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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2015	Oct. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Trading Symbol	AHH
Entity Registrant Name	ARMADA HOFFLER PROPERTIES, INC.
Entity Central Index Key	0001569187
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		26,520,311

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real estate investments:
Income producing property	$ 649,029	$ 513,918
Held for development	1,180
Construction in progress	35,407	81,082
Gross real estate investments	685,616	595,000
Accumulated depreciation	(129,996)	(116,099)
Net real estate investments	555,620	478,901
Real estate investments held for sale		8,538
Cash and cash equivalents	15,191	25,883
Restricted cash	4,243	4,224
Accounts receivable, net	22,006	20,548
Construction receivables, including retentions	48,097	19,432
Construction contract costs and estimated earnings in excess of billings	289	272
Other assets	48,647	33,108
Total Assets	694,093	590,906
LIABILITIES AND EQUITY
Indebtedness	420,145	359,229
Accounts payable and accrued liabilities	6,278	8,358
Construction payables, including retentions	54,159	42,399
Billings in excess of construction contract costs and estimated earnings	2,512	1,053
Other liabilities	25,350	17,961
Total Liabilities	508,444	429,000
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized, 26,260,685 and 25,022,701 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	262	250
Additional paid-in capital	64,027	51,472
Distributions in excess of earnings	(53,225)	(54,413)
Accumulated other comprehensive loss	(972)
Total stockholders' equity (deficit)	10,092	(2,691)
Noncontrolling interests	175,557	164,597
Total Equity	185,649	161,906
Total Liabilities and Equity	$ 694,093	$ 590,906

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Rental revenues	$ 21,303	$ 16,713	$ 59,401	$ 47,225
General contracting and real estate services revenues	53,822	31,532	129,959	71,261
Total revenues	75,125	48,245	189,360	118,486
Expenses
Rental expenses	4,865	4,414	14,256	12,230
Real estate taxes	2,056	1,480	5,672	4,231
General contracting and real estate services expenses	51,716	30,468	125,141	67,807
Depreciation and amortization	6,317	4,567	16,991	12,593
General and administrative expenses	1,873	1,741	6,297	5,768
Acquisition, development and other pursuit costs	288	174	1,050	174
Impairment charges		15	23	15
Total expenses	67,115	42,859	169,430	102,818
Operating income	8,010	5,386	19,930	15,668
Interest expense	(3,518)	(2,734)	(9,922)	(7,977)
Loss on extinguishment of debt	(3)		(410)
Gain on real estate dispositions			13,407
Other income (loss)	(34)	59	(182)	(23)
Income before taxes	4,455	2,711	22,823	7,668
Income tax benefit (provision)	(118)	43	(83)	(135)
Net income	4,337	2,754	22,740	7,533
Net income attributable to noncontrolling interests	(1,649)	(1,139)	(8,426)	(3,128)
Net income attributable to stockholders	$ 2,688	$ 1,615	$ 14,314	$ 4,405
Net income per share and unit:
Basic and diluted	$ 0.10	$ 0.08	$ 0.56	$ 0.23
Weighted average outstanding:
Common shares	25,958	20,266	25,532	19,574
Operating partnership units	15,919	14,291	15,159	13,905
Basic and diluted	41,877	34,557	40,691	33,479
Dividends declared per common share and unit	$ 0.17	$ 0.16	$ 0.51	$ 0.48
Comprehensive income:
Net income	$ 4,337	$ 2,754	$ 22,740	$ 7,533
Unrealized cash flow hedge losses	(1,026)		(1,574)
Realized cash flow hedge losses reclassified to net income	13		13
Comprehensive income	3,324	2,754	21,179	7,533
Comprehensive income attributable to noncontrolling interests	(1,264)	(1,139)	(7,837)	(3,128)
Comprehensive income attributable to stockholders	$ 2,060	$ 1,615	$ 13,342	$ 4,405

Condensed Consolidated Statement of Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Distributions in Excess of Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Total Stockholders' Equity (Deficit) [Member]	Noncontrolling Interests [Member]
Beginning balance at Dec. 31, 2014	$ 161,906	$ 250	$ 51,472	$ (54,413)		$ (2,691)	$ 164,597
Beginning balance, shares at Dec. 31, 2014	25,022,701	25,022,701
Net income	$ 22,740			$ 14,314		14,314	8,426
Unrealized cash flow hedge losses	(1,574)				$ (980)	(980)	(594)
Realized cash flow hedge losses reclassified to net income	13				$ 8	8	5
Net proceeds from sales of common stock	7,366	$ 7	7,359			7,366
Net proceeds from sales of common stock (in shares)		747,163
Restricted stock awards	764	$ 1	763			764
Restricted stock awards (in shares)		75,321
Acquisitions of real estate investments	15,169	$ 4	4,429			4,433	10,736
Acquisitions of real estate investments(in shares)		415,500
Redemption of operating partnership units	$ (79)		$ 4			$ 4	$ (83)
Redemption of operating partnership units (in shares)	0	0	0	0	0	0	0
Dividends and distributions declared	$ (20,656)			$ (13,126)		$ (13,126)
Dividends and distributions declared							$ (7,530)
Ending balance at Sep. 30, 2015	$ 185,649	$ 262	$ 64,027	$ (53,225)	$ (972)	$ 10,092	$ 175,557
Ending balance, shares at Sep. 30, 2015	26,260,685	26,260,685

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
OPERATING ACTIVITIES
Net income	$ 22,740	$ 7,533
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	13,998	10,611
Amortization of leasing costs and in-place lease intangibles	2,993	1,982
Accrued straight-line rental revenue	(1,724)	(1,730)
Amortization of leasing incentives and above or below-market rents	564	461
Accrued straight-line ground rent expense	224	236
Bad debt expense	123	48
Noncash stock compensation	755	720
Impairment charges	23	15
Noncash interest expense	791	410
Loss on extinguishment of debt	410
Gain on real estate dispositions	(13,407)
Change in the fair value of derivatives	238	123
Changes in operating assets and liabilities, net of acquisitions:
Property assets	(2,524)	(1,932)
Property liabilities	2,369	234
Construction assets	(29,027)	(4,298)
Construction liabilities	19,078	6,879
Net cash provided by operating activities	17,624	21,292
INVESTING ACTIVITIES
Development of real estate investments	(40,293)	(77,094)
Tenant and building improvements	(3,794)	(4,622)
Acquisitions of real estate investments	(64,945)	(2,754)
Dispositions of real estate investments	50,613
Government development grants	300	300
Decrease (increase) in restricted cash	742	(1,713)
Leasing costs	(1,715)	(1,524)
Leasing incentives	(1,563)	(63)
Net cash used for investing activities	(60,655)	(87,470)
FINANCING ACTIVITIES
Proceeds from sales of common stock	7,687	49,566
Offering costs	(321)	(320)
Debt issuances, credit facility and construction loan borrowings	200,267	92,409
Debt and credit facility payments, including principal amortization	(153,321)	(61,494)
Debt issuance costs	(1,844)	(35)
Redemption of operating partnership units	(79)
Dividends and distributions	(20,050)	(15,729)
Net cash provided by financing activities	32,339	64,397
Net decrease in cash and cash equivalents	(10,692)	(1,781)
Cash and cash equivalents, beginning of period	25,883	18,882
Cash and cash equivalents, end of period	$ 15,191	$ 17,101

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.	*Summary of Significant Accounting Policies*

Basis of Presentation

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

The condensed 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.

