Armada Hoffler Properties (AHH) 10-Q 15 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	12-May-14
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Entity Registrant Name	'ARMADA HOFFLER PROPERTIES, INC.	'
Entity Central Index Key	'0001569187	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	19,253,660

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Real estate investments:	'	'
Income producing property	$434,281	$406,239
Construction in progress	78,536	56,737
Gross real estate investments	512,817	462,976
Accumulated depreciation	-108,706	-105,228
Net real estate investments	404,111	357,748
Cash and cash equivalents	13,444	18,882
Restricted cash	2,754	2,160
Accounts receivable, net	18,884	18,272
Construction receivables, including retentions	12,736	12,633
Construction contract costs and estimated earnings in excess of billings	1,184	1,178
Other assets	25,799	24,409
Total Assets	478,912	435,282
LIABILITIES AND EQUITY	'	'
Indebtedness	317,271	277,745
Accounts payable and accrued liabilities	7,158	6,463
Construction payables, including retentions	27,047	28,139
Billings in excess of construction contract costs and estimated earnings	1,134	1,541
Other liabilities	16,264	15,873
Total Liabilities	368,874	329,761
Stockholders' equity:	'	'
Common stock, $0.01 par value, 500,000,000 shares authorized, 19,254,365 and 19,163,413 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively	193	192
Additional paid-in capital	1,473	1,247
Distributions in excess of earnings	-49,550	-47,934
Total stockholders' deficit	-47,884	-46,495
Noncontrolling interests	157,922	152,016
Total Equity	110,038	105,521
Total Liabilities and Equity	$478,912	$435,282

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	19,254,365	19,163,413
Common stock, shares outstanding	19,254,365	19,163,413

Condensed_Consolidated_and_Com

Condensed Consolidated and Combined Statements of Income (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues	'	'
Rental revenues	$15,193	$13,398
General contracting and real estate services revenues	19,234	'
Total revenues	34,427	'
Expenses	'	'
Rental expenses	3,976	3,229
Real estate taxes	1,343	1,212
General contracting and real estate services expenses	17,985	'
Depreciation and amortization	3,969	3,159
General and administrative expenses	2,046	717
Total expenses	29,319	'
Operating income	5,108	'
Interest expense	-2,565	-3,915
Other income	112	267
Income before taxes	2,655	'
Income tax provision	-149	'
Net income	2,506	1,931
Net income attributable to noncontrolling interests	-1,041	'
Net income attributable to stockholders	1,465	'
Net income per share and unit:	'	'
Basic and diluted	$0.08	'
Weighted-average outstanding:	'	'
Common shares	19,193	'
Common units	13,632	'
Basic and diluted	32,825	'
Dividends and distributions declared per common share and unit	$0.16	'
Predecessor [Member]	'	'
Revenues	'	'
Rental revenues	'	13,398
General contracting and real estate services revenues	'	17,956
Total revenues	'	31,354
Expenses	'	'
Rental expenses	'	3,229
Real estate taxes	'	1,212
General contracting and real estate services expenses	'	17,458
Depreciation and amortization	'	3,159
General and administrative expenses	'	717
Total expenses	'	25,775
Operating income	'	5,579
Interest expense	'	-3,915
Other income	'	267
Income before taxes	'	1,931
Net income	'	$1,931

Condensed_Consolidated_Stateme

Condensed Consolidated Statement of Equity (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Distributions in Excess of Earnings [Member]	Total Stockholders' Deficit [Member]	Noncontrolling Interests [Member]
In Thousands, except Share data
Beginning balance at Dec. 31, 2013	$105,521	$192	$1,247	($47,934)	($46,495)	$152,016
Beginning balance, shares at Dec. 31, 2013	19,163,413	19,163,413	'	'	'	'
Restricted stock award grants	'	1	-1	'	'	'
Restricted stock award grants (in shares)	'	99,289	'	'	'	'
Vesting of restricted stock awards	610	'	610	'	610	'
Minimum tax withholding	-82	'	-82	'	-82	'
Minimum tax withholding (in shares)	'	-8,337	'	'	'	'
Acquisitions	6,769	'	'	'	'	6,769
Exchange of owners' equity for common units	'	'	-301	'	-301	301
Exchange of owners' equity for common units (in shares)	'	'	'	'	'	'
Net income	2,506	'	'	1,465	1,465	1,041
Dividends and distributions declared	-5,286	'	'	-3,081	-3,081	-2,205
Ending balance at Mar. 31, 2014	$110,038	$193	$1,473	($49,550)	($47,884)	$157,922
Ending balance, shares at Mar. 31, 2014	19,254,365	19,254,365	'	'	'	'

