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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2014	Nov. 07, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
Trading Symbol	AHH
Entity Registrant Name	ARMADA HOFFLER PROPERTIES, INC.
Entity Central Index Key	0001569187
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		25,019,470

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Real estate investments:
Income producing property	$ 499,661	$ 406,239
Held for development
Construction in progress	93,946	56,737
Gross real estate investments	593,607	462,976
Accumulated depreciation	(115,839)	(105,228)
Net real estate investments	477,768	357,748
Cash and cash equivalents	17,101	18,882
Restricted cash	4,425	2,160
Accounts receivable, net	20,307	18,272
Construction receivables, including retentions	15,285	12,633
Construction contract costs and estimated earnings in excess of billings	40	1,178
Other assets	32,409	24,409
Total Assets	567,335	435,282
LIABILITIES AND EQUITY
Indebtedness	335,792	277,745
Accounts payable and accrued liabilities	7,569	6,463
Construction payables, including retentions	39,820	28,139
Billings in excess of construction contract costs and estimated earnings	3,420	1,541
Other liabilities	17,979	15,873
Total Liabilities	404,580	329,761
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized, 25,018,733 and 19,163,413 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively	250	192
Additional paid-in capital	51,179	1,247
Distributions in excess of earnings	(53,695)	(47,934)
Total stockholders' deficit	(2,266)	(46,495)
Noncontrolling interests	165,021	152,016
Total Equity	162,755	105,521
Total Liabilities and Equity	$ 567,335	$ 435,282

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	25,018,733	19,163,413
Common stock, shares outstanding	25,018,733	19,163,413

Condensed Consolidated and Combined Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues
Rental revenues	$ 16,713	$ 14,899	$ 47,225	$ 42,528
General contracting and real estate services revenues	31,532	21,896	71,261	63,143
Total revenues	48,245	36,795	118,486	105,671
Expenses
Rental expenses	4,414	3,840	12,230	10,468
Real estate taxes	1,480	1,317	4,231	3,777
General contracting and real estate services expenses	30,468	20,907	67,807	60,868
Depreciation and amortization	4,567	3,933	12,593	11,112
General and administrative expenses	1,741	1,638	5,768	5,212
Acquisition, development and other pursuit costs	174		174
Impairment charges	15		15	533
Total expenses	42,859	31,635	102,818	91,970
Operating income	5,386	5,160	15,668	13,701
Interest expense	(2,734)	(2,598)	(7,977)	(9,802)
Loss on extinguishment of debt		(1,127)		(2,252)
Gain on acquisitions				9,460
Other income (loss)	59	(109)	(23)	343
Income before taxes	2,711	1,326	7,668	11,450
Income tax benefit (provision)	43	(74)	(135)	137
Net income	2,754	1,252	7,533	11,587
Net income attributable to noncontrolling interests	(1,139)	(507)	(3,128)	(3,936)
Net income attributable to stockholders	$ 1,615	$ 745	$ 4,405	$ 5,631
Net income per share:
Basic and diluted	$ 0.08	$ 0.04	$ 0.23	$ 0.30
Weighted-average outstanding:
Common shares	20,266	19,164	19,574	18,969
Common units	14,291	13,059	13,905	13,059
Basic and diluted	34,557	32,223	33,479	32,028
Dividends declared per common share and unit	$ 0.16	$ 0.16	$ 0.48	$ 0.24
Predecessor [Member]
Expenses
Net income				$ (2,020)

Condensed Consolidated Statement of Equity - 9 months ended Sep. 30, 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
Net proceeds from sale of common stock	$ 49,299	$ 57	49,242		49,299
Net proceeds from sale of common stock (in shares)		5,750,000
Restricted stock award grants		$ 1	(1)
Restricted stock award grants (in shares)		128,050
Vesting of restricted stock awards	1,204		1,204		1,204
Minimum tax withholding	(212)		(212)		(212)
Minimum tax withholding (in shares)		(21,376)
Restricted stock award forfeitures
Restricted stock award forfeitures (in shares)		(1,354)
Acquisitions of real estate investments in exchange for common units	$ 16,351					$ 16,351
Acquisitions of real estate investments in exchange for common units (in shares)
Exchange of owners' equity for common units			$ (301)		$ (301)	$ 301
Exchange of owners' equity for common units (in shares)
Net income	$ 7,533			$ 4,405	$ 4,405	$ 3,128
Dividends and distributions declared	(16,941)			(10,166)	(10,166)	(6,775)
Ending balance at Sep. 30, 2014	$ 162,755	$ 250	$ 51,179	$ (53,695)	$ (2,266)	$ 165,021
Ending balance, shares at Sep. 30, 2014	25,018,733	25,018,733

Condensed Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
OPERATING ACTIVITIES
Net income	$ 7,533	$ 11,587
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	10,611	9,482
Amortization of deferred leasing costs and in-place lease intangibles	1,982	1,630
Accrued straight-line rental revenue	(1,730)	(763)
Amortization of lease incentives and above or below-market rents	461	537
Accrued straight-line ground rent expense	236	273
Bad debt expense	48	155
Noncash stock compensation	720	1,012
Impairment charges	15	533
Noncash interest expense	410	482
Noncash loss on extinguishment of debt		542
Gain on acquisitions		(9,460)
Change in the fair value of derivatives	123	(41)
Income from real estate joint ventures		(210)
Changes in operating assets and liabilities:
Property assets	(1,932)	6,438
Property liabilities	234	(563)
Construction assets	(4,298)	(2,375)
Construction liabilities	6,879	(1,071)
Net cash provided by operating activities	21,292	18,188
INVESTING ACTIVITIES
Development of real estate investments	(77,094)	(24,928)
Tenant and building improvements	(4,622)	(2,452)
Acquisitions of real estate investments, net of cash acquired	(2,754)	(2,106)
Government development grants	300	300
(Increase) decrease in restricted cash	(1,713)	455
Contributions to real estate joint ventures		(81)
Return of capital from real estate joint ventures		511
Leasing costs	(1,524)	(671)
Leasing incentives	(63)	(243)
Net cash used for investing activities	(87,470)	(29,215)
FINANCING ACTIVITIES
Proceeds from sale of common stock	49,566	203,245
Offering costs	(320)	(7,604)
Formation Transactions		(47,221)
Debt issuances, credit facility and construction loan borrowings	92,409	62,700
Debt and credit facility repayments, including principal amortization	(61,494)	(184,606)
Debt issuance costs	(35)	(1,825)
Predecessor distributions, net		(10,709)
Dividends and distributions	(15,729)	(2,578)
Net cash (used for) provided by financing activities	64,397	11,402
Net (decrease) increase in cash and cash equivalents	(1,781)	375
Cash and cash equivalents, beginning of period	18,882	9,400
Cash and cash equivalents, end of period	17,101	9,775
Supplemental cash flow information:
Cash paid for interest	8,967	10,170
Debt assumed in acquisitions of real estate investments	$ 27,100	$ 36,048

Business and Organization

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

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 September 30, 2014, the Company owned 25 stabilized properties, four unstabilized properties and had six new properties under development. The Company generally considers a property to be stabilized when it reaches 80% occupancy or three years after acquisition or completion.