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

The accompanying condensed consolidated financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim financial statements should be read in conjunction with the audited consolidated financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

Use of Estimates

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

Significant Accounting Policies

The accompanying condensed consolidated financial statements were prepared on the basis of the accounting principles described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, among others.

Recent Accounting Pronouncements

On May 28, 2014, the Financial Accounting Standards Board (“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 on January 1, 2018. Management is currently evaluating the potential impact of the new revenue recognition standard on the Company’s consolidated financial statements.

On February 18, 2015, the FASB issued new consolidation guidance that changes: (i) the identification of variable interests, (ii) the variable interest entity (“VIE”) characteristics for a limited partnership or similar entity and (iii) primary beneficiary determination. The amended guidance also eliminates the presumption that a general partner controls a limited partnership. The amended guidance will be effective for the Company on January 1, 2016. Management is currently evaluating the potential impact of the new guidance on the Company’s consolidated financial statements.

Current accounting guidance requires debt issuance costs to be presented in the balance sheet as an asset. On April 7, 2015, the FASB issued new guidance that requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount, rather than as an asset. However, with respect to line of credit arrangements, the Securities and Exchange Commission staff have stated that they would not object to the presentation of issuance costs as an asset, regardless of whether there were any outstanding borrowings under such arrangements. The new guidance will be effective for the Company on January 1, 2016 and will be applied on a retrospective basis. Management does not expect the adoption of the new guidance to have a material effect on the Company’s financial position or results of operations.

Segments

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Segments

3.	*Segments*

Net operating income (segment revenues minus segment expenses) is the measure used by the Company’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. The Company 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 the Company’s real estate and construction businesses.

Net operating income of the Company’s reportable segments for the three and nine months ended September 30, 2015 and 2014 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(Unaudited)
Office real estate
Rental revenues	$	8,092	$	7,295	$	23,847	$	20,363
Rental expenses		1,758		1,742		5,216		4,756
Real estate taxes		734		609		2,228		1,697

Segment net operating income		5,600		4,944		16,403		13,910

Retail real estate
Rental revenues		8,523		6,086		22,715		17,559
Rental expenses		1,478		1,255		4,223		3,764
Real estate taxes		810		540		2,080		1,546

Segment net operating income		6,235		4,291		16,412		12,249

Multifamily residential real estate
Rental revenues		4,688		3,332		12,839		9,303
Rental expenses		1,629		1,417		4,817		3,710
Real estate taxes		512		331		1,364		988

Segment net operating income		2,547		1,584		6,658		4,605

General contracting and real estate services
Segment revenues		53,822		31,532		129,959		71,261
Segment expenses		51,716		30,468		125,141		67,807

Segment net operating income		2,106		1,064		4,818		3,454

Net operating income	$	16,488	$	11,883	$	44,291	$	34,218

General contracting and real estate services revenues for the three and nine months ended September 30, 2015 exclude revenue related to intercompany construction contracts of $11.4 million and $27.9 million, respectively. General contracting and real estate services expenses for the three and nine months ended September 30, 2015 exclude expenses related to intercompany construction contracts of $11.3 million and $27.7 million, respectively. General contracting and real estate services expenses for the three and nine months ended September 30, 2015 include noncash stock compensation expense of less than $0.1 million and $0.2 million, respectively.

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

The following table reconciles net operating income to net income for the three and nine months ended September 30, 2015 and 2014 (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
	(Unaudited)
Net operating income	$	16,488		$	11,883		$	44,291		$	34,218
Depreciation and amortization		(6,317	)		(4,567	)		(16,991	)		(12,593	)
General and administrative expenses		(1,873	)		(1,741	)		(6,297	)		(5,768	)
Acquisition, development and other pursuit costs		(288	)		(174	)		(1,050	)		(174	)
Impairment charges		—			(15	)		(23	)		(15	)
Interest expense		(3,518	)		(2,734	)		(9,922	)		(7,977	)
Loss on extinguishment of debt		(3	)		—			(410	)		—
Gain on real estate dispositions		—			—			13,407			—
Other income (loss)		(34	)		59			(182	)		(23	)
Income tax benefit (provision)		(118	)		43			(83	)		(135	)

Net income	$	4,337		$	2,754		$	22,740		$	7,533

General and administrative expenses for the three and nine months ended September 30, 2015 include noncash stock compensation expense of $0.2 million and $0.6 million, respectively. General and administrative expenses for the three and nine months ended September 30, 2014 include noncash stock compensation expense of $0.2 million and $0.5 million, respectively.

- Definition

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

+ References

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+ Details

Real Estate Investments

9 Months Ended

Sep. 30, 2015

Real Estate [Abstract]

Real Estate Investments

4.	*Real Estate Investments*

On March 31, 2015, the Company purchased land held for development in the Town Center of Virginia Beach, Virginia for $1.2 million.

Operating Property Acquisitions

In connection with operating property acquisitions, the Company identifies and recognizes all assets acquired and liabilities assumed at their estimated fair values as of the acquisition date. The purchase price allocations to tangible assets, such as land, site improvements and buildings and improvements are presented within income producing property in the condensed consolidated balance sheet and depreciated over their estimated useful lives. Acquired lease intangibles are presented within other assets and liabilities in the condensed consolidated balance sheet and amortized over their respective lease terms. The Company expenses all costs incurred related to operating property acquisitions. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach. The approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of the structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time. The value of current leases relative to market-rate leases is based on market rents obtained for market comparables. Given the significance of unobservable inputs used in the valuation of acquired real estate assets, the Company classifies them as Level 3 inputs in the fair value hierarchy.

On April 8, 2015, the Company completed the acquisitions of Stone House Square in Hagerstown, Maryland and Perry Hall Marketplace in Perry Hall, Maryland. In exchange for both properties, the Company paid $35.4 million of cash and issued 415,500 shares of common stock. The acquisition date fair value of the total consideration transferred in exchange for Stone House Square and Perry Hall Marketplace was $39.8 million.

On July 1, 2015, the Company completed the acquisition of Socastee Commons, a 57,000 square foot retail center in Myrtle Beach, South Carolina. The total consideration for Socastee Commons was $8.7 million, which was comprised of $3.7 million of cash and the assumption of debt with an outstanding principal balance of $5.0 million.

On July 10, 2015, the Company acquired Columbus Village, a 65,000 square foot retail center in Virginia Beach, Virginia. In exchange for Columbus Village, the Company assumed debt with an aggregate outstanding principal balance of $8.8 million, issued 1,000,000 Class B units of limited partnership interest in the Operating Partnership (“Class B Units”) and agreed to issue 275,000 Class C units of limited partnership interest in the Operating Partnership (“Class C Units”) on January 10, 2017. Subject to the occurrence of certain events, the Class B Units and Class C Units will not earn or accrue distributions until July 10, 2017 and January 10, 2018, respectively, at which time each may be redeemed in exchange for cash equal to the market price of shares of the Company’s common stock or, at the Company’s option and sole discretion, shares of the Company’s common stock on a one-for-one basis. The estimated fair value of the Class B Units and Class C Units includes a discount for their lack of marketability and distributions until July 10, 2017 and January 10, 2017, respectively. The acquisition date fair value of the total consideration transferred in exchange for Columbus Village was $19.2 million.

