View Filing Data

Print Document View Excel Document

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2015	Feb. 29, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	Armada Hoffler Properties, Inc.
Entity Central Index Key	0001569187
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 253.6
Entity Common Stock, Shares Outstanding		30,076,359

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real estate investments:
Income producing property	$ 579,000	$ 513,918
Held for development	1,180
Construction in progress	53,411	81,082
Gross real estate investments	633,591	595,000
Accumulated depreciation	(125,380)	(116,099)
Net real estate investments	508,211	478,901
Real estate investments held for sale	40,232	8,538
Cash and cash equivalents	26,989	25,883
Restricted cash	2,824	4,224
Accounts receivable, net	21,982	20,548
Notes receivable	7,825
Construction receivables, including retentions	36,535	19,432
Construction contract costs and estimated earnings in excess of billings	88	272
Other assets	44,861	30,224
Total Assets	689,547	588,022
LIABILITIES AND EQUITY
Indebtedness, net	377,593	356,345
Accounts payable and accrued liabilities	6,472	8,358
Construction payables, including retentions	52,067	42,399
Billings in excess of construction contract costs and estimated earnings	2,224	1,053
Other liabilities	25,471	17,961
Total Liabilities	463,827	426,116
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized, 30,076,359 and 25,022,701 shares issued and outstanding as of December 31, 2015 and 2014, respectively	300	250
Additional paid-in capital	102,906	51,472
Distributions in excess of earnings	(53,010)	(54,413)
Accumulated other comprehensive loss	(648)
Total stockholders’ equity (deficit)	49,548	(2,691)
Noncontrolling interests	176,172	164,597
Total Equity	225,720	161,906
Total Liabilities and Equity	$ 689,547	$ 588,022

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	30,076,359	25,022,701
Common stock, shares outstanding	30,076,359	25,022,701

Consolidated and Combined Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Rental revenues	$ 81,172	$ 64,746	$ 57,520
General contracting and real estate services revenues	171,268	103,321	82,516
Total revenues	252,440	168,067	140,036
Expenses
Rental expenses	19,204	16,667	14,025
Real estate taxes	7,782	5,743	5,124
General contracting and real estate services expenses	165,344	98,754	78,813
Depreciation and amortization	23,153	17,569	14,898
General and administrative expenses	8,397	7,711	6,937
Acquisition, development and other pursuit costs	1,935	229
Impairment charges	41	15	580
Total expenses	225,856	146,688	120,377
Operating income	26,584	21,379	19,659
Interest Income	126
Interest expense	(13,333)	(10,648)	(12,303)
Loss on extinguishment of debt	(512)		(2,387)
Gain on real estate dispositions and acquisitions	18,394	2,211	9,460
Other (expense) income	(110)	(113)	297
Income before taxes	31,149	12,829	14,726
Income tax benefit (provision)	34	(70)	(273)
Net income	31,183	12,759	14,453
Net income attributable to predecessor			(2,020)
Net income attributable to noncontrolling interests	(11,541)	(5,068)	(5,097)
Net income attributable to stockholders	$ 19,642	$ 7,691	$ 7,336
Net income per share and unit:
Basic and diluted	$ 0.75	$ 0.36	$ 0.39
Weighted-average outstanding:
Common shares	26,006	20,946	19,046
Common units	15,377	14,125	13,059
Basic and diluted	41,383	35,071	32,105
Comprehensive Income:
Net income	$ 31,183	$ 12,759	$ 14,453
Unrealized cash flow hedge losses	(1,075)
Realized cash flow hedge losses reclassified to net income	27
Comprehensive income	30,135	12,759	14,453
Comprehensive income attributable to predecessor			(2,020)
Comprehensive income attributable to noncontrolling interests	(11,141)	(5,068)	(5,097)
Comprehensive income attributable to stockholders	$ 18,994	$ 7,691	$ 7,336

Consolidated and Combined Statements of Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital [Member]	Distributions in Excess of Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Predecessor Deficit [Member]	Total Stockholders' Deficit [Member]	Noncontrolling Interests [Member]	Total
Beginning balance (Predecessor) at Dec. 31, 2012					$ (41,341)	$ (41,341)		$ (41,341)
Net income \| Predecessor					2,020	2,020		2,020
Contributions \| Predecessor					2,218	2,218		2,218
Distributions \| Predecessor					(12,399)	(12,399)		(12,399)
Ending balance (Predecessor) at May. 12, 2013					(49,502)	(49,502)		(49,502)
Beginning balance (Predecessor) at Dec. 31, 2012					(41,341)	(41,341)		(41,341)
Net income								14,453
Ending balance at Dec. 31, 2013	$ 192	$ 1,247	$ (47,934)			(46,495)	$ 152,016	105,521
Ending balance, shares at Dec. 31, 2013	19,163,413
Beginning balance (Predecessor) at May. 12, 2013					(49,502)	(49,502)		(49,502)
Net income			7,336			7,336	5,097	12,433
Net proceeds from sale of common stock	$ 190	191,993				192,183		192,183
Net proceeds from sale of common stock (in shares)	19,003,750
Formation transactions		(191,993)	(47,605)		$ 49,502	(190,096)	152,142	(37,954)
Restricted stock award grants	$ 2	1,247				1,249		1,249
Restricted stock award grants (in shares)	159,663
Dividends and distributions declared			(7,665)			(7,665)	(5,223)	(12,888)
Ending balance at Dec. 31, 2013	$ 192	1,247	(47,934)			(46,495)	152,016	105,521
Ending balance, shares at Dec. 31, 2013	19,163,413
Net income			7,691			7,691	5,068	12,759
Net proceeds from sale of common stock	$ 57	49,242				49,299		49,299
Net proceeds from sale of common stock (in shares)	5,750,000
Restricted stock award grants	$ 1	1,284				1,285		1,285
Restricted stock award grants (in shares)	109,288
Acquisitions of real estate investments							16,351	16,351
Exchange of owners' equity for common units		(301)				(301)	301
Dividends and distributions declared			(14,170)			(14,170)	(9,139)	(23,309)
Ending balance at Dec. 31, 2014	$ 250	51,472	(54,413)			(2,691)	164,597	$ 161,906
Ending balance, shares at Dec. 31, 2014	25,022,701							25,022,701
Net income			19,642			19,642	11,541	$ 31,183
Unrealized cash flow hedge losses				$ (665)		(665)	(410)	(1,075)
Realized cash flow hedge losses reclassified to net income				17		17	10	27
Net proceeds from sale of common stock	$ 45	45,990				46,035		46,035
Net proceeds from sale of common stock (in shares)	4,560,049
Restricted stock award grants	$ 1	992				993		993
Restricted stock award grants (in shares)	78,109
Acquisitions of real estate investments	$ 4	4,429				4,433	10,736	15,169
Acquisitions of real estate investments (in shares)	415,500
Redemption of operating partnership units		23				23	(264)	(241)
Dividends and distributions declared			(18,239)			(18,239)	(10,038)	(28,277)
Ending balance at Dec. 31, 2015	$ 300	$ 102,906	$ (53,010)	$ (648)		$ 49,548	$ 176,172	$ 225,720
Ending balance, shares at Dec. 31, 2015	30,076,359							30,076,359

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
OPERATING ACTIVITIES
Net income	$ 31,183	$ 12,759	$ 14,453
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	18,678	14,984	12,806
Amortization of leasing costs and in-place lease intangibles	4,475	2,585	2,092
Accrued straight-line rental revenue	(1,924)	(2,203)	(1,055)
Amortization of leasing incentives and above or below-market rents	738	632	683
Accrued straight-line ground rent expense	290	315	364
Bad debt expense	131	79	162
Noncash stock compensation	931	917	1,249
Impairment charges	41	15	580
Noncash interest expense	1,006	517	636
Noncash loss on extinguishment of debt	512		644
Gain on real estate dispositions and acquisitions	(18,394)	(2,211)	(9,460)
Change in the fair value of derivatives	229	233	12
Other noncash gain		(42)
Income from real estate joint ventures			(210)
Changes in operating assets and liabilities
Property assets	(2,463)	(1,420)	7,761
Property liabilities	2,326	(1,069)	(2,836)
Construction assets	(17,337)	(5,893)	(2,115)
Construction liabilities	12,664	11,164	(3,591)
Net cash provided by operating activities	33,086	31,362	22,175
INVESTING ACTIVITIES
Development of real estate investments	(52,719)	(98,467)	(41,298)
Tenant and building improvements	(5,157)	(6,362)	(3,920)
Acquisitions of real estate investments	(68,445)	(2,754)	(2,106)
Dispositions of real estate investments	79,566	7,387
Notes receivable issuances	(7,825)
Government development grants	300	300	300
Decrease (increase) in restricted cash	1,580	(1,824)	93
Leasing costs	(2,118)	(2,835)	(1,180)
Leasing incentives	(1,563)	(751)	(266)
Contributions to real estate joint ventures			(81)
Return of capital from real estate joint ventures			511
Net cash used for investing activities	(56,381)	(105,306)	(47,947)
FINANCING ACTIVITIES
Proceeds from sale of common stock	46,462	49,566	203,245
Offering costs	(427)	(416)	(7,937)
Formation transactions			(47,450)
Debt issuances, credit facility and construction loan borrowings	214,407	117,645	106,054
Debt and credit facility repayments, including principal amortization	(206,889)	(63,306)	(197,478)
Debt issuance costs	(1,887)	(448)	(2,738)
Redemption of operating partnership units	(241)
Dividends and distributions	(27,024)	(22,096)	(7,733)
Predecessor contributions			2,218
Predecessor distributions			(12,927)
Net cash provided by financing activities	24,401	80,945	35,254
Net increase in cash and cash equivalents	1,106	7,001	9,482
Cash and cash equivalents, beginning of period	25,883	18,882	9,400
Cash and cash equivalents, end of period	26,989	25,883	18,882
Supplemental cash flow information:
Cash paid for interest	(12,993)	(12,132)	$ (12,617)
Cash refunded (paid) for income taxes	$ 276	$ (821)

Business and Organization

12 Months Ended

Dec. 31, 2015

Business and Organization

Business and Organization

1.Business and Organization

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

The Company is the sole general partner of Armada Hoffler, L.P. (the “Operating Partnership”). The operations of the Company are carried on primarily through the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. Both the Company and the Operating Partnership were formed on October 12, 2012 and commenced operations upon completion of the underwritten initial public offering of shares of the Company’s common stock (the “IPO”) and certain related formation transactions (the “Formation Transactions”) on May 13, 2013.

Armada Hoffler Properties, Inc. Predecessor (the “Predecessor”) was not a single legal entity, but rather a combination of real estate and construction entities 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 “the Company” in these notes to consolidated and combined financial statements signify Armada Hoffler Properties, Inc. 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, 2013 reflect those of the Predecessor together with Armada Hoffler Properties, Inc., while the results of operations for the years ended December 31, 2015 and 2014 as well as the financial condition as of December 31, 2015 and 2014 reflect only those of Armada Hoffler Properties, Inc.

As of December 31, 2015, the Company owned 100% of the interests in each of the following properties in its operating property portfolio:


Property	Segment	Location
4525 Main Street	Office	Virginia Beach, Virginia*
Armada Hoffler Tower	Office	Virginia Beach, Virginia*
Commonwealth of Virginia – Chesapeake	Office	Chesapeake, Virginia
Commonwealth of Virginia – Virginia Beach	Office	Virginia Beach, Virginia
One Columbus	Office	Virginia Beach, Virginia*
Oyster Point	Office	Newport News, Virginia
Richmond Tower	Office	Richmond, 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
Columbus Village	Retail	Virginia Beach, 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
Perry Hall Marketplace	Retail	Perry Hall, Maryland
Providence Plaza	Retail	Charlotte, North Carolina
Sandbridge Commons	Retail	Virginia Beach, Virginia
Socastee Commons	Retail	Myrtle Beach, South Carolina
South Retail	Retail	Virginia Beach, Virginia*
Stone House Square	Retail	Hagerstown, Maryland
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*

*Located in the Town Center of Virginia Beach

As of December 31, 2015, the following properties were under development or construction:


Property	Segment	Location
Lightfoot Marketplace	Retail	Williamsburg, Virginia
Johns Hopkins Village	Multifamily	Baltimore, Maryland
Brooks Crossing	Office/Retail	Newport News, Virginia

The Company owns a 60% controlling financial interest in Lightfoot Marketplace. Subject to the occurrence of certain events, the Company’s ownership interest in Lightfoot Marketplace may increase to 70%. The Company owns an 80% controlling financial interest in Johns Hopkins Village. The noncontrolling interest holder of Johns Hopkins Village has the right to exchange its 20% ownership interest for Class A units of limited partnership interest in the Operating Partnership (“Class A Units” and collectively with other classes of units of limited partnership interests in the Operating Partnership, “OP Units”) upon and for a period of one year after the project’s completion. The Company owns a 65% controlling financial interest in Brooks Crossing.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Significant Accounting Policies

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 the Company’s properties individually and aggregates such properties into segments based on their economic characteristics and classes of tenants. The Company 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. The Company’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

The Company leases its properties under operating leases and recognizes base rents when earned on a straight-line basis over the lease term. Rental revenues include $1.9 million, $2.2 million and $1.1 million of straight-line rent adjustments for each of the three years ended December 31, 2015. The Company 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 The Company’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. The Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when changes in the factors on which the contingent lease payments are based actually occur. Contingent rents included in rental revenues were $0.1 million for each of the three years ended December 31, 2015. The Company recognizes leasing incentives as reductions to rental revenue on a straight-line basis over the lease term. Leasing incentive amortization for each of the three years ended December 31, 2015 was $0.8 million, $0.7 million and $0.8 million, respectively. The Company 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. The Company recognizes lease termination fees either upon termination or evenly over any remaining lease term.

General Contracting and Real Estate Services Revenues

The Company recognizes general contracting revenue on construction contracts using the percentage-of-completion method. Under this method, the Company 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.

The Company 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. The Company 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.

The Company 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 each of the three years ended December 31, 2015 was $1.0 million, $3.1 million and $0.6 million, respectively. Overhead, salaries and related personnel costs capitalized during each of the three years ended December 31, 2015 were $2.1 million, $2.4 million and $1.6 million, respectively.

The Company 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, 2015 and 2014 were $2.5 million and $4.6 million, respectively. Costs attributable to unsuccessful projects are expensed.

The Company 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)

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 consolidated balance sheets and depreciated over their estimated useful lives. Acquired lease intangibles are presented within other assets and liabilities in the consolidated balance sheets and amortized over their respective lease terms. 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. 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.

The Company values debt assumed in connection with operating property acquisitions based on a discounted cash flow analysis of the expected cash flows of the debt. Such analysis considers the contractual terms of the debt, including the period to maturity, and uses observable market-based inputs, including interest rate information as of the acquisition date. The Company also considers credit valuation adjustments for potential nonperformance risk. The Company classifies the inputs used to value debt assumed in connection with operating property acquisitions as Level 2 inputs in the fair value hierarchy as they are predominantly observable and market-based.

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 Richmond Tower office building and the Sentara Williamsburg medical office building as held for sale as of December 31, 2015 and 2014, respectively.

Impairment of Long Lived Assets

The Company 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, the Company 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. The Company presents changes in cash restricted for real estate taxes and insurance as operating activities in the consolidated and combined statements of cash flows. The Company 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, 2015 and 2014, accrued straight-line rental revenue presented within accounts receivable in the consolidated balance sheets was $20.3 million and $19.4 million, respectively.

The Company’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. The Company establishes reserves for tenant receivables outstanding over 90 days. For all such tenants, the Company also reserves any related accrued straight-line rental revenue. Additional reserves are recorded for more current amounts, as applicable, when the Company has determined collectability to be doubtful. As of December 31, 2015 and 2014, the allowance for doubtful accounts was not significant. The Company presents bad debt expense within rental expenses in the consolidated and combined statements of comprehensive income.

