Armada Hoffler Properties (AHH) 10-Q 4 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 30, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	Armada Hoffler Properties, Inc.
Entity Central Index Key	1,569,187
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		31,310,075

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real estate investments:
Income producing property	$ 722,123	$ 579,000
Held for development	1,995	1,180
Construction in progress	62,365	53,411
Gross real estate investments	786,483	633,591
Accumulated depreciation	(121,920)	(125,380)
Net real estate investments	664,563	508,211
Real estate investments held for sale	2,731	40,232
Cash and cash equivalents	18,810	26,989
Restricted cash	3,695	2,824
Accounts receivable, net	13,360	21,982
Notes receivable	10,464	7,825
Construction receivables, including retentions	31,567	36,535
Construction contract costs and estimated earnings in excess of billings	300	88
Other assets	64,493	44,861
Total Assets	809,983	689,547
LIABILITIES AND EQUITY
Indebtedness, net	460,938	377,593
Debt secured by real estate investments held for sale	6,373
Accounts payable and accrued liabilities	6,812	6,472
Construction payables, including retentions	43,611	52,067
Billings in excess of construction contract costs and estimated earnings	3,177	2,224
Other liabilities	33,820	25,471
Total Liabilities	554,731	463,827
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized, 31,094,560 and 30,076,359 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively	310	300
Additional paid-in capital	113,105	102,906
Distributions in excess of earnings	(41,244)	(53,010)
Accumulated other comprehensive loss		(648)
Total stockholders’ equity (deficit)	72,171	49,548
Noncontrolling interests	183,081	176,172
Total Equity	255,252	225,720
Total Liabilities and Equity	$ 809,983	$ 689,547

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	31,094,560	30,076,359
Common stock, shares outstanding	31,094,560	30,076,359

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Rental revenues	$ 23,283	$ 18,190
General contracting and real estate services revenues	36,803	29,071
Total revenues	60,086	47,261
Expenses
Rental expenses	5,329	4,760
Real estate taxes	2,349	1,657
General contracting and real estate services expenses	35,037	28,142
Depreciation and amortization	8,149	4,908
General and administrative expenses	2,484	2,328
Acquisition, development and other pursuit costs	704	171
Impairment charges	35
Total expenses	54,087	41,966
Operating income	5,999	5,295
Interest Income	182
Interest expense	(3,791)	(3,046)
Loss on extinguishment of debt		(227)
Gain on real estate dispositions and acquisitions	26,674	6,197
Change in fair value of interest rate derivatives	(2,389)	(147)
Other income	76	15
Income before taxes	26,751	8,087
Income tax (provision) benefit	(218)	31
Net income	26,533	8,118
Net income attributable to noncontrolling interests	(9,163)	(3,013)
Net income attributable to stockholders	$ 17,370	$ 5,105
Net income per share and unit:
Basic and diluted	$ 0.57	$ 0.20
Weighted-average outstanding:
Common shares	30,191	25,042
Common units	16,027	14,776
Basic and diluted	46,218	39,818
Dividends and distributions declared per common share and unit	$ 0.18	$ 0.17
Comprehensive Income:
Net income	$ 26,533	$ 8,118
Unrealized cash flow hedge losses		(786)
Comprehensive income	26,533	7,332
Comprehensive income attributable to noncontrolling interests	(9,163)	(2,722)
Comprehensive income attributable to stockholders	$ 17,370	$ 4,610

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital [Member]	Distributions in Excess of Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Total Stockholders' Deficit [Member]	Noncontrolling Interests [Member]	Total
Beginning balance at Dec. 31, 2015	$ 300	$ 102,906	$ (53,010)	$ (648)	$ 49,548	$ 176,172	$ 225,720
Beginning balance, shares at Dec. 31, 2015	30,076,359						30,076,359
Net income			17,370		17,370	9,163	$ 26,533
Dedesignation of cash flow hedge				$ 648	648	400	1,048
Net proceeds from sale of common stock	$ 9	9,807			9,816		9,816
Net proceeds from sale of common stock (in shares)	937,404
Restricted stock award grants	$ 1	608			609		609
Restricted stock award grants (in shares)	100,710
Restricted stock award forfeitures		(216)			(216)		(216)
Restricted stock award forfeitures (in shares)	(19,913)
Dividends and distributions declared			(5,604)		(5,604)	(2,654)	(8,258)
Ending balance at Mar. 31, 2016	$ 310	$ 113,105	$ (41,244)		$ 72,171	$ 183,081	$ 255,252
Ending balance, shares at Mar. 31, 2016	31,094,560						31,094,560

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING ACTIVITIES
Net income	$ 26,533	$ 8,118
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	5,468	4,200
Amortization of leasing costs and in-place lease intangibles	2,681	708
Accrued straight-line rental revenue	(188)	(725)
Amortization of leasing incentives and above or below-market rents	6	177
Accrued straight-line ground rent expense	66	79
Bad debt expense	45	34
Noncash stock compensation	437	379
Impairment charges	35
Noncash interest expense	191	318
Noncash loss on extinguishment of debt		227
Gain on real estate dispositions and acquisitions	(26,674)	(6,197)
Change in the fair value of derivatives	2,389	147
Changes in operating assets and liabilities
Property assets	218	(1,101)
Property liabilities	(686)	381
Construction assets	4,857	(8,551)
Construction liabilities	(4,070)	1,402
Net cash provided by (used for) operating activities	11,308	(404)
INVESTING ACTIVITIES
Development of real estate investments	(19,777)	(20,951)
Tenant and building improvements	(1,309)	(1,203)
Acquisitions of real estate investments	(165,161)
Dispositions of real estate investments	83,748	15,224
Notes receivable issuances	(2,639)
Increase (decrease) in restricted cash	(13)	762
Leasing costs	(490)	(1,337)
Leasing incentives	(22)	(825)
Contributions to equity method investments	(5,440)
Net cash used for investing activities	(111,103)	(8,330)
FINANCING ACTIVITIES
Proceeds from sales of common stock	10,089
Offering costs	(273)
Debt issuances, credit facility and construction loan borrowings	144,684	125,467
Debt and credit facility repayments, including principal amortization	(54,821)	(103,637)
Debt issuance costs	(442)	(1,132)
Dividends and distributions	(7,621)	(6,368)
Net cash provided by financing activities	91,616	14,330
Net (decrease) increase in cash and cash equivalents	(8,179)	5,596
Cash and cash equivalents, beginning of period	26,989	25,883
Cash and cash equivalents, end of period	$ 18,810	$ 31,479