On September 1, 2015, the Company acquired Providence Plaza in Charlotte, North Carolina for $26.2 million of cash. Providence Plaza is a mixed-use property comprised of three buildings totaling 103,000 square feet, a two-level parking garage and approximately one acre of land zoned for multifamily development.

The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed during the nine months ended September 30, 2015 (in thousands):


Land	$	29,500
Site improvements		3,290
Building and improvements		49,260
In-place leases		14,160
Above-market leases		2,260
Below-market leases		(4,420	)
Indebtedness		(13,935	)

Net assets acquired	$	80,115

The following table summarizes the consolidated results of operations of the Company on a pro forma basis, as if each of these properties had been acquired on January 1, 2014 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(Unaudited)
Rental revenues	$	21,781	$	18,838	$	63,392	$	53,601
Net income		4,657		2,999		24,158		7,322

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 each of these acquisitions had taken place on January 1, 2014. The pro forma financial information includes adjustments to rental revenues for above and below-market leases and adjustments to depreciation and amortization expense for acquired property and in-place lease assets.

Rental revenues and net income from the acquired properties for the period from the respective acquisition dates to September 30, 2015 included in the consolidated statement of comprehensive income was $2.6 million and $0.4 million, respectively.

Real Estate Dispositions

On January 5, 2015, the Company completed the sale of the Sentara Williamsburg office property for $15.4 million. Net proceeds to the Company after transaction costs were $15.2 million. The Company recognized a gain on the disposition of the Sentara Williamsburg office property of $6.2 million.

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

On May 20, 2015, the Company completed the sale of Whetstone Apartments for $35.6 million. Net proceeds to the Company after transaction costs were $35.5 million. The Company recognized a gain on the disposition of Whetstone Apartments of $7.2 million.

Subsequent to September 30, 2015

Brooks Crossing

On October 5, 2015, the Company purchased 3.24 acres of land in Newport News, Virginia for $0.1 million for the development of Brooks Crossing, a new urban, mixed-use and low-rise development project, in partnership with the City of Newport News.

Point Street Apartments

On October 15, 2015, the Company agreed to invest up to $23.0 million in the Point Street Apartments project in the Harbor Point area of Baltimore, Maryland. Point Street Apartments is an estimated $93.0 million development project with plans for a 17-story building comprising 289 residential units and 18,000 square feet of street-level retail space. Beatty Development Group (“BDG”) is the developer of the project and has engaged the Company to serve as construction general contractor. Point Street Apartments is scheduled to open in 2017; however, management can provide no assurances that Point Street Apartments will open on the anticipated timeline.

BDG is responsible for securing a senior construction loan of up to $70.0 million to fund the development and construction of Point Street Apartments. The Company has agreed to guarantee up to $25.0 million of the senior construction loan in exchange for the option to purchase up to an 88% controlling interest in Point Street Apartments upon completion of the project as follows: (i) an option to purchase a 79% indirect interest in Point Street Apartments for $27.3 million, exercisable within one year from the project’s completion (the “First Option”) and (ii) provided that the Company has exercised the First Option, an option to purchase an additional 9% indirect interest in Point Street Apartments for $3.1 million, exercisable within 27 months from the project’s completion (the “Second Option”).

The Company’s investment in the Point Street Apartments project is in the form of a loan under which BDG may borrow up to $23.0 million (the “BDG loan”). Interest on the BDG loan accrues at 8.0% per annum and matures on the earlier of: (i) November 1, 2018, which may be extended by BDG under two one-year extension options, (ii) the maturity date or earlier termination of the senior construction loan or (iii) the date the Company exercises the Second Option as described further below.

In the event the Company exercises the First Option, BDG is required to simultaneously pay down the senior construction loan by $7.4 million and the BDG loan by $19.9 million, at which time the interest rate on the BDG loan will automatically be reduced to the interest rate on the senior construction loan plus 200 basis points. In the event the Company exercises the Second Option, BDG is required to simultaneously repay any remaining amounts outstanding under the BDG loan, with any excess proceeds received from the exercise of the Second Option applied against the senior construction loan. In the event the Company does not exercise either the First Option or the Second Option, the interest rate on the BDG loan will automatically be reduced to the interest rate on the senior construction loan for the remaining term of the BDG loan. In the event BDG is unable to secure a senior construction loan on or before June 30, 2016, the interest rate on the BDG loan will be reduced to one-month LIBOR plus 200 basis points.

As of the date of this report, the Company had funded $6.1 million under the BDG loan.

Oceaneering International facility sale

On October 30, 2015, the Company completed the sale of the Oceaneering International facility for $30.0 million. Net assets of $5.7 million associated with the Oceaneering International facility were included in the condensed consolidated balance sheet as of September 30, 2015.

Richmond Tower sale

On November 2, 2015, the Company entered into an agreement to sell the Richmond Tower office building for $78.0 million. The Company expects to complete the disposition in 2015, subject to the satisfaction of certain customary closing conditions including satisfactory completion of the buyer’s due diligence. There can be no assurances that these conditions will be satisfied or that the Company will complete the disposition on the terms described herein or at all. Net assets of $51.4 million associated with the Richmond Tower office building were included in the condensed consolidated balance sheet as of September 30, 2015.

Indebtedness

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Indebtedness

5.	*Indebtedness*

Credit Facility

On January 23, 2015, the Operating Partnership borrowed $5.0 million under its prior credit facility. This credit facility was scheduled to mature on May 13, 2016; however, the Operating Partnership repaid all amounts due under this credit facility with proceeds from a new credit facility and terminated the prior 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, entered into 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 prior $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 the following properties in the Company’s portfolio: (i) Broad Creek Shopping Center, (ii) Commerce Street Retail, (iii) Dick’s at Town Center, (iv) Hanbury Village, (v) Studio 56 Retail and (vi) Tyre Neck Harris Teeter. The Company recognized a $0.2 million loss on extinguishment of debt representing the unamortized debt issuance costs associated with the $39.0 million of other indebtedness repaid on February 20, 2015.

Depending on the Operating Partnership’s total leverage, the revolving credit facility bears interest at LIBOR plus 1.40% to 2.00% and the term loan facility bears interest at LIBOR plus 1.35% to 1.95%. As of September 30, 2015, the interest rates on the revolving credit facility and the term loan facility were 1.75% and 1.70%, respectively. The revolving credit facility has a scheduled maturity date of February 20, 2019, with a one-year extension option, subject to certain conditions, and 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.

As of September 30, 2015, the outstanding balances on the revolving credit facility and the term loan facility were $106.0 million and $50.0 million, respectively.

Other Financing Activity

On May 20, 2015, the Company repaid the $17.8 million construction loan secured by Whetstone Apartments and recognized a loss on extinguishment of debt of $0.1 million representing unamortized debt issuance costs.

On May 27, 2015, the Company repaid the existing $24.4 million mortgage secured by Smith’s Landing and refinanced the property with a new $21.6 million loan that bears interest at 4.05% and matures on June 1, 2035. As a result of the refinancing, the Company recognized a $0.1 million loss on extinguishment of debt representing the unamortized debt issuance costs associated with the repaid mortgage.

On July 1, 2015, the Company assumed debt with an outstanding principal balance of $5.0 million in connection with the acquisition of Socastee Commons. The mortgage bears interest at 4.57% and matures on January 6, 2023.

