Hoffler’s reportable segments for the three months ended March 31, 2014 and 2013 comprised the following (in thousands):


	Three Months Ended March 31,
	2014		2013
	(Unaudited)
Rental expenses
Office	$	1,587	$	1,405
Retail		1,322		1,220
Multifamily		1,067		604


Total		3,976		3,229


Real estate taxes
Office		544		541
Retail		503		460
Multifamily		296		211


Total		1,343		1,212


Property expenses	$	5,319	$	4,441

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.

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+ Details

Real Estate Investments

3 Months Ended

Mar. 31, 2014

Real Estate Investments

4.	*Real Estate Investments*

The Company’s real estate investments comprised the following as of March 31, 2014 and December 31, 2013 (in thousands):


	March 31, 2014			December 31, 2013
	(Unaudited)
Land	$	44,893		$	41,313
Land improvements		12,895			12,562
Buildings and improvements		390,069			365,941
Construction in progress		64,960			43,160


		512,817			462,976


Accumulated depreciation		(108,706	)		(105,228	)


Net real estate investments	$	404,111		$	357,748

As discussed in Note 1, the Company completed the acquisition of Liberty Apartments on January 17, 2014. The fair value of the total consideration transferred at the acquisition date to acquire Liberty Apartments was $26.7 million, consisting of 695,652 common units of the Operating Partnership, $3.0 million in cash to affiliates of the Predecessor and the assumption of $17.0 million of debt. The fair value adjustment to the assumed debt of Liberty Apartments was a $1.5 million discount. The outstanding principal balance of the assumed debt of Liberty Apartments at the acquisition date was $18.5 million. An additional $2.4 million is available under the Liberty Apartments loan and will be used to fund current and future obligations of the Company.

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


	Liberty Apartments
	(Unaudited)
Land	$	3,580
Site improvements		280
Building and improvements		23,214
In-place leases		340
Indebtedness		(16,966	)
Net working capital		(679	)


Net assets acquired	$	9,769

Liberty Apartments did not have any operations during the three months ended March 31, 2013. Rental revenues and net loss from Liberty Apartments for the period from the acquisition date to March 31, 2014 included in the consolidated statement of income was $0.1 million and $(0.5) million, respectively.

Subsequent to March 31, 2014

On April 16, 2014, the Company purchased $7.4 million of land in Williamsburg, Virginia for the development and construction of Lightfoot Marketplace.

On May 1, 2014, the Company purchased $0.3 million of land in Chesapeake, Virginia for the development and construction of a new administrative building for the Commonwealth of Virginia.

Indebtedness

3 Months Ended

Mar. 31, 2014

Indebtedness

5.	*Indebtedness*

On January 17, 2014, the Company assumed $17.0 million of debt at fair value in connection with the acquisition of Liberty Apartments. The fair value adjustment to the assumed debt of Liberty Apartments was a $1.5 million discount. The outstanding principal balance of the assumed debt of Liberty Apartments at the acquisition date was $18.5 million. An additional $2.4 million is available under the Liberty Apartments loan and will be used to fund current and future obligations of the Company. The loan amortizes over 30 years, bears interest at 5.66% and matures on November 1, 2043.

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. As of March 31, 2014, the Company did not have any amounts outstanding on the construction loan.

During the three months ended March 31, 2014, the Operating Partnership borrowed an additional $10.0 million under the credit facility. As of March 31, 2014, the outstanding balance on the credit facility was $80.0 million.

During the three months ended March 31, 2014, the Company borrowed an additional $13.3 million under its existing construction loans to fund the construction of 4525 Main Street, Encore Apartments, Whetstone Apartments and Sandbridge Commons.

Subsequent to March 31, 2014

On April 14, 2014, the Operating Partnership borrowed an additional $8.0 million under the credit facility.

On April 22, 2014, the Operating Partnership amended the maximum leverage ratio covenant requirement in the credit facility to be 65% as of the last day of each fiscal quarter through maturity.

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2014

Derivative Financial Instruments

6.	*Derivative Financial Instruments*

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.

