Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 07, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'AHH | ' |
Entity Registrant Name | 'ARMADA HOFFLER PROPERTIES, INC. | ' |
Entity Central Index Key | '0001569187 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 25,019,470 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate investments: | ' | ' |
Income producing property | $499,661 | $406,239 |
Held for development | ' | ' |
Construction in progress | 93,946 | 56,737 |
Gross real estate investments | 593,607 | 462,976 |
Accumulated depreciation | -115,839 | -105,228 |
Net real estate investments | 477,768 | 357,748 |
Cash and cash equivalents | 17,101 | 18,882 |
Restricted cash | 4,425 | 2,160 |
Accounts receivable, net | 20,307 | 18,272 |
Construction receivables, including retentions | 15,285 | 12,633 |
Construction contract costs and estimated earnings in excess of billings | 40 | 1,178 |
Other assets | 32,409 | 24,409 |
Total Assets | 567,335 | 435,282 |
LIABILITIES AND EQUITY | ' | ' |
Indebtedness | 335,792 | 277,745 |
Accounts payable and accrued liabilities | 7,569 | 6,463 |
Construction payables, including retentions | 39,820 | 28,139 |
Billings in excess of construction contract costs and estimated earnings | 3,420 | 1,541 |
Other liabilities | 17,979 | 15,873 |
Total Liabilities | 404,580 | 329,761 |
Stockholders' equity: | ' | ' |
Common stock, $0.01 par value, 500,000,000 shares authorized, 25,018,733 and 19,163,413 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively | 250 | 192 |
Additional paid-in capital | 51,179 | 1,247 |
Distributions in excess of earnings | -53,695 | -47,934 |
Total stockholders' deficit | -2,266 | -46,495 |
Noncontrolling interests | 165,021 | 152,016 |
Total Equity | 162,755 | 105,521 |
Total Liabilities and Equity | $567,335 | $435,282 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 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 | 25,018,733 | 19,163,413 |
Common stock, shares outstanding | 25,018,733 | 19,163,413 |
Condensed_Consolidated_and_Com
Condensed Consolidated and Combined Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues | ' | ' | ' | ' |
Rental revenues | $16,713 | $14,899 | $47,225 | $42,528 |
General contracting and real estate services revenues | 31,532 | 21,896 | 71,261 | 63,143 |
Total revenues | 48,245 | 36,795 | 118,486 | 105,671 |
Expenses | ' | ' | ' | ' |
Rental expenses | 4,414 | 3,840 | 12,230 | 10,468 |
Real estate taxes | 1,480 | 1,317 | 4,231 | 3,777 |
General contracting and real estate services expenses | 30,468 | 20,907 | 67,807 | 60,868 |
Depreciation and amortization | 4,567 | 3,933 | 12,593 | 11,112 |
General and administrative expenses | 1,741 | 1,638 | 5,768 | 5,212 |
Acquisition, development and other pursuit costs | 174 | ' | 174 | ' |
Impairment charges | 15 | ' | 15 | 533 |
Total expenses | 42,859 | 31,635 | 102,818 | 91,970 |
Operating income | 5,386 | 5,160 | 15,668 | 13,701 |
Interest expense | -2,734 | -2,598 | -7,977 | -9,802 |
Loss on extinguishment of debt | ' | -1,127 | ' | -2,252 |
Gain on acquisitions | ' | ' | ' | 9,460 |
Other income (loss) | 59 | -109 | -23 | 343 |
Income before taxes | 2,711 | 1,326 | 7,668 | 11,450 |
Income tax benefit (provision) | 43 | -74 | -135 | 137 |
Net income | 2,754 | 1,252 | 7,533 | 11,587 |
Net income attributable to noncontrolling interests | -1,139 | -507 | -3,128 | -3,936 |
Net income attributable to stockholders | 1,615 | 745 | 4,405 | 5,631 |
Net income per share: | ' | ' | ' | ' |
Basic and diluted | $0.08 | $0.04 | $0.23 | $0.30 |
Weighted-average outstanding: | ' | ' | ' | ' |
Common shares | 20,266 | 19,164 | 19,574 | 18,969 |
Common units | 14,291 | 13,059 | 13,905 | 13,059 |
Basic and diluted | 34,557 | 32,223 | 33,479 | 32,028 |
Dividends declared per common share and unit | $0.16 | $0.16 | $0.48 | $0.24 |
Predecessor [Member] | ' | ' | ' | ' |
Expenses | ' | ' | ' | ' |
Net income | ' | ' | ' | ($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 | ||||||
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 | ' | ' | ' | ' |
Net proceeds from sale of common stock | 49,299 | 57 | 49,242 | ' | 49,299 | ' |
Net proceeds from sale of common stock (in shares) | ' | 5,750,000 | ' | ' | ' | ' |
Restricted stock award grants | ' | 1 | -1 | ' | ' | ' |
Restricted stock award grants (in shares) | ' | 128,050 | ' | ' | ' | ' |
Vesting of restricted stock awards | 1,204 | ' | 1,204 | ' | 1,204 | ' |
Minimum tax withholding | -212 | ' | -212 | ' | -212 | ' |
Minimum tax withholding (in shares) | ' | -21,376 | ' | ' | ' | ' |
Restricted stock award forfeitures | ' | ' | ' | ' | ' | ' |
Restricted stock award forfeitures (in shares) | ' | -1,354 | ' | ' | ' | ' |
Acquisitions of real estate investments in exchange for common units | 16,351 | ' | ' | ' | ' | 16,351 |
Acquisitions of real estate investments in exchange for common units (in shares) | ' | ' | ' | ' | ' | ' |
Exchange of owners' equity for common units | ' | ' | -301 | ' | -301 | 301 |
Exchange of owners' equity for common units (in shares) | ' | ' | ' | ' | ' | ' |
Net income | 7,533 | ' | ' | 4,405 | 4,405 | 3,128 |
Dividends and distributions declared | -16,941 | ' | ' | -10,166 | -10,166 | -6,775 |
Ending balance at Sep. 30, 2014 | $162,755 | $250 | $51,179 | ($53,695) | ($2,266) | $165,021 |
Ending balance, shares at Sep. 30, 2014 | 25,018,733 | 25,018,733 | ' | ' | ' | ' |
Condensed_Consolidated_and_Com1
Condensed Consolidated and Combined Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
OPERATING ACTIVITIES | ' | ' |
Net income | $7,533 | $11,587 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation of buildings and tenant improvements | 10,611 | 9,482 |
Amortization of deferred leasing costs and in-place lease intangibles | 1,982 | 1,630 |
Accrued straight-line rental revenue | -1,730 | -763 |
Amortization of lease incentives and above or below-market rents | 461 | 537 |
Accrued straight-line ground rent expense | 236 | 273 |
Bad debt expense | 48 | 155 |
Noncash stock compensation | 720 | 1,012 |
Impairment charges | 15 | 533 |
Noncash interest expense | 410 | 482 |
Noncash loss on extinguishment of debt | ' | 542 |
Gain on acquisitions | ' | -9,460 |
Change in the fair value of derivatives | 123 | -41 |
Income from real estate joint ventures | ' | -210 |
Changes in operating assets and liabilities: | ' | ' |
Property assets | -1,932 | 6,438 |
Property liabilities | 234 | -563 |
Construction assets | -4,298 | -2,375 |
Construction liabilities | 6,879 | -1,071 |
Net cash provided by operating activities | 21,292 | 18,188 |
INVESTING ACTIVITIES | ' | ' |
Development of real estate investments | -77,094 | -24,928 |
Tenant and building improvements | -4,622 | -2,452 |
Acquisitions of real estate investments, net of cash acquired | -2,754 | -2,106 |
Government development grants | 300 | 300 |
(Increase) decrease in restricted cash | -1,713 | 455 |
Contributions to real estate joint ventures | ' | -81 |
Return of capital from real estate joint ventures | ' | 511 |
Leasing costs | -1,524 | -671 |
Leasing incentives | -63 | -243 |
Net cash used for investing activities | -87,470 | -29,215 |
FINANCING ACTIVITIES | ' | ' |
Proceeds from sale of common stock | 49,566 | 203,245 |
Offering costs | -320 | -7,604 |
Formation Transactions | ' | -47,221 |
Debt issuances, credit facility and construction loan borrowings | 92,409 | 62,700 |
Debt and credit facility repayments, including principal amortization | -61,494 | -184,606 |
Debt issuance costs | -35 | -1,825 |
Predecessor distributions, net | ' | -10,709 |
Dividends and distributions | -15,729 | -2,578 |