As of September 30, 2014, the Company’s stabilized 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
Dimmock Square	Retail	Colonial Heights, 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
Smith’s Landing	Multifamily	Blacksburg, Virginia
The Cosmopolitan	Multifamily	Virginia Beach, Virginia

As of September 30, 2014, the following properties had not reached stabilization:


Name	Segment	Location
4525 Main Street	Office	Virginia Beach, Virginia
Encore Apartments	Multifamily	Virginia Beach, Virginia
Liberty Apartments	Multifamily	Newport News, Virginia
Whetstone Apartments	Multifamily	Durham, North Carolina

As of September 30, 2014, the Company had the following properties under development:


Name	Segment	Location
Commonwealth of Virginia – Chesapeake	Office	Chesapeake, Virginia
Commonwealth of Virginia – Virginia Beach	Office	Virginia Beach, Virginia
Oceaneering	Office	Chesapeake, Virginia
Greentree Shopping Center	Retail	Chesapeake, Virginia
Sandbridge Commons	Retail	Virginia Beach, Virginia
Lightfoot Marketplace	Retail	Williamsburg, Virginia

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 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.

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. Because of the timing of the IPO and the Formation Transactions, the results of operations for the nine months ended September 30, 2013 reflect those of the Predecessor together with the Company, while the results of operations for the three months ended September 30, 2013 and the three and nine months ended September 30, 2014 as well as the financial condition as of September 30, 2014 and December 31, 2013 reflect only those of the Company.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

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.

Recent Accounting Pronouncements

In April 2014, the Financial Accounting Standards Board (“FASB”) revised the reporting and disclosure guidance for discontinued operations. Under the revised guidance, only disposals representing a strategic shift that has or will have a major effect on the Company’s operations and financial results will be reported as discontinued operations. The revised guidance also expands the disclosure requirements for discontinued operations and other disposals of significant business components. The revised guidance is not effective for the Company until January 1, 2015; however early adoption is permitted. The Company early adopted the revised guidance effective January 1, 2014.

In May 2014, the FASB issued a new standard that provides a single, comprehensive model for recognizing revenue from contracts with customers. While the new standard does not supersede the guidance on accounting for leases, it could change the way the Company recognizes revenue from construction and development contracts with third party customers. The new standard will be effective for the Company beginning on January 1, 2017. Early adoption is not permitted. Management is currently evaluating the potential impact of the new revenue recognition standard on the Company’s consolidated financial statements.

Segments

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

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 and nine months ended September 30, 2014 and 2013 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(Unaudited)
Office real estate
Rental revenues	$	7,295	$	6,364	$	20,363	$	19,270
Property expenses		2,351		2,081		6,453		5,967

Segment net operating income		4,944		4,283		13,910		13,303

Retail real estate
Rental revenues		6,086		5,683		17,559		16,071
Property expenses		1,795		1,745		5,310		5,054

Segment net operating income		4,291		3,938		12,249		11,017

Multifamily residential real estate
Rental revenues		3,332		2,852		9,303		7,187
Property expenses		1,748		1,331		4,698		3,224

Segment net operating income		1,584		1,521		4,605		3,963

General contracting and real estate services
Segment revenues		31,532		21,896		71,261		63,143
Segment expenses		30,468		20,907		67,807		60,868

Segment net operating income		1,064		989		3,454		2,275

Net operating income	$	11,883	$	10,731	$	34,218	$	30,558

General contracting and real estate services revenues for the three and nine months ended September 30, 2014 exclude revenue from intercompany construction contracts of $24.2 million and $68.8 million, respectively. General contracting and real estate services expenses for the three and nine months ended September 30, 2014 exclude expenses for intercompany construction contracts of $24.1 million and $68.2 million, respectively. General contracting and real estate services expenses for the three and nine months ended September 30, 2014 include noncash stock compensation of less than $0.1 million and $0.2 million, respectively.

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

The following table reconciles net operating income to net income for the three and nine months ended September 30, 2014 and 2013 (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(Unaudited)
Net operating income	$	11,883		$	10,731		$	34,218		$	30,558
Depreciation and amortization		(4,567	)		(3,933	)		(12,593	)		(11,112	)
General and administrative expenses		(1,741	)		(1,638	)		(5,768	)		(5,212	)
Acquisition, development and other pursuit costs		(174	)		—			(174	)		—
Impairment charges		(15	)		—			(15	)		(533	)
Interest expense		(2,734	)		(2,598	)		(7,977	)		(9,802	)
Loss on extinguishment of debt		—			(1,127	)		—			(2,252	)
Gain on acquisitions		—			—			—			9,460
Other income (loss)		59			(109	)		(23	)		343
Income tax benefit (provision)		43			(74	)		(135	)		137

Net income	$	2,754		$	1,252		$	7,533		$	11,587

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 and nine months ended September 30, 2014 include noncash stock compensation of $0.2 million and $0.5 million, respectively. General and administrative expenses for the three and nine months ended September 30, 2013 include noncash stock compensation of $0.2 million and $1.0 million, respectively.

During the three and nine months ended September 30, 2014, the Company recognized $0.2 million of acquisition, development and other pursuit costs related primarily to the acquisition of Dimmock Square.

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

During the three months ended September 30, 2013, the Company defeased $13.9 million of debt and, as a result, recognized a $1.1 million loss on extinguishment of debt. During the nine months ended September 30, 2013, the Company used proceeds from the IPO and borrowings under the credit facility to repay $150.0 million of debt. 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.

Substantially concurrent with the completion of the IPO on May 13, 2013 and in connection with the Formation Transactions, the Operating Partnership acquired 100% of the interests in Bermuda Crossroads and Smith’s Landing. The acquisitions of controlling interests in Bermuda Crossroads and Smith’s Landing were accounted for as purchases at fair value under the acquisition method of accounting. Prior to the acquisition date, the Predecessor accounted for its noncontrolling interests in Bermuda Crossroads and Smith’s Landing as equity method investments. The Company recognized a $9.5 million gain on acquisitions as a result of remeasuring the Predecessor’s prior equity interests in Bermuda Crossroads and Smith’s Landing on the acquisition date.

