Armada Hoffler Properties (AHH) 10-Q 5 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	AHH
Entity Registrant Name	ARMADA HOFFLER PROPERTIES, INC.
Entity Central Index Key	1,569,187
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		25,875,009

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real estate investments:
Income producing property	$ 599,339	$ 513,918
Held for development	1,180
Construction in progress	24,169	81,082
Gross real estate investments	624,688	595,000
Accumulated depreciation	(124,975)	(116,099)
Net real estate investments	499,713	478,901
Real estate investments held for sale		8,538
Cash and cash equivalents	27,356	25,883
Restricted cash	3,090	4,224
Accounts receivable, net	21,412	20,548
Construction receivables, including retentions	39,603	19,432
Construction contract costs and estimated earnings in excess of billings	53	272
Other assets	41,829	33,108
Total Assets	633,056	590,906
LIABILITIES AND EQUITY
Indebtedness	386,871	359,229
Accounts payable and accrued liabilities	4,606	8,358
Construction payables, including retentions	42,700	42,399
Billings in excess of construction contract costs and estimated earnings	1,683	1,053
Other liabilities	22,833	17,961
Total Liabilities	458,693	429,000
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized, 25,855,220 and 25,022,701 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	258	250
Additional paid-in capital	59,831	51,472
Distributions in excess of earnings	(51,447)	(54,413)
Accumulated other comprehensive loss	(344)
Total stockholders' equity (deficit)	8,298	(2,691)
Noncontrolling interests	166,065	164,597
Total Equity	174,363	161,906
Total Liabilities and Equity	$ 633,056	$ 590,906

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	25,855,220	25,022,701
Common stock, shares outstanding	25,855,220	25,022,701

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Rental revenues	$ 19,908	$ 15,319	$ 38,098	$ 30,512
General contracting and real estate services revenues	47,066	20,495	76,137	39,729
Total revenues	66,974	35,814	114,235	70,241
Expenses
Rental expenses	4,631	3,840	9,391	7,816
Real estate taxes	1,959	1,408	3,616	2,751
General contracting and real estate services expenses	45,283	19,354	73,425	37,339
Depreciation and amortization	5,766	4,057	10,674	8,026
General and administrative expenses	2,096	1,981	4,424	4,027
Acquisition, development and other pursuit costs	591		762
Impairment charges	23		23
Total expenses	60,349	30,640	102,315	59,959
Operating income	6,625	5,174	11,920	10,282
Interest expense	(3,358)	(2,678)	(6,404)	(5,243)
Loss on extinguishment of debt	(180)		(407)
Gain on real estate dispositions	7,210		13,407
Other income (loss)	(16)	(194)	(148)	(82)
Income before taxes	10,281	2,302	18,368	4,957
Income tax benefit (provision)	4	(29)	35	(178)
Net income	10,285	2,273	18,403	4,779
Net income attributable to noncontrolling interests	(3,764)	(948)	(6,777)	(1,989)
Net income attributable to stockholders	$ 6,521	$ 1,325	$ 11,626	$ 2,790
Net income per share and unit:
Basic and diluted	$ 0.25	$ 0.07	$ 0.46	$ 0.15
Weighted average outstanding:
Common shares	25,587	19,250	25,316	19,222
Operating partnership units	14,769	13,785	14,772	13,709
Basic and diluted	40,356	33,035	40,088	32,931
Dividends declared per common share and unit	$ 0.17	$ 0.16	$ 0.34	$ 0.32
Comprehensive income:
Net income	$ 10,285	$ 2,273	$ 18,403	$ 4,779
Unrealized gain (loss) on cash flow hedge	238		(548)
Comprehensive income	10,523	2,273	17,855	4,779
Comprehensive income attributable to noncontrolling interests	(3,851)	(948)	(6,573)	(1,989)
Comprehensive income attributable to stockholders	$ 6,672	$ 1,325	$ 11,282	$ 2,790

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Distributions in Excess of Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Total Stockholders' Equity (Deficit) [Member]	Noncontrolling Interests [Member]
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
Net income	$ 18,403			11,626		11,626	6,777
Unrealized loss on cash flow hedge	(548)				$ (344)	(344)	(204)
Acquisitions of real estate investments in exchange for common stock	4,433	$ 4	4,429			4,433
Acquisitions of real estate investments in exchange for common stock (in shares)		415,500
Net proceeds from sales of common stock	3,393	$ 3	3,390			3,393
Net proceeds from sales of common stock (in shares)		342,658
Restricted stock awards	537	$ 1	536			537
Restricted stock awards (in shares)		74,361
Redemption of operating partnership units	(79)		4			4	(83)
Dividends and distributions declared	(13,682)			(8,660)		(8,660)
Dividends and distributions declared							(5,022)
Ending balance at Jun. 30, 2015	$ 174,363	$ 258	$ 59,831	$ (51,447)	$ (344)	$ 8,298	$ 166,065
Ending balance, shares at Jun. 30, 2015	25,855,220	25,855,220