The Company’s derivatives comprised the following as of March 31, 2014 and December 31, 2013 (in thousands):


	March 31, 2014							December 31, 2013
			(Unaudited)
	Notional Amount		Fair Value					Notional Amount		Fair Value
			Asset		Liability					Asset		Liability
Pay fixed interest rate swaps	$	700	$	—	$	(14	)	$	705	$	—	$	(16	)
Interest rate caps		180,614		589		—			130,672		102		—


Total	$	181,314	$	589	$	(14	)	$	131,377	$	102	$	(16	)

The changes in the fair value of Armada Hoffler’s derivatives during the three months ended March 31, 2014 and 2013 comprised the following (in thousands):


	Three Months Ended March 31,
	2014		2013
	(Unaudited)
Pay fixed interest rate swaps	$	2	$	108
Interest rate caps		91		2


Other income	$	93	$	110

- 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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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Equity

3 Months Ended

Mar. 31, 2014

Equity

7.	*Equity*

Stockholders’ Equity

As of March 31, 2014 and 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 19.3 million and 19.2 million shares of common stock issued and outstanding as of March 31, 2014 and December 31, 2013, respectively. No shares of preferred stock were issued and outstanding as of March 31, 2014 or December 31, 2013.

Noncontrolling Interests

As of March 31, 2014 and December 31, 2013, the Company held a 58.2% and 59.5% interest in the Operating Partnership, respectively. As the sole general partner and the majority interest holder, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Company represent common units of the Operating Partnership not held by the Company.

On January 17, 2014, the Operating Partnership issued 695,652 common units as partial consideration for Liberty Apartments.

On March 31, 2014, the Operating Partnership issued 30,000 common units in exchange for all noncontrolling interests in Sandbridge Commons. The Company recognized the difference between the fair value of the common units issued and the adjustment to the carrying amount of the noncontrolling interests in Sandbridge Commons directly in equity as additional paid-in capital.

Common Stock Dividends and Common Unit Distributions

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

Subsequent to March 31, 2014

On April 10, 2014, the Company paid cash dividends of $3.1 million to common stockholders and cash distributions of $2.2 million to common unitholders.

On May 9, 2014, the Company’s Board of Directors declared a cash dividend/distribution of $0.16 per share/unit payable on July 10, 2014 to common stockholders and common unitholders of record on July 1, 2014.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2014

Stock-Based Compensation

8.	*Stock-Based Compensation*

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. 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 three months ended March 31, 2014, the Company recognized $0.6 million of stock-based compensation using the accelerated attribution method. As of March 31, 2014, there were 178,123 nonvested restricted shares outstanding; the total unrecognized compensation related to nonvested restricted shares was $1.1 million, which the Company expects to recognize over the next 23 months.

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2014

Fair Value of Financial Instruments

9.	*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 swap and cap agreements. 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 March 31, 2014 and December 31, 2013 were as follows (in thousands):


	March 31, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Unaudited)
Secured debt	$	317,271	$	321,709	$	277,745	$	273,310
Interest rate swap liabilities		14		14		16		16
Interest rate cap assets		589		589		102		102

- 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

Related Party Transactions

3 Months Ended

Mar. 31, 2014

Related Party Transactions

10.

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 $2.3 million and $10.9 million for the three months ended March 31, 2014 and 2013, respectively. Operating margin from such contracts was $0.1 million and $0.3 million for the three months ended March 31, 2014 and 2013, respectively. Real estate services fees from affiliated entities of Armada Hoffler were not significant for either the three months ended March 31, 2014 or 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 either the three months ended March 31, 2014 or 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

3 Months Ended

Mar. 31, 2014

Commitments and Contingencies

11.

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 $194.6 million and $35.8 million as of March 31, 2014 and December 31, 2013, 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 March 31, 2014 and December 31, 2013, the Operating Partnership had total outstanding letters of credit of $9.9 million and $3.0 million, respectively.

Subsequent Events

3 Months Ended

Mar. 31, 2014

Subsequent Events

12.

Subsequent Events

As discussed in Note 4, the Company purchased $7.4 million of land in Williamsburg, Virginia on April 16, 2014 for the development and construction of Lightfoot Marketplace. The Company purchased $0.3 million of land in Chesapeake, Virginia on May 1, 2014 for the development and construction of a new administrative building for the Commonwealth of Virginia.

As discussed in Note 5, the Operating Partnership borrowed an additional $8.0 million under the credit facility on April 14, 2014 and amended the maximum leverage ratio covenant requirement in the credit facility on April 22, 2014.

