Armada Hoffler Properties (AHH) 10-Q5 Aug 142014 Q2 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2014	Aug. 01, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Trading Symbol	'AHH	'
Entity Registrant Name	'ARMADA HOFFLER PROPERTIES, INC.	'
Entity Central Index Key	'0001569187	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	19,265,664

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Real estate investments:	'	'
Income producing property	$436,450	$406,239
Held for development	8,592	'
Construction in progress	105,253	56,737
Gross real estate investments	550,295	462,976
Accumulated depreciation	-112,024	-105,228
Net real estate investments	438,271	357,748
Cash and cash equivalents	16,271	18,882
Restricted cash	3,224	2,160
Accounts receivable, net	19,517	18,272
Construction receivables, including retentions	12,730	12,633
Construction contract costs and estimated earnings in excess of billings	1,287	1,178
Other assets	24,815	24,409
Total Assets	516,115	435,282
LIABILITIES AND EQUITY	'	'
Indebtedness	349,840	277,745
Accounts payable and accrued liabilities	6,743	6,463
Construction payables, including retentions	34,631	28,139
Billings in excess of construction contract costs and estimated earnings	1,227	1,541
Other liabilities	16,474	15,873
Total Liabilities	408,915	329,761
Stockholders' equity:	'	'
Common stock, $0.01 par value, 500,000,000 shares authorized, 19,265,919 and 19,163,413 shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively	193	192
Additional paid-in capital	1,650	1,247
Distributions in excess of earnings	-51,307	-47,934
Total stockholders' deficit	-49,464	-46,495
Noncontrolling interests	156,664	152,016
Total Equity	107,200	105,521
Total Liabilities and Equity	$516,115	$435,282

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]	'	'
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	19,265,919	19,163,413
Common stock, shares outstanding	19,265,919	19,163,413

Condensed_Consolidated_and_Com

Condensed Consolidated and Combined Statements of Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues	'	'	'	'
Rental revenues	$15,319	$14,231	$30,512	$27,629
General contracting and real estate services revenues	20,495	23,291	39,729	41,247
Total revenues	35,814	37,522	70,241	68,876
Expenses	'	'	'	'
Rental expenses	3,840	3,399	7,816	6,628
Real estate taxes	1,408	1,248	2,751	2,460
General contracting and real estate services expenses	19,354	22,503	37,339	39,961
Depreciation and amortization	4,057	4,020	8,026	7,179
General and administrative expenses	1,981	2,857	4,027	3,574
Impairment charges	'	533	'	533
Total expenses	30,640	34,560	59,959	60,335
Operating income	5,174	2,962	10,282	8,541
Interest expense	-2,678	-3,289	-5,243	-7,204
Loss on extinguishment of debt	'	-1,125	'	-1,125
Gain on acquisitions	'	9,460	'	9,460
Other (loss) income	-194	185	-82	452
Income before taxes	2,302	8,193	4,957	10,124
Income tax (provision) benefit	-29	211	-178	211
Net income	2,273	8,404	4,779	10,335
Net income attributable to noncontrolling interests	-948	-3,429	-1,989	-3,429
Net income attributable to stockholders	1,325	4,886	2,790	4,886
Net income per share:	'	'	'	'
Basic and diluted	$0.07	$0.26	$0.15	$0.26
Weighted-average outstanding:	'	'	'	'
Common shares	19,250	18,605	19,222	18,605
Common units	13,785	13,059	13,709	13,059
Basic and diluted	33,035	31,664	32,931	31,664
Dividends declared per common share and unit	$0.16	$0.08	$0.32	$0.08
Predecessor [Member]	'	'	'	'
Expenses	'	'	'	'
Net income	'	($89)	'	($2,020)

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	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Distributions in Excess of Earnings [Member]	Total Stockholders' Deficit [Member]	Noncontrolling Interests [Member]
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)	'	124,777	'	'	'	'
Vesting of restricted stock awards	917	'	917	'	917	'
Minimum tax withholding	-212	'	-212	'	-212	'
Minimum tax withholding (in shares)	'	-21,376	'	'	'	'
Restricted stock award forfeitures	'	'	'	'	'	'
Restricted stock award forfeitures (in shares)	'	-895	'	'	'	'
Acquisitions	6,769	'	'	'	'	6,769
Acquisitions (in shares)	'	'	'	'	'	'
Exchange of owners' equity for common units	'	'	-301	'	-301	301
Exchange of owners' equity for common units (in shares)	'	'	'	'	'	'
Net income	4,779	'	'	2,790	2,790	1,989
Dividends and distributions declared	-10,574	'	'	-6,163	-6,163	-4,411
Ending balance at Jun. 30, 2014	$107,200	$193	$1,650	($51,307)	($49,464)	$156,664
Ending balance, shares at Jun. 30, 2014	19,265,919	19,265,919	'	'	'	'

