Armada Hoffler Properties (AHH) 10-Q 5 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	AHH
Entity Registrant Name	ARMADA HOFFLER PROPERTIES, INC.
Entity Central Index Key	1569187
Current Fiscal Year End Date	-19
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		25,499,639

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Real estate investments:
Income producing property	$552,172	$513,918
Held for development	1,180
Construction in progress	26,251	81,082
Gross real estate investments	579,603	595,000
Accumulated depreciation	-120,224	-116,099
Net real estate investments	459,379	478,901
Real estate investments held for sale	27,882	8,538
Cash and cash equivalents	31,479	25,883
Restricted cash	4,026	4,224
Accounts receivable, net	20,788	20,548
Construction receivables, including retentions	28,085	19,432
Construction contract costs and estimated earnings in excess of billings	170	272
Other assets	32,192	33,108
Total Assets	604,001	590,906
LIABILITIES AND EQUITY
Indebtedness	363,730	359,229
Debt secured by real estate investments held for sale	17,342
Accounts payable and accrued liabilities	5,649	8,358
Construction payables, including retentions	34,264	42,399
Billings in excess of construction contract costs and estimated earnings	1,206	1,053
Other liabilities	18,942	17,961
Total Liabilities	441,133	429,000
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized, 25,084,139 and 25,022,701 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively	251	250
Additional paid-in capital	51,877	51,472
Distributions in excess of earnings	-53,572	-54,413
Accumulated other comprehensive loss	-495
Total stockholders' deficit	-1,939	-2,691
Noncontrolling interests	164,807	164,597
Total Equity	162,868	161,906
Total Liabilities and Equity	$604,001	$590,906

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	25,084,139	25,022,701
Common stock, shares outstanding	25,084,139	25,022,701

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues
Rental revenues	$18,190	$15,193
General contracting and real estate services revenues	29,071	19,234
Total revenues	47,261	34,427
Expenses
Rental expenses	4,760	3,976
Real estate taxes	1,657	1,343
General contracting and real estate services expenses	28,142	17,985
Depreciation and amortization	4,908	3,969
General and administrative expenses	2,328	2,046
Acquisition, development and other pursuit costs	171
Total expenses	41,966	29,319
Operating income	5,295	5,108
Interest expense	-3,046	-2,565
Loss on extinguishment of debt	-227
Gain on real estate dispositions	6,197
Other (loss) income	-132	112
Income before taxes	8,087	2,655
Income tax benefit (provision)	31	-149
Net income	8,118	2,506
Net income attributable to noncontrolling interests	-3,013	-1,041
Net income attributable to stockholders	5,105	1,465
Net income per share and unit:
Basic and diluted	$0.20	$0.08
Weighted-average outstanding:
Common shares	25,042	19,193
Common units	14,776	13,632
Basic and diluted	39,818	32,825
Dividends and distributions declared per common share and unit	$0.17	$0.16
Comprehensive income:
Net income	8,118	2,506
Unrealized loss on cash flow hedge	-786
Comprehensive income	7,332	2,506
Comprehensive income attributable to noncontrolling interests	-2,722	-1,041
Comprehensive income attributable to stockholders	$4,610	$1,465

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Equity (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Distributions in Excess of Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Total Stockholders' Deficit [Member]	Noncontrolling Interests [Member]
In Thousands, except Share data
Beginning balance at Dec. 31, 2014	$161,906	$250	$51,472	($54,413)		($2,691)	$164,597
Beginning balance, shares at Dec. 31, 2014	25,022,701	25,022,701
Restricted stock award grants		1	-1
Restricted stock award grants (in shares)		61,615
Vesting of restricted stock awards	406		406			406
Restricted stock award forfeitures	0	0	0	0	0	0	0
Restricted stock award forfeitures (in shares)		-177
Unrealized loss on cash flow hedge	-786				-495	-495	-291
Net income	8,118			5,105		5,105	3,013
Dividends and distributions declared	-6,776			-4,264		-4,264	-2,512
Ending balance at Mar. 31, 2015	$162,868	$251	$51,877	($53,572)	($495)	($1,939)	$164,807
Ending balance, shares at Mar. 31, 2015	25,084,139	25,084,139