Net cash (used for) provided by financing activities | 64,397 | 11,402 |
Net (decrease) increase in cash and cash equivalents | -1,781 | 375 |
Cash and cash equivalents, beginning of period | 18,882 | 9,400 |
Cash and cash equivalents, end of period | 17,101 | 9,775 |
Supplemental cash flow information: | ' | ' |
Cash paid for interest | 8,967 | 10,170 |
Debt assumed in acquisitions of real estate investments | $27,100 | $36,048 |
Business_and_Organization
Business and Organization | 9 Months Ended | ||||
Sep. 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 September 30, 2014, the Company owned 25 stabilized properties, four unstabilized properties and had six 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 September 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 | |||
Dimmock Square | Retail | Colonial Heights, 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 | |||
As of September 30, 2014, the following properties had not reached stabilization: | |||||
Name | Segment | Location | |||
4525 Main Street | Office | Virginia Beach, Virginia | |||
Encore Apartments | Multifamily | Virginia Beach, Virginia | |||
Liberty Apartments | Multifamily | Newport News, Virginia | |||
Whetstone Apartments | Multifamily | Durham, North Carolina | |||
As of September 30, 2014, the Company had the following properties under development: | |||||
Name | Segment | Location | |||
Commonwealth of Virginia – Chesapeake | Office | Chesapeake, Virginia | |||
Commonwealth of Virginia – Virginia Beach | Office | Virginia Beach, Virginia | |||
Oceaneering | Office | Chesapeake, Virginia | |||
Greentree Shopping Center | Retail | Chesapeake, Virginia | |||
Sandbridge Commons | Retail | Virginia Beach, Virginia | |||
Lightfoot Marketplace | Retail | Williamsburg, Virginia | |||
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. | |||||
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. Because of the timing of the IPO and the Formation Transactions, the results of operations for the nine months ended September 30, 2013 reflect those of the Predecessor together with the Company, while the results of operations for the three months ended September 30, 2013 and the three and nine months ended September 30, 2014 as well as the financial condition as of September 30, 2014 and December 31, 2013 reflect only those of the Company. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |
Sep. 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 April 2014, the Financial Accounting Standards Board (“FASB”) revised the reporting and disclosure guidance for discontinued operations. Under the revised guidance, only disposals representing a strategic shift that has or will have a major effect on the Company’s operations and financial results will be reported as discontinued operations. The revised guidance also expands the disclosure requirements for discontinued operations and other disposals of significant business components. The revised guidance is not effective for the Company until January 1, 2015; however early adoption is permitted. The Company early adopted the revised guidance effective January 1, 2014. | ||
In May 2014, the FASB issued a new standard that provides a single, comprehensive model for recognizing revenue from contracts with customers. While the new standard does not supersede the guidance on accounting for leases, it could change the way the Company recognizes revenue from construction and development contracts with third party customers. The new standard will be effective for the Company 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 | 9 Months Ended | ||||||||||||||||
Sep. 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 nine months ended September 30, 2014 and 2013 was as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Unaudited) | |||||||||||||||||
Office real estate | |||||||||||||||||
Rental revenues | $ | 7,295 | $ | 6,364 | $ | 20,363 | $ | 19,270 | |||||||||
Property expenses | 2,351 | 2,081 | 6,453 | 5,967 | |||||||||||||
Segment net operating income | 4,944 | 4,283 | 13,910 | 13,303 | |||||||||||||
Retail real estate | |||||||||||||||||
Rental revenues | 6,086 | 5,683 | 17,559 | 16,071 | |||||||||||||
Property expenses | 1,795 | 1,745 | 5,310 | 5,054 | |||||||||||||
Segment net operating income | 4,291 | 3,938 | 12,249 | 11,017 | |||||||||||||
Multifamily residential real estate | |||||||||||||||||
Rental revenues | 3,332 | 2,852 | 9,303 | 7,187 | |||||||||||||
Property expenses | 1,748 | 1,331 | 4,698 | 3,224 | |||||||||||||
Segment net operating income | 1,584 | 1,521 | 4,605 | 3,963 | |||||||||||||
General contracting and real estate services | |||||||||||||||||
Segment revenues | 31,532 | 21,896 | 71,261 | 63,143 | |||||||||||||
Segment expenses | 30,468 | 20,907 | 67,807 | 60,868 | |||||||||||||
Segment net operating income | 1,064 | 989 | 3,454 | 2,275 | |||||||||||||
Net operating income | $ | 11,883 | $ | 10,731 | $ | 34,218 | $ | 30,558 | |||||||||
General contracting and real estate services revenues for the three and nine months ended September 30, 2014 exclude revenue from intercompany construction contracts of $24.2 million and $68.8 million, respectively. General contracting and real estate services expenses for the three and nine months ended September 30, 2014 exclude expenses for intercompany construction contracts of $24.1 million and $68.2 million, respectively. General contracting and real estate services expenses for the three and nine months ended September 30, 2014 include noncash stock compensation of less than $0.1 million and $0.2 million, respectively. | |||||||||||||||||
General contracting and real estate services revenues for the three and nine months ended September 30, 2013 exclude revenue from intercompany construction contracts of $13.3 million and $18.9 million, respectively. General contracting and real estate services expenses for the three and nine months ended September 30, 2013 exclude expenses for intercompany construction contracts of $13.1 million and $18.7 million, respectively. | |||||||||||||||||
The following table reconciles net operating income to net income for the three and nine months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Unaudited) | |||||||||||||||||
Net operating income | $ | 11,883 | $ | 10,731 | $ | 34,218 | $ | 30,558 | |||||||||
Depreciation and amortization | (4,567 | ) | (3,933 | ) | (12,593 | ) | (11,112 | ) | |||||||||
General and administrative expenses | (1,741 | ) | (1,638 | ) | (5,768 | ) | (5,212 | ) | |||||||||
Acquisition, development and other pursuit costs | (174 | ) | — | (174 | ) | — | |||||||||||
Impairment charges | (15 | ) | — | (15 | ) | (533 | ) | ||||||||||
Interest expense | (2,734 | ) | (2,598 | ) | (7,977 | ) | (9,802 | ) | |||||||||
Loss on extinguishment of debt | — | (1,127 | ) | — | (2,252 | ) | |||||||||||
Gain on acquisitions | — | — | — | 9,460 | |||||||||||||
Other income (loss) | 59 | (109 | ) | (23 | ) | 343 | |||||||||||
Income tax benefit (provision) | 43 | (74 | ) | (135 | ) | 137 | |||||||||||
Net income | $ | 2,754 | $ | 1,252 | $ | 7,533 | $ | 11,587 | |||||||||
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 nine months ended September 30, 2014 include noncash stock compensation of $0.2 million and $0.5 million, respectively. General and administrative expenses for the three and nine months ended September 30, 2013 include noncash stock compensation of $0.2 million and $1.0 million, respectively. | |||||||||||||||||