Condensed_Consolidated_and_Com1

Condensed Consolidated and Combined Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
OPERATING ACTIVITIES	'	'
Net income	$4,779	$10,335
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation of buildings and tenant improvements	6,796	6,175
Amortization of deferred leasing costs and in-place lease intangibles	1,230	1,004
Accrued straight-line rental revenue	-850	-541
Amortization of lease incentives and above or below-market rents	317	383
Accrued straight-line ground rent expense	159	176
Bad debt expense	11	117
Noncash stock compensation	522	769
Impairment charges	'	533
Noncash interest expense	293	337
Noncash loss on extinguishment of debt	'	508
Gain on acquisitions	'	-9,460
Change in the fair value of derivatives	169	-156
Income from real estate joint ventures	'	-210
Changes in operating assets and liabilities:	'	'
Property assets	-1,792	6,269
Property liabilities	-1,056	-1,636
Construction assets	-206	-6,716
Construction liabilities	-1,375	-1,037
Net cash provided by operating activities	8,997	6,850
INVESTING ACTIVITIES	'	'
Development of real estate investments	-47,709	-10,734
Tenant and building improvements	-3,680	-1,710
Acquisitions of real estate investments, net of cash acquired	-2,895	-2,106
(Increase) decrease in restricted cash	-777	274
Contributions to real estate joint ventures	'	-81
Return of capital from real estate joint ventures	'	511
Deferred leasing costs	-874	-244
Leasing incentives	-63	-243
Net cash used for investing activities	-55,998	-14,333
FINANCING ACTIVITIES	'	'
Proceeds from sale of common stock	'	203,245
Offering costs	-243	-5,662
Formation Transactions	'	-47,221
Debt issuances, credit facility and construction loan borrowings	56,687	42,700
Debt and credit facility payments, including principal amortization	-1,578	-167,710
Debt issuance costs	-35	-1,823
Predecessor distributions, net	'	-10,709
Dividends and distributions	-10,441	'
Net cash (used for) provided by financing activities	44,390	12,820
Net (decrease) increase in cash and cash equivalents	-2,611	5,337
Cash and cash equivalents, beginning of period	18,882	9,400
Cash and cash equivalents, end of period	16,271	14,737
Supplemental cash flow information:	'	'
Cash paid for interest	$5,795	$7,491

Business_and_Organization

Business and Organization	6 Months Ended
Business and Organization	Jun. 30, 2014
Accounting Policies [Abstract]	'
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 June 30, 2014, the Company owned 24 stabilized properties, one unstabilized property and had 10 new properties under development. The Company generally considers a property to be stabilized when it reaches 80% occupancy or three years after acquisition or completion.
	As of June 30, 2014, the Company’s stabilized 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
	Smith’s Landing		Multifamily	Blacksburg, Virginia
	The Cosmopolitan		Multifamily	Virginia Beach, Virginia
	Liberty Apartments, a 197-unit multifamily property in Newport News, Virginia, had not reached stabilization as of June 30, 2014.
	As of June 30, 2014, the Company had the following properties under development:


	Name		Segment	Location
	4525 Main Street		Office	Virginia Beach, Virginia
	Brooks Crossing		Office	Newport News, Virginia
	Oceaneering		Office	Chesapeake, Virginia
	Commonwealth of Virginia – Chesapeake		Office	Chesapeake, Virginia
	Commonwealth of Virginia – Virginia Beach		Office	Virginia Beach, Virginia
	Greentree Shopping Center		Retail	Chesapeake, Virginia
	Sandbridge Commons		Retail	Virginia Beach, Virginia
	Lightfoot Marketplace		Retail	Williamsburg, 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 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 and six months ended June 30, 2013 reflect those of the Predecessor together with the Company. The financial condition as of June 30, 2014 and December 31, 2013 and the results of operations for the three and six months ended June 30, 2014 reflect only 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	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
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.
	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board issued a new standard that provides a single, comprehensive model for recognizing revenue from contracts with customers. While the new standard does not supersede the guidance on accounting for leases, it could change the way the Company recognizes revenue from construction and development contracts with third party customers. The new standard will be effective for the Company beginning on January 1, 2017. Early adoption is not permitted. Management is currently evaluating the potential impact of the new revenue recognition standard on the Company’s consolidated financial statements.

Segments

Segments	6 Months Ended
Segments	Jun. 30, 2014
Segment Reporting [Abstract]	'
Segments	'
	3	Segments
	Net operating income (segment revenues minus segment expenses) is the measure used by Armada Hoffler’s chief operating decision-maker to assess segment performance. Net operating income is not a measure of operating income or cash flows from operating activities as measured by GAAP and is not indicative of cash available to fund cash needs. As a result, net operating income should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate net operating income in the same manner. Armada Hoffler considers net operating income to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of Armada Hoffler’s real estate and construction businesses.
	Net operating income of Armada Hoffler’s reportable segments for the three and six months ended June 30, 2014 and 2013 was as follows (in thousands):


			Three Months Ended								Six Months Ended
			June 30,								June 30,
			2014				2013				2014				2013
			(Unaudited)
	Office real estate
	Rental revenues		$	6,519			$	6,420			$	13,068			$	12,906
	Property expenses			1,971				1,940				4,102				3,886

	Segment net operating income			4,548				4,480				8,966				9,020

	Retail real estate
	Rental revenues			5,703				5,383				11,473				10,388
	Property expenses			1,690				1,629				3,515				3,309

	Segment net operating income			4,013				3,754				7,958				7,079

	Multifamily residential real estate
	Rental revenues			3,097				2,428				5,971				4,335
	Property expenses			1,587				1,078				2,950				1,893

	Segment net operating income			1,510				1,350				3,021				2,442

	General contracting and real estate services
	Segment revenues			20,495				23,291				39,729				41,247
	Segment expenses			19,354				22,503				37,339				39,961

	Segment net operating income			1,141				788				2,390				1,286

	Net operating income		$	11,212			$	10,372			$	22,335			$	19,827

	General contracting and real estate services revenues for the three and six months ended June 30, 2014 exclude revenue from intercompany construction contracts of $25.9 million and $44.6 million, respectively. General contracting and real estate services expenses for the three and six months ended June 30, 2014 exclude expenses for intercompany construction contracts of $25.5 million and $44.0 million, respectively. General contracting and real estate services expenses for the three and six months ended June 30, 2014 include noncash stock compensation of $0.1 million and $0.2 million, respectively.
	General contracting and real estate services revenues for the three and six months ended June 30, 2013 exclude revenue from intercompany construction contracts of $3.7 million and $5.7 million, respectively. General contracting and real estate services expenses for the three and six months ended June 30, 2013 exclude expenses for intercompany construction contracts of $3.6 million and $5.6 million, respectively.