On July 10, 2015, the Company assumed two loans with an aggregate outstanding principal balance of $8.8 million in connection with the acquisition of Columbus Village. Both loans bear interest at LIBOR plus 2.00% and mature on April 5, 2018.

On July 30, 2015, the Company entered into a $50.0 million loan agreement to fund the development and construction of Johns Hopkins Village. The construction loan bears interest at LIBOR plus 1.90% and matures on July 30, 2018.

On September 1, 2015, the Company repaid the $6.1 million mortgage secured by the Oyster Point office building.

During the nine months ended September 30, 2015, the Company borrowed $17.7 million under its construction loans to fund new development and construction.

Subsequent to September 30, 2015

On October 6, 2015, the Operating Partnership secured the Oyster Point office building with a $6.4 million note that bears interest at LIBOR plus 1.40% to 2.00% and matures on February 28, 2017.

On October 30, 2015, the Company repaid the $18.7 million construction loan secured by the Oceaneering International facility.

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

6.	*Derivative Financial Instruments*

The Company may enter into interest rate derivative contracts to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. Derivative financial instruments are recognized at fair value and presented within other assets and liabilities in the condensed consolidated balance sheets. Gains and losses resulting from changes in the fair value of derivatives that are neither designated nor qualify as hedging instruments are recognized within other income (expense) in the condensed consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the effective portion of the gain or loss is reported as a component of other comprehensive income and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings.

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 variable interest payments based on one-month LIBOR.

On July 13, 2015, the Operating Partnership entered into a $6.5 million floating-to-fixed interest rate swap attributable to one-month LIBOR indexed interest payments. The $6.5 million interest rate swap has a fixed rate of 3.05%, an effective date of July 13, 2015 and a maturity date of April 5, 2018. The Company designated this interest rate swap as a cash flow hedge of variable interest payments based on one-month LIBOR.

The Company’s derivatives were comprised of the following as of September 30, 2015 and December 31, 2014 (in thousands):


	September 30, 2015							December 31, 2014
	(Unaudited)
	Notional Amount		Fair Value					Notional Amount		Fair Value
			Asset		Liability					Asset		Liability
Interest rate swaps	$	57,140	$	—	$	(1,585	)	$	685	$	—	$	(11	)
Interest rate caps		171,546		22		—			180,434		260		—

Total	$	228,686	$	22	$	(1,585	)	$	181,119	$	260	$	(11	)

The changes in the fair value of the Company’s derivatives during the three and nine months ended September 30, 2015 and 2014 were comprised of the following (in thousands):


	Three Months Ended September 30,					Nine Months Ended September 30,
	2015			2014		2015			2014
	(Unaudited)
Interest rate swaps	$	(1,026	)	$	4	$	(1,574	)	$	5
Interest rate caps		(51	)		42		(238	)		(128	)

Total	$	(1,077	)	$	46	$	(1,812	)	$	(123	)

Comprehensive income statement presentation:
Other income (loss)	$	(51	)	$	46	$	(238	)	$	(123	)
Unrealized gain (loss) on cash flow hedge		(1,026	)		—		(1,574	)		—

Total	$	(1,077	)	$	46	$	(1,812	)	$	(123	)

Subsequent to September 30, 2015

On October 26, 2015, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $75.0 million at a strike rate of 1.25% for a premium of $0.1 million. The interest rate cap agreement expires on October 15, 2017.

- Definition

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

+ References

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+ Details

Equity

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Equity

7.	Equity

Stockholders’ Equity

On April 8, 2015, the Company issued 415,500 shares of common stock in a private placement as partial consideration for the acquisition of Perry Hall Marketplace.

On May 5, 2015, the Company commenced an at-the-market continuous equity program through which the Company may, from time to time, issue and sell shares of its common stock having an aggregate offering price of up to $50.0 million. During the nine months ended September 30, 2015, the Company issued and sold an aggregate of 747,163 shares of common stock at a weighted average price of $10.29 per share. Net proceeds to the Company after offering costs and commissions were $7.4 million.

As of September 30, 2015 and 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 26.3 million and 25.0 million shares of common stock issued and outstanding as of September 30, 2015 and December 31, 2014, respectively. No shares of preferred stock were issued and outstanding as of September 30, 2015 or December 31, 2014.

Noncontrolling Interests

As of September 30, 2015 and December 31, 2014, the Company held a 62.5% and 62.9% 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 units of limited partnership interest not held by the Company.

As of September 30, 2015, there were 14,768,507 Class A Units not held by the Company.

As partial consideration for Columbus Village, the Operating Partnership issued 1,000,000 Class B Units on July 10, 2015 and agreed to issue 275,000 Class C Units on January 10, 2017. Subject to the occurrence of certain events, the Class B Units and Class C Units will not earn or accrue distributions until July 10, 2017 and January 10, 2018, respectively, at which time each automatically convert to Class A Units.

Common Stock Dividends and Class A Unit Distributions

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 Class A Units.

On April 9, 2015, the Company paid cash dividends of $4.3 million to common stockholders and the Operating Partnership paid cash distributions of $2.5 million to holders of Class A Units.

On July 9, 2015, the Company paid cash dividends of $4.4 million to common stockholders and the Operating Partnership paid cash distributions of $2.5 million to holders of Class A Units.

On August 6, 2015, the Board of Directors declared a cash dividend of $0.17 per share to stockholders of record on October 1, 2015.

Subsequent to September 30, 2015

On October 8, 2015, the Company paid cash dividends of $4.5 million to common stockholders and the Operating Partnership paid cash distributions of $2.5 million to holders of Class A Units.

- Definition

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

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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

9.	*Fair Value of Financial Instruments*

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

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

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

Level 3—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 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 long term 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 long term 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 September 30, 2015 and December 31, 2014 were as follows (in thousands):


	September 30, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Unaudited)
Indebtedness	$	420,145	$	426,848	$	359,229	$	366,095
Interest rate swap liabilities		1,585		1,585		11		11
Interest rate cap assets		22		22		260		260