Condensed_Consolidated_and_Com1

Condensed Consolidated and Combined Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
OPERATING ACTIVITIES	'	'
Net income	$2,506	$1,931
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation of buildings and tenant improvements	3,478	'
Amortization of deferred leasing costs and in-place lease intangibles	491	'
Accrued straight-line rental revenue	-469	'
Amortization of lease incentives and above or below-market rents	160	'
Accrued straight-line ground rent expense	79	'
Bad debt expense	11	'
Noncash stock compensation	329	'
Noncash interest expense	133	'
Change in the fair value of derivatives	-93	-110
Changes in operating assets and liabilities, net of acquisitions:	'	'
Property assets	-1,311	'
Property liabilities	11	'
Construction assets	-109	'
Construction liabilities	-2,003	'
Net cash provided by operating activities	3,213	'
INVESTING ACTIVITIES	'	'
Development of real estate investments	-20,320	'
Tenant and building improvements	-2,495	'
Acquisitions of real estate investments, net of cash acquired	-2,895	'
Increase in restricted cash	-35	'
Deferred leasing costs	-153	'
Net cash used for investing activities	-25,898	'
FINANCING ACTIVITIES	'	'
Offering costs	-149	'
Credit facility and construction loan borrowings	23,269	'
Debt and credit facility payments, including principal amortization	-714	'
Debt issuance costs	-4	'
Dividends and distributions	-5,155	'
Net cash provided by (used for) financing activities	17,247	'
Net decrease in cash and cash equivalents	-5,438	'
Cash and cash equivalents, beginning of period	18,882	'
Cash and cash equivalents, end of period	13,444	'
Supplemental cash flow information:	'	'
Cash paid for interest	2,794	'
Predecessor [Member]	'	'
OPERATING ACTIVITIES	'	'
Net income	'	1,931
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation of buildings and tenant improvements	'	2,845
Amortization of deferred leasing costs and in-place lease intangibles	'	314
Accrued straight-line rental revenue	'	-300
Amortization of lease incentives and above or below-market rents	'	196
Accrued straight-line ground rent expense	'	85
Bad debt expense	'	117
Noncash interest expense	'	172
Change in the fair value of derivatives	'	-110
Income from real estate joint ventures	'	-93
Changes in operating assets and liabilities, net of acquisitions:	'	'
Property assets	'	-692
Property liabilities	'	1,661
Construction assets	'	-3,009
Construction liabilities	'	1,170
Net cash provided by operating activities	'	4,287
INVESTING ACTIVITIES	'	'
Development of real estate investments	'	-2,200
Tenant and building improvements	'	-746
Increase in restricted cash	'	-95
Return of capital from real estate joint ventures, net	'	49
Deferred leasing costs	'	-150
Leasing incentives	'	-40
Net cash used for investing activities	'	-3,182
FINANCING ACTIVITIES	'	'
Offering costs	'	-2,587
Debt and credit facility payments, including principal amortization	'	-1,453
Predecessor distributions, net	'	-2,364
Net cash provided by (used for) financing activities	'	-6,404
Net decrease in cash and cash equivalents	'	-5,299
Cash and cash equivalents, beginning of period	'	9,400
Cash and cash equivalents, end of period	'	4,101
Supplemental cash flow information:	'	'
Cash paid for interest	'	$3,748

Business_and_Organization

Business and Organization	3 Months Ended
	Mar. 31, 2014
Business and Organization	'
	1	Business and Organization
	Armada Hoffler Properties, Inc. (the “Company”) is a full service real estate company with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic United States.
	As of March 31, 2014, the Company’s operating property portfolio consisted of the following properties:
	Name		Segment	Location
	Armada Hoffler Tower		Office	Virginia Beach, Virginia
	One Columbus		Office	Virginia Beach, Virginia
	Oyster Point		Office	Newport News, Virginia
	Richmond Tower		Office	Richmond, Virginia
	Sentara Williamsburg		Office	Williamsburg, Virginia
	Two Columbus		Office	Virginia Beach, Virginia
	Virginia Natural Gas		Office	Virginia Beach, Virginia
	249 Central Park Retail		Retail	Virginia Beach, Virginia
	Bermuda Crossroads		Retail	Chester, Virginia
	Broad Creek Shopping Center		Retail	Norfolk, Virginia
	Commerce Street Retail		Retail	Virginia Beach, Virginia
	Courthouse 7-Eleven		Retail	Virginia Beach, Virginia
	Dick’s at Town Center		Retail	Virginia Beach, Virginia
	Fountain Plaza Retail		Retail	Virginia Beach, Virginia
	Gainsborough Square		Retail	Chesapeake, Virginia
	Hanbury Village		Retail	Chesapeake, Virginia
	Harrisonburg Regal		Retail	Harrisonburg, Virginia
	North Point Center		Retail	Durham, North Carolina
	Parkway Marketplace		Retail	Virginia Beach, Virginia
	South Retail		Retail	Virginia Beach, Virginia
	Studio 56 Retail		Retail	Virginia Beach, Virginia
	Tyre Neck Harris Teeter		Retail	Portsmouth, Virginia
	Liberty Apartments		Multifamily	Newport News, Virginia
	Smith’s Landing		Multifamily	Blacksburg, Virginia
	The Cosmopolitan		Multifamily	Virginia Beach, Virginia
	As of March 31, 2014, the Company had the following properties under development (the “Development Pipeline”):
	Name		Segment	Location
	4525 Main Street		Office	Virginia Beach, Virginia
	Brooks Crossing		Office	Newport News, Virginia
	Oceaneering		Office	Chesapeake, Virginia
	Greentree Shopping Center		Retail	Chesapeake, Virginia
	Sandbridge Commons		Retail	Virginia Beach, Virginia
	Encore Apartments		Multifamily	Virginia Beach, Virginia
	Whetstone Apartments		Multifamily	Durham, North Carolina
	The Company is the sole general partner of Armada Hoffler, L.P. (the “Operating Partnership”). The operations of the Company are carried on primarily through the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. Both the Company and the Operating Partnership were formed on October 12, 2012 and commenced operations upon completion of the underwritten initial public offering of shares of the Company’s common stock (the “IPO”) and certain related formation transactions (the “Formation Transactions”) on May 13, 2013.
	Armada Hoffler Properties, Inc. Predecessor (the “Predecessor”) was not a single legal entity, but rather a combination of real estate and construction entities under common ownership by their individual partners, members and stockholders and under common control or significant influence of Daniel A. Hoffler prior to the IPO and the Formation Transactions. The financial position and results of operations of the entities under common control of Mr. Hoffler have been combined in the Predecessor financial statements for the periods prior to the completion of the IPO and the Formation Transactions. The Predecessor accounted for its investments in the entities under significant influence of Mr. Hoffler using the equity method of accounting.
	Pursuant to the Formation Transactions, the Operating Partnership: (i) acquired 100% of the interests in the entities comprising the Predecessor, (ii) succeeded to the ongoing construction and development businesses of the Predecessor, (iii) assumed asset management of certain of the properties acquired from the Predecessor, (iv) succeeded to the third party asset management business of the Predecessor, (v) succeeded to the projects under development by the Predecessor, (vi) received options to acquire nine parcels of developable land from the Predecessor and (vii) entered into a contribution agreement to acquire Liberty Apartments, a 197-unit multifamily property located in Newport News, Virginia, upon satisfaction of certain conditions and transferability restrictions including completion of the project’s construction by the Company. The Operating Partnership completed the acquisition of Liberty Apartments on January 17, 2014.
	Because of the timing of the IPO and the Formation Transactions, the results of operations for the three months ended March 31, 2013 reflect those of the Predecessor. The financial condition as of March 31, 2014 and December 31, 2013 and the results of operations for the three months ended March 31, 2014 reflect those of the Company. References to “Armada Hoffler” in these notes to consolidated and combined financial statements signify the Company for the period after the completion of the IPO and the Formation Transactions on May 13, 2013 and the Predecessor for all prior periods.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Summary of Significant Accounting Policies	'
	2	Summary of Significant Accounting Policies
	Basis of Presentation
	The accompanying consolidated and combined financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).
	The consolidated financial statements include the financial position and results of operations of the Company, the Operating Partnership and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.
	The results of operations of the entities comprising the Predecessor have been combined because they were under common ownership by their individual partners, members and stockholders and under common control of Mr. Hoffler. All significant intercompany transactions and balances have been eliminated in combination.
	In the opinion of management, the consolidated and combined financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented.
	The accompanying consolidated and combined financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim financial statements should be read in conjunction with the audited consolidated and combined financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current and expected events and economic conditions. Actual results could differ from management’s estimates.
	Significant Accounting Policies
	The accompanying consolidated and combined financial statements were prepared on the basis of the accounting principles described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, among others.