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2016
Business and Organization
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 March 31, 2016, the Company owned 100% of the interests in, and consolidated for financial reporting purposes, 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 One Columbus Office Virginia Beach, Virginia* Oyster Point Office Newport News, Virginia Two Columbus Office Virginia Beach, Virginia* 249 Central Park Retail Retail Virginia Beach, Virginia* Alexander Pointe Retail Salisbury, North Carolina** Bermuda Crossroads Retail Chester, Virginia Broad Creek Shopping Center Retail Norfolk, Virginia Broadmoor Plaza Retail South Bend, Indiana** Columbus Village Retail Virginia Beach, 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 Harper Hill Commons Retail Winston-Salem, North Carolina** Harrisonburg Regal Retail Harrisonburg, Virginia Kroger Junction Retail Pasadena, Texas** North Hampton Market Retail Taylors, South Carolina** North Point Center Retail Durham, North Carolina Oakland Marketplace Retail Oakland, Tennessee** Parkway Marketplace Retail Virginia Beach, Virginia Patterson Place Retail Durham, North Carolina** Perry Hall Marketplace Retail Perry Hall, Maryland Providence Plaza Retail Charlotte, North Carolina Sandbridge Commons Retail Virginia Beach, Virginia Socastee Commons Retail Myrtle Beach, South Carolina South Retail Retail Virginia Beach, Virginia* South Square Retail Durham, North Carolina** Stone House Square Retail Hagerstown, Maryland Studio 56 Retail Retail Virginia Beach, Virginia* Tyre Neck Harris Teeter Retail Portsmouth, Virginia Waynesboro Commons Retail Waynesboro, Virginia** Wendover Village Retail Greensboro, North Carolina** Willowbrook Commons Retail Nashville, Tennessee** 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 ** Acquired as part of eleven asset portfolio on January 14, 2016 As of March 31, 2016, the following properties that the Company consolidates for financial statement purposes were under development or construction: Property Segment Location Lightfoot Marketplace Retail Williamsburg, Virginia Johns Hopkins Village Multifamily Baltimore, Maryland Brooks Crossing Office/Retail Newport News, Virginia 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 Class A units of limited partnership interest in the Operating Partnership (“Class A Units”) upon and for a period of one year after the project’s completion. The Company owns a 65% controlling interest in Brooks Crossing. Please see Note 4 for the Company’s investment in Durham City Center II, LLC, which is an unconsolidated subsidiary that the Company accounts for using the equity method of accounting.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies
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. Although the Company has interests in variable interest entities, it is not the primary beneficiary, with the exception of the Operating Partnership (see Note 7), as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. 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, 2015. 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, 2015, 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. The new standard 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. Management is currently evaluating the potential impact of the new revenue recognition standard on the Company’s consolidated financial statements. On March 17, 2016, the FASB issued guidance to clarify the principal versus agent guidance in its new revenue recognition standard. The new guidance clarifies how an entity should identify the unit of accounting for the principal versus agent evaluation and how it should apply the control principle to certain types of arrangement, such as service transactions. The new guidance also reframes the indicators to focus on evidence that an entity is acting as a principal rather than as an agent, revises examples in the new standard and adds new ones. The new guidance is effective for the Company on January 1, 2017. Management is currently evaluating the potential impact of the new guidance 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 Company adopted the guidance on January 1, 2016 with no material impact on the Company’s consolidated financial statements. On February 25, 2016, the FASB issued a new lease standard that requires lessees to recognize most leases in their balance sheets as lease liabilities with corresponding right-of-use assets. The new standard also makes targeted changes to lessor accounting. The new standard will be effective for the Company on January 1, 2019 and requires a modified retrospective transition approach for all lease existing at, or entered into after, the date of initial application with an option to use certain transition relief. Management is currently evaluating the potential impact of the new lease standard on the Company’s consolidated financial statements. On March 10, 2016, the FASB issued new guidance clarifying that the novation of a derivative contract in a hedge accounting relationship does not, in and of itself, require dedesignation of that hedge accounting relationship. Hedge accounting relationships could continue as long as all of the other hedge accounting criteria are met, including the expectation that the hedge will be highly effective when the creditworthiness of the new counterparty to the derivative contract is considered. The new guidance will be effective for the Company on January 1, 2017, and may be applied prospectively, or the Company may use a modified retrospective approach. 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. On March 17, 2016, the FASB issued new guidance eliminating the requirement that an investor retrospectively apply equity method accounting when an investment that it had accounted for by another method initially qualifies for the equity method. The new guidance is effective for the Company on January 1, 2017. Management is currently evaluating the potential impact of the new guidance on the Company’s consolidated financial statements. On March 30, 2016, the FASB issued new guidance that will change the accounting for certain aspects of share-based payments to employees. Entities will be required to recognize the income tax effects of awards in the income statement when the awards vest or are settled. The new guidance is effective for the Company on January 1, 2017. Management is currently evaluating the potential impact of the new guidance on the Company’s consolidated financial statements.