During the three and nine months ended September 30, 2014, the Company recognized $0.2 million of acquisition, development and other pursuit costs related primarily to the acquisition of Dimmock Square. | |||||||||||||||||
During the nine months ended September 30, 2013, the Company recognized a $0.5 million impairment of unamortized leasing assets related to two vacated retail tenants. | |||||||||||||||||
During the three months ended September 30, 2013, the Company defeased $13.9 million of debt and, as a result, recognized a $1.1 million loss on extinguishment of debt. During the nine months ended September 30, 2013, the Company used proceeds from the IPO and borrowings under 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 nine months ended September 30, 2014 and 2013 comprised the following (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Unaudited) | |||||||||||||||||
Minimum rents | |||||||||||||||||
Office | $ | 6,954 | $ | 6,059 | $ | 19,326 | $ | 18,264 | |||||||||
Retail | 5,167 | 4,759 | 14,760 | 13,733 | |||||||||||||
Multifamily | 2,813 | 2,370 | 7,906 | 6,060 | |||||||||||||
Percentage rents (1) | |||||||||||||||||
Office | — | — | 45 | 104 | |||||||||||||
Retail | 36 | 35 | 173 | 88 | |||||||||||||
Multifamily | 19 | 21 | 78 | 84 | |||||||||||||
Other (2) | |||||||||||||||||
Office | 341 | 304 | 992 | 901 | |||||||||||||
Retail | 883 | 890 | 2,626 | 2,251 | |||||||||||||
Multifamily | 500 | 461 | 1,319 | 1,043 | |||||||||||||
Rental revenues | $ | 16,713 | $ | 14,899 | $ | 47,225 | $ | 42,528 | |||||||||
-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 nine months ended September 30, 2014 and 2013 comprised the following (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Unaudited) | |||||||||||||||||
Rental expenses | |||||||||||||||||
Office | $ | 1,742 | $ | 1,536 | $ | 4,756 | $ | 4,341 | |||||||||
Retail | 1,255 | 1,230 | 3,764 | 3,593 | |||||||||||||
Multifamily | 1,417 | 1,074 | 3,710 | 2,534 | |||||||||||||
Total | $ | 4,414 | $ | 3,840 | $ | 12,230 | $ | 10,468 | |||||||||
Real estate taxes | |||||||||||||||||
Office | $ | 609 | $ | 545 | $ | 1,697 | $ | 1,626 | |||||||||
Retail | 540 | 515 | 1,546 | 1,461 | |||||||||||||
Multifamily | 331 | 257 | 988 | 690 | |||||||||||||
Total | $ | 1,480 | $ | 1,317 | $ | 4,231 | $ | 3,777 | |||||||||
Property expenses | $ | 5,894 | $ | 5,157 | $ | 16,461 | $ | 14,245 | |||||||||
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 | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||
Real Estate Investments | ' | ||||||||||||||||
4 | Real Estate Investments | ||||||||||||||||
The Company’s real estate investments comprised the following as of September 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Income | Held | Construction | Total | ||||||||||||||
producing | for | in | |||||||||||||||
property | development | progress | |||||||||||||||
(Unaudited) | |||||||||||||||||
Land | $ | 38,691 | $ | — | $ | 19,428 | $ | 58,119 | |||||||||
Land improvements | 13,891 | — | — | 13,891 | |||||||||||||
Buildings and improvements | 447,079 | — | — | 447,079 | |||||||||||||
Development and construction costs | — | — | 74,518 | 74,518 | |||||||||||||
Real estate investments | $ | 499,661 | $ | — | $ | 93,946 | $ | 593,607 | |||||||||
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 | |||||||||
Acquisition of Liberty Apartments | |||||||||||||||||
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 limited partner interest in 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 nine months ended September 30, 2013. Rental revenues and net loss from Liberty Apartments for the period from the acquisition date to September 30, 2014 included in the consolidated statement of income was $0.6 million and $(1.7) million, respectively. | |||||||||||||||||
Acquisition of Dimmock Square | |||||||||||||||||
On August 15, 2014, the Company completed the acquisition of Dimmock Square, a 106,166 square foot retail center located in Colonial Heights, Virginia. The fair value of the total consideration transferred at the acquisition date to acquire Dimmock Square was $19.7 million, consisting of 990,952 common units of limited partner interest in the Operating Partnership and $10.1 million of cash that was used to immediately defease the loan secured by Dimmock Square upon its contribution to the Operating Partnership. | |||||||||||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): | |||||||||||||||||
Dimmock Square | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Land | $ | 5,100 | |||||||||||||||
Site improvements | 600 | ||||||||||||||||
Building and improvements | 12,526 | ||||||||||||||||
In-place leases | 1,880 | ||||||||||||||||
Above and below-market leases | (390 | ) | |||||||||||||||
Net assets acquired | $ | 19,716 | |||||||||||||||
The following table summarizes the consolidated and combined results of operations of Armada Hoffler on a pro forma basis, as if Dimmock Square had been acquired on January 1, 2013 (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Unaudited) | |||||||||||||||||
Rental revenues | $ | 16,952 | $ | 15,409 | $ | 48,479 | $ | 44,059 | |||||||||
Net income | 3,316 | 1,329 | 8,135 | 11,527 | |||||||||||||
The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2013. The pro forma financial information includes adjustments to rental revenues for above and below-market leases and adjustments to depreciation and amortization expense for acquired property and in-place lease assets. | |||||||||||||||||
Rental revenues and net loss from Dimmock Square for the period from the acquisition date to September 30, 2014 included in the consolidated statement of income was $0.3 million and $(0.1) million, respectively. | |||||||||||||||||
Other Real Estate Transactions | |||||||||||||||||
On April 16, 2014, the Company purchased land in Williamsburg, Virginia for $7.6 million for the development and construction of Lightfoot Marketplace. | |||||||||||||||||
On May 1, 2014, the Company purchased land in Chesapeake, Virginia for $0.3 million for the development and construction of a new administrative building for the Commonwealth of Virginia. | |||||||||||||||||
On July 30, 2014, the Company entered into a non-binding letter of intent to sell the Virginia Natural Gas office property for approximately $8.9 million. The Company expects to enter into a purchase and sale agreement and complete the disposition in 2014. However, no assurances can be given that the Company will enter into a binding agreement related to this disposition or that the Company will complete the disposition on the terms described herein or at all. Net assets of $5.2 million associated with the Virginia Natural Gas office property were included in the consolidated balance sheet as of September 30, 2014. | |||||||||||||||||
On September 29, 2014, the Company purchased land in Virginia Beach, Virginia for $0.2 million for the development and construction of a new administrative building for the Commonwealth of Virginia. | |||||||||||||||||
Subsequent to September 30, 2014 | |||||||||||||||||
On October 2, 2014, the Company entered into a non-binding letter of intent to sell the Sentara Williamsburg office property for approximately $15.4 million. The Company expects to enter into a purchase and sale agreement and complete the disposition in 2014. However, no assurances can be given that the Company will enter into a binding agreement related to this disposition or that the Company will complete the disposition on the terms described herein or at all. Net assets of $9.1 million associated with the Sentara Williamsburg office property were included in the consolidated balance sheet as of September 30, 2014. |
