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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2016	Feb. 28, 2017	Jun. 30, 2016
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, 2016
Document Fiscal Year Focus	2016
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			$ 443.0
Entity Common Stock, Shares Outstanding		37,588,278

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real estate investments:
Income producing property	$ 894,078	$ 579,000
Held for development	680	1,180
Construction in progress	13,529	53,411
Real estate investments	908,287	633,591
Accumulated depreciation	(139,553)	(125,380)
Net real estate investments	768,734	508,211
Real estate investments held for sale	0	40,232
Cash and cash equivalents	21,942	26,989
Restricted cash	3,251	2,824
Accounts receivable, net	15,052	21,982
Notes receivable	59,546	7,825
Construction receivables, including retentions	39,433	36,535
Construction contract costs and estimated earnings in excess of billings	110	88
Equity method investments	10,235	1,411
Other assets	64,165	43,450
Total Assets	982,468	689,547
LIABILITIES AND EQUITY
Indebtedness, net	522,180	377,593
Accounts payable and accrued liabilities	10,804	6,472
Construction payables, including retentions	51,130	52,067
Billings in excess of construction contract costs and estimated earnings	10,167	2,224
Other liabilities	39,209	25,471
Total Liabilities	633,490	463,827
Stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding as of December 31, 2016 and 2015, respectively	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized, 37,490,361 and 30,076,359 shares issued and outstanding as of December 31, 2016 and 2015, respectively	374	300
Additional paid-in capital	197,114	102,906
Distributions in excess of earnings	(49,345)	(53,010)
Accumulated other comprehensive loss	0	(648)
Total stockholders’ equity	148,143	49,548
Noncontrolling interests	200,835	176,172
Total Equity	348,978	225,720
Total Liabilities and Equity	$ 982,468	$ 689,547

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in dollars per share)	100,000,000	100,000,000
Preferred stock, shares issued (in dollars per share)	0	0
Preferred stock, shares outstanding (in dollars per share)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	37,490,361	30,076,359
Common stock, shares outstanding (in shares)	37,490,361	30,076,359

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Rental revenues	$ 99,355	$ 81,172	$ 64,746
General contracting and real estate services revenues	159,030	171,268	103,321
Total revenues	258,385	252,440	168,067
Expenses
Rental expenses	21,904	19,204	16,667
Real estate taxes	9,629	7,782	5,743
General contracting and real estate services expenses	153,375	165,344	98,754
Depreciation and amortization	35,328	23,153	17,569
General and administrative expenses	9,552	8,397	7,711
Acquisition, development and other pursuit costs	1,563	1,935	229
Impairment charges	355	41	15
Total expenses	231,706	225,856	146,688
Operating income	26,679	26,584	21,379
Interest income	3,228	126	0
Interest expense	(16,466)	(13,333)	(10,648)
Loss on extinguishment of debt	(82)	(512)	0
Gain on real estate dispositions	30,533	18,394	2,211
Change in fair value of interest rate derivatives	(941)	(229)	(233)
Other income	147	119	120
Income before taxes	43,098	31,149	12,829
Income tax benefit (provision)	(343)	34	(70)
Net income	42,755	31,183	12,759
Net income attributable to noncontrolling interests	(14,681)	(11,541)	(5,068)
Net income attributable to stockholders	$ 28,074	$ 19,642	$ 7,691
Net income per share and unit:
Basic and diluted (in dollars per share)	$ 0.85	$ 0.75	$ 0.36
Weighted-average outstanding:
Common shares (in shares)	33,057	26,006	20,946
Common units (in shares)	17,167	15,377	14,125
Basic and diluted (in shares)	50,224	41,383	35,071
Comprehensive income:
Net income	$ 42,755	$ 31,183	$ 12,759
Unrealized cash flow hedge losses	0	(1,075)	0
Realized cash flow hedge losses reclassified to net income	0	27	0
Comprehensive income	42,755	30,135	12,759
Comprehensive income attributable to noncontrolling interests	(14,681)	(11,141)	(5,068)
Comprehensive income attributable to stockholders	$ 28,074	$ 18,994	$ 7,691

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common stock	Additional paid- in capital	Distributions in excess of earnings	Accumulated other comprehensive loss	Total stockholders’ equity (deficit)	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2013		19,163,413
Beginning balance at Dec. 31, 2013	$ 105,521	$ 192	$ 1,247	$ (47,934)	$ 0	$ (46,495)	$ 152,016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12,759			7,691		7,691	5,068
Unrealized cash flow hedge losses	0
Realized cash flow hedge losses reclassified to net income	0
Net proceeds from sale of common stock (in shares)		5,750,000
Net proceeds from sale of common stock	49,299	$ 57	49,242			49,299
Restricted stock award grants (in shares)		109,288
Restricted stock awards	1,285	$ 1	1,284			1,285
Acquisitions of real estate investments	16,351						16,351
Exchange of owners’ equity for common units	0		(301)			(301)	301
Dividends and distributions declared	(23,309)			(14,170)		(14,170)	(9,139)
Ending balance (in shares) at Dec. 31, 2014		25,022,701
Ending balance at Dec. 31, 2014	161,906	$ 250	51,472	(54,413)	0	(2,691)	164,597
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	31,183			19,642		19,642	11,541
Unrealized cash flow hedge losses	(1,075)				(665)	(665)	(410)
Realized cash flow hedge losses reclassified to net income	27				17	17	10
Net proceeds from sale of common stock (in shares)		4,560,049
Net proceeds from sale of common stock	46,035	$ 45	45,990			46,035
Restricted stock award grants (in shares)		78,109
Restricted stock awards	993	$ 1	992			993
Acquisitions of real estate investments (in shares)		415,500
Acquisitions of real estate investments	15,169	$ 4	4,429			4,433	10,736
Exchange of owners’ equity for common units	(241)		23			23	(264)
Dividends and distributions declared	$ (28,277)			(18,239)		(18,239)	(10,038)
Ending balance (in shares) at Dec. 31, 2015	30,076,359	30,076,359
Ending balance at Dec. 31, 2015	$ 225,720	$ 300	102,906	(53,010)	(648)	49,548	176,172
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	42,755			28,074		28,074	14,681
Unrealized cash flow hedge losses	0
Realized cash flow hedge losses reclassified to net income	0
Dedesignation of cash flow hedge	1,048				648	648	400
Net proceeds from sale of common stock (in shares)		5,312,855
Net proceeds from sale of common stock	67,022	$ 53	66,969			67,022
Restricted stock award grants (in shares)		101,147
Restricted stock awards	1,162	$ 1	1,161			1,162
Acquisitions of real estate investments (in shares)		2,000,000
Acquisitions of real estate investments	47,278	$ 20	26,080			26,100	21,178
Redemption of operating partnership units	(58)		(2)			(2)	(56)
Dividends and distributions declared	$ (35,949)			(24,409)		(24,409)	(11,540)
Ending balance (in shares) at Dec. 31, 2016	37,490,361	37,490,361
Ending balance at Dec. 31, 2016	$ 348,978	$ 374	$ 197,114	$ (49,345)	$ 0	$ 148,143	$ 200,835

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
OPERATING ACTIVITIES
Net income	$ 42,755	$ 31,183	$ 12,759
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	23,453	18,678	14,984
Amortization of leasing costs and in-place lease intangibles	11,875	4,475	2,585
Accrued straight-line rental revenue	(1,091)	(1,924)	(2,203)
Amortization of leasing incentives and above or below-market rents	(85)	738	632
Accrued straight-line ground rent expense	371	290	315
Bad debt expense	203	131	79
Noncash stock compensation	1,082	931	917
Impairment charges	355	41	15
Noncash interest expense	980	1,006	517
Loss on extinguishment of debt	82	512	0
Gain on real estate dispositions	(30,533)	(18,394)	(2,211)
Change in the fair value of interest rate derivatives	941	229	233
Other noncash gain	0	0	(42)
Changes in operating assets and liabilities:
Property assets	(3,183)	(2,463)	(1,420)
Property liabilities	3,761	2,326	(1,069)
Construction assets	(6,385)	(17,337)	(5,893)
Construction liabilities	15,189	12,664	11,164
Net cash provided by operating activities	59,770	33,086	31,362
INVESTING ACTIVITIES
Development of real estate investments	(57,425)	(52,719)	(98,467)
Tenant and building improvements	(6,698)	(5,157)	(6,362)
Acquisitions of real estate investments	(195,645)	(68,445)	(2,754)
Dispositions of real estate investments	96,670	79,566	7,387
Notes receivable issuances	(51,721)	(7,825)	0
Government development grants	0	300	300
Decrease (increase) in restricted cash	(208)	1,580	(1,824)
Leasing costs	(2,374)	(2,118)	(2,835)
Leasing incentives	(236)	(1,563)	(751)
Contributions to real estate joint ventures	(8,824)	0	0
Net cash used for investing activities	(226,461)	(56,381)	(105,306)
FINANCING ACTIVITIES
Proceeds from sales of common stock	68,475	46,462	49,566
Offering costs	(1,453)	(427)	(416)
Debt issuances, credit facility and construction loan borrowings	316,852	214,407	117,645
Debt and credit facility repayments, including principal amortization	(186,533)	(206,889)	(63,306)
Debt issuance costs	(1,796)	(1,887)	(448)
Redemption of operating partnership units	(58)	(241)	0
Dividends and distributions	(33,843)	(27,024)	(22,096)
Net cash provided by financing activities	161,644	24,401	80,945
Net increase (decrease) in cash and cash equivalents	(5,047)	1,106	7,001
Cash and cash equivalents, beginning of period	26,989	25,883	18,882
Cash and cash equivalents, end of period	21,942	26,989	25,883
Supplemental cash flow information:
Cash paid for interest	(15,326)	(12,993)	(12,132)
Cash refunded (paid) for income taxes	(121)	276	(821)
Common shares and OP units issued for acquisitions	47,278	15,169	16,351
Change in accrued capital improvements and development costs	$ 8,183	$ 1,825	$ 2,608

Business and Organization

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 primarily throughout the Mid-Atlantic United States.

The Company is a real estate investment trust, or REIT, and is the sole general partner of Armada Hoffler, L.P. (the “Operating Partnership”), and as of December 31, 2016, owned 68.1% of the economic interest in the Operating Partnership, of which 0.1% is held as general partnership units. 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 on May 13, 2013.

As of December 31, 2016, 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*
Two Columbus	Office	Virginia Beach, Virginia*
249 Central Park Retail	Retail	Virginia Beach, Virginia*
Alexander Pointe	Retail	Salisbury, North Carolina
Bermuda Crossroads	Retail	Chester, Virginia
Broad Creek Shopping Center	Retail	Norfolk, Virginia
Broadmoor Plaza	Retail	South Bend, Indiana
Columbus Village	Retail	Virginia Beach, Virginia*
Columbus Village II	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
Harper Hill Commons	Retail	Winston-Salem, North Carolina
Harrisonburg Regal	Retail	Harrisonburg, Virginia
North Hampton Market	Retail	Taylors, South Carolina
North Point Center	Retail	Durham, North Carolina
Oakland Marketplace	Retail	Oakland, Tennessee
Parkway Marketplace	Retail	Virginia Beach, Virginia
Patterson Place	Retail	Durham, North Carolina
Perry Hall Marketplace	Retail	Perry Hall, Maryland
Providence Plaza	Retail	Charlotte, North Carolina
Renaissance Square	Retail	Davidson, North Carolina
Sandbridge Commons	Retail	Virginia Beach, Virginia
Socastee Commons	Retail	Myrtle Beach, South Carolina
Southgate Square	Retail	Colonial Heights, Virginia
Southshore Shops	Retail	Chesterfield, Virginia
South Retail	Retail	Virginia Beach, Virginia*
South Square	Retail	Durham, North Carolina
Stone House Square	Retail	Hagerstown, Maryland
Studio 56 Retail	Retail	Virginia Beach, Virginia*
Tyre Neck Harris Teeter	Retail	Portsmouth, Virginia
Waynesboro Commons	Retail	Waynesboro, Virginia
Wendover Village	Retail	Greensboro, North Carolina
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, 2016, the following properties were under development or construction:



Property	Segment	Location	Ownership Interest
Brooks Crossing	Office/Retail	Newport News, Virginia	65	%
Johns Hopkins Village	Multifamily	Baltimore, Maryland	80	%	⁽¹⁾
Lightfoot Marketplace	Retail	Williamsburg, Virginia	70	%
Town Center Phase VI	Multifamily	Virginia Beach, Virginia*	80	%
Harding Place	Multifamily	Charlotte, North Carolina	80	%


(1)	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”) upon and for a period of one year after the project’s completion. The Company is entitled to a preferred return of 9% on its investment in Johns Hopkins Village.

*Located in the Town Center of Virginia Beach

Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Presentation

The accompanying consolidated 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, its wholly owned subsidiaries, and any interests in variable interest entities where the Company has been determined to be the primary beneficiary. All significant intercompany transactions and balances have been eliminated in consolidation.

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 $1.1 million, $1.9 million and $2.2 million of straight-line rent adjustments for each of the three years ended December 31, 2016. 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 the sales thresholds are met. Contingent rents included in rental revenues were $0.1 million for each of the three years ended December 31, 2016. 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, 2016 was $0.8 million, $0.8 million and $0.7 million, respectively. The Company recognizes fair value adjustments recorded at the time of lease assumption in rental income on a straight line basis as a reduction to revenue over the remaining life of the lease or any renewal periods for which the Company determines have value at the time of acquisition. 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 amortizes them 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. Multiple contracts with a single counterparty are not combined into a single contract for the revenue recognition purposes.

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, 2016 was $1.0 million, $1.0 million and $3.1 million, respectively. Overhead, salaries and related personnel costs capitalized during each of the three years ended December 31, 2016 were $1.7 million, $2.1 million and $2.4 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, 2016 and 2015 were $1.1 million and $2.5 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 or relative fair values subsequent to the adoption of the new accounting guidance discussed below, 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. Prior to October 1, 2016, the Company expensed all costs incurred related to operating property acquisitions. On October 1, 2016, the Company adopted newly issued accounting guidance that allows capitalization of costs related to operating property acquisitions that do not meet the definition of a business under the new guidance discussed below under "Recent Accounting Pronouncements".

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 as held for sale as of December 31, 2015. No properties were held for sale as of December 31, 2016.

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. Impairment charges recognized during each of the three years ended December 31, 2016 represent unamortized leasing or acquired intangible assets related to vacated tenants.

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 statements of cash flows. The Company presents changes in cash restricted for capital improvements as investing activities in the consolidated 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, 2016 and 2015, accrued straight-line rental revenue presented within accounts receivable in the consolidated balance sheets was $12.3 million and $20.3 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, 2016 and 2015, the allowance for doubtful accounts was not significant. The Company presents bad debt expense within rental expenses in the consolidated 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. 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 the change in fair value of interest rate derivatives caption in the consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the effective portion of the gain or loss is reported as a component of other comprehensive income (loss) 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 statements of comprehensive income. Total stock-based compensation expense recognized during each of the three years ended December 31, 2016 was $1.1 million, $0.9 million and $0.9 million, respectively. Stock-based compensation for personnel directly involved in the development and initial construction of a property is capitalized. During each of the three years ended December 31, 2016, the Company capitalized $0.3 million, $0.4 million and $0.4 million, respectively, of stock-based compensation.

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 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.

Discontinued Operations

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. 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 for each of the three years ended December 31, 2016. 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, 2016.

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. The Company plans to adopt the new standard using the full retrospective method. A substantial portion of our revenue consists of rental revenues from leasing arrangements, such as base rent, which is specifically excluded from the revenue guidance. Non-lease components, such as tenant reimbursements for real estate taxes and common area maintenance will be subject to the revenue guidance. Management is currently evaluating the potential impact of the new revenue standard on the Company’s consolidated financial statements.

On August 15, 2014, the FASB issued guidance that requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date in order to determine whether substantial doubt about an entity's ability to continue as a going concern exists. This new guidance states that substantial doubt exists when relevant conditions and events, considered in the aggregate, indicate that it is probably that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued, or are available to be issued. The new guidance was applicable for the Company for the year ended December 31, 2016. Management performed its evaluation and determined that there was no substantial doubt about the Company's ability to continue as a going concern.

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. This guidance will specifically affect the ground leases where the Company is the lessee. 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. For lease contracts with a duration of more than one year in which the Company is the lessee, the present value of future lease payments will be recognized on the balance sheet as a right-of-use asset and a corresponding lease liability. Management is currently evaluating the potential impact of the new leases standard on the Company’s consolidated financial statements.

On March 30, 2016, the FASB issued new guidance that will change the accounting for certain aspects of share-based payments to employees. Entities will be required to recognize the income tax effects of awards in the income statement when the awards vest or are settled, and allows the Company to account for forfeitures as they occur. The new guidance is effective for the Company on January 1, 2017. Management is currently evaluating the potential impact of the new guidance on the Company’s consolidated financial statements.

On August 26, 2016, the FASB issued new guidance that addresses eight classification issues related to the statement of cash flows. Early adoption is permitted, including adoption in an interim period. This guidance should be applied retrospectively to each period presented. This new guidance is effective for the Company on January 1, 2018. Management is currently evaluating the potential impact of the new guidance on the Company’s consolidated financial statements.

On October 26, 2016, the FASB issued new guidance that updates the consolidation guidance on how a reporting entity that is a single decision maker of a variable interest entity ("VIE") should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The new guidance is effective for the Company on January 1, 2017. Management does not expect the adoption of the new guidance to have a material effect on the Company’s financial position or results of operations.

On November 17, 2016, the FASB issued new guidance that requires the statement of cash flows explain the change during the period in the total of cash and cash equivalents along with restricted cash and cash equivalents. Early adoption is permitted, including adoption in an interim period. This new guidance is effective for the Company on January 1, 2018. Management is currently evaluating the potential impact of the new guidance on the Company’s consolidated financial statements.

On January 5, 2017, the FASB issued new guidance that modifies the definition of a business. Under this new guidance, many real estate acquisitions will now be considered asset acquisitions, allowing costs associated with these acquisitions to be capitalized. Early adoption is permitted on a prospective basis for interim or annual periods for which the financial statements have not been issued or made available for issuance. The Company adopted this guidance on October 1, 2016, resulting in the capitalization of approximately $0.7 million of acquisition costs related to two acquisitions in the fourth quarter of 2016. If the Company had adopted this guidance on January 1, 2016, approximately $1.4 million in acquisition costs would have been capitalized.