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
OPERATING ACTIVITIES
Net income	$ 18,403	$ 4,779
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	8,950	6,796
Amortization of leasing costs and in-place lease intangibles	1,724	1,230
Accrued straight-line rental revenue	(1,349)	(850)
Amortization of leasing incentives and above or below-market rents	394	317
Accrued straight-line ground rent expense	158	159
Bad debt expense	72	11
Noncash stock compensation	582	522
Impairment charges	23
Noncash interest expense	558	293
Loss on extinguishment of debt	407
Gain on real estate dispositions	(13,407)
Change in the fair value of derivatives	187	169
Changes in operating assets and liabilities, net of acquisitions:
Property assets	(2,067)	(1,792)
Property liabilities	810	(1,056)
Construction assets	(20,040)	(206)
Construction liabilities	9,900	(1,375)
Net cash provided by operating activities	5,305	8,997
INVESTING ACTIVITIES
Development of real estate investments	(31,050)	(47,709)
Tenant and building improvements	(2,471)	(3,680)
Acquisitions of real estate investments, net of cash acquired	(35,372)	(2,895)
Dispositions of real estate investments	50,613
Decrease (increase) in restricted cash	1,179	(777)
Leasing costs	(1,508)	(874)
Leasing incentives	(1,563)	(63)
Net cash used for investing activities	(20,172)	(55,998)
FINANCING ACTIVITIES
Proceeds from sales of common stock	3,596
Offering costs	(203)	(243)
Debt issuances, credit facility and construction loan borrowings	173,994	56,687
Debt and credit facility payments, including principal amortization	(146,378)	(1,578)
Debt issuance costs	(1,446)	(35)
Redemption of operating partnership units	(79)
Dividends and distributions	(13,144)	(10,441)
Net cash provided by financing activities	16,340	44,390
Net increase (decrease) in cash and cash equivalents	1,473	(2,611)
Cash and cash equivalents, beginning of period	25,883	18,882
Cash and cash equivalents, end of period	$ 27,356	$ 16,271

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [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. 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 and certain related formation transactions on May 13, 2013. As of June 30, 2015, the Company owned 100% of the interests in each of the following properties in its operating property portfolio: Property Segment Location 4525 Main Street Office Virginia Beach, Virginia* Armada Hoffler Tower Office Virginia Beach, Virginia* Commonwealth of Virginia – Chesapeake Office Chesapeake, Virginia Commonwealth of Virginia – Virginia Beach Office Virginia Beach, Virginia 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 Perry Hall Marketplace Retail Perry Hall, Maryland Sandbridge Commons Retail Virginia Beach, Virginia South Retail Retail Virginia Beach, Virginia* Stone House Square Retail Hagerstown, Maryland 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* * Located in the Town Center of Virginia Beach As of June 30, 2015, the following properties were under development or construction: Property Segment Location Lightfoot Marketplace Retail Williamsburg, Virginia Johns Hopkins Village Multifamily Baltimore, Maryland The Company owns a 60% controlling financial interest in Lightfoot Marketplace. Subject to the occurrence of certain events, the Company’s ownership interest in Lightfoot Marketplace may increase to 70%. The Company owns an 80% controlling financial interest in Johns Hopkins Village. The noncontrolling interest holder of Johns Hopkins Village has the right to exchange its 20% ownership interest for common units of limited partnership interest in the Operating Partnership (“OP Units”) upon and for a period of one year after the project’s completion.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The condensed 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 On May 28, 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 on January 1, 2018. 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. On February 18, 2015, the FASB issued new consolidation guidance that changes: (i) the identification of variable interests, (ii) the variable interest entity (“VIE”) characteristics for a limited partnership or similar entity and (iii) primary beneficiary determination. The amended guidance also eliminates the presumption that a general partner controls a limited partnership. The amended guidance will be effective for the Company on January 1, 2016. Management is currently evaluating the potential impact of the new guidance 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 will be 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2015 and 2014 was as follows (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 (Unaudited) Office real estate Rental revenues $ 8,052 $ 6,519 $ 15,755 $ 13,068 Rental expenses 1,704 1,427 3,458 3,014 Real estate taxes 803 544 1,494 1,088 Segment net operating income 5,545 4,548 10,803 8,966 Retail real estate Rental revenues 7,567 5,703 14,192 11,473 Rental expenses 1,346 1,187 2,745 2,509 Real estate taxes 704 503 1,270 1,006 Segment net operating income 5,517 4,013 10,177 7,958 Multifamily residential real estate Rental revenues 4,289 3,097 8,151 5,971 Rental expenses 1,581 1,226 3,188 2,293 Real estate taxes 452 361 852 657 Segment net operating income 2,256 1,510 4,111 3,021 General contracting and real estate services Segment revenues 47,066 20,495 76,137 39,729 Segment expenses 45,283 19,354 73,425 37,339 Segment net operating income 1,783 1,141 2,712 2,390 Net operating income $ 15,101 $ 11,212 $ 27,803 $ 22,335 General contracting and real estate services revenues for the three and six months ended June 30, 2015 exclude revenue related to intercompany construction contracts of $8.0 million and $16.5 million, respectively. General contracting and real estate services expenses for the three and six months ended June 30, 2015 exclude expenses related to intercompany construction contracts of $8.0 million and $16.4 million, respectively. General contracting and real estate services expenses for the three months ended June 30, 2015 include noncash stock compensation expense of less than $0.1 million. General contracting and real estate services expenses for the six months ended June 30, 2015 include noncash stock compensation expense of $0.1 million. General contracting and real estate services revenues for the three and six months ended June 30, 2014 exclude revenue from intercompany construction contracts of $25.9 million and $44.6 million, respectively. General contracting and real estate services expenses for the three and six months ended June 30, 2014 exclude expenses for intercompany construction contracts of $25.5 million and $44.0 million, respectively. General contracting and real estate services expenses for the three and six months ended June 30, 2014 include noncash stock compensation expense of $0.1 million and $0.2 million, respectively. The following table reconciles net operating income to net income for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 (Unaudited) Net operating income $ 15,101 $ 11,212 $ 27,803 $ 22,335 Depreciation and amortization (5,766 ) (4,057 ) (10,674 ) (8,026 ) General and administrative expenses (2,096 ) (1,981 ) (4,424 ) (4,027 ) Acquisition, development and other pursuit costs (591 ) — (762 ) — Impairment charges (23 ) — (23 ) — Interest expense (3,358 ) (2,678 ) (6,404 ) (5,243 ) Loss on extinguishment of debt (180 ) — (407 ) — Gain on real estate dispositions 7,210 — 13,407 — Other income (loss) (16 ) (194 ) (148 ) (82 ) Income tax benefit (provision) 4 (29 ) 35 (178 ) Net income $ 10,285 $ 2,273 $ 18,403 $ 4,779 General and administrative expenses for the three and six months ended June 30, 2015 include noncash stock compensation expense of $0.2 million and $0.4 million, respectively. General and administrative expenses for the three and six months ended June 30, 2014 include noncash stock compensation expense of $0.1 million and $0.3 million, respectively.