	The following table reconciles net operating income to net income for the three and six months ended June 30, 2014 and 2013 (in thousands):


			Three Months Ended								Six Months Ended
			June 30,								June 30,
			2014				2013				2014				2013
			(Unaudited)
	Net operating income		$	11,212			$	10,372			$	22,335			$	19,827
	Depreciation and amortization			(4,057	)			(4,020	)			(8,026	)			(7,179	)
	General and administrative expenses			(1,981	)			(2,857	)			(4,027	)			(3,574	)
	Impairment charges			—				(533	)			—				(533	)
	Interest expense			(2,678	)			(3,289	)			(5,243	)			(7,204	)
	Loss on extinguishment of debt			—				(1,125	)			—				(1,125	)
	Gain on acquisitions			—				9,460				—				9,460
	Other (loss) income			(194	)			185				(82	)			452
	Income tax (provision) benefit			(29	)			211				(178	)			211

	Net income		$	2,273			$	8,404			$	4,779			$	10,335

	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 and six months ended June 30, 2014 include noncash stock compensation of $0.1 million and 0.3 million, respectively. General and administrative expenses for the three and six months ended June 30, 2013 each include noncash stock compensation of $0.8 million.
	During the three and six months ended June 30, 2013, the Company recognized a $0.5 million impairment of unamortized leasing assets related to two vacated retail tenants.
	During the three and six months ended June 30, 2013, the Company used proceeds from the IPO and the credit facility to repay $150.0 million of debt. The Company recognized a $1.1 million loss on extinguishment of debt representing $0.6 million of fees and $0.5 million of unamortized debt issuance costs.
	Substantially concurrent with the completion of the IPO on May 13, 2013 and in connection with the Formation Transactions, the Operating Partnership acquired 100% of the interests in Bermuda Crossroads and Smith’s Landing. The acquisitions of controlling interests in Bermuda Crossroads and Smith’s Landing were accounted for as purchases at fair value under the acquisition method of accounting. Prior to the acquisition date, the Predecessor accounted for its noncontrolling interests in Bermuda Crossroads and Smith’s Landing as equity method investments. The Company recognized a $9.5 million gain on acquisitions as a result of remeasuring the Predecessor’s prior equity interests in Bermuda Crossroads and Smith’s Landing on the acquisition date.
	Rental revenues of Armada Hoffler’s reportable segments for the three and six months ended June 30, 2014 and 2013 comprised the following (in thousands):


		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2014				2013				2014				2013
		(Unaudited)
Minimum rents
Office		$	6,220			$	6,105			$	12,372			$	12,205
Retail			4,819				4,609				9,593				8,974
Multifamily			2,643				2,063				5,093				3,690
Percentage rents(1)
Office			—				—				45				104
Retail			46				29				137				53
Multifamily			24				21				59				63
Other(2)
Office			299				315				651				597
Retail			838				745				1,743				1,361
Multifamily			430				344				819				582

Rental revenues		$	15,319			$	14,231			$	30,512			$	27,629


-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 and six months ended June 30, 2014 and 2013 comprised the following (in thousands):


		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2014				2013				2014				2013
		(Unaudited)
Rental expenses
Office		$	1,427			$	1,400			$	3,014			$	2,805
Retail			1,187				1,143				2,509				2,363
Multifamily			1,226				856				2,293				1,460

Total		$	3,840			$	3,399			$	7,816			$	6,628

Real estate taxes
Office		$	544			$	540			$	1,088			$	1,081
Retail			503				486				1,006				946
Multifamily			361				222				657				433

Total		$	1,408			$	1,248			$	2,751			$	2,460

Property expenses		$	5,248			$	4,647			$	10,567			$	9,088

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	6 Months Ended
Real Estate Investments	Jun. 30, 2014
Real Estate [Abstract]	'
Real Estate Investments	'
	4	Real Estate Investments
	The Company’s real estate investments comprised the following as of June 30, 2014 and December 31, 2013 (in thousands):


			June 30, 2014
			Income			Held		Construction		Total
			producing			for		in
			property			development		progress
			(Unaudited)
	Land		$	31,316		$	7,628	$	13,867	$	52,811
	Land improvements			13,234			—		—		13,234
	Buildings and improvements			391,900			—		—		391,900
	Development and construction costs			—			964		91,386		92,350

	Real estate investments		$	436,450		$	8,592	$	105,253	$	550,295


			December 31, 2013
			Income			Held		Construction		Total
			producing			for		in
			property			development		progress
	Land		$	27,736		$	—	$	13,577	$	41,313
	Land improvements			12,562			—		—		12,562
	Buildings and improvements			365,941			—		—		365,941
	Development and construction costs			—			—		43,160		43,160

	Real estate investments		$	406,239		$	—	$	56,737	$	462,976

	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.

	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 six months ended June 30, 2013. Rental revenues and net loss from Liberty Apartments for the period from the acquisition date to June 30, 2014 included in the consolidated statement of income was $0.3 million and $(1.2) million, respectively.
	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.
	Subsequent to June 30, 2014
	On August 1, 2014, the Company entered into an agreement to acquire Dimmock Square, a retail center located in Colonial Heights, Virginia, which would require the Company to utilize approximately $10 million of cash and issue approximately 990,000 common units of limited partnership interest in the Operating Partnership. The Company expects to complete the acquisition in 2014.
	As of the date of this report, the Company has reached a preliminary agreement to sell the Virginia Natural Gas office property for approximately $8.9 million of cash. The Company expects to complete the disposition in 2014.