Segments

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

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, 2016 was as follows (in thousands):



	Years Ended December 31,
	2016		2015		2014
Office real estate
Rental revenues	$	20,929	$	31,534	$	27,827
Rental expenses	5,560		6,938		6,395
Real estate taxes	2,000		2,950		2,315
Segment net operating income	13,369		21,646		19,117
Retail real estate
Rental revenues	56,511		32,064		23,956
Rental expenses	9,116		5,915		5,011
Real estate taxes	5,395		2,928		2,097
Segment net operating income	42,000		23,221		16,848
Multifamily residential real estate
Rental revenues	21,915		17,574		12,963
Rental expenses	7,228		6,351		5,261
Real estate taxes	2,234		1,904		1,331
Segment net operating income	12,453		9,319		6,371
General contracting and real estate services
Segment revenues	159,030		171,268		103,321
Segment expenses	153,375		165,344		98,754
Segment gross profit	5,655		5,924		4,567
Net operating income	$	73,477	$	60,110	$	46,903

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, 2016 exclude revenue related to intercompany construction contracts of $43.3 million, $43.1 million and $85.4 million, respectively. General contracting and real estate services expenses for each of the three years ended December 31, 2016 exclude expenses related to intercompany construction contracts of $42.7 million, $42.8 million and $84.6 million, respectively. General contracting and real estate services expenses for each of the three years ended December 31, 2016 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, 2016 (in thousands):



	Years Ended December 31,
	2016			2015			2014
Net operating income	$	73,477		$	60,110		$	46,903
Depreciation and amortization	(35,328		)	(23,153		)	(17,569		)
General and administrative expenses	(9,552		)	(8,397		)	(7,711		)
Acquisition, development and other pursuit costs	(1,563		)	(1,935		)	(229		)
Impairment charges	(355		)	(41		)	(15		)
Interest income	3,228			126			—
Interest expense	(16,466		)	(13,333		)	(10,648		)
Loss on extinguishment of debt	(82		)	(512		)	—
Gain on real estate dispositions	30,533			18,394			2,211
Change in fair value of interest rate derivatives	(941		)	(229		)	(233		)
Other income	147			119			120
Income tax benefit (provision)	(343		)	34			(70		)
Net income	$	42,755		$	31,183		$	12,759

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, 2016 include noncash stock compensation expense of $0.7 million, $0.7 million and $0.7 million, respectively.

- Definition

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

+ References

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=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&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=68060357&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 10
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

Operating Leases

12 Months Ended

Dec. 31, 2016

Leases [Abstract]

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):



2017	$	70,235
2018	65,384
2019	57,751
2020	47,217
2021	40,783
Thereafter	206,378
Total	$	487,748

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, 2016 are generally less than one year.

Real Estate Investments and Equity Method Investments

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Real Estate Investments and Equity Method Investments

The Company’s real estate investments comprised the following as of December 31, 2016 and 2015 (in thousands):



	December 31, 2016
	Income producing property		Held for development		Construction in progress		Total
Land	$	171,733	$	680	$	6,880	$	179,293
Land improvements	45,052		—		—		45,052
Buildings and improvements	677,293		—		—		677,293
Development and construction costs	—		—		6,649		6,649
Real estate investments	$	894,078	$	680	$	13,529	$	908,287



	December 31, 2015
	Income producing property		Held for development		Construction in 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

2016 Operating Property Acquisitions

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.

On April 29, 2016, the Company completed the acquisition of Southgate Square, a 220,000 square foot retail center located in Colonial Heights, Virginia, for aggregate consideration of $39.5 million, comprised of the assumption of $21.1 million in debt (which approximated fair value as of the closing date) and 1,575,185 Class A Units.

As part of the Southgate Square purchase agreement, the Company acquired an option to purchase an adjacent undeveloped land parcel from the seller. The option for the land parcel is valid for an initial period of two years, and its value would be determined by applying a mutually agreed upon capitalization rate to the base rent of tenants provided by the seller and approved by the Company. If, at the end of the two-year period, no suitable tenants have been found, the Company has the option of either paying $3.0 million to the seller for the land parcel or extending the period for an additional year. If, at the end of the additional year, no suitable tenants have been found, the Company can either pay $1.25 million to the seller for the land parcel or let the option expire. Management has evaluated the option and determined that its value is immaterial to the consolidated financial statements.

On August 4, 2016, the Company completed the acquisition of Southshore Shops, a 40,000 square foot retail center located in Midlothian, Virginia, for aggregate consideration of $9.3 million, comprised of $6.7 million in cash and 189,160 Class A Units.

On October 13, 2016, the Company completed the acquisition of Columbus Village II, a 92,000 square foot retail and entertainment center located in Virginia Beach, Virginia for aggregate consideration of 2,000,000 shares of the Company's common stock, which based on the closing stock price on the date of the acquisition, led to an acquisition price of $26.2 million, excluding capitalized acquisition costs.

On November 17, 2016, the Company completed the acquisition of Renaissance Square, a 80,000 square foot retail center located in Davidson, North Carolina, for $17.1 million, excluding capitalized acquisition costs.

The following table summarizes the purchase price allocation (including acquisition costs for Columbus Village II and Renaissance Square) of the assets acquired and liabilities assumed during the year ended December 31, 2016 (in thousands):



	Retail Portfolio			Southgate Square			Southshore Shops			Columbus Village II			Renaissance Square			Total
Land	$	66,260		$	8,890		$	1,770		$	14,536		$	6,730		$	98,186
Site improvements	3,870			2,140			490			939			303			7,742
Building and improvements	88,820			23,810			6,019			9,983			8,137			136,769
In-place leases	20,630			5,990			1,140			2,225			2,008			31,993
Above-market leases	1,960			100			120			—			70			2,250
Below-market leases	(11,040		)	(1,400		)	(190		)	(939		)	(10		)	(13,579		)
Net assets acquired	$	170,500		$	39,530		$	9,349		$	26,744		$	17,238		$	263,361

Rental revenues and net income from the 2016 acquired properties for the period from the respective acquisition dates to December 31, 2016 included in the consolidated statement of comprehensive income was $18.7 million and $2.9 million, respectively.

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

The Company completed the acquisition of Liberty Apartments on January 17, 2014. The fair value of the total consideration transferred at the acquisition date to acquire Liberty Apartments was $26.7 million, consisting of 695,652 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.

Pro Forma Financial Information (Unaudited)

The following table summarizes the consolidated results of operations of the Company on a pro forma basis, as if each of the 2016 acquisitions had been acquired on January 1, 2015, each of the 2015 acquisitions had been acquired on January 1, 2014 and each of the 2014 acquisitions had been acquired on January 1, 2013 (in thousands):



	Years Ended December 31,
	2016		2015		2014
Rental revenues	$	101,250	$	105,479	$	74,530
Net income	13,327		18,492		13,378

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, 2015, 2014 and 2013. 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, 2016

On January 20, 2017, the Company completed the sale of the Wawa outparcel at Greentree Shopping Center. Net proceeds after transaction costs were $4.4 million. The gain on the disposition was $3.4 million.

Other 2016 Real Estate Transactions

On January 7, 2016, the Company completed the sale of a building constructed for the Economic Development Authority of Newport News, Virginia. Net proceeds after transaction costs were $6.6 million. The gain on the disposition was $0.4 million.

On January 8, 2016, the Company completed the sale of the Richmond Tower office building for $78.0 million. Net proceeds after transaction costs were $77.0 million. The gain on the disposition of Richmond Tower was $26.2 million.

On June 20, 2016, the Company completed the sale of the Willowbrook Commons property located in Nashville, Tennessee for $9.2 million. The gain on the sale of the Willowbrook Commons property was less than $0.1 million.

On July 29, 2016, the Company completed the sale of the Kroger Junction property located in Pasadena, Texas for $3.7 million. The loss on the sale of the Kroger Junction property was less than $0.1 million.

On August 30, 2016, the Company entered into an operating agreement with Southern Apartment Group-Harding, LLC ("SAGH") to jointly develop an apartment development project in Charlotte, North Carolina. During the year ended December 31, 2016, the Company purchased $5.7 million of land in conjunction with the project.

On September 15, 2016, the Company completed the sale of the Oyster Point office property for $6.4 million. Net proceeds after transaction costs and settlement of liabilities were not significant. The gain on the disposition of Oyster Point was $3.8 million.

On December 22, 2016, the Company completed the sale of land adjacent to the Brooks Crossing development for $0.4 million. The gain on the disposition of the land was less than $0.1 million.

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 completed the sale on September 15, 2016.

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.

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.

Equity Method Investments

City Center

On February 25, 2016, the Company acquired a 37% interest in Durham City Center II, LLC (“City Center”) for purposes of developing a 22-story mixed use tower in Durham, North Carolina. As of December 31, 2016, the Company has invested $10.3 million in City Center. The Company has agreed to guarantee 37% of the construction loan for City Center; however, the loan is collateralized by 100% of the assets of City Center. As of December 31, 2016, the construction loan has not been drawn against.

As of December 31, 2016, the difference between the carrying value of the Company’s initial investment in City Center and the amount of underlying equity was immaterial. For the year ended December 31, 2016, City Center did not have any operating activity, and therefore the Company did not receive any dividends or allocated income.

Based on the terms of City Center’s operating agreement, the Company has concluded that City Center is a variable interest entity, and that the Company holds a variable interest. The Company does not have the power to direct the activities of the project that most significantly impact its performance. Accordingly, the Company is not the project’s primary beneficiary and, therefore, does not consolidate City Center in its consolidated financial statements.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References + Details

Notes Receivable	12 Months Ended
Notes Receivable	Dec. 31, 2016
Receivables [Abstract]
Notes Receivable	Notes Receivable Point Street Apartments On October 15, 2015, the Company agreed to invest up to $28.2 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 secured a senior construction loan of up to $70.0 million to fund the development and construction of Point Street Apartments on November 10, 2016. The Company has agreed to guarantee $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 currently has a $2.1 million letter of credit for the guarantee of the senior construction loan. The Company’s investment in the Point Street Apartments project is in the form of a loan under which BDG may borrow up to $28.2 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 pay down the outstanding BDG loan in full, with the difference between the BDG loan and $28.2 million applied to the senior construction loan . 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. As of December 31, 2016, the Company had funded $20.6 million under the BDG loan and for the year ended December 31, 2016, the Company recognized $1.2 million of interest income on the BDG loan. Management has concluded that this entity is a VIE. 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. Annapolis Junction On April 21, 2016, the Company entered into a note receivable with a maximum principal balance of $42.0 million in the Annapolis Junction residential component of the Annapolis Junction Town Center project in Maryland (“Annapolis Junction”). Annapolis Junction is an estimated $102.0 million mixed-use development project with plans for 416 residential units, 17,000 square feet of retail space and a 150-room hotel. Annapolis Junction Apartments Owner, LLC (“AJAO”) is the developer of the residential component and has engaged the Company to serve as construction general contractor for the residential component. Annapolis Junction is scheduled to open in 2017; however, management can provide no assurances that Annapolis Junction will open on the anticipated timeline or at the anticipated cost. AJAO secured a senior construction loan of up to $60.0 million to fund the development and construction of Annapolis Junction's residential component on September 30, 2016. 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 Annapolis Junction upon completion of the project as follows: (i) an option to purchase an 80% indirect interest in Annapolis Junction's residential component for the lesser of the seller’s budgeted or actual cost, 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 8% indirect interest in Annapolis Junction for the lesser of the seller’s actual or budgeted cost, exercisable within 27 months from the project’s completion (the “Second Option”). The Company’s investment in the Annapolis Junction project is in the form of a loan under which AJAO may borrow up to $48.0 million, including a $6.0 million interest reserve (the “AJAO loan”). Interest on the AJAO loan accrues at 10.0% per annum and matures on the earlier of: (i) December 21, 2020, which may be extended by AJAO 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 that the Company exercises the First Option, AJAO is required to simultaneously pay down both the senior construction loan and the AJAO loan by 80%, at which time the interest rate on the AJAO loan will automatically be reduced to the interest rate on the senior construction loan. In the event the Company exercises the Second Option, AJAO is required to simultaneously repay any remaining amounts outstanding under the AJAO loan, with any excess proceeds received from the exercise of the Second Option applied against the remaining balance of the senior construction loan. In the event that the Company does not exercise either the First Option or the Second Option, the interest rate on the AJAO loan will automatically be reduced to the interest rate on the senior construction loan for the remaining term of the AJAO loan. During the year ended December 31, 2016, the Company recognized $2.0 million of interest income on the note. No portion of the note receivable balance is past due and the Company has not recorded an impairment balance on the note. The balance on the Annapolis Junction note was $38.9 million as of December 31, 2016. Management has concluded that this entity is a VIE. Because AJAO 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, 2016

Contractors [Abstract]

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 $13.5 million and $19.2 million were netted against construction contract costs and estimated earnings as of December 31, 2016 and 2015, respectively. The Company expects to bill and collect substantially all construction contract costs incurred as of December 31, 2016 during the year ending December 31, 2017.

The Company defers precontract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. Precontract costs of $1.5 million and $0.5 million were deferred as of December 31, 2016 and 2015, 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, 2016 and 2015, construction receivables included retentions of $11.5 million and $10.8 million, respectively. The Company expects to collect substantially all construction receivables as of December 31, 2016 during the year ending December 31, 2017. As of December 31, 2016 and 2015, construction payables included retentions of $14.6 million and $12.3 million, respectively. The Company expects to pay substantially all construction payables as of December 31, 2016 during the year ending December 31, 2017.

The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2016 and 2015 (in thousands):



	December 31,
	2016			2015
Costs incurred on uncompleted construction contracts	$	333,744		$	228,184
Estimated earnings	10,936			9,739
Billings	(354,737		)	(240,059		)
Net position	$	(10,057	)	$	(2,136	)



	December 31,
	2016			2015
Construction contract costs and estimated earnings in excess of billings	$	110		$	88
Billings in excess of construction contract costs and estimated earnings	(10,167		)	(2,224		)
Net position	$	(10,057	)	$	(2,136	)

The Company expects to complete all uncompleted contracts as of December 31, 2016 during the years ending December 31, 2017, 2018 and 2019.

Indebtedness

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Indebtedness

The Company’s indebtedness was comprised of the following as of December 31, 2016 and 2015 (dollars in thousands):



							Stated Interest		Stated Maturity
	Principal Balance						Rate		Date
	December 31,						December 31,
	2016			2015			2016
249 Central Park Retail (1)	$	17,076		$	15,282		LIBOR + 1.95%		August 8, 2021
Fountain Plaza Retail (1)	10,281			7,641			LIBOR + 1.95%		August 8, 2021
South Retail (1)	7,493			6,742			LIBOR + 1.95%		August 8, 2021
4525 Main Street (2)	32,034			31,613			3.25	%	September 10, 2021
Encore Apartments (2)	24,966			25,184			3.25	%	September 10, 2021
North Point Center Note 5 (3)	643			664			LIBOR + 2.00%		February 1, 2017
Oyster Point	—			6,400			LIBOR+1.40%-2.00%		February 28, 2017
Harrisonburg Regal	3,256			3,463			6.06	%	June 8, 2017
Commonwealth of Virginia - Chesapeake	4,933			4,933			LIBOR + 1.90%		August 28, 2017
Hanbury Village Note 1	20,709			20,970			6.67	%	October 11, 2017
Lightfoot Marketplace	12,194			7,759			LIBOR + 1.90%		November 14, 2017
Sandbridge Commons	9,376			9,010			LIBOR + 1.85%		January 17, 2018
Southgate Square	21,150			—			LIBOR + 2.00%		April 29, 2021
Columbus Village Note 1 (3)	6,258			6,429			LIBOR + 2.00%		April 5, 2018
Columbus Village Note 2	2,266			2,310			LIBOR + 2.00%		April 5, 2018
Johns Hopkins Village	43,841			3,968			LIBOR + 1.90%		July 30, 2018
North Point Center Note 1	9,776			9,969			6.45	%	February 5, 2019
Revolving credit facility	107,000			74,000			LIBOR+1.40%-2.00%		February 20, 2019
Term loan(3)	50,000			50,000			LIBOR+1.35%-1.95%		February 20, 2020
Term loan	50,000			—			LIBOR+1.35%-1.95%		February 20, 2020
Socastee Commons	4,866			4,957			4.57	%	January 6, 2023
North Point Center Note 2	2,564			2,662			7.25	%	September 15, 2025
Smith's Landing	20,511			21,226			4.05	%	June 1, 2035
Liberty Apartments	20,005			20,312			5.66	%	November 1, 2043
The Cosmopolitan	45,884			46,519			3.75	%	July 1, 2051
Total principal balance	$	527,082		$	382,013
Unamortized fair value adjustments	(1,250		)	(1,287		)
Unamortized debt issuance costs	(3,652		)	(3,133		)
Indebtedness, net	$	522,180		$	377,593

________________________________________


(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, 2016 and 2015 (in thousands):



	December 31,
	2016		2015
Fixed-rate debt	$	241,472	$	159,743
Variable-rate debt	285,610		222,270
Total principal balance	$	527,082	$	382,013

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, 2016, the Company was in compliance with all loan covenants.

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



Year	Scheduled Principal Payments		Term-Loan Maturities		Total Payments
2017	$	3,778	$	41,432	$	45,210
2018	3,655		60,873		64,528
2019	3,485		116,333		119,818
2020	4,482		100,000		104,482
2021	3,588		106,274		109,862
Thereafter	77,615		5,567		83,182
Total	$	96,603	$	430,479	$	527,082

Credit Facility

On February 20, 2015, the Operating Partnership, as borrower, and the Company, as parent guarantor, entered into a $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 credit facility includes an accordion feature that allows the total commitments to be increased to $350.0 million, subject to certain conditions. On January 5, 2016 and March 31, 2016, the Company increased the total borrowing capacity to $225.0 million and $250.0 million, respectively. The credit facility replaced the prior $155.0 million senior secured revolving credit facility that was scheduled to mature on May 13, 2016.

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, 2016, the interest rates on the revolving credit facility and the term loan facility were 2.32% and 2.27%, 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 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 credit facility in whole or in part without a material 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 $250.0 million as of December 31, 2016.

The 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% (or 65% for the two consecutive quarters following any acquisition that is equal to or greater than 10% of our total asset value (as defined in the credit agreement), but only up to two times during the term of the credit facility);


•	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 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 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, 2016

On February 1, 2017, the Company increased the borrowings under the senior unsecured term loan facility to $125.0 million and increased the total capacity of the senior unsecured credit facility to $275.0 million, pursuant to the accordion feature of the credit facility.

