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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 December 31, 2014, the Company’s operating property portfolio comprised the following:


Property	Segment	Location
4525 Main Street	Office	Virginia Beach, Virginia
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
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
Greentree Shopping Center	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
Encore Apartments	Multifamily	Virginia Beach, Virginia
Liberty Apartments	Multifamily	Newport News, Virginia
Smith’s Landing	Multifamily	Blacksburg, Virginia
The Cosmopolitan	Multifamily	Virginia Beach, Virginia
Whetstone Apartments	Multifamily	Durham, North Carolina

As of December 31, 2014, the following properties were either under development or construction:


Property	Segment	Location
Commonwealth of Virginia – Chesapeake	Office	Chesapeake, Virginia
Commonwealth of Virginia – Virginia Beach	Office	Virginia Beach, Virginia
Oceaneering	Office	Chesapeake, Virginia
Lightfoot Marketplace	Retail	Williamsburg, Virginia
Sandbridge Commons	Retail	Virginia Beach, Virginia
Johns Hopkins Village	Multifamily	Baltimore, Maryland

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.

On May 13, 2013, the Company completed the IPO of 16,525,000 shares of common stock and on May 22, 2013, the underwriters of the IPO exercised their overallotment option in full to purchase an additional 2,478,750 shares. Net proceeds from the IPO to the Company after deducting the underwriting discount and related offering costs were $192.2 million. The Company contributed the net proceeds from the IPO to the Operating Partnership in exchange for common units in the Operating Partnership. With the net proceeds from the IPO, the Operating Partnership repaid $150.0 million of outstanding indebtedness and paid $47.6 million as partial consideration to prior investors in connection with the Formation Transactions.

Pursuant to the Formation Transactions, the Operating Partnership: (i) acquired 100% of the interests in the 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.

The Company accounted for the contribution or acquisition of interests in the combined entities of the Predecessor as transactions among entities under common control. As a result, the contribution or acquisition of interests in each of the combined entities was accounted for at the Predecessor’s historical cost. The acquisitions of interests in the equity method investments of the Predecessor were accounted for as purchases at fair value under the acquisition method of accounting.

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 year ended December 31, 2012 reflect only those of the Predecessor. The results of operations for the year ended December 31, 2013 reflect those of the Predecessor together with the Company, while the results of operations for the year ended December 31, 2014 as well as the financial condition as of December 31, 2014 and 2013 reflect only those of the Company.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Significant Accounting Policies

2.	*Significant Accounting Policies*

Basis of Presentation

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

The consolidated financial statements include the financial position and results of operations of the Company, the Operating Partnership and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.

The financial position and results of operations of the entities comprising the Predecessor have been combined because they were under common ownership by their individual partners, members and stockholders and under common control of Mr. Hoffler. All significant intercompany transactions and balances have been eliminated in combination.

Use of Estimates

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

Segments

Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of Armada Hoffler’s properties individually and aggregates such properties into segments based on their economic characteristics and classes of tenants. Armada Hoffler operates in four business segments: (i) office real estate, (ii) retail real estate, (iii) multifamily residential real estate and (iv) general contracting and real estate services. Armada Hoffler’s general contracting and real estate services business develops and builds properties for its own account and also provides construction and development services to both related and third parties.

Revenue Recognition

Rental Revenues

Armada Hoffler leases its properties under operating leases and recognizes base rents when earned on a straight-line basis over the lease term. Armada Hoffler begins recognizing rental revenue when the tenant has the right to take possession of or controls the physical use of the property under lease. The extended collection period for accrued straight-line rental revenue along with Armada Hoffler’s evaluation of tenant credit risk may result in the nonrecognition of all or a portion of straight-line rental revenue until the collection of such revenue is reasonably assured. Armada Hoffler recognizes contingent rental revenue (e.g., percentage rents based on tenant sales) when changes in the factors on which the contingent lease payments are based actually occur. Armada Hoffler recognizes leasing incentives as reductions to rental revenue on a straight-line basis over the lease term. Armada Hoffler recognizes cost reimbursement revenue for real estate taxes, operating expenses and common area maintenance costs on an accrual basis during the periods in which the expenses are incurred. Armada Hoffler recognizes lease termination fees either upon termination or evenly over any remaining lease term.

General Contracting and Real Estate Services Revenues

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

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

Real Estate Investments

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

Armada Hoffler capitalizes direct and indirect project costs associated with the initial construction of a property until the property is substantially complete and ready for its intended use. Capitalized project costs include preacquisition development and preconstruction costs including overhead, salaries and related costs of personnel directly involved, real estate taxes, insurance, utilities, ground rent and interest. Interest capitalized during the years ended December 31, 2014 and 2013 was $3.1 million and $0.6 million, respectively. Interest capitalized during the year ended December 31, 2012 was not significant. Overhead, salaries and related personnel costs capitalized during each of the three years ended December 31, 2014 were $2.4 million, $1.6 million and $0.4 million, respectively.

Armada Hoffler capitalizes preacquisition development costs directly identifiable with specific properties when the acquisition of such properties is probable. Capitalized preacquisition development costs are presented within other assets in the consolidated balance sheets. Capitalized preacquisition development costs as of December 31, 2014 and 2013 were $4.6 million and $2.0 million, respectively. Capitalized preacquisition development costs attributable to the Johns Hopkins Village project were $2.1 million and $0.5 million as of December 31, 2014 and 2013, respectively. Costs attributable to unsuccessful projects are expensed.

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

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


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

Real Estate Investments Held for Sale

Real estate assets classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. Once a property is classified as held for sale, it is no longer depreciated. A property is classified as held for sale when: (i) senior management commits to a plan to sell the property, (ii) the property is available for immediate sale in its present condition, subject only to conditions usual and customary for such sales, (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated, (iv) the sale is expected to be completed within one year, (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

The Company classified the Sentara Williamsburg office property as held for sale as of December 31, 2014.

Impairment of Long Lived Assets

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

Cash and Cash Equivalents

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

Restricted Cash

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

Accounts Receivable, net

Accounts receivable include amounts from tenants for base rents, contingent rents and cost reimbursements as well as accrued straight-line rental revenue. As of December 31, 2014 and 2013, accrued straight-line rental revenue presented within accounts receivable in the consolidated balance sheets was $19.4 million and $17.5 million, respectively.

Armada Hoffler’s evaluation of the collectability of accounts receivable and the adequacy of the allowance for doubtful accounts is based primarily upon evaluations of individual receivables, current economic conditions, historical experience and other relevant factors. Armada Hoffler establishes reserves for tenant receivables outstanding over 90 days. For all such tenants, Armada Hoffler also reserves any related accrued straight-line rental revenue. Additional reserves are recorded for more current amounts, as applicable, when Armada Hoffler has determined collectability to be doubtful. As of December 31, 2014 and 2013, the allowance for doubtful accounts was not significant. Armada Hoffler presents bad debt expense within rental expenses in the consolidated and combined statements of income.

Leasing Costs

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

Leasing Incentives

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

Acquired Lease Intangibles

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

Debt Issuance Costs

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

Derivative Financial Instruments

Armada Hoffler may enter into interest rate derivatives to manage exposure to interest rate risks. Armada Hoffler does not use derivative financial instruments for trading or speculative purposes. Armada Hoffler recognizes derivative financial instruments at fair value and presents them within other assets and liabilities in the consolidated balance sheets. Presentation of gains (losses) resulting from changes in the fair value of derivatives depend on their designation and qualification for hedge accounting. As of December 31, 2014, Armada Hoffler had not designated any of its derivative instruments as hedges for accounting purposes. As a result, changes in the fair value of derivatives have been recognized within other income (expense) in the consolidated and combined statements of income.

Stock-Based Compensation

The Company measures the compensation cost of restricted stock awards based on the grant date fair value. The Company recognizes compensation cost for the vesting of restricted stock awards using the accelerated attribution method. Compensation cost associated with the vesting of restricted stock awards is presented within either general and administrative expenses or general contracting and real estate services expenses in the consolidated and combined statements of income. Total stock-based compensation expense recognized during the years ended December 31, 2014 and 2013 was $0.9 million and $1.2 million, respectively. Stock-based compensation for personnel directly involved in the development and initial construction of a property is capitalized. During the year ended December 31, 2014, the Company capitalized $0.4 million of stock-based compensation. Stock-based compensation capitalized during the year ended December 31, 2013 was not significant.

Income Taxes

The Company has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. For continued qualification as a REIT for federal income tax purposes, the Company must meet certain organizational and operational requirements, including a requirement to pay distributions to stockholders of at least 90% of annual taxable income, excluding net capital gains. As a REIT, the Company generally is not subject to income tax on net income distributed as dividends to stockholders. The Company is subject to state and local income taxes in some jurisdictions and, in certain circumstances, may also be subject to federal excise taxes on undistributed income. In addition, certain of the Company’s activities must be conducted by subsidiaries that have elected to be treated as a taxable REIT subsidiary (“TRS”) subject to both federal and state income taxes. The Operating Partnership conducts its development and construction businesses through the TRS. The related income tax provision or benefit attributable to the profits or losses of the TRS and any taxable income of the Company is reflected in the consolidated and combined financial statements.

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

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

The Predecessor was comprised primarily of limited partnerships, limited liability companies and S-corporations. Under applicable federal and state income tax rules, the allocated share of net income or loss from limited partnerships, limited liability companies and S-corporations flows through to the respective partners, members and shareholders. For periods prior to the completion of the IPO and the Formation Transactions on May 13, 2013, no provision was made for U.S. federal, state or local income taxes because profits and losses of the Predecessor flowed through to its respective partners, members and shareholders that were individually responsible for reporting such amounts.

Discontinued Operations

For periods prior to January 1, 2014, Armada Hoffler presented properties held for sale as discontinued operations only when it would not have any significant continuing involvement in the properties’ operations after their disposition and when the properties’ operations and cash flows: (i) could be clearly distinguished and (ii) would be eliminated from Armada Hoffler’s ongoing operations upon disposition.

Beginning January 1, 2014, only disposals representing a strategic shift that has or will have a major effect on the Company’s operations and financial results are reported as discontinued operations.

Net Income Per Share and Unit

The Company calculates net income per share and unit based upon the weighted average shares and units outstanding for periods after the completion of the IPO and Formation Transactions on May 13, 2013. Diluted net income per share and unit is calculated after giving effect to all significant potential dilutive shares outstanding during the period. There were no significant potential dilutive shares or units outstanding during the period May 13, 2013 through December 31, 2013 or for the year ended December 31, 2014. As a result, basic and diluted outstanding shares and units were the same.

Other Comprehensive Income

Armada Hoffler had no items of other comprehensive income during any of the three years ended December 31, 2014.

Emerging Growth Company Status

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

Recent Accounting Pronouncements

In April 2014, the 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

12 Months Ended

Dec. 31, 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 each of the three years ended December 31, 2014 was as follows (in thousands):


	Years Ended December 31,
	2014		2013		2012
Office real estate
Rental revenues	$	27,827	$	25,794	$	25,815
Property expenses		8,710		7,892		7,668

Segment net operating income		19,117		17,902		18,147

Retail real estate
Rental revenues		23,956		21,755		21,164
Property expenses		7,108		6,779		6,629

Segment net operating income		16,848		14,976		14,535

Multifamily residential real estate
Rental revenues		12,963		9,971		7,457
Property expenses		6,592		4,478		3,176

Segment net operating income		6,371		5,493		4,281

General contracting and real estate services
Segment revenues		103,321		82,516		54,046
Segment expenses		98,754		78,813		50,103

Segment net operating income		4,567		3,703		3,943

Other		—		—		(74	)

Net operating income	$	46,903	$	42,074	$	40,832

General contracting and real estate services revenues for each of the three years ended December 31, 2014 exclude revenue related to intercompany construction contracts of $85.4 million, $35.7 million and $1.4 million, respectively. General contracting and real estate services expenses for each of the three years ended December 31, 2014 exclude expenses related to intercompany construction contracts of $84.6 million, $35.4 million and $1.3 million, respectively. General contracting and real estate services expenses for the year ended December 31, 2014 include noncash stock compensation of $0.2 million.

The following table reconciles net operating income to net income for each of the three years ended December 31, 2014 (in thousands):


	Years Ended December 31,
	2014			2013			2012
Net operating income	$	46,903		$	42,074		$	40,832
Depreciation and amortization		(17,569	)		(14,898	)		(12,909	)
General and administrative expenses		(7,711	)		(6,937	)		(3,232	)
Acquisition, development and other pursuit costs		(229	)		—			—
Impairment charges		(15	)		(580	)		—
Interest expense		(10,648	)		(12,303	)		(16,561	)
Loss on extinguishment of debt		—			(2,387	)		—
Gain on real estate dispositions and acquisitions		2,211			9,460			—
Other (expense) income		(113	)		297			777
Income tax provision		(70	)		(273	)		—
Results from discontinued operations		—			—			(10	)

Net income	$	12,759		$	14,453		$	8,897

General and administrative expenses represent costs not directly associated with the operation and management of Armada Hoffler’s real estate properties and general contracting and real estate services businesses. 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 years ended December 31, 2014 and 2013 include noncash stock compensation of $0.7 million and $1.2 million, respectively.

Impairment charges recognized during the years ended December 31, 2014 and 2013 represent unamortized leasing assets related to vacated tenants.

Rental revenues for each of the three years ended December 31, 2014 comprised the following (in thousands):


	Years Ended December 31,
	2014		2013		2012
Minimum rents
Office	$	26,394	$	24,415	$	24,101
Retail		20,198		18,473		17,753
Multifamily		11,076		8,364		6,259
Percentage rents
Office		69		104		109
Retail		216		121		121
Multifamily		100		105		103
Other
Office		1,364		1,275		1,605
Retail		3,542		3,161		3,290
Multifamily		1,787		1,502		1,095

Rental revenues	$	64,746	$	57,520	$	54,436

Minimum rents include $2.2 million, $1.1 million and $2.2 million of straight-line rental revenue for each of the three years ended December 31, 2014, respectively. Minimum rents also include $(0.7) million, $(0.8) million and $(0.8) million of leasing incentive amortization for each of the three years ended December 31, 2014, respectively. Percentage rents are based on tenants’ sales. Other rental revenue includes cost reimbursements for real estate taxes, property insurance and common area maintenance as well as termination fees.