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Real Estate Investments	4. Real Estate Investments On March 31, 2015, the Company purchased land held for development in the Town Center of Virginia Beach, Virginia for $1.2 million. Operating Property Acquisitions In connection with operating property acquisitions, the Company identifies and recognizes all assets acquired and liabilities assumed at their estimated fair values as of the acquisition date. The purchase price allocations to tangible assets, such as land, site improvements and buildings and improvements are presented within income producing property in the condensed consolidated balance sheet and depreciated over their estimated useful lives. Acquired lease intangibles are presented within other assets and liabilities in the condensed consolidated balance sheet and amortized over their respective lease terms. The Company expenses all costs incurred related to operating property acquisitions. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach. The approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of the structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time. The value of current leases relative to market-rate leases is based on market rents obtained for market comparables. Given the significance of unobservable inputs used in the valuation of acquired real estate assets, the Company classifies them as Level 3 inputs in the fair value hierarchy. 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 for both retail properties was $39.8 million, which was comprised of $35.4 million of cash and 415,500 shares of common stock. The following table summarizes the acquisition date estimated fair values of the assets acquired and liabilities assumed during the six months ended June 30, 2015 (in thousands): Land $ 9,600 Site improvements 2,290 Building and improvements 22,376 In-place leases 6,810 Above-market leases 1,710 Below-market leases (2,980 ) Net assets acquired $ 39,806 The following table summarizes the consolidated results of operations of the Company on a pro forma basis, as if each of these properties had been acquired on January 1, 2014 (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 (Unaudited) Rental revenues $ 19,971 $ 16,146 $ 39,031 $ 32,183 Net income 10,704 2,351 18,949 4,418 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 each of these acquisitions had taken place on January 1, 2014. 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 income from the acquired properties for the period from the respective acquisition dates to June 30, 2015 included in the consolidated statement of comprehensive income was $0.8 million and $0.1 million, respectively. Real Estate Dispositions 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, which the Company used to acquire Stone House Square. The Company recognized a gain on the disposition of the Sentara Williamsburg office property of $6.2 million. On February 13, 2015, the Company agreed to the future sale of the Oyster Point office property for $6.5 million in cash. The Company intends to complete the sale on January 15, 2017. On May 20, 2015, the Company completed the sale of Whetstone Apartments for $35.6 million in cash. Net proceeds to the Company after transaction costs were $35.5 million. The Company recognized a gain on the disposition of Whetstone Apartments of $7.2 million. Subsequent to June 30, 2015 On July 1, 2015, the Company completed the acquisition of Socastee Commons, a 57,000 square foot retail center in Myrtle Beach, South Carolina. The total consideration for Socastee Commons was $8.7 million, including $3.7 million of net proceeds from the Whetstone Apartments sale and the assumption of debt with an outstanding principal balance of $5.0 million. On July 10, 2015, the Company acquired Columbus Village, a 65,000 square foot retail center in Virginia Beach, Virginia. In exchange for Columbus Village, the Company assumed debt with an aggregate outstanding principal balance of $8.8 million, issued 1,000,000 Class B common units of limited partnership interest in the Operating Partnership (“Class B Units”) and agreed to issue 275,000 Class C common units of limited partnership interest in the Operating Partnership (“Class C Units”) on January 10, 2017. Subject to the occurrence of certain events, the Class B Units and Class C Units will not earn or accrue distributions until July 10, 2017 and January 10, 2018, respectively. The Company is currently evaluating the accounting for these acquisitions and anticipates that the consideration transferred will primarily be allocated to the building, land and acquired lease intangibles.