Segments

Segments	3 Months Ended
	Mar. 31, 2016
Segments
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, 2016 and 2015 was as follows (in thousands): Three Months Ended March 31, 2016 2015 (Unaudited) Office real estate Rental revenues $ $ Rental expenses Real estate taxes Segment net operating income Retail real estate Rental revenues Rental expenses Real estate taxes Segment net operating income Multifamily residential real estate Rental revenues Rental expenses Real estate taxes Segment net operating income General contracting and real estate services Segment revenues Segment expenses Segment gross profit Net operating income $ $ General contracting and real estate services revenues for the three months ended March 31, 2016 exclude revenue related to intercompany construction contracts of $15.0 million. General contracting and real estate services expenses for the three months ended March 31, 2016 exclude expenses related to intercompany construction contracts of $14.8 million. General contracting and real estate services expenses for the three months ended March 31, 2016 include noncash stock compensation expense of less than $0.2 million. General contracting and real estate services revenues for the three months ended March 31, 2015 exclude revenue from intercompany construction contracts of $8.5 million. General contracting and real estate services expenses for the three months ended March 31, 2015 exclude expenses for intercompany construction contracts of $8.4 million. General contracting and real estate services expenses for the three months ended March 31, 2015 include noncash stock compensation expense of less than $0.1 million. The following table reconciles net operating income to net income for the three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 (Unaudited) Net operating income $ $ Depreciation and amortization General and administrative expenses Acquisition, development and other pursuit costs Impairment charges — Interest income — Interest expense Loss on extinguishment of debt — Gain on real estate dispositions and acquisitions Change in fair value of interest rate derivatives Other (expense) income Income tax benefit (provision) Net income $ $ General and administrative expenses for the three months ended March 31, 2016 include noncash stock compensation expense of $0.3 million. General and administrative expenses for the three months ended March 31, 2015 include noncash stock compensation expense of $0.3 million.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2016
Real Estate Investments
Real Estate Investments	4. Real Estate Investments 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 and the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach, which 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 comparable assets in the applicable markets. 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 January 14, 2016, the Company completed the acquisition of an eleven asset retail portfolio totaling 1.1 million square feet for a gross purchase price of $170.5 million, less normal closing adjustments. The following table summarizes the acquisition date preliminary fair values of the assets acquired and liabilities assumed during the three months ended March 31, 2016 (in thousands): Land $ Site improvements Building and improvements In-place leases Above-market leases Below-market leases Net assets acquired $ The following table summarizes the consolidated results of operations of the Company on a pro forma basis, as if the retail portfolio acquisition had occurred on January 1, 2015 (in thousands): Three Months Ended March 31, 2016 2015 (Unaudited) Rental revenues $ $ Net income The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2015. 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 date to March 31, 2016 included in the consolidated statement of comprehensive income was $3.6 million and $0.4 million, respectively. Subsequent to March 31, 2016 On April 29, 2016, the Company completed the acquisition of Southgate Square, located in Colonial Heights, Virginia, for aggregate consideration of $38.6 million, comprised the assumption of $21.1 million in debt and 1,575,185 Class A Units. The Company has not yet completed its purchase price allocation of Southgate Square. Investment in Unconsolidated Entities On Feburary 25, 2016, the Company acquired a 37% interest in Durham City Center II, LLC (“City Center”) for purposes of developing a 22 -story mixed use tower in Durham, North Carolina. As of March 31, 2016, the Company has invested $6.9 million in City Center. The Company has agreed to guarantee 37% of the construction loan for City Center, however the loan is collateralized by 100% of the assets of City Center. As of March 31, 2016 , the construction loan has not been drawn against. In the event that the Company’s joint venture partner does not contribute its required equity, the Company has committed to providing $4.0 million to eliminate any shortfall. As of March 31, 2016, the difference between the carrying value of the Company’s initial investment in City Center and the amount of underlying equity was immaterial . For the three months ended March 31, 2016 , City Center did not have any operating activity, and therefore we did not receive any dividends or allocated income. Based on the terms of City Center’s operating agreement, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project’s primary beneficiary. The Company holds a note receivable for the Point Street Apartments project, which was entered into in October 2015. The Company has agreed to fund up to $23.0 million for this project. The balance of the note receivable was $10.4 and $7.8 million as of March 31, 2016 and December 31, 2015, respectively. During the three months ended March 31, 2016 , the Company recognized $0.2 million of interest income on the note. No portion of the note receivable balance is past due and the Company has not recorded an impairment balance on the note. Real Estate Dispositions On November 2, 2015, the Company entered into an agreement to sell the Richmond Tower office building for $78.0 million. The Company completed the disposition on January 8, 2016. Net proceeds after transaction costs were $77.0 million. The gain on the disposition of Richmond Tower was $26.2 million. On January 7, 2016, the Company completed the sale of a building constructed for the Economic Development Authority of Newport News, Virginia. Net proceeds after transaction costs were $6.6 million. The gain on the disposition was $0.4 million. During the three months ended March 31, 2016, the Company placed the Oyster Point office property in real estate investments held for sale. Subsequent to March 31, 2016 On April 19, 2016, the Company agreed to the future sale of the Willowbrook Commons property located in Nashville, Tennessee for $9.3 million. The closing of the sale is subject to customary closing conditions, including completion of the buyer’s due diligence. On April 29, 2016, the Company agreed to the future sale of the Oakland Marketplace property located in Oakland, Tennessee for $5.4 million. The closing of the sale is subject to customary closing conditions, including completion of the buyer’s due diligence. On April 29, 2016, the Company agreed to the future sale of the Broadmoor Plaza property located in Nashville, Tennessee for $13.6 million. The closing of the sale is subject to customary closing conditions, including completion of the buyer’s due diligence. Annapolis Junction Town Center On April 21, 2016, the Company invested $42.0 million in the Annapolis Junction Town Center project in Annapolis Junction, Maryland (“Annapolis Junction”). Annapolis Junction is an estimated $102.0 million mixed-use development project with plans for 416 residential units, 17,000 square feet of retail space and a 150 -room hotel. Annapolis Junction Apartments Owner, LLC (“AJAO”) is the developer of the project and has engaged the Company to serve as construction general contractor. Annapolis Junction is scheduled to open in 2018; however, management can provide no assurances that Annapolis Junction will open on the anticipated timeline. AJAO is responsible for securing a senior construction loan of up to $60.0 million to fund the development and construction of Annapolis Junction. The Company has agreed to guarantee up to $25.0 million of the senior construction loan in exchange for the option to purchase up to an 88% controlling interest in Annapolis Junction upon completion of the project as follows: (i) an option to purchase a 80% indirect interest in Annapolis Junction for the lesser of the seller’s budgeted or actual cost, exercisable within one year from the project’s completion (the “First Option”) and (ii) provided that the Company has exercised the First Option, an option to purchase an additional 8% indirect interest in Annapolis Junction for the lesser of the seller’s actual or budgeted cost, exercisable within 27 months from the project’s completion (the “Second Option”). The Company’s investment in the Annapolis Junction project is in the form of a loan under which AJAO may borrow up to $42.0 million (the “AJAO loan”). Interest on the AJAO loan accrues at 10.0% per annum and matures on the earlier of: (i) December 21, 2020, which may be extended by AJAO under two one -year extension options, (ii) the maturity date or earlier termination of the senior construction loan or (iii) the date the Company exercises the Second Option as described further below. In the event that the Company exercises the First Option, AJAO is required to simultaneously pay down the senior construction loan and the AJAO loan by 80% , at which time the interest rate on the AJAO loan will automatically be reduced to the interest rate on the senior construction loan. In the event the Company exercises the Second Option, AJAO is required to simultaneously repay any remaining amounts outstanding under the AJAO loan, with any excess proceeds received from the exercise of the Second Option applied against the remaining balance of the senior construction loan. In the event that the Company does not exercise either the First Option or the Second Option, the interest rate on the AJAO loan will automatically be reduced to the interest rate on the senior construction loan for the remaining term of the AJAO loan.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2016
Indebtedness
Indebtedness	5. Indebtedness Credit Facility On February 20, 2015, the Operating Partnership, as borrower, and the Company, as parent guarantor, entered into 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 prior $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 . During the first quarter of 2016, the total capacity was increased to $250.0 million, pursuant to the accordion feature of the credit facility. 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, 2016, the interest rates on the revolving credit facility and the term loan facility were 1.99% and 1.94% , 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. On February 25, 2016, the Company amended the credit facility to, among other things, allow the maximum leverage ratio of the Company to be increased to 65% for the two consecutive quarters following any acquisition that is equal to or greater than 10% of the Company’s total asset value (as defined in the credit agreement), but only up to two times during the term of the credit facility. During the first quarter of 2016, the Company increased the borrowings under the senior unsecured term loan facility to $100.0 million. As of March 31, 2016, the outstanding balances on the revolving credit facility and the term loan facility were $101.0 million and $100.0 million, respectively. Other Financing Activity During the three months ended March 31, 2016, the Company borrowed $13.7 million under its construction loans to fund new development and construction. Subsequent to March 31, 2016 On April 20, 2016, the Company increased its borrowings on the revolving credit facility by $26.0 million.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2016
Derivative Financial Instruments
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 the change in fair value of interest rate derivatives 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 loss and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. On February 25, 2016, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $75.0 million at a strike rate of 1.50% for a premium of less than $0.1 million. The interest rate cap agreement expires on March 1, 2018. The Company’s derivatives were comprised of the following as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 (Unaudited) Notional Notional Amount Fair Value Amount Fair Value Asset Liability Asset Liability Interest rate swaps $ $ — $ $ $ — $ Interest rate caps — — Total $ $ $ $ $ $ The changes in the fair value of the Company’s derivatives during the three months ended March 31, 2016 and 2015 were comprised of the following (in thousands): Three Months Ended March 31, 2016 2015 (Unaudited) Interest rate swaps $ $ Interest rate caps Total $ $ Comprehensive income statement presentation: Change in fair value of interest rate derivatives $ $ Unrealized gain (loss) on cash flow hedge — Total $ $ Effective March 31, 2016, the Company determined that the short-cut method of hedge accounting was not appropriate for two of its interest-rate swaps and, for accounting purposes, the hedge relationship was terminated. The swaps were entered into in February and July 2015. Accordingly, changes in fair value of the swap should have been recorded in income rather than other comprehensive income. The Company determined that the errors were immaterial to all previously issued financial statements. The Company recognized $0.7 million of accumulated other comprehensive income and $0.4 million, which was previously allocated to noncontrolling interest as of December 31, 2015, in earnings during the first quarter of 2016. Subsequent changes in the value of the interest rate swap for the period January 1, 2016 to March 31, 2016 were also recognized in earnings during the first quarter of 2016. Net income for the three months ended March 31, 2015 was overstated by $0.8 million. In reaching its conclusions, management considered the nature of the error, the effect of the error on operating results for 2015, and the effects of the error on important financial statement measures, including related trends.