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
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. 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. As of June 30, 2014, the Company had $3.4 million outstanding on the construction loan at an effective interest rate of 1.90%.
	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.
	During the six months ended June 30, 2014, the Operating Partnership borrowed $18.0 million under the credit facility. As of June 30, 2014, the outstanding balance on the credit facility was $88.0 million.
	During the six months ended June 30, 2014, the Company borrowed $32.9 million under its existing construction loans to fund the construction of 4525 Main Street, Encore Apartments, Whetstone Apartments and Sandbridge Commons.
	Subsequent to June 30, 2014
	On July 14, 2014, the Operating Partnership borrowed $5.0 million under the credit facility.

Derivative_Financial_Instrumen

Derivative Financial Instruments	6 Months Ended
Derivative Financial Instruments	Jun. 30, 2014
Derivative Instruments And Hedging Activities Disclosure [Abstract]	'
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 June 30, 2014 and December 31, 2013 (in thousands):



			June 30, 2014								December 31, 2013
			(Unaudited)
			Notional			Fair Value					Notional		Fair Value
			Amount			Fair Value					Amount		Fair Value
						Asset		Liability					Asset		Liability
	Pay fixed interest rate swaps		$	695		$	—	$	(15	)	$	705	$	—	$	(16	)
	Interest rate caps			180,554			328		—			130,672		102		—


	Total		$	181,249		$	328	$	(15	)	$	131,377	$	102	$	(16	)


	The changes in the fair value of Armada Hoffler’s derivatives during the three and six months ended June 30, 2014 and 2013 comprised the following (in thousands):



			Three Months Ended					Six Months Ended
			June 30,					June 30,
			2014			2013		2014			2013
			(Unaudited)
	Pay fixed interest rate swaps		$	(1	)	$	44	$	1		$	152
	Interest rate caps			(261	)		2		(170	)		4

	Other (loss) income		$	(262	)	$	46	$	(169	)	$	156

Equity

Equity	6 Months Ended
	Jun. 30, 2014
Equity [Abstract]	'
Equity	'
	7	Equity
	Stockholders’ Equity
	As of June 30, 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 June 30, 2014 and December 31, 2013, respectively. No shares of preferred stock were issued and outstanding as of June 30, 2014 or December 31, 2013.
	Noncontrolling Interests
	As of June 30, 2014 and December 31, 2013, the Company held a 58.3% 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 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.

	Subsequent to June 30, 2014
	On July 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 August 4, 2014, the Company’s Board of Directors declared a cash dividend/distribution of $0.16 per share/unit payable on October 9, 2014 to common stockholders and common unitholders of record on October 1, 2014.

StockBased_Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'
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. These restricted stock awards to employees 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 June 30, 2014, the Company granted 25,488 shares of restricted stock to directors with a weighted average grant date fair value of $9.62 per share. These restricted stock awards to directors vest either immediately upon grant or over a period of one year, subject to continued service to the Company.
	During the three and six months ended June 30, 2014, the Company recognized $0.3 million and $0.9 million of stock-based compensation using the accelerated attribution method. As of June 30, 2014, there were 144,044 nonvested restricted shares outstanding; the total unrecognized compensation related to nonvested restricted shares was $1.0 million, which the Company expects to recognize over the next 20 months.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2014

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 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 June 30, 2014 and December 31, 2013 were as follows (in thousands):

June 30, 2014

December 31, 2013

Carrying

Fair

Carrying

Fair

Value

(Unaudited)

Secured debt

349,840

354,929

277,745

273,310

Interest rate swap liabilities

Interest rate cap assets

328

102

Related_Party_Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
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 $1.6 million and $3.9 million for the three and six months ended June 30, 2014, respectively. Fees from such contracts were $0.1 million and $0.2 million for the three and six months ended June 30, 2014, respectively. Revenue from construction contracts with related party entities of Armada Hoffler was $14.2 million and $25.1 million for the three and six months ended June 30, 2013, respectively. Fees from such contracts were $0.5 million and $0.8 million for the three and six months ended June 30, 2013, respectively. Real estate services fees from affiliated entities of Armada Hoffler were not significant for either the three or six months ended June 30, 2014 or 2013. 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 or six months ended June 30, 2014 or 2013.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments And Contingencies Disclosure [Abstract]	'
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 $193.1 million and $35.8 million as of June 30, 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 June 30, 2014 and December 31, 2013, the Operating Partnership had total outstanding letters of credit of $11.0 million and $3.0 million, respectively.

Subsequent_Events

Subsequent Events	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	12	Subsequent Events
	As discussed in Note 4, the Company entered into an agreement to acquire Dimmock Square, a retail center located in Colonial Heights, Virginia on August 1, 2014. As of the date of this report, the Company has reached a preliminary agreement to sell the Virginia Natural Gas office property, which the Company expects to complete in 2014.
	As discussed in Note 5, the Operating Partnership borrowed $5.0 million under the credit facility on July 14, 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 July 10, 2014. The Company’s Board of Directors declared a cash dividend/distribution of $0.16 per share/unit on August 4, 2014 to common stockholders and common unitholders of record on October 1, 2014.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2014
Accounting Policies [Abstract]	'
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.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board issued a new standard that provides a single, comprehensive model for recognizing revenue from contracts with customers. While the new standard does not supersede the guidance on accounting for leases, it could change the way the Company recognizes revenue from construction and development contracts with third party customers. The new standard will be effective for the Company beginning on January 1, 2017. Early adoption is not permitted. Management is currently evaluating the potential impact of the new revenue recognition standard on the Company’s consolidated financial statements.