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Indebtedness	5. Indebtedness Credit Facility On January 23, 2015, the Operating Partnership borrowed $5.0 million under its prior credit facility. This credit facility was scheduled to mature on May 13, 2016; however, the Operating Partnership repaid all amounts due under this credit facility with proceeds from a new credit facility and terminated the prior 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 June 30, 2015, the interest rates on the revolving credit facility and the term loan facility were 1.94% and 1.89%, respectively. The revolving credit facility has a scheduled maturity date of February 20, 2019, with a one-year extension option, subject to certain conditions, and the term loan facility has a scheduled maturity date of February 20, 2020. The Operating Partnership may, at any time, voluntarily prepay any loan under the new credit facility in whole or in part without premium or penalty. As of June 30, 2015, the outstanding balance on the revolving credit facility was $83.0 million. Other Financing Activity On May 20, 2015, the Company repaid the outstanding $17.8 million balance of the Whetstone Apartments construction loan and recognized a loss on extinguishment of debt of $0.1 million representing unamortized debt issuance costs. On May 27, 2015, the Company repaid the existing $24.4 million mortgage secured by Smith’s Landing and refinanced the property with a new $21.6 million loan that bears interest at 4.05% and matures on June 1, 2035. As a result of the refinancing, the Company recognized a $0.1 million loss on extinguishment of debt representing the unamortized debt issuance costs associated with the repaid mortgage. During the six months ended June 30, 2015, the Company borrowed $14.4 million under its existing construction loans to fund new development and construction. Subsequent to June 30, 2015 On July 1, 2015, the Company assumed debt with an outstanding principal balance of $5.0 million in connection with the acquisition of Socastee Commons. The mortgage bears interest at 4.57% and matures on January 6, 2023. On July 10, 2015, the Company assumed two loans with an aggregate outstanding principal balance of $8.8 million in connection with the acquisition of Columbus Village. Both loans bear interest at LIBOR plus 2.00% and mature on April 5, 2018. On July 30, 2015, the Company entered into a $50.0 million loan agreement to fund the development and construction of Johns Hopkins Village. The construction loan bears interest at LIBOR plus 1.90% and matures on July 30, 2018. During the month ended July 31, 2015, the Operating Partnership borrowed $11.0 million under the revolving credit facility. As of July 31, 2015, the outstanding balance on the revolving credit facility was $94.0 million.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 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 neither designated nor 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 were comprised of the following as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 (Unaudited) Notional Fair Value Notional Fair Value Asset Liability Asset Liability Interest rate swaps $ 50,675 $ — $ (559 ) $ 685 $ — $ (11 ) Interest rate caps 171,546 73 — 180,434 260 — Total $ 222,221 $ 73 $ (559 ) $ 181,119 $ 260 $ (11 ) The changes in the fair value of the Company’s derivatives during the three and six months ended June 30, 2015 and 2014 were comprised of the following (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 (Unaudited) Interest rate swaps $ 239 $ (1 ) $ (548 ) $ 1 Interest rate caps (41 ) (261 ) (187 ) (170 ) Total $ 198 $ (262 ) $ (735 ) $ (169 ) Comprehensive income statement presentation: Other income (loss) $ (40 ) $ (262 ) $ (187 ) $ (169 ) Unrealized gain (loss) on cash flow hedge 238 — (548 ) — Total $ 198 $ (262 ) $ (735 ) $ (169 ) Subsequent to June 30, 2015 On July 13, 2015, the Operating Partnership entered into a $6.5 million floating-to-fixed interest rate swap attributable to one-month LIBOR indexed interest payments. The $6.5 million interest rate swap has a fixed rate of 3.05%, an effective date of July 13, 2015 and a maturity date of April 5, 2018. The Company designated this interest rate swap as a cash flow hedge of variable interest payments based on one-month LIBOR.

Equity

Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Equity	7. Equity Stockholders’ Equity On April 8, 2015, the Company issued 415,500 shares of common stock in a private placement as partial consideration for the acquisition of Perry Hall Marketplace. On May 5, 2015, the Company commenced an at-the-market continuous equity program through which the Company may, from time to time, issue and sell shares of its common stock having an aggregate offering price of up to $50.0 million. During the three and six months ended June 30, 2015, the Company issued and sold an aggregate of 342,658 shares of common stock for a weighted average price of $10.49 per share. Net proceeds to the Company after offering costs and commissions were $3.4 million. As of June 30, 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 25.9 million and 25.0 million shares of common stock issued and outstanding as of June 30, 2015 and December 31, 2014, respectively. No shares of preferred stock were issued and outstanding as of June 30, 2015 or December 31, 2014. Noncontrolling Interests As of June 30, 2015 and December 31, 2014, the Company held a 63.7% and 62.9% interest in the Operating Partnership, respectively. As the sole general partner and the majority interest holder, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Company represent OP Units not held by the Company. 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 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. On May 8, 2015, the Board of Directors declared a cash dividend of $0.17 per share to stockholders of record on July 1, 2015. Subsequent to June 30, 2015 On July 9, 2015, the Company paid cash dividends of $4.4 million to common stockholders and the Operating Partnership paid cash distributions of $2.5 million to holders of OP Units. As partial consideration for Columbus Village, the Operating Partnership issued 1,000,000 Class B Units on July 10, 2015 and agreed to issue 275,000 Class C Units on January 10, 2017. Subject to the occurrence of certain events, the Class B Units and Class C Units will not earn or accrue distributions until July 10, 2017 and January 10, 2018, respectively.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	8. Stock-Based Compensation During the six months ended June 30, 2015, the Company granted an aggregate of 101,702 shares of restricted stock to employees and nonemployee directors with a weighted average grant date fair value of $10.87 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 the three and six months ended June 30, 2015, the Company recognized $0.3 million and $0.8 million of stock-based compensation, respectively. During the three and six months ended June 30, 2014, the Company recognized $0.3 million and $0.9 million of stock-based compensation, respectively. As of June 30, 2015, there were 104,438 nonvested restricted shares outstanding; the total unrecognized compensation related to nonvested restricted shares was $0.5 million, which the Company expects to recognize over the next 21 months.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 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—quoted prices in active markets for identical assets or liabilities Level 2—observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3—unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair value. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and caps. The Company measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The fair value of the Company’s 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 June 30, 2015 and December 31, 2014 were as follows (in thousands): June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair (Unaudited) Indebtedness $ 386,871 $ 393,637 $ 359,229 $ 366,095 Interest rate swap liabilities 559 559 11 11 Interest rate cap assets 73 73 260 260