As discussed in Note 7, the Company paid cash dividends of $3.1 million to common stockholders and $2.2 million to common unitholders on April 10, 2014. The Company’s Board of Directors declared a cash dividend/distribution of $0.16 per share/unit on May 9, 2014 to common stockholders and common unitholders of record on July 1, 2014.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2014
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”). 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 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. In the opinion of management, the consolidated and combined financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented. The accompanying consolidated and combined financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim financial statements should be read in conjunction with the audited consolidated and combined financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the 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.
Significant Accounting Policies	Significant Accounting Policies The accompanying consolidated and combined financial statements were prepared on the basis of the accounting principles described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, among others.

Segments (Tables)

3 Months Ended

Mar. 31, 2014

Net Operating Income of Reportable Segments

Net operating income of Armada Hoffler’s reportable segments for the three months ended March 31, 2014 and 2013 was as follows (in thousands):


	Three Months Ended March 31,
	2014		2013
	(Unaudited)
Office real estate
Rental revenues	$	6,549	$	6,486
Property expenses		2,131		1,946


Segment net operating income		4,418		4,540


Retail real estate
Rental revenues		5,770		5,005
Property expenses		1,825		1,680


Segment net operating income		3,945		3,325


Multifamily residential real estate
Rental revenues		2,874		1,907
Property expenses		1,363		815


Segment net operating income		1,511		1,092


General contracting and real estate services
Segment revenues		19,234		17,956
Segment expenses		17,985		17,458


Segment net operating income		1,249		498


Net operating income	$	11,123	$	9,455

Reconciliation of Net Operating Income to Net Income

The following table reconciles net operating income to net income for the three months ended March 31, 2014 and 2013 (in thousands):


	Three Months Ended March 31,
	2014			2013
	(Unaudited)
Net operating income	$	11,123		$	9,455
Depreciation and amortization		(3,969	)		(3,159	)
General and administrative expenses		(2,046	)		(717	)
Interest expense		(2,565	)		(3,915	)
Other income		112			267
Income tax provision		(149	)		—


Net income	$	2,506		$	1,931

Rental Revenues of Reportable Segments

Rental revenues of Armada Hoffler’s reportable segments for the three months ended March 31, 2014 and 2013 comprised the following (in thousands):


	Three Months Ended March 31,
	2014		2013
	(Unaudited)
Minimum rents
Office	$	6,152	$	6,100
Retail		4,774		4,365
Multifamily		2,450		1,627
Percentage rents (1)
Office		45		104
Retail		91		24
Multifamily		35		42
Other (2)
Office		352		282
Retail		905		616
Multifamily		389		238


Rental revenues	$	15,193	$	13,398

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

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

Property Expenses of Reportable Segments

Property expenses of Armada Hoffler’s reportable segments for the three months ended March 31, 2014 and 2013 comprised the following (in thousands):


	Three Months Ended March 31,
	2014		2013
	(Unaudited)
Rental expenses
Office	$	1,587	$	1,405
Retail		1,322		1,220
Multifamily		1,067		604


Total		3,976		3,229


Real estate taxes
Office		544		541
Retail		503		460
Multifamily		296		211


Total		1,343		1,212


Property expenses	$	5,319	$	4,441

Real Estate Investments (Tables)

3 Months Ended

Mar. 31, 2014

Real Estate Investments

The Company’s real estate investments comprised the following as of March 31, 2014 and December 31, 2013 (in thousands):


	March 31, 2014			December 31, 2013
	(Unaudited)
Land	$	44,893		$	41,313
Land improvements		12,895			12,562
Buildings and improvements		390,069			365,941
Construction in progress		64,960			43,160


		512,817			462,976


Accumulated depreciation		(108,706	)		(105,228	)


Net real estate investments	$	404,111		$	357,748

Summary of 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):


	Liberty Apartments
	(Unaudited)
Land	$	3,580
Site improvements		280
Building and improvements		23,214
In-place leases		340
Indebtedness		(16,966	)
Net working capital		(679	)


Net assets acquired	$	9,769

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Schedule of Derivatives

The Company’s derivatives comprised the following as of March 31, 2014 and December 31, 2013 (in thousands):


	March 31, 2014							December 31, 2013
			(Unaudited)
	Notional Amount		Fair Value					Notional Amount		Fair Value
			Asset		Liability					Asset		Liability
Pay fixed interest rate swaps	$	700	$	—	$	(14	)	$	705	$	—	$	(16	)
Interest rate caps		180,614		589		—			130,672		102		—