Notes Receivable

From time to time, the Company may provide financing to third parties in the form of mortgage or mezzanine loans for the development of new real estate. Mortgage loans are secured, in part, by second deeds of trust on the underlying properties. Mezzanine loans are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. The Company evaluates the collectability of both the interest on and principal of each of its notes receivable based primarily upon the financial condition of the individual borrowers. A loan is determined to be impaired when, based upon current information, it is no longer probable that the Company will be able to collect all contractual amounts due from the borrower. The amount of impairment loss recognized is measured as the difference between the carrying amount of the loan and its estimated realizable value.

Leasing Costs

Commissions paid by the Company 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 the Company 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.

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 as a direct deduction from the carrying value of the associated debt liability in the consolidated balance sheets.

Derivative Financial Instruments

The Company may enter into interest rate derivatives to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. The Company recognizes derivative financial instruments at fair value and presents them within other assets and liabilities in the 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 consolidated and combined 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.

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 comprehensive income. Total stock-based compensation expense recognized during each of the three years ended December 31, 2015 was $0.9 million, $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 both of the years ended December 31, 2015 and 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, the Company 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 the Company’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. Potential dilutive shares outstanding during the period include nonvested restricted stock awards. However, there were no significant potential dilutive shares or units outstanding during the period May 13, 2013 through December 31, 2013 or for the years ended December 31, 2015 and 2014. As a result, basic and diluted outstanding shares and units were the same for all periods presented. See Note 11 for the changes in the Company’s nonvested restricted awards during each of the three years ended December 31, 2015.

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

On May 28, 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 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.

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. The Company early adopted the new guidance effective December 31, 2015 and applied it on a retrospective basis for all debt issuance costs, including those pertaining to the Company’s revolving credit facility. As a result, unamortized debt issuance costs of $2.9 million as of December 31, 2014 have been reclassified from other assets and presented as a deduction of indebtedness in the consolidated balance sheet.

On February 25, 2016, the FASB issued a new leases standard that requires lessees to recognize most leases in their balance sheets as lease liabilities with corresponding right-of-use assets. The new standard also makes targeted changes to lessor accounting. The new standard will be effective for the Company on January 1, 2019 and requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application with an option to use certain transition relief. Management is currently evaluating the potential impact of the new leases standard on the Company’s consolidated financial statements.

Segments

12 Months Ended

Dec. 31, 2015

Segment Reporting

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 each of the three years ended December 31, 2015 was as follows (in thousands):


	Years Ended December 31,
	2015		2014		2013
Office real estate
Rental revenues	$	31,534	$	27,827	$	25,794
Rental expenses		6,938		6,395		5,721
Real estate taxes		2,950		2,315		2,171
Segment net operating income		21,646		19,117		17,902
Retail real estate
Rental revenues		32,064		23,956		21,755
Rental expenses		5,915		5,011		4,808
Real estate taxes		2,928		2,097		1,971
Segment net operating income		23,221		16,848		14,976
Multifamily residential real estate
Rental revenues		17,574		12,963		9,971
Rental expenses		6,351		5,261		3,496
Real estate taxes		1,904		1,331		982
Segment net operating income		9,319		6,371		5,493
General contracting and real estate services
Segment revenues		171,268		103,321		82,516
Segment expenses		165,344		98,754		78,813
Segment gross profit		5,924		4,567		3,703
Net operating income	$	60,110	$	46,903	$	42,074

Rental expenses represent costs directly associated with the operation and management of the Company’s real estate properties. Rental expenses include asset management fees, property management fees, repairs and maintenance, insurance and utilities.

General contracting and real estate services revenues for each of the three years ended December 31, 2015 exclude revenue related to intercompany construction contracts of $43.1 million, $85.4 million and $35.7 million, respectively. General contracting and real estate services expenses for each of the three years ended December 31, 2015 exclude expenses related to intercompany construction contracts of $42.8 million, $84.6 million and $35.4 million, respectively. General contracting and real estate services expenses for both of the years ended December 31, 2015 and 2014 include noncash stock compensation expense of $0.2 million.

The following table reconciles net operating income to net income for each of the three years ended December 31, 2015 (in thousands):


	Years Ended December 31,
	2015		2014		2013

Net operating income	$	60,110	$	46,903	$	42,074
Depreciation and amortization		(23,153)		(17,569)		(14,898)
General and administrative expenses		(8,397)		(7,711)		(6,937)
Acquisition, development and other pursuit costs		(1,935)		(229)		—
Impairment charges		(41)		(15)		(580)
Interest income		126		—		—
Interest expense		(13,333)		(10,648)		(12,303)
Loss on extinguishment of debt		(512)		—		(2,387)
Gain on real estate dispositions and acquisitions		18,394		2,211		9,460
Other (expense) income		(110)		(113)		297
Income tax benefit (provision)		34		(70)		(273)
Net income	$	31,183	$	12,759	$	14,453

General and administrative expenses represent costs not directly associated with the operation and management of the Company’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 each of the three years ended December 31, 2015 include noncash stock compensation expense of $0.7 million, $0.7 million and $1.2 million, respectively.

Impairment charges recognized during each of the three years ended December 31, 2015 represent unamortized leasing or acquired intangible assets related to vacated tenants.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Operating Leases

12 Months Ended

Dec. 31, 2015

Operating Leases

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):


2016	$	60,658
2017		59,890
2018		54,683
2019		46,128
2020		39,895
Thereafter		249,929
Total	$	511,183

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, 2015 are generally less than one year.

Real Estate Investments

12 Months Ended

Dec. 31, 2015

Real Estate Investments

Real Estate Investments

5.Real Estate Investments

The Company’s real estate investments comprised the following as of December 31, 2015 and 2014 (in thousands):


	December 31, 2015
	Income		Held		Construction
	producing		for		in
	property		development		progress		Total
Land	$	70,518	$	1,180	$	7,750	$	79,448
Land improvements		26,172		—		—		26,172
Buildings and improvements		482,310		—		—		482,310
Development and construction costs		—		—		45,661		45,661
Real estate investments	$	579,000	$	1,180	$	53,411	$	633,591


	December 31, 2014
	Income		Held		Construction
	producing		for		in
	property		development		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

2015 Operating Property Acquisitions

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. The fair value adjustment to the assumed debt of Socastee Commons was a $0.1 million premium.

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 and fair value 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 they automatically convert to Class A Units and may be tendered for redemption by the Operating Partnership 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, unregistered or registered 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, 2018, 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 year ended December 31, 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

Rental revenues and net income from the 2015 acquired properties for the period from the respective acquisition dates to December 31, 2015 included in the consolidated statement of comprehensive income was $4.8 million and $0.8 million, respectively.

2014 Operating Property Acquisitions

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 Class A 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.

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 during the year ended December 31, 2014 (in thousands):


Land	$	8,680
Site improvements		880
Building and improvements		35,740
In-place leases		2,220
Indebtedness		(16,966)
Above and below-market leases		(390)
Net working capital		(679)
Net assets acquired	$	29,485

Rental revenues and net loss from the 2014 acquired properties for the period from the respective acquisition dates to December 31, 2014 included in the consolidated statement of comprehensive income was $1.8 million and $(2.2) million, respectively.

2013 Operating Property Acquisitions

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 Class A Units paid for the 50% interest in Bermuda Crossroads was $3.2 million. Total consideration in the form of cash and Class A Units paid for the 60% interest in Smith's Landing was $7.5 million. 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 comprehensive 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 the Company on a pro forma basis, as if each of the 2015 acquisitions had been acquired on January 1, 2014, each of the 2014 acquisitions had been acquired on January 1, 2013 and each of the 2013 acquisitions had been acquired on January 1, 2012 (in thousands):


	Years Ended December 31,
	2015		2014		2013
Rental revenues	$	85,163	$	74,530	$	61,555
Net income		32,652		13,378		5,676

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, 2014, 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.

Subsequent to December 31, 2015

On January 14, 2016, the Company completed the acquisition of an 11-asset retail portfolio totaling 1.1 million square feet for $170.5 million in cash. As of December 31, 2015, the Company had paid advance deposits of $3.5 million related to this portfolio acquisition. The $3.5 million of advance deposits is presented within other assets in the consolidated balance sheet. The Company is currently evaluating the accounting for this portfolio acquisition and anticipates that the consideration transferred will primarily be allocated to buildings, land and acquired lease intangibles.

Other 2015 Real Estate Transactions

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

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.

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.

On October 30, 2015, the Company completed the sale of the Oceaneering International facility for $30.0 million. Net proceeds to the Company after transaction costs were $29.0 million. The Company recognized a gain on the disposition of Oceaneering of $5.0 million.

On November 2, 2015, the Company entered into an agreement to sell the Richmond Tower office building for $78.0 million. The Company completed the disposition on January 8, 2016. Net proceeds to the Company after transaction costs were $77.0 million. The estimated gain on the disposition of Richmond Tower is approximately $26 million.

Other 2014 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.

Notes Receivable	12 Months Ended
Notes Receivable	Dec. 31, 2015
Notes Receivable
Notes Receivable	6.Notes Receivable 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 comprised of 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 December 31, 2015, the Company had funded $7.8 million under the BDG loan and for the year ended December 31, 2015, the Company recognized $0.1 million of interest income on the BDG loan. Because BDG is the developer of Point Street Apartments, the Company does not have the power to direct the activities of the project that most significantly impact its performance, nor is the Company the party most closely associated with the project. Therefore, the Company is not the project's primary beneficiary.

- Definition

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

+ References + Details

Construction Contracts

12 Months Ended

Dec. 31, 2015

Contractor Contracts

Construction Contracts

7.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 $19.2 million and $39.8 million were netted against construction contract costs and estimated earnings as of December 31, 2015 and 2014, respectively. The Company expects to bill and collect substantially all construction contract costs incurred as of December 31, 2015 during the year ending December 31, 2016.

The Company defers precontract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. Precontract costs of $0.5 million and $0.2 million were deferred as of December 31, 2015 and 2014, 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, 2015 and 2014, construction receivables included retentions of $10.8 million and $4.7 million, respectively. The Company expects to collect substantially all construction receivables as of December 31, 2015 during the year ending December 31, 2016. As of December 31, 2015 and 2014, construction payables included retentions of $12.3 million and $9.0 million, respectively. The Company expects to pay substantially all construction payables as of December 31, 2015 during the year ending December 31, 2016.

The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2015 and 2014 (in thousands):


	December 31,
	2015		2014
Costs incurred on uncompleted construction contracts	$	228,184	$	195,219
Estimated earnings		9,739		8,501
Billings		(240,059)		(204,501)
Net position	$	(2,136)	$	(781)


	December 31,
	2015		2014
Construction contract costs and estimated earnings in excess of billings	$	88	$	272
Billings in excess of construction contract costs and estimated earnings		(2,224)		(1,053)
Net position	$	(2,136)	$	(781)

The Company expects to complete all uncompleted contracts as of December 31, 2015 during the years ending December 31, 2016 and 2017.

Indebtedness

12 Months Ended

Dec. 31, 2015

Indebtedness

Indebtedness

8.Indebtedness

The Company’s indebtedness was comprised of the following as of December 31, 2015 and 2014 (dollars in thousands):


					Stated Interest		Stated Maturity
	Principal Balance				Rate		Date
	December 31,				December 31,
	2015		2014		2015
249 Central Park Retail(1)	$	15,282	$	15,566	5.99	%	September 8, 2016
Fountain Plaza Retail(1)		7,641		7,783	5.99	%	September 8, 2016
South Retail		6,742		6,867	5.99	%	September 8, 2016
4525 Main Street(2)		31,613		30,870	LIBOR + 1.95	%	January 30, 2017
Encore Apartments(2)		25,184		22,215	LIBOR + 1.95	%	January 30, 2017
North Point Center Note 5(3)		664		685	LIBOR + 2.00	%	February 1, 2017
Oyster Point		6,400		6,274	LIBOR+ 1.40%-2.00	%	February 28, 2017
Harrisonburg Regal		3,463		3,659	6.06	%	June 8, 2017
Commonwealth of Virginia - Chesapeake		4,933		3,585	LIBOR + 1.90	%	August 28, 2017
Hanbury Village Note 1		20,970		21,218	6.67	%	October 11, 2017
Lightfoot Marketplace		7,759		3,484	LIBOR + 1.90	%	November 14, 2017
Sandbridge Commons		9,010		5,892	LIBOR + 1.85	%	January 17, 2018
Columbus Village Note 1(3)		6,429		—	LIBOR + 2.00	%	April 5, 2018
Columbus Village Note 2		2,310		—	LIBOR + 2.00	%	April 5, 2018
Johns Hopkins Village		3,968		—	LIBOR + 1.90	%	July 30, 2018
North Point Center Note 1		9,969		10,149	6.45	%	February 5, 2019
Revolving credit facility		74,000		59,000	LIBOR+ 1.40%-2.00	%	February 20, 2019
Term loan(3)		50,000		—	LIBOR+ 1.35%-1.95	%	February 20, 2020
Socastee Commons		4,957		—	4.57	%	January 6, 2023
North Point Center Note 2		2,662		2,753	7.25	%	September 15, 2025
Smith's Landing		21,226		24,470	4.05	%	June 1, 2035
Liberty Apartments		20,312		20,603	5.66	%	November 1, 2043
The Cosmopolitan		46,519		47,132	3.75	%	July 1, 2051
Broad Creek Shopping Center Note 1		—		4,452	—		—
Broad Creek Shopping Center Note 2		—		8,173	—		—
Broad Creek Shopping Center Note 3		—		3,422	—		—
Commerce Street Retail		—		5,549	—		—
Dick's at Town Center		—		8,216	—		—
Hanbury Village Note 2		—		4,090	—		—
Oceaneering		—		13,490	—		—
Studio 56 Retail		—		2,618	—		—
Tyre Neck Harris Teeter		—		2,437	—		—
Whetstone Apartments		—		16,019	—		—
Total principal balance	$	382,013	$	360,671
Unamortized fair value adjustments		(1,287)		(1,442)
Unamortized debt issuance costs		(3,133)		(2,884)
Indebtedness, net	$	377,593	$	356,345

(1)

Cross collateralized.

(2)

Cross collateralized.

(3)

Subject to an interest rate swap agreement.

The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2015 and 2014 (in thousands):


	December 31,
	2015		2014
Fixed-rate debt	$	159,743	$	144,622
Variable-rate debt		222,270		216,049
Total principal balance	$	382,013	$	360,671

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, 2015, 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):


	Scheduled		Term-
	Principal		Loan		Total
Year	Payments		Maturities		Payments
2016	$	3,365	$	29,281	$	32,646
2017		2,914		100,194		103,108
2018		2,300		20,731		23,031
2019		2,132		83,333		85,465
2020		2,207		50,000		52,207
Thereafter		79,989		5,567		85,556
Total	$	92,907	$	289,106	$	382,013

Prior 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. The 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 includes an accordion feature that allows the total commitments to be increased to $350.0 million, subject to certain conditions. 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 December 31, 2015, the interest rates on the revolving credit facility and the term loan facility were 2.17% and 2.12%, respectively. 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 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.

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.

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 was $200.0 million as of December 31, 2015.

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.

Subsequent to December 31, 2015

On January 5, 2016, the Company increased the borrowings under the senior unsecured term loan facility to $75.0 million and increased the total capacity of the senior unsecured credit facility to $225.0 million, pursuant to the accordion feature of the credit facility.

Other 2015 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.

On October 6, 2015, the Operating Partnership entered into a $6.4 million note secured by the Oyster Point office building, which 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 building and recognized a loss on debt extinguishment of debt of $0.1 million representing unamortized debt issuance costs.

Other 2014 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.

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2015

Derivative Financial Instruments

Derivative Financial Instruments

9.Derivative Financial Instruments

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.

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.

On March 14, 2014, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $50.0 million at a strike rate of 1.25% for a premium of $0.4 million. The interest rate cap agreement expires on March 1, 2017.

The Company has not designated any of its interest rate caps as hedging instruments under GAAP.