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 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 $2.5 million and $4.0 million for the three and six months ended June 30, 2015, respectively. Gross profit from such contracts was $0.1 million and $0.2 million for the three and six months ended June 30, 2015, respectively. Revenue from construction contracts with related party entities of the Company was $1.6 million and $3.9 million for the three and six months ended June 30, 2014, respectively. Gross profit from such contracts was $0.1 million and $0.2 million for the three and six months ended June 30, 2014, respectively. Real estate services fees from affiliated entities of the Company were not significant for either the three or six months ended June 30, 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 or six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 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 the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant. Commitments The Company has a bonding line of credit for its general contracting construction business and is contingently liable under performance and payment bonds, bonds for cancellation of mechanics liens and defect bonds. Such bonds collectively totaled $197.6 million and $192.2 million as of June 30, 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 June 30, 2015 and December 31, 2014, the Operating Partnership had total outstanding letters of credit of $8.0 million and $8.5 million, respectively.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The condensed 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 On May 28, 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 on January 1, 2018. 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. On February 18, 2015, the FASB issued new consolidation guidance that changes: (i) the identification of variable interests, (ii) the variable interest entity (“VIE”) characteristics for a limited partnership or similar entity and (iii) primary beneficiary determination. The amended guidance also eliminates the presumption that a general partner controls a limited partnership. The amended guidance will be effective for the Company on January 1, 2016. Management is currently evaluating the potential impact of the new guidance 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 will be 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.
Operating Property Acquisitions	Operating Property Acquisitions In connection with operating property acquisitions, the Company identifies and recognizes all assets acquired and liabilities assumed at their estimated fair values as of the acquisition date. The purchase price allocations to tangible assets, such as land, site improvements and buildings and improvements are presented within income producing property in the condensed consolidated balance sheet and depreciated over their estimated useful lives. Acquired lease intangibles are presented within other assets and liabilities in the condensed consolidated balance sheet and amortized over their respective lease terms. The Company expenses all costs incurred related to operating property acquisitions. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach. The approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of the structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time. The value of current leases relative to market-rate leases is based on market rents obtained for market comparables. Given the significance of unobservable inputs used in the valuation of acquired real estate assets, the Company classifies them as Level 3 inputs in the fair value hierarchy.

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Net Operating Income of Reportable Segments	Net operating income of the Company’s reportable segments for the three and six months ended June 30, 2015 and 2014 was as follows (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 (Unaudited) Office real estate Rental revenues $ 8,052 $ 6,519 $ 15,755 $ 13,068 Rental expenses 1,704 1,427 3,458 3,014 Real estate taxes 803 544 1,494 1,088 Segment net operating income 5,545 4,548 10,803 8,966 Retail real estate Rental revenues 7,567 5,703 14,192 11,473 Rental expenses 1,346 1,187 2,745 2,509 Real estate taxes 704 503 1,270 1,006 Segment net operating income 5,517 4,013 10,177 7,958 Multifamily residential real estate Rental revenues 4,289 3,097 8,151 5,971 Rental expenses 1,581 1,226 3,188 2,293 Real estate taxes 452 361 852 657 Segment net operating income 2,256 1,510 4,111 3,021 General contracting and real estate services Segment revenues 47,066 20,495 76,137 39,729 Segment expenses 45,283 19,354 73,425 37,339 Segment net operating income 1,783 1,141 2,712 2,390 Net operating income $ 15,101 $ 11,212 $ 27,803 $ 22,335
Reconciliation of Net Operating Income to Net Income	The following table reconciles net operating income to net income for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 (Unaudited) Net operating income $ 15,101 $ 11,212 $ 27,803 $ 22,335 Depreciation and amortization (5,766 ) (4,057 ) (10,674 ) (8,026 ) General and administrative expenses (2,096 ) (1,981 ) (4,424 ) (4,027 ) Acquisition, development and other pursuit costs (591 ) — (762 ) — Impairment charges (23 ) — (23 ) — Interest expense (3,358 ) (2,678 ) (6,404 ) (5,243 ) Loss on extinguishment of debt (180 ) — (407 ) — Gain on real estate dispositions 7,210 — 13,407 — Other income (loss) (16 ) (194 ) (148 ) (82 ) Income tax benefit (provision) 4 (29 ) 35 (178 ) Net income $ 10,285 $ 2,273 $ 18,403 $ 4,779

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Summary of Consolidated and Combined Results of Operations on Pro Forma Basis	The following table summarizes the consolidated results of operations of the Company on a pro forma basis, as if each of these properties had been acquired on January 1, 2014 (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 (Unaudited) Rental revenues $ 19,971 $ 16,146 $ 39,031 $ 32,183 Net income 10,704 2,351 18,949 4,418
Stone House Square And Mary Land And Perry Hall Market Place [Member]
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the acquisition date estimated fair values of the assets acquired and liabilities assumed during the six months ended June 30, 2015 (in thousands): Land $ 9,600 Site improvements 2,290 Building and improvements 22,376 In-place leases 6,810 Above-market leases 1,710 Below-market leases (2,980 ) Net assets acquired $ 39,806

Derivative Financial Instrume21

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivatives	The Company’s derivatives were comprised of the following as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 (Unaudited) Notional Fair Value Notional Fair Value Asset Liability Asset Liability Interest rate swaps $ 50,675 $ — $ (559 ) $ 685 $ — $ (11 ) Interest rate caps 171,546 73 — 180,434 260 — Total $ 222,221 $ 73 $ (559 ) $ 181,119 $ 260 $ (11 ) The changes in the fair value of the Company’s derivatives during the three and six months ended June 30, 2015 and 2014 were comprised of the following (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 (Unaudited) Interest rate swaps $ 239 $ (1 ) $ (548 ) $ 1 Interest rate caps (41 ) (261 ) (187 ) (170 ) Total $ 198 $ (262 ) $ (735 ) $ (169 ) Comprehensive income statement presentation: Other income (loss) $ (40 ) $ (262 ) $ (187 ) $ (169 ) Unrealized gain (loss) on cash flow hedge 238 — (548 ) — Total $ 198 $ (262 ) $ (735 ) $ (169 )

Fair Value of Financial Instr22

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2015 and December 31, 2014 were as follows (in thousands): June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair (Unaudited) Indebtedness $ 386,871 $ 393,637 $ 359,229 $ 366,095 Interest rate swap liabilities 559 559 11 11 Interest rate cap assets 73 73 260 260

Business and Organization - Add

Business and Organization - Additional Information (Detail)	Jun. 30, 2015
Real Estate Properties [Line Items]
Ownership interest percentage in properties	100.00%
Lightfoot Marketplace [Member]
Real Estate Properties [Line Items]
Ownership interest percentage in properties	60.00%
Increase in ownership interest due to certain events	70.00%
Johns Hopkins Village [Member]
Real Estate Properties [Line Items]
Ownership interest percentage in properties	80.00%
Noncontrolling interest ownership percentage in properties	20.00%