Total	$	181,314	$	589	$	(14	)	$	131,377	$	102	$	(16	)

The changes in the fair value of Armada Hoffler’s derivatives during the three months ended March 31, 2014 and 2013 comprised the following (in thousands):


	Three Months Ended March 31,
	2014		2013
	(Unaudited)
Pay fixed interest rate swaps	$	2	$	108
Interest rate caps		91		2


Other income	$	93	$	110

- 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
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+ Details

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

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 March 31, 2014 and December 31, 2013 were as follows (in thousands):


	March 31, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Unaudited)
Secured debt	$	317,271	$	321,709	$	277,745	$	273,310
Interest rate swap liabilities		14		14		16		16
Interest rate cap assets		589		589		102		102

Business and Organization - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014 Property Parcels
Real Estate Properties [Line Items]
Options to acquire developable 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 \| Property	197

Segments - Net Operating Income of Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting Information [Line Items]
Multifamily residential real estate Rental revenues	$ 15,193	$ 13,398
Segment revenues	19,234
Property expenses	3,976	3,229
Segment expenses	17,985
Net operating income	11,123	9,455
Office Real Estate [Member]
Segment Reporting Information [Line Items]
Multifamily residential real estate Rental revenues	6,549	6,486
Property expenses	2,131	1,946
Net operating income	4,418	4,540
Retail Real Estate [Member]
Segment Reporting Information [Line Items]
Multifamily residential real estate Rental revenues	5,770	5,005
Property expenses	1,825	1,680
Net operating income	3,945	3,325
Multifamily Residential Real Estate [Member]
Segment Reporting Information [Line Items]
Multifamily residential real estate Rental revenues	2,874	1,907
Property expenses	1,363	815
Net operating income	1,511	1,092
General Contracting and Real Estate Services [Member]
Segment Reporting Information [Line Items]
Segment revenues	19,234	17,956
Segment expenses	17,985	17,458
Net operating income	$ 1,249	$ 498

Segments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting Information [Line Items]
General contracting and real estate services revenues	$ 19,234
General contracting and real estate services expenses	17,985
Non-cash stock compensation	329
General and Administrative Expense [Member]
Segment Reporting Information [Line Items]
Non-cash stock compensation	200
General Contracting and Real Estate Services [Member]
Segment Reporting Information [Line Items]
General contracting and real estate services revenues	19,234	$ 17,956
General contracting and real estate services expenses	17,985	17,458
Non-cash stock compensation	100
Intersegment Eliminations [Member] \| General Contracting and Real Estate Services [Member]
Segment Reporting Information [Line Items]
General contracting and real estate services revenues	18,700	2,000
General contracting and real estate services expenses	$ 18,500	$ 2,000

Segments - Reconciliation of Net Operating Income to Net Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting Information [Line Items]
Net operating income	$ 11,123	$ 9,455
Depreciation and amortization	(3,969)	(3,159)
General and administrative expenses	(2,046)	(717)
Interest expense	(2,565)	(3,915)
Other income	112	267
Income tax provision	(149)
Net income	$ 2,506	$ 1,931

Segments - Rental Revenues of Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting Information [Line Items]
Rental revenues	$ 15,193	$ 13,398
Office Real Estate [Member]
Segment Reporting Information [Line Items]
Minimum rents	6,152	6,100
Percentage rents	45	104
Other	352	282
Rental revenues	6,549	6,486
Retail Real Estate [Member]
Segment Reporting Information [Line Items]
Minimum rents	4,774	4,365
Percentage rents	91	24
Other	905	616
Rental revenues	5,770	5,005
Multifamily Residential Real Estate [Member]
Segment Reporting Information [Line Items]
Minimum rents	2,450	1,627
Percentage rents	35	42
Other	389	238
Rental revenues	$ 2,874	$ 1,907

Segments - Property Expenses of Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting Information [Line Items]
Rental expenses	$ 3,976	$ 3,229
Real estate taxes	1,343	1,212
Property expenses	5,319	4,441
Office Real Estate [Member]
Segment Reporting Information [Line Items]
Rental expenses	1,587	1,405
Real estate taxes	544	541
Retail Real Estate [Member]
Segment Reporting Information [Line Items]
Rental expenses	1,322	1,220
Real estate taxes	503	460
Multifamily Residential Real Estate [Member]
Segment Reporting Information [Line Items]
Rental expenses	1,067	604
Real estate taxes	$ 296	$ 211