Indebtedness
Indebtedness | 9 Months Ended | |
Sep. 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 September 30, 2014, the Company had $7.7 million outstanding on the construction loan at an effective interest rate of 1.91%. | ||
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. | ||
On August 15, 2014, the Company defeased the loan secured by Dimmock Square for $10.1 million. | ||
On August 28, 2014, the Company closed on a $5.4 million loan to fund the development and construction of a new administrative building for the Commonwealth of Virginia. The construction loan bears interest at LIBOR plus 1.90% and matures on August 28, 2017. As of September 30, 2014, the Company had $0.7 million outstanding on the construction loan at an effective interest rate of 2.06%. | ||
During the nine months ended September 30, 2014, the Operating Partnership borrowed $33.0 million under the credit facility. On September 15, 2014, the Operating Partnership used the proceeds from the Company’s underwritten public offering of common stock to repay $49.0 million of the outstanding balance under the credit facility that had been used to fund the Company’s development activities. As of September 30, 2014, the outstanding balance under the credit facility was $54.0 million. | ||
During the nine months ended September 30, 2014, the Company borrowed $48.6 million under its existing construction loans to fund the construction of 4525 Main Street, Encore Apartments, Whetstone Apartments and Sandbridge Commons. | ||
Subsequent to September 30, 2014 | ||
On October 15, 2014, the Operating Partnership borrowed $10.0 million under the credit facility. | ||
On November 3, 2014, the Operating Partnership repaid the North Point Center Note 4 for $1.0 million. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 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 September 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
Notional | Fair Value | Notional | Fair Value | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||||||||||
Pay fixed interest rate swaps | $ | 690 | $ | — | $ | (11 | ) | $ | 705 | $ | — | $ | (16 | ) | |||||||||||
Interest rate caps | 180,496 | 370 | — | 130,672 | 102 | — | |||||||||||||||||||
Total | $ | 181,186 | $ | 370 | $ | (11 | ) | $ | 131,377 | $ | 102 | $ | (16 | ) | |||||||||||
The changes in the fair value of Armada Hoffler’s derivatives during the three and nine months ended September 30, 2014 and 2013 comprised the following (in thousands): | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
Pay fixed interest rate swaps | $ | 4 | $ | (2 | ) | $ | 5 | $ | 150 | ||||||||||||||||
Interest rate caps | 42 | (113 | ) | (128 | ) | (109 | ) | ||||||||||||||||||
Other income (loss) | $ | 46 | $ | (115 | ) | $ | (123 | ) | $ | 41 | |||||||||||||||
Equity
Equity | 9 Months Ended | |
Sep. 30, 2014 | ||
Equity [Abstract] | ' | |
Equity | ' | |
7 | Equity | |
Stockholders’ Equity | ||
On September 15, 2014, the Company completed an underwritten public offering of 5,750,000 shares of common stock at $9.05 per share. The net proceeds to the Company after deducting the underwriting discount and related offering costs were $49.3 million, which the Company used to repay a portion of the amount outstanding under the credit facility. | ||
As of September 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 25.0 million and 19.2 million shares of common stock issued and outstanding as of September 30, 2014 and December 31, 2013, respectively. No shares of preferred stock were issued and outstanding as of September 30, 2014 or December 31, 2013. | ||
Noncontrolling Interests | ||
As of September 30, 2014 and December 31, 2013, the Company held a 62.9% 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 the acquisition of 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. | ||
On August 15, 2014, the Operating Partnership issued 990,952 common units as partial consideration for the acquisition of Dimmock Square. | ||
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 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. | ||
Subsequent to September 30, 2014 | ||
On October 9, 2014, the Company paid cash dividends of $4.0 million to common stockholders and cash distributions of $2.4 million to common unitholders. | ||
On November 10, 2014, the Company’s Board of Directors declared a cash dividend/distribution of $0.16 per share/unit payable on January 8, 2015 to common stockholders and common unitholders of record on December 30, 2014. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |
Sep. 30, 2014 | ||
Disclosure of Compensation Related Costs, Share-based 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 nine months ended September 30, 2014, the Company granted 28,761 shares of restricted stock to directors with a weighted average grant date fair value of $9.57 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 nine months ended September 30, 2014, the Company recognized $0.3 million and $1.2 million, respectively, of stock-based compensation using the accelerated attribution method. As of September 30, 2014, there were 143,585 nonvested restricted shares outstanding; the total unrecognized compensation related to nonvested restricted shares was $0.7 million, which the Company expects to recognize over the next 17 months. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
9 | Fair Value of Financial Instruments | ||||||||||||||||
Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: | |||||||||||||||||
Level 1 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 September 30, 2014 and December 31, 2013 were as follows (in thousands): | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
(Unaudited) | |||||||||||||||||
Secured debt | $ | 335,792 | $ | 342,414 | $ | 277,745 | $ | 273,310 | |||||||||
Interest rate swap liabilities | 11 | 11 | 16 | 16 | |||||||||||||
Interest rate cap assets | 370 | 370 | 102 | 102 |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |
Sep. 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 $1.1 million and $5.0 million for the three and nine months ended September 30, 2014, respectively. Fees from such contracts were less than $0.1 million and $0.3 million for the three and nine months ended September 30, 2014, respectively. Revenue from construction contracts with related party entities of Armada Hoffler was $10.6 million and $35.7 million for the three and nine months ended September 30, 2013, respectively. Fees from such contracts were $0.3 million and $1.1 million for the three and nine months ended September 30, 2013, respectively. Real estate services fees from affiliated entities of Armada Hoffler were not significant for either the three or nine months ended September 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 nine months ended September 30, 2014 or 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Sep. 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 $193.4 million and $35.8 million as of September 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 September 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 | 9 Months Ended | |
Sep. 30, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
12 | Subsequent Events | |
As discussed in Note 4, the Company entered into a non-binding letter of intent to sell the Sentara Williamsburg office property for approximately $15.4 million. | ||
As discussed in Note 5, the Operating Partnership borrowed $10.0 million under the credit facility on October 15, 2014 and repaid the North Point Center Note 4 for $1.0 million on November 3, 2014. | ||