On February 1, 2017, the Company paid off the North Point Center Note 5 in full.

On February 24, 2017, the Company secured a $29.8 million construction loan for the Harding Place project in Charlotte, North Carolina.

Other 2016 Financing Activity

On August 8, 2016, the Company repaid the existing $15.1 million mortgage loan secured by 249 Central Park Retail, the $6.7 million mortgage loan on South Retail and the $7.6 million mortgage loan on Fountain Plaza and refinanced them with a $35.0 million five-year term mortgage loan that bears interest at LIBOR plus 1.95% and matures on August 8, 2021. The new mortgage loan is collateralized by all three properties. The loss on extinguishment of debt recognized on the refinancing was less than $0.1 million.

On August 30, 2016, the Company repaid the existing $31.6 million construction loan secured by 4525 Main Street and the $25.2 million construction loan on Encore Apartments and refinanced them with a $57.0 million five-year term mortgage loan that bears interest at 3.25% and matures on September 10, 2021. The new mortgage is collateralized by both properties. The loss on extinguishment of debt recognized on the refinancing was less than $0.1 million for the year ended December 31, 2016.

During the year ended December 31, 2016, the Company borrowed $44.4 million under its construction loans to fund new development and construction.

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. This note was paid in full in conjunction with the sale of the Oyster Point office building.

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, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 $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 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.

On June 17, 2016, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $70.0 million at a strike rate of 1.00% for a premium of less than $0.1 million. The interest rate cap agreement expires on June 17, 2018.

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’s derivatives comprised the following as of December 31, 2016 and 2015 (in thousands):



	December 31,
	2016							2015
	Notional		Fair Value					Notional		Fair Value
	Amount		Asset		Liability			Amount		Asset		Liability
Interest rate swaps	$	56,901	$	—	$	(829	)	$	57,093	$	—	$	(1,082	)
Interest rate caps	270,000		259		—			246,546		164		—
Total	$	326,901	$	259	$	(829	)	$	303,639	$	164	$	(1,082	)

The changes in the fair value of the Company’s derivatives during each of the three years ended December 31, 2016 was as follows (in thousands):



	Years Ended December 31,
	2016			2015			2014
Interest rate swaps	$	(795	)	$	(1,071	)	$	5
Interest rate caps	(146		)	(233		)	(238		)
Total	$	(941	)	$	(1,304	)	$	(233	)
Comprehensive income statement presentation:
Change in fair value of interest rate derivatives	$	(941	)	$	(229	)	$	(233	)
Unrealized gain (loss) on cash flow hedge	—			(1,075		)	—
Total	$	(941	)	$	(1,304	)	$	(233	)

Effective March 31, 2016, the Company determined that the short-cut method of hedge accounting was not appropriate for two of its interest-rate swaps and, for accounting purposes, the hedge relationship was terminated. The swaps were entered into in February and July 2015. Accordingly, changes in fair value of the swap should have been recorded in income rather than other comprehensive income. The Company determined that the errors were immaterial to all previously issued financial statements. The Company recognized $0.7 million of accumulated other comprehensive income and $0.4 million, which was previously allocated to noncontrolling interest as of December 31, 2015, in earnings during the first quarter of 2016. Subsequent changes in the value of the interest rate swap for the period from January 1, 2016 to December 31, 2016 were also recognized in earnings during the year ended December 31, 2016. Net income for the year ended December 31, 2015 was overstated by $1.0 million. In reaching its conclusions, management considered the nature of the error, the effect of the error on operating results for 2015, and the effects of the error on important financial statement measures, including related trends.

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

Subsequent to December 31, 2016

On February 1, 2017, the North Point Center Note 5 was paid in full, which terminated the interest rate swap agreement associated with the note. The loss on the interest rate swap agreement was not significant.

On February 7, 2017, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $50.0 million at a strike rate of 1.50% for a premium of $0.2 million. The interest rate cap expires on March 1, 2019.

- 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
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+ Details

Equity

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Equity

Stockholders’ Equity

As of December 31, 2016 and 2015, the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 37.5 million and 30.1 million shares of common stock issued and outstanding as of December 31, 2016 and 2015, respectively. No shares of preferred stock were issued and outstanding as of December 31, 2016 and 2015.

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 (the "Prior ATM Program"). 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 May 4, 2016, the Company commenced a new at-the-market continuous equity offering program (the “2016 ATM 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 $75.0 million. Upon commencing the 2016 ATM Program, the Company simultaneously terminated the Prior ATM Program, which the Company entered into in May 2015 and under which, the Company issued and sold an aggregate of 1,152,919 shares of common stock at a weighted average price of $10.87 per share, resulting in aggregatenet proceeds after offering costs and commissions of $12.2 million. From the inception date of the 2016 ATM Program through December 31, 2016, the Company issued and sold an aggregate of 4,159,936 shares of common stock at a weighted average price of $13.45 per share under the 2016 ATM Program, receiving net proceeds after offering costs and commissions of $54.8 million.

On October 13, 2016, the Company completed the acquisition of Columbus Village II, a stabilized retail asset for aggregate consideration of 2,000,000 shares of common stock, which based on the closing stock price on the date of the acquisition, leads to an acquisition price of $26.2 million. On October 19, 2016, the Company filed a registration statement covering resales of the shares pursuant to a registration rights agreement with the sellers.

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, 2016 and 2015, the Company held a 68.1% and 65.6% 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 issued 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, 2016, the Company declared the following dividends per share and distributions per unit:



Declaration Date	Record Date	Paid Date	Dividend Per Share/Distribution Per Unit
January 31, 2016	March 30, 2016	April 7, 2016	$	0.18
May 2, 2016	June 29, 2016	July 7, 2016	0.18
August 4, 2016	September 28, 2016	October 6, 2016	0.18
November 3, 2016	December 28, 2016	January 5, 2017	0.18
		Total	$	0.72

During the year ended December 31, 2016, the Company paid cash dividends of $22.7 million to common stockholders and the Operating Partnership paid cash distributions of $11.1 million to holders of Class A Units.

The tax treatment of dividends paid to common stockholders during the year ended December 31, 2016 was as follows (unaudited):



Capital gains	—	%
Ordinary income	78.00	%
Return of capital	22.00	%
Total	100.00	%

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



Declaration Date	Record Date	Paid Date	Dividend Per Share/Distribution 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	100.00	%

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



Declaration Date	Record Date	Paid Date	Dividend Per Share/Distribution Per Unit
February 18, 2014	April 1, 2014	April 10, 2014	$	0.16
May 9, 2014	July 1, 2014	July 10, 2014	0.16
August 4, 2014	October 1, 2014	October 9, 2014	0.16
November 10, 2014	December 30, 2014	January 8, 2015	0.16
		Total	$	0.64

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

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



Capital gains	5.3	%
Ordinary income	52.3	%
Return of capital	42.4	%
Total	100.0	%

Subsequent to December 31, 2016

On January 5, 2017, the Company paid cash dividends of $6.7 million to common stockholders and the Operating Partnership paid cash distributions of $3.0 million to holders of Class A Units. These dividends and distributions were declared and accrued as of December 31, 2016.

On January 10, 2017, the Company issued 275,000 Class C Units pursuant to the terms of the previously completed Columbus Village acquisition.

On January 10, 2017, the Company issued 68,691 Class A Units for the remaining 20% interests in the Town Center Phase VI project.

On February 2, 2017, the Board of Directors declared a cash dividend of $0.19 per share to stockholders of record on March 29, 2017.

- 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 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 14: 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 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2016

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

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, 2016, the Company had 218,050 shares of common stock reserved for issuance under the 2013 Equity Incentive Plan.

During the three years ended December 31, 2016, the Company granted an aggregate of 0.1 million, 0.1 million and 0.1 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, 2016 was $1.4 million, $1.2 million and $1.3 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. Unvested restricted stock awards are entitled to receive dividends from their grant date.

During each of the three years ended December 31, 2016, the Company recognized $1.2 million, $1.0 million and $1.3 million of stock-based compensation, respectively. As of December 31, 2016, the total unrecognized compensation cost related to nonvested restricted shares was $0.4 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, 2016:



	Restricted Stock Awards		Weighted Average Grant Date Fair Value Per Share
Nonvested as of January 1, 2016	102,055		$	10.52
Granted	121,243		11.22
Vested	(118,374	)	10.63
Forfeited	(85	)	10.84
Nonvested as of December 31, 2016	104,839		$	11.20

Restricted stock awards granted and vested during the year ended December 31, 2016 include 20,011 shares tendered by employees to satisfy minimum statutory tax withholding obligations.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

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, 2016 and 2015 were as follows (in thousands):



	December 31,
	2016				2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
Indebtedness, net	$	522,180	$	527,414	$	377,593	$	384,691
Interest rate swap liabilities	829		829		1,082		1,082
Interest rate cap assets	259		259		164		164

- 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, 2016

Income Tax Disclosure [Abstract]

Income Taxes

The income tax benefit (provision) for each of the three years ended December 31, 2016 comprised the following (in thousands):



	Years Ended December 31,
	2016			2015			2014
Federal income taxes:
Current	$	(197	)	$	102		$	(37	)
Deferred	(109		)	(72		)	(6		)
State income taxes:
Current	(24		)	13			(26		)
Deferred	(13		)	(9		)	(1		)
Income tax benefit (provision)	$	(343	)	$	34		$	(70	)

As of December 31, 2016 and 2015, the Company had $0.5 million and $0.6 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, 2016 and 2015. The Company is subject to examination by the applicable taxing authorities for the tax years 2013 through 2016. For the year ended December 31, 2016, the Company was subject to three separate tax examinations. The Internal Revenue Service ("IRS") is examining the Company's 2014 income tax returns. The Virginia Department of Taxation is examining the Company's Virginia tax returns for the tax years 2013 through 2016, and the North Carolina Department of Revenue is examining the Company's North Carolina sales tax returns for the tax years 2013 through 2016. The North Carolina Department of Revenue sales tax audit was completed in December 2016 resulting in no liability to the Company.

Other Assets

12 Months Ended

Dec. 31, 2016

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

Other Assets

Other assets were comprised of the following as of December 31, 2016 and 2015 (in thousands):



	December 31,
	2016		2015
Acquired lease intangibles, net	$	38,853	$	18,418
Leasing costs, net	9,338		10,839
Leasing incentives, net	4,764		5,408
Prepaid expenses and other	10,056		2,781
Advance deposits on property acquisitions	75		3,500
Preacquisition development costs	1,079		2,504
Other assets	$	64,165	$	43,450

Other Liabilities

12 Months Ended

Dec. 31, 2016

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities were comprised of the following as of December 31, 2016 and 2015 (in thousands):



	December 31,
	2016		2015
Dividends and distributions payable	$	9,727	$	7,621
Deferred ground rent payable	8,202		7,484
Acquired lease intangibles, net	15,545		5,872
Prepaid rent and other	3,227		2,145
Security deposits	1,679		1,267
Interest rate swaps	829		1,082
Other liabilities	$	39,209	$	25,471

Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2016

Acquired Lease Intangibles

Acquired Lease Intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2016 (in thousands):



	December 31, 2016
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	49,124	$	15,350	$	33,774
Above-market lease assets	4,490		1,138		3,352
Below-market lease liabilities	18,039		2,494		15,545
Below-market ground lease assets	1,920		193		1,727

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

Amortization of in-place lease assets, net below-market lease liabilities and below-market ground lease assets for the year ended December 31, 2016 was $10.2 million, $1.8 million and less than $0.9 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, 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.

As of December 31, 2016, the weighted-average remaining lives of in-place lease assets, above-market lease assets, and below-market lease assets were 5.3 years, 6.7 years and 9.9 years, respectively. As of December 31, 2016, the weighted-average remaining life of below-market lease renewal options was 9.0 years.

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,
2017	$	1,002	$	53	$	9,535
2018	993		53		6,682
2019	883		53		5,192
2020	743		53		3,522
2021	755		53		2,125

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company provides general contracting and real estate services to certain related party entities that are not included in these consolidated financial statements. Revenue from construction contracts with related party entities of the Company was $26.7 million, $9.6 million and $5.3 million for each of the three years ended December 31, 2016, respectively. Gross profits from such contracts were $1.0 million, $0.3 million and $0.3 million for each of the three years ended December 31, 2016, respectively. Amounts from related parties of the Company included in construction receivables as of December 31, 2016 and 2015 were $3.4 million and $1.8 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, 2016 or 2015. 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, 2016. In connection with the formation transactions for the Company's initial public offering, 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 in the consolidated statements of comprehensive income.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

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 $40.5 million and $183.0 million as of December 31, 2016 and 2015, 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, 2016 and 2015, the Operating Partnership had total outstanding letters of credit of $4.1 million and $8.0 million, respectively. The amount outstanding at December 31, 2016 includes a $2.1 million letter of credit related to the guarantee on the Point Street Apartments senior construction loan.

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):



2017	$	1,715
2018	1,738
2019	1,813
2020	1,821
2021	1,840
Thereafter	91,453
Total	$	100,380

Ground rent expense for each of the three years ended December 31, 2016 was $2.0 million, $1.7 million and $1.8 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, 2016, rental revenues from Hampton Roads properties represented 52%, 68% and 69%, 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, 2016, rental revenues from Town Center properties represented 41%, 46% and 47%, respectively, of the Company’s rental revenues. Rental revenues from Richmond Tower, which we sold in January 2016, individually represented 1%, 11% and 13% of the Company’s rental revenues for each of the three years ended December 31, 2016, respectively.

A single construction project in Baltimore, Maryland represented 18% and 64% of the Company’s general contracting and real estate services revenues for the years ended December 31, 2016 and 2015, respectively. The same project represented 29% and 50% of the Company’s general contracting and real estate services segment gross profit for the years ended December 31, 2016 and 2015, respectively.

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Data [Abstract]

Selected Quarterly Financial Data (Unaudited)

The following tables summarize certain selected quarterly financial data for 2016 and 2015 (in thousands, except per share data):



	2016 Quarters
	First		Second		Third		Fourth
Rental revenues	$	23,283	$	24,251	$	25,305	$	26,516
General contracting and real estate services revenues	36,803		33,200		38,552		50,475
Net operating income	17,371		17,973		18,393		19,740
Net income (1)	26,533		3,131		7,946		5,145
Net income attributable to stockholders	17,370		2,034		5,212		3,458
Net income per share: basic and diluted	$	0.57	$	0.06	$	0.15	$	0.09



	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

(1) First quarter amount includes a $26.2 million gain on the disposition of Richmond Tower.

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation

12 Months Ended

Dec. 31, 2016

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

Schedule III-Consolidated Real Estate Investments and Accumulated Depreciation

SCHEDULE III—Consolidated Real Estate Investments and Accumulated Depreciation

December 31, 2016



				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	$	32,034		$	982	$	—	$	40,759	$	982	$	40,759	$	41,741	$	3,007		$	38,734	2014
Armada Hoffler Tower	—		⁽²⁾	1,976		—		56,613		1,976		56,613		58,589		27,427			31,162		2002
Commonwealth of Virginia—Chesapeake	4,933			328		—		6,211		328		6,211		6,539		587			5,952		2015
Commonwealth of Virginia—Virginia Beach	—			208		—		2,159		208		2,159		2,367		181			2,186		2015
One Columbus	—		⁽²⁾	960		10,269		7,345		960		17,614		18,574		9,627			8,947		1984/2000
Two Columbus	—		⁽²⁾	53		—		19,036		53		19,036		19,089		5,999			13,090		2009
Total office	$	36,967		$	4,507	$	10,269	$	132,123	$	4,507	$	142,392	$	146,899	$	46,828		$	100,071
Retail
249 Central Park Retail	$	17,076		$	712	$	—	$	14,838	$	712	$	14,838	$	15,550	$	7,641		$	7,909	2004
Alexander Pointe	—		⁽²⁾	4,050		4,880		23		4,050		4,903		8,953		232			8,721		1997
Bermuda Crossroads	—		⁽²⁾	5,450		10,641		689		5,450		11,330		16,780		1,804			14,976		2001/2013
Broad Creek Shopping Center	—		⁽²⁾	—		—		15,845		—		15,845		15,845		8,446			7,399		1997-2001
Broadmoor Plaza	—			2,410		9,010		24		2,410		9,034		11,444		437			11,007		1980
Brooks Crossing	—			117		—		2,276		117		2,276		2,393		22			2,371		2016
Columbus Village	8,524			7,631		10,135		—		7,631		10,135		17,766		439			17,327		1985/2015
Columbus Village II	—			14,536		10,922		14		14,536		10,936		25,472		104			25,368		1995/1996
Commerce Street Retail	—		⁽²⁾	118		—		3,209		118		3,209		3,327		1,173			2,154		2008
Courthouse 7-Eleven	—		⁽²⁾	1,007		—		1,043		1,007		1,043		2,050		136			1,914		2011
Dick’s at Town Center	—		⁽²⁾	67		—		10,522		67		10,522		10,589		3,507			7,082		2002
Dimmock Square	—		⁽²⁾	5,100		13,126		46		5,100		13,172		18,272		877			17,395		1998/2014
Fountain Plaza Retail	10,281			425		—		7,112		425		7,112		7,537		2,950			4,587		2004
Gainsborough Square	—		⁽²⁾	2,229		—		7,064		2,229		7,064		9,293		3,005			6,288		1999
Greentree Shopping Center	—			1,523		—		4,280		1,523		4,280		5,803		377			5,426		2014
Hanbury Village	20,709		⁽²⁾	3,793		—		19,262		3,793		19,262		23,055		5,770			17,285		2009
Harper Hill Commons	—		⁽²⁾	2,840		8,510		12		2,840		8,522		11,362		301			11,061		2004
Harrisonburg Regal	3,256			1,554		—		4,149		1,554		4,149		5,703		1,881			3,822		1999
Lightfoot Marketplace	12,194			7,628		—		14,728		7,628		14,728		22,356		227		⁽³⁾	22,129		0	⁽³⁾
North Hampton Market	—		⁽²⁾	7,250		10,210		140		7,250		10,350		17,600		469			17,131		2004
North Point Center	12,983		⁽²⁾	1,936		—		25,119		1,936		25,119		27,055		11,788			15,267		1998
Oakland Marketplace	—			1,850		3,370		10		1,850		3,380		5,230		436			4,794		2004
Parkway Marketplace	—		⁽²⁾	1,150		—		3,540		1,150		3,540		4,690		1,678			3,012		1998