Rental revenues of Armada Hoffler’s reportable segments for the three and nine months ended September 30, 2014 and 2013 comprised the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(Unaudited)
Minimum rents
Office	$	6,954	$	6,059	$	19,326	$	18,264
Retail		5,167		4,759		14,760		13,733
Multifamily		2,813		2,370		7,906		6,060
Percentage rents⁽¹⁾
Office		—		—		45		104
Retail		36		35		173		88
Multifamily		19		21		78		84
Other⁽²⁾
Office		341		304		992		901
Retail		883		890		2,626		2,251
Multifamily		500		461		1,319		1,043

Rental revenues	$	16,713	$	14,899	$	47,225	$	42,528

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

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

Property expenses of Armada Hoffler’s reportable segments for the three and nine months ended September 30, 2014 and 2013 comprised the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(Unaudited)
Rental expenses
Office	$	1,742	$	1,536	$	4,756	$	4,341
Retail		1,255		1,230		3,764		3,593
Multifamily		1,417		1,074		3,710		2,534

Total	$	4,414	$	3,840	$	12,230	$	10,468

Real estate taxes
Office	$	609	$	545	$	1,697	$	1,626
Retail		540		515		1,546		1,461
Multifamily		331		257		988		690

Total	$	1,480	$	1,317	$	4,231	$	3,777

Property expenses	$	5,894	$	5,157	$	16,461	$	14,245

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
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Real Estate Investments

9 Months Ended

Sep. 30, 2014

Real Estate [Abstract]

Real Estate Investments

4.	*Real Estate Investments*

The Company’s real estate investments comprised the following as of September 30, 2014 and December 31, 2013 (in thousands):


	September 30, 2014
	Income producing property		Held for development		Construction in progress		Total
	(Unaudited)
Land	$	38,691	$	—	$	19,428	$	58,119
Land improvements		13,891		—		—		13,891
Buildings and improvements		447,079		—		—		447,079
Development and construction costs		—		—		74,518		74,518

Real estate investments	$	499,661	$	—	$	93,946	$	593,607


	December 31, 2013
	Income producing property		Held for development		Construction in progress		Total
Land	$	27,736	$	—	$	13,577	$	41,313
Land improvements		12,562		—		—		12,562
Buildings and improvements		365,941		—		—		365,941
Development and construction costs		—		—		43,160		43,160

Real estate investments	$	406,239	$	—	$	56,737	$	462,976

Acquisition of Liberty Apartments

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 limited partner interest in 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.

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 nine months ended September 30, 2013. Rental revenues and net loss from Liberty Apartments for the period from the acquisition date to September 30, 2014 included in the consolidated statement of income was $0.6 million and $(1.7) million, respectively.

Acquisition of Dimmock Square

On August 15, 2014, the Company completed the acquisition of Dimmock Square, a 106,166 square foot retail center located in Colonial Heights, Virginia. The fair value of the total consideration transferred at the acquisition date to acquire Dimmock Square was $19.7 million, consisting of 990,952 common units of limited partner interest in the Operating Partnership and $10.1 million of cash that was used to immediately defease the loan secured by Dimmock Square upon its contribution to the Operating Partnership.

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


	Dimmock Square
	(Unaudited)
Land	$	5,100
Site improvements		600
Building and improvements		12,526
In-place leases		1,880
Above and below-market leases		(390	)


Net assets acquired	$	19,716

The following table summarizes the consolidated and combined results of operations of Armada Hoffler on a pro forma basis, as if Dimmock Square had been acquired on January 1, 2013 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(Unaudited)
Rental revenues	$	16,952	$	15,409	$	48,479	$	44,059
Net income		3,316		1,329		8,135		11,527

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 the acquisition had taken place on January 1, 2013. The pro forma financial information includes adjustments to rental revenues for above and below-market leases and adjustments to depreciation and amortization expense for acquired property and in-place lease assets.

Rental revenues and net loss from Dimmock Square for the period from the acquisition date to September 30, 2014 included in the consolidated statement of income was $0.3 million and $(0.1) million, respectively.

Other Real Estate Transactions

On April 16, 2014, the Company purchased land in Williamsburg, Virginia for $7.6 million for the development and construction of Lightfoot Marketplace.

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

On July 30, 2014, the Company entered into a non-binding letter of intent to sell the Virginia Natural Gas office property for approximately $8.9 million. The Company expects to enter into a purchase and sale agreement and complete the disposition in 2014. However, no assurances can be given that the Company will enter into a binding agreement related to this disposition or that the Company will complete the disposition on the terms described herein or at all. Net assets of $5.2 million associated with the Virginia Natural Gas office property were included in the consolidated balance sheet as of September 30, 2014.

On September 29, 2014, the Company purchased land in Virginia Beach, Virginia for $0.2 million for the development and construction of a new administrative building for the Commonwealth of Virginia.

Subsequent to September 30, 2014

On October 2, 2014, the Company entered into a non-binding letter of intent to sell the Sentara Williamsburg office property for approximately $15.4 million. The Company expects to enter into a purchase and sale agreement and complete the disposition in 2014. However, no assurances can be given that the Company will enter into a binding agreement related to this disposition or that the Company will complete the disposition on the terms described herein or at all. Net assets of $9.1 million associated with the Sentara Williamsburg office property were included in the consolidated balance sheet as of September 30, 2014.

Indebtedness

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

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. On June 13, 2014, the Company borrowed the remaining $2.4 million available under the Liberty Apartments loan. 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 September 30, 2014, the Company had $7.7 million outstanding on the construction loan at an effective interest rate of 1.91%.

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.

On August 15, 2014, the Company defeased the loan secured by Dimmock Square for $10.1 million.

On August 28, 2014, the Company closed on a $5.4 million loan to fund the development and construction of a new administrative building for the Commonwealth of Virginia. The construction loan bears interest at LIBOR plus 1.90% and matures on August 28, 2017. As of September 30, 2014, the Company had $0.7 million outstanding on the construction loan at an effective interest rate of 2.06%.

During the nine months ended September 30, 2014, the Operating Partnership borrowed $33.0 million under the credit facility. On September 15, 2014, the Operating Partnership used the proceeds from the Company’s underwritten public offering of common stock to repay $49.0 million of the outstanding balance under the credit facility that had been used to fund the Company’s development activities. As of September 30, 2014, the outstanding balance under the credit facility was $54.0 million.