Segments - Net Operating Income

Segments - Net Operating Income of Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Rental revenues	$ 19,908	$ 15,319	$ 38,098	$ 30,512
Segment revenues	47,066	20,495	76,137	39,729
Rental expenses	4,631	3,840	9,391	7,816
Segment expenses	45,283	19,354	73,425	37,339
Real estate taxes	1,959	1,408	3,616	2,751
Net operating income	15,101	11,212	27,803	22,335
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net operating income	15,101	11,212	27,803	22,335
Operating Segments [Member] | Office Real Estate [Member]
Segment Reporting Information [Line Items]
Rental revenues	8,052	6,519	15,755	13,068
Rental expenses	1,704	1,427	3,458	3,014
Real estate taxes	803	544	1,494	1,088
Net operating income	5,545	4,548	10,803	8,966
Operating Segments [Member] | Retail Real Estate [Member]
Segment Reporting Information [Line Items]
Rental revenues	7,567	5,703	14,192	11,473
Rental expenses	1,346	1,187	2,745	2,509
Real estate taxes	704	503	1,270	1,006
Net operating income	5,517	4,013	10,177	7,958
Operating Segments [Member] | Multifamily Residential Real Estate [Member]
Segment Reporting Information [Line Items]
Rental revenues	4,289	3,097	8,151	5,971
Rental expenses	1,581	1,226	3,188	2,293
Real estate taxes	452	361	852	657
Net operating income	2,256	1,510	4,111	3,021
Operating Segments [Member] | General Contracting and Real Estate Services [Member]
Segment Reporting Information [Line Items]
Segment revenues	47,066	20,495	76,137	39,729
Segment expenses	45,283	19,354	73,425	37,339
Net operating income	$ 1,783	$ 1,141	$ 2,712	$ 2,390

Segments - Additional Informati

Segments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
General contracting and real estate services revenues	$ (47,066)	$ (20,495)	$ (76,137)	$ (39,729)
General contracting and real estate services expenses	(45,283)	(19,354)	(73,425)	(37,339)
Noncash stock compensation	300	300	800	900
General and Administrative Expenses [Member]
Segment Reporting Information [Line Items]
Noncash stock compensation	200	100	400	300
General Contracting and Real Estate Services [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
General contracting and real estate services revenues	(47,066)	(20,495)	(76,137)	(39,729)
General contracting and real estate services expenses	(45,283)	(19,354)	(73,425)	(37,339)
Noncash stock compensation	100	100	100	200
General Contracting and Real Estate Services [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
General contracting and real estate services revenues	8,000	25,900	16,500	44,600
General contracting and real estate services expenses	$ 8,000	$ 25,500	$ 16,400	$ 44,000

Segments - Reconciliation of Ne

Segments - Reconciliation of Net Operating Income to Net Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting [Abstract]
Net operating income	$ 15,101	$ 11,212	$ 27,803	$ 22,335
Depreciation and amortization	(5,766)	(4,057)	(10,674)	(8,026)
General and administrative expenses	(2,096)	(1,981)	(4,424)	(4,027)
Acquisition, development and other pursuit costs	(591)		(762)
Impairment charges	(23)		(23)
Interest expense	(3,358)	(2,678)	(6,404)	(5,243)
Loss on extinguishment of debt	(180)		(407)
Gain on real estate dispositions	7,210		13,407
Other income (loss)	(16)	(194)	(148)	(82)
Income tax benefit (provision)	4	(29)	35	(178)
Net income	$ 10,285	$ 2,273	$ 18,403	$ 4,779

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Detail) $ in Thousands	Jul. 10, 2015USD ($)ft²shares	Jul. 01, 2015USD ($)ft²	May. 20, 2015USD ($)	Apr. 08, 2015USD ($)shares	Feb. 13, 2015USD ($)	Jan. 05, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2015USD ($)
Real Estate Properties [Line Items]
Land held for development purchased							$ 1,180		$ 1,180
Rental revenues							19,908	$ 15,319	38,098	$ 30,512
Net income (loss)							6,521	$ 1,325	11,626	$ 2,790
Sale of office property									$ 50,613
Sentara Williamsburg [Member]
Real Estate Properties [Line Items]
Sale of office property						$ 15,400
Net proceeds after transaction costs						15,200
Gain (Loss) on disposition of real estate						$ 6,200
Whetstone Apartments [Member]
Real Estate Properties [Line Items]
Acquisition date									May 20, 2015
Net proceeds after transaction costs			$ 35,500
Proceeds from sale of Whetstone Apartments			35,600
Gain on disposition of Apartments			$ 7,200
Subsequent Event [Member] | Common Class B [Member]
Real Estate Properties [Line Items]
Acquisition, common units issued | shares	1,000,000
Oyster Point [Member]
Real Estate Properties [Line Items]
Sale of office property					$ 6,500
Virginia Beach, VA [Member]
Real Estate Properties [Line Items]
Land held for development purchased											$ 1,200
Stone House Square And Mary Land And Perry Hall Market Place [Member]
Real Estate Properties [Line Items]
Acquisition, total consideration				$ 39,800
Acquisition, cash consideration				$ 35,400
Acquisition, common units issued | shares				415,500
Acquisition date									Apr. 8, 2015
Rental revenues							800
Net income (loss)							$ 100
Socastee Commons Myrtle Beach [Member]
Real Estate Properties [Line Items]
Acquisition date									Jul. 1, 2015
Socastee Commons Myrtle Beach [Member] | Subsequent Event [Member]
Real Estate Properties [Line Items]
Acquisition, total consideration		$ 8,700
Area of property acquired | ft²		57,000
Acquisition, assumption of debt		$ 5,000
Socastee Commons Myrtle Beach [Member] | Subsequent Event [Member] | Whetstone Apartments [Member]
Real Estate Properties [Line Items]
Net proceeds after transaction costs and tax protection payments		$ 3,700
Columbus Village In Virginia Beach [Member]
Real Estate Properties [Line Items]
Acquisition date									Jul. 10, 2015
Columbus Village In Virginia Beach [Member] | Subsequent Event [Member]
Real Estate Properties [Line Items]
Area of property acquired | ft²	65,000
Acquisition, assumption of debt	$ 8,800
Columbus Village In Virginia Beach [Member] | Subsequent Event [Member] | Common Class B [Member]
Real Estate Properties [Line Items]
Acquisition, common units issued | shares	1,000,000
Columbus Village In Virginia Beach [Member] | Subsequent Event [Member] | Common Class C [Member]
Real Estate Properties [Line Items]
Acquisition, common units issued | shares	275,000