As discussed in Note 7, the Company paid cash dividends of $4.0 million to common stockholders and $2.4 million to common unitholders on October 9, 2014. The Company’s Board of Directors declared a cash dividend/distribution of $0.16 per share/unit on November 10, 2014 to common stockholders and common unitholders of record on December 30, 2014. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 April 2014, the Financial Accounting Standards Board (“FASB”) revised the reporting and disclosure guidance for discontinued operations. Under the revised guidance, only disposals representing a strategic shift that has or will have a major effect on the Company’s operations and financial results will be reported as discontinued operations. The revised guidance also expands the disclosure requirements for discontinued operations and other disposals of significant business components. The revised guidance is not effective for the Company until January 1, 2015; however early adoption is permitted. The Company early adopted the revised guidance effective January 1, 2014. | |
In May 2014, the FASB issued a new standard that provides a single, comprehensive model for recognizing revenue from contracts with customers. While the new standard does not supersede the guidance on accounting for leases, it could change the way the Company recognizes revenue from construction and development contracts with third party customers. The new standard will be effective for the Company 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) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Net Operating Income of Reportable Segments | ' | ||||||||||||||||
Net operating income of Armada Hoffler’s reportable segments for the three and nine months ended September 30, 2014 and 2013 was as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Unaudited) | |||||||||||||||||
Office real estate | |||||||||||||||||
Rental revenues | $ | 7,295 | $ | 6,364 | $ | 20,363 | $ | 19,270 | |||||||||
Property expenses | 2,351 | 2,081 | 6,453 | 5,967 | |||||||||||||
Segment net operating income | 4,944 | 4,283 | 13,910 | 13,303 | |||||||||||||
Retail real estate | |||||||||||||||||
Rental revenues | 6,086 | 5,683 | 17,559 | 16,071 | |||||||||||||
Property expenses | 1,795 | 1,745 | 5,310 | 5,054 | |||||||||||||
Segment net operating income | 4,291 | 3,938 | 12,249 | 11,017 | |||||||||||||
Multifamily residential real estate | |||||||||||||||||
Rental revenues | 3,332 | 2,852 | 9,303 | 7,187 | |||||||||||||
Property expenses | 1,748 | 1,331 | 4,698 | 3,224 | |||||||||||||
Segment net operating income | 1,584 | 1,521 | 4,605 | 3,963 | |||||||||||||
General contracting and real estate services | |||||||||||||||||
Segment revenues | 31,532 | 21,896 | 71,261 | 63,143 | |||||||||||||
Segment expenses | 30,468 | 20,907 | 67,807 | 60,868 | |||||||||||||
Segment net operating income | 1,064 | 989 | 3,454 | 2,275 | |||||||||||||
Net operating income | $ | 11,883 | $ | 10,731 | $ | 34,218 | $ | 30,558 | |||||||||
Reconciliation of Net Operating Income to Net Income | ' | ||||||||||||||||
The following table reconciles net operating income to net income for the three and nine months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Unaudited) | |||||||||||||||||
Net operating income | $ | 11,883 | $ | 10,731 | $ | 34,218 | $ | 30,558 | |||||||||
Depreciation and amortization | (4,567 | ) | (3,933 | ) | (12,593 | ) | (11,112 | ) | |||||||||
General and administrative expenses | (1,741 | ) | (1,638 | ) | (5,768 | ) | (5,212 | ) | |||||||||
Acquisition, development and other pursuit costs | (174 | ) | — | (174 | ) | — | |||||||||||
Impairment charges | (15 | ) | — | (15 | ) | (533 | ) | ||||||||||
Interest expense | (2,734 | ) | (2,598 | ) | (7,977 | ) | (9,802 | ) | |||||||||
Loss on extinguishment of debt | — | (1,127 | ) | — | (2,252 | ) | |||||||||||
Gain on acquisitions | — | — | — | 9,460 | |||||||||||||
Other income (loss) | 59 | (109 | ) | (23 | ) | 343 | |||||||||||
Income tax benefit (provision) | 43 | (74 | ) | (135 | ) | 137 | |||||||||||
Net income | $ | 2,754 | $ | 1,252 | $ | 7,533 | $ | 11,587 | |||||||||
Rental Revenues of Reportable Segments | ' | ||||||||||||||||
Rental revenues of Armada Hoffler’s reportable segments for the three and nine months ended September 30, 2014 and 2013 comprised the following (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Unaudited) | |||||||||||||||||
Minimum rents | |||||||||||||||||
Office | $ | 6,954 | $ | 6,059 | $ | 19,326 | $ | 18,264 | |||||||||
Retail | 5,167 | 4,759 | 14,760 | 13,733 | |||||||||||||
Multifamily | 2,813 | 2,370 | 7,906 | 6,060 | |||||||||||||
Percentage rents (1) | |||||||||||||||||
Office | — | — | 45 | 104 | |||||||||||||
Retail | 36 | 35 | 173 | 88 | |||||||||||||
Multifamily | 19 | 21 | 78 | 84 | |||||||||||||
Other (2) | |||||||||||||||||
Office | 341 | 304 | 992 | 901 | |||||||||||||
Retail | 883 | 890 | 2,626 | 2,251 | |||||||||||||
Multifamily | 500 | 461 | 1,319 | 1,043 | |||||||||||||
Rental revenues | $ | 16,713 | $ | 14,899 | $ | 47,225 | $ | 42,528 | |||||||||
-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 nine months ended September 30, 2014 and 2013 comprised the following (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Unaudited) | |||||||||||||||||
Rental expenses | |||||||||||||||||
Office | $ | 1,742 | $ | 1,536 | $ | 4,756 | $ | 4,341 | |||||||||
Retail | 1,255 | 1,230 | 3,764 | 3,593 | |||||||||||||
Multifamily | 1,417 | 1,074 | 3,710 | 2,534 | |||||||||||||
Total | $ | 4,414 | $ | 3,840 | $ | 12,230 | $ | 10,468 | |||||||||
Real estate taxes | |||||||||||||||||
Office | $ | 609 | $ | 545 | $ | 1,697 | $ | 1,626 | |||||||||
Retail | 540 | 515 | 1,546 | 1,461 | |||||||||||||
Multifamily | 331 | 257 | 988 | 690 | |||||||||||||
Total | $ | 1,480 | $ | 1,317 | $ | 4,231 | $ | 3,777 | |||||||||
Property expenses | $ | 5,894 | $ | 5,157 | $ | 16,461 | $ | 14,245 | |||||||||
Real_Estate_Investments_Tables
Real Estate Investments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Real Estate Investments | ' | ||||||||||||||||
The Company’s real estate investments comprised the following as of September 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Income | Held | Construction | Total | ||||||||||||||
producing | for | in | |||||||||||||||
property | development | progress | |||||||||||||||
(Unaudited) | |||||||||||||||||
Land | $ | 38,691 | $ | — | $ | 19,428 | $ | 58,119 | |||||||||
Land improvements | 13,891 | — | — | 13,891 | |||||||||||||
Buildings and improvements | 447,079 | — | — | 447,079 | |||||||||||||
Development and construction costs | — | — | 74,518 | 74,518 | |||||||||||||
Real estate investments | $ | 499,661 | $ | — | $ | 93,946 | $ | 593,607 | |||||||||
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 | |||||||||
Liberty Apartments [Member] | ' | ||||||||||||||||
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 | |||||||||||||||
Dimmock Square [Member] | ' | ||||||||||||||||
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): | |||||||||||||||||
Dimmock Square | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Land | $ | 5,100 | |||||||||||||||
Site improvements | 600 | ||||||||||||||||
Building and improvements | 12,526 | ||||||||||||||||
In-place leases | 1,880 | ||||||||||||||||
Above and below-market leases | (390 | ) | |||||||||||||||
Net assets acquired | $ | 19,716 | |||||||||||||||
Summary of Consolidated and Combined Results of Operations on Pro Forma Basis | ' | ||||||||||||||||