During the nine months ended September 30, 2014, the Company borrowed $48.6 million under its existing construction loans to fund the construction of 4525 Main Street, Encore Apartments, Whetstone Apartments and Sandbridge Commons.

Subsequent to September 30, 2014

On October 15, 2014, the Operating Partnership borrowed $10.0 million under the credit facility.

On November 3, 2014, the Operating Partnership repaid the North Point Center Note 4 for $1.0 million.

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 September 30, 2014 and December 31, 2013 (in thousands):


	September 30, 2014							December 31, 2013
	(Unaudited)
	Notional Amount		Fair Value					Notional Amount		Fair Value
			Asset		Liability					Asset		Liability
Pay fixed interest rate swaps	$	690	$	—	$	(11	)	$	705	$	—	$	(16	)
Interest rate caps		180,496		370		—			130,672		102		—


Total	$	181,186	$	370	$	(11	)	$	131,377	$	102	$	(16	)

The changes in the fair value of Armada Hoffler’s derivatives during the three and nine months ended September 30, 2014 and 2013 comprised the following (in thousands):


	Three Months Ended September 30,					Nine Months Ended September 30,
	2014		2013			2014			2013
	(Unaudited)
Pay fixed interest rate swaps	$	4	$	(2	)	$	5		$	150
Interest rate caps		42		(113	)		(128	)		(109	)

Other income (loss)	$	46	$	(115	)	$	(123	)	$	41

- 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

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+ Details

Equity

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Equity

7.	*Equity*

Stockholders’ Equity

On September 15, 2014, the Company completed an underwritten public offering of 5,750,000 shares of common stock at $9.05 per share. The net proceeds to the Company after deducting the underwriting discount and related offering costs were $49.3 million, which the Company used to repay a portion of the amount outstanding under the credit facility.

As of September 30, 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 25.0 million and 19.2 million shares of common stock issued and outstanding as of September 30, 2014 and December 31, 2013, respectively. No shares of preferred stock were issued and outstanding as of September 30, 2014 or December 31, 2013.

Noncontrolling Interests

As of September 30, 2014 and December 31, 2013, the Company held a 62.9% 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 the acquisition of 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.

On August 15, 2014, the Operating Partnership issued 990,952 common units as partial consideration for the acquisition of Dimmock Square.

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 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 July 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 August 4, 2014, the Company’s Board of Directors declared a cash dividend/distribution of $0.16 per share/unit payable on October 9, 2014 to common stockholders and common unitholders of record on October 1, 2014.

Subsequent to September 30, 2014

On October 9, 2014, the Company paid cash dividends of $4.0 million to common stockholders and cash distributions of $2.4 million to common unitholders.

On November 10, 2014, the Company’s Board of Directors declared a cash dividend/distribution of $0.16 per share/unit payable on January 8, 2015 to common stockholders and common unitholders of record on December 30, 2014.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

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. These restricted stock awards to employees 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 nine months ended September 30, 2014, the Company granted 28,761 shares of restricted stock to directors with a weighted average grant date fair value of $9.57 per share. These restricted stock awards to directors vest either immediately upon grant or over a period of one year, subject to continued service to the Company.

During the three and nine months ended September 30, 2014, the Company recognized $0.3 million and $1.2 million, respectively, of stock-based compensation using the accelerated attribution method. As of September 30, 2014, there were 143,585 nonvested restricted shares outstanding; the total unrecognized compensation related to nonvested restricted shares was $0.7 million, which the Company expects to recognize over the next 17 months.

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

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 September 30, 2014 and December 31, 2013 were as follows (in thousands):


	September 30, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Unaudited)
Secured debt	$	335,792	$	342,414	$	277,745	$	273,310
Interest rate swap liabilities		11		11		16		16
Interest rate cap assets		370		370		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

9 Months Ended

Sep. 30, 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 $1.1 million and $5.0 million for the three and nine months ended September 30, 2014, respectively. Fees from such contracts were less than $0.1 million and $0.3 million for the three and nine months ended September 30, 2014, respectively. Revenue from construction contracts with related party entities of Armada Hoffler was $10.6 million and $35.7 million for the three and nine months ended September 30, 2013, respectively. Fees from such contracts were $0.3 million and $1.1 million for the three and nine months ended September 30, 2013, respectively. Real estate services fees from affiliated entities of Armada Hoffler were not significant for either the three or nine months ended September 30, 2014 or 2013. 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 or nine months ended September 30, 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

9 Months Ended

Sep. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

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 $193.4 million and $35.8 million as of September 30, 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 September 30, 2014 and December 31, 2013, the Operating Partnership had total outstanding letters of credit of $11.0 million and $3.0 million, respectively.

Subsequent Events

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

12.

Subsequent Events

As discussed in Note 4, the Company entered into a non-binding letter of intent to sell the Sentara Williamsburg office property for approximately $15.4 million.

As discussed in Note 5, the Operating Partnership borrowed $10.0 million under the credit facility on October 15, 2014 and repaid the North Point Center Note 4 for $1.0 million on November 3, 2014.

As discussed in Note 7, the Company paid cash dividends of $4.0 million to common stockholders and $2.4 million to common unitholders on October 9, 2014. The Company’s Board of Directors declared a cash dividend/distribution of $0.16 per share/unit on November 10, 2014 to common stockholders and common unitholders of record on December 30, 2014.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2014
Accounting Policies [Abstract]
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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (“FASB”) revised the reporting and disclosure guidance for discontinued operations. Under the revised guidance, only disposals representing a strategic shift that has or will have a major effect on the Company’s operations and financial results will be reported as discontinued operations. The revised guidance also expands the disclosure requirements for discontinued operations and other disposals of significant business components. The revised guidance is not effective for the Company until January 1, 2015; however early adoption is permitted. The Company early adopted the revised guidance effective January 1, 2014. In May 2014, the FASB issued a new standard that provides a single, comprehensive model for recognizing revenue from contracts with customers. While the new standard does not supersede the guidance on accounting for leases, it could change the way the Company recognizes revenue from construction and development contracts with third party customers. The new standard will be effective for the Company beginning on January 1, 2017. Early adoption is not permitted. Management is currently evaluating the potential impact of the new revenue recognition standard on the Company’s consolidated financial statements.