Real Estate Investments - Real Estate Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]
Land	$ 44,893	$ 41,313
Land improvements	12,895	12,562
Buildings and improvements	390,069	365,941
Construction in progress	64,960	43,160
Gross real estate investments	512,817	462,976
Accumulated depreciation	(108,706)	(105,228)
Net real estate investments	$ 404,111	$ 357,748

Real Estate Investments - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Jan. 17, 2014	Mar. 31, 2014	Mar. 31, 2013	May 01, 2014	Apr. 16, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]
Rental revenues		$ 15,193	$ 13,398
Net income		1,465
Land purchased		44,893				$ 41,313
Liberty Apartments [Member]
Real Estate Properties [Line Items]
Acquisition, total consideration	$ 26,700
Acquisition, common units issued	695,652
Acquisition, assumption of debt	$ 17,000
Acquisition, cash paid to affiliates of the predecessor	3,000
Fair value adjustment to the assumed debt	1,500
Outstanding principal balance of the assumed debt	18,500	16,966
Additions under the liberty apartment loan	$ 2,400
Rental revenues		100
Net income		$ (500)
Subsequent Event [Member] \| Virginia [Member]
Real Estate Properties [Line Items]
Land purchased				$ 300	$ 7,400

Real Estate Investments - Estimated Fair Value of The Assets Acquired and Liabilities Assumed Table (Detail) - Liberty Apartments [Member] - USD ($) $ in Thousands	Mar. 31, 2014	Jan. 17, 2014
Property Plant And Equipment Estimated Useful Lifes [Line Items]
Land	$ 3,580
Site improvements	280
Building and improvements	23,214
In-place leases	340
Indebtedness	(16,966)	$ (18,500)
Net working capital	(679)
Net assets acquired	$ 9,769

Indebtedness - Additional Information (Detail) - USD ($) $ in Thousands					3 Months Ended
	Apr. 22, 2014	Apr. 14, 2014	Feb. 28, 2014	Jan. 17, 2014	Mar. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Indebtedness					$ 317,271	$ 277,745
Liberty Apartments [Member]
Debt Instrument [Line Items]
Acquisition, assumption of debt				$ 17,000
Fair value adjustment of debt of liberty apartment				1,500
Outstanding principal amount of debt				18,500	16,966
Loans available under Liberty Apartments loan				$ 2,400
Debt assumed, interest rate				5.66%
Stated maturity date				Nov. 01, 2043
Debt assumed, term				30 years
Operating Partnership [Member]
Debt Instrument [Line Items]
Revolving credit facility, borrowed amount					10,000
Revolving credit facility, outstanding amount					80,000
Construction Loans [Member]
Debt Instrument [Line Items]
Indebtedness					0
Revolving credit facility, borrowed amount					$ 13,300
Construction Loans [Member] \| Oceaneering International Facility [Member]
Debt Instrument [Line Items]
Stated maturity date			Feb. 28, 2018
Debt, face value			$ 19,500
Construction Loans [Member] \| Oceaneering International Facility [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.75%
Subsequent Event [Member] \| Operating Partnership [Member]
Debt Instrument [Line Items]
Revolving credit facility, borrowed amount		$ 8,000
Financial covenant, maximum leverage ratio as of the last day of each fiscal quarter	65.00%

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 14, 2014	Mar. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Interest rate cap agreement, notional amount		$ 181,314	$ 131,377
Interest Rate Caps [Member]
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

Derivative Financial Instruments - Schedule of Derivatives (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Derivative [Line Items]
Notional Amount	$ 181,314		$ 131,377
Fair Value Asset	589		102
Fair Value Liability	(14)		(16)
Gain	93	$ 110
Pay Fixed Interest Rate Swaps [Member]
Derivative [Line Items]
Notional Amount	700		705
Fair Value Liability	(14)		(16)
Gain	2	108
Interest Rate Caps [Member]
Derivative [Line Items]
Notional Amount	180,614		130,672
Fair Value Asset	589		$ 102
Gain	$ 91	$ 2