Segments

Segments	3 Months Ended
	Mar. 31, 2014
Segments	'
	3	Segments
	Net operating income (segment revenues minus segment expenses) is the measure used by Armada Hoffler’s chief operating decision-maker to assess segment performance. Net operating income is not a measure of operating income or cash flows from operating activities as measured by GAAP and is not indicative of cash available to fund cash needs. As a result, net operating income should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate net operating income in the same manner. Armada Hoffler considers net operating income to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of Armada Hoffler’s real estate and construction businesses.
	Net operating income of Armada Hoffler’s reportable segments for the three months ended March 31, 2014 and 2013 was as follows (in thousands):
			Three Months Ended
			March 31,
			2014			2013
			(Unaudited)
	Office real estate
	Rental revenues		$	6,549		$	6,486
	Property expenses			2,131			1,946
	Segment net operating income			4,418			4,540
	Retail real estate
	Rental revenues			5,770			5,005
	Property expenses			1,825			1,680
	Segment net operating income			3,945			3,325
	Multifamily residential real estate
	Rental revenues			2,874			1,907
	Property expenses			1,363			815
	Segment net operating income			1,511			1,092
	General contracting and real estate services
	Segment revenues			19,234			17,956
	Segment expenses			17,985			17,458
	Segment net operating income			1,249			498
	Net operating income		$	11,123		$	9,455
	General contracting and real estate services revenues for the three months ended March 31, 2014 and 2013 exclude revenue related to intercompany construction contracts of $18.7 million and $2.0 million, respectively. General contracting and real estate services expenses for the three months ended March 31, 2014 and 2013 exclude expenses related to intercompany construction contracts of $18.5 million and $2.0 million, respectively. General contracting and real estate services expenses for the three months ended March 31, 2014 includes noncash stock compensation of $0.1 million.
	The following table reconciles net operating income to net income for the three months ended March 31, 2014 and 2013 (in thousands):
			Three Months Ended
			March 31,
			2014			2013
			(Unaudited)
	Net operating income		$	11,123		$	9,455
	Depreciation and amortization			(3,969	)		(3,159	)
	General and administrative expenses			(2,046	)		(717	)
	Interest expense			(2,565	)		(3,915	)
	Other income			112			267
	Income tax provision			(149	)		—
	Net income		$	2,506		$	1,931
	General and administrative expenses represent costs not directly associated with the operation and management of Armada Hoffler’s real estate properties and general contracting business. General and administrative expenses include office personnel salaries and benefits, bank fees, accounting fees, legal fees and other corporate office expenses. General and administrative expenses for the three months ended March 31, 2014 include noncash stock compensation of $0.2 million.
	Rental revenues of Armada Hoffler’s reportable segments for the three months ended March 31, 2014 and 2013 comprised the following (in thousands):
			Three Months Ended
			March 31,
			2014			2013
			(Unaudited)
	Minimum rents
	Office		$	6,152		$	6,100
	Retail			4,774			4,365
	Multifamily			2,450			1,627
	Percentage rents (1)
	Office			45			104
	Retail			91			24
	Multifamily			35			42
	Other (2)
	Office			352			282
	Retail			905			616
	Multifamily			389			238
	Rental revenues		$	15,193		$	13,398
	-1	Percentage rents are based on tenants’ sales.
	-2	Other rental revenue includes cost reimbursements for real estate taxes, property insurance and common area maintenance as well as termination fees.
	Property expenses of Armada Hoffler’s reportable segments for the three months ended March 31, 2014 and 2013 comprised the following (in thousands):
			Three Months Ended
			March 31,
			2014			2013
			(Unaudited)
Rental expenses
Office		$	1,587		$	1,405
Retail			1,322			1,220
Multifamily			1,067			604
Total			3,976			3,229
Real estate taxes
Office			544			541
Retail			503			460
Multifamily			296			211
Total			1,343			1,212
Property expenses		$	5,319		$	4,441
Rental expenses represent costs directly associated with the operation and management of Armada Hoffler’s real estate properties. Rental expenses include asset management fees, property management fees, repairs and maintenance, insurance and utilities.