Segments (Tables)

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Net Operating Income of Reportable Segments

Net operating income of Armada Hoffler’s reportable segments for the three and nine months ended September 30, 2014 and 2013 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(Unaudited)
Office real estate
Rental revenues	$	7,295	$	6,364	$	20,363	$	19,270
Property expenses		2,351		2,081		6,453		5,967

Segment net operating income		4,944		4,283		13,910		13,303

Retail real estate
Rental revenues		6,086		5,683		17,559		16,071
Property expenses		1,795		1,745		5,310		5,054

Segment net operating income		4,291		3,938		12,249		11,017

Multifamily residential real estate
Rental revenues		3,332		2,852		9,303		7,187
Property expenses		1,748		1,331		4,698		3,224

Segment net operating income		1,584		1,521		4,605		3,963

General contracting and real estate services
Segment revenues		31,532		21,896		71,261		63,143
Segment expenses		30,468		20,907		67,807		60,868

Segment net operating income		1,064		989		3,454		2,275

Net operating income	$	11,883	$	10,731	$	34,218	$	30,558

Reconciliation of Net Operating Income to Net Income

The following table reconciles net operating income to net income for the three and nine months ended September 30, 2014 and 2013 (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(Unaudited)
Net operating income	$	11,883		$	10,731		$	34,218		$	30,558
Depreciation and amortization		(4,567	)		(3,933	)		(12,593	)		(11,112	)
General and administrative expenses		(1,741	)		(1,638	)		(5,768	)		(5,212	)
Acquisition, development and other pursuit costs		(174	)		—			(174	)		—
Impairment charges		(15	)		—			(15	)		(533	)
Interest expense		(2,734	)		(2,598	)		(7,977	)		(9,802	)
Loss on extinguishment of debt		—			(1,127	)		—			(2,252	)
Gain on acquisitions		—			—			—			9,460
Other income (loss)		59			(109	)		(23	)		343
Income tax benefit (provision)		43			(74	)		(135	)		137

Net income	$	2,754		$	1,252		$	7,533		$	11,587

Rental Revenues of Reportable Segments

Rental revenues of Armada Hoffler’s reportable segments for the three and nine months ended September 30, 2014 and 2013 comprised the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(Unaudited)
Minimum rents
Office	$	6,954	$	6,059	$	19,326	$	18,264
Retail		5,167		4,759		14,760		13,733
Multifamily		2,813		2,370		7,906		6,060
Percentage rents⁽¹⁾
Office		—		—		45		104
Retail		36		35		173		88
Multifamily		19		21		78		84
Other⁽²⁾
Office		341		304		992		901
Retail		883		890		2,626		2,251
Multifamily		500		461		1,319		1,043

Rental revenues	$	16,713	$	14,899	$	47,225	$	42,528

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

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

Property Expenses of Reportable Segments

Property expenses of Armada Hoffler’s reportable segments for the three and nine months ended September 30, 2014 and 2013 comprised the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(Unaudited)
Rental expenses
Office	$	1,742	$	1,536	$	4,756	$	4,341
Retail		1,255		1,230		3,764		3,593
Multifamily		1,417		1,074		3,710		2,534

Total	$	4,414	$	3,840	$	12,230	$	10,468

Real estate taxes
Office	$	609	$	545	$	1,697	$	1,626
Retail		540		515		1,546		1,461
Multifamily		331		257		988		690

Total	$	1,480	$	1,317	$	4,231	$	3,777

Property expenses	$	5,894	$	5,157	$	16,461	$	14,245

Real Estate Investments (Tables)

9 Months Ended

Sep. 30, 2014

Real Estate Investments

The Company’s real estate investments comprised the following as of September 30, 2014 and December 31, 2013 (in thousands):


	September 30, 2014
	Income producing property		Held for development		Construction in progress		Total
	(Unaudited)
Land	$	38,691	$	—	$	19,428	$	58,119
Land improvements		13,891		—		—		13,891
Buildings and improvements		447,079		—		—		447,079
Development and construction costs		—		—		74,518		74,518

Real estate investments	$	499,661	$	—	$	93,946	$	593,607


	December 31, 2013
	Income producing property		Held for development		Construction in progress		Total
Land	$	27,736	$	—	$	13,577	$	41,313
Land improvements		12,562		—		—		12,562
Buildings and improvements		365,941		—		—		365,941
Development and construction costs		—		—		43,160		43,160

Real estate investments	$	406,239	$	—	$	56,737	$	462,976

Liberty Apartments [Member]

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

Dimmock Square [Member]

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):


	Dimmock Square
	(Unaudited)
Land	$	5,100
Site improvements		600
Building and improvements		12,526
In-place leases		1,880
Above and below-market leases		(390	)


Net assets acquired	$	19,716

Summary of Consolidated and Combined Results of Operations on Pro Forma Basis

The following table summarizes the consolidated and combined results of operations of Armada Hoffler on a pro forma basis, as if Dimmock Square had been acquired on January 1, 2013 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(Unaudited)
Rental revenues	$	16,952	$	15,409	$	48,479	$	44,059
Net income		3,316		1,329		8,135		11,527

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives

The Company’s derivatives comprised the following as of September 30, 2014 and December 31, 2013 (in thousands):


	September 30, 2014							December 31, 2013
	(Unaudited)
	Notional Amount		Fair Value					Notional Amount		Fair Value
			Asset		Liability					Asset		Liability
Pay fixed interest rate swaps	$	690	$	—	$	(11	)	$	705	$	—	$	(16	)
Interest rate caps		180,496		370		—			130,672		102		—


Total	$	181,186	$	370	$	(11	)	$	131,377	$	102	$	(16	)

The changes in the fair value of Armada Hoffler’s derivatives during the three and nine months ended September 30, 2014 and 2013 comprised the following (in thousands):


	Three Months Ended September 30,					Nine Months Ended September 30,
	2014		2013			2014			2013
	(Unaudited)
Pay fixed interest rate swaps	$	4	$	(2	)	$	5		$	150
Interest rate caps		42		(113	)		(128	)		(109	)

Other income (loss)	$	46	$	(115	)	$	(123	)	$	41

- 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
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=35706170&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=35706170&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=35706170&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
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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=35706170&loc=d3e41620-113959

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-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

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

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

The carrying amounts and fair values of our financial instruments, all of which are based on Level 2 inputs, as of September 30, 2014 and December 31, 2013 were as follows (in thousands):


	September 30, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Unaudited)
Secured debt	$	335,792	$	342,414	$	277,745	$	273,310
Interest rate swap liabilities		11		11		16		16
Interest rate cap assets		370		370		102		102