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


	December 31,
	2015						2014
	Notional		Fair Value				Notional		Fair Value
	Amount		Asset		Liability		Amount		Asset		Liability
Interest rate swaps	$	57,093	$	—	$	(1,082)	$	685	$	—	$	(11)
Interest rate caps		246,546		164		—		180,434		260		—
Total	$	303,639	$	164	$	(1,082)	$	181,119	$	260	$	(11)

The changes in the fair value of the Company’s derivatives during each of the three years ended December 31, 2015 was as follows (in thousands):


	Years Ended December 31,
	2015		2014		2013
Interest rate swaps	$	(1,071)	$	5	$	152
Interest rate caps		(233)		(238)		(164)
Total	$	(1,304)	$	(233)	$	(12)
Comprehensive income statement presentation:
Other income (loss)	$	(229)	$	(233)	$	(12)
Unrealized gain (loss) on cash flow hedge		(1,075)		—		—
Total	$	(1,304)	$	(233)	$	(12)

Subsequent to December 31, 2015

On February 25, 2016, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $75.0 million at a strike rate of 1.50% for a premium of less than $0.1 million. The interest rate cap agreement expires on March 1, 2018.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-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
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

Reference 5: 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=35706170&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: 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=35706170&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5618551-113959

Reference 15: 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=35706170&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624181-113959

Reference 17: 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 18: 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=35706170&loc=d3e41638-113959

Reference 19: 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))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Equity

12 Months Ended

Dec. 31, 2015

Equity

Equity

10.Equity

Stockholders’ Equity

As of December 31, 2015 and 2014, the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 30.1 million and 25.0 million shares of common stock issued and outstanding as of December 31, 2015 and 2014, respectively. No shares of preferred stock were issued and outstanding as of December 31, 2015 or 2014.

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 year ended December 31, 2015, the Company issued and sold an aggregate of 1,108,149 shares of common stock at a weighted average price of $10.26 per share. Net proceeds to the Company after offering costs and commissions were $10.9 million.

On December 9, 2015, the Company completed an underwritten public offering of 3,450,000 shares of common stock. The net proceeds to the Company after deducting the underwriting discount and related offering costs were $35.1 million.

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.

Noncontrolling Interests

As of December 31, 2015 and 2014, the Company held a 65.6% 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 OP 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 they automatically convert to Class A Units.

On January 17, 2014, the Operating Partnership issued 695,652 Class A Units as partial consideration for the acquisition of Liberty Apartments. On March 31, 2014, the Operating Partnership issued 30,000 Class A Units in exchange for all noncontrolling interests in Sandbridge Commons. The Company recognized the difference between the fair value of the Class A 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 Class A 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. Subject to the satisfaction of certain conditions, holders of Class A 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 unregistered or registered 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 Class A Unit Distributions

During the year ended December 31, 2015, the Company declared the following dividends per share and distributions per unit:


			Dividend Per
			Share/Distribution
Declaration Date	Record Date	Paid Date	Per Unit
January 28, 2015	April 1, 2015	April 9, 2015	$	0.17
May 8, 2015	July 1, 2015	July 9, 2015		0.17
August 6, 2015	October 1, 2015	October 8, 2015		0.17
November 6, 2015	December 31, 2015	January 7, 2016		0.17
		Total	$	0.68

During the year ended December 31, 2015, the Company paid cash dividends of $17.1 million to common stockholders and the Operating Partnership paid cash distributions of $9.9 million to holders of Class A Units.

The tax treatment of dividends paid to common stockholders during the year ended December 31, 2015 was as follows (unaudited):


Capital gains	—	%
Ordinary income	64.21	%
Return of capital	35.79	%
Total	100.0	%

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


			Dividend Per
			Share/Distribution
Declaration Date	Record Date	Paid Date	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 Class A 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:


			Dividend Per
			Share/Distribution
Declaration Date	Record Date	Paid Date	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, 2015

On January 7, 2016, the Company paid cash dividends of $5.1 million to common stockholders and the Operating Partnership paid cash distributions of $2.5 million to holders of Class A Units.

On January 31, 2016, the Board of Directors declared a cash dividend of $0.18 per share to stockholders of record on March 30, 2016.

- 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.

+ References

Reference 1: 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.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: 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 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2015

Stock-based Compensation

Stock-Based Compensation

11.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, 2015, the Company had 352,940 shares of common stock reserved for issuance under the 2013 Equity Incentive Plan.

During the three years ended December 31, 2015, the Company granted an aggregate of 0.1 million, 0.1 million and 0.2 million shares of restricted stock to employees and nonemployee directors, respectively. The weighted average grant date fair value of the restricted stock awards granted during each of the three years ended December 31, 2015 was $1.2 million, $1.3 million and $1.9 million, respectively. 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 each of the threes year ended December 31, 2015, the Company recognized $1.0 million, $1.3 million and $1.2 million of stock-based compensation, respectively. As of December 31, 2015, the total unrecognized compensation cost related to nonvested restricted shares was $0.3 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, 2015:


		Weighted Average
	Restricted Stock	Grant Date Fair
	Awards	Value Per Share
Nonvested as of January 1, 2015	143,729	$	10.48
Granted	107,662		10.80
Vested	(147,042)		10.69
Forfeited	(2,294)		10.77
Nonvested as of December 31, 2015	102,055	$	10.52

Restricted stock awards granted and vested during the year ended December 31, 2015 include 27,259 shares tendered by employees to satisfy minimum statutory tax withholding obligations.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2015

Fair Value of Financial Instruments

Fair Value of Financial Instruments

12.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 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 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, 2015 and 2014 were as follows (in thousands):


	December 31,
	2015				2014
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Indebtedness, net	$	377,593	$	384,691	$	356,345	$	366,095
Interest rate swap liabilities		1,082		1,082		11		11
Interest rate cap assets		164		164		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

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Taxes

Income Taxes

13.Income Taxes

The income tax (benefit) provision for each of the three years ended December 31, 2015 comprised the following (in thousands):


	Years Ended December 31,
	2015		2014		2013
Federal income taxes:
Current	$	102	$	(37)	$	(356)
Deferred		(72)		(6)		113
State income taxes:
Current		13		(26)		(43)
Deferred		(9)		(1)		13
Income tax benefit (provision)	$	34	$	(70)	$	(273)

As of December 31, 2015 and 2014, the Company had $0.6 million and $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, 2015 or 2014. The Company is subject to examination by the applicable taxing authorities for the tax years 2013 through 2015.

Other Assets

12 Months Ended

Dec. 31, 2015

Other Assets.

Other Assets

14.Other Assets

Other assets were comprised of the following as of December 31, 2015 and 2014 (in thousands):


	December 31,
	2015		2014
Acquired lease intangibles, net	$	18,418	$	5,247
Leasing costs, net		10,839		11,683
Leasing incentives, net		5,408		6,237
Prepaid expenses and other		4,192		2,507
Advance deposits on property acquisitions		3,500		—
Preacquisition development costs		2,504		4,550
Other assets	$	44,861	$	30,224

Other Liabilities

12 Months Ended

Dec. 31, 2015

Other Liabilities.

Other Liabilities

15.Other Liabilities

Other liabilities were comprised of the following as of December 31, 2015 and 2014 (in thousands):


	December 31,
	2015		2014
Dividends and distributions payable	$	7,621	$	6,368
Deferred ground rent payable		7,484		6,790
Acquired lease intangibles, net		5,872		1,867
Prepaid rent and other		2,145		1,911
Security deposits		1,267		1,014
Interest rate swaps		1,082		11
Other liabilities	$	25,471	$	17,961

Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2015

Acquired Lease Intangibles

Acquired Lease Intangibles

16.Acquired Lease Intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2015 (in thousands):


	December 31, 2015
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	19,700	$	5,128	$	14,572
Above-market lease assets		2,380		314		2,066
Below-market lease liabilities		6,640		768		5,872
Below-market ground lease assets		1,920		140		1,780

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


	December 31, 2014
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		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

Amortization of in-place lease assets, net below-market lease liabilities and below-market ground lease assets for the year ended December 31, 2015 was $2.9 million, $0.1 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, 2014 was $1.3 million, $0.2 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):


					Depreciation and
	Rental Revenues		Rental Expenses		Amortization
Year ending December 31,
2016	$	146	$	53	$	3,521
2017		143		53		3,043
2018		174		53		2,089
2019		110		53		1,399
2020		85		53		1,250

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2015
Related Party Transactions
Related Party Transactions	17.Related Party Transactions The Company 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 the Company was $9.6 million, $5.3 million and $45.0 million for each of the three years ended December 31, 2015, respectively. Gross profits from such contracts were $0.3 million, $0.3 million and $1.5 million for each of the three years ended December 31, 2015, respectively. Amounts from related parties of the Company included in construction receivables as of December 31, 2015 and 2014 were $1.8 million and $1.0 million, respectively. Real estate services fees from affiliated entities of the Company was $0.5 million for the year ended December 31, 2014 and were not significant for either of the years ended December 31, 2015 or 2013. In addition, affiliated entities also reimburse the Company for monthly maintenance and facilities management services provided to the properties. Cost reimbursements earned by the Company from affiliated entities were not significant for any of the three years ended December 31, 2015. 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 comprehensive income.

- Definition

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

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies

Commitments and Contingencies

18.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 $183.0 million and $192.2 million as of December 31, 2015 and 2014, 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, 2015 and 2014, the Operating Partnership had total outstanding letters of credit of $8.0 million and $8.5 million, respectively.

The Company has five ground leases on four properties with initial terms that range from 20 to 65 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):


2016	$	1,587
2017		1,734
2018		1,738
2019		1,813
2020		1,821
Thereafter		93,293
Total	$	101,986

Ground rent expense for each of the three years ended December 31, 2015 was $1.7 million, $1.8 million and $1.5 million, respectively.

Concentrations of Credit Risk

The majority of the Company’s properties are located in Hampton Roads, Virginia. For each of the three years ended December 31, 2015, rental revenues from Hampton Roads properties represented 68%, 69% and 70%, respectively, of the Company’s rental revenues. Many of the Company’s Hampton Roads properties are located in the Town Center of Virginia Beach. For each of the three years ended December 31, 2015, rental revenues from Town Center properties represented 46%, 47% and 48%, respectively, of the Company’s rental revenues. Rental revenues from Richmond Tower individually represented 11%, 13% and 15% of the Company’s rental revenues for each of the three years ended December 31, 2015, respectively. As of December 31, 2015, a single tenant—Williams Mullen, a prominent Mid-Atlantic law firm—occupied over 80% of Richmond Tower, which the Company sold on January 8, 2016.

A single construction project in Baltimore, Maryland represented 64% and 41% of the Company’s general contracting and real estate services revenues for the years ended December 31, 2015 and 2014, respectively. The same project represented 50% and 27% of the Company’s general contracting and real estate services segment gross profit for the years ended December 31, 2015 and 2014, respectively.

Selected Quarterly Financial Data

12 Months Ended

Dec. 31, 2015

Selected Quarterly Financial Data

Selected Quarterly Financial Data

19.Selected Quarterly Financial Data (Unaudited)

The following tables summarize certain selected quarterly financial data for 2015 and 2014 (in thousands, except per share data):


	2015 Quarters
	First		Second		Third		Fourth
Rental revenues	$	18,190	$	19,908	$	21,303	$	21,771
General contracting and real estate services revenues		29,071		47,066		53,822		41,309
Net operating income		12,702		15,101		16,488		15,819
Net income		8,118		10,285		4,337		8,443
Net income attributable to stockholders		5,105		6,521		2,688		5,328
Net income per share: basic and diluted	$	0.20	$	0.25	$	0.10	$	0.19


	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

Schedule III-Consolidated Real Estate Investments and Accumulated Depreciation

12 Months Ended

Dec. 31, 2015

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure

Schedule III-Consolidated Real Estate Investments and Accumulated Depreciation

SCHEDULE III—Consolidated Real Estate Investments and Accumulated Depreciation

December 31, 2015


				Initial Cost				Cost Capitalized		Gross Carrying Amount											Year of
						Building and		Subsequent to				Building and				Accumulated			Net Carrying		Construction/
	Encumbrances			Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation			Amount(1)		Acquisition
Office
4525 Main Street	$	31,613		$	982	$	—	$	39,756	$	982	$	39,756	$	40,738	$	1,725		$	39,013	2014
Armada Hoffler Tower		—	(2)		1,976		—		55,927		1,976		55,927		57,903		25,569			32,334	2002
Brooks Crossing		—			121		—		7,562		121		7,562		7,683		—	(3)		7,683	—	(3)
Commonwealth of Virginia—Chesapeake		4,933			328		—		6,208		328		6,208		6,536		294			6,242	2015
Commonwealth of Virginia—Virginia Beach		—			208		—		2,159		208		2,159		2,367		86			2,281	2015
One Columbus		—	(2)		960		10,269		6,946		960		17,215		18,175		9,045			9,130	1984/2000
Oyster Point		6,400			57		—		11,595		57		11,595		11,652		8,927			2,725	1989
Two Columbus		—	(2)		53		—		18,291		53		18,291		18,344		5,120			13,224	2009
Total office	$	42,946		$	4,685	$	10,269	$	148,444	$	4,685	$	158,713	$	163,398	$	50,766		$	112,632
Retail
249 Central Park Retail	$	15,282		$	713	$	—	$	13,728	$	713	$	13,728	$	14,441	$	6,998		$	7,443	2004
Bermuda Crossroads		—	(2)		5,450		10,641		541		5,450		11,182		16,632		1,373			15,259	2001/2013
Broad Creek Shopping Center		—	(2)		—		—		15,692		—		15,692		15,692		7,894			7,798	1997-2001
Columbus Village		8,739			7,630		10,135		—		7,630		10,135		17,765		146			17,619	1985/2015
Commerce Street Retail		—	(2)		118		—		3,147		118		3,147		3,265		1,007			2,258	2008
Courthouse 7-Eleven		—	(2)		1,007		—		1,043		1,007		1,043		2,050		109			1,941	2011
Dick’s at Town Center		—	(2)		67		—		10,576		67		10,576		10,643		3,102			7,541	2002
Dimmock Square		—	(2)		5,100		13,126		9		5,100		13,135		18,235		512			17,723	1998/2014
Fountain Plaza Retail		7,641			425		—		7,085		425		7,085		7,510		2,750			4,760	2004
Gainsborough Square		—	(2)		2,229		—		6,873		2,229		6,873		9,102		2,821			6,281	1999
Greentree Shopping Center		—			1,523		—		4,022		1,523		4,022		5,545		186			5,359	2014
Hanbury Village		20,970	(2)		3,792		—		19,223		3,792		19,223		23,015		5,153			17,862	2009
Harrisonburg Regal		3,463			1,554		—		4,148		1,554		4,148		5,702		1,772			3,930	1999
Lightfoot Marketplace		7,759			7,628		—		7,856		7,628		7,856		15,484		—	(3)		15,484	—	(3)
North Point Center		13,295	(2)		1,936		—		25,018		1,936		25,018		26,954		10,945			16,009	1998
Parkway Marketplace		—	(2)		1,150		—		3,507		1,150		3,507		4,657		1,588			3,069	1998
Perry Hall Marketplace		—			3,240		8,316		—		3,240		8,316		11,556		234			11,322	2001/2015
Providence Plaza		—			9,950		12,369		10		9,950		12,379		22,329		124			22,205	2008/2015
Sandbridge Commons		9,010			5,267		—		6,594		5,267		6,594		11,861		200			11,661	2015
Socastee Commons		4,957			2,320		5,380		42		2,320		5,422		7,742		103			7,639	2000/2015
South Retail		6,742			190		—		7,333		190		7,333		7,523		3,491			4,032	2002
Stone House Square		—			6,360		16,350		82		6,360		16,432		22,792		413			22,379	2008/2015
Studio 56 Retail		—	(2)		76		—		2,477		76		2,477		2,553		628			1,925	2007
Tyre Neck Harris Teeter		—	(2)		—		—		3,306		—		3,306		3,306		590			2,716	2011
Total retail	$	97,858		$	67,725	$	76,317	$	142,312	$	67,725	$	218,629	$	286,354	$	52,139		$	234,215


			Initial Cost				Cost Capitalized		Gross Carrying Amount											Year of
					Building and		Subsequent to				Building and				Accumulated			Net Carrying		Construction/
	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation			Amount(1)		Acquisition
Mutifamily
Encore Apartments	$	25,184	$	1,293	$	—	$	30,069	$	1,293	$	30,069	$	31,362	$	972		$	30,390	2014
Liberty Apartments		20,312		3,580		23,494		1,188		3,580		24,682		28,262		1,668			26,594	2013/2014
Johns Hopkins Village		3,968		—		—		29,438		—		29,438		29,438		—	(3)		29,438	—	(3)
Smith’s Landing		21,226		—		35,105		843		—		35,948		35,948		3,040			32,908	2009/2013
The Cosmopolitan		46,519		985		—		56,664		985		56,664		57,649		16,795			40,854	2006
Total multifamily	$	117,209	$	5,858	$	58,599	$	118,202	$	5,858	$	176,801	$	182,659	$	22,475		$	160,184
Held for development	$	—	$	1,180	$	—	$	—	$	1,180	$	—	$	1,180	$	—		$	1,180
Real estate investments	$	258,013	$	79,448	$	145,185	$	408,958	$	79,448	$	554,143	$	633,591	$	125,380		$	508,211

⁽¹⁾

The net carrying amount of real estate for federal income tax purposes was $395.3 million as of December 31, 2015.