Property expenses for each of the three years ended December 31, 2014 comprised the following (in thousands):


	Years Ended December 31,
	2014		2013		2012
Rental expenses
Office	$	6,395	$	5,721	$	5,499
Retail		5,011		4,808		4,791
Multifamily		5,261		3,496		2,383
Other		—		—		9

Total		16,667		14,025		12,682

Real estate taxes
Office		2,315		2,171		2,169
Retail		2,097		1,971		1,838
Multifamily		1,331		982		793
Other		—		—		65

Total		5,743		5,124		4,865

Property expenses	$	22,410	$	19,149	$	17,547

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.

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

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

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

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

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

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

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

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

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

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

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

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

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

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

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Operating Leases

12 Months Ended

Dec. 31, 2014

Leases [Abstract]

Operating Leases

4.	*Operating Leases*

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


2015	$	51,679
2016		51,726
2017		50,075
2018		46,265
2019		39,056
Thereafter		275,405

Total	$	514,206

Lease terms on multifamily apartment units generally range from seven to 15 months, with a majority having 12-month lease terms. Apartment leases are not included in the preceding table as the remaining terms as of December 31, 2014 are generally less than one year.

Real Estate Investments

12 Months Ended

Dec. 31, 2014

Real Estate [Abstract]

Real Estate Investments

5.	*Real Estate Investments*

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


	December 31, 2014
	Income producing property		Held for development		Construction in progress		Total
Land	$	40,898	$	—	$	15,260	$	56,158
Land improvements		16,279		—		—		16,279
Buildings and improvements		456,741		—		—		456,741
Development and construction costs		—		—		65,822		65,822

Real estate investments	$	513,918	$	—	$	81,082	$	595,000


	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 from affiliates of the Predecessor 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 partnership interest in the Operating Partnership (“OP Units”), $3.0 million in cash 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
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 significant operations during the year ended December 31, 2013. Rental revenues and net loss from Liberty Apartments for the period from the acquisition date to December 31, 2014 included in the consolidated statement of income was $1.0 million and $(2.1) 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 OP Units 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
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

Rental revenues and net loss from Dimmock Square for the period from the acquisition date to December 31, 2014 included in the consolidated statement of income was $0.8 million and less than $(0.1) million, respectively.

During the year ended December 31, 2014, the Company recognized $0.2 million of acquisition, development and other pursuit costs primarily related to the acquisition of Dimmock Square.

Acquisitions of Bermuda Crossroads and Smith’s Landing

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. Prior to the acquisition date, the Predecessor accounted for its 50% interest in Bermuda Crossroads and 40% interest in Smith’s Landing as equity method investments.

The 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. Total consideration in the form of cash and OP Units paid for the 50% interest in Bermuda Crossroads was $3.2 million. Total consideration in the form of cash and OP Units paid for the 60% interest in Smith’s Landing was $7.5 million.

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


	Bermuda Crossroads			Smith’s Landing
Land	$	5,450		$	—
Site improvements		540			450
Building and improvements		10,101			34,655
Intangible assets		2,860			2,420
Net working capital		237			14
Indebtedness		(11,053	)		(24,995	)
Below-market leases		(1,750	)		—

Net assets acquired	$	6,385		$	12,544

The identified intangible assets for Bermuda Crossroads are primarily in-place leases. The identified intangible assets for Smith’s Landing include $1.9 million assigned to a below-market ground lease and $0.5 million assigned to in-place leases. The fair value adjustment to the assumed debt of Bermuda Crossroads was a $0.2 million premium. The fair value adjustment to the assumed debt of Smith’s Landing was not significant.

The acquisition-date fair values of the previous equity interests in Bermuda Crossroads and Smith’s Landing were $3.2 million and $5.0 million, respectively. The Company recognized a gain of $9.5 million as a result of remeasuring the Predecessor’s prior equity interests in Bermuda Crossroads and Smith’s Landing held before the acquisitions.

Rental revenues and net income of both Bermuda Crossroads and Smith’s Landing for the period from the acquisition date to December 31, 2013 included in the consolidated and combined statements of income were $3.8 million and $0.2 million, respectively.

Pro Forma Financial Information (Unaudited)

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 as of January 1, 2013 and both Bermuda Crossroads and Smith’s Landing had been acquired as of January 1, 2012 (in thousands):


	Years Ended December 31,
	2014		2013		2012
Rental revenues	$	66,000	$	61,555	$	60,075
Net income		13,361		5,676		18,520

The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if these acquisitions had taken place on January 1, 2013 and 2012. The pro forma financial information includes adjustments to rental revenue and rental expenses for above and below-market leases, adjustments to depreciation and amortization expense for acquired property and in-place lease assets and adjustments to interest expense for fair value adjustments to assumed debt.

Pro forma net income for the year ended December 31, 2012 includes the nonrecurring $9.5 million gain as a result of remeasuring the Predecessor’s prior equity interests in Bermuda Crossroads and Smith’s Landing held before the acquisitions.

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 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.

On November 20, 2014, the Company completed the sale of the Virginia Natural Gas office property for $8.9 million in cash. Net proceeds to the Company after transaction costs and tax protection payments were $7.4 million. The gain on the disposition of the Virginia Natural Gas office property was $2.2 million.

Subsequent to December 31, 2014

On January 5, 2015, the Company completed the sale of the Sentara Williamsburg office property for $15.4 million in cash. Net proceeds to the Company after transaction costs were $15.2 million. The gain on the disposition of the Sentara Williamsburg office property was $6.2 million. The Company intends to use the net proceeds from the Sentara Williamsburg sale in combination with the issuance of common stock to acquire two grocery store anchored retail centers in Maryland for a combined purchase price of $39.1 million. Both transactions are subject to customary closing conditions and are expected to close by the end of the first quarter of 2015.

On January 9, 2015, the Company entered into an agreement to purchase a 57,000 square foot grocery store anchored retail center in Myrtle Beach, South Carolina for $8.7 million, including the assumption of approximately $5.1 million of debt. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2015.

On February 13, 2015, the Company agreed to the future sale of the Oyster Point office property for $6.5 million in cash. The Company intends to complete the sale on January 15, 2017.

On February 26, 2015, the Company entered into a definitive agreement to sell Whetstone Apartments for $35.6 million. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2015.

Construction Contracts

12 Months Ended

Dec. 31, 2014

Contractors [Abstract]

Construction Contracts

6.	*Construction Contracts*

Construction contract costs and estimated earnings in excess of billings represent reimbursable costs and amounts earned under contracts in progress as of the balance sheet date. Such amounts become billable according to contract terms, which usually consider the passage of time, achievement of certain milestones or completion of the project. Billings of $39.8 million and $16.2 million are netted against construction contract costs and estimated earnings as of December 31, 2014 and 2013, respectively. The Company expects to bill and collect substantially all construction contract costs incurred as of December 31, 2014 during the year ending December 31, 2015.

The Company defers precontract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. Precontract costs of $0.2 million and $0.8 million were deferred as of December 31, 2014 and 2013, respectively.

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

Construction receivables and payables include retentions—amounts that are generally withheld until the completion of the contract or the satisfaction of certain restrictive conditions such as fulfillment guarantees. As of December 31, 2014 and 2013, construction receivables included retentions of $4.7 million and $3.2 million, respectively. The Company expects to collect substantially all construction receivables as of December 31, 2014 during the year ending December 31, 2015. As of December 31, 2014 and 2013, construction payables included retentions of $9.0 million and $2.1 million, respectively. The Company expects to pay substantially all construction payables as of December 31, 2014 during the year ending December 31, 2015.

The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2014 and 2013 (in thousands):


	December 31,
	2014			2013
Costs incurred on uncompleted construction contracts	$	195,219		$	97,372
Estimated earnings		8,501			4,584
Billings		(204,501	)		(102,319	)

Net position	$	(781	)	$	(363	)


	December 31,
	2014			2013
Construction contract costs and estimated earnings in excess of billings	$	272		$	1,178
Billings in excess of construction contract costs and estimated earnings		(1,053	)		(1,541	)

Net position	$	(781	)	$	(363	)

The Company expects to complete all uncompleted contracts as of December 31, 2014 during the years ending December 31, 2015 and 2016.

Indebtedness

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Indebtedness

7.	*Indebtedness*

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


	Principal Balance					Stated Interest Rate	Stated Maturity Date
	December 31,					December 31,
Secured Debt	2014			2013		2014	2014
Credit facility	$	59,000		$	70,000	LIBOR + 1.60% - 2.20%	May 13, 2016
Oyster Point		6,274			6,466	5.41%	December 1, 2015
249 Central Park Retail⁽¹⁾		15,566			15,834	5.99%	September 8, 2016
South Retail		6,867			6,985	5.99%	September 8, 2016
Studio 56 Retail		2,618			2,690	3.75%	May 7, 2015
Commerce Street Retail		5,549			5,613	LIBOR + 2.25%	October 31, 2018
Fountain Plaza Retail⁽¹⁾		7,783			7,917	5.99%	September 8, 2016
Dick’s at Town Center		8,216			8,318	LIBOR + 2.75%	October 31, 2017
Broad Creek Shopping Center
Note 1⁽²⁾		4,452			4,503	LIBOR + 2.25%	October 31, 2018
Note 2⁽²⁾		8,173			8,267	LIBOR + 2.25%	October 31, 2018
Note 3⁽²⁾		3,422			3,461	LIBOR + 2.25%	October 31, 2018
North Point Center
Note 1		10,149			10,319	6.45%	February 5, 2019
Note 2		2,753			2,830	7.25%	September 15, 2025
Note 4		—			1,030	—	—
Note 5⁽³⁾		685			705	LIBOR + 2.00%	February 1, 2017
Hanbury Village
Note 1		21,218			21,449	6.67%	October 11, 2017
Note 2		4,090			4,159	LIBOR + 2.25%	October 31, 2018
Harrisonburg Regal		3,659			3,842	6.06%	June 8, 2017
Tyre Neck Harris Teeter		2,437			2,482	LIBOR + 2.25%	October 31, 2018
The Cosmopolitan		47,132			47,723	3.75%	July 1, 2051
Smith’s Landing⁽⁴⁾		24,470			24,795	LIBOR + 2.15%	January 31, 2017
Liberty Apartments⁽⁴⁾		20,603			—	5.66%	November 1, 2043
4525 Main Street		30,870			11,313	LIBOR + 1.95%	January 30, 2017
Encore Apartments		22,215			3,585	LIBOR + 1.95%	January 30, 2017
Whetstone Apartments		16,019			284	LIBOR + 1.90%	October 8, 2016
Sandbridge Commons		5,892			3,172	LIBOR + 1.85%	January 17, 2018
Oceaneering		13,490			—	LIBOR + 1.75%	February 28, 2018
Commonwealth of Virginia – Chesapeake		3,585			—	LIBOR + 1.90%	August 28, 2017
Lightfoot Marketplace		3,484			—	LIBOR + 1.90%	November 14, 2017

Total principal balance	$	360,671		$	277,742
Unamortized fair value adjustments		(1,442	)		3

Indebtedness	$	359,229		$	277,745

(1)	Cross collateralized.

(2)	Cross collateralized.

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

(4)	Principal balance excluding fair value adjustments.

The Company’s indebtedness comprised the following fixed and variable-rate debt as of December 31, 2014 and 2013 (in thousands):


	December 31,
	2014		2013
Fixed-rate secured debt	$	144,622	$	127,085
Variable-rate secured debt		216,049		150,657

Total principal balance	$	360,671	$	277,742

Certain loans require the Company to comply with various financial and other covenants, including the maintenance of minimum debt coverage ratios. As of December 31, 2014, the Company was in compliance with all loan covenants.

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


Year	Scheduled Principal Payments		Term- Loan Maturities		Total Payments
2015	$	3,222	$	8,681	$	11,903
2016		3,499		104,300		107,799
2017		2,775		116,141		118,916
2018		1,808		44,674		46,482
2019		1,216		9,333		10,549
Thereafter		63,678		1,344		65,022

Total	$	76,198	$	284,473	$	360,671

Credit Facility

On May 13, 2013, the Operating Partnership, as borrower, and the Company, as parent guarantor, entered into a $100.0 million senior secured revolving credit facility. On October 10, 2013, the Operating Partnership increased the aggregate capacity under the credit facility to $155.0 million. As of December 31, 2013, the Operating Partnership had $70.0 million outstanding under the credit facility. During the year ended December 31, 2014, the Operating Partnership borrowed $38.0 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 December 31, 2014, the Operating Partnership had $59.0 million outstanding on the credit facility.

As of December 31, 2014, the following properties served as the borrowing base collateral for the credit facility: (i) Armada Hoffler Tower, (ii) Richmond Tower, (iii) One Columbus, (iv) Two Columbus, (v) Sentara Williamsburg, (vi) Bermuda Crossroads, (vii) a portion of North Point Center, (viii) Gainsborough Square, (ix) Parkway Marketplace and (x) Courthouse 7-Eleven.

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

•

Maximum leverage ratio (as amended on April 22, 2014) of 65% as of the last day of each fiscal quarter through maturity;

•

Minimum fixed charge coverage ratio of 1.75 to 1.0;

•

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

•

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

•

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

The credit facility permitted investments in the following types of assets: (i) unimproved land holdings in an aggregate amount not exceeding 5% of total asset value, (ii) construction in progress in an aggregate amount not exceeding 25% of total asset value and (iii) unconsolidated affiliates in aggregate amount not exceeding 5% of total asset value. Investments in these types of assets collectively could not exceed 30% of total asset value. In addition to these financial covenants, the credit facility required the Operating Partnership to comply with various customary affirmative and negative covenants that restricted the ability to, among other things, incur debt and liens, make investments, dispose of properties and make distributions. As of December 31, 2014, the Operating Partnership was in compliance with all covenants under the credit facility.