- Definition

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

+ References + Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The condensed 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. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented. The accompanying condensed consolidated financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim financial statements should be read in conjunction with the audited consolidated financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current and expected events and economic conditions. Actual results could differ from management’s estimates.
Significant Accounting Policies	Significant Accounting Policies The accompanying condensed consolidated financial statements were prepared on the basis of the accounting principles described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, among others.
Recent Accounting Pronouncements	Recent Accounting Pronouncements On May 28, 2014, the Financial Accounting Standards Board (“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 on January 1, 2018. Management is currently evaluating the potential impact of the new revenue recognition standard on the Company’s consolidated financial statements. On February 18, 2015, the FASB issued new consolidation guidance that changes: (i) the identification of variable interests, (ii) the variable interest entity (“VIE”) characteristics for a limited partnership or similar entity and (iii) primary beneficiary determination. The amended guidance also eliminates the presumption that a general partner controls a limited partnership. The amended guidance will be effective for the Company on January 1, 2016. Management is currently evaluating the potential impact of the new guidance on the Company’s consolidated financial statements. Current accounting guidance requires debt issuance costs to be presented in the balance sheet as an asset. On April 7, 2015, the FASB issued new guidance that requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount, rather than as an asset. However, with respect to line of credit arrangements, the Securities and Exchange Commission staff have stated that they would not object to the presentation of issuance costs as an asset, regardless of whether there were any outstanding borrowings under such arrangements. The new guidance will be effective for the Company on January 1, 2016 and will be applied on a retrospective basis. Management does not expect the adoption of the new guidance to have a material effect on the Company’s financial position or results of operations.
Operating Property Acquisitions	Operating Property Acquisitions In connection with operating property acquisitions, the Company identifies and recognizes all assets acquired and liabilities assumed at their estimated fair values as of the acquisition date. The purchase price allocations to tangible assets, such as land, site improvements and buildings and improvements are presented within income producing property in the condensed consolidated balance sheet and depreciated over their estimated useful lives. Acquired lease intangibles are presented within other assets and liabilities in the condensed consolidated balance sheet and amortized over their respective lease terms. The Company expenses all costs incurred related to operating property acquisitions. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach. The approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of the structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time. The value of current leases relative to market-rate leases is based on market rents obtained for market comparables. Given the significance of unobservable inputs used in the valuation of acquired real estate assets, the Company classifies them as Level 3 inputs in the fair value hierarchy.
Derivative Financial Instruments	The Company may enter into interest rate derivative contracts to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. Derivative financial instruments are recognized at fair value and presented within other assets and liabilities in the condensed consolidated balance sheets. Gains and losses resulting from changes in the fair value of derivatives that are neither designated nor qualify as hedging instruments are recognized within other income (expense) in the condensed consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the effective portion of the gain or loss is reported as a component of other comprehensive income and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings.

Segments (Tables)

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Net Operating Income of Reportable Segments

Net operating income of the Company’s reportable segments for the three and nine months ended September 30, 2015 and 2014 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(Unaudited)
Office real estate
Rental revenues	$	8,092	$	7,295	$	23,847	$	20,363
Rental expenses		1,758		1,742		5,216		4,756
Real estate taxes		734		609		2,228		1,697

Segment net operating income		5,600		4,944		16,403		13,910

Retail real estate
Rental revenues		8,523		6,086		22,715		17,559
Rental expenses		1,478		1,255		4,223		3,764
Real estate taxes		810		540		2,080		1,546

Segment net operating income		6,235		4,291		16,412		12,249

Multifamily residential real estate
Rental revenues		4,688		3,332		12,839		9,303
Rental expenses		1,629		1,417		4,817		3,710
Real estate taxes		512		331		1,364		988

Segment net operating income		2,547		1,584		6,658		4,605

General contracting and real estate services
Segment revenues		53,822		31,532		129,959		71,261
Segment expenses		51,716		30,468		125,141		67,807

Segment net operating income		2,106		1,064		4,818		3,454

Net operating income	$	16,488	$	11,883	$	44,291	$	34,218

Reconciliation of Net Operating Income to Net Income

The following table reconciles net operating income to net income for the three and nine months ended September 30, 2015 and 2014 (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
	(Unaudited)
Net operating income	$	16,488		$	11,883		$	44,291		$	34,218
Depreciation and amortization		(6,317	)		(4,567	)		(16,991	)		(12,593	)
General and administrative expenses		(1,873	)		(1,741	)		(6,297	)		(5,768	)
Acquisition, development and other pursuit costs		(288	)		(174	)		(1,050	)		(174	)
Impairment charges		—			(15	)		(23	)		(15	)
Interest expense		(3,518	)		(2,734	)		(9,922	)		(7,977	)
Loss on extinguishment of debt		(3	)		—			(410	)		—
Gain on real estate dispositions		—			—			13,407			—
Other income (loss)		(34	)		59			(182	)		(23	)
Income tax benefit (provision)		(118	)		43			(83	)		(135	)

Net income	$	4,337		$	2,754		$	22,740		$	7,533

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives

The Company’s derivatives were comprised of the following as of September 30, 2015 and December 31, 2014 (in thousands):


	September 30, 2015							December 31, 2014
	(Unaudited)
	Notional Amount		Fair Value					Notional Amount		Fair Value
			Asset		Liability					Asset		Liability
Interest rate swaps	$	57,140	$	—	$	(1,585	)	$	685	$	—	$	(11	)
Interest rate caps		171,546		22		—			180,434		260		—

Total	$	228,686	$	22	$	(1,585	)	$	181,119	$	260	$	(11	)

The changes in the fair value of the Company’s derivatives during the three and nine months ended September 30, 2015 and 2014 were comprised of the following (in thousands):


	Three Months Ended September 30,					Nine Months Ended September 30,
	2015			2014		2015			2014
	(Unaudited)
Interest rate swaps	$	(1,026	)	$	4	$	(1,574	)	$	5
Interest rate caps		(51	)		42		(238	)		(128	)

Total	$	(1,077	)	$	46	$	(1,812	)	$	(123	)

Comprehensive income statement presentation:
Other income (loss)	$	(51	)	$	46	$	(238	)	$	(123	)
Unrealized gain (loss) on cash flow hedge		(1,026	)		—		(1,574	)		—

Total	$	(1,077	)	$	46	$	(1,812	)	$	(123	)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

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

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959

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

+ Details

Segments - Net Operating Income of Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Rental revenues	$ 21,303	$ 16,713	$ 59,401	$ 47,225
Segment revenues	53,822	31,532	129,959	71,261
Rental expenses	4,865	4,414	14,256	12,230
Real estate taxes	2,056	1,480	5,672	4,231
Net operating income	16,488	11,883	44,291	34,218
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net operating income	16,488	11,883	44,291	34,218
Operating Segments [Member] \| Office Real Estate [Member]
Segment Reporting Information [Line Items]
Rental revenues	8,092	7,295	23,847	20,363
Rental expenses	1,758	1,742	5,216	4,756
Real estate taxes	734	609	2,228	1,697
Net operating income	5,600	4,944	16,403	13,910
Operating Segments [Member] \| Retail Real Estate [Member]
Segment Reporting Information [Line Items]
Rental revenues	8,523	6,086	22,715	17,559
Rental expenses	1,478	1,255	4,223	3,764
Real estate taxes	810	540	2,080	1,546
Net operating income	6,235	4,291	16,412	12,249
Operating Segments [Member] \| Multifamily Residential Real Estate [Member]
Segment Reporting Information [Line Items]
Rental revenues	4,688	3,332	12,839	9,303
Rental expenses	1,629	1,417	4,817	3,710
Real estate taxes	512	331	1,364	988
Net operating income	2,547	1,584	6,658	4,605
Operating Segments [Member] \| General Contracting and Real Estate Services [Member]
Segment Reporting Information [Line Items]
Segment revenues	53,822	31,532	129,959	71,261
Segment expenses	51,716	30,468	125,141	67,807
Net operating income	$ 2,106	$ 1,064	$ 4,818	$ 3,454

Segments - Reconciliation of Net Operating Income to Net Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting [Abstract]
Net operating income	$ 16,488	$ 11,883	$ 44,291	$ 34,218
Depreciation and amortization	(6,317)	(4,567)	(16,991)	(12,593)
General and administrative expenses	(1,873)	(1,741)	(6,297)	(5,768)
Acquisition, development and other pursuit costs	(288)	(174)	(1,050)	(174)
Impairment charges		(15)	(23)	(15)
Interest expense	(3,518)	(2,734)	(9,922)	(7,977)
Loss on extinguishment of debt	(3)		(410)
Gain on real estate dispositions			13,407
Other income (loss)	(34)	59	(182)	(23)
Income tax benefit (provision)	(118)	43	(83)	(135)
Net income	$ 4,337	$ 2,754	$ 22,740	$ 7,533