Real_Estate_Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2014
Real Estate Investments	'
	4	Real Estate Investments
	The Company’s real estate investments comprised the following as of March 31, 2014 and December 31, 2013 (in thousands):
			March 31,			December 31,
			2014			2013
			(Unaudited)
	Land		$	44,893		$	41,313
	Land improvements			12,895			12,562
	Buildings and improvements			390,069			365,941
	Construction in progress			64,960			43,160
				512,817			462,976
	Accumulated depreciation			(108,706	)		(105,228	)
	Net real estate investments		$	404,111		$	357,748
	As discussed in Note 1, the Company completed the acquisition of Liberty Apartments on January 17, 2014. The fair value of the total consideration transferred at the acquisition date to acquire Liberty Apartments was $26.7 million, consisting of 695,652 common units of the Operating Partnership, $3.0 million in cash to affiliates of the Predecessor and the assumption of $17.0 million of debt. The fair value adjustment to the assumed debt of Liberty Apartments was a $1.5 million discount. The outstanding principal balance of the assumed debt of Liberty Apartments at the acquisition date was $18.5 million. An additional $2.4 million is available under the Liberty Apartments loan and will be used to fund current and future obligations of the Company.
	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):
			Liberty Apartments
			(Unaudited)
	Land		$	3,580
	Site improvements			280
	Building and improvements			23,214
	In-place leases			340
	Indebtedness			(16,966	)
	Net working capital			(679	)
	Net assets acquired		$	9,769
	Liberty Apartments did not have any operations during the three months ended March 31, 2013. Rental revenues and net loss from Liberty Apartments for the period from the acquisition date to March 31, 2014 included in the consolidated statement of income was $0.1 million and $(0.5) million, respectively.
	Subsequent to March 31, 2014
	On April 16, 2014, the Company purchased $7.4 million of land in Williamsburg, Virginia for the development and construction of Lightfoot Marketplace.
	On May 1, 2014, the Company purchased $0.3 million of land in Chesapeake, Virginia for the development and construction of a new administrative building for the Commonwealth of Virginia.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2014
Indebtedness	'
	5	Indebtedness
	On January 17, 2014, the Company assumed $17.0 million of debt at fair value in connection with the acquisition of Liberty Apartments. The fair value adjustment to the assumed debt of Liberty Apartments was a $1.5 million discount. The outstanding principal balance of the assumed debt of Liberty Apartments at the acquisition date was $18.5 million. An additional $2.4 million is available under the Liberty Apartments loan and will be used to fund current and future obligations of the Company. The loan amortizes over 30 years, bears interest at 5.66% and matures on November 1, 2043.
	On February 28, 2014, the Company closed on a $19.5 million loan to fund the development and construction of the Oceaneering International facility. The construction loan bears interest at LIBOR plus 1.75% and matures on February 28, 2018. As of March 31, 2014, the Company did not have any amounts outstanding on the construction loan.
	During the three months ended March 31, 2014, the Operating Partnership borrowed an additional $10.0 million under the credit facility. As of March 31, 2014, the outstanding balance on the credit facility was $80.0 million.
	During the three months ended March 31, 2014, the Company borrowed an additional $13.3 million under its existing construction loans to fund the construction of 4525 Main Street, Encore Apartments, Whetstone Apartments and Sandbridge Commons.
	Subsequent to March 31, 2014
	On April 14, 2014, the Operating Partnership borrowed an additional $8.0 million under the credit facility.
	On April 22, 2014, the Operating Partnership amended the maximum leverage ratio covenant requirement in the credit facility to be 65% as of the last day of each fiscal quarter through maturity.

Derivative_Financial_Instrumen

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2014
Derivative Financial Instruments	'
	6	Derivative Financial Instruments
	On March 14, 2014, the Company executed a LIBOR interest rate cap agreement on a notional amount of $50.0 million and a strike price of 1.25% for a premium of $0.4 million. The interest rate cap agreement expires on March 1, 2017.
	The Company’s derivatives comprised the following as of March 31, 2014 and December 31, 2013 (in thousands):
			March 31, 2014							December 31, 2013
					(Unaudited)
			Notional		Fair Value					Notional		Fair Value
			Amount							Amount
					Asset		Liability					Asset		Liability
	Pay fixed interest rate swaps		$	700	$	—	$	(14	)	$	705	$	—	$	(16	)
	Interest rate caps			180,614		589		—			130,672		102		—
	Total		$	181,314	$	589	$	(14	)	$	131,377	$	102	$	(16	)
	The changes in the fair value of Armada Hoffler’s derivatives during the three months ended March 31, 2014 and 2013 comprised the following (in thousands):
			Three Months Ended
			March 31,
			2014		2013
			(Unaudited)
	Pay fixed interest rate swaps		$	2	$	108
	Interest rate caps			91		2
	Other income		$	93	$	110

Equity

Equity	3 Months Ended
	Mar. 31, 2014
Equity	'
	7	Equity
	Stockholders’ Equity
	As of March 31, 2014 and December 31, 2013, the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 19.3 million and 19.2 million shares of common stock issued and outstanding as of March 31, 2014 and December 31, 2013, respectively. No shares of preferred stock were issued and outstanding as of March 31, 2014 or December 31, 2013.
	Noncontrolling Interests
	As of March 31, 2014 and December 31, 2013, the Company held a 58.2% and 59.5% interest in the Operating Partnership, respectively. As the sole general partner and the majority interest holder, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Company represent common units of the Operating Partnership not held by the Company.
	On January 17, 2014, the Operating Partnership issued 695,652 common units as partial consideration for Liberty Apartments.
	On March 31, 2014, the Operating Partnership issued 30,000 common units in exchange for all noncontrolling interests in Sandbridge Commons. The Company recognized the difference between the fair value of the common units issued and the adjustment to the carrying amount of the noncontrolling interests in Sandbridge Commons directly in equity as additional paid-in capital.
	Common Stock Dividends and Common Unit Distributions
	On January 9, 2014, the Company paid cash dividends of $3.1 million to common stockholders and cash distributions of $2.1 million to common unitholders.
	On February 18, 2014, the Company’s Board of Directors declared a cash dividend/distribution of $0.16 per share/unit payable on April 10, 2014 to common stockholders and common unitholders of record on April 1, 2014.
	Subsequent to March 31, 2014
	On April 10, 2014, the Company paid cash dividends of $3.1 million to common stockholders and cash distributions of $2.2 million to common unitholders.
	On May 9, 2014, the Company’s Board of Directors declared a cash dividend/distribution of $0.16 per share/unit payable on July 10, 2014 to common stockholders and common unitholders of record on July 1, 2014.