Patterson Place	—		⁽²⁾	15,059		20,180		11		15,059		20,191		35,250		676			34,574		2004
Perry Hall Marketplace	—		⁽²⁾	3,240		8,316		91		3,240		8,407		11,647		548			11,099		2001/2015
Providence Plaza	—		⁽²⁾	9,950		12,369		476		9,950		12,845		22,795		505			22,290		2008/2015
Renaissance Place	—			6,730		8,439		—		6,730		8,439		15,169		47			15,122		2008
Sandbridge Commons	9,376			5,267		—		7,236		5,267		7,236		12,503		511			11,992		2015
Socastee Commons	4,866			2,320		5,380		45		2,320		5,425		7,745		328			7,417		2000/2015
South Retail	7,493			190		—		7,623		190		7,623		7,813		3,731			4,082		2002
South Square	—			14,130		12,670		14		14,130		12,684		26,814		476			26,338		1977/2005
Southgate Square	21,150			8,890		25,950		62		8,890		26,012		34,902		620			34,282		1991/2016
Southshore Shops	—			1,770		6,509		5		1,770		6,514		8,284		85			8,199		2006
Stone House Square	—		⁽²⁾	6,360		16,350		236		6,360		16,586		22,946		974			21,972		2008/2015
Studio 56 Retail	—		⁽²⁾	76		—		2,477		76		2,477		2,553		727			1,826		2007
Tyre Neck Harris Teeter	—		⁽²⁾	—		—		3,306		—		3,306		3,306		756			2,550		2011
Waynesboro Commons	—			1,300		1,610		10		1,300		1,620		2,920		192			2,728		1993
Wendover Village	—		⁽²⁾	12,710		14,490		7		12,710		14,497		27,207		498			26,709		2004
Total retail	$	127,908		$	161,368	$	213,067	$	155,544	$	161,368	$	368,611	$	529,979	$	64,374		$	465,605
Mutifamily
Encore Apartments	$	24,966		$	1,293	$	—	$	30,124	$	1,293	$	30,124	$	31,417	$	1,997		$	29,420	2014
Harding Place	—			5,706		—		2,453		5,706		2,453		8,159		—			8,159		—	⁽³⁾
Liberty Apartments	20,005			3,580		23,494		1,215		3,580		24,709		28,289		2,566			25,723		2013/2014
Johns Hopkins Village	43,841			—		—		65,875		—		65,875		65,875		863		⁽³⁾	65,012		—	⁽³⁾
Smith’s Landing	20,511			—		35,105		1,153		—		36,258		36,258		4,284			31,974		2009/2013
The Cosmopolitan	45,884			985		—		56,957		985		56,957		57,942		18,641			39,301		2006
Town Center Phase VI	—			1,174		—		1,615		1,174		1,615		2,789		—			2,789		—
Total multifamily	$	155,207		$	12,738	$	58,599	$	159,392	$	12,738	$	217,991	$	230,729	$	28,351		$	202,378
Held for development	$	—		$	680	$	—	$	—	$	680	$	—	$	680	$	—		$	680
Real estate investments	$	320,082		$	179,293	$	281,935	$	447,059	$	179,293	$	728,994	$	908,287	$	139,553		$	768,734

________________________________________


(1)	The net carrying amount of real estate for federal income tax purposes was $655.9 million as of December 31, 2016.


(2)	Borrowing base collateral for the credit facility as of December 31, 2016.


(3)	Construction in progress as of December 31, 2016.

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,
	2016			2015			2016			2015
Balance at beginning of the year	$	633,591		$	595,000		$	125,380		$	116,099
Construction costs and improvements	56,630			52,533			—			—
Acquisitions	248,987			83,230			—			—
Dispositions	(30,467		)	(23,181		)	(352		)	(668		)
Reclassifications	(454		)	(73,991		)	(8,928		)	(8,729		)
Depreciation	—			—			23,453			18,678
Balance at end of the year	$	908,287		$	633,591		$	139,553		$	125,380

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated 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

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 as held for sale as of December 31, 2015.

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

Derivative Financial Instruments

Stock-Based Compensation

Income Taxes

Discontinued Operations

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

Emerging Growth Company Status

Recent Accounting Pronouncements

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

Legal Proceedings

Business and Organization (Tables)

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of 100% owned properties

As of December 31, 2016, 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*
Two Columbus	Office	Virginia Beach, Virginia*
249 Central Park Retail	Retail	Virginia Beach, Virginia*
Alexander Pointe	Retail	Salisbury, North Carolina
Bermuda Crossroads	Retail	Chester, Virginia
Broad Creek Shopping Center	Retail	Norfolk, Virginia
Broadmoor Plaza	Retail	South Bend, Indiana
Columbus Village	Retail	Virginia Beach, Virginia*
Columbus Village II	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
Harper Hill Commons	Retail	Winston-Salem, North Carolina
Harrisonburg Regal	Retail	Harrisonburg, Virginia
North Hampton Market	Retail	Taylors, South Carolina
North Point Center	Retail	Durham, North Carolina
Oakland Marketplace	Retail	Oakland, Tennessee
Parkway Marketplace	Retail	Virginia Beach, Virginia
Patterson Place	Retail	Durham, North Carolina
Perry Hall Marketplace	Retail	Perry Hall, Maryland
Providence Plaza	Retail	Charlotte, North Carolina
Renaissance Square	Retail	Davidson, North Carolina
Sandbridge Commons	Retail	Virginia Beach, Virginia
Socastee Commons	Retail	Myrtle Beach, South Carolina
Southgate Square	Retail	Colonial Heights, Virginia
Southshore Shops	Retail	Chesterfield, Virginia
South Retail	Retail	Virginia Beach, Virginia*
South Square	Retail	Durham, North Carolina
Stone House Square	Retail	Hagerstown, Maryland
Studio 56 Retail	Retail	Virginia Beach, Virginia*
Tyre Neck Harris Teeter	Retail	Portsmouth, Virginia
Waynesboro Commons	Retail	Waynesboro, Virginia
Wendover Village	Retail	Greensboro, North Carolina
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, 2016, the following properties were under development or construction:



Property	Segment	Location	Ownership Interest
Brooks Crossing	Office/Retail	Newport News, Virginia	65	%
Johns Hopkins Village	Multifamily	Baltimore, Maryland	80	%	⁽¹⁾
Lightfoot Marketplace	Retail	Williamsburg, Virginia	70	%
Town Center Phase VI	Multifamily	Virginia Beach, Virginia*	80	%
Harding Place	Multifamily	Charlotte, North Carolina	80	%


(1)	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”) upon and for a period of one year after the project’s completion. The Company is entitled to a preferred return of 9% on its investment in Johns Hopkins Village.

*Located in the Town Center of Virginia Beach

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Estimated useful lives

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



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

Segments (Tables)

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Net operating income of reportable segments

Net operating income of the Company’s reportable segments for each of the three years ended December 31, 2016 was as follows (in thousands):



	Years Ended December 31,
	2016		2015		2014
Office real estate
Rental revenues	$	20,929	$	31,534	$	27,827
Rental expenses	5,560		6,938		6,395
Real estate taxes	2,000		2,950		2,315
Segment net operating income	13,369		21,646		19,117
Retail real estate
Rental revenues	56,511		32,064		23,956
Rental expenses	9,116		5,915		5,011
Real estate taxes	5,395		2,928		2,097
Segment net operating income	42,000		23,221		16,848
Multifamily residential real estate
Rental revenues	21,915		17,574		12,963
Rental expenses	7,228		6,351		5,261
Real estate taxes	2,234		1,904		1,331
Segment net operating income	12,453		9,319		6,371
General contracting and real estate services
Segment revenues	159,030		171,268		103,321
Segment expenses	153,375		165,344		98,754
Segment gross profit	5,655		5,924		4,567
Net operating income	$	73,477	$	60,110	$	46,903

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, 2016 (in thousands):



	Years Ended December 31,
	2016			2015			2014
Net operating income	$	73,477		$	60,110		$	46,903
Depreciation and amortization	(35,328		)	(23,153		)	(17,569		)
General and administrative expenses	(9,552		)	(8,397		)	(7,711		)
Acquisition, development and other pursuit costs	(1,563		)	(1,935		)	(229		)
Impairment charges	(355		)	(41		)	(15		)
Interest income	3,228			126			—
Interest expense	(16,466		)	(13,333		)	(10,648		)
Loss on extinguishment of debt	(82		)	(512		)	—
Gain on real estate dispositions	30,533			18,394			2,211
Change in fair value of interest rate derivatives	(941		)	(229		)	(233		)
Other income	147			119			120
Income tax benefit (provision)	(343		)	34			(70		)
Net income	$	42,755		$	31,183		$	12,759

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2016

Leases [Abstract]

Schedule of future minimum rental payments

The Company’s commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands):



2017	$	70,235
2018	65,384
2019	57,751
2020	47,217
2021	40,783
Thereafter	206,378
Total	$	487,748

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



2017	$	1,715
2018	1,738
2019	1,813
2020	1,821
2021	1,840
Thereafter	91,453
Total	$	100,380

Real Estate Investments and Equity Method Investments (Tables)

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Schedule of real estate investments

The Company’s real estate investments comprised the following as of December 31, 2016 and 2015 (in thousands):



	December 31, 2016
	Income producing property		Held for development		Construction in progress		Total
Land	$	171,733	$	680	$	6,880	$	179,293
Land improvements	45,052		—		—		45,052
Buildings and improvements	677,293		—		—		677,293
Development and construction costs	—		—		6,649		6,649
Real estate investments	$	894,078	$	680	$	13,529	$	908,287



	December 31, 2015
	Income producing property		Held for development		Construction in 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

Summary of estimated fair values of assets acquired and liabilities assumed



	Retail Portfolio			Southgate Square			Southshore Shops			Columbus Village II			Renaissance Square			Total
Land	$	66,260		$	8,890		$	1,770		$	14,536		$	6,730		$	98,186
Site improvements	3,870			2,140			490			939			303			7,742
Building and improvements	88,820			23,810			6,019			9,983			8,137			136,769
In-place leases	20,630			5,990			1,140			2,225			2,008			31,993
Above-market leases	1,960			100			120			—			70			2,250
Below-market leases	(11,040		)	(1,400		)	(190		)	(939		)	(10		)	(13,579		)
Net assets acquired	$	170,500		$	39,530		$	9,349		$	26,744		$	17,238		$	263,361

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

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

Summary of consolidated and combined results of operations on pro forma basis



	Years Ended December 31,
	2016		2015		2014
Rental revenues	$	101,250	$	105,479	$	74,530
Net income	13,327		18,492		13,378

Construction Contracts (Tables)

12 Months Ended

Dec. 31, 2016

Contractors [Abstract]

Net position of uncompleted construction contracts

The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2016 and 2015 (in thousands):



	December 31,
	2016			2015
Costs incurred on uncompleted construction contracts	$	333,744		$	228,184
Estimated earnings	10,936			9,739
Billings	(354,737		)	(240,059		)
Net position	$	(10,057	)	$	(2,136	)



	December 31,
	2016			2015
Construction contract costs and estimated earnings in excess of billings	$	110		$	88
Billings in excess of construction contract costs and estimated earnings	(10,167		)	(2,224		)
Net position	$	(10,057	)	$	(2,136	)

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of debt

The Company’s indebtedness was comprised of the following as of December 31, 2016 and 2015 (dollars in thousands):



							Stated Interest		Stated Maturity
	Principal Balance						Rate		Date
	December 31,						December 31,
	2016			2015			2016
249 Central Park Retail (1)	$	17,076		$	15,282		LIBOR + 1.95%		August 8, 2021
Fountain Plaza Retail (1)	10,281			7,641			LIBOR + 1.95%		August 8, 2021
South Retail (1)	7,493			6,742			LIBOR + 1.95%		August 8, 2021
4525 Main Street (2)	32,034			31,613			3.25	%	September 10, 2021
Encore Apartments (2)	24,966			25,184			3.25	%	September 10, 2021
North Point Center Note 5 (3)	643			664			LIBOR + 2.00%		February 1, 2017
Oyster Point	—			6,400			LIBOR+1.40%-2.00%		February 28, 2017
Harrisonburg Regal	3,256			3,463			6.06	%	June 8, 2017
Commonwealth of Virginia - Chesapeake	4,933			4,933			LIBOR + 1.90%		August 28, 2017
Hanbury Village Note 1	20,709			20,970			6.67	%	October 11, 2017
Lightfoot Marketplace	12,194			7,759			LIBOR + 1.90%		November 14, 2017
Sandbridge Commons	9,376			9,010			LIBOR + 1.85%		January 17, 2018
Southgate Square	21,150			—			LIBOR + 2.00%		April 29, 2021
Columbus Village Note 1 (3)	6,258			6,429			LIBOR + 2.00%		April 5, 2018
Columbus Village Note 2	2,266			2,310			LIBOR + 2.00%		April 5, 2018
Johns Hopkins Village	43,841			3,968			LIBOR + 1.90%		July 30, 2018
North Point Center Note 1	9,776			9,969			6.45	%	February 5, 2019
Revolving credit facility	107,000			74,000			LIBOR+1.40%-2.00%		February 20, 2019
Term loan(3)	50,000			50,000			LIBOR+1.35%-1.95%		February 20, 2020
Term loan	50,000			—			LIBOR+1.35%-1.95%		February 20, 2020
Socastee Commons	4,866			4,957			4.57	%	January 6, 2023
North Point Center Note 2	2,564			2,662			7.25	%	September 15, 2025
Smith's Landing	20,511			21,226			4.05	%	June 1, 2035
Liberty Apartments	20,005			20,312			5.66	%	November 1, 2043
The Cosmopolitan	45,884			46,519			3.75	%	July 1, 2051
Total principal balance	$	527,082		$	382,013
Unamortized fair value adjustments	(1,250		)	(1,287		)
Unamortized debt issuance costs	(3,652		)	(3,133		)
Indebtedness, net	$	522,180		$	377,593

________________________________________


(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, 2016 and 2015 (in thousands):



	December 31,
	2016		2015
Fixed-rate debt	$	241,472	$	159,743
Variable-rate debt	285,610		222,270
Total principal balance	$	527,082	$	382,013

Scheduled principal repayments and term-loan maturities

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



Year	Scheduled Principal Payments		Term-Loan Maturities		Total Payments
2017	$	3,778	$	41,432	$	45,210
2018	3,655		60,873		64,528
2019	3,485		116,333		119,818
2020	4,482		100,000		104,482
2021	3,588		106,274		109,862
Thereafter	77,615		5,567		83,182
Total	$	96,603	$	430,479	$	527,082

- 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)
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivatives

The Company’s derivatives comprised the following as of December 31, 2016 and 2015 (in thousands):



	December 31,
	2016							2015
	Notional		Fair Value					Notional		Fair Value
	Amount		Asset		Liability			Amount		Asset		Liability
Interest rate swaps	$	56,901	$	—	$	(829	)	$	57,093	$	—	$	(1,082	)
Interest rate caps	270,000		259		—			246,546		164		—
Total	$	326,901	$	259	$	(829	)	$	303,639	$	164	$	(1,082	)

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, 2016 was as follows (in thousands):



	Years Ended December 31,
	2016			2015			2014
Interest rate swaps	$	(795	)	$	(1,071	)	$	5
Interest rate caps	(146		)	(233		)	(238		)
Total	$	(941	)	$	(1,304	)	$	(233	)
Comprehensive income statement presentation:
Change in fair value of interest rate derivatives	$	(941	)	$	(229	)	$	(233	)
Unrealized gain (loss) on cash flow hedge	—			(1,075		)	—
Total	$	(941	)	$	(1,304	)	$	(233	)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Equity (Tables)

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Declared dividends pershare and distributions per unit

During the year ended December 31, 2016, the Company declared the following dividends per share and distributions per unit:



Declaration Date	Record Date	Paid Date	Dividend Per Share/Distribution Per Unit
January 31, 2016	March 30, 2016	April 7, 2016	$	0.18
May 2, 2016	June 29, 2016	July 7, 2016	0.18
August 4, 2016	September 28, 2016	October 6, 2016	0.18
November 3, 2016	December 28, 2016	January 5, 2017	0.18
		Total	$	0.72

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



Declaration Date	Record Date	Paid Date	Dividend Per Share/Distribution Per Unit
February 18, 2014	April 1, 2014	April 10, 2014	$	0.16
May 9, 2014	July 1, 2014	July 10, 2014	0.16
August 4, 2014	October 1, 2014	October 9, 2014	0.16
November 10, 2014	December 30, 2014	January 8, 2015	0.16
		Total	$	0.64

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



Declaration Date	Record Date	Paid Date	Dividend Per Share/Distribution 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

Tax treatment of dividends paid

The tax treatment of dividends paid to common stockholders during the year ended December 31, 2016 was as follows (unaudited):



Capital gains	—	%
Ordinary income	78.00	%
Return of capital	22.00	%
Total	100.00	%

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	100.00	%

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	%

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

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

Summary of the changes in the company's nonvested restricted stock awards

The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2016:



	Restricted Stock Awards		Weighted Average Grant Date Fair Value Per Share
Nonvested as of January 1, 2016	102,055		$	10.52
Granted	121,243		11.22
Vested	(118,374	)	10.63
Forfeited	(85	)	10.84
Nonvested as of December 31, 2016	104,839		$	11.20

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Carrying amounts and fair values of financial instruments measured based on level two inputs

The carrying amounts and fair values of the Company’s financial instruments, all of which are based on Level 2 inputs, as of December 31, 2016 and 2015 were as follows (in thousands):



	December 31,
	2016				2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
Indebtedness, net	$	522,180	$	527,414	$	377,593	$	384,691
Interest rate swap liabilities	829		829		1,082		1,082
Interest rate cap assets	259		259		164		164

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income tax provision

The income tax benefit (provision) for each of the three years ended December 31, 2016 comprised the following (in thousands):



	Years Ended December 31,
	2016			2015			2014
Federal income taxes:
Current	$	(197	)	$	102		$	(37	)
Deferred	(109		)	(72		)	(6		)
State income taxes:
Current	(24		)	13			(26		)
Deferred	(13		)	(9		)	(1		)
Income tax benefit (provision)	$	(343	)	$	34		$	(70	)

Other Assets (Tables)

12 Months Ended

Dec. 31, 2016

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

Other assets

Other assets were comprised of the following as of December 31, 2016 and 2015 (in thousands):



	December 31,
	2016		2015
Acquired lease intangibles, net	$	38,853	$	18,418
Leasing costs, net	9,338		10,839
Leasing incentives, net	4,764		5,408
Prepaid expenses and other	10,056		2,781
Advance deposits on property acquisitions	75		3,500
Preacquisition development costs	1,079		2,504
Other assets	$	64,165	$	43,450

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2016

Other Liabilities Disclosure [Abstract]

Other liabilities

Other liabilities were comprised of the following as of December 31, 2016 and 2015 (in thousands):



	December 31,
	2016		2015
Dividends and distributions payable	$	9,727	$	7,621
Deferred ground rent payable	8,202		7,484
Acquired lease intangibles, net	15,545		5,872
Prepaid rent and other	3,227		2,145
Security deposits	1,679		1,267
Interest rate swaps	829		1,082
Other liabilities	$	39,209	$	25,471

Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2016

Acquired Lease Intangibles

Summary of the company's acquired lease intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2016 (in thousands):



	December 31, 2016
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	49,124	$	15,350	$	33,774
Above-market lease assets	4,490		1,138		3,352
Below-market lease liabilities	18,039		2,494		15,545
Below-market ground lease assets	1,920		193		1,727

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

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,
2017	$	1,002	$	53	$	9,535
2018	993		53		6,682
2019	883		53		5,192
2020	743		53		3,522
2021	755		53		2,125

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Future minimum rental payments

The Company’s commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands):



2017	$	70,235
2018	65,384
2019	57,751
2020	47,217
2021	40,783
Thereafter	206,378
Total	$	487,748

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



2017	$	1,715
2018	1,738
2019	1,813
2020	1,821
2021	1,840
Thereafter	91,453
Total	$	100,380

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Data [Abstract]

Summary certain selected quarterly financial data

The following tables summarize certain selected quarterly financial data for 2016 and 2015 (in thousands, except per share data):



	2016 Quarters
	First		Second		Third		Fourth
Rental revenues	$	23,283	$	24,251	$	25,305	$	26,516
General contracting and real estate services revenues	36,803		33,200		38,552		50,475
Net operating income	17,371		17,973		18,393		19,740
Net income (1)	26,533		3,131		7,946		5,145
Net income attributable to stockholders	17,370		2,034		5,212		3,458
Net income per share: basic and diluted	$	0.57	$	0.06	$	0.15	$	0.09



	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

(1) First quarter amount includes a $26.2 million gain on the disposition of Richmond Tower.