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
OPERATING ACTIVITIES
Net income	$8,118	$2,506
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	4,200	3,478
Amortization of leasing costs and in-place lease intangibles	708	491
Accrued straight-line rental revenue	-725	-469
Amortization of leasing incentives and above or below-market rents	177	160
Accrued straight-line ground rent expense	79	79
Bad debt expense	34	11
Noncash stock compensation	379	329
Noncash interest expense	318	133
Loss on extinguishment of debt	227
Gain on real estate dispositions	-6,197
Change in the fair value of derivatives	147	-93
Changes in operating assets and liabilities, net of acquisitions:
Property assets	-1,101	-1,311
Property liabilities	381	11
Construction assets	-8,551	-109
Construction liabilities	1,402	-2,003
Net cash (used for) provided by operating activities	-404	3,213
INVESTING ACTIVITIES
Development of real estate investments	-20,951	-20,320
Tenant and building improvements	-1,203	-2,495
Acquisitions of real estate investments, net of cash acquired		-2,895
Dispositions of real estate investments	15,224
Decrease (increase) in restricted cash	762	-35
Leasing costs	-1,337	-153
Leasing incentives	-825
Net cash used for investing activities	-8,330	-25,898
FINANCING ACTIVITIES
Debt issuances, credit facility and construction loan borrowings	125,467	23,269
Debt and credit facility payments, including principal amortization	-103,637	-714
Debt issuance costs	-1,132	-4
Offering costs		-149
Dividends and distributions	-6,368	-5,155
Net cash provided by financing activities	14,330	17,247
Net increase (decrease) in cash and cash equivalents	5,596	-5,438
Cash and cash equivalents, beginning of period	25,883	18,882
Cash and cash equivalents, end of period	$31,479	$13,444

Business_and_Organization

Business and Organization	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015, the Company’s operating property portfolio comprised the following:
	Property		Segment	Location
	4525 Main Street		Office	Virginia Beach, Virginia
	Armada Hoffler Tower		Office	Virginia Beach, Virginia
	Commonwealth of Virginia – Chesapeake		Office	Chesapeake, Virginia
	Commonwealth of Virginia – Virginia Beach		Office	Virginia Beach, Virginia
	Oceaneering		Office	Chesapeake, Virginia
	One Columbus		Office	Virginia Beach, Virginia
	Oyster Point		Office	Newport News, Virginia
	Richmond Tower		Office	Richmond, Virginia
	Two Columbus		Office	Virginia Beach, Virginia
	249 Central Park Retail		Retail	Virginia Beach, Virginia
	Bermuda Crossroads		Retail	Chester, Virginia
	Broad Creek Shopping Center		Retail	Norfolk, Virginia
	Commerce Street Retail		Retail	Virginia Beach, Virginia
	Courthouse 7-Eleven		Retail	Virginia Beach, Virginia
	Dick’s at Town Center		Retail	Virginia Beach, Virginia
	Dimmock Square		Retail	Colonial Heights, Virginia
	Fountain Plaza Retail		Retail	Virginia Beach, Virginia
	Gainsborough Square		Retail	Chesapeake, Virginia
	Greentree Shopping Center		Retail	Chesapeake, Virginia
	Hanbury Village		Retail	Chesapeake, Virginia
	Harrisonburg Regal		Retail	Harrisonburg, Virginia
	North Point Center		Retail	Durham, North Carolina
	Parkway Marketplace		Retail	Virginia Beach, Virginia
	Sandbridge Commons		Retail	Virginia Beach, Virginia
	South Retail		Retail	Virginia Beach, Virginia
	Studio 56 Retail		Retail	Virginia Beach, Virginia
	Tyre Neck Harris Teeter		Retail	Portsmouth, Virginia
	Encore Apartments		Multifamily	Virginia Beach, Virginia
	Liberty Apartments		Multifamily	Newport News, Virginia
	Smith’s Landing		Multifamily	Blacksburg, Virginia
	The Cosmopolitan		Multifamily	Virginia Beach, Virginia
	Whetstone Apartments		Multifamily	Durham, North Carolina
	As of March 31, 2015, the following properties were either under development or construction:
	Property		Segment	Location
	Lightfoot Marketplace		Retail	Williamsburg, Virginia
	Johns Hopkins Village		Multifamily	Baltimore, Maryland
	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.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
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.
	In the opinion of management, the condensed consolidated 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 condensed consolidated 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 financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
	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 condensed consolidated 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, 2014, among others.
	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“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.
	Current accounting guidance requires debt issuance costs to be presented in the balance sheet as an asset. On April 7, 2015, the FASB issued new guidance that requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount, rather than as an asset. The new guidance is effective for the Company on January 1, 2016 and will be applied on a retrospective basis. Management does not expect the adoption of the new guidance to have a material effect on the Company’s financial position or results of operations.