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2014
Stock-Based Compensation	'
	8	Stock-Based Compensation
	On March 3, 2014, the Company granted 99,289 shares of restricted stock to employees with a grant date fair value of $9.94 per share. Restricted stock awards vest over a period of two years: one-third immediately on the grant date and the remaining two-thirds in equal amounts on the first two anniversaries following the grant date, subject to continued service to the Company.
	During the three months ended March 31, 2014, the Company recognized $0.6 million of stock-based compensation using the accelerated attribution method. As of March 31, 2014, there were 178,123 nonvested restricted shares outstanding; the total unrecognized compensation related to nonvested restricted shares was $1.1 million, which the Company expects to recognize over the next 23 months.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2014
Fair Value of Financial Instruments	'
	9	Fair Value of Financial Instruments
	Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows:
	Level 1 Inputs—quoted prices in active markets for identical assets or liabilities
	Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities
	Level 3 Inputs—unobservable inputs
	Except as disclosed below, the carrying amounts of Armada Hoffler’s financial instruments approximate their fair value. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swap and cap agreements. Armada Hoffler measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques.
	In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.
	The fair value of Armada Hoffler’s secured debt is sensitive to fluctuations in interest rates. Discounted cash flow analysis based on Level 2 inputs is generally used to estimate the fair value of Armada Hoffler’s secured debt.
	Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments.
	The carrying amounts and fair values of our financial instruments, all of which are based on Level 2 inputs, as of March 31, 2014 and December 31, 2013 were as follows (in thousands):
			March 31, 2014				December 31, 2013
			Carrying		Fair		Carrying		Fair
			Value		Value		Value		Value
			(Unaudited)
	Secured debt		$	317,271	$	321,709	$	277,745	$	273,310
	Interest rate swap liabilities			14		14		16		16
	Interest rate cap assets			589		589		102		102

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2014
Related Party Transactions	'
	10	Related Party Transactions
	Armada Hoffler provides general contracting and real estate services to certain related party entities that are not included in these consolidated and combined financial statements. Revenue from construction contracts with related party entities of Armada Hoffler was $2.3 million and $10.9 million for the three months ended March 31, 2014 and 2013, respectively. Operating margin from such contracts was $0.1 million and $0.3 million for the three months ended March 31, 2014 and 2013, respectively. Real estate services fees from affiliated entities of Armada Hoffler were not significant for either the three months ended March 31, 2014 or 2013. In addition, affiliated entities also reimburse Armada Hoffler for monthly maintenance and facilities management services provided to the properties. Cost reimbursements earned by Armada Hoffler from affiliated entities were not significant for either the three months ended March 31, 2014 or 2013.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies	'
	11	Commitments and Contingencies
	Legal Proceedings
	Armada Hoffler is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of its business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters.
	Armada Hoffler currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on Armada Hoffler’s financial position, results of operations or liquidity. Armada Hoffler accrues a liability for litigation if an unfavorable outcome is determined by management to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined by management to be probable and a range of loss can be reasonably estimated, Armada Hoffler accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Armada Hoffler does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on its financial position or results of operations; however, litigation is subject to inherent uncertainties.
	Under Armada Hoffler’s leases, tenants are typically obligated to indemnify Armada Hoffler from and against all liabilities, costs and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant.
	Commitments
	Armada Hoffler has a bonding line of credit for its general contracting construction business and is contingently liable under performance and payment bonds, bonds for cancellation of mechanics liens and defect bonds. Such bonds collectively totaled $194.6 million and $35.8 million as of March 31, 2014 and December 31, 2013, respectively.
	The Operating Partnership has entered into standby letters of credit using the available capacity under the credit facility. The letters of credit relate to the guarantee of future performance on certain of the Company’s construction contracts. Letters of credit generally are available for draw down in the event the Company does not perform. As of March 31, 2014 and December 31, 2013, the Operating Partnership had total outstanding letters of credit of $9.9 million and $3.0 million, respectively.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events	'
	12	Subsequent Events
	As discussed in Note 4, the Company purchased $7.4 million of land in Williamsburg, Virginia on April 16, 2014 for the development and construction of Lightfoot Marketplace. The Company purchased $0.3 million of land in Chesapeake, Virginia on May 1, 2014 for the development and construction of a new administrative building for the Commonwealth of Virginia.
	As discussed in Note 5, the Operating Partnership borrowed an additional $8.0 million under the credit facility on April 14, 2014 and amended the maximum leverage ratio covenant requirement in the credit facility on April 22, 2014.
	As discussed in Note 7, the Company paid cash dividends of $3.1 million to common stockholders and $2.2 million to common unitholders on April 10, 2014. The Company’s Board of Directors declared a cash dividend/distribution of $0.16 per share/unit on May 9, 2014 to common stockholders and common unitholders of record on July 1, 2014.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Basis of Presentation	'
	Basis of Presentation
	The accompanying consolidated and combined financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).
	The consolidated financial statements include the financial position and results of operations of the Company, the Operating Partnership and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.
	The results of operations of the entities comprising the Predecessor have been combined because they were under common ownership by their individual partners, members and stockholders and under common control of Mr. Hoffler. All significant intercompany transactions and balances have been eliminated in combination.
	In the opinion of management, the consolidated and combined financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented.
	The accompanying consolidated and combined financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim financial statements should be read in conjunction with the audited consolidated and combined financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current and expected events and economic conditions. Actual results could differ from management’s estimates.
Significant Accounting Policies	'
	Significant Accounting Policies
	The accompanying consolidated and combined financial statements were prepared on the basis of the accounting principles described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, among others.