Business and Organization - Additional Information (Details)	Dec. 31, 2016	Dec. 31, 2015
Business and Organization
Percentage of operating partnerships held	68.10%	65.60%
General Partner
Business and Organization
Percentage of operating partnerships held	0.10%

Business and Organization - Schedule of Owned Properties (Details)	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership interest percentage in properties	100.00%

Business and Organization - Schedule of Properties Under Development or Construction (Details)	12 Months Ended
	Dec. 31, 2016
Business and Organization
Ownership interest percentage in properties	100.00%
Brooks Crossing
Business and Organization
Ownership interest percentage in properties	65.00%
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
Percentage of preferred return on investment	9.00%
Lightfoot Marketplace
Business and Organization
Ownership interest percentage in properties	70.00%
Town Center Phase VI
Business and Organization
Ownership interest percentage in properties	80.00%
Harding Place
Business and Organization
Ownership interest percentage in properties	80.00%

Significant Accounting Policies - Additional Information (Details) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) segment shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2014 USD ($) shares	Oct. 01, 2016 USD ($)
Accounting Policies [Line Items]
Business segments \| segment	4
Straight-line rent adjustments	$ 1,100	$ 1,900	$ 2,200
Contingent rents included in revenue	100	100	100
Leasing incentive amortization	800	800	700
Interest capitalized	1,000	1,000	3,100
Indirect project costs	1,700	2,100	2,400
Capitalized preacquisition development costs	1,079	2,504
Accounts receivable, net	15,052	21,982
Allowance for doubtful accounts	0	0
Stock-based compensation expense	1,082	931	917
Capitalized stock-based compensation	$ 300	$ 400	$ 400
Percentage of taxable income for distributions to stockholders	90.00%
Dilutive shares outstanding (in shares) \| shares	0.0	0.0	0.0
Accrued Straight-line Rental Revenue
Accounting Policies [Line Items]
Accounts receivable, net	$ 12,300	$ 20,300
Adjustments for New Accounting Principle, Early Adoption [Member]
Accounting Policies [Line Items]
Cost capitalized subsequent to acquisition				$ 700
Pro Forma [Member] \| Adjustments for New Accounting Principle, Early Adoption [Member]
Accounting Policies [Line Items]
Cost capitalized subsequent to acquisition	$ 1,400

Significant Accounting Policies - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2016
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years
Capital improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Capital improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years

Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information
Rental revenues	$ 26,516	$ 25,305	$ 24,251	$ 23,283	$ 21,771	$ 21,303	$ 19,908	$ 18,190	$ 99,355	$ 81,172	$ 64,746
Rental expenses									21,904	19,204	16,667
Real estate taxes									9,629	7,782	5,743
Segment revenues	50,475	38,552	33,200	36,803	41,309	53,822	47,066	29,071	159,030	171,268	103,321
Segment expenses									153,375	165,344	98,754
Net operating income	$ 19,740	$ 18,393	$ 17,973	$ 17,371	$ 15,819	$ 16,488	$ 15,101	$ 12,702	26,679	26,584	21,379
Operating Segments
Segment Reporting Information
Net operating income									73,477	60,110	46,903
Operating Segments \| Office real estate
Segment Reporting Information
Rental revenues									20,929	31,534	27,827
Rental expenses									5,560	6,938	6,395
Real estate taxes									2,000	2,950	2,315
Net operating income									13,369	21,646	19,117
Operating Segments \| Retail real estate
Segment Reporting Information
Rental revenues									56,511	32,064	23,956
Rental expenses									9,116	5,915	5,011
Real estate taxes									5,395	2,928	2,097
Net operating income									42,000	23,221	16,848
Operating Segments \| Multifamily residential real estate
Segment Reporting Information
Rental revenues									21,915	17,574	12,963
Rental expenses									7,228	6,351	5,261
Real estate taxes									2,234	1,904	1,331
Net operating income									12,453	9,319	6,371
Operating Segments \| General contracting and real estate services
Segment Reporting Information
Segment revenues									159,030	171,268	103,321
Segment expenses									153,375	165,344	98,754
Net operating income									$ 5,655	$ 5,924	$ 4,567

Segments - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information
Segment revenues	$ 50,475	$ 38,552	$ 33,200	$ 36,803	$ 41,309	$ 53,822	$ 47,066	$ 29,071	$ 159,030	$ 171,268	$ 103,321
General contracting and real estate services expenses									153,375	165,344	98,754
Non-cash stock compensation									1,082	931	917
General and Administrative Expenses
Segment Reporting Information
Non-cash stock compensation									700	700	700
General contracting and real estate services
Segment Reporting Information
Non-cash stock compensation									200	200	200
General contracting and real estate services \| Intersegment Eliminations
Segment Reporting Information
Segment revenues									43,300	43,100	85,400
General contracting and real estate services expenses									$ 42,700	$ 42,800	$ 84,600

Segments - Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net operating income	$ 19,740	$ 18,393	$ 17,973	$ 17,371	$ 15,819	$ 16,488	$ 15,101	$ 12,702	$ 26,679	$ 26,584	$ 21,379
Depreciation and amortization									(35,328)	(23,153)	(17,569)
General and administrative expenses									(9,552)	(8,397)	(7,711)
Acquisition, development and other pursuit costs									(1,563)	(1,935)	(229)
Impairment charges									(355)	(41)	(15)
Interest income									3,228	126	0
Interest expense									(16,466)	(13,333)	(10,648)
Loss on extinguishment of debt									(82)	(512)	0
Change in fair value of interest rate derivatives									(941)	(229)	(233)
Other income									147	119	120
Income tax benefit (provision)									(343)	34	(70)
Net income									42,755	31,183	12,759
Operating Segments
Net operating income									73,477	60,110	46,903
Segment Reconciling Items
Depreciation and amortization									(35,328)	(23,153)	(17,569)
General and administrative expenses									(9,552)	(8,397)	(7,711)
Acquisition, development and other pursuit costs									(1,563)	(1,935)	(229)
Impairment charges									(355)	(41)	(15)
Interest income									3,228	126	0
Interest expense									(16,466)	(13,333)	(10,648)
Loss on extinguishment of debt									(82)	(512)	0
Gain on real estate dispositions									30,533	18,394	2,211
Change in fair value of interest rate derivatives									(941)	(229)	(233)
Other income									147	119	120
Income tax benefit (provision)									$ (343)	$ 34	$ (70)

Operating Leases - Additional Information (Details)	12 Months Ended
Operating Leases - Additional Information (Details)	Dec. 31, 2016
Commercial Tenant Lease \| Minimum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	5 years
Commercial Tenant Lease \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	20 years
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
Property Subject to or Available for Operating Lease [Line Items]
Lease term	12 months
Apartment Leases \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Lease term	1 year

Operating Leases - Commercial Tenant Leases, Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Operating lease
2017	$ 70,235
2018	65,384
2019	57,751
2020	47,217
2021	40,783
Thereafter	206,378
Total	$ 487,748

Real Estate Investments and Equity Method Investments - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Land	$ 179,293	$ 79,448
Land improvements	45,052	26,172
Buildings and improvements	677,293	482,310
Development and construction costs	6,649	45,661
Real estate investments	908,287	633,591	$ 595,000
Income producing property
Real Estate Properties [Line Items]
Land	171,733	70,518
Land improvements	45,052	26,172
Buildings and improvements	677,293	482,310
Development and construction costs	0	0
Real estate investments	894,078	579,000
Held for development
Real Estate Properties [Line Items]
Land	680	1,180
Land improvements	0	0
Buildings and improvements	0	0
Development and construction costs	0	0
Real estate investments	680	1,180
Construction in progress
Real Estate Properties [Line Items]
Land	6,880	7,750
Land improvements	0	0
Buildings and improvements	0	0
Development and construction costs	6,649	45,661
Real estate investments	$ 13,529	$ 53,411

Real Estate Investments and Equity Method Investments - Additional Information (Details)																														3 Months Ended	12 Months Ended
	Jan. 20, 2017 USD ($)	Jan. 10, 2017 shares	Dec. 22, 2016 USD ($)	Nov. 17, 2016 USD ($) ft²	Oct. 13, 2016 USD ($) ft² shares	Sep. 15, 2016 USD ($)	Aug. 04, 2016 USD ($) ft² shares	Jul. 29, 2016 USD ($)	Jun. 20, 2016 USD ($)	Apr. 29, 2016 USD ($) ft² shares	Jan. 14, 2016 USD ($) ft² portfolio	Jan. 08, 2016 USD ($)	Jan. 07, 2016 USD ($)	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	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Feb. 25, 2016 story	Sep. 01, 2015 ft²
Real Estate Properties [Line Items]
Acquisition, common units/shares issued (in shares) \| shares					2,000,000
Acquisition, contract price					$ 26,200,000
Cash consideration for acquisition																															$ 195,645,000	$ 68,445,000	$ 2,754,000
Sale of office property																															96,670,000	79,566,000	7,387,000
Equity method investments																															10,235,000	1,411,000
Twenty Two Story Mixed Use Tower \| Durham City CenterIi LLC
Real Estate Properties [Line Items]
Interests in equity method investments																																		37.00%
Number stories in the mixed use tower \| story																																		22
Equity method investments																															10,300,000
Guarantee of construction loan																																		37.00%
Assets being used as collateral for the construction loan																																		100.00%
Borrowings under construction loans																															0
Dividends from equity investment																															0
Income from equity method investment																															0
Charlotte, NC
Real Estate Properties [Line Items]
Purchase of land conjunction with joint venture project																															5,700,000
Town Center of Virginia Beach
Real Estate Properties [Line Items]
Payments for purchase of land																					$ 1,200,000
Newport News
Real Estate Properties [Line Items]
Area of property acquired \| a															3.24
Payments for purchase of land															$ 100,000
Williamsburg VA
Real Estate Properties [Line Items]
Payments for purchase of land																												$ 7,600,000
Chesapeake
Real Estate Properties [Line Items]
Payments for purchase of land																											$ 300,000
Virginia Beach, VA
Real Estate Properties [Line Items]
Payments for purchase of land																									$ 200,000
Oyster Point
Real Estate Properties [Line Items]
Sale of office property																						$ 6,500,000
Sentara Williamsburg
Real Estate Properties [Line Items]
Net proceeds after transaction costs and tax protection payments																							$ 15,200,000
Gain (loss) on disposition of property																							6,200,000
Sale of office property																							$ 15,400,000
Whetstone Apartments
Real Estate Properties [Line Items]
Net proceeds after transaction costs and tax protection payments																			$ 35,500,000
Gain (loss) on disposition of property																			7,200,000
Sale of office property																			$ 35,600,000
Oceaneering
Real Estate Properties [Line Items]
Net proceeds after transaction costs and tax protection payments														$ 29,000,000
Gain (loss) on disposition of property														5,000,000
Sale of office property														$ 30,000,000
Virginia Natural Gas
Real Estate Properties [Line Items]
Net proceeds after transaction costs and tax protection payments																								$ 7,400,000
Gain (loss) on disposition of property																								2,200,000
Sale of office property																								$ 8,900,000
Economic Development Authority Building \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Net proceeds after transaction costs and tax protection payments													$ 6,600,000
Gain (loss) on disposition of property													$ 400,000
Richmond Tower \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Net proceeds after transaction costs and tax protection payments												$ 77,000,000
Gain (loss) on disposition of property												26,200,000																		$ 26,200,000
Sale of office property												$ 78,000,000
Willowbrook Commons \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Gain (loss) on disposition of property									$ 100,000
Sale of office property									$ 9,200,000
Kroger Junction \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Gain (loss) on disposition of property								$ (100,000)
Sale of office property								$ 3,700,000
Oyster Point \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Net proceeds after transaction costs and tax protection payments						$ 0
Gain (loss) on disposition of property						3,800,000
Sale of office property						$ 6,400,000
Brooks Crossing Land \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Gain (loss) on disposition of property			$ 100,000
Sale of office property			$ 400,000
Subsequent Event \| Wawa \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Net proceeds after transaction costs and tax protection payments	$ 4,400,000
Gain (loss) on disposition of property	$ 3,400,000
Operating Property Acquisitions During 2016
Real Estate Properties [Line Items]
Rental revenues																															18,700,000
Net Income																															$ 2,900,000
11- asset retail portfolio
Real Estate Properties [Line Items]
Number of acquired assets in portfolio \| portfolio											11
Area of property acquired \| ft²											1,100,000
Acquisition, total consideration											$ 170,500,000
Southgate Square
Real Estate Properties [Line Items]
Area of property acquired \| ft²										220,000
Acquisition, total consideration										$ 39,500,000
Acquisition, common units/shares issued (in shares) \| shares										1,575,185
Period for option to buy adjacent land, option one										2 years
Future payment for option to buy adjacent land, option one										$ 3,000,000
Future payment for option to buy adjacent land, option two										1,250,000
Southgate Square \| Class A units
Real Estate Properties [Line Items]
Acquisition, assumption of debt										$ 21,100,000
Southshore Shops
Real Estate Properties [Line Items]
Area of property acquired \| ft²							40,000
Acquisition, total consideration							$ 9,300,000
Acquisition, common units/shares issued (in shares) \| shares							189,160
Acquisition, cash consideration							$ 6,700,000
Columbus Village II
Real Estate Properties [Line Items]
Area of property acquired \| ft²					92,000
Acquisition, common units/shares issued (in shares) \| shares					2,000,000
Acquisition, contract price					$ 26,200,000
Renaissance Place
Real Estate Properties [Line Items]
Area of property acquired \| ft²				80,000
Renaissance Square
Real Estate Properties [Line Items]
Cash consideration for acquisition				$ 17,100,000
2015 Operating Property Acquisitions
Real Estate Properties [Line Items]
Rental revenues																																4,800,000
Net Income																																$ 800,000
Stone House Square and Perry Hall Marketplace
Real Estate Properties [Line Items]
Acquisition, total consideration																				$ 35,400,000
Acquisition, common units/shares issued (in shares) \| shares																				415,500
Acquisition, cash consideration																				$ 39,800,000
Socastee Commons
Real Estate Properties [Line Items]
Area of property acquired \| ft²																		57,000
Acquisition, total consideration																		$ 8,700,000
Acquisition, assumption of debt																		5,000,000
Acquisition, cash consideration																		3,700,000
Fair value premium adjustment to the assumed debt																		$ 100,000
Columbus Village
Real Estate Properties [Line Items]
Area of property acquired \| ft²																	65,000
Acquisition, total consideration																	$ 19,200,000
Acquisition, assumption of debt																	$ 8,800,000
Columbus Village \| Class B units
Real Estate Properties [Line Items]
Acquisition, common units/shares issued (in shares) \| shares																	1,000,000
Columbus Village \| Class C units
Real Estate Properties [Line Items]
Acquisition, common units/shares issued (in shares) \| shares																	275,000
Columbus Village \| Class C units \| Subsequent Event
Real Estate Properties [Line Items]
Acquisition, common units/shares issued (in shares) \| shares		275,000
Providence Plaza
Real Estate Properties [Line Items]
Area of property acquired																1																			103,000
Acquisition, cash consideration																$ 26,200,000
Number of buildings \| building																3
2014 Operating Property Acquisitions
Real Estate Properties [Line Items]
Rental revenues																																	1,800,000
Net Income																																	$ (2,200,000)
Liberty Apartments
Real Estate Properties [Line Items]
Acquisition, total consideration																													$ 26,700,000
Acquisition, assumption of debt																													17,000,000
Acquisition, cash consideration																													3,000,000
Fair value discount adjustment to the assumed debt																													1,500,000
Outstanding principal balance of the assumed debt																													$ 18,500,000
Liberty Apartments \| Class A units
Real Estate Properties [Line Items]
Acquisition, common units/shares issued (in shares) \| shares																													695,652
Dimmock Square
Real Estate Properties [Line Items]
Area of property acquired \| ft²																										106,166
Acquisition, total consideration																										$ 19,700,000
Acquisition, common units/shares issued (in shares) \| shares																										990,952
Acquisition, cash consideration																										$ 10,100,000
Dimmock Square \| Class A units
Real Estate Properties [Line Items]
Acquisition, common units/shares issued (in shares) \| shares																										990,952