Segments

Segments	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Segments	3	Segments
	Net operating income (segment revenues minus segment expenses) is the measure used by the Company’s chief operating decision-maker to assess segment performance. Net operating income is not a measure of operating income or cash flows from operating activities as measured by GAAP and is not indicative of cash available to fund cash needs. As a result, net operating income should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate net operating income in the same manner. The Company considers net operating income to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s real estate and construction businesses.
	Net operating income of the Company’s reportable segments for the three months ended March 31, 2015 and 2014 was as follows (in thousands):
			Three Months Ended
			March 31,
			2015			2014
			(Unaudited)
	Office real estate
	Rental revenues		$	7,703		$	6,549
	Rental expenses			1,754			1,587
	Real estate taxes			691			544
	Segment net operating income			5,258			4,418
	Retail real estate
	Rental revenues			6,625			5,770
	Rental expenses			1,399			1,322
	Real estate taxes			566			503
	Segment net operating income			4,660			3,945
	Multifamily residential real estate
	Rental revenues			3,862			2,874
	Rental expenses			1,607			1,067
	Real estate taxes			400			296
	Segment net operating income			1,855			1,511
	General contracting and real estate services
	Segment revenues			29,071			19,234
	Segment expenses			28,142			17,985
	Segment net operating income			929			1,249
	Net operating income		$	12,702		$	11,123
	General contracting and real estate services revenues for the three months ended March 31, 2015 and 2014 exclude revenue related to intercompany construction contracts of $8.5 million and $18.7 million, respectively. General contracting and real estate services expenses for the three months ended March 31, 2015 and 2014 exclude expenses related to intercompany construction contracts of $8.4 million and $18.5 million, respectively. General contracting and real estate services expenses for both the three months ended March 31, 2015 and 2014 include noncash stock compensation of $0.1 million.
	The following table reconciles net operating income to net income for the three months ended March 31, 2015 and 2014 (in thousands):
			Three Months Ended
			March 31,
			2015			2014
			(Unaudited)
	Net operating income		$	12,702		$	11,123
	Depreciation and amortization			(4,908	)		(3,969	)
	General and administrative expenses			(2,328	)		(2,046	)
	Acquisition, development and other pursuit costs			(171	)		—
	Interest expense			(3,046	)		(2,565	)
	Loss on extinguishment of debt			(227	)		—
	Gain on real estate dispositions			6,197			—
	Other (loss) income			(132	)		112
	Income tax benefit (provision)			31			(149	)
	Net income		$	8,118		$	2,506
	General and administrative expenses represent costs not directly associated with the operation and management of the Company’s real estate properties and general contracting and real estate services businesses. General and administrative expenses include office personnel salaries and benefits, bank fees, accounting fees, legal fees and other corporate office expenses. General and administrative expenses for the three months ended March 31, 2015 and 2014 include noncash stock compensation of $0.3 million and $0.2 million, respectively.

Real_Estate_Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Real Estate Investments	4	Real Estate Investments
	On January 5, 2015, the Company completed the sale of the Sentara Williamsburg office property for $15.4 million in cash. Net proceeds to the Company after transaction costs were $15.2 million. The Company recognized a gain on the disposition of the Sentara Williamsburg office property of $6.2 million.
	On January 9, 2015, the Company entered into an agreement to purchase a 57,000 square foot grocery store anchored retail center in Myrtle Beach, South Carolina for $8.7 million, including the assumption of approximately $5.1 million of debt. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2015.
	On February 13, 2015, the Company agreed to the future sale of the Oyster Point office property for $6.5 million in cash. The Company intends to complete the sale on January 15, 2017.
	On February 26, 2015, the Company entered into a definitive agreement to sell Whetstone Apartments for $35.6 million. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2015. The Company has presented Whetstone Apartments as real estate held for sale in the March 31, 2015 condensed consolidated balance sheet.
	On March 31, 2015, the Company purchased land held for development in Virginia Beach, Virginia for $1.2 million.
	Subsequent to March 31, 2015
	On April 8, 2015, the Company completed the acquisitions of Stone House Square in Hagerstown, Maryland and Perry Hall Marketplace in Perry Hall, Maryland. The total consideration transferred to acquire both retail properties was $35.4 million of cash, including the $15.2 million of net proceeds from the Sentara Williamsburg sale, and 415,500 shares of common stock. The Company is currently evaluating the accounting for these acquisitions and anticipates that the consideration transferred will primarily be allocated to the buildings, land and acquired lease intangibles.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Indebtedness	5	Indebtedness
	On January 23, 2015, the Operating Partnership borrowed $5.0 million under the credit facility. The credit facility was scheduled to mature on May 13, 2016; however, the Operating Partnership repaid all amounts due under the credit facility with proceeds from a new credit facility and terminated the existing credit facility on February 20, 2015, as discussed below.
	New Credit Facility
	On February 20, 2015, the Operating Partnership, as borrower, and the Company as parent guarantor, agreed to a new $200.0 million senior unsecured credit facility that includes a $150.0 million senior unsecured revolving credit facility and a $50.0 million senior unsecured term loan facility. The new credit facility replaced the existing $155.0 million senior secured revolving credit facility that was scheduled to mature on May 13, 2016. On February 20, 2015, the Operating Partnership borrowed $54.0 million under the revolving credit facility and $50.0 million under the term loan facility to repay in full all outstanding amounts due under the prior credit facility and to repay approximately $39.0 million of other indebtedness secured by the following properties in the Company’s portfolio: (i) Broad Creek Shopping Center, (ii) Commerce Street Retail, (iii) Dick’s at Town Center, (iv) Hanbury Village, (v) Studio 56 Retail and (vi) Tyre Neck Harris Teeter. The Company recognized a $0.2 million loss on extinguishment of debt representing the unamortized debt issuance costs associated with the $39.0 million of other indebtedness repaid on February 20, 2015.
	Depending on the Operating Partnership’s total leverage, the revolving credit facility bears interest at LIBOR plus 1.40% to 2.00% and the term loan facility bears interest at LIBOR plus 1.35% to 1.95%. As of March 31, 2015, the interest rate on the revolving credit facility and the term loan facility was 1.73% and 1.68%, respectively. The revolving credit facility has a scheduled maturity date of February 20, 2019, with a one-year extension option and the term loan facility has a scheduled maturity date of February 20, 2020. The Operating Partnership may, at any time, voluntarily prepay any loan under the new credit facility in whole or in part without premium or penalty.
	On March 31, 2015, the Operating Partnership borrowed $6.0 million under the revolving credit facility. As of March 31, 2015, the outstanding balance on the revolving credit facility was $60.0 million.
	During the three months ended March 31, 2015, the Company borrowed $10.5 million under its existing construction loans to fund new development and construction.
	Subsequent to March 31, 2015
	On April 7, 2015, the Operating Partnership borrowed $23.0 million under the revolving credit facility.