Segments_Tables

Segments (Tables)	3 Months Ended
	Mar. 31, 2014
Net Operating Income of Reportable Segments	'
	Net operating income of Armada Hoffler’s reportable segments for the three months ended March 31, 2014 and 2013 was as follows (in thousands):
			Three Months Ended
			March 31,
			2014			2013
			(Unaudited)
	Office real estate
	Rental revenues		$	6,549		$	6,486
	Property expenses			2,131			1,946
	Segment net operating income			4,418			4,540
	Retail real estate
	Rental revenues			5,770			5,005
	Property expenses			1,825			1,680
	Segment net operating income			3,945			3,325
	Multifamily residential real estate
	Rental revenues			2,874			1,907
	Property expenses			1,363			815
	Segment net operating income			1,511			1,092
	General contracting and real estate services
	Segment revenues			19,234			17,956
	Segment expenses			17,985			17,458
	Segment net operating income			1,249			498
	Net operating income		$	11,123		$	9,455
Reconciliation of Net Operating Income to Net Income	'
	The following table reconciles net operating income to net income for the three months ended March 31, 2014 and 2013 (in thousands):
			Three Months Ended
			March 31,
			2014			2013
			(Unaudited)
	Net operating income		$	11,123		$	9,455
	Depreciation and amortization			(3,969	)		(3,159	)
	General and administrative expenses			(2,046	)		(717	)
	Interest expense			(2,565	)		(3,915	)
	Other income			112			267
	Income tax provision			(149	)		—
	Net income		$	2,506		$	1,931
Rental Revenues of Reportable Segments	'
	Rental revenues of Armada Hoffler’s reportable segments for the three months ended March 31, 2014 and 2013 comprised the following (in thousands):
			Three Months Ended
			March 31,
			2014			2013
			(Unaudited)
	Minimum rents
	Office		$	6,152		$	6,100
	Retail			4,774			4,365
	Multifamily			2,450			1,627
	Percentage rents (1)
	Office			45			104
	Retail			91			24
	Multifamily			35			42
	Other (2)
	Office			352			282
	Retail			905			616
	Multifamily			389			238
	Rental revenues		$	15,193		$	13,398
	-1	Percentage rents are based on tenants’ sales.
	-2	Other rental revenue includes cost reimbursements for real estate taxes, property insurance and common area maintenance as well as termination fees.
Property Expenses of Reportable Segments	'
	Property expenses of Armada Hoffler’s reportable segments for the three months ended March 31, 2014 and 2013 comprised the following (in thousands):
			Three Months Ended
			March 31,
			2014			2013
			(Unaudited)
	Rental expenses
	Office		$	1,587		$	1,405
	Retail			1,322			1,220
	Multifamily			1,067			604
	Total			3,976			3,229
	Real estate taxes
	Office			544			541
	Retail			503			460
	Multifamily			296			211
	Total			1,343			1,212
	Property expenses		$	5,319		$	4,441

Real_Estate_Investments_Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2014
Real Estate Investments	'
	The Company’s real estate investments comprised the following as of March 31, 2014 and December 31, 2013 (in thousands):
		March 31,			December 31,
		2014			2013
		(Unaudited)
	Land	$	44,893		$	41,313
	Land improvements		12,895			12,562
	Buildings and improvements		390,069			365,941
	Construction in progress		64,960			43,160
			512,817			462,976
	Accumulated depreciation		(108,706	)		(105,228	)
	Net real estate investments	$	404,111		$	357,748
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed	'
	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):
		Liberty Apartments
		(Unaudited)
	Land	$	3,580
	Site improvements		280
	Building and improvements		23,214
	In-place leases		340
	Indebtedness		(16,966	)
	Net working capital		(679	)
	Net assets acquired	$	9,769

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
Schedule of Derivatives	'
	The Company’s derivatives comprised the following as of March 31, 2014 and December 31, 2013 (in thousands):
		March 31, 2014							December 31, 2013
				(Unaudited)
		Notional		Fair Value					Notional		Fair Value
		Amount							Amount
				Asset		Liability					Asset		Liability
	Pay fixed interest rate swaps	$	700	$	—	$	(14	)	$	705	$	—	$	(16	)
	Interest rate caps		180,614		589		—			130,672		102		—
	Total	$	181,314	$	589	$	(14	)	$	131,377	$	102	$	(16	)
	The changes in the fair value of Armada Hoffler’s derivatives during the three months ended March 31, 2014 and 2013 comprised the following (in thousands):
		Three Months Ended
		March 31,
		2014		2013
		(Unaudited)
	Pay fixed interest rate swaps	$	2	$	108
	Interest rate caps		91		2
	Other income	$	93	$	110

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs	'
	The carrying amounts and fair values of our financial instruments, all of which are based on Level 2 inputs, as of March 31, 2014 and December 31, 2013 were as follows (in thousands):
		March 31, 2014				December 31, 2013
		Carrying		Fair		Carrying		Fair
		Value		Value		Value		Value
		(Unaudited)
	Secured debt	$	317,271	$	321,709	$	277,745	$	273,310
	Interest rate swap liabilities		14		14		16		16
	Interest rate cap assets		589		589		102		102

Business_and_Organization_Addi

Business and Organization - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014
	Parcels
	Property
Real Estate Properties [Line Items]	'
Options to acquire developable lands, number of parcels of developable land to be acquired	9
Interest acquired	100.00%
Number Of Units to be purchased under purchase agreement	197

Segments_Net_Operating_Income_

Segments - Net Operating Income of Reportable Segments (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting Information [Line Items]	'	'
Multifamily residential real estate Rental revenues	$15,193	$13,398
Segment revenues	19,234	'
Property expenses	3,976	3,229
Segment expenses	17,985	'
Net operating income	11,123	9,455
Office Real Estate [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Multifamily residential real estate Rental revenues	6,549	6,486
Property expenses	2,131	1,946
Net operating income	4,418	4,540
Retail Real Estate [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Multifamily residential real estate Rental revenues	5,770	5,005
Property expenses	1,825	1,680
Net operating income	3,945	3,325
Multifamily Residential Real Estate [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Multifamily residential real estate Rental revenues	2,874	1,907
Property expenses	1,363	815
Net operating income	1,511	1,092
General Contracting and Real Estate Services [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Segment revenues	19,234	17,956
Segment expenses	17,985	17,458
Net operating income	$1,249	$498

Segments_Additional_Informatio

Segments - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting Information [Line Items]	'	'
General contracting and real estate services revenues	$19,234	'
General contracting and real estate services expenses	17,985	'
Non-cash stock compensation	329	'
General and Administrative Expense [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Non-cash stock compensation	200	'
General Contracting and Real Estate Services [Member]	'	'
Segment Reporting Information [Line Items]	'	'
General contracting and real estate services revenues	19,234	17,956
General contracting and real estate services expenses	17,985	17,458
Non-cash stock compensation	100	'
Intersegment Eliminations [Member] | General Contracting and Real Estate Services [Member]	'	'
Segment Reporting Information [Line Items]	'	'
General contracting and real estate services revenues	18,700	2,000
General contracting and real estate services expenses	$18,500	$2,000