Real Estate Investments - Additional Information (Detail)											3 Months Ended		6 Months Ended	9 Months Ended
	Nov. 02, 2015 USD ($)	Oct. 30, 2015 USD ($)	Oct. 15, 2015 USD ($) ft² Residential	Sep. 01, 2015 USD ($) ft² a Buildings	Jul. 10, 2015 USD ($) ft² shares	Jul. 01, 2015 USD ($) ft²	May 20, 2015 USD ($)	Apr. 08, 2015 USD ($) shares	Feb. 13, 2015 USD ($)	Jan. 05, 2015 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Oct. 05, 2015 USD ($) a	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Real Estate Properties [Line Items]
Land held for development purchased											$ 1,180,000		$ 1,180,000	$ 1,180,000
Rental revenues											21,303,000	$ 16,713,000		59,401,000	$ 47,225,000
Net income (loss)											2,688,000	$ 1,615,000		14,314,000	$ 4,405,000
Sale of office property														$ 50,613,000
Loan investment description														The Company's investment in the Point Street Apartments project is in the form of a loan under which BDG may borrow up to $23.0 million (the "BDG loan"). Interest on the BDG loan accrues at 8.0% per annum and matures on the earlier of (i) November 1, 2018, which may be extended by BDG under two one-year extension options, (ii) the maturity date or earlier termination of the senior construction loan or (iii) the date the Company exercises the Second Option
Loan maturity date														Nov. 01, 2018
Net assets associated with sale of Richmond Tower property											$ 555,620,000		555,620,000	$ 555,620,000				$ 478,901,000
Subsequent Event [Member]
Real Estate Properties [Line Items]
Number of residential units in Square feet \| ft²			18,000
Pay down senior secured construction loan			$ 7,400,000
Interest at Libor Plus basis points			2.00%
Subsequent Event [Member] \| BDG [Member]
Real Estate Properties [Line Items]
Investment loan			$ 23,000,000
Percentage of interest accrued			8.00%
Pay down senior secured construction loan			$ 19,900,000
Company investment amount			6,100,000
Subsequent Event [Member] \| Newport News Va [Member]
Real Estate Properties [Line Items]
Area of property acquired \| a																3.24
Purchase of land																$ 100,000
Subsequent Event [Member] \| Oceaneering International Facility [Member]
Real Estate Properties [Line Items]
Sale of property		$ 30,000,000
Net assets		$ 5,700,000
Subsequent Event [Member] \| Maximum [Member] \| BDG [Member]
Real Estate Properties [Line Items]
Senior construction loan			70,000,000
Subsequent Event [Member] \| Maximum [Member] \| Guarantor Subsidiaries [Member]
Real Estate Properties [Line Items]
Senior construction loan			25,000,000
Sentara Williamsburg [Member]
Real Estate Properties [Line Items]
Sale of office property										$ 15,400,000
Net proceeds after transaction costs										15,200,000
Gain (Loss) on disposition of real estate										$ 6,200,000
Whetstone Apartments [Member]
Real Estate Properties [Line Items]
Acquisition date														May 20, 2015
Net proceeds after transaction costs							$ 35,500,000
Proceeds from sale of Whetstone Apartments							35,600,000
Gain on disposition of Apartments							$ 7,200,000
Point Street Apartments [Member] \| Subsequent Event [Member]
Real Estate Properties [Line Items]
Estimated cost of construction of development project			$ 93,000,000
Number of units comprises of 17-story building \| Residential			289
Point Street Apartments [Member] \| Subsequent Event [Member] \| First Option [Member]
Real Estate Properties [Line Items]
Indirect interest an option to purchase			79.00%
Indirect interest an option to additional purchase,amount			$ 27,300,000
Indirect interest exercisable period			1 year
Point Street Apartments [Member] \| Subsequent Event [Member] \| Second Option [Member]
Real Estate Properties [Line Items]
Indirect interest an option to purchase			9.00%
Indirect interest an option to additional purchase,amount			$ 3,100,000
Indirect interest exercisable period			27 months
Point Street Apartments [Member] \| Subsequent Event [Member] \| Maximum [Member]
Real Estate Properties [Line Items]
Company agreed to invest on projects			$ 23,000,000
Point Street Apartments [Member] \| Subsequent Event [Member] \| Maximum [Member] \| BDG [Member]
Real Estate Properties [Line Items]
Percentage of options to purchase			88.00%
Richmond Tower [Member] \| Subsequent Event [Member]
Real Estate Properties [Line Items]
Sale of property	$ 78,000,000
Net assets associated with sale of Richmond Tower property	$ 51,400,000
Virginia Beach, VA [Member]
Real Estate Properties [Line Items]
Land held for development purchased																	$ 1,200,000
Stone House Square and Mary Land and Perry Hall Market Place [Member]
Real Estate Properties [Line Items]
Acquisition, total consideration								$ 35,400,000
Acquisition, cash consideration								$ 39,800,000
Acquisition, common units issued \| shares								415,500
Acquisition date														Apr. 08, 2015
Rental revenues													2,600,000
Net income (loss)													$ 400,000
Columbus Village in Virginia Beach [Member]
Real Estate Properties [Line Items]
Acquisition, total consideration					$ 19,200,000
Acquisition date														Jul. 10, 2015
Area of property acquired \| ft²					65,000
Acquisition, assumption of debt					$ 8,800,000
Columbus Village in Virginia Beach [Member] \| Class B Units [Member]
Real Estate Properties [Line Items]
Acquisition, common units issued \| shares					1,000,000
Columbus Village in Virginia Beach [Member] \| Class C Units [Member]
Real Estate Properties [Line Items]
Acquisition, common units issued \| shares					275,000
Oyster Point [Member]
Real Estate Properties [Line Items]
Sale of office property									$ 6,500,000
Providence Plaza in Charlotte North Carolina [Member]
Real Estate Properties [Line Items]
Acquisition, cash consideration				$ 26,200,000
Acquisition date														Sep. 01, 2015
Area of property acquired \| ft²				103,000
Building Acquired \| Buildings				3
Providence Plaza in Charlotte North Carolina [Member] \| Multifamily Residential Real Estate [Member]
Real Estate Properties [Line Items]
Area of property acquired \| a				1
Socastee Commons Myrtle Beach [Member]
Real Estate Properties [Line Items]
Acquisition, total consideration						$ 8,700,000
Acquisition date														Jul. 01, 2015
Area of property acquired \| ft²						57,000
Net proceeds after transaction costs and tax protection payments						$ 3,700,000
Acquisition, assumption of debt						$ 5,000,000