Derivative_Financial_Instrumen

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	6	Derivative Financial Instruments
	The Company may enter into interest rate derivative contracts to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. Derivative financial instruments are recognized at fair value and presented within other assets and liabilities in the condensed consolidated balance sheets. Gains and losses resulting from changes in the fair value of derivatives that are not designated or do not qualify as hedging instruments are recognized within other income (expense) in the condensed consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the effective portion of the gain or loss is reported as a component of other comprehensive income and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings.
	On February 20, 2015, the Operating Partnership entered into a $50.0 million floating-to-fixed interest rate swap attributable to one-month LIBOR indexed interest payments. The $50.0 million interest rate swap has a fixed rate of 2.00%, an effective date of March 1, 2016 and a maturity date of February 20, 2020. The Operating Partnership entered into this interest rate swap agreement in connection with the new $50.0 million senior unsecured term loan facility that bears interest at LIBOR plus 1.35% to 1.95%, depending on the Operating Partnership’s total leverage. The Company designated this interest rate swap as a cash flow hedge of variable interest payments based on one-month LIBOR.
	The Company’s derivatives comprised the following as of March 31, 2015 and December 31, 2014 (in thousands):
			March 31, 2015								December 31, 2014
			(Unaudited)
			Notional			Fair Value					Notional		Fair Value
			Amount								Amount
						Asset		Liability					Asset		Liability
	Interest rate swaps		$	50,680		$	—	$	(798	)	$	685	$	—	$	(11	)
	Interest rate caps			180,373			114		—			180,434		260		—
	Total		$	231,053		$	114	$	(798	)	$	181,119	$	260	$	(11	)
	The changes in the fair value of the Company’s derivatives during the three months ended March 31, 2015 and 2014 comprised the following (in thousands):
			Three Months Ended
			March 31,
			2015			2014
			(Unaudited)
	Interest rate swaps		$	(787	)	$	2
	Interest rate caps			(146	)		91
	Total		$	(933	)	$	93
	Comprehensive Income Statement Presentation:
	Other (loss) income		$	(147	)	$	93
	Unrealized loss on cash flow hedge			(786	)		—
	Total		$	(933	)	$	93

Equity

Equity	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Equity	7	Equity
	Stockholders’ Equity
	As of March 31, 2015 and December 31, 2014, the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 25.1 million and 25.0 million shares of common stock issued and outstanding as of March 31, 2015 and December 31, 2014, respectively. No shares of preferred stock were issued and outstanding as of March 31, 2015 or December 31, 2014.
	Noncontrolling Interests
	As of both March 31, 2015 and December 31, 2014, the Company held a 62.9% interest in the Operating Partnership. 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 limited partnership interest in the Operating Partnership (“OP Units”) not held by the Company.
	Common Stock Dividends and OP Unit Distributions
	On January 8, 2015, the Company paid cash dividends of $4.0 million to common stockholders and the Operating Partnership paid cash distributions of $2.4 million to holders of OP Units.
	On January 28, 2015, the Board of Directors declared a cash dividend of $0.17 per share to stockholders of record on April 1, 2015.
	Subsequent to March 31, 2015
	On April 8, 2015, the Company issued 415,500 shares of common stock as partial consideration for the acquisition of Perry Hall Marketplace.
	On April 9, 2015, the Company paid cash dividends of $4.3 million to common stockholders and the Operating Partnership paid cash distributions of $2.5 million to holders of OP Units.