Segments_Reconciliation_of_Net

Segments - Reconciliation of Net Operating Income to Net Income (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting Information [Line Items]	'	'
Net operating income	$11,123	$9,455
Depreciation and amortization	-3,969	-3,159
General and administrative expenses	-2,046	-717
Interest expense	-2,565	-3,915
Other income	112	267
Income tax provision	-149	'
Net income	$2,506	$1,931

Segments_Rental_Revenues_of_Re

Segments - Rental Revenues of Reportable Segments (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting Information [Line Items]	'	'
Rental revenues	$15,193	$13,398
Office Real Estate [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Minimum rents	6,152	6,100
Percentage rents	45	104
Other	352	282
Rental revenues	6,549	6,486
Retail Real Estate [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Minimum rents	4,774	4,365
Percentage rents	91	24
Other	905	616
Rental revenues	5,770	5,005
Multifamily Residential Real Estate [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Minimum rents	2,450	1,627
Percentage rents	35	42
Other	389	238
Rental revenues	$2,874	$1,907

Segments_Property_Expenses_of_

Segments - Property Expenses of Reportable Segments (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting Information [Line Items]	'	'
Rental expenses	$3,976	$3,229
Real estate taxes	1,343	1,212
Property expenses	5,319	4,441
Office Real Estate [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Rental expenses	1,587	1,405
Real estate taxes	544	541
Retail Real Estate [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Rental expenses	1,322	1,220
Real estate taxes	503	460
Multifamily Residential Real Estate [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Rental expenses	1,067	604
Real estate taxes	$296	$211

Real_Estate_Investments_Real_E

Real Estate Investments - Real Estate Investments (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Real Estate Properties [Line Items]	'	'
Land	$44,893	$41,313
Land improvements	12,895	12,562
Buildings and improvements	390,069	365,941
Construction in progress	64,960	43,160
Gross real estate investments	512,817	462,976
Accumulated depreciation	-108,706	-105,228
Net real estate investments	$404,111	$357,748

Real_Estate_Investments_Additi

Real Estate Investments - Additional Information (Detail) (USD $)	3 Months Ended			0 Months Ended	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Jan. 17, 2014	Mar. 31, 2014	1-May-14	Apr. 16, 2014
				Liberty Apartments [Member]	Liberty Apartments [Member]	Subsequent Event [Member]	Subsequent Event [Member]
						Virginia [Member]	Virginia [Member]
Real Estate Properties [Line Items]	'	'	'	'	'	'	'
Acquisition, total consideration	'	'	'	$26,700,000	'	'	'
Acquisition, common units issued	'	'	'	695,652	'	'	'
Acquisition, assumption of debt	'	'	'	17,000,000	'	'	'
Acquisition, cash paid to affiliates of the predecessor	'	'	'	3,000,000	'	'	'
Fair value adjustment to the assumed debt	'	'	'	1,500,000	'	'	'
Outstanding principal balance of the assumed debt	'	'	'	18,500,000	16,966,000	'	'
Additions under the liberty apartment loan	'	'	'	2,400,000	'	'	'
Rental revenues	15,193,000	13,398,000	'	'	100,000	'	'
Net income	1,465,000	'	'	'	-500,000	'	'
Land purchased	$44,893,000	'	$41,313,000	'	'	$300,000	$7,400,000

Real_Estate_Investments_Estima

Real Estate Investments - Estimated Fair Value of The Assets Acquired and Liabilities Assumed Table (Detail) (Liberty Apartments [Member], USD $)	Mar. 31, 2014	Jan. 17, 2014
In Thousands, unless otherwise specified
Liberty Apartments [Member]	'	'
Property Plant And Equipment Estimated Useful Lifes [Line Items]	'	'
Land	$3,580	'
Site improvements	280	'
Building and improvements	23,214	'
In-place leases	340	'
Indebtedness	-16,966	-18,500
Net working capital	-679	'
Net assets acquired	$9,769	'

Indebtedness_Additional_Inform

Indebtedness - Additional Information (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Jan. 17, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Feb. 28, 2014	Feb. 28, 2014	Apr. 22, 2014	Apr. 14, 2014
			Liberty Apartments [Member]	Liberty Apartments [Member]	Operating Partnership [Member]	Construction Loans [Member]	Construction Loans [Member]	Construction Loans [Member]	Subsequent Event [Member]	Subsequent Event [Member]
							Oceaneering International Facility [Member]	Oceaneering International Facility [Member]	Operating Partnership [Member]	Operating Partnership [Member]
								LIBOR [Member]
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'	'
Acquisition, assumption of debt	'	'	$17,000,000	'	'	'	'	'	'	'
Fair value adjustment of debt of liberty apartment	'	'	1,500,000	'	'	'	'	'	'	'
Outstanding principal amount of debt	'	'	18,500,000	16,966,000	'	'	'	'	'	'
Loans available under Liberty Apartments loan	'	'	2,400,000	'	'	'	'	'	'	'
Debt assumed, interest rate	'	'	5.66%	'	'	'	'	'	'	'
Stated maturity date	'	'	1-Nov-43	'	'	'	28-Feb-18	'	'	'
Debt assumed, term	'	'	'30 years	'	'	'	'	'	'	'
Debt, face value	'	'	'	'	'	'	19,500,000	'	'	'
Stated interest rate, basis spread on variable rate	'	'	'	'	'	'	'	1.75%	'	'
Indebtedness	317,271,000	277,745,000	'	'	'	0	'	'	'	'
Revolving credit facility, borrowed amount	'	'	'	'	10,000,000	13,300,000	'	'	'	8,000,000
Revolving credit facility, outstanding amount	'	'	'	'	$80,000,000	'	'	'	'	'
Financial covenant, maximum leverage ratio as of the last day of each fiscal quarter	'	'	'	'	'	'	'	'	65.00%	'