Equity

Equity	3 Months Ended
	Mar. 31, 2016
Equity
Equity	7. Equity Stockholders’ Equity On May 5, 2015, the Company commenced an at-the-market continuous equity offering program (the “ATM 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 months ended March 31, 2016, the Company issued and sold an aggregate of 937,404 shares of common stock at a weighted average price of $10.76 per share. Net proceeds to the Company after offering costs and commissions were $9.8 million. As of March 31, 2016 and December 31, 2015, the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 31.1 million and 30.1 million shares of common stock issued and outstanding as of March 31, 2016 and December 31, 2015, respectively. No shares of preferred stock were issued and outstanding as of March 31, 2016 or December 31, 2015. Noncontrolling Interests As of March 31, 2016 and December 31, 2015, the Company held a 66.4% and 65.6% interest in the Operating Partnership, respectively. The Company is the primary beneficiary of the Operating Partnership as it has the power to direct the activities of the Operating Partnership and the rights to absorb 66.4% of the net income of the Operating Partnership. As the primary beneficiary, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Company represent units of limited partnership interest not held by the Company. As of March 31, 2016, there were 14,751,986 Class A Units not held by the Company. 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, at which time each automatically will convert to Class A Units. Common Stock Dividends and Class A Unit Distributions On January 7, 2016, the Company paid cash dividends of $5.1 million to common stockholders and the Operating Partnership paid cash distributions of $2.5 million to holders of Class A Units. On January 31, 2016, the Board of Directors declared a cash dividend of $0.18 per share payable on April 7, 2016 to stockholders of record on March 30, 2016 . Subsequent to March 31, 2016 On April 7, 2016, the Company paid cash dividends of $5.6 million to common stockholders and the Operating Partnership paid cash distributions of $2.7 million to holders of Class A Units. From April 1, 2016 to April 14, 2016, the Company issued and sold an aggregate of 215,515 shares of common stock under the ATM Program at a weighted average price of $11.35 per share. Net proceeds to the Company after offering costs and commissions were $2.4 million. On May 2, 2016, the Board of Directors declared a cash dividend of $0.18 per share payable on July 7, 2016 to stockholders of record on June 29, 20 16 .

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
Stock-based Compensation
Stock-Based Compensation	8. Stock-Based Compensation During the three months ended March 31, 2016, the Company granted an aggregate of 100,710 shares of restricted stock to employees and non-employee directors with a weighted average grant date fair value of $10.84 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. Non-employee director restricted stock awards vest either immediately upon grant or over a period of one year, subject to continued service to the Company. On January 1, 2016, the Company established its Long Term Incentive Plan (“LTIP”) and entered into agreements with certain of its employees to issue performance-based awards in the form of restricted stock units. The performance period for these agreements is three years, with a required two -year service period immediately following the performance period. The compensation expense and the effect on the Company’s weighted average diluted shares calculation were immaterial. During the three months ended March 31, 2016, the Company recognized $0.6 million of stock-based compensation expense. During the three months ended March 31, 2015, the Company recognized $0.6 million of stock-based compensation expense. As of March 31, 2016, there were 111,673 nonvested restricted shares outstanding; the total unrecognized compensation expense related to nonvested restricted shares was $0.8 million, which the Company expects to recognize over the next 24 months.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2016
Fair Value of Financial Instruments
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 March 31, 2016 and December 31, 2015, were as follows (in thousands): March 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Value Value Value Value (Unaudited) Indebtedness $ $ $ $ Interest rate swap liabilities Interest rate cap assets