The following table summarizes the consolidated and combined results of operations of Armada Hoffler on a pro forma basis, as if Dimmock Square had been acquired on January 1, 2013 (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Unaudited) | |||||||||||||||||
Rental revenues | $ | 16,952 | $ | 15,409 | $ | 48,479 | $ | 44,059 | |||||||||
Net income | 3,316 | 1,329 | 8,135 | 11,527 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Derivatives | ' | ||||||||||||||||||||||||
The Company’s derivatives comprised the following as of September 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
Notional | Fair Value | Notional | Fair Value | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||||||||||
Pay fixed interest rate swaps | $ | 690 | $ | — | $ | (11 | ) | $ | 705 | $ | — | $ | (16 | ) | |||||||||||
Interest rate caps | 180,496 | 370 | — | 130,672 | 102 | — | |||||||||||||||||||
Total | $ | 181,186 | $ | 370 | $ | (11 | ) | $ | 131,377 | $ | 102 | $ | (16 | ) | |||||||||||
The changes in the fair value of Armada Hoffler’s derivatives during the three and nine months ended September 30, 2014 and 2013 comprised the following (in thousands): | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
Pay fixed interest rate swaps | $ | 4 | $ | (2 | ) | $ | 5 | $ | 150 | ||||||||||||||||
Interest rate caps | 42 | (113 | ) | (128 | ) | (109 | ) | ||||||||||||||||||
Other income (loss) | $ | 46 | $ | (115 | ) | $ | (123 | ) | $ | 41 | |||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 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 September 30, 2014 and December 31, 2013 were as follows (in thousands): | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
(Unaudited) | |||||||||||||||||
Secured debt | $ | 335,792 | $ | 342,414 | $ | 277,745 | $ | 273,310 | |||||||||
Interest rate swap liabilities | 11 | 11 | 16 | 16 | |||||||||||||
Interest rate cap assets | 370 | 370 | 102 | 102 |
Business_and_Organization_Addi
Business and Organization - Additional Information (Detail) | 9 Months Ended |
Sep. 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] | ' |
Business acquisition date | 17-Jan-14 |
Stabilized Properties [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of real estate properties | 25 |
Unstabilized Properties [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of real estate properties | 4 |
Properties Under Development [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of real estate properties | 6 |
Segments_Net_Operating_Income_
Segments - Net Operating Income of Reportable Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental revenues | $16,713 | $14,899 | $47,225 | $42,528 |
Segment revenues | 31,532 | 21,896 | 71,261 | 63,143 |
Property expenses | 5,894 | 5,157 | 16,461 | 14,245 |
Segment expenses | 30,468 | 20,907 | 67,807 | 60,868 |
Net operating income | 11,883 | 10,731 | 34,218 | 30,558 |
Office Real Estate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental revenues | 7,295 | 6,364 | 20,363 | 19,270 |
Property expenses | 2,351 | 2,081 | 6,453 | 5,967 |
Net operating income | 4,944 | 4,283 | 13,910 | 13,303 |
Retail Real Estate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental revenues | 6,086 | 5,683 | 17,559 | 16,071 |
Property expenses | 1,795 | 1,745 | 5,310 | 5,054 |
Net operating income | 4,291 | 3,938 | 12,249 | 11,017 |
Multifamily Residential Real Estate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental revenues | 3,332 | 2,852 | 9,303 | 7,187 |
Property expenses | 1,748 | 1,331 | 4,698 | 3,224 |
Net operating income | 1,584 | 1,521 | 4,605 | 3,963 |
General Contracting and Real Estate Services [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment revenues | 31,532 | 21,896 | 71,261 | 63,143 |
Segment expenses | 30,468 | 20,907 | 67,807 | 60,868 |
Net operating income | $1,064 | $989 | $3,454 | $2,275 |
Segments_Additional_Informatio
Segments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 17, 2014 | 13-May-13 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Tenants | General and Administrative Expenses [Member] | General and Administrative Expenses [Member] | General and Administrative Expenses [Member] | General and Administrative Expenses [Member] | Dimmock Square [Member] | Dimmock Square [Member] | Bermuda Crossroads and Smith's Landing [Member] | Bermuda Crossroads and Smith's Landing [Member] | General Contracting and Real Estate Services [Member] | General Contracting and Real Estate Services [Member] | General Contracting and Real Estate Services [Member] | General Contracting and Real Estate Services [Member] | General Contracting and Real Estate Services [Member] | General Contracting and Real Estate Services [Member] | General Contracting and Real Estate Services [Member] | General Contracting and Real Estate Services [Member] | ||||
Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General contracting and real estate services revenues | $31,532,000 | $21,896,000 | $71,261,000 | $63,143,000 | ' | ' | ' | ' | ' | ' | ' | ' | $31,532,000 | $21,896,000 | $71,261,000 | $63,143,000 | ($24,200,000) | ($13,300,000) | ($68,800,000) | ($18,900,000) |
General contracting and real estate services expenses | 30,468,000 | 20,907,000 | 67,807,000 | 60,868,000 | ' | ' | ' | ' | ' | ' | ' | ' | 30,468,000 | 20,907,000 | 67,807,000 | 60,868,000 | -24,100,000 | -13,100,000 | -68,200,000 | -18,700,000 |
Non-cash stock compensation | ' | ' | 720,000 | 1,012,000 | 200,000 | 200,000 | 500,000 | 1,000,000 | ' | ' | ' | ' | 100,000 | ' | 200,000 | ' | ' | ' | ' | ' |
Acquisition, development and other pursuit costs | 174,000 | ' | 174,000 | ' | ' | ' | ' | ' | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of unamortized leasing assets | 15,000 | ' | 15,000 | 533,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vacated retail tenants | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt defeased | ' | 13,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | -1,127,000 | ' | -2,252,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of debt financed by proceeds from IPO and credit facility | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt, fees | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt, unamortized debt issuance costs | ' | ' | ' | 542,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Operating Partnership acquired | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | 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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Net operating income | $11,883 | $10,731 | $34,218 | $30,558 |
Depreciation and amortization | -4,567 | -3,933 | -12,593 | -11,112 |
General and administrative expenses | -1,741 | -1,638 | -5,768 | -5,212 |
Acquisition, development and other pursuit costs | -174 | ' | -174 | ' |
Impairment charges | -15 | ' | -15 | -533 |
Interest expense | -2,734 | -2,598 | -7,977 | -9,802 |
Loss on extinguishment of debt | ' | -1,127 | ' | -2,252 |
Gain on acquisitions | ' | ' | ' | 9,460 |
Other income (loss) | 59 | -109 | -23 | 343 |
Income tax benefit (provision) | 43 | -74 | -135 | 137 |
Net income | $2,754 | $1,252 | $7,533 | $11,587 |
Segments_Rental_Revenues_of_Re
Segments - Rental Revenues of Reportable Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental revenues | $16,713,000 | $14,899,000 | $47,225,000 | $42,528,000 |
Office Real Estate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Minimum rents | 6,954,000 | 6,059,000 | 19,326,000 | 18,264,000 |
Percentage rents | ' | ' | 45,000 | 104,000 |
Other | 341,000 | 304,000 | 992,000 | 901,000 |
Rental revenues | 7,295,000 | 6,364,000 | 20,363,000 | 19,270,000 |
Retail Real Estate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Minimum rents | 5,167,000 | 4,759,000 | 14,760,000 | 13,733,000 |