Business and Organization - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2014 Property Parcels
Real Estate Properties [Line Items]
Real estate property description	The Company generally considers a property to be stabilized when it reaches 80% occupancy or three years after acquisition or completion.
Options to acquire developable lands, number of parcels of developable land to be acquired \| Parcels	9
Interest acquired	100.00%
Liberty Apartments [Member]
Real Estate Properties [Line Items]
Business acquisition date	Jan. 17, 2014
Stabilized Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties	25
Unstabilized Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties	4
Properties Under Development [Member]
Real Estate Properties [Line Items]
Number of real estate properties	6

Segments - Net Operating Income of Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Segment Reporting Information [Line Items]
Rental revenues	$ 16,713	$ 14,899	$ 47,225	$ 42,528
Segment revenues	31,532	21,896	71,261	63,143
Property expenses	5,894	5,157	16,461	14,245
Segment expenses	30,468	20,907	67,807	60,868
Net operating income	11,883	10,731	34,218	30,558
Office Real Estate [Member]
Segment Reporting Information [Line Items]
Rental revenues	7,295	6,364	20,363	19,270
Property expenses	2,351	2,081	6,453	5,967
Net operating income	4,944	4,283	13,910	13,303
Retail Real Estate [Member]
Segment Reporting Information [Line Items]
Rental revenues	6,086	5,683	17,559	16,071
Property expenses	1,795	1,745	5,310	5,054
Net operating income	4,291	3,938	12,249	11,017
Multifamily Residential Real Estate [Member]
Segment Reporting Information [Line Items]
Rental revenues	3,332	2,852	9,303	7,187
Property expenses	1,748	1,331	4,698	3,224
Net operating income	1,584	1,521	4,605	3,963
General Contracting and Real Estate Services [Member]
Segment Reporting Information [Line Items]
Segment revenues	31,532	21,896	71,261	63,143
Segment expenses	30,468	20,907	67,807	60,868
Net operating income	$ 1,064	$ 989	$ 3,454	$ 2,275

Segments - Additional Information (Detail) $ in Thousands		3 Months Ended		9 Months Ended
Segments - Additional Information (Detail) $ in Thousands	Jan. 17, 2014 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($) Tenants	May 13, 2013
Segment Reporting Information [Line Items]
General contracting and real estate services revenues		$ 31,532	$ 21,896	$ 71,261	$ 63,143
General contracting and real estate services expenses		30,468	20,907	67,807	60,868
Non-cash stock compensation				720	1,012
Acquisition, development and other pursuit costs		174		174
Impairment of unamortized leasing assets		$ 15		$ 15	$ 533
Number of vacated retail tenants \| Tenants					2
Debt defeased			13,900
Loss on extinguishment of debt			(1,127)		$ (2,252)
Repayment of debt financed by proceeds from IPO and credit facility					150,000
Loss on extinguishment of debt, fees					600
Loss on extinguishment of debt, unamortized debt issuance costs					542
Percentage of Operating Partnership acquired		100.00%		100.00%
General and Administrative Expenses [Member]
Segment Reporting Information [Line Items]
Non-cash stock compensation		$ 200	200	$ 500	1,000
Dimmock Square [Member]
Segment Reporting Information [Line Items]
Acquisition, development and other pursuit costs		200		200
Bermuda Crossroads and Smith's Landing [Member]
Segment Reporting Information [Line Items]
Percentage of Operating Partnership acquired						100.00%
Gain loss from remeasurement of equity method investment	$ 9,500
General Contracting and Real Estate Services [Member]
Segment Reporting Information [Line Items]
General contracting and real estate services revenues		31,532	21,896	71,261	63,143
General contracting and real estate services expenses		30,468	20,907	67,807	60,868
Non-cash stock compensation		100		200
General Contracting and Real Estate Services [Member] \| Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
General contracting and real estate services revenues		(24,200)	(13,300)	(68,800)	(18,900)
General contracting and real estate services expenses		$ (24,100)	$ (13,100)	$ (68,200)	$ (18,700)

Segments - Reconciliation of Net Operating Income to Net Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Segment Reporting [Abstract]
Net operating income	$ 11,883	$ 10,731	$ 34,218	$ 30,558
Depreciation and amortization	(4,567)	(3,933)	(12,593)	(11,112)
General and administrative expenses	(1,741)	(1,638)	(5,768)	(5,212)
Acquisition, development and other pursuit costs	(174)		(174)
Impairment charges	(15)		(15)	(533)
Interest expense	(2,734)	(2,598)	(7,977)	(9,802)
Loss on extinguishment of debt		(1,127)		(2,252)
Gain on acquisitions				9,460
Other income (loss)	59	(109)	(23)	343
Income tax benefit (provision)	43	(74)	(135)	137
Net income	$ 2,754	$ 1,252	$ 7,533	$ 11,587

Segments - Rental Revenues of Reportable Segments (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Segment Reporting Information [Line Items]
Rental revenues	$ 16,713,000	$ 14,899,000	$ 47,225,000	$ 42,528,000
Office Real Estate [Member]
Segment Reporting Information [Line Items]
Minimum rents	6,954,000	6,059,000	19,326,000	18,264,000
Percentage rents			45,000	104,000
Other	341,000	304,000	992,000	901,000
Rental revenues	7,295,000	6,364,000	20,363,000	19,270,000
Retail Real Estate [Member]
Segment Reporting Information [Line Items]
Minimum rents	5,167,000	4,759,000	14,760,000	13,733,000
Percentage rents	36,000	35,000	173,000	88,000
Other	883,000	890,000	2,626,000	2,251,000
Rental revenues	6,086,000	5,683,000	17,559,000	16,071,000
Multifamily Residential Real Estate [Member]
Segment Reporting Information [Line Items]
Minimum rents	2,813,000	2,370,000	7,906,000	6,060,000
Percentage rents	19,000	21,000	78,000	84,000
Other	500,000	461,000	1,319,000	1,043,000
Rental revenues	$ 3,332,000	$ 2,852,000	$ 9,303,000	$ 7,187,000