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions
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 $6.5 million for the three months ended March 31, 2016. Gross profit from such contracts was less than $0.3 million for the three months ended March 31, 2016. Revenue from construction contracts with related party entities of the Company was $1.5 million for the three months ended March 31, 2015. Gross profit from such contracts was less than $0.1 million for the three months ended March 31, 2015. Real estate services fees from affiliated entities of the Company were not significant for either the three months ended March 31, 2016 or 2015. 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, 2016 or 2015. The Operating Partnership entered into tax protection agreements that indemnify certain directors and executive officers of the Company from their tax liabilities resulting from the potential future sale of certain of the Company’s properties within seven (or, in a limited number of cases, ten ) years of the completion of the Company’s initial public offering and formation transactions completed on May 13, 2013. In addition, the tax protection agreements provide that the Operating Partnership will offer certain of the original contributors, including certain of the Company’s directors and executive officers, the opportunity to guarantee debt, or, alternatively, to enter into a deficit restoration obligation, for ten years from the closing of the Company’s initial public offering in a manner intended to provide an allocation of Operating Partnership liabilities to the partner for federal income tax purposes. Pursuant to these tax protection agreements, certain of the Company’s executive officers have guaranteed $0.3 million of the Operating Partnership’s outstanding debt as of March 31, 2016. In addition, the loan for the City Center joint venture is underwritten by a syndicate which includes Park Sterling Bank. The Chief Executive Officer of Park Sterling Bank is the Chairman of the Company’s Audit Committee.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies
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 $183.1 million and $183.0 million as of March 31, 2016 and December 31, 2015, respectively. The Operating Partnership has entered into standby letters of credit using the available capacity under the credit facility. The letters of credit relate to the guarantee of future performance on certain of the Company’s construction contracts. Letters of credit generally are available for draw down in the event the Company does not perform. As of March 31, 2016 and December 31, 2015, the Operating Partnership had total outstanding letters of credit of $8.0 million and $8.0 million, respectively. Subsequent to March 31, 2016 In April 2016, the total outstanding letters of credit were reduced to $2.0 million.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies
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. Although the Company has interests in variable interest entities, it is not the primary beneficiary, with the exception of the Operating Partnership (see Note 7), as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. 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, 2015.
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, 2015, 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. The new standard 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. Management is currently evaluating the potential impact of the new revenue recognition standard on the Company’s consolidated financial statements. On March 17, 2016, the FASB issued guidance to clarify the principal versus agent guidance in its new revenue recognition standard. The new guidance clarifies how an entity should identify the unit of accounting for the principal versus agent evaluation and how it should apply the control principle to certain types of arrangement, such as service transactions. The new guidance also reframes the indicators to focus on evidence that an entity is acting as a principal rather than as an agent, revises examples in the new standard and adds new ones. The new guidance is effective for the Company on January 1, 2017. Management is currently evaluating the potential impact of the new guidance 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 Company adopted the guidance on January 1, 2016 with no material impact on the Company’s consolidated financial statements. On February 25, 2016, the FASB issued a new lease standard that requires lessees to recognize most leases in their balance sheets as lease liabilities with corresponding right-of-use assets. The new standard also makes targeted changes to lessor accounting. The new standard will be effective for the Company on January 1, 2019 and requires a modified retrospective transition approach for all lease existing at, or entered into after, the date of initial application with an option to use certain transition relief. Management is currently evaluating the potential impact of the new lease standard on the Company’s consolidated financial statements. On March 10, 2016, the FASB issued new guidance clarifying that the novation of a derivative contract in a hedge accounting relationship does not, in and of itself, require dedesignation of that hedge accounting relationship. Hedge accounting relationships could continue as long as all of the other hedge accounting criteria are met, including the expectation that the hedge will be highly effective when the creditworthiness of the new counterparty to the derivative contract is considered. The new guidance will be effective for the Company on January 1, 2017, and may be applied prospectively, or the Company may use a modified retrospective approach. 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. On March 17, 2016, the FASB issued new guidance eliminating the requirement that an investor retrospectively apply equity method accounting when an investment that it had accounted for by another method initially qualifies for the equity method. The new guidance is effective for the Company on January 1, 2017. Management is currently evaluating the potential impact of the new guidance on the Company’s consolidated financial statements. On March 30, 2016, the FASB issued new guidance that will change the accounting for certain aspects of share-based payments to employees. Entities will be required to recognize the income tax effects of awards in the income statement when the awards vest or are settled. The new guidance is effective for the Company on January 1, 2017. Management is currently evaluating the potential impact of the new guidance on the Company’s consolidated financial statements.
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 and the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach, which 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 comparable assets in the applicable markets. 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.
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 the change in fair value of interest rate derivatives 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 loss and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings.

Business and Organization (Tabl

Business and Organization (Tables)	3 Months Ended
	Mar. 31, 2016
Business and Organization
Schedule of 100% owned properties	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 One Columbus Office Virginia Beach, Virginia* Oyster Point Office Newport News, Virginia Two Columbus Office Virginia Beach, Virginia* 249 Central Park Retail Retail Virginia Beach, Virginia* Alexander Pointe Retail Salisbury, North Carolina** Bermuda Crossroads Retail Chester, Virginia Broad Creek Shopping Center Retail Norfolk, Virginia Broadmoor Plaza Retail South Bend, Indiana** Columbus Village Retail Virginia Beach, 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 Harper Hill Commons Retail Winston-Salem, North Carolina** Harrisonburg Regal Retail Harrisonburg, Virginia Kroger Junction Retail Pasadena, Texas** North Hampton Market Retail Taylors, South Carolina** North Point Center Retail Durham, North Carolina Oakland Marketplace Retail Oakland, Tennessee** Parkway Marketplace Retail Virginia Beach, Virginia Patterson Place Retail Durham, North Carolina** Perry Hall Marketplace Retail Perry Hall, Maryland Providence Plaza Retail Charlotte, North Carolina Sandbridge Commons Retail Virginia Beach, Virginia Socastee Commons Retail Myrtle Beach, South Carolina South Retail Retail Virginia Beach, Virginia* South Square Retail Durham, North Carolina** Stone House Square Retail Hagerstown, Maryland Studio 56 Retail Retail Virginia Beach, Virginia* Tyre Neck Harris Teeter Retail Portsmouth, Virginia Waynesboro Commons Retail Waynesboro, Virginia** Wendover Village Retail Greensboro, North Carolina** Willowbrook Commons Retail Nashville, Tennessee** 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 ** Acquired as part of eleven asset portfolio on January 14, 2016
Schedule of properties under development or construction	Property Segment Location Lightfoot Marketplace Retail Williamsburg, Virginia Johns Hopkins Village Multifamily Baltimore, Maryland Brooks Crossing Office/Retail Newport News, Virginia