Real Estate Investments - Summa

Real Estate Investments - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - Stone House Square And Mary Land And Perry Hall Market Place [Member] $ in Thousands	Jun. 30, 2015USD ($)
Real Estate Properties [Line Items]
Land	$ 9,600
Site improvements	2,290
Building and improvements	22,376
In-place leases	6,810
Above-market leases	1,710
Below-market leases	(2,980)
Net assets acquired	$ 39,806

Real Estate Investments - Sum29

Real Estate Investments - Summary of Consolidated and Combined Results of Operations on Pro Forma Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Real Estate [Abstract]
Rental revenues	$ 19,971	$ 16,146	$ 39,031	$ 32,183
Net income	$ 10,704	$ 2,351	$ 18,949	$ 4,418

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail)	Jul. 30, 2015USD ($)	Jul. 10, 2015USD ($)Loans	May. 27, 2015USD ($)	May. 20, 2015USD ($)	Feb. 20, 2015USD ($)	Jan. 23, 2015USD ($)	Jul. 31, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Jul. 01, 2015USD ($)
Debt Instrument [Line Items]
Senior unsecured term loan facility					$ 50,000,000
Loss on extinguishment of debt								$ 180,000	$ 407,000
Socastee Commons Myrtle Beach [Member]
Debt Instrument [Line Items]
Debt instrument maturity date									Jan. 6, 2023
Columbus Village In Virginia Beach [Member]
Debt Instrument [Line Items]
Debt instrument maturity date									Apr. 5, 2018
Whetstone Apartments [Member]
Debt Instrument [Line Items]
Repayment of term loan facility				$ 17,800,000
Loss on extinguishment of debt				$ 100,000
Smith's Landing [Member]
Debt Instrument [Line Items]
Amount borrowed under credit facility			$ 21,600,000
Debt instrument maturity date									Jun. 1, 2035
Repayment of term loan facility			24,400,000
Loss on extinguishment of debt			$ 100,000
Smith's Landing [Member] | Collateralized Mortgage Obligations [Member]
Debt Instrument [Line Items]
Debt assumed, interest rate			4.05%
Johns Hopkins Village [Member]
Debt Instrument [Line Items]
Debt instrument maturity date									Jul. 30, 2018
Subsequent Event [Member] | Socastee Commons Myrtle Beach [Member]
Debt Instrument [Line Items]
Debt assumed, interest rate										4.57%
Outstanding principal amount of debt										$ 5,000,000
Subsequent Event [Member] | Columbus Village In Virginia Beach [Member]
Debt Instrument [Line Items]
Outstanding principal amount of debt		$ 8,800,000
Number of loans | Loans		2
Subsequent Event [Member] | Columbus Village In Virginia Beach [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		2.00%
Subsequent Event [Member] | Johns Hopkins Village [Member] | Construction Loans [Member]
Debt Instrument [Line Items]
Aggregate amount available under the construction loan	$ 50,000,000
Subsequent Event [Member] | Johns Hopkins Village [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	1.90%
Revolving Credit Facility [Member] | New Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument maturity date									Feb. 20, 2019
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%
Senior Unsecured Term Loan Facility [Member] | Minimum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.35%
Senior Unsecured Term Loan Facility [Member] | Maximum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					1.95%
Term Loan Facility [Member] | New Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument maturity date									Feb. 20, 2020
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]
Debt Instrument [Line Items]
Amount borrowed under loan agreements for construction									$ 14,400,000
Operating Partnership [Member] | New Credit Facility [Member]
Debt Instrument [Line Items]
Amount borrowed under credit facility					$ 54,000,000
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								83,000,000	$ 83,000,000
Operating Partnership [Member] | Prior Credit Facility [Member]
Debt Instrument [Line Items]
Amount borrowed under credit facility						$ 5,000,000
Debt instrument maturity date									May 13, 2016
Credit facility termination date									Feb. 20, 2015
Operating Partnership [Member] | Subsequent Event [Member] | New Credit Facility [Member]
Debt Instrument [Line Items]
Amount borrowed under credit facility							$ 11,000,000
Credit facility, amount outstanding							$ 94,000,000
Operating Partnership [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument maturity date									May 13, 2016
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								1.94%	1.94%
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]
Senior unsecured term loan facility					$ 50,000,000
Operating Partnership [Member] | Term Loan Facility [Member] | New Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate								1.89%	1.89%