⁽²⁾

Borrowing base collateral for the credit facility as of December 31, 2015.

⁽³⁾

Construction in progress as of December 31, 2015.

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				Accumulated
	Investments				Depreciation
	December 31,
	2015		2014		2015		2014
Balance at beginning of the year	$	595,000	$	462,976	$	116,099	$	105,228
Construction costs and improvements		52,533		106,977		—		—
Acquisitions		83,230		45,300		—		—
Dispositions		(23,181)		(5,471)		(668)		(957)
Reclassifications		(73,991)		(14,782)		(8,729)		(3,156)
Depreciation		—		—		18,678		14,984
Balance at end of the year	$	633,591	$	595,000	$	125,380	$	116,099

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

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”).

Use of Estimates

Segments

Revenue Recognition

Rental Revenues

General Contracting and Real Estate Services Revenues

The Company 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 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)

Operating Property Acquisitions

Real Estate Investments Held for Sale

The Company classified the Richmond Tower office building and the Sentara Williamsburg medical office building as held for sale as of December 31, 2015 and 2014, respectively.

Impairment of Long Lived Assets

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

Accounts Receivable, net

Stock-Based Compensation

Income Taxes

Discontinued Operations

Net Income Per Share and Unit

Emerging Growth Company Status

Recent Accounting Pronouncements

Business and Organization (Tables)

12 Months Ended

Dec. 31, 2015

Business and Organization

Schedule of 100% owned properties

As of December 31, 2015, the Company owned 100% of the interests in each of the following properties in its operating property portfolio:


Property	Segment	Location
4525 Main Street	Office	Virginia Beach, Virginia*
Armada Hoffler Tower	Office	Virginia Beach, Virginia*
Commonwealth of Virginia – Chesapeake	Office	Chesapeake, Virginia
Commonwealth of Virginia – Virginia Beach	Office	Virginia Beach, Virginia
One Columbus	Office	Virginia Beach, Virginia*
Oyster Point	Office	Newport News, Virginia
Richmond Tower	Office	Richmond, 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
Columbus Village	Retail	Virginia Beach, 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
Perry Hall Marketplace	Retail	Perry Hall, Maryland
Providence Plaza	Retail	Charlotte, North Carolina
Sandbridge Commons	Retail	Virginia Beach, Virginia
Socastee Commons	Retail	Myrtle Beach, South Carolina
South Retail	Retail	Virginia Beach, Virginia*
Stone House Square	Retail	Hagerstown, Maryland
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*

*Located in the Town Center of Virginia Beach

Schedule of properties under development or construction

As of December 31, 2015, the following properties were under development or construction:


Property	Segment	Location
Lightfoot Marketplace	Retail	Williamsburg, Virginia
Johns Hopkins Village	Multifamily	Baltimore, Maryland
Brooks Crossing	Office/Retail	Newport News, Virginia

Segments (Tables)

12 Months Ended

Dec. 31, 2015

Segment Reporting

Net Operating Income of Reportable Segments

Net operating income of the Company’s reportable segments for each of the three years ended December 31, 2015 was as follows (in thousands):


	Years Ended December 31,
	2015		2014		2013
Office real estate
Rental revenues	$	31,534	$	27,827	$	25,794
Rental expenses		6,938		6,395		5,721
Real estate taxes		2,950		2,315		2,171
Segment net operating income		21,646		19,117		17,902
Retail real estate
Rental revenues		32,064		23,956		21,755
Rental expenses		5,915		5,011		4,808
Real estate taxes		2,928		2,097		1,971
Segment net operating income		23,221		16,848		14,976
Multifamily residential real estate
Rental revenues		17,574		12,963		9,971
Rental expenses		6,351		5,261		3,496
Real estate taxes		1,904		1,331		982
Segment net operating income		9,319		6,371		5,493
General contracting and real estate services
Segment revenues		171,268		103,321		82,516
Segment expenses		165,344		98,754		78,813
Segment gross profit		5,924		4,567		3,703
Net operating income	$	60,110	$	46,903	$	42,074

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, 2015 (in thousands):


	Years Ended December 31,
	2015		2014		2013

Net operating income	$	60,110	$	46,903	$	42,074
Depreciation and amortization		(23,153)		(17,569)		(14,898)
General and administrative expenses		(8,397)		(7,711)		(6,937)
Acquisition, development and other pursuit costs		(1,935)		(229)		—
Impairment charges		(41)		(15)		(580)
Interest income		126		—		—
Interest expense		(13,333)		(10,648)		(12,303)
Loss on extinguishment of debt		(512)		—		(2,387)
Gain on real estate dispositions and acquisitions		18,394		2,211		9,460
Other (expense) income		(110)		(113)		297
Income tax benefit (provision)		34		(70)		(273)
Net income	$	31,183	$	12,759	$	14,453

Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2015

Real Estate Investments

Schedule of Real Estate Investments

The Company’s real estate investments comprised the following as of December 31, 2015 and 2014 (in thousands):


	December 31, 2015
	Income		Held		Construction
	producing		for		in
	property		development		progress		Total
Land	$	70,518	$	1,180	$	7,750	$	79,448
Land improvements		26,172		—		—		26,172
Buildings and improvements		482,310		—		—		482,310
Development and construction costs		—		—		45,661		45,661
Real estate investments	$	579,000	$	1,180	$	53,411	$	633,591


	December 31, 2014
	Income		Held		Construction
	producing		for		in
	property		development		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

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed during the year ended December 31, 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 estimated fair values of the assets acquired and liabilities assumed during the year ended December 31, 2014 (in thousands):


Land	$	8,680
Site improvements		880
Building and improvements		35,740
In-place leases		2,220
Indebtedness		(16,966)
Above and below-market leases		(390)
Net working capital		(679)
Net assets acquired	$	29,485

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


	Years Ended December 31,
	2015		2014		2013
Rental revenues	$	85,163	$	74,530	$	61,555
Net income		32,652		13,378		5,676

Construction Contracts (Tables)

12 Months Ended

Dec. 31, 2015

Contractor Contracts

Net Position of Uncompleted Construction Contracts

The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2015 and 2014 (in thousands):


	December 31,
	2015		2014
Costs incurred on uncompleted construction contracts	$	228,184	$	195,219
Estimated earnings		9,739		8,501
Billings		(240,059)		(204,501)
Net position	$	(2,136)	$	(781)


	December 31,
	2015		2014
Construction contract costs and estimated earnings in excess of billings	$	88	$	272
Billings in excess of construction contract costs and estimated earnings		(2,224)		(1,053)
Net position	$	(2,136)	$	(781)

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2015

Indebtedness

Schedule of Debt

The Company’s indebtedness was comprised of the following as of December 31, 2015 and 2014 (dollars in thousands):


					Stated Interest		Stated Maturity
	Principal Balance				Rate		Date
	December 31,				December 31,
	2015		2014		2015
249 Central Park Retail(1)	$	15,282	$	15,566	5.99	%	September 8, 2016
Fountain Plaza Retail(1)		7,641		7,783	5.99	%	September 8, 2016
South Retail		6,742		6,867	5.99	%	September 8, 2016
4525 Main Street(2)		31,613		30,870	LIBOR + 1.95	%	January 30, 2017
Encore Apartments(2)		25,184		22,215	LIBOR + 1.95	%	January 30, 2017
North Point Center Note 5(3)		664		685	LIBOR + 2.00	%	February 1, 2017
Oyster Point		6,400		6,274	LIBOR+ 1.40%-2.00	%	February 28, 2017
Harrisonburg Regal		3,463		3,659	6.06	%	June 8, 2017
Commonwealth of Virginia - Chesapeake		4,933		3,585	LIBOR + 1.90	%	August 28, 2017
Hanbury Village Note 1		20,970		21,218	6.67	%	October 11, 2017
Lightfoot Marketplace		7,759		3,484	LIBOR + 1.90	%	November 14, 2017
Sandbridge Commons		9,010		5,892	LIBOR + 1.85	%	January 17, 2018
Columbus Village Note 1(3)		6,429		—	LIBOR + 2.00	%	April 5, 2018
Columbus Village Note 2		2,310		—	LIBOR + 2.00	%	April 5, 2018
Johns Hopkins Village		3,968		—	LIBOR + 1.90	%	July 30, 2018
North Point Center Note 1		9,969		10,149	6.45	%	February 5, 2019
Revolving credit facility		74,000		59,000	LIBOR+ 1.40%-2.00	%	February 20, 2019
Term loan(3)		50,000		—	LIBOR+ 1.35%-1.95	%	February 20, 2020
Socastee Commons		4,957		—	4.57	%	January 6, 2023
North Point Center Note 2		2,662		2,753	7.25	%	September 15, 2025
Smith's Landing		21,226		24,470	4.05	%	June 1, 2035
Liberty Apartments		20,312		20,603	5.66	%	November 1, 2043
The Cosmopolitan		46,519		47,132	3.75	%	July 1, 2051
Broad Creek Shopping Center Note 1		—		4,452	—		—
Broad Creek Shopping Center Note 2		—		8,173	—		—
Broad Creek Shopping Center Note 3		—		3,422	—		—
Commerce Street Retail		—		5,549	—		—
Dick's at Town Center		—		8,216	—		—
Hanbury Village Note 2		—		4,090	—		—
Oceaneering		—		13,490	—		—
Studio 56 Retail		—		2,618	—		—
Tyre Neck Harris Teeter		—		2,437	—		—
Whetstone Apartments		—		16,019	—		—
Total principal balance	$	382,013	$	360,671
Unamortized fair value adjustments		(1,287)		(1,442)
Unamortized debt issuance costs		(3,133)		(2,884)
Indebtedness, net	$	377,593	$	356,345

(1)

Cross collateralized.

(2)

Cross collateralized.

(3)

Subject to an interest rate swap agreement.

Components of Debt

The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2015 and 2014 (in thousands):


	December 31,
	2015		2014
Fixed-rate debt	$	159,743	$	144,622
Variable-rate debt		222,270		216,049
Total principal balance	$	382,013	$	360,671

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):


	Scheduled		Term-
	Principal		Loan		Total
Year	Payments		Maturities		Payments
2016	$	3,365	$	29,281	$	32,646
2017		2,914		100,194		103,108
2018		2,300		20,731		23,031
2019		2,132		83,333		85,465
2020		2,207		50,000		52,207
Thereafter		79,989		5,567		85,556
Total	$	92,907	$	289,106	$	382,013

- Definition

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.

+ References

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-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

+ Details

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Financial Instruments

Schedule of Derivatives

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


	December 31,
	2015						2014
	Notional		Fair Value				Notional		Fair Value
	Amount		Asset		Liability		Amount		Asset		Liability
Interest rate swaps	$	57,093	$	—	$	(1,082)	$	685	$	—	$	(11)
Interest rate caps		246,546		164		—		180,434		260		—
Total	$	303,639	$	164	$	(1,082)	$	181,119	$	260	$	(11)

Schedule of changes in fair value of derivatives

The changes in the fair value of the Company’s derivatives during each of the three years ended December 31, 2015 was as follows (in thousands):


	Years Ended December 31,
	2015		2014		2013
Interest rate swaps	$	(1,071)	$	5	$	152
Interest rate caps		(233)		(238)		(164)
Total	$	(1,304)	$	(233)	$	(12)
Comprehensive income statement presentation:
Other income (loss)	$	(229)	$	(233)	$	(12)
Unrealized gain (loss) on cash flow hedge		(1,075)		—		—
Total	$	(1,304)	$	(233)	$	(12)

- 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=35706170&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=35706170&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=35706170&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=35706170&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=35706170&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

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

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35706170&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=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

+ Details

Equity (Tables)

12 Months Ended

Dec. 31, 2015

Equity

Declared Dividends Per Share and Distributions Per Unit

During the year ended December 31, 2015, the Company declared the following dividends per share and distributions per unit:


			Dividend Per
			Share/Distribution
Declaration Date	Record Date	Paid Date	Per Unit
January 28, 2015	April 1, 2015	April 9, 2015	$	0.17
May 8, 2015	July 1, 2015	July 9, 2015		0.17
August 6, 2015	October 1, 2015	October 8, 2015		0.17
November 6, 2015	December 31, 2015	January 7, 2016		0.17
		Total	$	0.68

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


			Dividend Per
			Share/Distribution
Declaration Date	Record Date	Paid Date	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:


			Dividend Per
			Share/Distribution
Declaration Date	Record Date	Paid Date	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, 2015 was as follows (unaudited):


Capital gains	—	%
Ordinary income	64.21	%
Return of capital	35.79	%
Total	100.0	%

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, 2015

Stock-based Compensation

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, 2015:


		Weighted Average
	Restricted Stock	Grant Date Fair
	Awards	Value Per Share
Nonvested as of January 1, 2015	143,729	$	10.48
Granted	107,662		10.80
Vested	(147,042)		10.69
Forfeited	(2,294)		10.77
Nonvested as of December 31, 2015	102,055	$	10.52

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value of Financial Instruments

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, 2015 and 2014 were as follows (in thousands):


	December 31,
	2015				2014
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Indebtedness, net	$	377,593	$	384,691	$	356,345	$	366,095
Interest rate swap liabilities		1,082		1,082		11		11
Interest rate cap assets		164		164		260		260

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

Income Tax Provision

The income tax (benefit) provision for each of the three years ended December 31, 2015 comprised the following (in thousands):


	Years Ended December 31,
	2015		2014		2013
Federal income taxes:
Current	$	102	$	(37)	$	(356)
Deferred		(72)		(6)		113
State income taxes:
Current		13		(26)		(43)
Deferred		(9)		(1)		13
Income tax benefit (provision)	$	34	$	(70)	$	(273)

Other Assets (Tables)

12 Months Ended

Dec. 31, 2015

Other Assets.

Other Assets

Other assets were comprised of the following as of December 31, 2015 and 2014 (in thousands):


	December 31,
	2015		2014
Acquired lease intangibles, net	$	18,418	$	5,247
Leasing costs, net		10,839		11,683
Leasing incentives, net		5,408		6,237
Prepaid expenses and other		4,192		2,507
Advance deposits on property acquisitions		3,500		—
Preacquisition development costs		2,504		4,550
Other assets	$	44,861	$	30,224

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2015

Other Liabilities.