The credit facility bore interest between LIBOR plus 1.60% and LIBOR plus 2.20%. The interest rate on the credit facility as of December 31, 2014 was 1.92%.

Subsequent to December 31, 2014

On January 23, 2015, the Operating Partnership borrowed an additional $5.0 million under the credit facility. The credit facility was scheduled to mature on May 13, 2016; however, the Operating Partnership repaid all amounts due under the credit facility with proceeds from a new credit facility and terminated the existing credit facility on February 20, 2015, as discussed below.

New Credit Facility

On February 20, 2015, the Operating Partnership, as borrower, and the Company as parent guarantor, agreed to a new $200.0 million senior unsecured credit facility that includes a $150.0 million senior unsecured revolving credit facility and a $50.0 million senior unsecured term loan facility. The new credit facility replaced the existing $155.0 million senior secured revolving credit facility that was scheduled to mature on May 13, 2016. On February 20, 2015, the Operating Partnership borrowed $54.0 million under the revolving credit facility and $50.0 million under the term loan facility to repay in full all outstanding amounts due under the prior credit facility and to repay approximately $39.0 million of other indebtedness secured by properties in the Company’s portfolio for the purpose of unencumbering those properties.

The new credit facility includes an accordion feature that allows the total commitments to be increased to $350.0 million, subject to certain conditions. The amount permitted to be borrowed under the new credit facility, together with all of the Operating Partnership’s other unsecured indebtedness is generally limited to the lesser of: (i) 60% of the value of the unencumbered borrowing base properties, (ii) the maximum amount of principal that would result in a debt service coverage ratio of 1.50 to 1.0, and (iii) the maximum aggregate loan commitment, which currently is $200.0 million.

The new revolving credit facility has a scheduled maturity date of February 20, 2019, with a one-year extension option. The term loan facility has a scheduled maturity date of February 20, 2020. The Operating Partnership may, at any time, voluntarily prepay any loan under the new credit facility in whole or in part without premium or penalty.

The new revolving credit facility bears interest at LIBOR plus 1.40% to 2.00%, depending on the Operating Partnership’s total leverage. The term loan facility bears interest at LIBOR plus 1.35% to 1.95%, depending on the Operating Partnership’s total leverage. The Operating Partnership is also obligated to pay an unused commitment fee of 15 or 25 basis points on the unused portions of the commitments under the new credit facility, depending on the amount of borrowings under the new credit facility. If the Company attains investment grade credit ratings from S&P and Moody’s, the Operating Partnership may elect to have borrowings become subject to interest rates based on such credit ratings.

The new credit facility requires the Operating Partnership to comply with various financial covenants, affirmative covenants and other restrictions, including the following:

•

Total leverage ratio of the Company of not more than 60%;

•

Ratio of adjusted EBITDA to fixed charges of the Company of not less than 1.50 to 1.0;

•

Tangible net worth of not less than the sum of $220.0 million and 75% of the net equity proceeds received after December 31, 2014;

•

Ratio of variable rate indebtedness to total asset value of not more than 30%;

•

Ratio of secured indebtedness to total asset value of not more than 45%; and

•

Ratio of secured recourse debt to total asset value of not more than 25%.

The new credit facility limits the Company’s ability to pay cash dividends. However, so long as no default or event of default exists, the credit agreement allows the Company to pay cash dividends with respect to any 12-month period in an amount not to exceed the greater of: (i) 95% of adjusted funds from operations (as defined in the credit agreement) or (ii) the amount required for the Company (a) to maintain its status as a REIT and (b) to avoid income or excise tax. If certain defaults or events of default exist, the Company may pay cash dividends with respect to any 12-month period to the extent necessary to maintain its status as a REIT. The new credit facility also restricts the amount of capital that the Operating Partnership can invest in specific categories of assets, such as unimproved land holdings, development properties, notes receivable, mortgages, mezzanine loans and unconsolidated affiliates.

Other Financing Activity

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.

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.

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

On November 14, 2014, the Company closed on a $15.0 million loan to fund the development and construction of Lightfoot Marketplace. The construction loan bears interest at LIBOR plus 1.90% and matures on November 14, 2017.

Subsequent to December 31, 2014

On February 20, 2015, the Company repaid the following loans with borrowings under the Operating Partnership’s new credit facility: (i) Studio 56 Retail, (ii) Commerce Street Retail, (iii) Dick’s at Town Center, (iv) Broad Creek Shopping Center Note 1, (v) Broad Creek Shopping Center Note 2, (vi) Broad Creek Shopping Center Note 3, (vii) Hanbury Village Note 2 and (viii) Tyre Neck Harris Teeter.

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2014

Derivative Financial Instruments

8.	*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 December 31, 2014 and 2013 (in thousands):


	December 31,
	2014							2013
	Notional Amount		Fair Value					Notional Amount		Fair Value
			Asset		Liability					Asset		Liability
Pay fixed interest rate swaps	$	685	$	—	$	(11	)	$	705	$	—	$	(16	)
Interest rate caps		180,434		260		—			130,672		102		—

Total	$	181,119	$	260	$	(11	)	$	131,377	$	102	$	(16	)

The changes in the fair value of Armada Hoffler’s derivatives during each of the three years ended December 31, 2014 was as follows (in thousands):


	Years Ended December 31,
	2014			2013			2012
Pay fixed interest rate swaps	$	5		$	152		$	445
Interest rate caps		(238	)		(164	)		(37	)

Other (expense) income	$	(233	)	$	(12	)	$	408

Subsequent to December 31, 2014

On February 20, 2015, the Operating Partnership entered into a $50.0 million floating-to-fixed interest rate swap attributable to one-month LIBOR indexed interest payments. The $50.0 million interest rate swap has a fixed rate of 2.00%, an effective date of March 1, 2016 and a maturity date of February 20, 2020. The Operating Partnership entered into this interest rate swap agreement in connection with the new $50.0 million senior unsecured term loan facility that bears interest at LIBOR plus 1.35% to 1.95%, depending on the Operating Partnership’s total leverage. The Company designated this interest rate swap as a cash flow hedge of the variable interest payments associated with the term loan facility.

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: 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 3: 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

Reference 4: 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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Equity

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Equity

9.	*Equity*

Stockholders’ Equity

On September 15, 2014, the Company completed an underwritten public offering of 5,750,000 shares of common stock. The net proceeds to the Company after deducting the underwriting discount and related offering costs were $49.3 million.

As of December 31, 2014, 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 December 31, 2014 and 2013, respectively. No shares of preferred stock were issued and outstanding as of December 31, 2014 or 2013.

Noncontrolling Interests

As of December 31, 2014 and 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 OP Units not held by the Company.

On January 17, 2014, the Operating Partnership issued 695,652 OP Units as partial consideration for the acquisition of Liberty Apartments. On March 31, 2014, the Operating Partnership issued 30,000 OP Units in exchange for all noncontrolling interests in Sandbridge Commons. The Company recognized the difference between the fair value of the OP 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 OP Units as partial consideration for the acquisition of Dimmock Square.

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

Common Stock Dividends and Common Unit Distributions

During the year ended December 31, 2014, the Company declared the following dividends per share and distributions per unit:


Declaration Date	Record Date	Paid Date	Dividend Per Share/Distribution Per Unit
February 18, 2014	April 1, 2014	April 10, 2014	$	0.16
May 9, 2014	July 1, 2014	July 10, 2014		0.16
August 4, 2014	October 1, 2014	October 9, 2014		0.16
November 10, 2014	December 30, 2014	January 8, 2015		0.16

		Total	$	0.64

During the year ended December 31, 2014, the Company paid cash dividends of $13.2 million to common stockholders and the Operating Partnership paid cash distributions of $8.9 million to holders of OP Units.

The tax treatment of dividends paid to common stockholders during the year ended December 31, 2014 was as follows (unaudited):


Capital gains	5.3	%
Ordinary income	52.3	%
Return of capital	42.4	%

Total	100.0	%

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


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

		Total	$	0.40

During the year ended December 31, 2013, the Company paid cash dividends of $4.6 million to common stockholders and the Operating Partnership paid cash distributions of $3.1 million to holders of OP Units.

The tax treatment of dividends paid to common stockholders during the year ended December 31, 2013 was as follows (unaudited):


Ordinary income	17.0	%
Return of capital	83.0	%

Total	100.0	%

Subsequent to December 31, 2014

On January 8, 2015, the Company paid cash dividends of $4.0 million to common stockholders and the Operating Partnership paid cash distributions of $2.4 million to holders of OP Units.

On January 28, 2015, the Board of Directors declared a cash dividend of $0.17 per share to stockholders of record on April 1, 2015.

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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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Number 210
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

12 Months Ended

Dec. 31, 2014

Stock-Based Compensation

10.

Stock-Based Compensation

The Company’s 2013 Equity Incentive Plan permits the grant of restricted stock awards, stock options, stock appreciation rights, performance units and other equity-based awards up to an aggregate of 700,000 shares of common stock over the ten-year term of the plan. As of December 31, 2014, the Company had 431,049 shares of common stock reserved for issuance under the 2013 Equity Incentive Plan.

During the year ended December 31, 2014, the Company granted an aggregate of 132,081 shares of restricted stock to employees and nonemployee directors. Employee restricted stock awards generally 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. Nonemployee director restricted stock awards vest either immediately upon grant or over a period of one year, subject to continued service to the Company.

During the year ended December 31, 2014 and 2013, the Company recognized $1.3 million and $1.2 million of stock-based compensation, respectively. As of December 31, 2014, the total unrecognized compensation cost related to nonvested restricted shares was $0.5 million, substantially all of which the Company expects to recognize over the next 15 months.

The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2014:


	Restricted Stock Awards			Weighted Average Grant Date Fair Value Per Share
Nonvested as of January 1, 2014		111,940		$	11.50
Granted		132,081			9.85
Vested		(98,938	)		10.78
Forfeited		(1,354	)		11.07

Nonvested as of December 31, 2014		143,729		$	10.48

Restricted stock awards granted and vested during the year ended December 31, 2014 include 21,439 shares tendered by employees to satisfy minimum statutory tax withholding obligations.

Subsequent to December 31, 2014

On March 3, 2015, the Company granted 72,282 shares of restricted stock to employees with a grant date fair value of $10.98 per share. On March 11, 2015, the Company granted 646 shares of restricted stock to a nonemployee director with a grant date fair value of $10.36 per share.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

11.

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 the Company’s financial instruments approximate their fair value. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and interest rate caps. The Company 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 the Company’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 the Company’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 the Company’s financial instruments, all of which are based on Level 2 inputs, as of December 31, 2014 and 2013 were as follows (in thousands):


	December 31,
	2014				2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured debt	$	359,229	$	366,095	$	277,745	$	273,310
Interest rate swap liabilities		11		11		16		16
Interest rate cap assets		260		260		102		102

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

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

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

12.

Income Taxes

The income tax provision for the years ended December 31, 2014 and 2013 comprised the following (in thousands):


	Years Ended December 31,
	2014		2013
Federal income taxes:
Current	$	37	$	356
Deferred		6		(113	)
State income taxes:
Current		26		43
Deferred		1		(13	)

Income tax provision	$	70	$	273

As of December 31, 2014 and 2013, the Company had $0.5 million of net deferred tax assets representing basis differences in the assets of the TRS and stock-based compensation attributable to the TRS.

Management has evaluated the Company’s income tax positions and concluded that the Company has no uncertain income tax positions as of December 31, 2014 or 2013.

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

Other Assets

12 Months Ended

Dec. 31, 2014

Other Assets

13.

Other Assets

Other assets comprised the following as of December 31, 2014 and 2013 (in thousands):


	December 31,
	2014		2013
Leasing costs, net	$	11,683	$	7,858
Leasing incentives, net		6,237		4,851
Acquired lease intangibles, net		5,247		4,369
Preacquisition development costs		4,550		2,036
Debt issuance costs, net		2,884		3,072
Prepaid assets and other		2,507		2,223

Other assets	$	33,108	$	24,409

Other Liabilities

12 Months Ended

Dec. 31, 2014

Other Liabilities Disclosure [Abstract]

Other Liabilities

14.

Other Liabilities

Other liabilities comprised the following as of December 31, 2014 and 2013 (in thousands):


	December 31,
	2014		2013
Deferred ground rent payable	$	6,790	$	6,475
Dividends and distributions payable		6,368		5,155
Acquired lease intangibles, net		1,867		1,638
Security deposits		1,014		748
Prepaid rent and other		1,922		1,857

Other liabilities	$	17,961	$	15,873

Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Acquired Lease Intangibles

15.

Acquired Lease Intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2014 (in thousands):


	December 31, 2014
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
In-place lease assets	$	5,434	$	2,096	$	3,338
Above-market lease assets		107		32		75
Below-market lease liabilities		2,169		302		1,867
Below-market ground lease assets		1,920		86		1,834

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


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

Amortization of in-place lease assets, net below-market lease liabilities and below-market ground lease assets for the year ended December 31, 2014 was $1.3 million, $0.2 million and less than $0.1 million, respectively.

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

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


	Rental Revenues		Rental Expenses		Depreciation and Amortization
Year ending December 31,
2015	$	161	$	53	$	1,087
2016		112		53		626
2017		110		53		528
2018		107		53		351
2019		95		53		200

Related Party Transactions

12 Months Ended

Dec. 31, 2014

Related Party Transactions

16.

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 $5.3 million, $45.0 million and $17.4 million for each of the three years ended December 31, 2014, respectively. Operating margin from such contracts was $0.3 million, $1.5 million and $1.2 million for each of the three years ended December 31, 2014, respectively. Real estate services fees from affiliated entities of Armada Hoffler was $0.5 million for the year ended December 31, 2014 and were not significant for either of the years ended December 31, 2013 or 2012. In addition, affiliated entities also reimburse Armada Hoffler for monthly maintenance and facilities management services provided to the properties. Cost reimbursements earned by Armada Hoffler from affiliated entities were not significant for any of the three years ended December 31, 2014.