Derivative Financial Instrume31

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	Jul. 13, 2015	Feb. 20, 2015	Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Notional Amount			$ 222,221,000	$ 181,119,000
Senior unsecured term loan facility		$ 50,000,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Notional Amount			$ 50,675,000	$ 685,000
One-month LIBOR [Member] | Interest Rate Swaps [Member]
Derivative [Line Items]
Notional Amount		$ 50,000,000
Fixed rate interest rate swap		2.00%
Fixed rate interest rate swap, agreement date			Feb. 20, 2015
Fixed rate interest rate swap, Maturity date			Feb. 20, 2020
Fixed rate interest rate swap, Effective date			Mar. 1, 2016
One-month LIBOR [Member] | Interest Rate Swaps [Member] | Subsequent Event [Member]
Derivative [Line Items]
Notional Amount	$ 6,500,000
Fixed rate interest rate swap	3.05%
Fixed rate interest rate swap, agreement date	Jul. 13, 2015
Fixed rate interest rate swap, Maturity date	Apr. 5, 2018
Fixed rate interest rate swap, Effective date	Jul. 13, 2015
LIBOR [Member] | Minimum [Member] | Senior Unsecured Term Loan Facility [Member]
Derivative [Line Items]
Senior unsecured term loan facility interest rate		1.35%
LIBOR [Member] | Maximum [Member] | Senior Unsecured Term Loan Facility [Member]
Derivative [Line Items]
Senior unsecured term loan facility interest rate		1.95%

Derivative Financial Instrume32

Derivative Financial Instruments - Schedule of Derivatives (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Derivative [Line Items]
Notional Amount	$ 222,221,000		$ 222,221,000		$ 181,119,000
Fair Value Asset	73,000		73,000		260,000
Fair Value Liability	(559,000)		(559,000)		(11,000)
Changes in fair value of derivatives			(187,000)	$ (169,000)
Total Changes in fair value of derivatives	198,000	$ (262,000)	(735,000)	(169,000)
Unrealized Gain (Loss) on Cash Flow Hedge [Member]
Derivative [Line Items]
Changes in fair value of derivatives	238,000		(548,000)
Other Income (Loss) [Member]
Derivative [Line Items]
Changes in fair value of derivatives	(40,000)	(262,000)	(187,000)	(169,000)
Interest Rate Swaps [Member]
Derivative [Line Items]
Notional Amount	50,675,000		50,675,000		685,000
Fair Value Liability	(559,000)		(559,000)		(11,000)
Changes in fair value of derivatives	239,000	(1,000)	(548,000)	1,000
Interest Rate Caps [Member]
Derivative [Line Items]
Notional Amount	171,546,000		171,546,000		180,434,000
Fair Value Asset	73,000		73,000		$ 260,000
Changes in fair value of derivatives	$ (41,000)	$ (261,000)	$ (187,000)	$ (170,000)

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($)	Jul. 10, 2015	Jul. 09, 2015	May. 08, 2015	May. 05, 2015	Apr. 09, 2015	Apr. 08, 2015	Jan. 08, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Class of Stock [Line Items]
Net proceeds after offering costs and commissions from sale of shares										$ 3,400,000
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								25,855,220		25,855,220		25,022,701
Shares of common stock outstanding								25,855,220		25,855,220		25,022,701
Preferred stock issued								0		0		0
Preferred stock outstanding								0		0		0
Percentage of Operating Partnership held								63.70%		63.70%		62.90%
Aggregate cash dividends and distributions, paid										$ 13,144,000	$ 10,441,000
Cash dividend per share, declared								$ 0.17	$ 0.16	$ 0.34	$ 0.32
Scenario, Forecast [Member] | Common Class C [Member]
Class of Stock [Line Items]
Acquisition, common stock issued										275,000
Subsequent Event [Member] | Common Class B [Member]
Class of Stock [Line Items]
Acquisition, common stock issued	1,000,000
Common Stock [Member]
Class of Stock [Line Items]
Number of shares issued and sold										342,658
Numbers shares issued and sold, weighted average price per share								$ 10.49		$ 10.49
Shares of common stock outstanding								25,855,220		25,855,220		25,022,701
Maximum [Member] | Common Stock [Member]
Class of Stock [Line Items]
Proceeds from issuance of common stock				$ 50,000,000
Private Placement [Member] | Perry Hall Marketplace [Member]
Class of Stock [Line Items]
Acquisition, common stock issued						415,500
Common Stockholders [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid					$ 4,300,000		$ 4,000,000
Common Stockholders [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid		$ 4,400,000
Common Unit Holders [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid					$ 2,500,000		$ 2,400,000
Common Unit Holders [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid		$ 2,500,000
Dividend Declared [Member]
Class of Stock [Line Items]
Cash dividend per share, declared			$ 0.17
Cash dividend, date of record										Jul. 1, 2015

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 300,000	$ 300,000	$ 800,000	$ 900,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted			101,702
Restricted stock granted, grant date fair value			$ 10.87
Restricted stock award, vesting period			2 years
Restricted stock award vest grant over period			1 year
Unrecognized compensation cost	$ 500,000		$ 500,000
Nonvested restricted shares outstanding	104,438		104,438
Unrecognized compensation cost, recognition period			21 months
Restricted Stock [Member] | Immediately on the Grant Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date			33.33%
Restricted Stock [Member] | First Anniversary following the Grant Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date			33.33%
Restricted Stock [Member] | Second Anniversary following the Grant Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date			33.33%

Fair Value of Financial Instr35

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indebtedness	$ 386,871	$ 359,229
Interest rate swap liabilities	559	11
Interest rate cap assets	73	260
Carrying Value [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indebtedness	386,871	359,229
Interest rate swap liabilities	559	11
Interest rate cap assets	73	260
Fair Value [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indebtedness	393,637	366,095
Interest rate swap liabilities	559	11
Interest rate cap assets	$ 73	$ 260

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - Affiliated Entities [Member] - USD ($) $ in Millions	Mar. 31, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Revenue from contracts with affiliated entities		$ 2.5	$ 1.6	$ 4	$ 3.9
Gross profit		$ 0.1	$ 0.1	$ 0.2	$ 0.2
Reimbursed real estate taxes and insurance costs	$ 0.2

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Loss Contingencies [Line Items]
Line of credit, performance and payment bonds	$ 197.6	$ 192.2
Operating Partnership [Member]
Loss Contingencies [Line Items]
Outstanding letters of credit	$ 8	$ 8.5