Other Liabilities


	December 31,
	2015		2014
Dividends and distributions payable	$	7,621	$	6,368
Deferred ground rent payable		7,484		6,790
Acquired lease intangibles, net		5,872		1,867
Prepaid rent and other		2,145		1,911
Security deposits		1,267		1,014
Interest rate swaps		1,082		11
Other liabilities	$	25,471	$	17,961

Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015 (in thousands):


	December 31, 2015
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	19,700	$	5,128	$	14,572
Above-market lease assets		2,380		314		2,066
Below-market lease liabilities		6,640		768		5,872
Below-market ground lease assets		1,920		140		1,780

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


	December 31, 2014
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		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

Estimated Amortization of Acquired Lease Intangibles

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


					Depreciation and
	Rental Revenues		Rental Expenses		Amortization
Year ending December 31,
2016	$	146	$	53	$	3,521
2017		143		53		3,043
2018		174		53		2,089
2019		110		53		1,399
2020		85		53		1,250

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies

Future Minimum Rental Payments

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


2016	$	1,587
2017		1,734
2018		1,738
2019		1,813
2020		1,821
Thereafter		93,293
Total	$	101,986

Selected Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2015

Selected Quarterly Financial Data

Summary Certain Selected Quarterly Financial Data

The following tables summarize certain selected quarterly financial data for 2015 and 2014 (in thousands, except per share data):


	2015 Quarters
	First		Second		Third		Fourth
Rental revenues	$	18,190	$	19,908	$	21,303	$	21,771
General contracting and real estate services revenues		29,071		47,066		53,822		41,309
Net operating income		12,702		15,101		16,488		15,819
Net income		8,118		10,285		4,337		8,443
Net income attributable to stockholders		5,105		6,521		2,688		5,328
Net income per share: basic and diluted	$	0.20	$	0.25	$	0.10	$	0.19


	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

Business and Organization - Additional Information (Detail) $ in Millions						12 Months Ended
	Dec. 09, 2015 shares	Nov. 20, 2014 USD ($)	Sep. 15, 2014 shares	May 22, 2013 USD ($) shares	May 13, 2013 shares	Dec. 31, 2015	Dec. 31, 2014 item
Business and Organization
Common stock, shares issued \| shares	3,450,000		5,750,000
Net proceeds from Initial Public Offering \| $				$ 192.2
Ownership interest percentage in properties						100.00%
IPO
Business and Organization
Common stock, shares issued \| shares					16,525,000
Underwriters Exercise of Overallotment Option
Business and Organization
Common stock, shares issued \| shares				2,478,750
Operating Partnership
Business and Organization
Operating partnership payment of outstanding indebtedness \| $				$ 150.0
Consideration paid to prior investors \| $		$ 1.3		$ 47.6
Options to acquire developable lands, number of parcels of developable land to be acquired \| item							9
Interest acquired (as a percent)							100.00%
Lightfoot Marketplace
Business and Organization
Ownership interest percentage in properties						60.00%
Increase in ownership interest due to certain events						70.00%
Johns Hopkins Village
Business and Organization
Ownership interest percentage in properties						80.00%
Noncontrolling interest ownership percentage in properties						20.00%
Period for exchange of ownership interest after project completion						1 year
Brooks Crossing
Business and Organization
Ownership interest percentage in properties						65.00%
Liberty Apartments \| Operating Partnership
Business and Organization
Business acquisition date							Jan. 17, 2014

Significant Accounting Policies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) segment	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Accounting Policies [Line Items]
Business segments \| segment	4
Straight-line rent adjustments	$ 1,900	$ 2,200	$ 1,100
Contingent rents included in revenue	100	100	100
Leasing incentive amortization	800	700	800
Interest capitalized	1,000	3,100	600
Indirect project costs	2,100	2,400	1,600
Capitalized preacquisition development costs	2,504	4,550
Accounts receivable, net	21,982	20,548
Stock-based compensation expense	931	917	$ 1,249
Capitalized stock-based compensation	$ 400	400
Percentage of taxable income for distributions to stockholders	90.00%
Accrued Straight-line Rental Revenue [Member]
Accounting Policies [Line Items]
Accounts receivable, net	$ 20,300	$ 19,400

Significant Accounting Policies - Estimated Useful Lives (Detail)	12 Months Ended
	Dec. 31, 2015
Building [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years
Capital Improvements [Member] \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Capital Improvements [Member] \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Equipment [Member] \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Equipment [Member] \| Maximum
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)

Significant Accounting Policies - Recent Accounting Pronouncements (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Recent Accounting Pronouncements
Other Assets	$ 44,861	$ 30,224
Long-term Debt	$ 377,593	356,345
Accounting Standards Update 2015-03 \| Adjustments for New Accounting Principle, Early Adoption [Member]
Recent Accounting Pronouncements
Other Assets		(2,900)
Long-term Debt		$ (2,900)

Segments - Net Income of Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information
Rental revenues	$ 21,771	$ 21,303	$ 19,908	$ 18,190	$ 17,521	$ 16,713	$ 15,319	$ 15,193	$ 81,172	$ 64,746	$ 57,520
Rental expenses									19,204	16,667	14,025
Real estate taxes									7,782	5,743	5,124
Segment revenues	41,309	53,822	47,066	29,071	32,060	31,532	20,495	19,234	171,268	103,321	82,516
Segment expenses									165,344	98,754	78,813
Operating income	$ 15,819	$ 16,488	$ 15,101	$ 12,702	$ 12,685	$ 11,883	$ 11,212	$ 11,123	26,584	21,379	19,659
Office Real Estate
Segment Reporting Information
Rental revenues									31,534	27,827	25,794
Rental expenses									6,938	6,395	5,721
Real estate taxes									2,950	2,315	2,171
Retail Real Estate
Segment Reporting Information
Rental revenues									32,064	23,956	21,755
Rental expenses									5,915	5,011	4,808
Real estate taxes									2,928	2,097	1,971
Multifamily Residential Real Estate
Segment Reporting Information
Rental revenues									17,574	12,963	9,971
Rental expenses									6,351	5,261	3,496
Real estate taxes									1,904	1,331	982
General Contracting And Real Estate Services
Segment Reporting Information
Segment revenues									171,268	103,321	82,516
Segment expenses									165,344	98,754	78,813
Operating Segments
Segment Reporting Information
Operating income									60,110	46,903	42,074
Operating Segments \| Office Real Estate
Segment Reporting Information
Operating income									21,646	19,117	17,902
Operating Segments \| Retail Real Estate
Segment Reporting Information
Operating income									23,221	16,848	14,976
Operating Segments \| Multifamily Residential Real Estate
Segment Reporting Information
Operating income									9,319	6,371	5,493
Operating Segments \| General Contracting And Real Estate Services
Segment Reporting Information
Operating income									$ 5,924	$ 4,567	$ 3,703

Segments - Intercompany (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Segments - Intercompany (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information
General contracting and real estate services revenues	$ 41,309	$ 53,822	$ 47,066	$ 29,071	$ 32,060	$ 31,532	$ 20,495	$ 19,234	$ 171,268	$ 103,321	$ 82,516
General contracting and real estate services expenses									165,344	98,754	78,813
Non-cash stock compensation									931	917	1,249
General Contracting And Real Estate Services
Segment Reporting Information
General contracting and real estate services revenues									171,268	103,321	82,516
General contracting and real estate services expenses									165,344	98,754	78,813
Non-cash stock compensation									200
General Contracting And Real Estate Services \| Intersegment Eliminations [Member]
Segment Reporting Information
General contracting and real estate services revenues									(43,100)	(85,400)	(35,700)
General contracting and real estate services expenses									$ (42,800)	$ (84,600)	$ (35,400)

Segments - Reconciliation of Net Operating Income to Net Income (Detail) - USD ($) $ in Thousands	3 Months Ended								8 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net operating income	$ 15,819	$ 16,488	$ 15,101	$ 12,702	$ 12,685	$ 11,883	$ 11,212	$ 11,123		$ 26,584	$ 21,379	$ 19,659
Depreciation and amortization										(23,153)	(17,569)	(14,898)
General and administrative expenses										(8,397)	(7,711)	(6,937)
Acquisition, development and other pursuit costs										(1,935)	(229)
Impairment charges										(41)	(15)	(580)
Interest Income										126
Interest expense										(13,333)	(10,648)	(12,303)
Loss on extinguishment of debt										(512)		(2,387)
Gain on real estate dispositions and acquisitions										18,394	2,211	9,460
Other (expense) income										(110)	(113)	297
Income tax provision										34	(70)	(273)
Net income									$ 12,433	31,183	12,759	14,453
Operating Segments
Net operating income										$ 60,110	$ 46,903	$ 42,074

Segments - Additional information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information
Non-cash stock compensation	$ 931	$ 917	$ 1,249
General and Administrative Expenses [Member]
Segment Reporting Information
Non-cash stock compensation	$ 700	$ 700	$ 1,200

Segments - Rental Revenues of Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information
Rental revenues	$ 21,771	$ 21,303	$ 19,908	$ 18,190	$ 17,521	$ 16,713	$ 15,319	$ 15,193	$ 81,172	$ 64,746	$ 57,520
Straight-line rent revenue									1,924	2,203	1,055
Amortization of leasing incentive									(800)	(700)	(800)
Office Real Estate
Segment Reporting Information
Rental revenues									31,534	27,827	25,794
Retail Real Estate
Segment Reporting Information
Rental revenues									32,064	23,956	21,755
Multifamily Residential Real Estate
Segment Reporting Information
Rental revenues									$ 17,574	$ 12,963	$ 9,971

Operating Leases - Additional Information (Detail)	12 Months Ended
Operating Leases - Additional Information (Detail)	Dec. 31, 2015
Multifamily Residential Real Estate \| Minimum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	7 months
Multifamily Residential Real Estate \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	15 months
Multifamily Residential Real Estate \| Majority [Member]
Property Subject to or Available for Operating Lease [Line Items]
Lease term	12 months
Apartment Leases [Member] \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	1 year
Commercial Tenant Lease [Member] \| Minimum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	5 years
Commercial Tenant Lease [Member] \| Maximum
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, 2015 USD ($)
Operating lease
2016	$ 60,658
2017	59,890
2018	54,683
2019	46,128
2020	39,895
Thereafter	249,929
Total	$ 511,183

Real Estate Investments - Real Estate Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]
Land	$ 79,448	$ 56,158
Land improvements	26,172	16,279
Buildings and improvements	482,310	456,741
Development and construction costs	45,661	65,822
Gross real estate investments	633,591	595,000	$ 462,976
Income producing property
Real Estate Properties [Line Items]
Land	70,518	40,898
Land improvements	26,172	16,279
Buildings and improvements	482,310	456,741
Gross real estate investments	579,000	513,918
Held for development
Real Estate Properties [Line Items]
Land	1,180
Gross real estate investments	1,180
Construction in progress
Real Estate Properties [Line Items]
Land	7,750	15,260
Development and construction costs	45,661	65,822
Gross real estate investments	$ 53,411	$ 81,082

Real Estate Investments - Additional Information (Detail) $ in Thousands																					3 Months Ended								8 Months Ended	12 Months Ended
	Jan. 14, 2016 USD ($) ft²	Jan. 08, 2016 USD ($)	Nov. 02, 2015 USD ($)	Oct. 30, 2015 USD ($)	Oct. 05, 2015 USD ($) a	Sep. 01, 2015 USD ($) a building	Jul. 10, 2015 USD ($) ft² shares	Jul. 01, 2015 USD ($) ft²	May 20, 2015 USD ($)	Apr. 08, 2015 USD ($) shares	Mar. 31, 2015 USD ($)	Feb. 13, 2015 USD ($)	Jan. 05, 2015 USD ($)	Nov. 20, 2014 USD ($)	Sep. 29, 2014 USD ($)	Aug. 15, 2014 USD ($) ft² shares	May 01, 2014 USD ($)	Apr. 16, 2014 USD ($)	Jan. 17, 2014 USD ($) shares	May 13, 2013 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Sep. 01, 2015 ft²
Real Estate Properties [Line Items]
Rental revenues																					$ 21,771	$ 21,303	$ 19,908	$ 18,190	$ 17,521	$ 16,713	$ 15,319	$ 15,193		$ 81,172	$ 64,746	$ 57,520
Net income (loss)																					8,443	$ 4,337	$ 10,285	$ 8,118	5,226	$ 2,754	$ 2,273	$ 2,506		19,642	7,691	$ 7,336
Acquisition, development and other pursuit costs																														1,935	229
Identified intangible assets assigned to in-place leases																					18,418				$ 5,247					18,418	5,247
Sale of office property																														79,566	7,387
Other Assets
Real Estate Properties [Line Items]
Advance acquisition deposits																					$ 3,500									3,500
Sentara Williamsburg
Real Estate Properties [Line Items]
Sale of office property													$ 15,400
Net proceeds after transaction costs and tax protection payments													15,200
Gain (Loss) on disposition of property													$ 6,200
Whetstone Apartments
Real Estate Properties [Line Items]
Sale of office property									$ 35,600
Net proceeds after transaction costs and tax protection payments									35,500
Gain (Loss) on disposition of property									$ 7,200
Oyster Point
Real Estate Properties [Line Items]
Sale of office property												$ 6,500
Oceaneering
Real Estate Properties [Line Items]
Sale of office property				$ 30,000
Net proceeds after transaction costs and tax protection payments				29,000
Gain (Loss) on disposition of property				$ 5,000
Richmond Tower
Real Estate Properties [Line Items]
Sale of office property			$ 78,000
Net proceeds after transaction costs and tax protection payments		$ 77,000
Gain (Loss) on disposition of property		$ 26,000
Virginia Natural Gas
Real Estate Properties [Line Items]
Sale of office property														$ 8,900
Net proceeds after transaction costs and tax protection payments														7,400
Gain (Loss) on disposition of property														$ 2,200
2015 Operating Property Acquisitions
Real Estate Properties [Line Items]
Rental revenues																														4,800
Net income (loss)																														$ 800
Stone House Square and Perry Hall Marketplace
Real Estate Properties [Line Items]
Acquisition, total consideration										$ 35,400
Acquisition, common units/shares issued \| shares										415,500
Acquisition, cash consideration										$ 39,800
Socastee Commons
Real Estate Properties [Line Items]
Acquisition, total consideration								$ 8,700
Acquisition, assumption of debt								5,000
Acquisition, cash consideration								3,700
Fair value premium adjustment to the assumed debt								$ 100
Area of property acquired \| ft²								57,000
Columbus Village
Real Estate Properties [Line Items]
Acquisition, total consideration							$ 19,200
Acquisition, assumption of debt							$ 8,800
Area of property acquired \| ft²							65,000
Columbus Village \| Class B units
Real Estate Properties [Line Items]
Acquisition, common units/shares issued \| shares							1,000,000
Columbus Village \| Class C units
Real Estate Properties [Line Items]
Acquisition, common units/shares issued \| shares							275,000
Providence Plaza
Real Estate Properties [Line Items]
Acquisition, cash consideration						$ 26,200
Area of property acquired						1																											103,000
Number of buildings \| building						3
2014 Operating Property Acquisitions
Real Estate Properties [Line Items]
Rental revenues																															1,800
Net income (loss)																															$ (2,200)
Liberty Apartments
Real Estate Properties [Line Items]
Acquisition, total consideration																			$ 26,700
Acquisition, assumption of debt																			17,000
Acquisition, cash consideration																			3,000
Fair value discount adjustment to the assumed debt																			1,500
Outstanding principal balance of the assumed debt																			$ 18,500
Liberty Apartments \| Class A units
Real Estate Properties [Line Items]
Acquisition, common units/shares issued \| shares																			695,652
Dimmock Square
Real Estate Properties [Line Items]
Acquisition, total consideration																$ 19,700
Acquisition, common units/shares issued \| shares																990,952
Acquisition, cash consideration																$ 10,100
Area of property acquired \| ft²																106,166
Acquisition, cash immediately defeased																$ 10,100
Dimmock Square \| Class A units
Real Estate Properties [Line Items]
Acquisition, common units/shares issued \| shares																990,952
Bermuda Crossroads
Real Estate Properties [Line Items]
Additional interest acquired (as a percent)																				50.00%
Acquisition, total consideration																				$ 3,200
Acquisition-date fair values of previous equity interests																				$ 3,200
Bermuda Crossroads \| Predecessor
Real Estate Properties [Line Items]
Interests in equity method investments (as a percent)																				50.00%
Smith's Landing
Real Estate Properties [Line Items]
Additional interest acquired (as a percent)																				60.00%
Acquisition, total consideration																				$ 7,500
Acquisition-date fair values of previous equity interests																				$ 5,000
Smith's Landing \| Predecessor
Real Estate Properties [Line Items]
Interests in equity method investments (as a percent)																				40.00%
Bermuda Crossroads and Smith's Landing
Real Estate Properties [Line Items]
Interest acquired (as a percent)																				100.00%
Rental revenues																													$ 3,800
Net income (loss)																													$ 200
Gain on remeasurement of prior equity interests																				$ 9,500
11- asset retail portfolio
Real Estate Properties [Line Items]
Acquisition, cash consideration	$ 170,500
Area of property acquired \| ft²	1,100,000
Williamsburg VA
Real Estate Properties [Line Items]
Payments for purchase of land																		$ 7,600
Chesapeake
Real Estate Properties [Line Items]
Payments for purchase of land																	$ 300
Town Center of Virginia Beach
Real Estate Properties [Line Items]
Payments for purchase of land											$ 1,200
Newport News
Real Estate Properties [Line Items]
Area of property acquired \| a					3.24
Payments for purchase of land					$ 100
Virginia Beach, VA
Real Estate Properties [Line Items]
Payments for purchase of land															$ 200