Segments_Tables

Segments (Tables)	6 Months Ended
Segments (Tables)	Jun. 30, 2014
Segment Reporting [Abstract]	'
Net Operating Income of Reportable Segments	'
	Net operating income of Armada Hoffler’s reportable segments for the three and six months ended June 30, 2014 and 2013 was as follows (in thousands):


			Three Months Ended						Six Months Ended
			June 30,						June 30,
			2014			2013			2014			2013
			(Unaudited)
	Office real estate
	Rental revenues		$	6,519		$	6,420		$	13,068		$	12,906
	Property expenses			1,971			1,940			4,102			3,886

	Segment net operating income			4,548			4,480			8,966			9,020

	Retail real estate
	Rental revenues			5,703			5,383			11,473			10,388
	Property expenses			1,690			1,629			3,515			3,309

	Segment net operating income			4,013			3,754			7,958			7,079

	Multifamily residential real estate
	Rental revenues			3,097			2,428			5,971			4,335
	Property expenses			1,587			1,078			2,950			1,893

	Segment net operating income			1,510			1,350			3,021			2,442

	General contracting and real estate services
	Segment revenues			20,495			23,291			39,729			41,247
	Segment expenses			19,354			22,503			37,339			39,961

	Segment net operating income			1,141			788			2,390			1,286

	Net operating income		$	11,212		$	10,372		$	22,335		$	19,827

Reconciliation of Net Operating Income to Net Income	'
	The following table reconciles net operating income to net income for the three and six months ended June 30, 2014 and 2013 (in thousands):


			Three Months Ended						Six Months Ended
			June 30,						June 30,
			2014			2013			2014			2013
			(Unaudited)
	Net operating income		$	11,212		$	10,372		$	22,335		$	19,827
	Depreciation and amortization			(4,057	)		(4,020	)		(8,026	)		(7,179	)
	General and administrative expenses			(1,981	)		(2,857	)		(4,027	)		(3,574	)
	Impairment charges			—			(533	)		—			(533	)
	Interest expense			(2,678	)		(3,289	)		(5,243	)		(7,204	)
	Loss on extinguishment of debt			—			(1,125	)		—			(1,125	)
	Gain on acquisitions			—			9,460			—			9,460
	Other (loss) income			(194	)		185			(82	)		452
	Income tax (provision) benefit			(29	)		211			(178	)		211

	Net income		$	2,273		$	8,404		$	4,779		$	10,335

Rental Revenues of Reportable Segments	'
	Rental revenues of Armada Hoffler’s reportable segments for the three and six months ended June 30, 2014 and 2013 comprised the following (in thousands):


			Three Months Ended						Six Months Ended
			June 30,						June 30,
			2014			2013			2014			2013
			(Unaudited)
	Minimum rents
	Office		$	6,220		$	6,105		$	12,372		$	12,205
	Retail			4,819			4,609			9,593			8,974
	Multifamily			2,643			2,063			5,093			3,690
	Percentage rents(1)
	Office			—			—			45			104
	Retail			46			29			137			53
	Multifamily			24			21			59			63
	Other(2)
	Office			299			315			651			597
	Retail			838			745			1,743			1,361
	Multifamily			430			344			819			582

	Rental revenues		$	15,319		$	14,231		$	30,512		$	27,629


	-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 and six months ended June 30, 2014 and 2013 comprised the following (in thousands):


			Three Months Ended						Six Months Ended
			June 30,						June 30,
			2014			2013			2014			2013
			(Unaudited)
	Rental expenses
	Office		$	1,427		$	1,400		$	3,014		$	2,805
	Retail			1,187			1,143			2,509			2,363
	Multifamily			1,226			856			2,293			1,460

	Total		$	3,840		$	3,399		$	7,816		$	6,628

	Real estate taxes
	Office		$	544		$	540		$	1,088		$	1,081
	Retail			503			486			1,006			946
	Multifamily			361			222			657			433

	Total		$	1,408		$	1,248		$	2,751		$	2,460

	Property expenses		$	5,248		$	4,647		$	10,567		$	9,088

Real_Estate_Investments_Tables

Real Estate Investments (Tables)	6 Months Ended
Real Estate Investments (Tables)	Jun. 30, 2014
Real Estate [Abstract]	'
Real Estate Investments	'
	The Company’s real estate investments comprised the following as of June 30, 2014 and December 31, 2013 (in thousands):


		June 30, 2014
		Income			Held		Construction		Total
		producing			for		in
		property			development		progress
		(Unaudited)
	Land	$	31,316		$	7,628	$	13,867	$	52,811
	Land improvements		13,234			—		—		13,234
	Buildings and improvements		391,900			—		—		391,900
	Development and construction costs		—			964		91,386		92,350

	Real estate investments	$	436,450		$	8,592	$	105,253	$	550,295


		December 31, 2013
		Income			Held		Construction		Total
		producing			for		in
		property			development		progress
	Land	$	27,736		$	—	$	13,577	$	41,313
	Land improvements		12,562			—		—		12,562
	Buildings and improvements		365,941			—		—		365,941
	Development and construction costs		—			—		43,160		43,160

	Real estate investments	$	406,239		$	—	$	56,737	$	462,976

Summary of 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)	6 Months Ended
Derivative Financial Instruments (Tables)	Jun. 30, 2014
Derivative Instruments And Hedging Activities Disclosure [Abstract]	'
Schedule of Derivatives	'

	The Company’s derivatives comprised the following as of June 30, 2014 and December 31, 2013 (in thousands):