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2016
Segments
Net Operating Income of Reportable Segments	Net operating income of the Company’s reportable segments for the three months ended March 31, 2016 and 2015 was as follows (in thousands): Three Months Ended March 31, 2016 2015 (Unaudited) Office real estate Rental revenues $ $ Rental expenses Real estate taxes Segment net operating income Retail real estate Rental revenues Rental expenses Real estate taxes Segment net operating income Multifamily residential real estate Rental revenues Rental expenses Real estate taxes Segment net operating income General contracting and real estate services Segment revenues Segment expenses Segment gross profit Net operating income $ $
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, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 (Unaudited) Net operating income $ $ Depreciation and amortization General and administrative expenses Acquisition, development and other pursuit costs Impairment charges — Interest income — Interest expense Loss on extinguishment of debt — Gain on real estate dispositions and acquisitions Change in fair value of interest rate derivatives Other (expense) income Income tax benefit (provision) Net income $ $

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate Investments
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the acquisition date preliminary fair values of the assets acquired and liabilities assumed during the three months ended March 31, 2016 (in thousands): Land $ Site improvements Building and improvements In-place leases Above-market leases Below-market leases Net assets acquired $
Summary of consolidated results of operations on a pro forma basis	The following table summarizes the consolidated results of operations of the Company on a pro forma basis, as if the retail portfolio acquisition had occurred on January 1, 2015 (in thousands): Three Months Ended March 31, 2016 2015 (Unaudited) Rental revenues $ $ Net income

Derivative Financial Instrume22

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Financial Instruments
Schedule of Derivatives	The Company’s derivatives were comprised of the following as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 (Unaudited) Notional Notional Amount Fair Value Amount Fair Value Asset Liability Asset Liability Interest rate swaps $ $ — $ $ $ — $ Interest rate caps — — Total $ $ $ $ $ $
Schedule of changes in fair value of derivatives	The changes in the fair value of the Company’s derivatives during the three months ended March 31, 2016 and 2015 were comprised of the following (in thousands): Three Months Ended March 31, 2016 2015 (Unaudited) Interest rate swaps $ $ Interest rate caps Total $ $ Comprehensive income statement presentation: Change in fair value of interest rate derivatives $ $ Unrealized gain (loss) on cash flow hedge — Total $ $

Fair Value of Financial Instr23

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value of Financial Instruments
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, 2016 and December 31, 2015, were as follows (in thousands): March 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Value Value Value Value (Unaudited) Indebtedness $ $ $ $ Interest rate swap liabilities Interest rate cap assets

Business and Organization - Add

Business and Organization - Additional Information (Detail) - item	3 Months Ended
	Mar. 31, 2016	Jan. 14, 2016
Business and Organization
Ownership interest percentage in properties	100.00%
Lightfoot Marketplace
Business and Organization
Ownership interest percentage in properties	60.00%
Increase in ownership interest due to certain events	70.00%
Johns Hopkins Village
Business and Organization
Ownership interest percentage in properties	80.00%
Noncontrolling interest ownership percentage in properties	20.00%
Period for exchange of ownership interest after project completion	1 year
Brooks Crossing
Business and Organization
Ownership interest percentage in properties	65.00%
Eleven Asset Retail Portfolio
Business and Organization
Number of acquired assets in portfolio		11

Segments - Net Income of Report

Segments - Net Income of Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information
Rental revenues	$ 23,283	$ 18,190
Rental expenses	5,329	4,760
Real estate taxes	2,349	1,657
Segment revenues	36,803	29,071
Segment expenses	35,037	28,142
Operating income	5,999	5,295
Office Real Estate
Segment Reporting Information
Rental revenues	5,521	7,703
Rental expenses	1,456	1,754
Real estate taxes	539	691
Retail Real Estate
Segment Reporting Information
Rental revenues	13,032	6,625
Rental expenses	2,336	1,399
Real estate taxes	1,284	566
Multifamily Residential Real Estate
Segment Reporting Information
Rental revenues	4,730	3,862
Rental expenses	1,537	1,607
Real estate taxes	526	400
Operating Segments
Segment Reporting Information
Operating income	17,371	12,702
Operating Segments | Office Real Estate
Segment Reporting Information
Operating income	3,526	5,258
Operating Segments | Retail Real Estate
Segment Reporting Information
Operating income	9,412	4,660
Operating Segments | Multifamily Residential Real Estate
Segment Reporting Information
Operating income	2,667	1,855
Operating Segments | General Contracting And Real Estate Services
Segment Reporting Information
Segment revenues	36,803	29,071
Segment expenses	35,037	28,142
Operating income	$ 1,766	$ 929

Segments - Intercompany (Detail

Segments - Intercompany (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information
General contracting and real estate services revenues	$ 36,803	$ 29,071
General contracting and real estate services expenses	35,037	28,142
Non-cash stock compensation	437	379
General Contracting And Real Estate Services | Maximum
Segment Reporting Information
Non-cash stock compensation	200	100
General Contracting And Real Estate Services | Intersegment Eliminations [Member]
Segment Reporting Information
General contracting and real estate services revenues	(15,000)	(8,500)
General contracting and real estate services expenses	$ (14,800)	$ (8,400)

Segments - Reconciliation of Ne

Segments - Reconciliation of Net Operating Income to Net Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net operating income	$ 5,999	$ 5,295
Depreciation and amortization	(8,149)	(4,908)
General and administrative expenses	(2,484)	(2,328)
Acquisition, development and other pursuit costs	(704)	(171)
Impairment charges	(35)
Interest Income	182
Interest expense	(3,791)	(3,046)
Loss on extinguishment of debt		(227)
Gain on real estate dispositions and acquisitions	26,674	6,197
Change in fair value of interest rate derivatives	(2,389)	(147)
Other (expense) income	76	15
Income tax (provision) benefit	(218)	31
Net income	26,533	8,118
Operating Segments
Net operating income	$ 17,371	$ 12,702