Real Estate Investments - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
2015 Operating Property Acquisitions
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
2014 Operating Property Acquisitions
Real Estate Properties [Line Items]
Land		$ 8,680
Site improvements		880
Building and improvements		35,740
In-place leases		2,220
Indebtedness		(16,966)
Above and below-market leases		(390)
Net working capital		(679)
Net assets acquired		$ 29,485

Real Estate Investments - Summary of Consolidated and Combined Results of Operations on Pro Forma Basis (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate Investments
Rental revenues	$ 85,163	$ 74,530	$ 61,555
Net income	$ 32,652	$ 13,378	$ 5,676

Notes Receivable (Detail) $ in Thousands		12 Months Ended
Notes Receivable (Detail) $ in Thousands	Oct. 15, 2015 USD ($) ft² item	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Notes Receivable
Ownership interest percentage in properties		100.00%
Pay down of construction loan		$ 206,889	$ 63,306	$ 197,478
Notes receivable		7,825
Interest Income		126
BDG Loan
Notes Receivable
Stated Interest Rate (as a percent)	8.00%
Number of times the loan receivable can be extended \| item	2
Notes receivable		7,800
Interest Income		$ 100
BDG Loan \| First Option
Notes Receivable
Repayment of notes receivable	$ 19,900
Stated interest rate, basis spread on variable rate	2.00%
BDG Loan \| Occurrence Of Certain Condition
Notes Receivable
Description of variable rate basis	one-month LIBOR
Stated interest rate, basis spread on variable rate	2.00%
Point Street Apartments
Notes Receivable
Development project future value	$ 93,000
Number of stories \| item	17
Number of residential units \| item	289
Area of retail space \| ft²	18,000
Point Street Apartments \| Maximum
Notes Receivable
Commitment to invest in a development project	$ 23,000
Point Street Apartments \| Option To Purchase \| Maximum
Notes Receivable
Ownership interest percentage in properties	88.00%
Point Street Apartments \| First Option
Notes Receivable
Ownership interest percentage in properties	79.00%
Purchase price	$ 27,300
Period after completion to exercise purchase option	1 year
Point Street Apartments \| Second Option
Notes Receivable
Ownership interest percentage in properties	9.00%
Purchase price	$ 3,100
Period after completion to exercise purchase option	27 months
Point Street Apartments \| Financial Guarantee
Notes Receivable
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 25,000
BDG \| First Option
Notes Receivable
Pay down of construction loan	$ 7,400
BDG \| BDG Loan
Notes Receivable
Extension period of the loan receivable	1 year
BDG \| Point Street Apartments \| Maximum
Notes Receivable
Construction Loan	$ 70,000

Construction Contracts - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Contractor Contracts
Billings netted against construction contract costs and estimated earnings	$ 19.2	$ 39.8
Deferred precontract costs	0.5	0.2
Construction receivables retentions	10.8	4.7
Construction payables retentions	$ 12.3	$ 9.0

Construction Contracts - Net Position of Uncompleted Construction Contracts (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Contractor Contracts
Costs incurred on uncompleted construction contracts	$ 228,184	$ 195,219
Estimated earnings	9,739	8,501
Billings	(240,059)	(204,501)
Construction contract costs and estimated earnings in excess of billings	88	272
Billings in excess of construction contract costs and estimated earnings	(2,224)	(1,053)
Net position	$ (2,136)	$ (781)

Indebtedness - Schedule of Debt (Detail) - USD ($) $ in Thousands					12 Months Ended
	Jul. 30, 2015	Jul. 10, 2015	Jul. 01, 2015	May 27, 2015	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total					$ 382,013	$ 360,671
Unamortized fair value adjustments					(1,287)	(1,442)
Unamortized debt issuance expense					(3,133)	(2,884)
Indebtedness, net					377,593	356,345
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total					$ 74,000	59,000
Stated Maturity Date					Feb. 20, 2019
Revolving Credit Facility [Member] \| LIBOR [Member] \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.40%
Revolving Credit Facility [Member] \| LIBOR [Member] \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					2.00%
Senior Unsecured Term Loan Facility [Member]
Debt Instrument [Line Items]
Total					$ 50,000
Stated Maturity Date					Feb. 20, 2020
Senior Unsecured Term Loan Facility [Member] \| LIBOR [Member] \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.35%
Senior Unsecured Term Loan Facility [Member] \| LIBOR [Member] \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.95%
249 Central Park Retail
Debt Instrument [Line Items]
Total					$ 15,282	15,566
Stated Interest Rate (as a percent)					5.99%
Stated Maturity Date					Sep. 08, 2016
Fountain Plaza Retail
Debt Instrument [Line Items]
Total					$ 7,641	7,783
Stated Interest Rate (as a percent)					5.99%
Stated Maturity Date					Sep. 08, 2016
South Retail
Debt Instrument [Line Items]
Total					$ 6,742	6,867
Stated Interest Rate (as a percent)					5.99%
Stated Maturity Date					Sep. 08, 2016
4525 Main Street
Debt Instrument [Line Items]
Total					$ 31,613	30,870
Stated Maturity Date					Jan. 30, 2017
4525 Main Street \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.95%
Encore Apartments
Debt Instrument [Line Items]
Total					$ 25,184	22,215
Stated Maturity Date					Jan. 30, 2017
Encore Apartments \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.95%
North Point Center \| Notes 1 [Member]
Debt Instrument [Line Items]
Total					$ 9,969	10,149
Stated Interest Rate (as a percent)					6.45%
Stated Maturity Date					Feb. 05, 2019
North Point Center \| Notes 2 [Member]
Debt Instrument [Line Items]
Total					$ 2,662	2,753
Stated Interest Rate (as a percent)					7.25%
Stated Maturity Date					Sep. 15, 2025
North Point Center \| Note 5 [Member]
Debt Instrument [Line Items]
Total					$ 664	685
Stated Maturity Date					Feb. 01, 2017
North Point Center \| Note 5 [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					2.00%
Oyster Point
Debt Instrument [Line Items]
Total					$ 6,400	6,274
Stated Maturity Date					Feb. 28, 2017
Oyster Point \| LIBOR [Member] \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.40%
Oyster Point \| LIBOR [Member] \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					2.00%
Harrisonburg Regal
Debt Instrument [Line Items]
Total					$ 3,463	3,659
Stated Interest Rate (as a percent)					6.06%
Stated Maturity Date					Jun. 08, 2017
Commonwealth of Virginia [Member] \| Chesapeake
Debt Instrument [Line Items]
Total					$ 4,933	3,585
Stated Maturity Date					Aug. 28, 2017
Commonwealth of Virginia [Member] \| Chesapeake \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.90%
Hanbury Village \| Notes 1 [Member]
Debt Instrument [Line Items]
Total					$ 20,970	21,218
Stated Maturity Date					Oct. 11, 2017
Hanbury Village \| Notes 1 [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated Interest Rate (as a percent)					6.67%
Hanbury Village \| Notes 2 [Member]
Debt Instrument [Line Items]
Total						4,090
Lightfoot Marketplace
Debt Instrument [Line Items]
Total					$ 7,759	3,484
Stated Maturity Date					Nov. 14, 2017
Lightfoot Marketplace \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.90%
Sandbridge Commons
Debt Instrument [Line Items]
Total					$ 9,010	5,892
Stated Maturity Date					Jan. 17, 2018
Sandbridge Commons \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.85%
Columbus Village
Debt Instrument [Line Items]
Stated Maturity Date		Apr. 05, 2018
Columbus Village \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		2.00%
Columbus Village \| Notes 1 [Member]
Debt Instrument [Line Items]
Total					$ 6,429
Stated Maturity Date					Apr. 05, 2018
Columbus Village \| Notes 1 [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					2.00%
Columbus Village \| Notes 2 [Member]
Debt Instrument [Line Items]
Total					$ 2,310
Stated Maturity Date					Apr. 05, 2018
Columbus Village \| Notes 2 [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					2.00%
Johns Hopkins Village
Debt Instrument [Line Items]
Total					$ 3,968
Stated Maturity Date	Jul. 30, 2018				Jul. 30, 2018
Johns Hopkins Village \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.90%				1.90%
Socastee Commons
Debt Instrument [Line Items]
Total					$ 4,957
Stated Interest Rate (as a percent)			4.57%		4.57%
Stated Maturity Date			Jan. 06, 2023		Jan. 06, 2023
Smith's Landing
Debt Instrument [Line Items]
Total					$ 21,226	24,470
Stated Interest Rate (as a percent)				4.05%	4.05%
Stated Maturity Date				Jun. 01, 2035	Jun. 01, 2035
Liberty Apartments
Debt Instrument [Line Items]
Total					$ 20,312	20,603
Stated Interest Rate (as a percent)					5.66%
Stated Maturity Date					Nov. 01, 2043
The Cosmopolitan
Debt Instrument [Line Items]
Total					$ 46,519	47,132
Stated Interest Rate (as a percent)					3.75%
Stated Maturity Date					Jul. 01, 2051
Broad Creek Shopping Center \| Notes 1 [Member]
Debt Instrument [Line Items]
Total						4,452
Broad Creek Shopping Center \| Notes 2 [Member]
Debt Instrument [Line Items]
Total						8,173
Broad Creek Shopping Center \| Notes 3 [Member]
Debt Instrument [Line Items]
Total						3,422
Commerce Street Retail
Debt Instrument [Line Items]
Total						5,549
Dick's at Town Center
Debt Instrument [Line Items]
Total						8,216
Oceaneering
Debt Instrument [Line Items]
Total						13,490
Studio 56 Retail
Debt Instrument [Line Items]
Total						2,618
Tyre Neck Harris Teeter
Debt Instrument [Line Items]
Total						2,437
Whetstone Apartments
Debt Instrument [Line Items]
Total						$ 16,019

Indebtedness - Components of Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total	$ 382,013	$ 360,671
Fixed-rate [Member]
Debt Instrument [Line Items]
Total	159,743	144,622
Variable-rate [Member]
Debt Instrument [Line Items]
Total	$ 222,270	$ 216,049

Indebtedness - Scheduled Principal Repayments and Term-loan Maturities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Principal repayments and maturities
2016	$ 32,646
2017	103,108
2018	23,031
2019	85,465
2020	52,207
Thereafter	85,556
Total	382,013	$ 360,671
Long-term Debt excluding Term Loan
Principal repayments and maturities
2016	3,365
2017	2,914
2018	2,300
2019	2,132
2020	2,207
Thereafter	79,989
Total	92,907
Term Loan
Principal repayments and maturities
2016	29,281
2017	100,194
2018	20,731
2019	83,333
2020	50,000
Thereafter	5,567
Total	$ 289,106

Indebtedness - Additional Information (Detail) $ in Thousands																		12 Months Ended
	Oct. 30, 2015 USD ($)	Oct. 06, 2015 USD ($)	Sep. 01, 2015 USD ($)	Jul. 30, 2015 USD ($)	Jul. 10, 2015 USD ($) loan	Jul. 01, 2015 USD ($)	May 27, 2015 USD ($)	May 20, 2015 USD ($)	Feb. 20, 2015 USD ($)	Nov. 14, 2014 USD ($)	Nov. 03, 2014 USD ($)	Aug. 28, 2014 USD ($)	Aug. 15, 2014 USD ($)	Feb. 28, 2014 USD ($)	Jan. 17, 2014 USD ($)	May 22, 2013 USD ($)	May 13, 2013 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2013 USD ($)	Jan. 05, 2016 USD ($)	Jun. 13, 2014 USD ($)	Oct. 10, 2013 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt																		$ 512	$ 2,387
Smith's Landing
Debt Instrument [Line Items]
Debt instrument maturity date							Jun. 01, 2035											Jun. 01, 2035
Repayment of debt							$ 24,400
Loss on extinguishment of debt							$ 100
Stated Interest Rate (as a percent)							4.05%											4.05%
Debt, face value							$ 21,600
Socastee Commons
Debt Instrument [Line Items]
Debt instrument maturity date						Jan. 06, 2023												Jan. 06, 2023
Acquisition, assumption of debt						$ 5,000
Stated Interest Rate (as a percent)						4.57%												4.57%
Columbus Village
Debt Instrument [Line Items]
Debt instrument maturity date					Apr. 05, 2018
Number of loans assumed \| loan					2
Debt, face value					$ 8,800
Columbus Village \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					2.00%
Johns Hopkins Village
Debt Instrument [Line Items]
Debt instrument maturity date				Jul. 30, 2018														Jul. 30, 2018
Debt, face value				$ 50,000
Johns Hopkins Village \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.90%														1.90%
Oyster Point
Debt Instrument [Line Items]
Debt instrument maturity date																		Feb. 28, 2017
Repayment of debt			$ 6,100
Lightfoot Marketplace
Debt Instrument [Line Items]
Debt instrument maturity date																		Nov. 14, 2017
Lightfoot Marketplace \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																		1.90%
Note 4 [Member] \| North Point Center
Debt Instrument [Line Items]
Repayment of debt											$ 1,000
Construction Loans [Member] \| Whetstone Apartments
Debt Instrument [Line Items]
Repayment of debt								$ 17,800
Loss on extinguishment of debt								$ 100
Construction Loans [Member] \| Oceaneering
Debt Instrument [Line Items]
Debt instrument maturity date														Feb. 28, 2018
Repayment of debt	$ 18,700
Loss on extinguishment of debt	$ 100
Debt, face value														$ 19,500
Construction Loans [Member] \| Oceaneering \| 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
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
Debt Instrument [Line Items]
Debt instrument maturity date										Nov. 14, 2017
Debt, face value										$ 15,000
Construction Loans [Member] \| Lightfoot Marketplace \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate										1.90%
New Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																				$ 225,000
Financial covenant, cash dividend period																		12 months
Credit facility maximum commitment amount																		$ 200,000
Unencumbered borrowing base properties, percentage																		60.00%
Debt service coverage ratio																		1.50%
Percentage of adjusted funds from operations																		95.00%
Maximum \| Oyster Point \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																		2.00%
Minimum \| Oyster Point \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																		1.40%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument maturity date																		Feb. 20, 2019
Interest rate on credit facility as of end of period (as a percent)																		2.17%
Revolving Credit Facility [Member] \| New Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility, extension option																		1 year
Revolving Credit Facility [Member] \| Maximum \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																		2.00%
Revolving Credit Facility [Member] \| Minimum \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																		1.40%
Senior Unsecured Term Loan Facility [Member]
Debt Instrument [Line Items]
Aggregate capacity under the credit facility									$ 50,000
Debt instrument maturity date																		Feb. 20, 2020
Interest rate on credit facility as of end of period (as a percent)																		2.12%
Senior Unsecured Term Loan Facility [Member] \| New Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, amount outstanding																				$ 75,000
Senior Unsecured Term Loan Facility [Member] \| Maximum \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																		1.95%
Senior Unsecured Term Loan Facility [Member] \| Minimum \| LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																		1.35%
Operating Partnership
Debt Instrument [Line Items]
Repayment of other indebtedness																$ 150,000
Operating Partnership \| Oyster Point
Debt Instrument [Line Items]
Debt instrument maturity date		Feb. 28, 2017
Debt, face value		$ 6,400
Operating Partnership \| New Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate capacity under the credit facility									200,000
Loss on extinguishment of debt									200
Repayment of other indebtedness									39,000
Credit facility maximum commitment amount									350,000
Financial covenant, minimum tangible net worth amount																		$ 220,000
Operating Partnership \| Maximum \| Oyster Point
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		2.00%
Operating Partnership \| Maximum \| 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, percentage of net equity proceeds																		75.00%
Financial covenant, maximum amount of secured recourse debt																		25.00%
Operating Partnership \| Minimum \| Oyster Point
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		1.40%
Operating Partnership \| Minimum \| New Credit Facility [Member]
Debt Instrument [Line Items]
Unused commitment fee																		0.15%
Ratio of adjusted EBITDA to fixed charges																		1.50%
Operating Partnership \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																	$ 100,000					$ 155,000
Debt instrument maturity date																	May 13, 2016
Operating Partnership \| Revolving Credit Facility [Member] \| New Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate capacity under the credit facility									150,000
Amount borrowed under credit facility									54,000
Operating Partnership \| Senior Unsecured Term Loan Facility [Member] \| New Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate capacity under the credit facility									50,000
Amount borrowed under credit facility									$ 50,000
Liberty Apartments
Debt Instrument [Line Items]
Debt instrument maturity date															Nov. 01, 2043
Acquisition, assumption of debt															$ 17,000
Fair value adjustment of debt															1,500
Outstanding principal amount of debt															$ 18,500
Stated Interest Rate (as a percent)															5.66%
Debt assumed, term															30 years
Debt, face value																					$ 2,400
Dimmock Square
Debt Instrument [Line Items]
Defeased loan													$ 10,100