In connection with the Formation Transactions, the Operating Partnership entered into tax protection agreements that indemnify certain directors and executive officers of the Company from their tax liabilities resulting from the potential future sale of certain of the Company’s properties within seven (or, in a limited number of cases, ten) years of the completion of the Formation Transactions on May 13, 2013. Upon completing the sale of the Virginia Natural Gas office property on November 20, 2014, the Operating Partnership paid $1.3 million under such tax protection agreements. The $1.3 million of tax protection payments made in connection with the Virginia Natural Gas office property sale is presented within gain on real estate dispositions and acquisitions in the consolidated statements of income.

Commitments and Contingencies Disclosure [Abstract]

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

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies

17.

Commitments and Contingencies

Legal Proceedings

The Company 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.

The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined 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, management 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. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties.

Under the Company’s leases, tenants are typically obligated to indemnify the Company 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

The Company 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 $192.2 million and $35.8 million as of December 31, 2014 and 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 December 31, 2014 and 2013, the Operating Partnership had total outstanding letters of credit of $8.5 million and $3.0 million, respectively.

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

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


2015	$	1,546
2016		1,516
2017		1,484
2018		1,488
2019		1,563
Thereafter		60,198

Total	$	67,795

Ground rent expense for each of the three years ended December 31, 2014 was $1.8 million, $1.5 million and $1.5 million, respectively.

Concentrations of Credit Risk

All of the Company’s income producing properties are located in either Virginia or North Carolina. The majority of the Company’s properties are located in Hampton Roads, Virginia. For each of the three years ended December 31, 2014, rental revenues from Hampton Roads properties represented 69%, 70% and 75%, respectively, of Armada Hoffler’s rental revenues. Many of Armada Hoffler’s Hampton Roads properties are located in the Town Center of Virginia Beach. For each of the three years ended December 31, 2014, rental revenues from Town Center properties represented 47%, 48% and 51%, respectively, of Armada Hoffler’s rental revenues.

Rental revenues from Richmond Tower individually represented 13%, 15% and 16% of Armada Hoffler’s rental revenues for each of the three years ended December 31, 2014, respectively. A single tenant—Williams Mullen, a prominent Mid-Atlantic law firm—occupies over 80% of Richmond Tower.

A single construction project in Baltimore, Maryland represented 41% of the Company’s general contracting and real estate services revenues for the year ended December 31, 2014. The same project represented 27% of the Company’s general contracting and real estate services segment profit for the year ended December 31, 2014.

Selected Quarterly Financial Data

12 Months Ended

Dec. 31, 2014

Text Block [Abstract]

Selected Quarterly Financial Data

18.

Selected Quarterly Financial Data (Unaudited)

The following tables summarize certain selected quarterly financial data for 2014 and 2013 (in thousands, except per share data):


	2014 Quarters
	First		Second		Third		Fourth
Rental revenues	$	15,193	$	15,319	$	16,713	$	17,521
General contracting and real estate services revenues		19,234		20,495		31,532		32,060
Net operating income		11,123		11,212		11,883		12,685
Net income		2,506		2,273		2,754		5,226
Net income attributable to stockholders		1,465		1,325		1,615		3,286
Net income per share: basic and diluted	$	0.08	$	0.07	$	0.08	$	0.13

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

Schedule III-Consolidated Real Estate Investments and Accumulated Depreciation

12 Months Ended

Dec. 31, 2014

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III-Consolidated Real Estate Investments and Accumulated Depreciation

SCHEDULE III—Consolidated Real Estate Investments and Accumulated Depreciation


December 31, 2014
				Initial Cost				Cost Capitalized Subsequent to Acquisition		Gross Carrying Amount											Year of Construction/ Acquisition
	Encumbrances			Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation			Net Carrying Amount⁽¹⁾		Year of Construction/ Acquisition
Office
4525 Main Street	$	30,870		$	982	$	—	$	38,481	$	982	$	38,481	$	39,463	$	487		$	38,976		2014
Armada Hoffler Tower		—	⁽²⁾		1,976		—		55,029		1,976		55,029		57,005		23,748			33,257		2002
Commonwealth of Virginia – Chesapeake		3,585			328		—		6,248		328		6,248		6,576		—	⁽³⁾		6,576		—	⁽³⁾
Commonwealth of Virginia – Virginia Beach		—			208		—		2,083		208		2,083		2,291		—	⁽³⁾		2,291		—	⁽³⁾
Oceaneering		13,490			1,829		—		19,345		1,829		19,345		21,174		—	⁽³⁾		21,174		—	⁽³⁾
One Columbus		—	⁽²⁾		960		10,269		6,795		960		17,064		18,024		8,463			9,561		1984/2000
Oyster Point		6,274			57		—		11,512		57		11,512		11,569		8,637			2,932		1989
Richmond Tower		—	⁽²⁾		3,038		—		45,473		3,038		45,473		48,511		7,245			41,266		2010
Two Columbus		—	⁽²⁾		53		—		18,242		53		18,242		18,295		4,264			14,031		2009

Total office	$	54,219		$	9,431	$	10,269	$	203,208	$	9,431	$	213,477	$	222,908	$	52,844		$	170,064

Retail
249 Central Park Retail	$	15,566		$	713	$	—	$	13,476	$	713	$	13,476	$	14,189	$	6,395		$	7,794		2004
Bermuda Crossroads		—	⁽²⁾		5,450		10,641		474		5,450		11,115		16,565		826			15,739		2001/2013
Broad Creek Shopping Center		16,047			—		—		15,619		—		15,619		15,619		7,355			8,264		1997-2001
Commerce Street Retail		5,549			118		—		3,146		118		3,146		3,264		845			2,419		2008
Courthouse 7-Eleven		—	⁽²⁾		1,007		—		1,043		1,007		1,043		2,050		83			1,967		2011
Dick’s at Town Center		8,216			67		—		10,453		67		10,453		10,520		2,680			7,840		2002
Dimmock Square		—	⁽²⁾		5,100		13,126		3		5,100		13,129		18,229		151			18,078		1998/2014
Fountain Plaza Retail		7,783			425		—		7,018		425		7,018		7,443		2,525			4,918		2004
Gainsborough Square		—	⁽²⁾		2,229		—		6,813		2,229		6,813		9,042		2,644			6,398		1999
Greentree Shopping Center		—			1,523		—		3,520		1,523		3,520		5,043		37			5,006		2014
Hanbury Village		25,308			3,792		—		18,021		3,792		18,021		21,813		4,589			17,224		2009
Harrisonburg Regal		3,659			1,554		—		4,148		1,554		4,148		5,702		1,664			4,038		1999
Lightfoot Marketplace		3,484			7,628		—		2,891		7,628		2,891		10,519		—	⁽³⁾		10,519		—	⁽³⁾
North Point Center		13,587	⁽²⁾		1,936		—		24,797		1,936		24,797		26,733		10,124			16,609		1998
Parkway Marketplace		—	⁽²⁾		1,150		—		3,500		1,150		3,500		4,650		1,501			3,149		1998
Sandbridge Commons		5,892			5,267		—		4,095		5,267		4,095		9,362		—	⁽³⁾		9,362		—	⁽³⁾
South Retail		6,867			190		—		7,090		190		7,090		7,280		3,214			4,066		2002
Studio 56 Retail		2,618			76		—		2,297		76		2,297		2,373		539			1,834		2007
Tyre Neck Harris Teeter		2,437			—		—		3,306		—		3,306		3,306		424			2,882		2011

Total retail	$	117,013		$	38,225	$	23,767	$	131,710	$	38,225	$	155,477	$	193,702	$	45,596		$	148,106

Mutifamily
Encore Apartments	$	22,215		$	1,293	$	—	$	28,882	$	1,293	$	28,882	$	30,175	$	89		$	30,086		2014
Liberty Apartments		20,603			3,580		23,494		1,049		3,580		24,543		28,123		781			27,342		2013/2014
Smith’s Landing		24,470			—		35,105		659		—		35,764		35,764		1,859			33,905		2009/2013
The Cosmopolitan		47,132			985		—		56,419		985		56,419		57,404		14,866			42,538		2006
Whetstone Apartments		16,019			2,644		—		24,280		2,644		24,280		26,924		64			26,860		2014

Total multifamily	$	130,439		$	8,502	$	58,599	$	111,289	$	8,502	$	169,888	$	178,390	$	17,659		$	160,731

Real estate investments	$	301,671		$	56,158	$	92,635	$	446,207	$	56,158	$	538,842	$	595,000	$	116,099		$	478,901

(1)	The net carrying amount of real estate for federal income tax purposes was $347.9 million as of December 31, 2014.

(2)	Borrowing base collateral for the credit facility as of December 31, 2014.

(3)	Construction in progress as of December 31, 2014.

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


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


	Real Estate Investments						Accumulated Depreciation
	December 31,
	2014			2013			2014			2013
Balance at beginning of the year	$	462,976		$	354,740		$	105,228		$	92,454
Construction costs and improvements		106,977			45,332			—			—
Acquisitions		45,300			62,936			—			—
Dispositions		(5,471	)		(32	)		(957	)		(32	)
Reclassifications		(14,782	)		—			(3,156	)		—
Depreciation		—			—			14,984			12,806

Balance at end of the year	$	595,000		$	462,976		$	116,099		$	105,228

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Real Estate Investments Held for Sale

Basis of Presentation

Basis of Presentation

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

Use of Estimates

Use of Estimates

Segments

Segments

Revenue Recognition

Revenue Recognition

Rental Revenues

General Contracting and Real Estate Services Revenues

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

Real Estate Investments

Real Estate Investments

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


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

Real Estate Investments Held for Sale

The Company classified the Sentara Williamsburg office property as held for sale as of December 31, 2014.

Impairment of Long Lived Assets

Impairment of Long Lived Assets

Cash and Cash Equivalents

Cash and Cash Equivalents

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

Restricted Cash

Restricted Cash

Accounts Receivable, net

Accounts Receivable, net

Leasing Costs

Leasing Costs

Leasing Incentives

Leasing Incentives

Acquired Lease Intangibles

Acquired Lease Intangibles

Debt Issuance Costs

Debt Issuance Costs

Derivative Financial Instruments

Derivative Financial Instruments

Stock Based Compensation

Stock-Based Compensation

Income Taxes

Income Taxes

Discontinued Operations

Discontinued Operations

Net Income Per Share and Unit

Net Income Per Share and Unit

Other Comprehensive Income

Other Comprehensive Income

Armada Hoffler had no items of other comprehensive income during any of the three years ended December 31, 2014.

Emerging Growth Company Status

Emerging Growth Company Status

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Net Operating Income of Reportable Segments

Estimated Useful Lives

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


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

Segments (Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Net operating income of Armada Hoffler’s reportable segments for each of the three years ended December 31, 2014 was as follows (in thousands):


	Years Ended December 31,
	2014		2013		2012
Office real estate
Rental revenues	$	27,827	$	25,794	$	25,815
Property expenses		8,710		7,892		7,668

Segment net operating income		19,117		17,902		18,147

Retail real estate
Rental revenues		23,956		21,755		21,164
Property expenses		7,108		6,779		6,629

Segment net operating income		16,848		14,976		14,535

Multifamily residential real estate
Rental revenues		12,963		9,971		7,457
Property expenses		6,592		4,478		3,176

Segment net operating income		6,371		5,493		4,281

General contracting and real estate services
Segment revenues		103,321		82,516		54,046
Segment expenses		98,754		78,813		50,103

Segment net operating income		4,567		3,703		3,943

Other		—		—		(74	)

Net operating income	$	46,903	$	42,074	$	40,832

Reconciliation of Net Operating Income to Net Income

The following table reconciles net operating income to net income for each of the three years ended December 31, 2014 (in thousands):


	Years Ended December 31,
	2014			2013			2012
Net operating income	$	46,903		$	42,074		$	40,832
Depreciation and amortization		(17,569	)		(14,898	)		(12,909	)
General and administrative expenses		(7,711	)		(6,937	)		(3,232	)
Acquisition, development and other pursuit costs		(229	)		—			—
Impairment charges		(15	)		(580	)		—
Interest expense		(10,648	)		(12,303	)		(16,561	)
Loss on extinguishment of debt		—			(2,387	)		—
Gain on real estate dispositions and acquisitions		2,211			9,460			—
Other (expense) income		(113	)		297			777
Income tax provision		(70	)		(273	)		—
Results from discontinued operations		—			—			(10	)

Net income	$	12,759		$	14,453		$	8,897

Rental Revenues

Rental revenues for each of the three years ended December 31, 2014 comprised the following (in thousands):


	Years Ended December 31,
	2014		2013		2012
Minimum rents
Office	$	26,394	$	24,415	$	24,101
Retail		20,198		18,473		17,753
Multifamily		11,076		8,364		6,259
Percentage rents
Office		69		104		109
Retail		216		121		121
Multifamily		100		105		103
Other
Office		1,364		1,275		1,605
Retail		3,542		3,161		3,290
Multifamily		1,787		1,502		1,095

Rental revenues	$	64,746	$	57,520	$	54,436

Property Expenses

Property expenses for each of the three years ended December 31, 2014 comprised the following (in thousands):


	Years Ended December 31,
	2014		2013		2012
Rental expenses
Office	$	6,395	$	5,721	$	5,499
Retail		5,011		4,808		4,791
Multifamily		5,261		3,496		2,383
Other		—		—		9

Total		16,667		14,025		12,682

Real estate taxes
Office		2,315		2,171		2,169
Retail		2,097		1,971		1,838
Multifamily		1,331		982		793
Other		—		—		65

Total		5,743		5,124		4,865

Property expenses	$	22,410	$	19,149	$	17,547

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2014

Leases [Abstract]

Commercial Tenant Leases, Minimum Rental Payments


2015	$	51,679
2016		51,726
2017		50,075
2018		46,265
2019		39,056
Thereafter		275,405