Real Estate Investments and Equity Method Investments - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Land	$ 98,186
Site improvements	7,742
Building and improvements	136,769
In-place leases	31,993
Above-market leases	2,250
Below-market leases	(13,579)
Net assets acquired	263,361
11- asset retail portfolio
Real Estate Properties [Line Items]
Land	66,260
Site improvements	3,870
Building and improvements	88,820
In-place leases	20,630
Above-market leases	1,960
Below-market leases	(11,040)
Net assets acquired	170,500
Southgate Square
Real Estate Properties [Line Items]
Land	8,890
Site improvements	2,140
Building and improvements	23,810
In-place leases	5,990
Above-market leases	100
Below-market leases	(1,400)
Net assets acquired	39,530
Southshore Shops
Real Estate Properties [Line Items]
Land	1,770
Site improvements	490
Building and improvements	6,019
In-place leases	1,140
Above-market leases	120
Below-market leases	(190)
Net assets acquired	9,349
Columbus Village II
Real Estate Properties [Line Items]
Land	14,536
Site improvements	939
Building and improvements	9,983
In-place leases	2,225
Above-market leases	0
Below-market leases	(939)
Net assets acquired	26,744
Renaissance Square
Real Estate Properties [Line Items]
Land	6,730
Site improvements	303
Building and improvements	8,137
In-place leases	2,008
Above-market leases	70
Below-market leases	(10)
Net assets acquired	$ 17,238
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 and Equity Method Investments - Summary of Consolidated and Combined Results of Operations on Pro Forma Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Abstract]
Rental revenues	$ 101,250	$ 105,479	$ 74,530
Net income	$ 13,327	$ 18,492	$ 13,378

Notes Receivable (Details)				6 Months Ended	12 Months Ended
Notes Receivable (Details)	Sep. 30, 2016 USD ($)	Apr. 21, 2016 USD ($) ft² unit extension room	Oct. 15, 2015 USD ($) ft² story unit extension	Jun. 30, 2016	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Nov. 10, 2016 USD ($)
Notes Receivable
Ownership interest percentage in properties							100.00%
Notes receivable							$ 59,546,000	$ 7,825,000
Interest income							3,228,000	$ 126,000	$ 0
BDG Loan
Notes Receivable
Stated Interest Rate			8.00%
Number of times the loan receivable can be extended \| extension			2
Stated interest rate, basis spread on variable rate				2.00%
Notes receivable							20,600,000
Interest income							1,200,000
Forecast \| BDG Loan
Notes Receivable
Stated interest rate, basis spread on variable rate						2.00%
BDG \| BDG Loan
Notes Receivable
Extension period of the loan receivable			1 year
Point Street Apartments
Notes Receivable
Development project future value			$ 93,000,000
Number of stories \| story			17
Number of residential units \| unit			289
Area of retail space \| ft²			18,000
Point Street Apartments \| Forecast
Notes Receivable
Ownership interest percentage in properties					9.00%	79.00%
Purchase price					$ 3,100,000	$ 27,300,000
Period after completion to exercise purchase option					27 months	1 year
Point Street Apartments \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)										$ 25,000,000.0
Point Street Apartments \| Financial Guarantee \| Letter of Credit
Notes Receivable
Credit facility, amount outstanding							2,100,000
Point Street Apartments \| Maximum
Notes Receivable
Commitment to invest in a development project (up to)			$ 28,200,000.0
Ownership interest percentage in properties										88.00%
Point Street Apartments \| Maximum \| BDG
Notes Receivable
Construction loan (up to)										$ 70,000,000.0
Annapolis Junction Town Center
Notes Receivable
Development project future value		$ 102,000,000
Number of residential units \| unit		416
Area of retail space \| ft²		17,000
Period after completion to exercise purchase option	1 year
Number of times the loan receivable can be extended \| extension		2
Notes receivable							38,900,000
Interest income							2,000,000
Note receivable maximum principal balance		$ 42,000,000.0
Number of rooms (room) \| room		150
Interest acquired	80.00%
Option to acquire additional interest	8.00%
Period after completion to exercise additional purchase option	27 months
Interest reserve		$ 6,000,000
Annapolis Junction Town Center \| BDG Loan
Notes Receivable
Stated Interest Rate		10.00%
Extension period of the loan receivable		1 year
Annapolis Junction Town Center \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)	$ 25,000,000.0
Annapolis Junction Town Center \| Annapolis Junction Apartments Owner LLC \| BDG Loan
Notes Receivable
Required payment of loan		80.00%
Note receivable, past due							$ 0
Annapolis Junction Town Center \| Maximum
Notes Receivable
Commitment to invest in a development project (up to)		$ 48,000,000.0
Interest acquired	88.00%
Annapolis Junction Town Center \| Maximum \| Annapolis Junction Apartments Owner LLC
Notes Receivable
Construction loan (up to)	$ 60,000,000

Construction Contracts - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Contractors [Abstract]
Billings netted against construction contract costs and estimated earnings	$ 13.5	$ 19.2
Deferred precontract costs	1.5	0.5
Construction receivables retentions	11.5	10.8
Construction payables retentions	$ 14.6	$ 12.3

Construction Contracts - Net Position of Uncompleted Construction Contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Contractors [Abstract]
Costs incurred on uncompleted construction contracts	$ 333,744	$ 228,184
Estimated earnings	10,936	9,739
Billings	(354,737)	(240,059)
Construction contract costs and estimated earnings in excess of billings	110	88
Billings in excess of construction contract costs and estimated earnings	(10,167)	(2,224)
Net position	$ (10,057)	$ (2,136)

Indebtedness - Schedule of Debt (Details) - USD ($) $ in Thousands			12 Months Ended
	Jul. 30, 2015	Jul. 10, 2015	Dec. 31, 2016	Dec. 31, 2015	Jul. 01, 2015	May 27, 2015
Debt Instrument [Line Items]
Total principal balance			$ 527,082	$ 382,013
Unamortized fair value adjustments			(1,250)	(1,287)
Unamortized debt issuance costs			(3,652)	(3,133)
Indebtedness, net			522,180	377,593
Revolving Credit Facility
Debt Instrument [Line Items]
Total principal balance			107,000	74,000
Term Loan With Related Hedging Instrument
Debt Instrument [Line Items]
Total principal balance			50,000	50,000
Terrm Loan Without Related Hedging Instrument
Debt Instrument [Line Items]
Total principal balance			$ 50,000	0
LIBOR \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.40%
LIBOR \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			2.00%
LIBOR \| Term Loan With Related Hedging Instrument \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.35%
LIBOR \| Term Loan With Related Hedging Instrument \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.95%
LIBOR \| Terrm Loan Without Related Hedging Instrument \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.35%
LIBOR \| Terrm Loan Without Related Hedging Instrument \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.95%
249 Central Park Retail
Debt Instrument [Line Items]
Total principal balance			$ 17,076	15,282
249 Central Park Retail \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.95%
Fountain Plaza Retail
Debt Instrument [Line Items]
Total principal balance			$ 10,281	7,641
Fountain Plaza Retail \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.95%
South Retail
Debt Instrument [Line Items]
Total principal balance			$ 7,493	6,742
South Retail \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.95%
4525 Main Street
Debt Instrument [Line Items]
Total principal balance			$ 32,034	31,613
Stated interest rate			3.25%
Encore Apartments
Debt Instrument [Line Items]
Total principal balance			$ 24,966	25,184
Stated interest rate			3.25%
North Point Center \| Note 5
Debt Instrument [Line Items]
Total principal balance			$ 643	664
North Point Center \| Note 5 \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			2.00%
North Point Center \| Notes 1
Debt Instrument [Line Items]
Total principal balance			$ 9,776	9,969
Stated interest rate			6.45%
North Point Center \| Notes 2
Debt Instrument [Line Items]
Total principal balance			$ 2,564	2,662
Stated interest rate			7.25%
Oyster Point
Debt Instrument [Line Items]
Total principal balance			$ 0	6,400
Oyster Point \| LIBOR \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.40%
Oyster Point \| LIBOR \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			2.00%
Harrisonburg Regal
Debt Instrument [Line Items]
Total principal balance			$ 3,256	3,463
Stated interest rate			6.06%
Commonwealth of Virginia \| Chesapeake
Debt Instrument [Line Items]
Total principal balance			$ 4,933	4,933
Commonwealth of Virginia \| LIBOR \| Chesapeake
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.90%
Hanbury Village \| Notes 1
Debt Instrument [Line Items]
Total principal balance			$ 20,709	20,970
Stated interest rate			6.67%
Lightfoot Marketplace
Debt Instrument [Line Items]
Total principal balance			$ 12,194	7,759
Lightfoot Marketplace \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.90%
Sandbridge Commons
Debt Instrument [Line Items]
Total principal balance			$ 9,376	9,010
Sandbridge Commons \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.85%
Southgate Square
Debt Instrument [Line Items]
Total principal balance			$ 21,150	0
Southgate Square \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			2.00%
Columbus Village \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		2.00%
Columbus Village \| Notes 1
Debt Instrument [Line Items]
Total principal balance			$ 6,258	6,429
Columbus Village \| Notes 1 \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			2.00%
Columbus Village \| Notes 2
Debt Instrument [Line Items]
Total principal balance			$ 2,266	2,310
Columbus Village \| Notes 2 \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			2.00%
Johns Hopkins Village
Debt Instrument [Line Items]
Total principal balance			$ 43,841	3,968
Johns Hopkins Village \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.90%		1.90%
Socastee Commons
Debt Instrument [Line Items]
Total principal balance			$ 4,866	4,957
Stated interest rate			4.57%		4.57%
Socastee Commons \| LIBOR \| Minimum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.35%
Socastee Commons \| LIBOR \| Maximum
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			1.95%
Smith's Landing
Debt Instrument [Line Items]
Total principal balance			$ 20,511	21,226
Stated interest rate			4.05%			4.05%
Liberty Apartments
Debt Instrument [Line Items]
Total principal balance			$ 20,005	20,312
Stated interest rate			5.66%
The Cosmopolitan
Debt Instrument [Line Items]
Total principal balance			$ 45,884	$ 46,519
Stated interest rate			3.75%

Indebtedness - Components of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total principal balance	$ 527,082	$ 382,013
Fixed-rate
Debt Instrument [Line Items]
Total principal balance	241,472	159,743
Variable-rate
Debt Instrument [Line Items]
Total principal balance	$ 285,610	$ 222,270

Indebtedness - Scheduled Principal Repayments and Term-loan Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Principal repayments and maturities
2017	$ 45,210
2018	64,528
2019	119,818
2020	104,482
2021	109,862
Thereafter	83,182
Total	527,082	$ 382,013
Scheduled Principal Payments
Principal repayments and maturities
2017	3,778
2018	3,655
2019	3,485
2020	4,482
2021	3,588
Thereafter	77,615
Total	96,603
Term-Loan Maturities
Principal repayments and maturities
2017	41,432
2018	60,873
2019	116,333
2020	100,000
2021	106,274
Thereafter	5,567
Total	$ 430,479

Indebtedness - Additional Information (Details)																	12 Months Ended
Indebtedness - Additional Information (Details)	Aug. 30, 2016 USD ($)	Aug. 08, 2016 USD ($)	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 ($)	May 20, 2015 USD ($)	Nov. 14, 2014 USD ($)	Nov. 03, 2014 USD ($)	Aug. 28, 2014 USD ($)	Aug. 15, 2014 USD ($)	Feb. 28, 2014 USD ($)	Jan. 17, 2014 USD ($)	Dec. 31, 2016 USD ($) leverage_ratio_increase	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Feb. 24, 2017 USD ($)	Feb. 01, 2017 USD ($)	Mar. 31, 2016 USD ($)	Jan. 05, 2016 USD ($)	Feb. 20, 2015 USD ($)	Jun. 13, 2014 USD ($)	Oct. 10, 2013 USD ($)
Debt Instrument [Line Items]
Debt and credit facility repayments, including principal amortization																	$ 186,533,000	$ 206,889,000	$ 63,306,000
Loss on extinguishment of debt																	$ (82,000)	$ (512,000)	$ 0
Liberty Apartments
Debt Instrument [Line Items]
Debt, face value																									$ 2,400,000.0
Debt assumed, term																30 years
Stated interest rate																5.66%
Acquisition, assumption of debt																$ 17,000,000
Fair value adjustment of debt																1,500,000
Outstanding principal amount of debt																$ 18,500,000
Dimmock Square
Debt Instrument [Line Items]
Defeased debt														$ 10,100,000
Smith's Landing
Debt Instrument [Line Items]
Debt, face value									$ 21,600,000.0
Loss on extinguishment of debt									$ (100,000)
Stated interest rate									4.05%								4.05%
Repayment of debt									$ 24,400,000
Socastee Commons
Debt Instrument [Line Items]
Stated interest rate								4.57%									4.57%
Acquisition, assumption of debt								$ 5,000,000
Columbus Village
Debt Instrument [Line Items]
Debt, face value							$ 8,800,000.0
Number of loans assumed \| loan							2
Johns Hopkins Village
Debt Instrument [Line Items]
Debt, face value						$ 50,000,000.0
Oyster Point
Debt Instrument [Line Items]
Repayment of debt					$ 6,100,000
LIBOR \| Columbus Village
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							2.00%
LIBOR \| Johns Hopkins Village
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate						1.90%											1.90%
LIBOR \| Lightfoot Marketplace
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																	1.90%
Minimum \| LIBOR \| Socastee Commons
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																	1.35%
Minimum \| LIBOR \| Oyster Point
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																	1.40%
Maximum \| LIBOR \| Socastee Commons
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																	1.95%
Maximum \| LIBOR \| Oyster Point
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																	2.00%
New Retail Mortgage
Debt Instrument [Line Items]
Proceeds from new mortgage		$ 35,000,000
Debt assumed, term		5 years
Loss on extinguishment of debt		$ (100,000)
New Retail Mortgage \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		1.95%
New Block 11 Mortgage
Debt Instrument [Line Items]
Proceeds from new mortgage	$ 57,000,000
Debt assumed, term	5 years
Loss on extinguishment of debt																	$ (100,000)
Stated interest rate	3.25%
Note 4 \| North Point Center
Debt Instrument [Line Items]
Repayment of debt												$ 1,000,000
New Credit Facility
Debt Instrument [Line Items]
Credit facility maximum commitment amount																	$ 250,000,000.0
Unencumbered borrowing base properties, percentage																	60.00%
Debt service coverage ratio																	1.50%
Financial covenant, cash dividend period																	12 months
Percentage of adjusted funds from operations																	95.00%
New Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																					$ 275,000,000.0
Construction Loans
Debt Instrument [Line Items]
Borrowings under construction loans																	$ 44,400,000
Construction Loans \| Whetstone Apartments
Debt Instrument [Line Items]
Loss on extinguishment of debt										$ (100,000)
Repayment of debt										$ 17,800,000
Construction Loans \| Oceaneering
Debt Instrument [Line Items]
Debt, face value															$ 19,500,000.0
Loss on extinguishment of debt			$ (100,000)
Repayment of debt			$ 18,700,000
Construction Loans \| Commonwealth of Virginia
Debt Instrument [Line Items]
Debt, face value													$ 5,400,000.0
Construction Loans \| Lightfoot Marketplace
Debt Instrument [Line Items]
Debt, face value											$ 15,000,000.0
Construction Loans \| Subsequent Event \| Harding Place
Debt Instrument [Line Items]
Debt, face value																				$ 29,800,000
Construction Loans \| LIBOR \| Oceaneering
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate															1.75%
Construction Loans \| LIBOR \| Commonwealth of Virginia
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate													1.90%
Construction Loans \| LIBOR \| Lightfoot Marketplace
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate											1.90%
Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate on credit facility as of end of period (as a percent)																	2.32%
Revolving Credit Facility \| Minimum \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																	1.40%
Revolving Credit Facility \| Maximum \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																	2.00%
Revolving Credit Facility \| New Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, extension option																	1 year
Senior Unsecured Term Loan Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																								$ 50,000,000.0
Interest rate on credit facility as of end of period (as a percent)																	2.27%
Senior Unsecured Term Loan Facility \| Minimum \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																	1.35%
Senior Unsecured Term Loan Facility \| Maximum \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																	1.95%
Senior Unsecured Term Loan Facility \| New Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Credit facility, amount outstanding																					$ 125,000,000
Operating Partnership \| Oyster Point
Debt Instrument [Line Items]
Debt, face value				$ 6,400,000.0
Operating Partnership \| Minimum \| Oyster Point
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.40%
Operating Partnership \| Maximum \| Oyster Point
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				2.00%
Operating Partnership \| New Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																								200,000,000.0
Credit facility maximum commitment amount																								350,000,000.0
Financial covenant, minimum tangible net worth amount																	$ 220,000,000.0
Operating Partnership \| New Credit Facility \| Minimum
Debt Instrument [Line Items]
Unused commitment fee																	0.15%
Ratio of adjusted EBITDA to fixed charges																	1.50%
Operating Partnership \| New Credit Facility \| Maximum
Debt Instrument [Line Items]
Unused commitment fee																	0.25%
Financial covenant, maximum leverage ratio as of the last day of each fiscal quarter																	60.00%
Financial covenant, percentage of net equity proceeds																	75.00%
Financial covenant, maximum amount of variable rate indebtedness																	30.00%
Financial covenant, maximum amount of secured recourse indebtedness																	45.00%
Financial covenant, maximum amount of secured recourse debt																	25.00%
Operating Partnership \| Unsecured Debt \| New Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																						$ 250,000,000.0	$ 225,000,000.0
Financial covenant, leverage ratio consecutive quarters following any significant acquisition																	65.00%
Financial covenant, investments to total asset value																	10.00%
Financial covenant, maximum number of times maximum leverage ratio can increase \| leverage_ratio_increase																	2
Operating Partnership \| Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																										$ 155,000,000.0
Operating Partnership \| Revolving Credit Facility \| New Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																								150,000,000.0
Operating Partnership \| Senior Unsecured Term Loan Facility \| New Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																								$ 50,000,000.0
A249 Central Park Retail
Debt Instrument [Line Items]
Debt and credit facility repayments, including principal amortization		$ 15,100,000
South Retail
Debt Instrument [Line Items]
Debt and credit facility repayments, including principal amortization		6,700,000
Fountain Plaza Retail
Debt Instrument [Line Items]
Debt and credit facility repayments, including principal amortization		$ 7,600,000
A4525 Main Street
Debt Instrument [Line Items]
Debt and credit facility repayments, including principal amortization	$ 31,600,000
Encore Apartments
Debt Instrument [Line Items]
Debt and credit facility repayments, including principal amortization	$ 25,200,000