		June 30, 2014								December 31, 2013
		(Unaudited)
		Notional			Fair Value					Notional		Fair Value
		Amount			Fair Value					Amount		Fair Value
					Asset		Liability					Asset		Liability
	Pay fixed interest rate swaps	$	695		$	—	$	(15	)	$	705	$	—	$	(16	)
	Interest rate caps		180,554			328		—			130,672		102		—


	Total	$	181,249		$	328	$	(15	)	$	131,377	$	102	$	(16	)


	The changes in the fair value of Armada Hoffler’s derivatives during the three and six months ended June 30, 2014 and 2013 comprised the following (in thousands):



		Three Months Ended					Six Months Ended
		June 30,					June 30,
		2014			2013		2014			2013
		(Unaudited)
	Pay fixed interest rate swaps	$	(1	)	$	44	$	1		$	152
	Interest rate caps		(261	)		2		(170	)		4

	Other (loss) income	$	(262	)	$	46	$	(169	)	$	156

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	6 Months Ended
Fair Value of Financial Instruments (Tables)	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs	'
	The carrying amounts and fair values of our financial instruments, all of which are based on Level 2 inputs, as of June 30, 2014 and December 31, 2013 were as follows (in thousands):


		June 30, 2014				December 31, 2013
		Carrying		Fair		Carrying		Fair
		Value		Value		Value		Value
		(Unaudited)
	Secured debt	$	349,840	$	354,929	$	277,745	$	273,310
	Interest rate swap liabilities		15		15		16		16
	Interest rate cap assets		328		328		102		102

Business_and_Organization_Addi

Business and Organization - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2014
	Parcels
Real Estate Properties [Line Items]	'
Real estate property description	'The Company generally considers a property to be stabilized when it reaches 80% occupancy or three years after acquisition or completion.
Options to acquire developable lands, number of parcels of developable land to be acquired	9
Interest acquired	100.00%
Liberty Apartments [Member]	'
Real Estate Properties [Line Items]	'
Number of units to be purchased under purchase agreement	197
Stabilized Properties [Member]	'
Real Estate Properties [Line Items]	'
Number of real estate properties	24
Unstabilized Properties [Member]	'
Real Estate Properties [Line Items]	'
Number of real estate properties	1
Properties Under Development [Member]	'
Real Estate Properties [Line Items]	'
Number of real estate properties	10

Segments_Net_Operating_Income_

Segments - Net Operating Income of Reportable Segments (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Segment Reporting Information [Line Items]	'	'	'	'
Rental revenues	$15,319	$14,231	$30,512	$27,629
Segment revenues	20,495	23,291	39,729	41,247
Property expenses	5,248	4,647	10,567	9,088
Segment expenses	19,354	22,503	37,339	39,961
Net operating income	11,212	10,372	22,335	19,827
Office Real Estate [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Rental revenues	6,519	6,420	13,068	12,906
Property expenses	1,971	1,940	4,102	3,886
Net operating income	4,548	4,480	8,966	9,020
Retail Real Estate [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Rental revenues	5,703	5,383	11,473	10,388
Property expenses	1,690	1,629	3,515	3,309
Net operating income	4,013	3,754	7,958	7,079
Multifamily Residential Real Estate [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Rental revenues	3,097	2,428	5,971	4,335
Property expenses	1,587	1,078	2,950	1,893
Net operating income	1,510	1,350	3,021	2,442
General Contracting and Real Estate Services [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Segment revenues	20,495	23,291	39,729	41,247
Segment expenses	19,354	22,503	37,339	39,961
Net operating income	$1,141	$788	$2,390	$1,286

Segments_Additional_Informatio

Segments - Additional Information (Detail) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jan. 17, 2014

13-May-13

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Tenants

General and Administrative Expense [Member]

Bermuda Crossroads and Smith's Landing [Member]

General Contracting and Real Estate Services [Member]

Intersegment Eliminations [Member]

Segment Reporting Information [Line Items]

General contracting and real estate services revenues

$20,495,000

$23,291,000

$39,729,000

$41,247,000

$20,495,000

$23,291,000

$39,729,000

$41,247,000

($25,900,000)

($3,700,000)

($44,600,000)

($5,700,000)

General contracting and real estate services expenses

19,354,000

22,503,000

37,339,000

39,961,000

19,354,000

22,503,000

37,339,000

39,961,000

-25,500,000

-3,600,000

-44,000,000

-5,600,000

Non-cash stock compensation

522,000

769,000

100,000

800,000

300,000

800,000

100,000

200,000

Impairment of unamortized leasing assets

533,000

Number of vacated retail tenants

Repayment of debt financed by proceeds from IPO and credit facility

150,000,000

Loss on extinguishment of debt

-1,125,000

Loss on extinguishment of debt, fees

600,000

Loss on extinguishment of debt, unamortized debt issuance costs

508,000

Percentage of Operating Partnership acquired

100.00%

Gain loss from remeasurement of equity method investment

$9,500,000

Segments_Reconciliation_of_Net

Segments - Reconciliation of Net Operating Income to Net Income (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Segment Reporting [Abstract]	'	'	'	'
Net operating income	$11,212	$10,372	$22,335	$19,827
Depreciation and amortization	-4,057	-4,020	-8,026	-7,179
General and administrative expenses	-1,981	-2,857	-4,027	-3,574
Impairment charges	'	-533	'	-533
Interest expense	-2,678	-3,289	-5,243	-7,204
Loss on extinguishment of debt	'	-1,125	'	-1,125
Gain on acquisitions	'	9,460	'	9,460
Other (loss) income	-194	185	-82	452
Income tax (provision) benefit	-29	211	-178	211
Net income	$2,273	$8,404	$4,779	$10,335