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Feb. 20, 2015	Dec. 31, 2015	Feb. 25, 2016	Oct. 26, 2015	Jul. 13, 2015	Dec. 31, 2014	Mar. 14, 2014
Derivatives
Interest rate agreement, notional amount		$ 303,639				$ 181,119
Senior Unsecured Term Loan Facility [Member]
Derivatives
Aggregate capacity under the credit facility	$ 50,000
Pay Fixed Interest Rate Swaps [Member]
Derivatives
Interest rate agreement, notional amount		57,093				685
Interest Rate Caps [Member]
Derivatives
Interest rate agreement, notional amount		$ 246,546				$ 180,434
One Month Libor [Member] \| Senior Unsecured Term Loan Facility [Member] \| Minimum
Derivatives
Stated interest rate, basis spread on variable rate	1.35%
One Month Libor [Member] \| Senior Unsecured Term Loan Facility [Member] \| Maximum
Derivatives
Stated interest rate, basis spread on variable rate	1.95%
One Month Libor [Member] \| Pay Fixed Interest Rate Swaps [Member]
Derivatives
Interest rate agreement, notional amount	$ 50,000				$ 6,500
Fixed rate interest rate swap	2.00%				3.05%
LIBOR [Member] \| Senior Unsecured Term Loan Facility [Member] \| Minimum
Derivatives
Stated interest rate, basis spread on variable rate		1.35%
LIBOR [Member] \| Senior Unsecured Term Loan Facility [Member] \| Maximum
Derivatives
Stated interest rate, basis spread on variable rate		1.95%
LIBOR [Member] \| Interest Rate Caps [Member]
Derivatives
Interest rate agreement, notional amount			$ 75,000	$ 75,000			$ 50,000
Interest rate cap agreement, strike price			1.50%	1.25%			1.25%
Interest rate cap agreement, premium			$ 100	$ 100			$ 400

Derivative Financial Instruments - Schedule of Derivatives (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivatives
Notional Amount	$ 303,639	$ 181,119
Fair Value Asset	164	260
Fair Value Liability	(1,082)	(11)
Change in fair value gain (loss)	(1,304)	(233)	$ (12)
Other income (loss)
Derivatives
Change in fair value gain (loss)	(229)	(233)	(12)
Unrealized gain (Loss) on cash flow hedge
Derivatives
Change in fair value gain (loss)	(1,075)
Pay Fixed Interest Rate Swaps [Member]
Derivatives
Notional Amount	57,093	685
Fair Value Liability	(1,082)	(11)
Change in fair value gain (loss)	(1,071)	5	152
Interest Rate Caps [Member]
Derivatives
Notional Amount	246,546	180,434
Fair Value Asset	164	260
Change in fair value gain (loss)	$ (233)	$ (238)	$ (164)

Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands											8 Months Ended	12 Months Ended
	Jan. 31, 2016 $ / shares	Jan. 07, 2016 USD ($)	Dec. 09, 2015 USD ($) shares	Jul. 10, 2015 shares	May 05, 2015 USD ($)	Apr. 08, 2015 shares	Sep. 15, 2014 USD ($) shares	Aug. 15, 2014 shares	Mar. 31, 2014 shares	Jan. 17, 2014 shares	Dec. 31, 2013 shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2013 USD ($) $ / shares shares
Class of Stock [Line Items]
Shares issued through public offering			3,450,000				5,750,000
Net proceeds from public offering \| $			$ 35,100				$ 49,300					$ 46,462	$ 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
Common Stock, Shares, Issued												30,076,359	25,022,701
Common Stock, Shares, Outstanding												30,076,359	25,022,701
Preferred stock issued												0	0
Preferred stock outstanding												0	0
Percentage of Operating Partnership held												65.60%	62.90%
Operating partnership units redemption ratio												1
Aggregate cash dividends and distributions, paid \| $												$ 27,024	$ 22,096	$ 7,733
Cash dividend per share, declared \| $ / shares												$ 0.68	$ 0.64	$ 0.40
Common Stock
Class of Stock [Line Items]
Shares issued through public offering											19,003,750	4,560,049	5,750,000
Common Stock, Shares, Outstanding											19,163,413	30,076,359	25,022,701	19,163,413
Aggregate cash dividends and distributions, paid \| $		$ 5,100										$ 17,100	$ 13,200	$ 4,600
Columbus Village \| Class B units
Class of Stock [Line Items]
Acquisition, common units/shares issued				1,000,000
Columbus Village \| Class C units
Class of Stock [Line Items]
Acquisition, common units/shares issued				275,000
Liberty Apartments \| Class A units
Class of Stock [Line Items]
Acquisition, common units/shares issued										695,652
Sandbridge Commons \| Class A units
Class of Stock [Line Items]
Common units in exchange for all noncontrolling interests									30,000
Dimmock Square
Class of Stock [Line Items]
Acquisition, common units/shares issued								990,952
Dimmock Square \| Class A units
Class of Stock [Line Items]
Acquisition, common units/shares issued								990,952
Operating Partnership
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid \| $														$ 3,100
Operating Partnership \| Class A units
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid \| $		$ 2,500										$ 9,900	$ 8,900
Dividend Declared
Class of Stock [Line Items]
Cash dividend per share, declared \| $ / shares	$ 0.18
Cash dividend, date of record	Mar. 30, 2016
Private Placement \| Perry Hall Marketplace
Class of Stock [Line Items]
Acquisition, common units/shares issued						415,500
Continuous Equity Program
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold \| $					$ 50,000
Shares issued through public offering												1,108,149
Numbers shares issued and sold, weighted average price per share \| $ / shares												$ 10.26
Net proceeds after offering costs and commissions from sale of shares \| $												$ 10,900

Equity - Dividends Per Share and Distribution Per Unit Declared (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Dividends Payable [Line Items]
Dividend Per Share/Distribution Per Unit	$ 0.68	$ 0.64	$ 0.40
Installment 1-FY2015 [Member]
Dividends Payable [Line Items]
Declaration Date	Jan. 28, 2015
Record Date	Apr. 01, 2015
Paid Date	Apr. 09, 2015
Dividend Per Share/Distribution Per Unit	$ 0.17
Installment 2-FY2015 [Member]
Dividends Payable [Line Items]
Declaration Date	May 08, 2015
Record Date	Jul. 01, 2015
Paid Date	Jul. 09, 2015
Dividend Per Share/Distribution Per Unit	$ 0.17
Installment 3-FY2015 [Member]
Dividends Payable [Line Items]
Declaration Date	Aug. 06, 2015
Record Date	Oct. 01, 2015
Paid Date	Oct. 08, 2015
Dividend Per Share/Distribution Per Unit	$ 0.17
Installment 4-FY2015 [Member]
Dividends Payable [Line Items]
Declaration Date	Nov. 06, 2015
Record Date	Dec. 31, 2015
Paid Date	Jan. 07, 2016
Dividend Per Share/Distribution Per Unit	$ 0.17
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, 2015	Dec. 31, 2014	Dec. 31, 2013
Dividends Payable [Line Items]
Tax treatment of dividends, %	100.00%	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, %	64.21%	52.30%	17.00%
Return of Capital [Member]
Dividends Payable [Line Items]
Tax treatment of dividends, %	35.79%	42.40%	83.00%

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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	352,940
Stock-based compensation	$ 1.0	$ 1.3	$ 1.2
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	107,662	100,000	200,000
Restricted stock, weighted average fair value	$ 1.2	$ 1.3	$ 1.9
Employee restricted stock award, vesting period	2 years
Restricted stock award, percentage vested on grant date	33.33%
Nonemployee restricted stock award vest grant over period	1 year
Unrecognized compensation cost	$ 0.3
Unrecognized compensation cost, recognition period	15 months
Shares tendered by employees to satisfy minimum statutory tax withholding obligations	27,259

Stock-Based Compensation - Summary of the Changes in the Company's Nonvested Restricted Stock Awards (Detail) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restricted Stock Awards
Nonvested as of beginning of period	143,729
Granted	107,662	100,000	200,000
Vested	(147,042)
Forfeited	(2,294)
Nonvested as of end of period	102,055	143,729
Weighted Average Grant Date Fair Value Per Share
Nonvested as of beginning of period	$ 10.48
Granted	10.80
Vested	10.69
Forfeited	10.77
Nonvested as of end of period	$ 10.52	$ 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, 2015	Dec. 31, 2014
Fair Value of Financial Instruments]
Indebtedness, net	$ 377,593	$ 356,345
Carrying Value [Member]
Fair Value of Financial Instruments]
Indebtedness, net	377,593	356,345
Interest rate swap liabilities	1,082	11
Interest rate cap assets	164	260
Fair Value [Member] \| Level 2 [Member]
Fair Value of Financial Instruments]
Indebtedness, net	384,691	366,095
Interest rate swap liabilities	1,082	11
Interest rate cap assets	$ 164	$ 260

Income Taxes - Income Tax Provision (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Federal income taxes:
Current	$ 102	$ (37)	$ (356)
Deferred	(72)	(6)	113
State income taxes:
Current	13	(26)	(43)
Deferred	(9)	(1)	13
Income tax benefit (provision)	$ 34	$ (70)	$ (273)

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Income Taxes
Net deferred tax assets	$ 0.6	$ 0.5
Uncertain income tax positions	$ 0.0	$ 0.0

Other Assets - Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Other Assets.
Acquired lease intangibles, net	$ 18,418	$ 5,247
Leasing costs, net	10,839	11,683
Leasing incentives, net	5,408	6,237
Prepaid expenses and other	4,192	2,507
Advance deposits on property acquisitions	3,500
Preacquisition development costs	2,504	4,550
Other assets	$ 44,861	$ 30,224

Other Liabilities - Other Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Other Liabilities
Dividends and distributions payable	$ 7,621	$ 6,368
Deferred ground rent payable	7,484	6,790
Acquired lease intangibles, net	5,872	1,867
Prepaid rent and other	2,145	1,911
Security deposits	1,267	1,014
Interest rate swaps	1,082	11
Other liabilities	$ 25,471	$ 17,961

Acquired Lease Intangibles - Summary of the Company's Acquired Lease Intangibles (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Below Market Lease
Below Market Lease, Gross	$ 6,640	$ 2,169
Below Market Lease, Accumulated Amortization	768	302
Below Market Lease, Net	5,872	1,867
In-place Lease Assets [Member]
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	19,700	5,434
Accumulated Amortization	5,128	2,096
Net Carrying Amount	14,572	3,338
Above-market Lease Assets [Member]
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	2,380	107
Accumulated Amortization	314	32
Net Carrying Amount	2,066	75
Below-market Ground Lease Assets [Member]
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	1,920	1,920
Accumulated Amortization	140	86
Net Carrying Amount	$ 1,780	$ 1,834

Acquired Lease Intangibles - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Acquired Finite-Lived Intangible Assets
Amortization of below market lease liabilities	$ 0.1	$ 0.2
In-place Lease Assets [Member]
Acquired Finite-Lived Intangible Assets
Amortization of lease assets	2.9	1.3
Below-market Ground Lease Assets [Member] \| Maximum
Acquired Finite-Lived Intangible Assets
Amortization of lease assets	$ 0.1	$ 0.1

Acquired Lease Intangibles - Estimated Amortization of Acquired Lease Intangibles (Detail) $ in Thousands	Dec. 31, 2015 USD ($)
Estimated amortization of acquired lease intangibles- Rental Revenues
2016	$ 146
2017	143
2018	174
2019	110
2020	85
Estimated amortization of acquired lease intangibles - Rental Expenses
2016	53
2017	53
2018	53
2019	53
2020	53
Estimated amortization of acquired lease intangibles -Depreciation and Amortization
2016	3,521
2017	3,043
2018	2,089
2019	1,399
2020	$ 1,250

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions				12 Months Ended
	Nov. 20, 2014	May 22, 2013	May 13, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions
Fees from contracts with affiliated entities					$ 0.5
Operating Partnership
Related Party Transactions
Amount paid under tax protection agreements	$ 1.3	$ 47.6
Operating Partnership \| Maximum
Related Party Transactions
Future sale period for properties			7 years
Future sale period for properties in limited number of cases			10 years
Construction Contracts
Related Party Transactions
Revenue from contracts with affiliated entities				$ 9.6	5.3	$ 45.0
Gross profit from related parties				0.3	0.3	$ 1.5
Due from related parties				$ 1.8	$ 1.0

Commitments and Contingencies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) property item	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Commitments and Contingencies
Line of credit, performance and payment bonds	$ 183.0	$ 192.2
Ground rent expense	$ 1.7	$ 1.8	$ 1.5
Number of ground leases \| item	5
Number of properties subject to ground leases \| property	4
Maximum optional ground lease extension term	40 years
Minimum
Commitments and Contingencies
Lease term	20 years
Maximum
Commitments and Contingencies
Lease term	65 years
Rental Revenues [Member] \| Hampton Roads Properties [Member]
Commitments and Contingencies
Concentrations of Credit Risk	68.00%	69.00%	70.00%
Rental Revenues [Member] \| Town Center Properties [Member]
Commitments and Contingencies
Concentrations of Credit Risk	46.00%	47.00%	48.00%
Rental Revenues [Member] \| Richmond Tower
Commitments and Contingencies
Concentrations of Credit Risk	11.00%	13.00%	15.00%
Rental Revenues [Member] \| Minimum \| Williams Mullen [Member]
Commitments and Contingencies
Area of Richmond Tower occupied	80.00%
General Contracting and Real Estate Services Revenues [Member] \| Baltimore [Member]
Commitments and Contingencies
Concentrations of Credit Risk	64.00%	41.00%
General Contracting and Real Estate Services Segment Profit [Member] \| Baltimore [Member]
Commitments and Contingencies
Concentrations of Credit Risk	50.00%	27.00%
Operating Partnership
Commitments and Contingencies
Outstanding letters of credit	$ 8.0	$ 8.5