Segments - Property Expenses of Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Segment Reporting Information [Line Items]
Rental expenses	$ 4,414	$ 3,840	$ 12,230	$ 10,468
Real estate taxes	1,480	1,317	4,231	3,777
Property expenses	5,894	5,157	16,461	14,245
Office Real Estate [Member]
Segment Reporting Information [Line Items]
Rental expenses	1,742	1,536	4,756	4,341
Real estate taxes	609	545	1,697	1,626
Property expenses	2,351	2,081	6,453	5,967
Retail Real Estate [Member]
Segment Reporting Information [Line Items]
Rental expenses	1,255	1,230	3,764	3,593
Real estate taxes	540	515	1,546	1,461
Property expenses	1,795	1,745	5,310	5,054
Multifamily Residential Real Estate [Member]
Segment Reporting Information [Line Items]
Rental expenses	1,417	1,074	3,710	2,534
Real estate taxes	331	257	988	690
Property expenses	$ 1,748	$ 1,331	$ 4,698	$ 3,224

Real Estate Investments - Real Estate Investments (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]
Land	$ 58,119	$ 41,313
Land improvements	13,891	12,562
Buildings and improvements	447,079	365,941
Development and construction costs	74,518	43,160
Gross real estate investments	593,607	462,976
Income Producing Property [Member]
Real Estate Properties [Line Items]
Land	38,691	27,736
Land improvements	13,891	12,562
Buildings and improvements	447,079	365,941
Gross real estate investments	499,661	406,239
Construction in Progress [Member]
Real Estate Properties [Line Items]
Land	19,428	13,577
Development and construction costs	74,518	43,160
Gross real estate investments	$ 93,946	$ 56,737

Real Estate Investments - Additional Information (Detail) $ in Thousands					3 Months Ended		9 Months Ended
	Oct. 02, 2014 USD ($)	Aug. 15, 2014 USD ($) ft² shares	Jul. 30, 2014 USD ($)	Jan. 17, 2014 USD ($) shares	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)	Sep. 29, 2014 USD ($)	May 01, 2014 USD ($)	Apr. 16, 2014 USD ($)	Dec. 31, 2013 USD ($)
Real Estate Properties [Line Items]
Rental revenues					$ 16,713	$ 14,899	$ 47,225	$ 42,528
Net income (loss)					1,615	$ 745	4,405	$ 5,631
Land purchased					58,119		58,119					$ 41,313
Sale of Virginia Natural Gas office property			$ 8,900
Net assets associated with sale of office property					477,768		477,768					$ 357,748
Subsequent Event [Member]
Real Estate Properties [Line Items]
Sale of Sentara Williamsburg office property	$ 15,400
Liberty Apartments [Member]
Real Estate Properties [Line Items]
Acquisition, total consideration				$ 26,700
Acquisition, common units issued \| shares				695,652
Acquisition, assumption of debt				$ 17,000
Acquisition, cash consideration				3,000
Fair value adjustment to the assumed debt				1,500
Outstanding principal balance of the assumed debt				$ 18,500	16,966		$ 16,966
Acquisition date							Jan. 17, 2014
Rental revenues							$ 600
Net income (loss)							(1,700)
Virginia Beach, VA [Member]
Real Estate Properties [Line Items]
Land purchased									$ 200
Net assets associated with sale of office property					5,200		$ 5,200
Dimmock Square [Member]
Real Estate Properties [Line Items]
Acquisition, total consideration		$ 19,700
Acquisition, common units issued \| shares		990,952
Acquisition date							Aug. 15, 2014
Rental revenues							$ 300
Net income (loss)							(100)
Area of property acquired \| ft²		106,166
Acquisition, cash immediately defeased		$ 10,100
Williamsburg VA [Member]
Real Estate Properties [Line Items]
Land purchased											$ 7,600
Net assets associated with sale of office property					$ 9,100		$ 9,100
Chesapeake VA [Member]
Real Estate Properties [Line Items]
Land purchased										$ 300

Real Estate Investments - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Jan. 17, 2014
Liberty Apartments [Member]
Real Estate Properties [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
Dimmock Square [Member]
Real Estate Properties [Line Items]
Land	5,100
Site improvements	600
Building and improvements	12,526
In-place leases	1,880
Above and below-market leases	(390)
Net assets acquired	$ 19,716

Real Estate Investments - Summary of Consolidated and Combined Results of Operations on Pro Forma Basis (Detail) - Dimmock Square [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Business Acquisition [Line Items]
Rental revenues	$ 16,952	$ 15,409	$ 48,479	$ 44,059
Net income	$ 3,316	$ 1,329	$ 8,135	$ 11,527

Indebtedness - Additional Information (Detail) - USD ($)									9 Months Ended
	Nov. 03, 2014	Oct. 15, 2014	Sep. 15, 2014	Aug. 28, 2014	Aug. 15, 2014	Apr. 22, 2014	Feb. 28, 2014	Jan. 17, 2014	Sep. 30, 2014	Jun. 13, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Indebtedness									$ 335,792,000		$ 277,745,000
Construction Loans [Member]
Debt Instrument [Line Items]
Revolving credit facility, borrowed amount									$ 48,600,000
Construction Loans [Member] \| Oceaneering International Facility [Member]
Debt Instrument [Line Items]
Stated maturity date									Feb. 28, 2018
Debt, face value							$ 19,500,000
Indebtedness									$ 7,700,000
Effective interest rate percentage									1.91%
Construction Loans [Member] \| Oceaneering International Facility [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							1.75%
Construction Loans [Member] \| Commonwealth Virginia [Member]
Debt Instrument [Line Items]
Stated maturity date									Aug. 28, 2017
Debt, face value				$ 5,400,000
Indebtedness									$ 700,000
Effective interest rate percentage									2.06%
Construction Loans [Member] \| Commonwealth Virginia [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.90%
Subsequent Event [Member]
Debt Instrument [Line Items]
Revolving credit facility, borrowed amount		$ 10,000,000
Repayment of revolving credit facility	$ 1,000,000
Operating Partnership [Member]
Debt Instrument [Line Items]
Financial covenant, maximum leverage ratio as of the last day of each fiscal quarter						65.00%
Revolving credit facility, borrowed amount									$ 33,000,000
Repayment of revolving credit facility			$ 49,000,000
Revolving credit facility, outstanding amount									54,000,000
Liberty Apartments [Member]
Debt Instrument [Line Items]
Acquisition, assumption of debt								$ 17,000,000
Fair value adjustment of debt of liberty apartment								1,500,000
Outstanding principal amount of debt								$ 18,500,000	$ 16,966,000
Loans available under Liberty Apartments loan										$ 2,400,000
Debt assumed, interest rate								5.66%
Stated maturity date									Nov. 01, 2043
Debt assumed, term								30 years
Dimmock Square [Member]
Debt Instrument [Line Items]
Defeased loan					$ 10,100,000