Segments - Additional informati

Segments - Additional information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information
Non-cash stock compensation	$ 437	$ 379
General and Administrative Expenses
Segment Reporting Information
Non-cash stock compensation	$ 300	$ 300

Real Estate Investments - Acqui

Real Estate Investments - Acquisitions (Detail) ft² in Millions, $ in Millions	Apr. 29, 2016USD ($)shares	Jan. 14, 2016USD ($)ft²item
Eleven Asset Retail Portfolio
Real Estate Properties
Number of acquired assets in portfolio | item		11
Area of property | ft²		1.1
Acquisition, total consideration		$ 170.5
Southgate Square | Subsequent Event
Real Estate Properties
Acquisition, total consideration	$ 38.6
Acquisition, common units issued | shares	1,575,185
Southgate Square | Class A units | Subsequent Event
Real Estate Properties
Acquisition, assumption of debt	$ 21.1

Real Estate Investments - Summa

Real Estate Investments - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - Eleven Asset Retail Portfolio $ in Thousands	Mar. 31, 2016USD ($)
Real Estate Properties
Land	$ 63,739
Site improvements	3,828
Building and improvements	86,067
In-place leases	20,850
Above-market leases	1,980
Below-market leases	(5,964)
Net assets acquired	$ 170,500

Real Estate Investments - Sum31

Real Estate Investments - Summary of Consolidated Results of Operations on Pro Forma Basis (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Real Estate Investments
Rental revenues	$ 23,814	$ 22,805
Net income	575	$ 2,091
Revenue from acquired properties since acquisition	3,600
Earnings from acquired properties since acquisition	$ 400

Real Estate Investments - Uncon

Real Estate Investments - Unconsolidated Entities (Detail) - City Center - 22-Story Mixed Use Tower $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)	Feb. 25, 2016USD ($)item
Investment in Unconsolidated Subsidiaries
Interests in equity method investments (as a percent)		37.00%
Number stories in the mixed use tower | item		22
Investment		$ 6.9
Guarantee of construction loan (as a percent)		37.00%
Assets being used as collateral for the construction loan (as a percent)		100.00%
Borrowings under construction loans	$ 0
Equity investment commitment		$ 4
Dividends from equity investment	0
Income from equity method investment	$ 0

Real Estate Investments - Note

Real Estate Investments - Note Receivable (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Oct. 31, 2015
Notes Receivable
Notes receivable	$ 10,464	$ 7,825
Interest Income	182
Note receivable, past due	0
Note receivable, impairment	$ 0
Point Street Apartments | Maximum
Notes Receivable
Commitment to invest in a development project			$ 23,000

Real Estate Investments - Dispo

Real Estate Investments - Dispositions (Detail) - USD ($) $ in Thousands	Apr. 29, 2016	Apr. 19, 2016	Jan. 08, 2016	Jan. 07, 2016	Mar. 31, 2016	Mar. 31, 2015
Real Estate Dispositions
Dispositions of real estate investments					$ 83,748	$ 15,224
Richmond Tower | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Dispositions
Dispositions of real estate investments			$ 78,000
Net proceeds after transaction costs			77,000
Gain (Loss) on disposition of property			$ 26,200
Economic Development Authority Building | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Dispositions
Net proceeds after transaction costs				$ 6,600
Gain (Loss) on disposition of property				$ 400
Willowbrook Commons | Disposal Group, Held-for-sale, Not Discontinued Operations | Subsequent Event | Forecast
Real Estate Dispositions
Dispositions of real estate investments		$ 9,300
Oakland Marketplace | Disposal Group, Held-for-sale, Not Discontinued Operations | Subsequent Event | Forecast
Real Estate Dispositions
Dispositions of real estate investments	$ 5,400
Broadmoor Plaza | Disposal Group, Held-for-sale, Not Discontinued Operations | Subsequent Event | Forecast
Real Estate Dispositions
Dispositions of real estate investments	$ 13,600

Real Estate Investments - Devel

Real Estate Investments - Development Investment (Detail) - Subsequent Event - Annapolis Junction $ in Millions	Apr. 21, 2016USD ($)ft²roomitem
Real Estate Properties
Estimated development project future value	$ 102
Number of residential units | item	416
Area of retail space (in square feet) | ft²	17,000
Number of rooms | room	150
Maximum
Real Estate Properties
Commitment to invest in a development project	$ 42
AJAO | Maximum
Real Estate Properties
Senior construction loan	$ 60
AJAO Loan
Real Estate Properties
Stated Interest Rate (as a percent)	10.00%
Number of times the loan receivable can be extended | item	2
Extension period of the loan receivable	1 year
AJAO Loan | AJAO
Real Estate Properties
Required payment of loan (as of a percent)	80.00%
Financial Guarantee
Real Estate Properties
Guarantor obligations, maximum exposure	$ 25
Option To Purchase | Maximum
Real Estate Properties
Interest acquired (as a percent)	88.00%
First Option
Real Estate Properties
Interest acquired (as a percent)	80.00%
Period after completion to exercise purchase option	1 year
Second Option
Real Estate Properties
Interest acquired (as a percent)	8.00%
Period after completion to exercise purchase option	27 months

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail) $ in Thousands	Apr. 20, 2016USD ($)	Feb. 25, 2016item	Feb. 20, 2015USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
Indebtedness
Loss on extinguishment of debt					$ 227
Construction Loans
Indebtedness
Borrowings under construction loans				$ 13,700
Operating Partnership | Prior Credit Facility
Indebtedness
Loss on extinguishment of debt			$ 200
Repayment of other indebtedness			39,000
Operating Partnership | Unsecured Debt | New Credit Facility
Indebtedness
Aggregate capacity under the credit facility			200,000	250,000
Financial covenant, leverage ratio consecutive quarters following any significant acquisition		65
Financial covenant, number of consecutive quarters maintaining leverage ratio following any significant acquisition | item		2
Financial covenant, investments to total asset value		10.00%
Financial covenant, maximum number of times maximum leverage ratio can increase | item		2
Operating Partnership | Revolving Credit Facility | Secured Debt | Prior Credit Facility
Indebtedness
Aggregate capacity under the credit facility			$ 155,000
Debt instrument maturity date			May 13, 2016
Operating Partnership | Revolving Credit Facility | Unsecured Debt | New Credit Facility
Indebtedness
Aggregate capacity under the credit facility			$ 150,000
Credit facility, amount outstanding				$ 101,000
Amount borrowed under credit facility			54,000
Debt instrument maturity date				Feb. 20, 2019
Revolving credit facility, extension option				1 year
Interest rate on credit facility as of end of period (as a percent)				1.99%
Operating Partnership | Revolving Credit Facility | Subsequent Event | Unsecured Debt | New Credit Facility
Indebtedness
Amount borrowed under credit facility	$ 26,000
Operating Partnership | Revolving Credit Facility | Minimum | Unsecured Debt | New Credit Facility | LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate				1.40%
Operating Partnership | Revolving Credit Facility | Maximum | Unsecured Debt | New Credit Facility | LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate				2.00%
Operating Partnership | Term Loan Facility | Unsecured Debt | New Credit Facility
Indebtedness
Aggregate capacity under the credit facility			50,000
Credit facility, amount outstanding				$ 100,000
Amount borrowed under credit facility			$ 50,000	$ 100,000
Debt instrument maturity date				Feb. 20, 2020
Interest rate on credit facility as of end of period (as a percent)				1.94%
Operating Partnership | Term Loan Facility | Minimum | Unsecured Debt | New Credit Facility | LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate				1.35%
Operating Partnership | Term Loan Facility | Maximum | Unsecured Debt | New Credit Facility | LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate				1.95%