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	8	Stock-Based Compensation
	During the three months ended March 31, 2015, the Company granted 75,800 shares of restricted stock to employees and nonemployee directors with a weighted average grant date fair value of $10.97 per share. Employee restricted stock awards generally vest over a period of two years: one-third immediately on the grant date and the remaining two-thirds in equal amounts on the first two anniversaries following the grant date, subject to continued service to the Company. Nonemployee director restricted stock awards vest either immediately upon grant or over a period of one year, subject to continued service to the Company.
	During both the three months ended March 31, 2015 and 2014, the Company recognized $0.6 million of stock-based compensation. As of March 31, 2015, there were 159,467 nonvested restricted shares outstanding; the total unrecognized compensation related to nonvested restricted shares was $0.7 million, most of which the Company expects to recognize over the next 15 months.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2015
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 the Company’s financial instruments approximate their fair value. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swap and cap agreements. The Company measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques.
	In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.
	The fair value of the Company’s long term debt is sensitive to fluctuations in interest rates. Discounted cash flow analysis based on Level 2 inputs is generally used to estimate the fair value of the Company’s long term debt.
	Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments.
	The carrying amounts and fair values of the Company’s financial instruments, all of which are based on Level 2 inputs, as of March 31, 2015 and December 31, 2014 were as follows (in thousands):
			March 31, 2015				December 31, 2014
			Carrying		Fair		Carrying		Fair
			Value		Value		Value		Value
			(Unaudited)
	Indebtedness		$	363,730	$	373,618	$	359,229	$	366,095
	Interest rate swap liabilities			798		798		11		11
	Interest rate cap assets			114		114		260		260

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	10	Related Party Transactions
	The Company provides general contracting and real estate services to certain related party entities that are not included in these condensed consolidated financial statements. Revenue from construction contracts with related party entities of the Company was $1.5 million and $2.3 million for the three months ended March 31, 2015 and 2014, respectively. Operating margin from such contracts was less than $0.1 million and $0.1 million for the three months ended March 31, 2015 and 2014, respectively. Real estate services fees from affiliated entities of the Company were not significant for either the three months ended March 31, 2015 or 2014. In addition, affiliated entities also reimburse the Company for monthly maintenance and facilities management services provided to the properties. Cost reimbursements earned by the Company from affiliated entities were not significant for either the three months ended March 31, 2015 or 2014.
	On March 31, 2015, the Company acquired the option to purchase land in Virginia Beach, Virginia for future development from certain of its executives, officers and directors. As consideration for the land option, the Company reimbursed such executives, officers and directors $0.2 million for the real estate taxes and insurance costs they incurred with respect to this land. On March 31, 2015, the Company exercised the option on the land, which is presented as real estate held for development in the condensed consolidated balance sheet.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11	Commitments and Contingencies
	Legal Proceedings
	The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of its business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters.
	The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on its financial position or results of operations; however, litigation is subject to inherent uncertainties.
	Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant.
	Commitments
	The Company has a bonding line of credit for its general contracting construction business and is contingently liable under performance and payment bonds, bonds for cancellation of mechanics liens and defect bonds. Such bonds collectively totaled $199.4 million and $192.2 million as of March 31, 2015 and December 31, 2014, respectively.
	The Operating Partnership has entered into standby letters of credit using the available capacity under the credit facility. The letters of credit relate to the guarantee of future performance on certain of the Company’s construction contracts. Letters of credit generally are available for draw down in the event the Company does not perform. As of both March 31, 2015 and December 31, 2014, the Operating Partnership had total outstanding letters of credit of $8.5 million.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
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.
	In the opinion of management, the condensed consolidated 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 condensed consolidated 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 financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
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 condensed consolidated 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, 2014, among others.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“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.
	Current accounting guidance requires debt issuance costs to be presented in the balance sheet as an asset. On April 7, 2015, the FASB issued new guidance that requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount, rather than as an asset. The new guidance is effective for the Company on January 1, 2016 and will be applied on a retrospective basis. Management does not expect the adoption of the new guidance to have a material effect on the Company’s financial position or results of operations.