Indebtedness - Additional Information (Detail)											3 Months Ended	9 Months Ended
Indebtedness - Additional Information (Detail)	Oct. 30, 2015 USD ($)	Oct. 15, 2015	Oct. 06, 2015 USD ($)	Sep. 01, 2015 USD ($)	Jul. 30, 2015 USD ($)	Jul. 10, 2015 USD ($) Loans	May 27, 2015 USD ($)	May 20, 2015 USD ($)	Feb. 20, 2015 USD ($)	Jan. 23, 2015 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jul. 01, 2015 USD ($)	Feb. 19, 2015 USD ($)
Debt Instrument [Line Items]
Senior unsecured term loan facility									$ 50,000,000
Loss on extinguishment of debt											$ 3,000	$ 410,000
Socastee Commons Myrtle Beach [Member]
Debt Instrument [Line Items]
Debt instrument maturity date												Jan. 06, 2023
Debt assumed, interest rate													4.57%
Outstanding principal amount of debt													$ 5,000,000
Columbus Village in Virginia Beach [Member]
Debt Instrument [Line Items]
Debt instrument maturity date												Apr. 05, 2018
Outstanding principal amount of debt						$ 8,800,000
Number of loans \| Loans						2
Columbus Village in Virginia Beach [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate						2.00%
Oyster Point [Member]
Debt Instrument [Line Items]
Repayment of secured debt				$ 6,100,000
Whetstone Apartments [Member]
Debt Instrument [Line Items]
Repayment of term loan facility								$ 17,800,000
Loss on extinguishment of debt								$ 100,000
Smith's Landing [Member]
Debt Instrument [Line Items]
Amount borrowed under credit facility							$ 21,600,000
Debt instrument maturity date												Jun. 01, 2035
Repayment of term loan facility							24,400,000
Loss on extinguishment of debt							$ 100,000
Smith's Landing [Member] \| Collateralized Mortgage Obligations [Member]
Debt Instrument [Line Items]
Debt assumed, interest rate							4.05%
Johns Hopkins Village [Member]
Debt Instrument [Line Items]
Debt instrument maturity date												Jul. 30, 2018
Johns Hopkins Village [Member] \| Construction Loans [Member]
Debt Instrument [Line Items]
Aggregate amount available under the construction loan					$ 50,000,000
Johns Hopkins Village [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.90%
Subsequent Event [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		2.00%
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] \| Minimum [Member] \| New Credit Facility [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate												1.40%
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%
Senior Unsecured Term Loan Facility [Member] \| Minimum [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate									1.35%
Senior Unsecured Term Loan Facility [Member] \| Maximum [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate									1.95%
Term Loan Facility [Member] \| New Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument maturity date												Feb. 20, 2020
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%
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%
Operating Partnership [Member]
Debt Instrument [Line Items]
Amount borrowed under loan agreements for construction												$ 17,700,000
Operating Partnership [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
Loss on extinguishment of debt									200,000
Credit facility, amount outstanding											$ 106,000,000	$ 106,000,000
Operating Partnership [Member] \| Prior Credit Facility [Member]
Debt Instrument [Line Items]
Amount borrowed under credit facility										$ 5,000,000
Debt instrument maturity date												May 13, 2016
Credit facility termination date												Feb. 20, 2015
Operating Partnership [Member] \| Subsequent Event [Member] \| Oyster Point [Member]
Debt Instrument [Line Items]
Debt instrument maturity date			Feb. 28, 2017
Secured debt			$ 6,400,000
Operating Partnership [Member] \| Subsequent Event [Member] \| Oyster Point [Member] \| Minimum [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.40%
Operating Partnership [Member] \| Subsequent Event [Member] \| Oyster Point [Member] \| Maximum [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			2.00%
Operating Partnership [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument maturity date												May 13, 2016
Senior revolving credit facility, maximum borrowing capacity														$ 155,000,000
Operating Partnership [Member] \| Revolving Credit Facility [Member] \| New Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate											1.75%	1.75%
Operating Partnership [Member] \| Senior Unsecured Credit Facility [Member] \| New Credit Facility [Member]
Debt Instrument [Line Items]
Senior revolving credit facility, maximum borrowing capacity									200,000,000
Operating Partnership [Member] \| Senior Unsecured Revolving Credit Facility [Member] \| New Credit Facility [Member]
Debt Instrument [Line Items]
Senior revolving credit facility, maximum borrowing capacity									150,000,000
Operating Partnership [Member] \| Senior Unsecured Term Loan Facility [Member] \| New Credit Facility [Member]
Debt Instrument [Line Items]
Senior unsecured term loan facility									$ 50,000,000
Operating Partnership [Member] \| Term Loan Facility [Member]
Debt Instrument [Line Items]
Credit facility, amount outstanding											$ 50,000,000	$ 50,000,000
Operating Partnership [Member] \| Term Loan Facility [Member] \| New Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate											1.70%	1.70%
Oceaneering International Facility [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Repayment of secured debt	$ 18,700,000

Derivative Financial Instruments - Additional Information (Detail) - USD ($)				9 Months Ended
	Oct. 26, 2015	Oct. 15, 2015	Feb. 20, 2015	Sep. 30, 2015	Jul. 13, 2015	Dec. 31, 2014
Derivative [Line Items]
Notional Amount				$ 228,686,000		$ 181,119,000
Senior unsecured term loan facility			$ 50,000,000
Subsequent Event [Member]
Derivative [Line Items]
Senior unsecured term loan facility interest rate		2.00%
Interest Rate Caps [Member]
Derivative [Line Items]
Notional Amount				$ 171,546,000		$ 180,434,000
Interest Rate Caps [Member] \| Subsequent Event [Member]
Derivative [Line Items]
Notional Amount	$ 75,000,000
Fixed rate interest rate swap, Maturity date	Oct. 15, 2017
Interest rate cap agreement, strike price	1.25%
Interest rate cap agreement, premium	$ 100,000
One-month LIBOR [Member] \| Interest Rate Swap Agreement Maturing on February 20, 2020 [Member]
Derivative [Line Items]
Notional Amount			$ 50,000,000
Fixed rate interest rate swap			2.00%
Fixed rate interest rate swap, agreement date				Feb. 20, 2015
Fixed rate interest rate swap, Maturity date				Feb. 20, 2020
Fixed rate interest rate swap, Effective date				Mar. 01, 2016
One-month LIBOR [Member] \| Interest Rate Swap Agreement Maturing on April 5, 2018 [Member]
Derivative [Line Items]
Notional Amount					$ 6,500,000
Fixed rate interest rate swap					3.05%
Fixed rate interest rate swap, agreement date				Jul. 13, 2015
Fixed rate interest rate swap, Maturity date				Apr. 05, 2018
Fixed rate interest rate swap, Effective date				Jul. 13, 2015
LIBOR [Member] \| Minimum [Member] \| Senior Unsecured Term Loan Facility [Member]
Derivative [Line Items]
Senior unsecured term loan facility interest rate			1.35%
LIBOR [Member] \| Maximum [Member] \| Senior Unsecured Term Loan Facility [Member]
Derivative [Line Items]
Senior unsecured term loan facility interest rate			1.95%