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2014	Mar. 14, 2014	Dec. 31, 2013
Derivative [Line Items]
Interest rate cap agreement, notional amount	$ 181,186,000		$ 131,377,000
Interest Rate Caps [Member]
Derivative [Line Items]
Interest rate cap agreement, notional amount		$ 50,000,000
Interest rate cap agreement, strike price		1.25%
Interest rate cap agreement, premium		$ 400,000
Interest rate cap agreement, expiration date	Mar. 01, 2017

Derivative Financial Instruments - Schedule of Derivatives (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Derivative [Line Items]
Notional Amount	$ 181,186		$ 181,186		$ 131,377
Fair Value Asset	370		370		102
Fair Value Liability	(11)		(11)		(16)
Other income (loss)	46	$ (115)	(123)	$ 41
Pay Fixed Interest Rate Swaps [Member]
Derivative [Line Items]
Notional Amount	690		690		705
Fair Value Liability	(11)		(11)		(16)
Other income (loss)	4	(2)	5	150
Interest Rate Caps [Member]
Derivative [Line Items]
Notional Amount	180,496		180,496		130,672
Fair Value Asset	370		370		$ 102
Other income (loss)	$ 42	$ (113)	$ (128)	$ (109)

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands											3 Months Ended		9 Months Ended
	Nov. 10, 2014	Oct. 09, 2014	Sep. 15, 2014	Aug. 15, 2014	Aug. 04, 2014	Jul. 10, 2014	Apr. 10, 2014	Mar. 31, 2014	Jan. 17, 2014	Jan. 09, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Class of Stock [Line Items]
Shares issued through public offering			5,750,000
Per share value of stock issued			$ 9.05
Net proceeds from public offering			$ 49,300										$ 49,566	$ 203,245
Authorized capital shares of common stock											500,000,000		500,000,000		500,000,000
Authorized capital shares of preferred stock											100,000,000		100,000,000		100,000,000
Shares of common stock issued											25,018,733		25,018,733		19,163,413
Shares of common stock outstanding											25,018,733		25,018,733		19,163,413
Preferred stock issued											0		0		0
Preferred stock outstanding											0		0		0
Percentage of Operating Partnership held											62.90%		62.90%		59.50%
Common units in exchange for all noncontrolling interests								30,000
Aggregate cash dividends and distributions, paid													$ 15,729	$ 2,578
Cash dividend/distribution per share, declared											$ 0.16	$ 0.16	$ 0.48	$ 0.24
Liberty Apartments [Member]
Class of Stock [Line Items]
Acquisition, common units issued									695,652
Dimmock Square [Member]
Class of Stock [Line Items]
Acquisition, common units issued				990,952
Common Stockholders [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid						$ 3,100	$ 3,100			$ 3,100
Common Stockholders [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid		$ 4,000
Common Unitholders [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid						$ 2,200	$ 2,200			$ 2,100
Common Unitholders [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid		2,400
Common Stock [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid		4,000
Capital Units [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid		$ 2,400
Dividend Declared [Member]
Class of Stock [Line Items]
Cash dividend/distribution, date declared													Aug. 04, 2014
Cash dividend/distribution per share, declared					$ 0.16
Cash dividend/distribution, date payable													Oct. 09, 2014
Cash dividend/distribution, date of record													Oct. 01, 2014
Dividend Declared [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Cash dividend/distribution, date declared	Nov. 10, 2014
Cash dividend/distribution per share, declared	$ 0.16
Cash dividend/distribution, date payable	Jan. 08, 2015
Cash dividend/distribution, date of record	Dec. 30, 2014

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended
	Mar. 03, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards, vesting period	2 years
Restricted stock awards, percentage vested on grant date	33.33%
Stock-based compensation expense			$ 720	$ 1,012
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		$ 300	$ 1,200
Nonvested restricted shares outstanding		143,585	143,585
Unrecognized compensation cost		$ 700	$ 700
Unrecognized compensation cost, recognition period			17 months
Restricted Stock [Member] \| Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted			28,761
Restricted stock granted, grant date fair value			$ 9.57
Restricted stock awards, vesting period			1 year

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured debt	$ 335,792	$ 277,745
Carrying Value [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured debt	335,792	277,745
Interest rate swap liabilities	11	16
Interest rate cap assets	370	102
Fair Value [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured debt	342,414	273,310
Interest rate swap liabilities	11	16
Interest rate cap assets	$ 370	$ 102

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transaction [Line Items]
Revenue from contracts with affiliated entities	$ 1.1	$ 10.6	$ 5.0	$ 35.7
Fees from contracts with affiliated entities		$ 0.3	$ 0.3	$ 1.1
Maximum [Member]
Related Party Transaction [Line Items]
Fees from contracts with affiliated entities	$ 0.1

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2014	Dec. 31, 2013
Loss Contingencies [Line Items]
Line of credit, performance and payment bonds	$ 193.4	$ 35.8
Operating Partnership [Member]
Loss Contingencies [Line Items]
Outstanding letters of credit	$ 11.0	$ 3.0

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands										3 Months Ended		9 Months Ended
	Nov. 10, 2014	Nov. 03, 2014	Oct. 15, 2014	Oct. 09, 2014	Oct. 02, 2014	Aug. 04, 2014	Jul. 10, 2014	Apr. 10, 2014	Jan. 09, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Subsequent Event [Line Items]
Dividends paid												$ 15,729	$ 2,578
Cash dividend/distribution per share, declared										$ 0.16	$ 0.16	$ 0.48	$ 0.24
Subsequent Event [Member]
Subsequent Event [Line Items]
Sale of Sentara Williamsburg office property					$ 15,400
Revolving credit facility, borrowed amount			$ 10,000
Repayment of revolving credit facility		$ 1,000
Common Stockholders [Member]
Subsequent Event [Line Items]
Dividends paid							$ 3,100	$ 3,100	$ 3,100
Common Stockholders [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends paid				$ 4,000
Common Unitholders [Member]
Subsequent Event [Line Items]
Dividends paid							$ 2,200	$ 2,200	$ 2,100
Common Unitholders [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends paid				$ 2,400
Dividend Declared [Member]
Subsequent Event [Line Items]
Cash dividend/distribution per share, declared						$ 0.16
Cash dividend/distribution, date declared												Aug. 04, 2014
Cash dividend/distribution, date of record												Oct. 01, 2014
Dividend Declared [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Cash dividend/distribution per share, declared	$ 0.16
Cash dividend/distribution, date declared	Nov. 10, 2014
Cash dividend/distribution, date of record	Dec. 30, 2014