Segments_Tables

Segments (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Net Operating Income of Reportable Segments	Net operating income of the Company’s reportable segments for the three months ended March 31, 2015 and 2014 was as follows (in thousands):
		Three Months Ended
		March 31,
		2015			2014
		(Unaudited)
	Office real estate
	Rental revenues	$	7,703		$	6,549
	Rental expenses		1,754			1,587
	Real estate taxes		691			544
	Segment net operating income		5,258			4,418
	Retail real estate
	Rental revenues		6,625			5,770
	Rental expenses		1,399			1,322
	Real estate taxes		566			503
	Segment net operating income		4,660			3,945
	Multifamily residential real estate
	Rental revenues		3,862			2,874
	Rental expenses		1,607			1,067
	Real estate taxes		400			296
	Segment net operating income		1,855			1,511
	General contracting and real estate services
	Segment revenues		29,071			19,234
	Segment expenses		28,142			17,985
	Segment net operating income		929			1,249
	Net operating income	$	12,702		$	11,123
Reconciliation of Net Operating Income to Net Income	The following table reconciles net operating income to net income for the three months ended March 31, 2015 and 2014 (in thousands):
		Three Months Ended
		March 31,
		2015			2014
		(Unaudited)
	Net operating income	$	12,702		$	11,123
	Depreciation and amortization		(4,908	)		(3,969	)
	General and administrative expenses		(2,328	)		(2,046	)
	Acquisition, development and other pursuit costs		(171	)		—
	Interest expense		(3,046	)		(2,565	)
	Loss on extinguishment of debt		(227	)		—
	Gain on real estate dispositions		6,197			—
	Other (loss) income		(132	)		112
	Income tax benefit (provision)		31			(149	)
	Net income	$	8,118		$	2,506

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivatives	The Company’s derivatives comprised the following as of March 31, 2015 and December 31, 2014 (in thousands):
		March 31, 2015								December 31, 2014
		(Unaudited)
		Notional			Fair Value					Notional		Fair Value
		Amount								Amount
					Asset		Liability					Asset		Liability
	Interest rate swaps	$	50,680		$	—	$	(798	)	$	685	$	—	$	(11	)
	Interest rate caps		180,373			114		—			180,434		260		—
	Total	$	231,053		$	114	$	(798	)	$	181,119	$	260	$	(11	)
	The changes in the fair value of the Company’s derivatives during the three months ended March 31, 2015 and 2014 comprised the following (in thousands):
		Three Months Ended
		March 31,
		2015			2014
		(Unaudited)
	Interest rate swaps	$	(787	)	$	2
	Interest rate caps		(146	)		91
	Total	$	(933	)	$	93
	Comprehensive Income Statement Presentation:
	Other (loss) income	$	(147	)	$	93
	Unrealized loss on cash flow hedge		(786	)		—
	Total	$	(933	)	$	93

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs	The carrying amounts and fair values of the Company’s financial instruments, all of which are based on Level 2 inputs, as of March 31, 2015 and December 31, 2014 were as follows (in thousands):
		March 31, 2015				December 31, 2014
		Carrying		Fair		Carrying		Fair
		Value		Value		Value		Value
		(Unaudited)
	Indebtedness	$	363,730	$	373,618	$	359,229	$	366,095
	Interest rate swap liabilities		798		798		11		11
	Interest rate cap assets		114		114		260		260

Segments_Net_Operating_Income_

Segments - Net Operating Income of Reportable Segments (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting Information [Line Items]
Rental revenues	$18,190	$15,193
Segment revenues	29,071	19,234
Rental expenses	4,760	3,976
Segment expenses	28,142	17,985
Real estate taxes	1,657	1,343
Net operating income	12,702	11,123
Office Real Estate [Member]
Segment Reporting Information [Line Items]
Rental revenues	7,703	6,549
Rental expenses	1,754	1,587
Real estate taxes	691	544
Net operating income	5,258	4,418
Retail Real Estate [Member]
Segment Reporting Information [Line Items]
Rental revenues	6,625	5,770
Rental expenses	1,399	1,322
Real estate taxes	566	503
Net operating income	4,660	3,945
Multifamily Residential Real Estate [Member]
Segment Reporting Information [Line Items]
Rental revenues	3,862	2,874
Rental expenses	1,607	1,067
Real estate taxes	400	296
Net operating income	1,855	1,511
General Contracting and Real Estate Services [Member]
Segment Reporting Information [Line Items]
Segment revenues	29,071	19,234
Segment expenses	28,142	17,985
Net operating income	$929	$1,249

Segments_Additional_Informatio

Segments - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting Information [Line Items]
General contracting and real estate services revenues	$29,071	$19,234
General contracting and real estate services expenses	28,142	17,985
Noncash stock compensation	379	329
General and Administrative Expenses [Member]
Segment Reporting Information [Line Items]
Noncash stock compensation	300	200
General Contracting and Real Estate Services [Member]
Segment Reporting Information [Line Items]
General contracting and real estate services revenues	29,071	19,234
General contracting and real estate services expenses	28,142	17,985
Noncash stock compensation	100	100
General Contracting and Real Estate Services [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
General contracting and real estate services revenues	8,500	18,700
General contracting and real estate services expenses	$8,400	$18,500