Derivative Financial Instruments - Additional Information (Details)			12 Months Ended
	Feb. 01, 2017 USD ($)	Feb. 20, 2015 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Feb. 07, 2017 USD ($)	Jun. 17, 2016 USD ($)	Mar. 31, 2016 swap	Feb. 25, 2016 USD ($)	Oct. 26, 2015 USD ($)	Jul. 13, 2015 USD ($)	Mar. 14, 2014 USD ($)
Derivatives
Interest rate agreement, notional amount			$ 326,901,000	$ 303,639,000
Senior Unsecured Term Loan Facility
Derivatives
Aggregate capacity under the credit facility		$ 50,000,000.0
Interest rate swaps
Derivatives
Interest rate agreement, notional amount			56,901,000	57,093,000
Number of interest rate swaps hedge relationship terminated (swap) \| swap							2
Amount of AOCI recognized into earnings				700,000
Amount previously allocated to noncontrolling interest recognized in earnings				400,000
Overstated net income				1,000,000
Interest rate swaps \| Subsequent Event
Derivatives
Loss on termination of North Point Center Note interest rate swap	$ 0
Interest rate caps
Derivatives
Interest rate agreement, notional amount			$ 270,000,000	$ 246,546,000
Interest rate caps \| Subsequent Event
Derivatives
Interest rate agreement, notional amount					$ 50,000,000
Interest rate cap agreement, strike price					1.50%
Interest rate cap agreement, premium					$ 200,000
One Month Libor \| Senior Unsecured Term Loan Facility \| Minimum
Derivatives
Stated interest rate, basis spread on variable rate		1.35%
One Month Libor \| Senior Unsecured Term Loan Facility \| Maximum
Derivatives
Stated interest rate, basis spread on variable rate		1.95%
One Month Libor \| Interest rate swaps
Derivatives
Interest rate agreement, notional amount		$ 50,000,000.0								$ 6,500,000.0
Fixed rate interest rate swap		2.00%								3.05%
LIBOR \| Senior Unsecured Term Loan Facility \| Minimum
Derivatives
Stated interest rate, basis spread on variable rate			1.35%
LIBOR \| Senior Unsecured Term Loan Facility \| Maximum
Derivatives
Stated interest rate, basis spread on variable rate			1.95%
LIBOR \| Interest rate caps
Derivatives
Interest rate agreement, notional amount									$ 75,000,000.0		$ 50,000,000.0
Interest rate cap agreement, strike price									1.25%		1.25%
Interest rate cap agreement, premium									$ 100,000		$ 400,000
LIBOR \| Interest rate caps \| Operating Partnership
Derivatives
Interest rate agreement, notional amount						$ 70,000,000.0		$ 75,000,000.0
Interest rate cap agreement, strike price						1.00%		1.50%
LIBOR \| Interest rate caps \| Maximum \| Operating Partnership
Derivatives
Interest rate cap agreement, premium						$ 100,000		$ 100,000

Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivatives
Notional, Amount	$ 326,901	$ 303,639
Fair Value, Asset	259	164
Fair Value, Liability	(829)	(1,082)
Total change in fair value	(941)	(1,304)	$ (233)
Change in fair value of interest rate derivatives	(941)	(229)	(233)
Unrealized gain (loss) on cash flow hedge	0	(1,075)	0
Interest rate swaps
Derivatives
Notional, Amount	56,901	57,093
Fair Value, Asset	0	0
Fair Value, Liability	(829)	(1,082)
Total change in fair value	(795)	(1,071)	5
Interest rate caps
Derivatives
Notional, Amount	270,000	246,546
Fair Value, Asset	259	164
Fair Value, Liability	0	0
Total change in fair value	$ (146)	$ (233)	$ (238)

Equity - Additional Information (Details)																										1 Months Ended	8 Months Ended	12 Months Ended
Equity - Additional Information (Details)	Feb. 02, 2017 $ / shares	Jan. 10, 2017 shares	Jan. 05, 2017 USD ($)	Nov. 03, 2016 $ / shares	Oct. 13, 2016 USD ($) shares	Aug. 04, 2016 $ / shares	May 04, 2016 USD ($)	May 02, 2016 $ / shares	Jan. 31, 2016 $ / shares	Dec. 09, 2015 USD ($) shares	Nov. 06, 2015 $ / shares	Aug. 06, 2015 $ / shares	Jul. 10, 2015 shares	May 08, 2015 $ / shares	May 05, 2015 USD ($)	Apr. 08, 2015 shares	Jan. 28, 2015 $ / shares	Nov. 10, 2014 $ / shares	Sep. 15, 2014 USD ($) shares	Aug. 15, 2014 shares	Aug. 04, 2014 $ / shares	May 09, 2014 $ / shares	Mar. 31, 2014 shares	Feb. 18, 2014 $ / shares	Jan. 17, 2014 shares	May 31, 2015 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2013 shares
Class of Stock [Line Items]
Authorized capital shares of common stock (in shares)																											500,000,000	500,000,000	500,000,000
Preferred stock, shares authorized (in dollars per share)																											100,000,000	100,000,000	100,000,000
Common stock, shares issued (in shares)																											37,490,361	37,490,361	30,076,359
Common stock, shares outstanding (in shares)																											37,490,361	37,490,361	30,076,359
Preferred stock, shares issued (in dollars per share)																											0	0	0
Preferred stock, shares outstanding (in dollars per share)																											0	0	0
Acquisition, common units/shares issued (in shares)					2,000,000
Shares issued through public offering (in shares)										3,450,000									5,750,000
Acquisition, contract price \| $					$ 26,200,000
Net proceeds from public offering \| $										$ 35,100,000									$ 49,300,000									$ 68,475,000	$ 46,462,000	$ 49,566,000
Percentage of operating partnerships held																											68.10%	68.10%	65.60%
Operating partnership units redemption ratio																												1
Aggregate cash dividends and distributions, paid \| $																												$ 33,843,000	$ 27,024,000	$ 22,096,000
Cash dividend per share, declared (in dollars per share) \| $ / shares				$ 0.18		$ 0.18		$ 0.18	$ 0.18		$ 0.17	$ 0.17		$ 0.17			$ 0.17	$ 0.16			$ 0.16	$ 0.16		$ 0.16				$ 0.72	$ 0.68	$ 0.64
Dividend Declared \| Subsequent Event
Class of Stock [Line Items]
Cash dividend per share, declared (in dollars per share) \| $ / shares	$ 0.19
Operating Partnership
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid \| $																														$ 8,900,000
Town Center Phase VI \| Subsequent Event
Class of Stock [Line Items]
Ownership interest percentage in properties		20.00%
Class A units \| Operating Partnership
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid \| $																												$ 11,100,000	$ 9,900,000
Class A units \| Operating Partnership \| Subsequent Event
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid \| $			$ 3,000,000
Class A units \| Town Center Phase VI \| Subsequent Event
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares)		68,691
Common stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)																											37,490,361	37,490,361	30,076,359	25,022,701	19,163,413
Shares issued through public offering (in shares)																												5,312,855	4,560,049	5,750,000
Aggregate cash dividends and distributions, paid \| $																												$ 22,700,000	$ 17,100,000	$ 13,200,000
Common stock \| Subsequent Event
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid \| $			$ 6,700,000
Columbus Village \| Class B units
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares)													1,000,000
Columbus Village \| Class C units
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares)													275,000
Columbus Village \| Class C units \| Subsequent Event
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares)		275,000
Liberty Apartments \| Class A units
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares)																									695,652
Sandbridge Commons \| Class A units
Class of Stock [Line Items]
Common units in exchange for all noncontrolling interests (in shares)																							30,000
Dimmock Square
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares)																				990,952
Dimmock Square \| Class A units
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares)																				990,952
Private Placement \| Perry Hall Marketplace
Class of Stock [Line Items]
Acquisition, common units/shares issued (in shares)																415,500
Continuous Equity Program
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to) \| $															$ 50,000,000.0
Shares issued through public offering (in shares)																													1,108,149
Numbers shares issued and sold, weighted average price per share (in dollars per share) \| $ / shares																													$ 10.26
Net proceeds after offering costs and commissions from sale of shares \| $																													$ 10,900,000
Continuous Equity Program \| Common stock
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to) \| $							$ 75,000,000.0
Shares issued through public offering (in shares)																											4,159,936
Numbers shares issued and sold, weighted average price per share (in dollars per share) \| $ / shares																											$ 13.45	$ 13.45
Net proceeds after offering costs and commissions from sale of shares \| $																											$ 54,800,000
Prior Equity Program \| Common stock
Class of Stock [Line Items]
Shares issued through public offering (in shares)																										1,152,919
Numbers shares issued and sold, weighted average price per share (in dollars per share) \| $ / shares																										$ 10.87
Net proceeds after offering costs and commissions from sale of shares \| $																										$ 12,200,000

Equity - Dividends Per Share and Distribution Per Unit Declared (Details) - $ / shares													12 Months Ended
	Nov. 03, 2016	Aug. 04, 2016	May 02, 2016	Jan. 31, 2016	Nov. 06, 2015	Aug. 06, 2015	May 08, 2015	Jan. 28, 2015	Nov. 10, 2014	Aug. 04, 2014	May 09, 2014	Feb. 18, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Dividend Per Share/Distribution Per Unit (in dollars per share)	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.72	$ 0.68	$ 0.64

Equity - Tax Treatment of Dividends Paid (Details)	12 Months Ended
Equity - Tax Treatment of Dividends Paid (Details)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Dividends Payable [Line Items]
Tax treatment of dividends, %	100.00%	100.00%	100.00%
Capital gains
Dividends Payable [Line Items]
Tax treatment of dividends, %	0.00%	0.00%	5.30%
Ordinary income
Dividends Payable [Line Items]
Tax treatment of dividends, %	78.00%	64.21%	52.30%
Return of capital
Dividends Payable [Line Items]
Tax treatment of dividends, %	22.00%	35.79%	42.40%

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)	121,243	100,000.0	100,000.0
Restricted stock, weighted average fair value	$ 1.4	$ 1.2	$ 1.3
Employee restricted stock award, vesting period	2 years
Nonemployee restricted stock award vest grant over period	1 year
Unrecognized compensation cost	$ 0.4
Unrecognized compensation cost, recognition period	15 months
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares)	20,011
Restricted Stock \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date	33.33%
Restricted Stock \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date	66.66%
Restricted Stock \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date	66.66%
2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares of common stock permitted to be granted (in shares)	700,000
Equity based awards, term	10 years
Shares of common stock reserved for issuance (in shares)	218,050
Stock-based compensation	$ 1.2	$ 1.0	$ 1.3

Stock-Based Compensation - Summary of the Changes in the Company's Nonvested Restricted Stock Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restricted Stock Awards
Nonvested as of beginning of period (in shares)	102,055
Granted (in shares)	121,243	100,000.0	100,000.0
Vested (in shares)	(118,374)
Forfeited (in shares)	(85)
Nonvested as of end of period (in shares)	104,839	102,055
Weighted Average Grant Date Fair Value Per Share
Nonvested as of beginning of period (in dollars per share)	$ 10.52
Granted (in dollars per share)	11.22
Vested (in dollars per share)	10.63
Forfeited (in dollars per share)	10.84
Nonvested as of end of period (in dollars per share)	$ 11.20	$ 10.52

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value of Financial Instruments]
Indebtedness, net	$ 522,180	$ 377,593
Carrying Value
Fair Value of Financial Instruments]
Indebtedness, net	522,180	377,593
Interest rate swap liabilities	829	1,082
Interest rate cap assets	259	164
Fair Value \| Level 2
Fair Value of Financial Instruments]
Indebtedness, net	527,414	384,691
Interest rate swap liabilities	829	1,082
Interest rate cap assets	$ 259	$ 164

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Federal income taxes:
Current	$ (197)	$ 102	$ (37)
Deferred	(109)	(72)	(6)
State income taxes:
Current	(24)	13	(26)
Deferred	(13)	(9)	(1)
Income tax benefit (provision)	$ (343)	$ 34	$ (70)

Income Taxes - Additional Information (Details)	Dec. 31, 2016 USD ($) examination	Dec. 31, 2015 USD ($)
Income Tax Disclosure [Abstract]
Net deferred tax assets	$ 500,000	$ 600,000
Uncertain income tax positions	$ 0	$ 0
Number of separate tax examinations \| examination	3

Other Assets - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Acquired lease intangibles, net	$ 38,853	$ 18,418
Leasing costs, net	9,338	10,839
Leasing incentives, net	4,764	5,408
Prepaid expenses and other	10,056	2,781
Advance deposits on property acquisitions	75	3,500
Preacquisition development costs	1,079	2,504
Other assets	$ 64,165	$ 43,450

Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Other Liabilities
Dividends and distributions payable	$ 9,727	$ 7,621
Deferred ground rent payable	8,202	7,484
Acquired lease intangibles, net	15,545	5,872
Prepaid rent and other	3,227	2,145
Security deposits	1,679	1,267
Interest rate swaps	829	1,082
Other liabilities	$ 39,209	$ 25,471

Acquired Lease Intangibles - Summary of the Company's Acquired Lease Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Below Market Lease
Below Market Lease, Gross	$ 18,039	$ 6,640
Below Market Lease, Accumulated Amortization	2,494	768
Below Market Lease, Net	15,545	5,872
In-place lease assets
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	49,124	19,700
Accumulated Amortization	15,350	5,128
Net Carrying Amount	33,774	14,572
Above-market lease assets
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	4,490	2,380
Accumulated Amortization	1,138	314
Net Carrying Amount	3,352	2,066
Below-market ground lease assets
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	1,920	1,920
Accumulated Amortization	193	140
Net Carrying Amount	$ 1,727	$ 1,780

Acquired Lease Intangibles - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Acquired Finite-Lived Intangible Assets
Amortization of below market lease liabilities	$ 1.8	$ 0.1	$ 0.2
In-place lease assets
Acquired Finite-Lived Intangible Assets
Amortization of lease assets	$ 10.2	2.9	1.3
Weighted-average remaining lives of lease assets	5 years 3 months 18 days
Below-market ground lease assets \| Maximum
Acquired Finite-Lived Intangible Assets
Amortization of lease assets	$ 0.9	$ 0.1	$ 0.1
Above-market lease assets
Acquired Finite-Lived Intangible Assets
Weighted-average remaining lives of lease assets	6 years 8 months 12 days
Below Market Lease [Member]
Acquired Finite-Lived Intangible Assets
Weighted-average remaining lives of lease assets	9 years 10 months 24 days
Below Market Lease Renewal Options
Acquired Finite-Lived Intangible Assets
Weighted-average remaining lives of lease assets	9 years

Acquired Lease Intangibles - Estimated Amortization of Acquired Lease Intangibles (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Estimated amortization of acquired lease intangibles- Rental Revenues
2017	$ 1,002
2018	993
2019	883
2020	743
2021	755
Estimated amortization of acquired lease intangibles - Rental Expenses
2017	53
2018	53
2019	53
2020	53
2021	53
Estimated amortization of acquired lease intangibles -Depreciation and Amortization
2017	9,535
2018	6,682
2019	5,192
2020	3,522
2021	$ 2,125

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions			12 Months Ended
	Nov. 20, 2014	May 13, 2013	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transactions
Fees from contracts with affiliated entities			$ 0.0	$ 0.0	$ 0.5
Operating Partnership
Related Party Transactions
Amount paid under tax protection agreements	$ 1.3
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			26.7	9.6	5.3
Gross profit from related parties			1.0	0.3	0.3
Due from related parties			3.4	1.8
Cost Reimbursements
Related Party Transactions
Revenue from contracts with affiliated entities			$ 0.0	$ 0.0	$ 0.0

Commitments and Contingencies - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) property lease	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Commitments and Contingencies
Line of credit, performance and payment bonds	$ 40.5	$ 183.0
Number of ground leases \| lease	5
Number of properties subject to ground leases \| property	4
Maximum optional ground lease extension term	40 years
Ground rent expense	$ 2.0	$ 1.7	$ 1.8
Rental Revenues \| Hampton Roads Properties
Commitments and Contingencies
Concentrations of credit risk	52.00%	68.00%	69.00%
Rental Revenues \| Town Center Properties
Commitments and Contingencies
Concentrations of credit risk	41.00%	46.00%	47.00%
Rental Revenues \| Richmond Tower
Commitments and Contingencies
Concentrations of credit risk	1.00%	11.00%	13.00%
General Contracting and Real Estate Services Revenues \| Baltimore
Commitments and Contingencies
Concentrations of credit risk	18.00%	64.00%
General Contracting and Real Estate Services Segment Profit \| Baltimore
Commitments and Contingencies
Concentrations of credit risk	29.00%	50.00%
Minimum
Commitments and Contingencies
Lease term	20 years
Maximum
Commitments and Contingencies
Lease term	65 years
Point Street Apartments \| Financial Guarantee \| Letter of Credit
Commitments and Contingencies
Credit facility, amount outstanding	$ 2.1
Operating Partnership
Commitments and Contingencies
Outstanding letters of credit	$ 4.1	$ 8.0

Commitments and Contingencies - Future Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2017	$ 1,715
2018	1,738
2019	1,813
2020	1,821
2021	1,840
Thereafter	91,453
Total	$ 100,380

Selected Quarterly Financial Data (Unaudited) - Summary Certain Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended								12 Months Ended
	Jan. 08, 2016	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Data [Abstract]
Rental revenues		$ 26,516	$ 25,305	$ 24,251	$ 23,283	$ 21,771	$ 21,303	$ 19,908	$ 18,190	$ 99,355	$ 81,172	$ 64,746
General contracting and real estate services revenues		50,475	38,552	33,200	36,803	41,309	53,822	47,066	29,071	159,030	171,268	103,321
Net operating income		19,740	18,393	17,973	17,371	15,819	16,488	15,101	12,702	26,679	26,584	21,379
Net income (1)		5,145	7,946	3,131	26,533	8,443	4,337	10,285	8,118	$ 28,074	$ 19,642	$ 7,691
Net income attributable to stockholders		$ 3,458	$ 5,212	$ 2,034	$ 17,370	$ 5,328	$ 2,688	$ 6,521	$ 5,105
Net income per share: basic and diluted (in dollars per share)		$ 0.09	$ 0.15	$ 0.06	$ 0.57	$ 0.19	$ 0.10	$ 0.25	$ 0.20	$ 0.85	$ 0.75	$ 0.36
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Richmond Tower
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposition of property	$ 26,200				$ 26,200