Segments_Rental_Revenues_of_Re

Segments - Rental Revenues of Reportable Segments (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Segment Reporting Information [Line Items]	'	'	'	'
Rental revenues	$15,319,000	$14,231,000	$30,512,000	$27,629,000
Office Real Estate [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Minimum rents	6,220,000	6,105,000	12,372,000	12,205,000
Percentage rents	'	'	45,000	104,000
Other	299,000	315,000	651,000	597,000
Rental revenues	6,519,000	6,420,000	13,068,000	12,906,000
Retail Real Estate [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Minimum rents	4,819,000	4,609,000	9,593,000	8,974,000
Percentage rents	46,000	29,000	137,000	53,000
Other	838,000	745,000	1,743,000	1,361,000
Rental revenues	5,703,000	5,383,000	11,473,000	10,388,000
Multifamily Residential Real Estate [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Minimum rents	2,643,000	2,063,000	5,093,000	3,690,000
Percentage rents	24,000	21,000	59,000	63,000
Other	430,000	344,000	819,000	582,000
Rental revenues	$3,097,000	$2,428,000	$5,971,000	$4,335,000

Segments_Property_Expenses_of_

Segments - Property Expenses of Reportable Segments (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Segment Reporting Information [Line Items]	'	'	'	'
Rental expenses	$3,840	$3,399	$7,816	$6,628
Real estate taxes	1,408	1,248	2,751	2,460
Property expenses	5,248	4,647	10,567	9,088
Office Real Estate [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Rental expenses	1,427	1,400	3,014	2,805
Real estate taxes	544	540	1,088	1,081
Property expenses	1,971	1,940	4,102	3,886
Retail Real Estate [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Rental expenses	1,187	1,143	2,509	2,363
Real estate taxes	503	486	1,006	946
Property expenses	1,690	1,629	3,515	3,309
Multifamily Residential Real Estate [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Rental expenses	1,226	856	2,293	1,460
Real estate taxes	361	222	657	433
Property expenses	$1,587	$1,078	$2,950	$1,893

Real_Estate_Investments_Real_E

Real Estate Investments - Real Estate Investments (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]	'	'
Land	$52,811	$41,313
Land improvements	13,234	12,562
Buildings and improvements	391,900	365,941
Development and construction costs	92,350	43,160
Gross real estate investments	550,295	462,976
Income Producing Property [Member]	'	'
Real Estate Properties [Line Items]	'	'
Land	31,316	27,736
Land improvements	13,234	12,562
Buildings and improvements	391,900	365,941
Gross real estate investments	436,450	406,239
Held for Development [Member]	'	'
Real Estate Properties [Line Items]	'	'
Land	7,628	'
Development and construction costs	964	'
Gross real estate investments	8,592	'
Construction in Progress [Member]	'	'
Real Estate Properties [Line Items]	'	'
Land	13,867	13,577
Development and construction costs	91,386	43,160
Gross real estate investments	$105,253	$56,737

Real_Estate_Investments_Additi

Real Estate Investments - Additional Information (Detail) (USD $)

3 Months Ended

6 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Aug. 01, 2014

Dec. 31, 2014

Apr. 16, 2014

1-May-14

Jan. 17, 2014

Jun. 30, 2014

Jan. 17, 2014

Subsequent Event [Member]

Scenario, Forecast [Member]

Williamsburg Va [Member]

Chesapeake VA [Member]

Liberty Apartments [Member]

Real Estate Properties [Line Items]

Acquisition, total consideration

$26,700,000

Acquisition, common units issued

990,000

695,652

Acquisition, assumption of debt

17,000,000

Acquisition, cash consideration

10,000,000

3,000,000

Fair value adjustment to the assumed debt

1,500,000

Outstanding principal balance of the assumed debt

16,966,000

18,500,000

Rental revenues

15,319,000

14,231,000

30,512,000

27,629,000

300,000

Net income (loss)

1,325,000

4,886,000

2,790,000

4,886,000

-1,200,000

Land purchased

52,811,000

41,313,000

7,600,000

300,000

Acquisition agreement date

1-Aug-14

Sale of Virginia Natural Gas office property

$8,900,000

Real_Estate_Investments_Summar

Real Estate Investments - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) (Liberty Apartments [Member], USD $)	Jun. 30, 2014	Jan. 17, 2014
In Thousands, unless otherwise specified	Jun. 30, 2014	Jan. 17, 2014
Liberty Apartments [Member]	'	'
Real Estate Properties [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 $)

Jun. 30, 2014

Dec. 31, 2013

Jan. 17, 2014

Jun. 30, 2014

Jun. 13, 2014

Jan. 17, 2014

Jun. 30, 2014

Feb. 28, 2014

Apr. 22, 2014

Jun. 30, 2014

Jul. 14, 2014

Liberty Apartments [Member]

Construction Loans [Member]

Operating Partnership [Member]

Oceaneering international Facility [Member]

Subsequent Event [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

16,966,000

18,500,000

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

349,840,000

277,745,000

3,400,000

Effective interest rate percentage

1.90%

Financial covenant, maximum leverage ratio as of the last day of each fiscal quarter