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended
	May 09, 2014	Apr. 10, 2014	Feb. 18, 2014	Jan. 17, 2014	Jan. 09, 2014	Mar. 31, 2014	Dec. 31, 2013
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	100,000,000
Shares of common stock issued						19,254,365	19,163,413
Shares of common stock outstanding						19,254,365	19,163,413
Preferred stock issued						0	0
Preferred stock outstanding						0	0
Percentage of Operating Partnership held						58.20%	59.50%
Common units in exchange for all noncontrolling interests						30,000
Aggregate cash dividends and distributions, paid						$ 5,155
Cash dividend/distribution per share, declared						$ 0.16
Liberty Apartments [Member]
Class of Stock [Line Items]
Acquisition, common units issued				695,652
Dividend Declared [Member]
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
Dividend Paid [Member] \| Common Stockholders [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid					$ 3,100
Dividend Paid [Member] \| Common Unitholders [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid					$ 2,100
Subsequent Event [Member] \| Dividend Declared [Member]
Class of Stock [Line Items]
Cash dividend/distribution, date declared	May 09, 2014
Cash dividend/distribution per share, declared	$ 0.16
Cash dividend/distribution, date payable	Jul. 10, 2014
Cash dividend/distribution, date of record	Jul. 01, 2014
Subsequent Event [Member] \| Dividend Paid [Member] \| Common Stockholders [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid		$ 3,100
Subsequent Event [Member] \| Dividend Paid [Member] \| Common Unitholders [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid		$ 2,200

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 03, 2014	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, vesting period	2 years
Restricted stock award, percentage vested on grant date	33.33%
Stock-based compensation expense		$ 329
Restricted Stock [Member]
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
Stock-based compensation expense		600
Unrecognized compensation cost		$ 1,100
Unrecognized compensation cost, recognition period		23 months
Nonvested restricted shares outstanding		178,123

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Detail) - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured debt	$ 317,271	$ 277,745
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured debt	321,709	273,310
Interest rate swap liabilities	14	16
Interest rate cap assets	589	102
Carrying value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured debt	317,271	277,745
Interest rate swap liabilities	14	16
Interest rate cap assets	$ 589	$ 102

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Related Party Transaction Due From To Related Party [Line Items]
Revenue from contracts with affiliated entities	$ 2,300	$ 10,900
Operating Margin	11,123	9,455
General Contracting and Real Estate Services [Member]
Related Party Transaction Due From To Related Party [Line Items]
Operating Margin	$ 100	$ 300

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Loss Contingencies [Line Items]
Line of credit, performance and payment bonds	$ 194.6	$ 35.8
Outstanding letters of credit	$ 9.9	$ 3.0

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended
	May 09, 2014	Apr. 14, 2014	Apr. 10, 2014	Feb. 18, 2014	Mar. 31, 2014	May 01, 2014	Apr. 16, 2014	Dec. 31, 2013
Subsequent Event [Line Items]
Purchase of land					$ 44,893			$ 41,313
Dividends paid					$ 5,155
Cash dividend/distribution per share, declared					$ 0.16
Dividend Declared [Member]
Subsequent Event [Line Items]
Cash dividend/distribution per share, declared				$ 0.16
Cash dividend/distribution, date declared					Feb. 18, 2014
Cash dividend/distribution, date of record					Apr. 01, 2014
Operating Partnership [Member]
Subsequent Event [Line Items]
Revolving credit facility, borrowed amount					$ 10,000
Subsequent Event [Member] \| Virginia [Member]
Subsequent Event [Line Items]
Purchase of land						$ 300	$ 7,400
Subsequent Event [Member] \| Dividend Paid [Member] \| Common Stock [Member]
Subsequent Event [Line Items]
Dividends paid			$ 3,100
Subsequent Event [Member] \| Dividend Paid [Member] \| Capital Units [Member]
Subsequent Event [Line Items]
Dividends paid			$ 2,200
Subsequent Event [Member] \| Dividend Declared [Member]
Subsequent Event [Line Items]
Cash dividend/distribution per share, declared	$ 0.16
Cash dividend/distribution, date declared	May 09, 2014
Cash dividend/distribution, date of record	Jul. 01, 2014
Subsequent Event [Member] \| Operating Partnership [Member]
Subsequent Event [Line Items]
Revolving credit facility, borrowed amount		$ 8,000