Segments_Reconciliation_of_Net

Segments - Reconciliation of Net Operating Income to Net Income (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting [Abstract]
Net operating income	$12,702	$11,123
Depreciation and amortization	-4,908	-3,969
General and administrative expenses	-2,328	-2,046
Acquisition, development and other pursuit costs	-171
Interest expense	-3,046	-2,565
Loss on extinguishment of debt	-227
Gain on real estate dispositions	6,197
Other (loss) income	-132	112
Income tax benefit (provision)	31	-149
Net income	$8,118	$2,506

Real_Estate_Investments_Additi

Real Estate Investments - Additional Information (Detail) (USD $)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Feb. 26, 2015	Jan. 05, 2015	Jan. 09, 2015	Feb. 13, 2015	Apr. 08, 2015
Real Estate Properties [Line Items]
Sale of office property	$15,224,000
Land held for development purchased	1,180,000
Whetstone Apartments [Member]
Real Estate Properties [Line Items]
Proceeds from sale of Whetstone Apartments		35,600,000
Sentara Williamsburg [Member]
Real Estate Properties [Line Items]
Sale of office property			15,400,000
Net proceeds after transaction costs and tax protection payments			15,200,000
Gain (Loss) on disposition of Virginia Natural Gas office property			6,200,000
Myrtle Beach [Member]
Real Estate Properties [Line Items]
Area of property acquired				57,000
Acquisition, cash consideration				8,700,000
Acquisition, assumption of debt				5,100,000
Oyster Point [Member]
Real Estate Properties [Line Items]
Sale of office property					6,500,000
Stone House Square And Mary Land And Perry Hall Market Place [Member]
Real Estate Properties [Line Items]
Acquisition date	8-Apr-15
Stone House Square And Mary Land And Perry Hall Market Place [Member] | Subsequent Event [Member]
Real Estate Properties [Line Items]
Acquisition, cash consideration						35,400,000
Net proceeds from sale of common stock (in shares)						415,500
Stone House Square And Mary Land And Perry Hall Market Place [Member] | Subsequent Event [Member] | Sentara Williamsburg [Member]
Real Estate Properties [Line Items]
Net proceeds after transaction costs and tax protection payments						15,200,000
Virginia Beach, VA [Member]
Real Estate Properties [Line Items]
Land held for development purchased	$1,200,000

Indebtedness_Additional_Inform

Indebtedness - Additional Information (Detail) (USD $)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Feb. 20, 2015	Mar. 31, 2015	Apr. 07, 2015	Jan. 23, 2015
Debt Instrument [Line Items]
Aggregate capacity under the credit facility		50,000,000
Loss on extinguishment of debt	-227,000
Minimum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		1.35%
Maximum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		1.95%
Revolving Credit Facility [Member] | New Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument maturity date	20-Feb-19
Revolving credit facility, extension option	1 year
Revolving Credit Facility [Member] | Minimum [Member] | New Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.40%
Revolving Credit Facility [Member] | Maximum [Member] | New Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	2.00%
Term Loan Facility [Member] | New Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument maturity date	20-Feb-20
Term Loan Facility [Member] | Minimum [Member] | New Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.35%
Term Loan Facility [Member] | Maximum [Member] | New Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.95%
Operating Partnership [Member] | New Credit Facility [Member]
Debt Instrument [Line Items]
Amount borrowed under credit facility		54,000,000	6,000,000
Repayment of term loan facility		50,000,000
Repayment of other indebtedness		39,000,000
Loss on extinguishment of debt		200,000
Credit facility, amount outstanding	60,000,000		60,000,000
Operating Partnership [Member] | Construction Loans [Member]
Debt Instrument [Line Items]
Amount borrowed under credit facility	10,500,000
Operating Partnership [Member] | Subsequent Event [Member] | New Credit Facility [Member]
Debt Instrument [Line Items]
Amount borrowed under credit facility				23,000,000
Operating Partnership [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amount borrowed under credit facility					5,000,000
Debt instrument maturity date	13-May-16
Credit facility termination date	20-Feb-15
Senior revolving credit facility, maximum borrowing capacity	155,000,000		155,000,000
Operating Partnership [Member] | Revolving Credit Facility [Member] | New Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate	1.73%		1.73%
Operating Partnership [Member] | Senior Unsecured Credit Facility [Member] | New Credit Facility [Member]
Debt Instrument [Line Items]
Senior revolving credit facility, maximum borrowing capacity		200,000,000
Operating Partnership [Member] | Senior Unsecured Revolving Credit Facility [Member] | New Credit Facility [Member]
Debt Instrument [Line Items]
Senior revolving credit facility, maximum borrowing capacity		150,000,000
Operating Partnership [Member] | Senior Unsecured Term Loan Facility [Member] | New Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate capacity under the credit facility		50,000,000
Operating Partnership [Member] | Term Loan Facility [Member] | New Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate	1.68%		1.68%