Total	$	514,206

Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2014

Real Estate Investments

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


	December 31, 2014
	Income producing property		Held for development		Construction in progress		Total
Land	$	40,898	$	—	$	15,260	$	56,158
Land improvements		16,279		—		—		16,279
Buildings and improvements		456,741		—		—		456,741
Development and construction costs		—		—		65,822		65,822

Real estate investments	$	513,918	$	—	$	81,082	$	595,000


	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

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


	Years Ended December 31,
	2014		2013		2012
Rental revenues	$	66,000	$	61,555	$	60,075
Net income		13,361		5,676		18,520

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
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
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

Bermuda Crossroads and Smith's Landing [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):


	Bermuda Crossroads			Smith’s Landing
Land	$	5,450		$	—
Site improvements		540			450
Building and improvements		10,101			34,655
Intangible assets		2,860			2,420
Net working capital		237			14
Indebtedness		(11,053	)		(24,995	)
Below-market leases		(1,750	)		—

Net assets acquired	$	6,385		$	12,544

Construction Contracts (Tables)

12 Months Ended

Dec. 31, 2014

Contractors [Abstract]

Net Position of Uncompleted Construction Contracts

The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2014 and 2013 (in thousands):


	December 31,
	2014			2013
Costs incurred on uncompleted construction contracts	$	195,219		$	97,372
Estimated earnings		8,501			4,584
Billings		(204,501	)		(102,319	)

Net position	$	(781	)	$	(363	)


	December 31,
	2014			2013
Construction contract costs and estimated earnings in excess of billings	$	272		$	1,178
Billings in excess of construction contract costs and estimated earnings		(1,053	)		(1,541	)

Net position	$	(781	)	$	(363	)

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Schedule of Debt

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


	Principal Balance					Stated Interest Rate	Stated Maturity Date
	December 31,					December 31,
Secured Debt	2014			2013		2014	2014
Credit facility	$	59,000		$	70,000	LIBOR + 1.60% - 2.20%	May 13, 2016
Oyster Point		6,274			6,466	5.41%	December 1, 2015
249 Central Park Retail⁽¹⁾		15,566			15,834	5.99%	September 8, 2016
South Retail		6,867			6,985	5.99%	September 8, 2016
Studio 56 Retail		2,618			2,690	3.75%	May 7, 2015
Commerce Street Retail		5,549			5,613	LIBOR + 2.25%	October 31, 2018
Fountain Plaza Retail⁽¹⁾		7,783			7,917	5.99%	September 8, 2016
Dick’s at Town Center		8,216			8,318	LIBOR + 2.75%	October 31, 2017
Broad Creek Shopping Center
Note 1⁽²⁾		4,452			4,503	LIBOR + 2.25%	October 31, 2018
Note 2⁽²⁾		8,173			8,267	LIBOR + 2.25%	October 31, 2018
Note 3⁽²⁾		3,422			3,461	LIBOR + 2.25%	October 31, 2018
North Point Center
Note 1		10,149			10,319	6.45%	February 5, 2019
Note 2		2,753			2,830	7.25%	September 15, 2025
Note 4		—			1,030	—	—
Note 5⁽³⁾		685			705	LIBOR + 2.00%	February 1, 2017
Hanbury Village
Note 1		21,218			21,449	6.67%	October 11, 2017
Note 2		4,090			4,159	LIBOR + 2.25%	October 31, 2018
Harrisonburg Regal		3,659			3,842	6.06%	June 8, 2017
Tyre Neck Harris Teeter		2,437			2,482	LIBOR + 2.25%	October 31, 2018
The Cosmopolitan		47,132			47,723	3.75%	July 1, 2051
Smith’s Landing⁽⁴⁾		24,470			24,795	LIBOR + 2.15%	January 31, 2017
Liberty Apartments⁽⁴⁾		20,603			—	5.66%	November 1, 2043
4525 Main Street		30,870			11,313	LIBOR + 1.95%	January 30, 2017
Encore Apartments		22,215			3,585	LIBOR + 1.95%	January 30, 2017
Whetstone Apartments		16,019			284	LIBOR + 1.90%	October 8, 2016
Sandbridge Commons		5,892			3,172	LIBOR + 1.85%	January 17, 2018
Oceaneering		13,490			—	LIBOR + 1.75%	February 28, 2018
Commonwealth of Virginia – Chesapeake		3,585			—	LIBOR + 1.90%	August 28, 2017
Lightfoot Marketplace		3,484			—	LIBOR + 1.90%	November 14, 2017

Total principal balance	$	360,671		$	277,742
Unamortized fair value adjustments		(1,442	)		3

Indebtedness	$	359,229		$	277,745

(1)	Cross collateralized.

(2)	Cross collateralized.

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

(4)	Principal balance excluding fair value adjustments.

Components of Debt

The Company’s indebtedness comprised the following fixed and variable-rate debt as of December 31, 2014 and 2013 (in thousands):


	December 31,
	2014		2013
Fixed-rate secured debt	$	144,622	$	127,085
Variable-rate secured debt		216,049		150,657

Total principal balance	$	360,671	$	277,742

Scheduled Principal Repayments and Term-loan Maturities

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


Year	Scheduled Principal Payments		Term- Loan Maturities		Total Payments
2015	$	3,222	$	8,681	$	11,903
2016		3,499		104,300		107,799
2017		2,775		116,141		118,916
2018		1,808		44,674		46,482
2019		1,216		9,333		10,549
Thereafter		63,678		1,344		65,022

Total	$	76,198	$	284,473	$	360,671

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 6
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
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-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 835
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Derivatives

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


	December 31,
	2014							2013
	Notional Amount		Fair Value					Notional Amount		Fair Value
			Asset		Liability					Asset		Liability
Pay fixed interest rate swaps	$	685	$	—	$	(11	)	$	705	$	—	$	(16	)
Interest rate caps		180,434		260		—			130,672		102		—

Total	$	181,119	$	260	$	(11	)	$	131,377	$	102	$	(16	)

The changes in the fair value of Armada Hoffler’s derivatives during each of the three years ended December 31, 2014 was as follows (in thousands):


	Years Ended December 31,
	2014			2013			2012
Pay fixed interest rate swaps	$	5		$	152		$	445
Interest rate caps		(238	)		(164	)		(37	)

Other (expense) income	$	(233	)	$	(12	)	$	408

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959

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

Declared Dividends Per Share and Distributions Per Unit

Equity (Tables)

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

During the year ended December 31, 2014, the Company declared the following dividends per share and distributions per unit:


Declaration Date	Record Date	Paid Date	Dividend Per Share/Distribution Per Unit
February 18, 2014	April 1, 2014	April 10, 2014	$	0.16
May 9, 2014	July 1, 2014	July 10, 2014		0.16
August 4, 2014	October 1, 2014	October 9, 2014		0.16
November 10, 2014	December 30, 2014	January 8, 2015		0.16

		Total	$	0.64

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


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

		Total	$	0.40

Tax Treatment of Dividends Paid

The tax treatment of dividends paid to common stockholders during the year ended December 31, 2014 was as follows (unaudited):


Capital gains	5.3	%
Ordinary income	52.3	%
Return of capital	42.4	%

Total	100.0	%

The tax treatment of dividends paid to common stockholders during the year ended December 31, 2013 was as follows (unaudited):


Ordinary income	17.0	%
Return of capital	83.0	%

Total	100.0	%

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

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

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

The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2014:


	Restricted Stock Awards			Weighted Average Grant Date Fair Value Per Share
Nonvested as of January 1, 2014		111,940		$	11.50
Granted		132,081			9.85
Vested		(98,938	)		10.78
Forfeited		(1,354	)		11.07

Nonvested as of December 31, 2014		143,729		$	10.48

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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 the Company’s financial instruments, all of which are based on Level 2 inputs, as of December 31, 2014 and 2013 were as follows (in thousands):


	December 31,
	2014				2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured debt	$	359,229	$	366,095	$	277,745	$	273,310
Interest rate swap liabilities		11		11		16		16
Interest rate cap assets		260		260		102		102

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Tax Provision

The income tax provision for the years ended December 31, 2014 and 2013 comprised the following (in thousands):


	Years Ended December 31,
	2014		2013
Federal income taxes:
Current	$	37	$	356
Deferred		6		(113	)
State income taxes:
Current		26		43
Deferred		1		(13	)

Income tax provision	$	70	$	273

Other Assets (Tables)

12 Months Ended

Dec. 31, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

Other assets comprised the following as of December 31, 2014 and 2013 (in thousands):


	December 31,
	2014		2013
Leasing costs, net	$	11,683	$	7,858
Leasing incentives, net		6,237		4,851
Acquired lease intangibles, net		5,247		4,369
Preacquisition development costs		4,550		2,036
Debt issuance costs, net		2,884		3,072
Prepaid assets and other		2,507		2,223

Other assets	$	33,108	$	24,409

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities comprised the following as of December 31, 2014 and 2013 (in thousands):


	December 31,
	2014		2013
Deferred ground rent payable	$	6,790	$	6,475
Dividends and distributions payable		6,368		5,155
Acquired lease intangibles, net		1,867		1,638
Security deposits		1,014		748
Prepaid rent and other		1,922		1,857

Other liabilities	$	17,961	$	15,873

Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Summary of the Company's Acquired Lease Intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2014 (in thousands):


	December 31, 2014
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
In-place lease assets	$	5,434	$	2,096	$	3,338
Above-market lease assets		107		32		75
Below-market lease liabilities		2,169		302		1,867
Below-market ground lease assets		1,920		86		1,834

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


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

Estimated Amortization of Acquired Lease Intangibles

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


	Rental Revenues		Rental Expenses		Depreciation and Amortization
Year ending December 31,
2015	$	161	$	53	$	1,087
2016		112		53		626
2017		110		53		528
2018		107		53		351
2019		95		53		200

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Rental Payments

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


2015	$	1,546
2016		1,516
2017		1,484
2018		1,488
2019		1,563
Thereafter		60,198

Total	$	67,795

Selected Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2014

Text Block [Abstract]

Summary Certain Selected Quarterly Financial Data

The following tables summarize certain selected quarterly financial data for 2014 and 2013 (in thousands, except per share data):


	2014 Quarters
	First		Second		Third		Fourth
Rental revenues	$	15,193	$	15,319	$	16,713	$	17,521
General contracting and real estate services revenues		19,234		20,495		31,532		32,060
Net operating income		11,123		11,212		11,883		12,685
Net income		2,506		2,273		2,754		5,226
Net income attributable to stockholders		1,465		1,325		1,615		3,286
Net income per share: basic and diluted	$	0.08	$	0.07	$	0.08	$	0.13

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

Business and Organization - Additional Information (Detail) $ in Millions					12 Months Ended
	Nov. 20, 2014 USD ($)	Sep. 15, 2014 shares	May 22, 2013 USD ($) shares	May 13, 2013 shares	Dec. 31, 2014 Parcels
Real Estate Properties [Line Items]
Common stock, shares issued \| shares		5,750,000
Net proceeds from Initial Public Offering \| $			$ 192.2
Options to acquire developable lands, number of parcels of developable land to be acquired \| Parcels					9
Interest acquired					100.00%
IPO [Member]
Real Estate Properties [Line Items]
Common stock, shares issued \| shares				16,525,000
Underwriters Exercise of Overallotment Option [Member]
Real Estate Properties [Line Items]
Common stock, shares issued \| shares			2,478,750
Operating Partnership [Member]
Real Estate Properties [Line Items]
Operating partnership payment of outstanding indebtedness \| $			$ 150.0
Consideration paid to prior investors \| $	$ 1.3		$ 47.6
Liberty Apartments [Member]
Real Estate Properties [Line Items]
Business acquisition date					Jan. 17, 2014

Significant Accounting Policies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($) Segment	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Accounting Policies [Line Items]
Business segments \| Segment	4
Interest capitalized	$ 3,100	$ 600
Indirect project costs	2,400	1,600	$ 400
Capitalized preacquisition development costs	4,550	2,036
Accounts receivable, net	20,548	18,272
Stock-based compensation expense	917	1,249
Capitalized stock-based compensation	$ 400
Percentage of taxable income for distributions to stockholders	90.00%
Johns Hopkins Village [Member]
Accounting Policies [Line Items]
Capitalized preacquisition development costs	$ 2,100	500
Accrued Straight-line Rental Revenue [Member]
Accounting Policies [Line Items]
Accounts receivable, net	$ 19,400	$ 17,500

Significant Accounting Policies - Estimated Useful Lives (Detail)	12 Months Ended
	Dec. 31, 2014
Building [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years
Capital Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Capital Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Tenant Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	Term of the related lease (or estimated useful life, if shorter)

Segments - Net Operating Income of Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Rental revenues	$ 17,521	$ 16,713	$ 15,319	$ 15,193	$ 14,992	$ 14,899	$ 14,231	$ 13,398	$ 64,746	$ 57,520	$ 54,436
Segment revenues	$ 32,060	$ 31,532	$ 20,495	$ 19,234	$ 19,373	$ 21,896	$ 23,291	$ 17,956	103,321	82,516	54,046
Other											(74)
Property expenses									22,410	19,149	17,547
Segment expenses									98,754	78,813	50,103
Net operating income									46,903	42,074	40,832
Office Real Estate [Member]
Segment Reporting Information [Line Items]
Rental revenues									27,827	25,794	25,815
Property expenses									8,710	7,892	7,668
Net operating income									19,117	17,902	18,147
Retail Real Estate [Member]
Segment Reporting Information [Line Items]
Rental revenues									23,956	21,755	21,164
Property expenses									7,108	6,779	6,629
Net operating income									16,848	14,976	14,535
Multifamily Residential Real Estate [Member]
Segment Reporting Information [Line Items]
Rental revenues									12,963	9,971	7,457
Property expenses									6,592	4,478	3,176
Net operating income									6,371	5,493	4,281
General Contracting and Real Estate Services [Member]
Segment Reporting Information [Line Items]
Segment revenues									103,321	82,516	54,046
Segment expenses									98,754	78,813	50,103
Net operating income									$ 4,567	$ 3,703	$ 3,943