Percentage rents | 36,000 | 35,000 | 173,000 | 88,000 |
Other | 883,000 | 890,000 | 2,626,000 | 2,251,000 |
Rental revenues | 6,086,000 | 5,683,000 | 17,559,000 | 16,071,000 |
Multifamily Residential Real Estate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Minimum rents | 2,813,000 | 2,370,000 | 7,906,000 | 6,060,000 |
Percentage rents | 19,000 | 21,000 | 78,000 | 84,000 |
Other | 500,000 | 461,000 | 1,319,000 | 1,043,000 |
Rental revenues | $3,332,000 | $2,852,000 | $9,303,000 | $7,187,000 |
Segments_Property_Expenses_of_
Segments - Property Expenses of Reportable Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental expenses | $4,414 | $3,840 | $12,230 | $10,468 |
Real estate taxes | 1,480 | 1,317 | 4,231 | 3,777 |
Property expenses | 5,894 | 5,157 | 16,461 | 14,245 |
Office Real Estate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental expenses | 1,742 | 1,536 | 4,756 | 4,341 |
Real estate taxes | 609 | 545 | 1,697 | 1,626 |
Property expenses | 2,351 | 2,081 | 6,453 | 5,967 |
Retail Real Estate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental expenses | 1,255 | 1,230 | 3,764 | 3,593 |
Real estate taxes | 540 | 515 | 1,546 | 1,461 |
Property expenses | 1,795 | 1,745 | 5,310 | 5,054 |
Multifamily Residential Real Estate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental expenses | 1,417 | 1,074 | 3,710 | 2,534 |
Real estate taxes | 331 | 257 | 988 | 690 |
Property expenses | $1,748 | $1,331 | $4,698 | $3,224 |
Real_Estate_Investments_Real_E
Real Estate Investments - Real Estate Investments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate Properties [Line Items] | ' | ' |
Land | $58,119 | $41,313 |
Land improvements | 13,891 | 12,562 |
Buildings and improvements | 447,079 | 365,941 |
Development and construction costs | 74,518 | 43,160 |
Gross real estate investments | 593,607 | 462,976 |
Income Producing Property [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Land | 38,691 | 27,736 |
Land improvements | 13,891 | 12,562 |
Buildings and improvements | 447,079 | 365,941 |
Gross real estate investments | 499,661 | 406,239 |
Construction in Progress [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Land | 19,428 | 13,577 |
Development and construction costs | 74,518 | 43,160 |
Gross real estate investments | $93,946 | $56,737 |
Real_Estate_Investments_Additi
Real Estate Investments - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||||
Jul. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Oct. 02, 2014 | Jan. 17, 2014 | Sep. 30, 2014 | Jan. 17, 2014 | Sep. 30, 2014 | Sep. 29, 2014 | Aug. 15, 2014 | Sep. 30, 2014 | Aug. 15, 2014 | Sep. 30, 2014 | Apr. 16, 2014 | 1-May-14 | |
Subsequent Event [Member] | Liberty Apartments [Member] | Liberty Apartments [Member] | Liberty Apartments [Member] | Virginia Beach, VA [Member] | Virginia Beach, VA [Member] | Dimmock Square [Member] | Dimmock Square [Member] | Dimmock Square [Member] | Williamsburg VA [Member] | Williamsburg VA [Member] | Chesapeake VA [Member] | |||||||
sqft | ||||||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition, total consideration | ' | ' | ' | ' | ' | ' | ' | $26,700,000 | ' | ' | ' | ' | $19,700,000 | ' | ' | ' | ' | ' |
Acquisition, common units issued | ' | ' | ' | ' | ' | ' | ' | 695,652 | ' | ' | ' | ' | 990,952 | ' | ' | ' | ' | ' |
Acquisition, assumption of debt | ' | ' | ' | ' | ' | ' | ' | 17,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition, cash consideration | ' | ' | ' | ' | ' | ' | ' | 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 | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition date | ' | ' | ' | ' | ' | ' | ' | ' | 17-Jan-14 | ' | ' | ' | ' | 15-Aug-14 | ' | ' | ' | ' |
Rental revenues | ' | 16,713,000 | 14,899,000 | 47,225,000 | 42,528,000 | ' | ' | ' | 600,000 | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' |
Net income (loss) | ' | 1,615,000 | 745,000 | 4,405,000 | 5,631,000 | ' | ' | ' | -1,700,000 | ' | ' | ' | ' | -100,000 | ' | ' | ' | ' |
Area of property acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106,166 | ' | ' | ' |
Acquisition, cash immediately defeased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,100,000 | ' | ' | ' | ' | ' |
Land purchased | ' | 58,119,000 | ' | 58,119,000 | ' | 41,313,000 | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | 7,600,000 | 300,000 |
Sale of Virginia Natural Gas office property | 8,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets associated with sale of office property | ' | 477,768,000 | ' | 477,768,000 | ' | 357,748,000 | ' | ' | ' | ' | 5,200,000 | ' | ' | ' | ' | 9,100,000 | ' | ' |
Sale of Sentara Williamsburg office property | ' | ' | ' | ' | ' | ' | $15,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Investments_Summar
Real Estate Investments - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Sep. 30, 2014 | Jan. 17, 2014 |
In Thousands, unless otherwise specified | ||
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 | ' |
Dimmock Square [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Land | 5,100 | ' |
Site improvements | 600 | ' |
Building and improvements | 12,526 | ' |
In-place leases | 1,880 | ' |
Above and below-market leases | -390 | ' |
Net assets acquired | $19,716 | ' |
Real_Estate_Investments_Summar1
Real Estate Investments - Summary of Consolidated and Combined Results of Operations on Pro Forma Basis (Detail) (Dimmock Square [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Dimmock Square [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Rental revenues | $16,952 | $15,409 | $48,479 | $44,059 |
Net income | $3,316 | $1,329 | $8,135 | $11,527 |
Indebtedness_Additional_Inform
Indebtedness - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Sep. 30, 2014 | Aug. 28, 2014 | Aug. 28, 2014 | Nov. 03, 2014 | Oct. 15, 2014 | Sep. 15, 2014 | Apr. 22, 2014 | Sep. 30, 2014 | Jan. 17, 2014 | Sep. 30, 2014 | Jun. 13, 2014 | Jan. 17, 2014 | Aug. 15, 2014 |
Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Operating Partnership [Member] | Operating Partnership [Member] | Operating Partnership [Member] | Liberty Apartments [Member] | Liberty Apartments [Member] | Liberty Apartments [Member] | Liberty Apartments [Member] | Dimmock Square [Member] | |||
Oceaneering International Facility [Member] | Oceaneering International Facility [Member] | Oceaneering International Facility [Member] | Commonwealth Virginia [Member] | Commonwealth Virginia [Member] | Commonwealth Virginia [Member] | ||||||||||||||
LIBOR [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 | ' | ' | ' | 28-Feb-18 | ' | ' | 28-Aug-17 | ' | ' | ' | ' | ' | ' | ' | ' | 1-Nov-43 | ' | ' | ' |
Debt assumed, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' |
Debt, face value | ' | ' | ' | ' | 19,500,000 | ' | ' | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate, basis spread on variable rate | ' | ' | ' | ' | ' | 1.75% | ' | ' | 1.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indebtedness | 335,792,000 | 277,745,000 | ' | 7,700,000 | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate percentage | ' | ' | ' | 1.91% | ' | ' | 2.06% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial covenant, maximum leverage ratio as of the last day of each fiscal quarter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' |
Defeased loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,100,000 |
Revolving credit facility, borrowed amount | ' | ' | 48,600,000 | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | 33,000,000 | ' | ' | ' | ' | ' |