Derivative_Financial_Instrumen2

Derivative Financial Instruments - Additional Information (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 14, 2014
			Interest Rate Caps [Member]
Derivative [Line Items]	'	'	'
Interest rate cap agreement, notional amount	$181,314,000	$131,377,000	$50,000,000
Interest rate cap agreement, strike price	'	'	1.25%
Interest rate cap agreement, premium	'	'	$400,000
Interest rate cap agreement, expiration date	'	'	1-Mar-17

Derivative_Financial_Instrumen3

Derivative Financial Instruments - Schedule of Derivatives (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Derivative [Line Items]	'	'	'
Notional Amount	$181,314	'	$131,377
Fair Value Asset	589	'	102
Fair Value Liability	-14	'	-16
Gain	93	110	'
Pay Fixed Interest Rate Swaps [Member]	'	'	'
Derivative [Line Items]	'	'	'
Notional Amount	700	'	705
Fair Value Liability	-14	'	-16
Gain	2	108	'
Interest Rate Caps [Member]	'	'	'
Derivative [Line Items]	'	'	'
Notional Amount	180,614	'	130,672
Fair Value Asset	589	'	102
Gain	$91	$2	'

Equity_Additional_Information_

Equity - Additional Information (Detail) (USD $)	3 Months Ended		0 Months Ended		3 Months Ended	0 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Jan. 17, 2014	Feb. 18, 2014	Mar. 31, 2014	Jan. 09, 2014	Jan. 09, 2014	9-May-14	Apr. 10, 2014	Apr. 10, 2014
			Liberty Apartments [Member]	Dividend Declared [Member]	Dividend Declared [Member]	Dividend Paid [Member]	Dividend Paid [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]
						Common Stockholders [Member]	Common Unitholders [Member]	Dividend Declared [Member]	Dividend Paid [Member]	Dividend Paid [Member]
									Common Stockholders [Member]	Common Unitholders [Member]
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'	'
Authorized capital shares of common stock	500,000,000	500,000,000	'	'	'	'	'	'	'	'
Authorized capital shares of preferred stock	100,000,000	100,000,000	'	'	'	'	'	'	'	'
Shares of common stock issued	19,254,365	19,163,413	'	'	'	'	'	'	'	'
Shares of common stock outstanding	19,254,365	19,163,413	'	'	'	'	'	'	'	'
Preferred stock issued	0	0	'	'	'	'	'	'	'	'
Preferred stock outstanding	0	0	'	'	'	'	'	'	'	'
Percentage of Operating Partnership held	58.20%	59.50%	'	'	'	'	'	'	'	'
Acquisition, common units issued	'	'	695,652	'	'	'	'	'	'	'
Common units in exchange for all noncontrolling interests	30,000	'	'	'	'	'	'	'	'	'
Aggregate cash dividends and distributions, paid	$5,155	'	'	'	'	$3,100	$2,100	'	$3,100	$2,200
Cash dividend/distribution, date declared	'	'	'	'	18-Feb-14	'	'	9-May-14	'	'
Cash dividend/distribution per share, declared	$0.16	'	'	$0.16	'	'	'	$0.16	'	'
Cash dividend/distribution, date payable	'	'	'	'	10-Apr-14	'	'	10-Jul-14	'	'
Cash dividend/distribution, date of record	'	'	'	'	1-Apr-14	'	'	1-Jul-14	'	'

StockBased_Compensation_Additi

Stock-Based Compensation - Additional Information (Detail) (USD $)	0 Months Ended	3 Months Ended
	Mar. 03, 2014	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Restricted stock award, vesting period	'2 years	'
Restricted stock award, percentage vested on grant date	33.33%	'
Stock-based compensation expense	'	$329,000
Restricted Stock [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Restricted stock granted	99,289	'
Restricted stock granted, grant date fair value	9.94	'
Stock-based compensation expense	'	600,000
Unrecognized compensation cost	'	$1,100,000
Unrecognized compensation cost, recognition period	'	'23 months
Nonvested restricted shares outstanding	'	178,123

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Secured debt	$317,271	$277,745
Fair Value [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Secured debt	321,709	273,310
Interest rate swap liabilities	14	16
Interest rate cap assets	589	102
Carrying value [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Secured debt	317,271	277,745
Interest rate swap liabilities	14	16
Interest rate cap assets	$589	$102

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Related Party Transaction Due From To Related Party [Line Items]	'	'
Revenue from contracts with affiliated entities	$2,300,000	$10,900,000
Operating Margin	11,123,000	9,455,000
General Contracting and Real Estate Services [Member]	'	'
Related Party Transaction Due From To Related Party [Line Items]	'	'
Operating Margin	$100,000	$300,000

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Loss Contingencies [Line Items]	'	'
Line of credit, performance and payment bonds	$194.60	$35.80
Outstanding letters of credit	$9.90	$3

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (USD $)	3 Months Ended		0 Months Ended	3 Months Ended				0 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Feb. 18, 2014	Mar. 31, 2014	Mar. 31, 2014	1-May-14	Apr. 16, 2014	Apr. 10, 2014	Apr. 10, 2014	9-May-14	Apr. 14, 2014
			Dividend Declared [Member]	Dividend Declared [Member]	Operating Partnership [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]
						Virginia [Member]	Virginia [Member]	Dividend Paid [Member]	Dividend Paid [Member]	Dividend Declared [Member]	Operating Partnership [Member]
								Common Stock [Member]	Capital Units [Member]
Subsequent Event [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Purchase of land	$44,893,000	$41,313,000	'	'	'	$300,000	$7,400,000	'	'	'	'
Revolving credit facility, borrowed amount	'	'	'	'	10,000,000	'	'	'	'	'	8,000,000
Dividends paid	$5,155,000	'	'	'	'	'	'	$3,100,000	$2,200,000	'	'
Cash dividend/distribution per share, declared	$0.16	'	$0.16	'	'	'	'	'	'	$0.16	'
Cash dividend/distribution, date declared	'	'	'	18-Feb-14	'	'	'	'	'	9-May-14	'
Cash dividend/distribution, date of record	'	'	'	1-Apr-14	'	'	'	'	'	1-Jul-14	'