Equity - Additional Information (Detail) - USD ($)										3 Months Ended		9 Months Ended
Equity - Additional Information (Detail) - USD ($)	Jan. 10, 2017	Oct. 08, 2015	Aug. 06, 2015	Jul. 10, 2015	Jul. 09, 2015	May 05, 2015	Apr. 09, 2015	Apr. 08, 2015	Jan. 08, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Class of Stock [Line Items]
Net proceeds after offering costs and commissions from sale of shares												$ 7,400,000
Authorized capital shares of common stock										500,000,000		500,000,000		500,000,000
Authorized capital shares of preferred stock										100,000,000		100,000,000		100,000,000
Shares of common stock issued										26,260,685		26,260,685		25,022,701
Shares of common stock outstanding										26,260,685		26,260,685		25,022,701
Preferred stock issued										0		0		0
Preferred stock outstanding										0		0		0
Percentage of Operating Partnership held										62.50%		62.50%		62.90%
Aggregate cash dividends and distributions, paid												$ 20,050,000	$ 15,729,000
Cash dividend per share, declared										$ 0.17	$ 0.16	$ 0.51	$ 0.48
Common Class A [Member]
Class of Stock [Line Items]
Common stock units not held by company										14,768,507		14,768,507
Columbus Village in Virginia Beach [Member] \| Class B Units [Member]
Class of Stock [Line Items]
Acquisition, common stock issued				1,000,000
Columbus Village in Virginia Beach [Member] \| Class C Units [Member]
Class of Stock [Line Items]
Acquisition, common stock issued				275,000
Columbus Village in Virginia Beach [Member] \| Scenario, Forecast [Member] \| Class C Units [Member]
Class of Stock [Line Items]
Acquisition, common stock issued	275,000
Common Stock [Member]
Class of Stock [Line Items]
Number of shares issued and sold												747,163
Numbers shares issued and sold, weighted average price per share										$ 10.29		$ 10.29
Shares of common stock outstanding										26,260,685		26,260,685		25,022,701
Maximum [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Proceeds from issuance of common stock						$ 50,000,000
Private Placement [Member] \| Perry Hall Marketplace [Member]
Class of Stock [Line Items]
Acquisition, common stock issued								415,500
Common Stockholders [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid					$ 4,400,000		$ 4,300,000		$ 4,000,000
Common Stockholders [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid		$ 4,500,000
Class A Unit Holders [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid					$ 2,500,000		$ 2,500,000		$ 2,400,000
Class A Unit Holders [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid		$ 2,500,000
Dividend Declared [Member]
Class of Stock [Line Items]
Cash dividend per share, declared			$ 0.17
Cash dividend, date of record												Oct. 01, 2015

Stock-Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 200,000	$ 300,000	$ 1,000,000	$ 1,200,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted			104,779
Restricted stock granted, grant date fair value			$ 10.85
Restricted stock award, vesting period			2 years
Restricted stock award vest grant over period			1 year
Unrecognized compensation cost	$ 500,000		$ 500,000
Nonvested restricted shares outstanding	102,322		102,322
Unrecognized compensation cost, recognition period			18 months
Restricted Stock [Member] \| Immediately on the Grant Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date			33.33%
Restricted Stock [Member] \| First Anniversary following the Grant Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date			33.33%
Restricted Stock [Member] \| Second Anniversary following the Grant Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date			33.33%

Business and Organization - Additional Information (Detail)	Sep. 30, 2015
Real Estate Properties [Line Items]
Ownership interest percentage in properties	100.00%
Lightfoot Marketplace [Member]
Real Estate Properties [Line Items]
Ownership interest percentage in properties	60.00%
Increase in ownership interest due to certain events	70.00%
Johns Hopkins Village [Member]
Real Estate Properties [Line Items]
Ownership interest percentage in properties	80.00%
Noncontrolling interest ownership percentage in properties	20.00%

Segments - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
Segments - Additional Information (Detail) - USD ($)	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
General contracting and real estate services revenues	$ (53,822,000)	$ (31,532,000)	$ (129,959,000)	$ (71,261,000)
Noncash stock compensation			755,000	720,000
General and Administrative Expenses [Member]
Segment Reporting Information [Line Items]
Noncash stock compensation	200,000	200,000	600,000	500,000
General Contracting and Real Estate Services [Member] \| Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
General contracting and real estate services revenues	11,400,000	24,200,000	27,900,000	68,800,000
General contracting and real estate services expenses	11,300,000	24,100,000	27,700,000	68,200,000
General Contracting and Real Estate Services [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
General contracting and real estate services revenues	(53,822,000)	(31,532,000)	(129,959,000)	(71,261,000)
General contracting and real estate services expenses	(51,716,000)	(30,468,000)	(125,141,000)	(67,807,000)
General Contracting and Real Estate Services [Member] \| Operating Segments [Member] \| Maximum [Member]
Segment Reporting Information [Line Items]
Noncash stock compensation	$ 100,000	$ 100,000	$ 200,000	$ 200,000

Derivative Financial Instruments - Schedule of Derivatives (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Derivative [Line Items]
Notional Amount	$ 228,686,000		$ 228,686,000		$ 181,119,000
Fair Value Asset	22,000		22,000		260,000
Fair Value Liability	(1,585,000)		(1,585,000)		(11,000)
Changes in fair value of derivatives			(238,000)	$ (123,000)
Total Changes in fair value of derivatives	(1,077,000)	$ 46,000	(1,812,000)	(123,000)
Unrealized cash flow hedge gains (losses) [Member]
Derivative [Line Items]
Changes in fair value of derivatives	(1,026,000)		(1,574,000)
Other Income (Loss) [Member]
Derivative [Line Items]
Changes in fair value of derivatives	(51,000)	46,000	(238,000)	(123,000)
Interest Rate Swaps [Member]
Derivative [Line Items]
Notional Amount	57,140,000		57,140,000		685,000
Fair Value Liability	(1,585,000)		(1,585,000)		(11,000)
Changes in fair value of derivatives	(1,026,000)	4,000	(1,574,000)	5,000
Interest Rate Caps [Member]
Derivative [Line Items]
Notional Amount	171,546,000		171,546,000		180,434,000
Fair Value Asset	22,000		22,000		$ 260,000
Changes in fair value of derivatives	$ (51,000)	$ 42,000	$ (238,000)	$ (128,000)

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Loss Contingencies [Line Items]
Line of credit, performance and payment bonds	$ 204.7	$ 192.2
Operating Partnership [Member]
Loss Contingencies [Line Items]
Outstanding letters of credit	$ 8.0	$ 8.5

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	26,260,685	25,022,701
Common stock, shares outstanding	26,260,685	25,022,701

Real Estate Investments - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Detail) - Stone House Square and Mary Land and Perry Hall Market Place [Member] $ in Thousands	Sep. 30, 2015 USD ($)
Real Estate Properties [Line Items]
Land	$ 29,500
Site improvements	3,290
Building and improvements	49,260
In-place leases	14,160
Above-market leases	2,260
Below-market leases	(4,420)
Indebtedness	(13,935)
Net assets acquired	$ 80,115

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indebtedness	$ 420,145	$ 359,229
Interest rate swap liabilities	1,585	11
Interest rate cap assets	22	260
Carrying Value [Member] \| Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indebtedness	420,145	359,229
Interest rate swap liabilities	1,585	11
Interest rate cap assets	22	260
Fair Value [Member] \| Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indebtedness	426,848	366,095
Interest rate swap liabilities	1,585	11
Interest rate cap assets	$ 22	$ 260

Related Party Transactions - Additional Information (Detail) - Affiliated Entities [Member] - USD ($)		3 Months Ended		9 Months Ended
	Mar. 31, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Revenue from contracts with affiliated entities		$ 1,500,000	$ 1,100,000	$ 5,500,000	$ 5,000,000
Gross profit				$ 200,000	$ 300,000
Reimbursed real estate taxes and insurance costs	$ 200,000
Maximum [Member]
Related Party Transaction [Line Items]
Gross profit		$ 100,000	$ 100,000