Repayment of revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | 49,000,000 | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, outstanding amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $54,000,000 | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 14, 2014 |
Interest Rate Caps [Member] | Interest Rate Caps [Member] | |||
Derivative [Line Items] | ' | ' | ' | ' |
Interest rate cap agreement, notional amount | $181,186,000 | $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 | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional Amount | $181,186,000 | ' | $181,186,000 | ' | $131,377,000 |
Fair Value Asset | 370,000 | ' | 370,000 | ' | 102,000 |
Fair Value Liability | -11,000 | ' | -11,000 | ' | -16,000 |
Other income (loss) | 46,000 | -115,000 | -123,000 | 41,000 | ' |
Pay Fixed Interest Rate Swaps [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional Amount | 690,000 | ' | 690,000 | ' | 705,000 |
Fair Value Liability | -11,000 | ' | -11,000 | ' | -16,000 |
Other income (loss) | 4,000 | -2,000 | 5,000 | 150,000 | ' |
Interest Rate Caps [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional Amount | 180,496,000 | ' | 180,496,000 | ' | 130,672,000 |
Fair Value Asset | 370,000 | ' | 370,000 | ' | 102,000 |
Other income (loss) | $42,000 | ($113,000) | ($128,000) | ($109,000) | ' |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 15, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 15, 2014 | Dec. 31, 2013 | Jan. 17, 2014 | Aug. 15, 2014 | Jul. 10, 2014 | Apr. 10, 2014 | Jan. 09, 2014 | Oct. 09, 2014 | Jul. 10, 2014 | Apr. 10, 2014 | Jan. 09, 2014 | Oct. 09, 2014 | Oct. 09, 2014 | Oct. 09, 2014 | Aug. 04, 2014 | Sep. 30, 2014 | Nov. 10, 2014 |
Liberty Apartments [Member] | Dimmock Square [Member] | Common Stockholders [Member] | Common Stockholders [Member] | Common Stockholders [Member] | Common Stockholders [Member] | Common Unitholders [Member] | Common Unitholders [Member] | Common Unitholders [Member] | Common Unitholders [Member] | Common Stock [Member] | Capital Units [Member] | Dividend Declared [Member] | Dividend Declared [Member] | Dividend Declared [Member] | |||||||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued through public offering | 5,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per share value of stock issued | ' | ' | ' | ' | ' | ' | $9.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from public offering | $49,300 | ' | ' | ' | $49,566 | $203,245 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized capital shares of common stock | ' | ' | 500,000,000 | ' | 500,000,000 | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized capital shares of preferred stock | ' | ' | 100,000,000 | ' | 100,000,000 | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued | ' | ' | 25,018,733 | ' | 25,018,733 | ' | ' | 19,163,413 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock outstanding | ' | ' | 25,018,733 | ' | 25,018,733 | ' | ' | 19,163,413 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock issued | ' | ' | 0 | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock outstanding | ' | ' | 0 | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Operating Partnership held | ' | ' | 62.90% | ' | 62.90% | ' | ' | 59.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition, common units issued | ' | ' | ' | ' | ' | ' | ' | ' | 695,652 | 990,952 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units in exchange for all noncontrolling interests | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate cash dividends and distributions, paid | ' | ' | ' | ' | $15,729 | $2,578 | ' | ' | ' | ' | $3,100 | $3,100 | $3,100 | $4,000 | $2,200 | $2,200 | $2,100 | $2,400 | $4,000 | $2,400 | ' | ' | ' |
Cash dividend/distribution, date declared | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4-Aug-14 | 10-Nov-14 |
Cash dividend/distribution per share, declared | ' | ' | $0.16 | $0.16 | $0.48 | $0.24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.16 | ' | $0.16 |
Cash dividend/distribution, date payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9-Oct-14 | 8-Jan-15 |
Cash dividend/distribution, date of record | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-14 | 30-Dec-14 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
Mar. 03, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 03, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 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 | ' | ' | 28,761 |
Restricted stock granted, grant date fair value | ' | ' | ' | $9.94 | ' | ' | $9.57 |
Restricted stock awards, vesting period | '2 years | ' | ' | ' | ' | ' | '1 year |
Restricted stock awards, percentage vested on grant date | 33.33% | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | $720,000 | $1,012,000 | ' | $300,000 | $1,200,000 | ' |
Nonvested restricted shares outstanding | ' | ' | ' | ' | 143,585 | 143,585 | ' |
Unrecognized compensation cost | ' | ' | ' | ' | $700,000 | $700,000 | ' |
Unrecognized compensation cost, recognition period | ' | ' | ' | ' | ' | '17 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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Secured debt | $335,792 | $277,745 |
Carrying Value [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Secured debt | 335,792 | 277,745 |
Interest rate swap liabilities | 11 | 16 |
Interest rate cap assets | 370 | 102 |
Fair Value [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Secured debt | 342,414 | 273,310 |
Interest rate swap liabilities | 11 | 16 |
Interest rate cap assets | $370 | $102 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Revenue from contracts with affiliated entities | $1.10 | $10.60 | $5 | $35.70 |
Fees from contracts with affiliated entities | ' | 0.3 | 0.3 | 1.1 |
Maximum [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Fees from contracts with affiliated entities | $0.10 | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Loss Contingencies [Line Items] | ' | ' |
Line of credit, performance and payment bonds | $193.40 | $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 | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Nov. 03, 2014 | Oct. 15, 2014 | Oct. 02, 2014 | Jul. 10, 2014 | Apr. 10, 2014 | Jan. 09, 2014 | Oct. 09, 2014 | Jul. 10, 2014 | Apr. 10, 2014 | Jan. 09, 2014 | Oct. 09, 2014 | Aug. 04, 2014 | Sep. 30, 2014 | Nov. 10, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Common Stockholders [Member] | Common Stockholders [Member] | Common Stockholders [Member] | Common Stockholders [Member] | Common Unitholders [Member] | Common Unitholders [Member] | Common Unitholders [Member] | Common Unitholders [Member] | Dividend Declared [Member] | Dividend Declared [Member] | Dividend Declared [Member] | |||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Sentara Williamsburg office property | ' | ' | ' | ' | ' | ' | $15,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, borrowed amount | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of revolving credit facility | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid | ' | ' | $15,729,000 | $2,578,000 | ' | ' | ' | $3,100,000 | $3,100,000 | $3,100,000 | $4,000,000 | $2,200,000 | $2,200,000 | $2,100,000 | $2,400,000 | ' | ' | ' |
Cash dividend/distribution per share, declared | $0.16 | $0.16 | $0.48 | $0.24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.16 | ' | $0.16 |
Cash dividend/distribution, date declared | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4-Aug-14 | 10-Nov-14 |
Cash dividend/distribution, date of record | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-14 | 30-Dec-14 |