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			$ 320,082
Land			179,293
Building and improvements			281,935
Cost capitalized Subsequent to Acquisition			447,059
Land			179,293
Building and improvements			728,994
Total			908,287
Accumulated Depreciation	$ 125,380	$ 116,099	139,553
Net Carrying Amount			768,734
Amount of real estate for federal income tax purposes			655,900
Real estate investments
Balance at beginning of the year	633,591	595,000
Construction costs and improvements	56,630	52,533
Acquisitions	248,987	83,230
Dispositions	(30,467)	(23,181)
Reclassifications	(454)	(73,991)
Balance at end of the year	908,287	633,591
Accumulated Depreciation
Balance at beginning of the year	125,380	116,099
Dispositions	(352)	(668)
Reclassifications	(8,928)	(8,729)
Depreciation	23,453	18,678
Depreciation	$ 139,553	$ 125,380
Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	39 years
Capital improvements \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	15 years
Capital improvements \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	20 years
Equipment \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	5 years
Equipment \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	15 years
Office
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			36,967
Land			4,507
Building and improvements			10,269
Cost capitalized Subsequent to Acquisition			132,123
Land			4,507
Building and improvements			142,392
Total			146,899
Accumulated Depreciation	$ 46,828		46,828
Net Carrying Amount			100,071
Accumulated Depreciation
Depreciation	46,828
Office \| 4525 Main Street
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			32,034
Land			982
Building and improvements			0
Cost capitalized Subsequent to Acquisition			40,759
Land			982
Building and improvements			40,759
Total			41,741
Accumulated Depreciation	3,007		3,007
Net Carrying Amount			38,734
Accumulated Depreciation
Depreciation	3,007
Office \| Armada Hoffler Tower
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,976
Building and improvements			0
Cost capitalized Subsequent to Acquisition			56,613
Land			1,976
Building and improvements			56,613
Total			58,589
Accumulated Depreciation	27,427		27,427
Net Carrying Amount			31,162
Accumulated Depreciation
Depreciation	27,427
Office \| Commonwealth of Virginia - Chesapeake
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			4,933
Land			328
Building and improvements			0
Cost capitalized Subsequent to Acquisition			6,211
Land			328
Building and improvements			6,211
Total			6,539
Accumulated Depreciation	587		587
Net Carrying Amount			5,952
Accumulated Depreciation
Depreciation	587
Office \| Commonwealth of Virginia - Virginia Beach
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			208
Building and improvements			0
Cost capitalized Subsequent to Acquisition			2,159
Land			208
Building and improvements			2,159
Total			2,367
Accumulated Depreciation	181		181
Net Carrying Amount			2,186
Accumulated Depreciation
Depreciation	181
Office \| One Columbus
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			960
Building and improvements			10,269
Cost capitalized Subsequent to Acquisition			7,345
Land			960
Building and improvements			17,614
Total			18,574
Accumulated Depreciation	9,627		9,627
Net Carrying Amount			8,947
Accumulated Depreciation
Depreciation	9,627
Office \| Two Columbus
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			53
Building and improvements			0
Cost capitalized Subsequent to Acquisition			19,036
Land			53
Building and improvements			19,036
Total			19,089
Accumulated Depreciation	5,999		5,999
Net Carrying Amount			13,090
Accumulated Depreciation
Depreciation	5,999
Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			127,908
Land			161,368
Building and improvements			213,067
Cost capitalized Subsequent to Acquisition			155,544
Land			161,368
Building and improvements			368,611
Total			529,979
Accumulated Depreciation	64,374		64,374
Net Carrying Amount			465,605
Accumulated Depreciation
Depreciation	64,374
Retail \| 249 Central Park Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			17,076
Land			712
Building and improvements			0
Cost capitalized Subsequent to Acquisition			14,838
Land			712
Building and improvements			14,838
Total			15,550
Accumulated Depreciation	7,641		7,641
Net Carrying Amount			7,909
Accumulated Depreciation
Depreciation	7,641
Retail \| Alexander Point
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			4,050
Building and improvements			4,880
Cost capitalized Subsequent to Acquisition			23
Land			4,050
Building and improvements			4,903
Total			8,953
Accumulated Depreciation	232		232
Net Carrying Amount			8,721
Accumulated Depreciation
Depreciation	232
Retail \| Broadmoor Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			2,410
Building and improvements			9,010
Cost capitalized Subsequent to Acquisition			24
Land			2,410
Building and improvements			9,034
Total			11,444
Accumulated Depreciation	437		437
Net Carrying Amount			11,007
Accumulated Depreciation
Depreciation	437
Retail \| Brooks Crossing
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			117
Building and improvements			0
Cost capitalized Subsequent to Acquisition			2,276
Land			117
Building and improvements			2,276
Total			2,393
Accumulated Depreciation	22		22
Net Carrying Amount			2,371
Accumulated Depreciation
Depreciation	22
Retail \| Bermuda Crossroads
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			5,450
Building and improvements			10,641
Cost capitalized Subsequent to Acquisition			689
Land			5,450
Building and improvements			11,330
Total			16,780
Accumulated Depreciation	1,804		1,804
Net Carrying Amount			14,976
Accumulated Depreciation
Depreciation	1,804
Retail \| Broad Creek Shopping Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			0
Building and improvements			0
Cost capitalized Subsequent to Acquisition			15,845
Land			0
Building and improvements			15,845
Total			15,845
Accumulated Depreciation	8,446		8,446
Net Carrying Amount			7,399
Accumulated Depreciation
Depreciation	8,446
Retail \| Columbus Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			8,524
Land			7,631
Building and improvements			10,135
Cost capitalized Subsequent to Acquisition			0
Land			7,631
Building and improvements			10,135
Total			17,766
Accumulated Depreciation	439		439
Net Carrying Amount			17,327
Accumulated Depreciation
Depreciation	439
Retail \| Columbus Village II
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			14,536
Building and improvements			10,922
Cost capitalized Subsequent to Acquisition			14
Land			14,536
Building and improvements			10,936
Total			25,472
Accumulated Depreciation	104		104
Net Carrying Amount			25,368
Accumulated Depreciation
Depreciation	104
Retail \| Commerce Street Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			118
Building and improvements			0
Cost capitalized Subsequent to Acquisition			3,209
Land			118
Building and improvements			3,209
Total			3,327
Accumulated Depreciation	1,173		1,173
Net Carrying Amount			2,154
Accumulated Depreciation
Depreciation	1,173
Retail \| Courthouse 7-Eleven
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,007
Building and improvements			0
Cost capitalized Subsequent to Acquisition			1,043
Land			1,007
Building and improvements			1,043
Total			2,050
Accumulated Depreciation	136		136
Net Carrying Amount			1,914
Accumulated Depreciation
Depreciation	136
Retail \| Dick's at Town Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			67
Building and improvements			0
Cost capitalized Subsequent to Acquisition			10,522
Land			67
Building and improvements			10,522
Total			10,589
Accumulated Depreciation	3,507		3,507
Net Carrying Amount			7,082
Accumulated Depreciation
Depreciation	3,507
Retail \| Dimmock Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			5,100
Building and improvements			13,126
Cost capitalized Subsequent to Acquisition			46
Land			5,100
Building and improvements			13,172
Total			18,272
Accumulated Depreciation	877		877
Net Carrying Amount			17,395
Accumulated Depreciation
Depreciation	877
Retail \| Fountain Plaza Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			10,281
Land			425
Building and improvements			0
Cost capitalized Subsequent to Acquisition			7,112
Land			425
Building and improvements			7,112
Total			7,537
Accumulated Depreciation	2,950		2,950
Net Carrying Amount			4,587
Accumulated Depreciation
Depreciation	2,950
Retail \| Gainsborough Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			2,229
Building and improvements			0
Cost capitalized Subsequent to Acquisition			7,064
Land			2,229
Building and improvements			7,064
Total			9,293
Accumulated Depreciation	3,005		3,005
Net Carrying Amount			6,288
Accumulated Depreciation
Depreciation	3,005
Retail \| Greentree Shopping Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,523
Building and improvements			0
Cost capitalized Subsequent to Acquisition			4,280
Land			1,523
Building and improvements			4,280
Total			5,803
Accumulated Depreciation	377		377
Net Carrying Amount			5,426
Accumulated Depreciation
Depreciation	377
Retail \| Hanbury Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			20,709
Land			3,793
Building and improvements			0
Cost capitalized Subsequent to Acquisition			19,262
Land			3,793
Building and improvements			19,262
Total			23,055
Accumulated Depreciation	5,770		5,770
Net Carrying Amount			17,285
Accumulated Depreciation
Depreciation	5,770
Retail \| Harper Hill Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			2,840
Building and improvements			8,510
Cost capitalized Subsequent to Acquisition			12
Land			2,840
Building and improvements			8,522
Total			11,362
Accumulated Depreciation	301		301
Net Carrying Amount			11,061
Accumulated Depreciation
Depreciation	301
Retail \| Harrisonburg Regal
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			3,256
Land			1,554
Building and improvements			0
Cost capitalized Subsequent to Acquisition			4,149
Land			1,554
Building and improvements			4,149
Total			5,703
Accumulated Depreciation	1,881		1,881
Net Carrying Amount			3,822
Accumulated Depreciation
Depreciation	1,881
Retail \| Lightfoot Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			12,194
Land			7,628
Building and improvements			0
Cost capitalized Subsequent to Acquisition			14,728
Land			7,628
Building and improvements			14,728
Total			22,356
Accumulated Depreciation	227		227
Net Carrying Amount			22,129
Accumulated Depreciation
Depreciation	227
Retail \| North Hampton Market
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			7,250
Building and improvements			10,210
Cost capitalized Subsequent to Acquisition			140
Land			7,250
Building and improvements			10,350
Total			17,600
Accumulated Depreciation	469		469
Net Carrying Amount			17,131
Accumulated Depreciation
Depreciation	469
Retail \| North Point Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			12,983
Land			1,936
Building and improvements			0
Cost capitalized Subsequent to Acquisition			25,119
Land			1,936
Building and improvements			25,119
Total			27,055
Accumulated Depreciation	11,788		11,788
Net Carrying Amount			15,267
Accumulated Depreciation
Depreciation	11,788
Retail \| Oakland Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,850
Building and improvements			3,370
Cost capitalized Subsequent to Acquisition			10
Land			1,850
Building and improvements			3,380
Total			5,230
Accumulated Depreciation	436		436
Net Carrying Amount			4,794
Accumulated Depreciation
Depreciation	436
Retail \| Parkway Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,150
Building and improvements			0
Cost capitalized Subsequent to Acquisition			3,540
Land			1,150
Building and improvements			3,540
Total			4,690
Accumulated Depreciation	1,678		1,678
Net Carrying Amount			3,012
Accumulated Depreciation
Depreciation	1,678
Retail \| Patterson Place
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			15,059
Building and improvements			20,180
Cost capitalized Subsequent to Acquisition			11
Land			15,059
Building and improvements			20,191
Total			35,250
Accumulated Depreciation	676		676
Net Carrying Amount			34,574
Accumulated Depreciation
Depreciation	676
Retail \| Perry Hall Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			3,240
Building and improvements			8,316
Cost capitalized Subsequent to Acquisition			91
Land			3,240
Building and improvements			8,407
Total			11,647
Accumulated Depreciation	548		548
Net Carrying Amount			11,099
Accumulated Depreciation
Depreciation	548
Retail \| Providence Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			9,950
Building and improvements			12,369
Cost capitalized Subsequent to Acquisition			476
Land			9,950
Building and improvements			12,845
Total			22,795
Accumulated Depreciation	505		505
Net Carrying Amount			22,290
Accumulated Depreciation
Depreciation	505
Retail \| Renaissance Place
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			6,730
Building and improvements			8,439
Cost capitalized Subsequent to Acquisition			0
Land			6,730
Building and improvements			8,439
Total			15,169
Accumulated Depreciation	47		47
Net Carrying Amount			15,122
Accumulated Depreciation
Depreciation	47
Retail \| Sandbridge Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			9,376
Land			5,267
Building and improvements			0
Cost capitalized Subsequent to Acquisition			7,236
Land			5,267
Building and improvements			7,236
Total			12,503
Accumulated Depreciation	511		511
Net Carrying Amount			11,992
Accumulated Depreciation
Depreciation	511
Retail \| Socastee Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			4,866
Land			2,320
Building and improvements			5,380
Cost capitalized Subsequent to Acquisition			45
Land			2,320
Building and improvements			5,425
Total			7,745
Accumulated Depreciation	328		328
Net Carrying Amount			7,417
Accumulated Depreciation
Depreciation	328
Retail \| South Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			7,493
Land			190
Building and improvements			0
Cost capitalized Subsequent to Acquisition			7,623
Land			190
Building and improvements			7,623
Total			7,813
Accumulated Depreciation	3,731		3,731
Net Carrying Amount			4,082
Accumulated Depreciation
Depreciation	3,731
Retail \| South Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			14,130
Building and improvements			12,670
Cost capitalized Subsequent to Acquisition			14
Land			14,130
Building and improvements			12,684
Total			26,814
Accumulated Depreciation	476		476
Net Carrying Amount			26,338
Accumulated Depreciation
Depreciation	476
Retail \| Southgate Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			21,150
Land			8,890
Building and improvements			25,950
Cost capitalized Subsequent to Acquisition			62
Land			8,890
Building and improvements			26,012
Total			34,902
Accumulated Depreciation	620		620
Net Carrying Amount			34,282
Accumulated Depreciation
Depreciation	620
Retail \| Southshore Shops
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,770
Building and improvements			6,509
Cost capitalized Subsequent to Acquisition			5
Land			1,770
Building and improvements			6,514
Total			8,284
Accumulated Depreciation	85		85
Net Carrying Amount			8,199
Accumulated Depreciation
Depreciation	85
Retail \| Stone House Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			6,360
Building and improvements			16,350
Cost capitalized Subsequent to Acquisition			236
Land			6,360
Building and improvements			16,586
Total			22,946
Accumulated Depreciation	974		974
Net Carrying Amount			21,972
Accumulated Depreciation
Depreciation	974
Retail \| Studio 56 Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			76
Building and improvements			0
Cost capitalized Subsequent to Acquisition			2,477
Land			76
Building and improvements			2,477
Total			2,553
Accumulated Depreciation	727		727
Net Carrying Amount			1,826
Accumulated Depreciation
Depreciation	727
Retail \| Tyre Neck Harris Teeter
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			0
Building and improvements			0
Cost capitalized Subsequent to Acquisition			3,306
Land			0
Building and improvements			3,306
Total			3,306
Accumulated Depreciation	756		756
Net Carrying Amount			2,550
Accumulated Depreciation
Depreciation	756
Retail \| Waynesboro Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,300
Building and improvements			1,610
Cost capitalized Subsequent to Acquisition			10
Land			1,300
Building and improvements			1,620
Total			2,920
Accumulated Depreciation	192		192
Net Carrying Amount			2,728
Accumulated Depreciation
Depreciation	192
Retail \| Wendover Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			12,710
Building and improvements			14,490
Cost capitalized Subsequent to Acquisition			7
Land			12,710
Building and improvements			14,497
Total			27,207
Accumulated Depreciation	498		498
Net Carrying Amount			26,709
Accumulated Depreciation
Depreciation	498
Multifamily residential real estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			155,207
Land			12,738
Building and improvements			58,599
Cost capitalized Subsequent to Acquisition			159,392
Land			12,738
Building and improvements			217,991
Total			230,729
Accumulated Depreciation	28,351		28,351
Net Carrying Amount			202,378
Accumulated Depreciation
Depreciation	28,351
Multifamily residential real estate \| Encore Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			24,966
Land			1,293
Building and improvements			0
Cost capitalized Subsequent to Acquisition			30,124
Land			1,293
Building and improvements			30,124
Total			31,417
Accumulated Depreciation	1,997		1,997
Net Carrying Amount			29,420
Accumulated Depreciation
Depreciation	1,997
Multifamily residential real estate \| Harding Place
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			5,706
Building and improvements			0
Cost capitalized Subsequent to Acquisition			2,453
Land			5,706
Building and improvements			2,453
Total			8,159
Accumulated Depreciation	0		0
Net Carrying Amount			8,159
Accumulated Depreciation
Depreciation	0
Multifamily residential real estate \| Liberty Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			20,005
Land			3,580
Building and improvements			23,494
Cost capitalized Subsequent to Acquisition			1,215
Land			3,580
Building and improvements			24,709
Total			28,289
Accumulated Depreciation	2,566		2,566
Net Carrying Amount			25,723
Accumulated Depreciation
Depreciation	2,566
Multifamily residential real estate \| Johns Hopkins Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			43,841
Land			0
Building and improvements			0
Cost capitalized Subsequent to Acquisition			65,875
Land			0
Building and improvements			65,875
Total			65,875
Accumulated Depreciation	863		863
Net Carrying Amount			65,012
Accumulated Depreciation
Depreciation	863
Multifamily residential real estate \| Smith's Landing
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			20,511
Land			0
Building and improvements			35,105
Cost capitalized Subsequent to Acquisition			1,153
Land			0
Building and improvements			36,258
Total			36,258
Accumulated Depreciation	4,284		4,284
Net Carrying Amount			31,974
Accumulated Depreciation
Depreciation	4,284
Multifamily residential real estate \| The Cosmopolitan
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			45,884
Land			985
Building and improvements			0
Cost capitalized Subsequent to Acquisition			56,957
Land			985
Building and improvements			56,957
Total			57,942
Accumulated Depreciation	18,641		18,641
Net Carrying Amount			39,301
Accumulated Depreciation
Depreciation	18,641
Multifamily residential real estate \| Town Center Phase VI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,174
Building and improvements			0
Cost capitalized Subsequent to Acquisition			1,615
Land			1,174
Building and improvements			1,615
Total			2,789
Accumulated Depreciation	0		0
Net Carrying Amount			2,789
Accumulated Depreciation
Depreciation	0
Held for development
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			680
Building and improvements			0
Cost capitalized Subsequent to Acquisition			0
Land			680
Building and improvements			0
Total			680
Accumulated Depreciation	0		0
Net Carrying Amount			$ 680
Accumulated Depreciation
Depreciation	$ 0