Segments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
General contracting and real estate services revenues	$ 32,060	$ 31,532	$ 20,495	$ 19,234	$ 19,373	$ 21,896	$ 23,291	$ 17,956	$ 103,321	$ 82,516	$ 54,046
General contracting and real estate services expenses									98,754	78,813	50,103
Non-cash stock compensation									917	1,249
Accrued straight-line rental revenue									2,203	1,055	2,158
Amortization of leasing incentive									(700)	(800)	(800)
General and Administrative Expenses [Member]
Segment Reporting Information [Line Items]
Non-cash stock compensation									700	1,200
General Contracting and Real Estate Services [Member]
Segment Reporting Information [Line Items]
General contracting and real estate services revenues									103,321	82,516	54,046
General contracting and real estate services expenses									98,754	78,813	50,103
Non-cash stock compensation									200
General Contracting and Real Estate Services [Member] \| Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
General contracting and real estate services revenues									85,400	35,700	1,400
General contracting and real estate services expenses									$ 84,600	$ 35,400	$ 1,300

Segments - Reconciliation of Net Operating Income to Net Income (Detail) - USD ($)	8 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting [Abstract]
Net operating income		$ 46,903,000	$ 42,074,000	$ 40,832,000
Depreciation and amortization		(17,569,000)	(14,898,000)	(12,909,000)
General and administrative expenses		(7,711,000)	(6,937,000)	(3,232,000)
Acquisition, development and other pursuit costs		(229,000)
Impairment charges		(15,000)	(580,000)
Interest expense		(10,648,000)	(12,303,000)	(16,561,000)
Loss on extinguishment of debt			(2,387,000)
Gain on real estate dispositions and acquisitions		2,211,000	9,460,000
Other (expense) income		(113,000)	297,000	777,000
Income tax provision		(70,000)	(273,000)	0	$ 0
Results from discontinued operations				(10,000)
Net income	$ 12,433,000	$ 12,759,000	$ 14,453,000	$ 8,897,000

Segments - Rental Revenues of Reportable Segments (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Rental revenues	$ 17,521,000	$ 16,713,000	$ 15,319,000	$ 15,193,000	$ 14,992,000	$ 14,899,000	$ 14,231,000	$ 13,398,000	$ 64,746,000	$ 57,520,000	$ 54,436,000
Office Real Estate [Member]
Segment Reporting Information [Line Items]
Minimum rents									26,394,000	24,415,000	24,101,000
Percentage rents									69,000	104,000	109,000
Other									1,364,000	1,275,000	1,605,000
Rental revenues									27,827,000	25,794,000	25,815,000
Retail Real Estate [Member]
Segment Reporting Information [Line Items]
Minimum rents									20,198,000	18,473,000	17,753,000
Percentage rents									216,000	121,000	121,000
Other									3,542,000	3,161,000	3,290,000
Rental revenues									23,956,000	21,755,000	21,164,000
Multifamily Residential Real Estate [Member]
Segment Reporting Information [Line Items]
Minimum rents									11,076,000	8,364,000	6,259,000
Percentage rents									100,000	105,000	103,000
Other									1,787,000	1,502,000	1,095,000
Rental revenues									$ 12,963,000	$ 9,971,000	$ 7,457,000

Segments - Property Expenses of Reportable Segments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Rental expenses	$ 16,667	$ 14,025	$ 12,682
Real estate taxes	5,743	5,124	4,865
Property expenses	22,410	19,149	17,547
Office Real Estate [Member]
Segment Reporting Information [Line Items]
Rental expenses	6,395	5,721	5,499
Real estate taxes	2,315	2,171	2,169
Property expenses	8,710	7,892	7,668
Retail Real Estate [Member]
Segment Reporting Information [Line Items]
Rental expenses	5,011	4,808	4,791
Real estate taxes	2,097	1,971	1,838
Property expenses	7,108	6,779	6,629
Multifamily Residential Real Estate [Member]
Segment Reporting Information [Line Items]
Rental expenses	5,261	3,496	2,383
Real estate taxes	1,331	982	793
Property expenses	$ 6,592	$ 4,478	3,176
Other [Member]
Segment Reporting Information [Line Items]
Rental expenses			9
Real estate taxes			$ 65

Operating Leases - Additional Information (Detail)	12 Months Ended
Operating Leases - Additional Information (Detail)	Dec. 31, 2014
Multifamily Residential Real Estate [Member] \| Minimum [Member]
Property Subject to or Available for Operating Lease [Line Items]
Lease term	7 months
Multifamily Residential Real Estate [Member] \| Maximum [Member]
Property Subject to or Available for Operating Lease [Line Items]
Lease term	15 months
Multifamily Residential Real Estate [Member] \| Majority [Member]
Property Subject to or Available for Operating Lease [Line Items]
Lease term	12 months
Apartment Leases [Member] \| Maximum [Member]
Property Subject to or Available for Operating Lease [Line Items]
Lease term	1 year
Commercial Tenant Lease [Member] \| Minimum [Member]
Property Subject to or Available for Operating Lease [Line Items]
Lease term	5 years
Commercial Tenant Lease [Member] \| Maximum [Member]
Property Subject to or Available for Operating Lease [Line Items]
Lease term	20 years

Operating Leases - Commercial Tenant Leases, Minimum Rental Payments (Detail) $ in Thousands	Dec. 31, 2014 USD ($)
Operating lease
2015	$ 51,679
2016	51,726
2017	50,075
2018	46,265
2019	39,056
Thereafter	275,405
Total	$ 514,206

Real Estate Investments - Real Estate Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate Properties [Line Items]
Land	$ 56,158	$ 41,313
Land improvements	16,279	12,562
Buildings and improvements	456,741	365,941
Development and construction costs	65,822	43,160
Gross real estate investments	595,000	462,976	$ 354,740
Income Producing Property [Member]
Real Estate Properties [Line Items]
Land	40,898	27,736
Land improvements	16,279	12,562
Buildings and improvements	456,741	365,941
Gross real estate investments	513,918	406,239
Construction in Progress [Member]
Real Estate Properties [Line Items]
Land	15,260	13,577
Development and construction costs	65,822	43,160
Gross real estate investments	$ 81,082	$ 56,737

Real Estate Investments - Additional Information (Detail) $ in Thousands									3 Months Ended								4 Months Ended	8 Months Ended	12 Months Ended
	Feb. 26, 2015 USD ($)	Feb. 13, 2015 USD ($)	Jan. 09, 2015 USD ($) ft²	Jan. 05, 2015 USD ($) Store	Nov. 20, 2014 USD ($)	Aug. 15, 2014 USD ($) ft² shares	Jan. 17, 2014 USD ($) shares	May 13, 2013 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Sep. 30, 2013 USD ($)	Jun. 30, 2013 USD ($)	Mar. 31, 2013 USD ($)	May 12, 2013 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Sep. 29, 2014 USD ($)	May 01, 2014 USD ($)	Apr. 16, 2014 USD ($)
Real Estate Properties [Line Items]
Rental revenues									$ 17,521	$ 16,713	$ 15,319	$ 15,193	$ 14,992	$ 14,899	$ 14,231	$ 13,398			$ 64,746	$ 57,520	$ 54,436
Net income (loss)									5,226	$ 2,754	$ 2,273	$ 2,506	2,866	$ 1,252	$ 8,404	$ 1,931			7,691	7,336
Acquisition, development and other pursuit costs																			229
Identified intangible assets assigned to in-place leases									5,247				4,369					$ 4,369	5,247	4,369
Land purchased									$ 56,158				$ 41,313					41,313	56,158	$ 41,313
Sale of Virginia Natural Gas office property					$ 8,900
Net proceeds after transaction costs and tax protection payments					7,400
Gain (Loss) on disposition of Virginia Natural Gas office property					$ 2,200
Sale of office property																			$ 7,387
Subsequent Event [Member]
Real Estate Properties [Line Items]
Number of grocery stores \| Store				2
Combined purchase price				$ 39,100
Subsequent Event [Member] \| Sentara Williamsburg [Member]
Real Estate Properties [Line Items]
Net proceeds after transaction costs and tax protection payments				15,200
Gain (Loss) on disposition of Virginia Natural Gas office property				6,200
Sale of office property				$ 15,400
Subsequent Event [Member] \| Whetstone Apartments [Member]
Real Estate Properties [Line Items]
Proceeds from sale of Whetstone Apartments	$ 35,600
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
Acquisition date																			Jan. 17, 2014
Rental revenues																			$ 1,000
Net income (loss)																			$ (2,100)
Fair value adjustment to the assumed debt							$ (1,500)
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																			$ 800
Net income (loss)																			$ (100)
Area of property acquired \| ft²						106,166
Acquisition, cash immediately defeased						$ 10,100
Bermuda Crossroads [Member]
Real Estate Properties [Line Items]
Acquisition, total consideration								$ 3,200									$ 3,200
Net income (loss)																		3,800
Interests in equity method investments of the Predecessor								50.00%
Total consideration in the form of cash and common units paid																	50.00%
Bermuda Crossroads [Member] \| Secured Debt [Member]
Real Estate Properties [Line Items]
Fair value adjustment to the assumed debt								$ 200
Smith's Landing [Member]
Real Estate Properties [Line Items]
Acquisition, total consideration								$ 7,500									$ 5,000
Net income (loss)																		$ 200
Interests in equity method investments of the Predecessor								60.00%
Total consideration in the form of cash and common units paid																	40.00%
Identified intangible assets assigned to a below-market ground lease								$ 1,900
Identified intangible assets assigned to in-place leases								$ 500
Virginia Beach, VA [Member]
Real Estate Properties [Line Items]
Land purchased																						$ 200
Oyster Point [Member] \| Subsequent Event [Member]
Real Estate Properties [Line Items]
Sale of office property		$ 6,500
Bermuda Crossroads and Smith's Landing [Member]
Real Estate Properties [Line Items]
Interests in equity method investments of the Predecessor								100.00%
Gain on remeasurement of prior equity interests																	$ 9,500
Myrtle Beach [Member] \| Subsequent Event [Member]
Real Estate Properties [Line Items]
Acquisition, assumption of debt			$ 5,100
Acquisition, cash consideration			$ 8,700
Area of property acquired \| ft²			57,000
Williamsburg VA [Member]
Real Estate Properties [Line Items]
Land purchased																								$ 7,600
Chesapeake [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	Aug. 15, 2014	Jan. 17, 2014	May 13, 2013
Liberty Apartments [Member]
Real Estate Properties [Line Items]
Land		$ 3,580
Site improvements		280
Building and improvements		23,214
In-place leases		340
Net working capital		(679)
Indebtedness		(16,966)
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
Bermuda Crossroads [Member]
Real Estate Properties [Line Items]
Land			$ 5,450
Site improvements			540
Building and improvements			10,101
Intangible assets			2,860
Net working capital			237
Indebtedness			(11,053)
Below-market leases			(1,750)
Net assets acquired			6,385
Smith's Landing [Member]
Real Estate Properties [Line Items]
Site improvements			450
Building and improvements			34,655
Intangible assets			2,420
Net working capital			14
Indebtedness			(24,995)
Net assets acquired			$ 12,544

Real Estate Investments - Summary of Consolidated and Combined Results of Operations on Pro Forma Basis (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate [Abstract]
Rental revenues	$ 66,000	$ 61,555	$ 60,075
Net income	$ 13,361	$ 5,676	$ 18,520

Construction Contracts - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Contractors [Abstract]
Billings netted against construction contract costs and estimated earnings	$ 39.8	$ 16.2
Deferred precontract costs	0.2	0.8
Construction receivables retentions	4.7	3.2
Construction payables retentions	$ 9.0	$ 2.1

Construction Contracts - Net Position of Uncompleted Construction Contracts (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Contractors [Abstract]
Costs incurred on uncompleted construction contracts	$ 195,219	$ 97,372
Estimated earnings	8,501	4,584
Billings	(204,501)	(102,319)
Net position	(781)	(363)
Construction contract costs and estimated earnings in excess of billings	272	1,178
Billings in excess of construction contract costs and estimated earnings	(1,053)	(1,541)
Net position	$ (781)	$ (363)