Derivative_Financial_Instrumen2

Derivative Financial Instruments - Additional Information (Detail) (USD $)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Feb. 20, 2015	Dec. 31, 2014
Derivative [Line Items]
Interest rate agreement, notional amount	231,053,000		$181,119,000
Senior unsecured term loan facility		50,000,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Interest rate agreement, notional amount	50,680,000		685,000
One Month Libor [Member] | Interest Rate Swaps [Member]
Derivative [Line Items]
Interest rate agreement, notional amount		50,000,000
Fixed rate interest rate swap		2.00%
Fixed rate interest rate swap, agreement date	20-Feb-15
Fixed rate interest rate swap, Maturity date	20-Feb-20
Fixed rate interest rate swap, Effective date	1-Mar-16
LIBOR [Member] | Minimum [Member]
Derivative [Line Items]
Senior unsecured term loan facility interest rate		1.35%
LIBOR [Member] | Maximum [Member]
Derivative [Line Items]
Senior unsecured term loan facility interest rate		1.95%

Derivative_Financial_Instrumen3

Derivative Financial Instruments - Schedule of Derivatives (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Derivative [Line Items]
Notional Amount	$231,053,000		$181,119,000
Fair Value Asset	114,000		260,000
Fair Value Liability	-798,000		-11,000
Changes in fair value of derivatives	-147,000	93,000
Changes in fair value of derivatives	-933,000	93,000
Changes in fair value of derivatives	-933,000	93,000
Unrealized Loss on Cash Flow Hedge [Member]
Derivative [Line Items]
Changes in fair value of derivatives	-786,000
Other (Loss) Income [Member]
Derivative [Line Items]
Changes in fair value of derivatives	-147,000	93,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Notional Amount	50,680,000		685,000
Fair Value Liability	-798,000		-11,000
Changes in fair value of derivatives	-787,000	2,000
Interest Rate Caps [Member]
Derivative [Line Items]
Notional Amount	180,373,000		180,434,000
Fair Value Asset	114,000		260,000
Changes in fair value of derivatives	($146,000)	$91,000

Equity_Additional_Information_

Equity - Additional Information (Detail) (USD $)	3 Months Ended		0 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Jan. 08, 2015	Jan. 28, 2015	Apr. 09, 2015	Apr. 08, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Authorized capital shares of common stock	500,000,000						500,000,000
Authorized capital shares of preferred stock	100,000,000						100,000,000
Shares of common stock issued	25,084,139						25,022,701
Shares of common stock outstanding	25,084,139						25,022,701
Preferred stock issued	0						0
Preferred stock outstanding	0						0
Percentage of Operating Partnership held	62.90%						62.90%
Aggregate cash dividends and distributions, paid	$6,368	$5,155
Cash dividend per share, declared	$0.17	$0.16
Common Stockholders [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid			4,000
Common Unitholders [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid			2,400
Dividend Declared [Member]
Class of Stock [Line Items]
Cash dividend per share, declared				$0.17
Cash dividend, date of record	1-Apr-15
Subsequent Event [Member] | Common Stockholders [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid					4,300
Subsequent Event [Member] | Common Unitholders [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid					$2,500
Subsequent Event [Member] | Perry Hall Marketplace [Member]
Class of Stock [Line Items]
Acquisition, common stock issued						415,500

StockBased_Compensation_Additi

Stock-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$600,000	$600,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	75,800
Restricted stock granted, grant date fair value	$10.97
Restricted stock award, vesting period	2 years
Restricted stock award, percentage vested on grant date	33.33%
Restricted stock award vest grant over period	1 year
Unrecognized compensation cost	$700,000
Nonvested restricted shares outstanding	159,467
Unrecognized compensation cost, recognition period	15 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 $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indebtedness	$363,730	$359,229
Carrying Value [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indebtedness	363,730	359,229
Interest rate swap liabilities	798	11
Interest rate cap assets	114	260
Fair Value [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indebtedness	373,618	366,095
Interest rate swap liabilities	798	11
Interest rate cap assets	$114	$260

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (USD $)	0 Months Ended	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2015	Mar. 31, 2014
Related Party Transaction [Line Items]
Revenue from contracts with affiliated entities		$1,500,000	$2,300,000
Operating Margin			100,000
Reimbursed real estate taxes and insurance costs	200,000
Maximum [Member]
Related Party Transaction [Line Items]
Operating Margin		$100,000

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Loss Contingencies [Line Items]
Line of credit, performance and payment bonds	$199.40	$192.20
Operating Partnership [Member]
Loss Contingencies [Line Items]
Outstanding letters of credit	$8.50	$8.50