Commitments and Contingencies - Future Minimum Rental Payments (Detail) $ in Thousands	Dec. 31, 2015 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2016	$ 1,587
2017	1,734
2018	1,738
2019	1,813
2020	1,821
Thereafter	93,293
Total	$ 101,986

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, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Selected Quarterly Financial Data
Rental revenues	$ 21,771	$ 21,303	$ 19,908	$ 18,190	$ 17,521	$ 16,713	$ 15,319	$ 15,193	$ 81,172	$ 64,746	$ 57,520
General contracting and real estate services revenues	41,309	53,822	47,066	29,071	32,060	31,532	20,495	19,234	171,268	103,321	82,516
Net operating income	15,819	16,488	15,101	12,702	12,685	11,883	11,212	11,123	26,584	21,379	19,659
Net income	8,443	4,337	10,285	8,118	5,226	2,754	2,273	2,506	$ 19,642	$ 7,691	$ 7,336
Net income attributable to stockholders	$ 5,328	$ 2,688	$ 6,521	$ 5,105	$ 3,286	$ 1,615	$ 1,325	$ 1,465
Net income per share: basic and diluted	$ 0.19	$ 0.10	$ 0.25	$ 0.20	$ 0.13	$ 0.08	$ 0.07	$ 0.08	$ 0.75	$ 0.36	$ 0.39

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			$ 258,013
Land			79,448
Building and improvements			145,185
Cost capitalized Subsequent to Acquisition			408,958
Land			79,448
Building and improvements			554,143
Total			633,591
Accumulated Depreciation	$ 116,099	$ 105,228	125,380
Net Carrying Amount			508,211
Real estate investments
Balance at beginning of the year	595,000	462,976
Construction costs and improvements	52,533	106,977
Acquisitions	83,230	45,300
Dispositions	(23,181)	(5,471)
Reclassifications	(73,991)	(14,782)
Balance at end of the year	633,591	595,000
Accumulated Depreciation
Balance at beginning of the year	116,099	105,228
Dispositions	(668)	(957)
Reclassifications	(8,729)	(3,156)
Depreciation	18,678	14,984
Balance at end of the year	$ 125,380	$ 116,099
Building [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation
Buildings	39 years
Tenant Improvements [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation
Tenant improvements	Term of the related lease(or estimated useful life, if shorter)
Office Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			42,946
Land			4,685
Building and improvements			10,269
Cost capitalized Subsequent to Acquisition			148,444
Land			4,685
Building and improvements			158,713
Total			163,398
Accumulated Depreciation	$ 50,766		50,766
Net Carrying Amount			112,632
Accumulated Depreciation
Balance at end of the year	50,766
Office Real Estate \| 4525 Main Street
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			31,613
Land			982
Cost capitalized Subsequent to Acquisition			39,756
Land			982
Building and improvements			39,756
Total			40,738
Accumulated Depreciation	1,725		1,725
Net Carrying Amount			39,013
Accumulated Depreciation
Balance at end of the year	1,725
Office Real Estate \| Armada Hoffler Tower
SEC Schedule III, Real Estate and Accumulated Depreciation
Land			1,976
Cost capitalized Subsequent to Acquisition			55,927
Land			1,976
Building and improvements			55,927
Total			57,903
Accumulated Depreciation	25,569		25,569
Net Carrying Amount			32,334
Accumulated Depreciation
Balance at end of the year	25,569
Office Real Estate \| Brooks Crossing
SEC Schedule III, Real Estate and Accumulated Depreciation
Land			121
Cost capitalized Subsequent to Acquisition			7,562
Land			121
Building and improvements			7,562
Total			7,683
Net Carrying Amount			7,683
Office Real Estate \| Commonwealth of Virginia - Chesapeake
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			4,933
Land			328
Cost capitalized Subsequent to Acquisition			6,208
Land			328
Building and improvements			6,208
Total			6,536
Accumulated Depreciation	294		294
Net Carrying Amount			6,242
Accumulated Depreciation
Balance at end of the year	294
Office Real Estate \| Commonwealth of Virginia - Virginia Beach
SEC Schedule III, Real Estate and Accumulated Depreciation
Land			208
Cost capitalized Subsequent to Acquisition			2,159
Land			208
Building and improvements			2,159
Total			2,367
Accumulated Depreciation	86		86
Net Carrying Amount			2,281
Accumulated Depreciation
Balance at end of the year	86
Office Real Estate \| One Columbus
SEC Schedule III, Real Estate and Accumulated Depreciation
Land			960
Building and improvements			10,269
Cost capitalized Subsequent to Acquisition			6,946
Land			960
Building and improvements			17,215
Total			18,175
Accumulated Depreciation	9,045		9,045
Net Carrying Amount			9,130
Accumulated Depreciation
Balance at end of the year	9,045
Office Real Estate \| Oyster Point
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			6,400
Land			57
Cost capitalized Subsequent to Acquisition			11,595
Land			57
Building and improvements			11,595
Total			11,652
Accumulated Depreciation	8,927		8,927
Net Carrying Amount			2,725
Accumulated Depreciation
Balance at end of the year	8,927
Office Real Estate \| Two Columbus
SEC Schedule III, Real Estate and Accumulated Depreciation
Land			53
Cost capitalized Subsequent to Acquisition			18,291
Land			53
Building and improvements			18,291
Total			18,344
Accumulated Depreciation	5,120		5,120
Net Carrying Amount			13,224
Accumulated Depreciation
Balance at end of the year	5,120
Retail Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			97,858
Land			67,725
Building and improvements			76,317
Cost capitalized Subsequent to Acquisition			142,312
Land			67,725
Building and improvements			218,629
Total			286,354
Accumulated Depreciation	52,139		52,139
Net Carrying Amount			234,215
Accumulated Depreciation
Balance at end of the year	52,139
Retail Real Estate \| 249 Central Park Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			15,282
Land			713
Cost capitalized Subsequent to Acquisition			13,728
Land			713
Building and improvements			13,728
Total			14,441
Accumulated Depreciation	6,998		6,998
Net Carrying Amount			7,443
Accumulated Depreciation
Balance at end of the year	6,998
Retail Real Estate \| Bermuda Crossroads
SEC Schedule III, Real Estate and Accumulated Depreciation
Land			5,450
Building and improvements			10,641
Cost capitalized Subsequent to Acquisition			541
Land			5,450
Building and improvements			11,182
Total			16,632
Accumulated Depreciation	1,373		1,373
Net Carrying Amount			15,259
Accumulated Depreciation
Balance at end of the year	1,373
Retail Real Estate \| Broad Creek Shopping Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Cost capitalized Subsequent to Acquisition			15,692
Building and improvements			15,692
Total			15,692
Accumulated Depreciation	7,894		7,894
Net Carrying Amount			7,798
Accumulated Depreciation
Balance at end of the year	7,894
Retail Real Estate \| Columbus Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			8,739
Land			7,630
Building and improvements			10,135
Land			7,630
Building and improvements			10,135
Total			17,765
Accumulated Depreciation	146		146
Net Carrying Amount			17,619
Accumulated Depreciation
Balance at end of the year	146
Retail Real Estate \| Commerce Street Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Land			118
Cost capitalized Subsequent to Acquisition			3,147
Land			118
Building and improvements			3,147
Total			3,265
Accumulated Depreciation	1,007		1,007
Net Carrying Amount			2,258
Accumulated Depreciation
Balance at end of the year	1,007
Retail Real Estate \| Courthouse 7-Eleven
SEC Schedule III, Real Estate and Accumulated Depreciation
Land			1,007
Cost capitalized Subsequent to Acquisition			1,043
Land			1,007
Building and improvements			1,043
Total			2,050
Accumulated Depreciation	109		109
Net Carrying Amount			1,941
Accumulated Depreciation
Balance at end of the year	109
Retail Real Estate \| Dick's at Town Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Land			67
Cost capitalized Subsequent to Acquisition			10,576
Land			67
Building and improvements			10,576
Total			10,643
Accumulated Depreciation	3,102		3,102
Net Carrying Amount			7,541
Accumulated Depreciation
Balance at end of the year	3,102
Retail Real Estate \| Dimmock Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Land			5,100
Building and improvements			13,126
Cost capitalized Subsequent to Acquisition			9
Land			5,100
Building and improvements			13,135
Total			18,235
Accumulated Depreciation	512		512
Net Carrying Amount			17,723
Accumulated Depreciation
Balance at end of the year	512
Retail Real Estate \| Fountain Plaza Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			7,641
Land			425
Cost capitalized Subsequent to Acquisition			7,085
Land			425
Building and improvements			7,085
Total			7,510
Accumulated Depreciation	2,750		2,750
Net Carrying Amount			4,760
Accumulated Depreciation
Balance at end of the year	2,750
Retail Real Estate \| Gainsborough Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Land			2,229
Cost capitalized Subsequent to Acquisition			6,873
Land			2,229
Building and improvements			6,873
Total			9,102
Accumulated Depreciation	2,821		2,821
Net Carrying Amount			6,281
Accumulated Depreciation
Balance at end of the year	2,821
Retail Real Estate \| Greentree Shopping Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Land			1,523
Cost capitalized Subsequent to Acquisition			4,022
Land			1,523
Building and improvements			4,022
Total			5,545
Accumulated Depreciation	186		186
Net Carrying Amount			5,359
Accumulated Depreciation
Balance at end of the year	186
Retail Real Estate \| Hanbury Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			20,970
Land			3,792
Cost capitalized Subsequent to Acquisition			19,223
Land			3,792
Building and improvements			19,223
Total			23,015
Accumulated Depreciation	5,153		5,153
Net Carrying Amount			17,862
Accumulated Depreciation
Balance at end of the year	5,153
Retail Real Estate \| Harrisonburg Regal
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			3,463
Land			1,554
Cost capitalized Subsequent to Acquisition			4,148
Land			1,554
Building and improvements			4,148
Total			5,702
Accumulated Depreciation	1,772		1,772
Net Carrying Amount			3,930
Accumulated Depreciation
Balance at end of the year	1,772
Retail Real Estate \| Lightfoot Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			7,759
Land			7,628
Cost capitalized Subsequent to Acquisition			7,856
Land			7,628
Building and improvements			7,856
Total			15,484
Net Carrying Amount			15,484
Retail Real Estate \| North Point Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			13,295
Land			1,936
Cost capitalized Subsequent to Acquisition			25,018
Land			1,936
Building and improvements			25,018
Total			26,954
Accumulated Depreciation	10,945		10,945
Net Carrying Amount			16,009
Accumulated Depreciation
Balance at end of the year	10,945
Retail Real Estate \| Parkway Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Land			1,150
Cost capitalized Subsequent to Acquisition			3,507
Land			1,150
Building and improvements			3,507
Total			4,657
Accumulated Depreciation	1,588		1,588
Net Carrying Amount			3,069
Accumulated Depreciation
Balance at end of the year	1,588
Retail Real Estate \| Perry Hall Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Land			3,240
Building and improvements			8,316
Land			3,240
Building and improvements			8,316
Total			11,556
Accumulated Depreciation	234		234
Net Carrying Amount			11,322
Accumulated Depreciation
Balance at end of the year	234
Retail Real Estate \| Providence Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation
Land			9,950
Building and improvements			12,369
Cost capitalized Subsequent to Acquisition			10
Land			9,950
Building and improvements			12,379
Total			22,329
Accumulated Depreciation	124		124
Net Carrying Amount			22,205
Accumulated Depreciation
Balance at end of the year	124
Retail Real Estate \| Sandbridge Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			9,010
Land			5,267
Cost capitalized Subsequent to Acquisition			6,594
Land			5,267
Building and improvements			6,594
Total			11,861
Accumulated Depreciation	200		200
Net Carrying Amount			11,661
Accumulated Depreciation
Balance at end of the year	200
Retail Real Estate \| Socastee Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			4,957
Land			2,320
Building and improvements			5,380
Cost capitalized Subsequent to Acquisition			42
Land			2,320
Building and improvements			5,422
Total			7,742
Accumulated Depreciation	103		103
Net Carrying Amount			7,639
Accumulated Depreciation
Balance at end of the year	103
Retail Real Estate \| South Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			6,742
Land			190
Cost capitalized Subsequent to Acquisition			7,333
Land			190
Building and improvements			7,333
Total			7,523
Accumulated Depreciation	3,491		3,491
Net Carrying Amount			4,032
Accumulated Depreciation
Balance at end of the year	3,491
Retail Real Estate \| Stone House Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Land			6,360
Building and improvements			16,350
Cost capitalized Subsequent to Acquisition			82
Land			6,360
Building and improvements			16,432
Total			22,792
Accumulated Depreciation	413		413
Net Carrying Amount			22,379
Accumulated Depreciation
Balance at end of the year	413
Retail Real Estate \| Studio 56 Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Land			76
Cost capitalized Subsequent to Acquisition			2,477
Land			76
Building and improvements			2,477
Total			2,553
Accumulated Depreciation	628		628
Net Carrying Amount			1,925
Accumulated Depreciation
Balance at end of the year	628
Retail Real Estate \| Tyre Neck Harris Teeter
SEC Schedule III, Real Estate and Accumulated Depreciation
Cost capitalized Subsequent to Acquisition			3,306
Building and improvements			3,306
Total			3,306
Accumulated Depreciation	590		590
Net Carrying Amount			2,716
Accumulated Depreciation
Balance at end of the year	590
Multifamily Residential Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			117,209
Land			5,858
Building and improvements			58,599
Cost capitalized Subsequent to Acquisition			118,202
Land			5,858
Building and improvements			176,801
Total			182,659
Accumulated Depreciation	22,475		22,475
Net Carrying Amount			160,184
Accumulated Depreciation
Balance at end of the year	22,475
Multifamily Residential Real Estate \| Encore Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			25,184
Land			1,293
Cost capitalized Subsequent to Acquisition			30,069
Land			1,293
Building and improvements			30,069
Total			31,362
Accumulated Depreciation	972		972
Net Carrying Amount			30,390
Accumulated Depreciation
Balance at end of the year	972
Multifamily Residential Real Estate \| Liberty Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			20,312
Land			3,580
Building and improvements			23,494
Cost capitalized Subsequent to Acquisition			1,188
Land			3,580
Building and improvements			24,682
Total			28,262
Accumulated Depreciation	1,668		1,668
Net Carrying Amount			26,594
Accumulated Depreciation
Balance at end of the year	1,668
Multifamily Residential Real Estate \| Johns Hopkins Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			3,968
Cost capitalized Subsequent to Acquisition			29,438
Building and improvements			29,438
Total			29,438
Net Carrying Amount			29,438
Multifamily Residential Real Estate \| Smith's Landing
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			21,226
Building and improvements			35,105
Cost capitalized Subsequent to Acquisition			843
Building and improvements			35,948
Total			35,948
Accumulated Depreciation	3,040		3,040
Net Carrying Amount			32,908
Accumulated Depreciation
Balance at end of the year	3,040
Multifamily Residential Real Estate \| The Cosmopolitan
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			46,519
Land			985
Cost capitalized Subsequent to Acquisition			56,664
Land			985
Building and improvements			56,664
Total			57,649
Accumulated Depreciation	16,795		16,795
Net Carrying Amount			40,854
Accumulated Depreciation
Balance at end of the year	$ 16,795
Held for development
SEC Schedule III, Real Estate and Accumulated Depreciation
Land			1,180
Land			1,180
Total			1,180
Net Carrying Amount			$ 1,180
Minimum \| Capital Improvements [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation
Buildings	15 years
Minimum \| Equipment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation
Buildings	5 years
Maximum \| Capital Improvements [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation
Buildings	20 years
Maximum \| Equipment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation
Buildings	15 years

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation (Parenthetical) (Detail) $ in Millions	Dec. 31, 2015 USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure
Amount of real estate for federal income tax purposes	$ 395.3