65.00%

Revolving credit facility, borrowed amount

32,900,000

18,000,000

5,000,000

Revolving credit facility, outstanding amount

$88,000,000

Derivative_Financial_Instrumen2

Derivative Financial Instruments - Additional Information (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Mar. 14, 2014	Mar. 14, 2014
	Jun. 30, 2014	Dec. 31, 2013	Interest Rate Caps [Member]	Interest Rate Caps [Member]
Derivative [Line Items]	'	'	'	'
Interest rate cap agreement, notional amount	$181,249,000	$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		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Derivative [Line Items]	'	'	'	'	'
Notional Amount	$181,249	'	$181,249	'	$131,377
Fair Value Asset	328	'	328	'	102
Fair Value Liability	-15	'	-15	'	-16
Other (loss) income	-262	46	-169	156	'
Pay Fixed Interest Rate Swaps [Member]	'	'	'	'	'
Derivative [Line Items]	'	'	'	'	'
Notional Amount	695	'	695	'	705
Fair Value Liability	-15	'	-15	'	-16
Other (loss) income	-1	44	1	152	'
Interest Rate Caps [Member]	'	'	'	'	'
Derivative [Line Items]	'	'	'	'	'
Notional Amount	180,554	'	180,554	'	130,672
Fair Value Asset	328	'	328	'	102
Other (loss) income	($261)	$2	($170)	$4	'

Equity_Additional_Information_

Equity - Additional Information (Detail) (USD $)

0 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

In Thousands, except Share data, unless otherwise specified

Mar. 31, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Aug. 01, 2014

Apr. 10, 2014

Jan. 09, 2014

Jul. 10, 2014

Apr. 10, 2014

Jan. 09, 2014

Jul. 10, 2014

9-May-14

Jun. 30, 2014

Aug. 04, 2014

Jan. 17, 2014

Subsequent Event [Member]

Dividend Paid [Member]

Dividend Declared [Member]

Liberty Apartments [Member]

Common Stockholders [Member]

Common Unitholders [Member]

Subsequent Event [Member]

Class of Stock [Line Items]

Authorized capital shares of common stock

500,000,000

Authorized capital shares of preferred stock

100,000,000

Shares of common stock issued

19,265,919

19,163,413

Shares of common stock outstanding

19,265,919

19,163,413

Preferred stock issued

Preferred stock outstanding

Percentage of Operating Partnership held

58.30%

59.50%

Acquisition, common units issued

990,000

695,652

Common units in exchange for all noncontrolling interests

30,000

Aggregate cash dividends and distributions, paid

$10,441

$3,100

$2,200

$2,100

$2,200

Cash dividend/distribution, date declared

9-May-14

4-Aug-14

Cash dividend/distribution per share, declared

$0.16

$0.08

$0.32

$0.08

$0.16

Cash dividend/distribution, date payable

10-Jul-14

9-Oct-14

Cash dividend/distribution, date of record

1-Jul-14

1-Oct-14

StockBased_Compensation_Additi

Stock-Based Compensation - Additional Information (Detail) (USD $)	0 Months Ended	6 Months Ended		0 Months Ended	3 Months Ended	6 Months Ended	3 Months Ended
	Mar. 03, 2014	Jun. 30, 2014	Jun. 30, 2013	Mar. 03, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
				Restricted Stock [Member]	Restricted Stock [Member]	Restricted Stock [Member]	Restricted Stock [Member]
							Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'
Restricted stock granted	'	'	'	99,289	'	'	25,488
Restricted stock granted, grant date fair value	'	'	'	$9.94	'	'	$9.62
Restricted stock award, vesting period	'2 years	'	'	'	'	'	'1 year
Restricted stock award, percentage vested on grant date	33.33%	'	'	'	'	'	'
Stock-based compensation expense	'	$522,000	$769,000	'	$300,000	$900,000	'
Nonvested restricted shares outstanding	'	'	'	'	144,044	144,044	'
Unrecognized compensation cost	'	'	'	'	$1,000,000	$1,000,000	'
Unrecognized compensation cost, recognition period	'	'	'	'	'	'20 months	'

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 $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Secured debt	$349,840	$277,745
Carrying Value [Member] \| Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Secured debt	349,840	277,745
Interest rate swap liabilities	15	16
Interest rate cap assets	328	102
Fair Value [Member] \| Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Secured debt	354,929	273,310
Interest rate swap liabilities	15	16
Interest rate cap assets	$328	$102

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Related Party Transactions [Abstract]	'	'	'	'
Revenue from contracts with affiliated entities	$1.60	$14.20	$3.90	$25.10
Fees from contracts with affiliated entities	$0.10	$0.50	$0.20	$0.80

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Millions, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Loss Contingencies [Line Items]	'	'
Line of credit, performance and payment bonds	$193.10	$35.80
Operating Partnership [Member]	'	'
Loss Contingencies [Line Items]	'	'
Outstanding letters of credit	$11	$3

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended		0 Months Ended	6 Months Ended	0 Months Ended			6 Months Ended	0 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	9-May-14	Jun. 30, 2014	Jul. 10, 2014	Jul. 10, 2014	Aug. 04, 2014	Jun. 30, 2014	Jul. 14, 2014
					Dividend Declared [Member]	Dividend Declared [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Operating Partnership [Member]	Operating Partnership [Member]
							Dividend Paid [Member]	Dividend Paid [Member]	Dividend Declared [Member]		Subsequent Event [Member]
							Common Stock [Member]	Capital Units [Member]
Subsequent Event [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Revolving credit facility, borrowed amount	'	'	'	'	'	'	'	'	'	$18,000,000	$5,000,000
Dividends paid	'	'	$10,441,000	'	'	'	$3,100,000	$2,200,000	'	'	'
Cash dividend/distribution per share, declared	$0.16	$0.08	$0.32	$0.08	$0.16	'	'	'	$0.16	'	'
Cash dividend/distribution, date declared	'	'	'	'	'	9-May-14	'	'	4-Aug-14	'	'
Cash dividend/distribution, date of record	'	'	'	'	'	1-Jul-14	'	'	1-Oct-14	'	'