Indebtedness - Schedule of Debt (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Secured debt	$ 360,671	$ 277,742
Unamortized fair value adjustments	(1,442)	3
Indebtedness	359,229	277,745
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Secured debt	$ 59,000	70,000
Stated Maturity Date	May 13, 2016
Revolving Credit Facility [Member] \| LIBOR [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.60%
Revolving Credit Facility [Member] \| LIBOR [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	2.20%
North Point Center [Member] \| Note 5 [Member]
Debt Instrument [Line Items]
Secured debt	$ 685	705
Stated Maturity Date	Feb. 01, 2017
North Point Center [Member] \| Note 5 [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	2.00%
North Point Center [Member] \| Notes 1 [Member]
Debt Instrument [Line Items]
Secured debt	$ 10,149	10,319
Stated Interest Rate	6.45%
Stated Maturity Date	Feb. 05, 2019
North Point Center [Member] \| Notes 2 [Member]
Debt Instrument [Line Items]
Secured debt	$ 2,753	2,830
Stated Interest Rate	7.25%
Stated Maturity Date	Sep. 15, 2025
North Point Center [Member] \| Note 4 [Member]
Debt Instrument [Line Items]
Secured debt		1,030
Oyster Point [Member]
Debt Instrument [Line Items]
Secured debt	$ 6,274	6,466
Stated Interest Rate	5.41%
Stated Maturity Date	Dec. 01, 2015
249 Central Park Retail [Member]
Debt Instrument [Line Items]
Secured debt	$ 15,566	15,834
Stated Interest Rate	5.99%
Stated Maturity Date	Sep. 08, 2016
South Retail [Member]
Debt Instrument [Line Items]
Secured debt	$ 6,867	6,985
Stated Interest Rate	5.99%
Stated Maturity Date	Sep. 08, 2016
Studio 56 Retail [Member]
Debt Instrument [Line Items]
Secured debt	$ 2,618	2,690
Stated Interest Rate	3.75%
Stated Maturity Date	May 07, 2015
Commerce Street Retail [Member]
Debt Instrument [Line Items]
Secured debt	$ 5,549	5,613
Stated Maturity Date	Oct. 31, 2018
Commerce Street Retail [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	2.25%
Fountain Plaza Retail [Member]
Debt Instrument [Line Items]
Secured debt	$ 7,783	7,917
Stated Interest Rate	5.99%
Stated Maturity Date	Sep. 08, 2016
Dick's at Town Center [Member]
Debt Instrument [Line Items]
Secured debt	$ 8,216	8,318
Stated Maturity Date	Oct. 31, 2017
Dick's at Town Center [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	2.75%
Broad Creek Shopping Center [Member] \| Notes 1 [Member]
Debt Instrument [Line Items]
Secured debt	$ 4,452	4,503
Stated Maturity Date	Oct. 31, 2018
Broad Creek Shopping Center [Member] \| Notes 1 [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	2.25%
Broad Creek Shopping Center [Member] \| Notes 2 [Member]
Debt Instrument [Line Items]
Secured debt	$ 8,173	8,267
Stated Maturity Date	Oct. 31, 2018
Broad Creek Shopping Center [Member] \| Notes 2 [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	2.25%
Broad Creek Shopping Center [Member] \| Notes 3 [Member]
Debt Instrument [Line Items]
Secured debt	$ 3,422	3,461
Stated Maturity Date	Oct. 31, 2018
Broad Creek Shopping Center [Member] \| Notes 3 [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	2.25%
Hanbury Village [Member] \| Notes 1 [Member]
Debt Instrument [Line Items]
Secured debt	$ 21,218	21,449
Stated Interest Rate	6.67%
Stated Maturity Date	Oct. 11, 2017
Hanbury Village [Member] \| Notes 2 [Member]
Debt Instrument [Line Items]
Secured debt	$ 4,090	4,159
Stated Maturity Date	Oct. 31, 2018
Hanbury Village [Member] \| Notes 2 [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	2.25%
Harrisonburg Regal [Member]
Debt Instrument [Line Items]
Secured debt	$ 3,659	3,842
Stated Interest Rate	6.06%
Stated Maturity Date	Jun. 08, 2017
Tyre Neck Harris Teeter [Member]
Debt Instrument [Line Items]
Secured debt	$ 2,437	2,482
Stated Maturity Date	Oct. 31, 2018
Tyre Neck Harris Teeter [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	2.25%
The Cosmopolitan [Member]
Debt Instrument [Line Items]
Secured debt	$ 47,132	47,723
Stated Interest Rate	3.75%
Stated Maturity Date	Jul. 01, 2051
Smith's Landing [Member]
Debt Instrument [Line Items]
Secured debt	$ 24,470	24,795
Stated Maturity Date	Jan. 31, 2017
Smith's Landing [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	2.15%
Liberty Apartments [Member]
Debt Instrument [Line Items]
Secured debt	$ 20,603
Stated Interest Rate	5.66%
Stated Maturity Date	Nov. 01, 2043
4525 Main Street [Member]
Debt Instrument [Line Items]
Secured debt	$ 30,870	11,313
Stated Maturity Date	Jan. 30, 2017
4525 Main Street [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.95%
Encore Apartments [Member]
Debt Instrument [Line Items]
Secured debt	$ 22,215	3,585
Stated Maturity Date	Jan. 30, 2017
Encore Apartments [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.95%
Whetstone Apartments [Member]
Debt Instrument [Line Items]
Secured debt	$ 16,019	284
Stated Maturity Date	Oct. 08, 2016
Whetstone Apartments [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.90%
Sandbridge Commons [Member]
Debt Instrument [Line Items]
Secured debt	$ 5,892	$ 3,172
Stated Maturity Date	Jan. 17, 2018
Sandbridge Commons [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.85%
Oceaneering [Member]
Debt Instrument [Line Items]
Secured debt	$ 13,490
Stated Maturity Date	Feb. 28, 2018
Oceaneering [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.75%
Commonwealth of Virginia [Member] \| Chesapeake [Member]
Debt Instrument [Line Items]
Secured debt	$ 3,585
Stated Maturity Date	Aug. 28, 2017
Commonwealth of Virginia [Member] \| Chesapeake [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.90%
Lightfoot Marketplace [Member]
Debt Instrument [Line Items]
Secured debt	$ 3,484
Stated Maturity Date	Nov. 14, 2017
Lightfoot Marketplace [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.90%

Indebtedness - Schedule of Debt (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2014
North Point Center [Member] \| Interest Rate Swap Lock [Member] \| Note 5 [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	3.57%

Indebtedness - Components of Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Secured debt	$ 360,671	$ 277,742
Fixed-rate [Member]
Debt Instrument [Line Items]
Secured debt	144,622	127,085
Variable-rate [Member]
Debt Instrument [Line Items]
Secured debt	$ 216,049	$ 150,657

Indebtedness - Scheduled Principal Repayments and Term-loan Maturities (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
Debt Instrument [Line Items]
Scheduled Principal Payment	$ 76,198
Term-Loan Maturities	284,473
Total Payments	360,671
2015 [Member]
Debt Instrument [Line Items]
Scheduled Principal Payment	3,222
Term-Loan Maturities	8,681
Total Payments	11,903
2016 [Member]
Debt Instrument [Line Items]
Scheduled Principal Payment	3,499
Term-Loan Maturities	104,300
Total Payments	107,799
2017 [Member]
Debt Instrument [Line Items]
Scheduled Principal Payment	2,775
Term-Loan Maturities	116,141
Total Payments	118,916
2018 [Member]
Debt Instrument [Line Items]
Scheduled Principal Payment	1,808
Term-Loan Maturities	44,674
Total Payments	46,482
2019 [Member]
Debt Instrument [Line Items]
Scheduled Principal Payment	1,216
Term-Loan Maturities	9,333
Total Payments	10,549
Thereafter [Member]
Debt Instrument [Line Items]
Scheduled Principal Payment	63,678
Term-Loan Maturities	1,344
Total Payments	$ 65,022

Indebtedness - Additional Information (Detail) - USD ($)											12 Months Ended
	Feb. 20, 2015	Jan. 23, 2015	Nov. 14, 2014	Nov. 03, 2014	Sep. 15, 2014	Aug. 28, 2014	Aug. 15, 2014	Feb. 28, 2014	Jan. 17, 2014	May 22, 2013	Dec. 31, 2014	Jun. 13, 2014	Dec. 31, 2013	Oct. 10, 2013	May 13, 2013
Debt Instrument [Line Items]
Repayment of credit facility				$ 1,000,000
Credit facility maximum commitment amount											$ 200,000,000
Line of credit facility covenant terms											The new credit facility limits the Company’s ability to pay cash dividends. However, so long as no default or event of default exists, the credit agreement allows the Company to pay cash dividends with respect to any 12-month period in an amount not to exceed the greater of: (i) 95% of adjusted funds from operations (as defined in the credit agreement) or (ii) the amount required for the Company (a) to maintain its status as a REIT and (b) to avoid income or excise tax. If certain defaults or events of default exist, the Company may pay cash dividends with respect to any 12-month period to the extent necessary to maintain its status as a REIT.
Percentage of adjusted funds from operations											95.00%
Repayment date of debt instrument											Feb. 20, 2015
Oceaneering [Member]
Debt Instrument [Line Items]
Debt instrument maturity date											Feb. 28, 2018
Oceaneering [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate											1.75%
Lightfoot Marketplace [Member]
Debt Instrument [Line Items]
Debt instrument maturity date											Nov. 14, 2017
Lightfoot Marketplace [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate											1.90%
Construction Loans [Member] \| Oceaneering [Member]
Debt Instrument [Line Items]
Debt instrument maturity date											Feb. 28, 2018
Debt, face value								$ 19,500,000
Construction Loans [Member] \| Oceaneering [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate								1.75%
Construction Loans [Member] \| Commonwealth of Virginia [Member]
Debt Instrument [Line Items]
Debt instrument maturity date											Aug. 28, 2017
Debt, face value						$ 5,400,000
Construction Loans [Member] \| Commonwealth of Virginia [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate						1.90%
Construction Loans [Member] \| Lightfoot Marketplace [Member]
Debt Instrument [Line Items]
Debt instrument maturity date											Nov. 14, 2017
Debt, face value			$ 15,000,000
Construction Loans [Member] \| Lightfoot Marketplace [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.90%
New Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility maximum commitment amount											$ 350,000,000
Unencumbered borrowing base properties, percentage											60.00%
Debt service coverage ratio											1.50%
Subsequent Event [Member]
Debt Instrument [Line Items]
Amount borrowed under credit facility		$ 5,000,000
Maximum [Member] \| Subsequent Event [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.95%
Minimum [Member] \| Subsequent Event [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.35%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Financial covenant, minimum fixed charge coverage ratio											175.00%
Financial covenant, minimum tangible net worth											At least the sum of 80% of tangible net worth on the closing date of the credit facility plus 75% of the net proceeds of any additional equity issuances
Debt instrument maturity date											May 13, 2016
Revolving Credit Facility [Member] \| New Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument maturity date											Feb. 20, 2019
Revolving credit facility, extension option											1 year
Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Financial covenant, maximum leverage ratio as of the last day of each fiscal quarter											65.00%
Financial covenant, maximum amount of variable rate indebtedness											30.00%
Financial covenant, maximum amount of secured recourse indebtedness											35.00%
Financial covenant, investments to total asset value											30.00%
Revolving Credit Facility [Member] \| Maximum [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate											2.20%
Revolving Credit Facility [Member] \| Maximum [Member] \| New Credit Facility [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate											2.00%
Revolving Credit Facility [Member] \| Maximum [Member] \| Unimproved Land Holdings [Member]
Debt Instrument [Line Items]
Financial covenant, investments to total asset value											5.00%
Revolving Credit Facility [Member] \| Maximum [Member] \| Construction in Progress [Member]
Debt Instrument [Line Items]
Financial covenant, investments to total asset value											25.00%
Revolving Credit Facility [Member] \| Maximum [Member] \| Unconsolidated Affiliates [Member]
Debt Instrument [Line Items]
Financial covenant, investments to total asset value											5.00%
Revolving Credit Facility [Member] \| Minimum [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate											1.60%
Revolving Credit Facility [Member] \| Minimum [Member] \| New Credit Facility [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate											1.40%
Term Loan Facility [Member] \| New Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument maturity date											Feb. 20, 2020
Term Loan Facility [Member] \| Maximum [Member] \| New Credit Facility [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate											1.95%
Term Loan Facility [Member] \| Minimum [Member] \| New Credit Facility [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate											1.35%
Operating Partnership [Member]
Debt Instrument [Line Items]
Aggregate capacity under the credit facility														$ 155,000,000	$ 100,000,000
Credit facility, amount outstanding											$ 59.0
Repayment of credit facility					$ 49,000,000
Repayment of other indebtedness										$ 150,000,000
Operating Partnership [Member] \| New Credit Facility [Member]
Debt Instrument [Line Items]
Financial covenant, minimum tangible net worth											Tangible net worth of not less than the sum of $220.0 million and 75% of the net equity proceeds received after December 31, 2014
Financial covenant, minimum tangible net worth amount											$ 220,000,000
Operating Partnership [Member] \| Subsequent Event [Member] \| New Credit Facility [Member]
Debt Instrument [Line Items]
Amount borrowed under credit facility	$ 54,000,000
Repayment of term loan facility	50,000,000
Repayment of other indebtedness	39,000,000
Operating Partnership [Member] \| Maximum [Member] \| New Credit Facility [Member]
Debt Instrument [Line Items]
Financial covenant, maximum leverage ratio as of the last day of each fiscal quarter											60.00%
Financial covenant, maximum amount of variable rate indebtedness											30.00%
Financial covenant, maximum amount of secured recourse indebtedness											45.00%
Unused commitment fee											0.25%
Financial covenant, maximum amount of secured recourse debt											25.00%
Operating Partnership [Member] \| Minimum [Member] \| New Credit Facility [Member]
Debt Instrument [Line Items]
Unused commitment fee											0.15%
Ratio of adjusted EBITDA to fixed charges											150.00%
Operating Partnership [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate capacity under the credit facility											$ 155,000,000
Credit facility, amount outstanding													$ 70,000,000
Amount borrowed under credit facility											$ 38,000,000
Debt instrument maturity date											May 13, 2016
Interest rate on credit facility as of end of period											1.92%
Operating Partnership [Member] \| Revolving Credit Facility [Member] \| Maximum [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate											2.20%
Operating Partnership [Member] \| Revolving Credit Facility [Member] \| Minimum [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate											1.60%
Operating Partnership [Member] \| Senior Unsecured Credit Facility [Member] \| Subsequent Event [Member] \| New Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate capacity under the credit facility	200,000,000
Operating Partnership [Member] \| Senior Unsecured Revolving Credit Facility [Member] \| Subsequent Event [Member] \| New Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate capacity under the credit facility	150,000,000
Operating Partnership [Member] \| Senior Unsecured Term Loan Facility [Member] \| Subsequent Event [Member] \| New Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate capacity under the credit facility	$ 50,000,000
Liberty Apartments [Member]
Debt Instrument [Line Items]
Debt instrument maturity date											Nov. 01, 2043
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
Loans available under Liberty Apartments loan												$ 2,400,000
Debt assumed, interest rate									5.66%
Debt assumed, term									30 years
Dimmock Square [Member]
Debt Instrument [Line Items]
Defeased loan							$ 10,100,000

Derivative Financial Instruments - Additional Information (Detail) - USD ($)		12 Months Ended
	Feb. 20, 2015	Dec. 31, 2014	Mar. 14, 2014	Dec. 31, 2013
Derivative [Line Items]
Interest rate agreement, notional amount		$ 181,119,000		$ 131,377,000
Subsequent Event [Member]
Derivative [Line Items]
Senior unsecured term loan facility	$ 50,000,000
Pay Fixed Interest Rate Swaps [Member]
Derivative [Line Items]
Interest rate agreement, notional amount		685,000		705,000
Interest Rate Caps [Member]
Derivative [Line Items]
Interest rate agreement, notional amount		$ 180,434,000		$ 130,672,000
One Month Libor [Member] \| Pay Fixed Interest Rate Swaps [Member]
Derivative [Line Items]
Fixed rate interest rate swap, Maturity date		Feb. 20, 2020
Fixed rate interest rate swap, agreement date		Feb. 20, 2015
Fixed rate interest rate swap, Effective date		Mar. 01, 2016
One Month Libor [Member] \| Pay Fixed Interest Rate Swaps [Member] \| Subsequent Event [Member]
Derivative [Line Items]
Interest rate agreement, notional amount	$ 50,000,000
Fixed rate interest rate swap	2.00%
LIBOR [Member] \| Subsequent Event [Member] \| Minimum [Member]
Derivative [Line Items]
Senior unsecured term loan facility interest rate	1.35%
LIBOR [Member] \| Subsequent Event [Member] \| Maximum [Member]
Derivative [Line Items]
Senior unsecured term loan facility interest rate	1.95%
LIBOR [Member] \| Interest Rate Caps [Member]
Derivative [Line Items]
Interest rate agreement, notional amount			$ 50,000,000
Interest rate cap agreement, premium			$ 400,000
Interest rate cap agreement, strike price			1.25%
Fixed rate interest rate swap, Maturity date		Mar. 01, 2017

Derivative Financial Instruments - Schedule of Derivatives (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative [Line Items]
Notional Amount	$ 181,119,000	$ 131,377,000
Fair Value Asset	260,000	102,000
Fair Value Liability	(11,000)	(16,000)
Other (expense) income	(233,000)	(12,000)	$ 408,000
Pay Fixed Interest Rate Swaps [Member]
Derivative [Line Items]
Notional Amount	685,000	705,000
Fair Value Liability	(11,000)	(16,000)
Other (expense) income	5,000	152,000	445,000
Interest Rate Caps [Member]
Derivative [Line Items]
Notional Amount	180,434,000	130,672,000
Fair Value Asset	260,000	102,000
Other (expense) income	$ (238,000)	$ (164,000)	$ (37,000)

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands							12 Months Ended
	Jan. 28, 2015	Jan. 08, 2015	Sep. 15, 2014	Aug. 15, 2014	Mar. 31, 2014	Jan. 17, 2014	Dec. 31, 2014	Dec. 31, 2013
Class of Stock [Line Items]
Shares issued through public offering			5,750,000
Net proceeds from public offering			$ 49,300				$ 49,566	$ 203,245
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							25,022,701	19,163,413
Shares of common stock outstanding							25,022,701	19,163,413
Preferred stock issued							0	0
Preferred stock outstanding							0	0
Percentage of Operating Partnership held							62.90%	59.50%
Common units in exchange for all noncontrolling interests					30,000
Aggregate cash dividends and distributions, paid							$ 22,096	$ 7,733
Cash dividend per share, declared							$ 0.64	$ 0.40
Common Stockholders [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid							$ 13,200	$ 4,600
Common Unitholders [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid							$ 8,900	$ 3,100
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
Subsequent Event [Member] \| Common Stockholders [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid		$ 4,000
Subsequent Event [Member] \| Common Unitholders [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid		$ 2,400
Subsequent Event [Member] \| Dividend Declared [Member]
Class of Stock [Line Items]
Cash dividend per share, declared	$ 0.17
Cash dividend, date of record	Apr. 01, 2015

Equity - Dividends Per Share and Distribution Per Unit Declared (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Dividends Payable [Line Items]
Dividend Per Share/Distribution Per Unit	$ 0.64	$ 0.40
Installment 1-FY2014 [Member]
Dividends Payable [Line Items]
Declaration Date	Feb. 18, 2014
Record Date	Apr. 01, 2014
Paid Date	Apr. 10, 2014
Dividend Per Share/Distribution Per Unit	$ 0.16
Installment 2-FY2014 [Member]
Dividends Payable [Line Items]
Declaration Date	May 09, 2014
Record Date	Jul. 01, 2014
Paid Date	Jul. 10, 2014
Dividend Per Share/Distribution Per Unit	$ 0.16
Installment 3-FY2014 [Member]
Dividends Payable [Line Items]
Declaration Date	Aug. 04, 2014
Record Date	Oct. 01, 2014
Paid Date	Oct. 09, 2014
Dividend Per Share/Distribution Per Unit	$ 0.16
Installment 4-FY2014 [Member]
Dividends Payable [Line Items]
Declaration Date	Nov. 10, 2014
Record Date	Dec. 30, 2014
Paid Date	Jan. 08, 2015
Dividend Per Share/Distribution Per Unit	$ 0.16
Installment 1-FY2013 [Member]
Dividends Payable [Line Items]
Declaration Date	Jun. 19, 2013
Record Date	Jul. 01, 2013
Paid Date	Jul. 11, 2013
Dividend Per Share/Distribution Per Unit		0.08
Installment 2-FY2013 [Member]
Dividends Payable [Line Items]
Declaration Date	Aug. 09, 2013
Record Date	Oct. 01, 2013
Paid Date	Oct. 10, 2013
Dividend Per Share/Distribution Per Unit		0.16
Installment 3-FY2013 [Member]
Dividends Payable [Line Items]
Declaration Date	Nov. 11, 2013
Record Date	Dec. 30, 2013
Paid Date	Jan. 09, 2014
Dividend Per Share/Distribution Per Unit		$ 0.16

Equity - Tax Treatment of Dividends Paid (Detail)	12 Months Ended
Equity - Tax Treatment of Dividends Paid (Detail)	Dec. 31, 2014	Dec. 31, 2013
Dividends Payable [Line Items]
Tax treatment of dividends, %	100.00%	100.00%
Capital Gains [Member]
Dividends Payable [Line Items]
Tax treatment of dividends, %	5.30%
Ordinary Income [Member]
Dividends Payable [Line Items]
Tax treatment of dividends, %	52.30%	17.00%
Return of Capital [Member]
Dividends Payable [Line Items]
Tax treatment of dividends, %	42.40%	83.00%

Stock-Based Compensation - Additional Information (Detail) - USD ($)			8 Months Ended	12 Months Ended
	Mar. 11, 2015	Mar. 03, 2015	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation			$ 1,249,000	$ 1,285,000	$ 1,249,000
2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares of common stock permitted to be granted				700,000
Equity Incentive Plan, term				10 years
Shares of common stock reserved for issuance				431,049
Subsequent Event [Member] \| Non Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	646
Restricted stock granted, grant date fair value	$ 10.36
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted				132,081
Restricted stock award, vesting period				2 years
Restricted stock award, percentage vested on grant date				33.33%
Restricted stock award vest grant over period				1 year
Unrecognized compensation cost				$ 500,000
Unrecognized compensation cost, recognition period				15 months
Shares tendered by employees to satisfy minimum statutory tax withholding obligations				21,439
Restricted stock granted, grant date fair value				$ 9.85
Restricted Stock [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted		72,282
Restricted stock granted, grant date fair value		$ 10.98

Stock-Based Compensation - Summary of the Changes in the Company's Nonvested Restricted Stock Awards (Detail) - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2014 $ / shares shares
Restricted Stock Awards
Nonvested as of beginning of period \| shares	111,940
Granted \| shares	132,081
Vested \| shares	(98,938)
Forfeited \| shares	(1,354)
Nonvested as of end of period \| shares	143,729
Weighted Average Grant Date Fair Value Per Share
Nonvested as of beginning of period \| $ / shares	$ 11.50
Granted \| $ / shares	9.85
Vested \| $ / shares	10.78
Forfeited \| $ / shares	11.07
Nonvested as of end of period \| $ / shares	$ 10.48

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured debt	$ 360,671	$ 277,742
Carrying Value [Member] \| Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured debt	359,229	277,745
Interest rate swap liabilities	11	16
Interest rate cap assets	260	102
Fair Value [Member] \| Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured debt	366,095	273,310
Interest rate swap liabilities	11	16
Interest rate cap assets	$ 260	$ 102

Income Taxes - Income Tax Provision (Detail) - USD ($)	12 Months Ended
Income Taxes - Income Tax Provision (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Federal income taxes:
Current	$ 37,000	$ 356,000
Deferred	6,000	(113,000)
State income taxes:
Current	26,000	43,000
Deferred	1,000	(13,000)
Income tax provision	$ 70,000	$ 273,000	$ 0	$ 0

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
Net deferred tax assets	$ 500,000	$ 500,000
Uncertain income tax positions	0	0
Income tax expense or benefit	$ 70,000	$ 273,000	$ 0	$ 0

Other Assets - Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing costs, net	$ 11,683	$ 7,858
Leasing incentives, net	6,237	4,851
Acquired lease intangibles, net	5,247	4,369
Preacquisition development costs	4,550	2,036
Debt issuance costs, net	2,884	3,072
Prepaid assets and other	2,507	2,223
Other assets	$ 33,108	$ 24,409

Other Liabilities - Other Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Other Liabilities [Abstract]
Deferred ground rent payable	$ 6,790	$ 6,475
Dividends and distributions payable	6,368	5,155
Acquired lease intangibles, net	1,867	1,638
Security deposits	1,014	748
Prepaid rent and other	1,922	1,857
Other liabilities	$ 17,961	$ 15,873

Acquired Lease Intangibles - Summary of the Company's Acquired Lease Intangibles (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
In-place Lease Assets [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,434	$ 3,279
Accumulated Amortization	2,096	817
Net Carrying Amount	3,338	2,462
Above-market Lease Assets [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	107	27
Accumulated Amortization	32	7
Net Carrying Amount	75	20
Below-market Lease Liabilities [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,169	1,750
Accumulated Amortization	302	112
Net Carrying Amount	1,867	1,638
Below-market Ground Lease Assets [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,920	1,920
Accumulated Amortization	86	33
Net Carrying Amount	$ 1,834	$ 1,887

Acquired Lease Intangibles - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
In-place Lease Assets [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of lease assets	$ 1.3	$ 0.8
Below-market Lease Liabilities [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of lease assets	0.2	0.1
Below-market Ground Lease Assets [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of lease assets	$ 0.1	$ 0.1

Acquired Lease Intangibles - Estimated Amortization of Acquired Lease Intangibles (Detail) $ in Thousands	Dec. 31, 2014 USD ($)
Rental Revenues [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
2015	$ 161
2016	112
2017	110
2018	107
2019	95
Rental Expenses [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
2015	53
2016	53
2017	53
2018	53
2019	53
Depreciation and Amortization [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
2015	1,087
2016	626
2017	528
2018	351
2019	$ 200

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands				12 Months Ended
	Nov. 20, 2014	May 22, 2013	May 13, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Transaction [Line Items]
Revenue from contracts with affiliated entities				$ 5,300	$ 45,000	$ 17,400
Operating Margin				46,903	42,074	40,832
Fees from contracts with affiliated entities				500
Operating Partnership [Member]
Related Party Transaction [Line Items]
Amount paid under tax protection agreements	$ 1,300	$ 47,600
Operating Partnership [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Future sale period for properties			7 years
Future sale period for properties in limited number of cases			10 years
General Contracting and Real Estate Services [Member]
Related Party Transaction [Line Items]
Operating Margin				$ 300	$ 1,500	$ 1,200

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Loss Contingencies [Line Items]
Line of credit, performance and payment bonds	$ 192.2	$ 35.8
Ground rent expense	$ 1.8	$ 1.5	$ 1.5
Rental Revenues [Member] \| Hampton Roads Properties [Member]
Loss Contingencies [Line Items]
Concentrations of Credit Risk	69.00%	70.00%	75.00%
Rental Revenues [Member] \| Town Center Properties [Member]
Loss Contingencies [Line Items]
Concentrations of Credit Risk	47.00%	48.00%	51.00%
Rental Revenues [Member] \| Richmond Tower [Member]
Loss Contingencies [Line Items]
Concentrations of Credit Risk	13.00%	15.00%	16.00%
Rental Revenues [Member] \| Minimum [Member] \| Williams Mullen [Member]
Loss Contingencies [Line Items]
Area of Richmond Tower occupied	80.00%
General Contracting and Real Estate Services Revenues [Member] \| Baltimore [Member]
Loss Contingencies [Line Items]
Concentrations of Credit Risk	41.00%
General Contracting and Real Estate Services Segment Profit [Member] \| Baltimore [Member]
Loss Contingencies [Line Items]
Concentrations of Credit Risk	27.00%
Operating Partnership [Member]
Loss Contingencies [Line Items]
Outstanding letters of credit	$ 8.5	$ 3.0

Commitments and Contingencies - Future Minimum Rental Payments (Detail) $ in Thousands	Dec. 31, 2014 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2015	$ 1,546
2016	1,516
2017	1,484
2018	1,488
2019	1,563
Thereafter	60,198
Total	$ 67,795

Selected Quarterly Financial Data - Summary Certain Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
Rental revenues	$ 17,521	$ 16,713	$ 15,319	$ 15,193	$ 14,992	$ 14,899	$ 14,231	$ 13,398	$ 64,746	$ 57,520	$ 54,436
General contracting and real estate services revenues	32,060	31,532	20,495	19,234	19,373	21,896	23,291	17,956	103,321	82,516	54,046
Net operating income	12,685	11,883	11,212	11,123	11,516	10,731	10,372	9,455	21,379	19,659	$ 24,691
Net income	5,226	2,754	2,273	2,506	2,866	1,252	8,404	$ 1,931	$ 7,691	$ 7,336
Net income attributable to stockholders	$ 3,286	$ 1,615	$ 1,325	$ 1,465	$ 1,705	$ 745	$ 4,886
Net income per share: basic and diluted	$ 0.13	$ 0.08	$ 0.07	$ 0.08	$ 0.09	$ 0.04	$ 0.26		$ 0.37	$ 0.39