Derivative Financial Instrume37

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Feb. 25, 2016	Dec. 31, 2015
Derivatives
Interest rate agreement, notional amount	$ 275,547		$ 303,639
Interest Rate Caps
Derivatives
Interest rate agreement, notional amount	$ 218,500		$ 246,546
LIBOR | Interest Rate Caps | Operating Partnership
Derivatives
Interest rate agreement, notional amount		$ 75,000
Interest rate cap agreement, strike price		1.50%
LIBOR | Interest Rate Caps | Operating Partnership | Maximum
Derivatives
Interest rate cap agreement, premium		$ 100

Derivative Financial Instrume38

Derivative Financial Instruments - Schedule of Derivatives (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Derivatives
Notional Amount	$ 275,547		$ 303,639
Interest rate cap assets	75		164
Interest rate swap liabilities	(2,250)		(1,082)
Change in fair value of interest rate derivatives
Change in fair value of interest rate derivatives	(2,389)	$ (147)
Unrealized gain (loss) on cash flow hedge		(786)
Total change in fair value	(2,389)	(933)
Interest Rate Swaps
Derivatives
Notional Amount	57,047		57,093
Interest rate swap liabilities	(2,250)		(1,082)
Change in fair value of interest rate derivatives
Total change in fair value	(2,244)	(787)
Interest Rate Caps
Derivatives
Notional Amount	218,500		246,546
Interest rate cap assets	75		$ 164
Change in fair value of interest rate derivatives
Total change in fair value	$ (145)	$ (146)

Derivative Financial Instrume39

Derivative Financial Instruments - Derivative Accounting Change (Detail) - Interest Rate Swaps $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)DerivativeInstrument	Mar. 31, 2015USD ($)
Derivatives
Number of interest rate swaps hedge relationship terminated | DerivativeInstrument	2
Amount of AOCI recognized into earnings	$ 0.7
Amount previously allocated to noncontrolling interest recognized in earnings	$ 0.4
Overstated net income		$ 0.8

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	May. 02, 2016	Apr. 14, 2016	Apr. 07, 2016	Jan. 31, 2016	Jan. 07, 2016	Jul. 10, 2015	May. 05, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Class of Stock
Authorized capital shares of common stock								500,000,000		500,000,000
Authorized capital shares of preferred stock								100,000,000		100,000,000
Common Stock, Shares, Issued								31,094,560		30,076,359
Common Stock, Shares, Outstanding								31,094,560		30,076,359
Preferred stock issued								0		0
Preferred stock outstanding								0		0
Percentage of Operating Partnership held								66.40%		65.60%
Aggregate cash dividends and distributions, paid								$ 7,621	$ 6,368
Cash dividend per share, declared								$ 0.18	$ 0.17
Class A units
Class of Stock
Class A Units not held by Company								14,751,986
Common Stock
Class of Stock
Shares issued through public offering								937,404
Common Stock, Shares, Outstanding								31,094,560		30,076,359
Aggregate cash dividends and distributions, paid					$ 5,100
Common Stock | Subsequent Event
Class of Stock
Aggregate cash dividends and distributions, paid			$ 5,600
Operating Partnership | Class A units
Class of Stock
Aggregate cash dividends and distributions, paid					$ 2,500
Operating Partnership | Class A units | Subsequent Event
Class of Stock
Aggregate cash dividends and distributions, paid			$ 2,700
Operating Partnership | Columbus Village | Class B units
Class of Stock
Acquisition, common units/shares issued or to be issued						1,000,000
Operating Partnership | Columbus Village | Class C units
Class of Stock
Acquisition, common units/shares issued or to be issued						275,000
Dividend Declared
Class of Stock
Cash dividend per share, declared				$ 0.18
Cash dividend, date of record				Mar. 30, 2016
Dividend Declared | Subsequent Event
Class of Stock
Cash dividend per share, declared	$ 0.18
Cash dividend, date of record	Jun. 29, 2016
ATM Program | Common Stock
Class of Stock
Maximum aggregate offering price of shares to be sold							$ 50,000
Shares issued through public offering								937,404
Numbers shares issued and sold, weighted average price per share								$ 10.76
Net proceeds after offering costs and commissions from sale of shares								$ 9,800
ATM Program | Common Stock | Subsequent Event
Class of Stock
Shares issued through public offering		215,515
Numbers shares issued and sold, weighted average price per share		$ 11.35
Net proceeds after offering costs and commissions from sale of shares		$ 2,400

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 0.6	$ 0.6
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock granted	100,710
Restricted stock granted, grant date fair value (in dollars per share)	$ 10.84
Employee restricted stock award, vesting period	2 years
Non-employee restricted stock award vest grant over period	1 year
Nonvested restricted shares outstanding (in shares)	111,673
Unrecognized compensation cost	$ 0.8
Unrecognized compensation cost, recognition period	24 months
Restricted Stock | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, percentage vested on grant date	33.33%
Restricted Stock | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, percentage vested on grant date	33.33%
Restricted Stock | Share-based Compensation Award, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, percentage vested on grant date	33.33%
Restricted Stock Units (RSUs) | Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Service period	3 years
Performance period	2 years

Fair Value of Financial Instr42

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value of Financial Instruments
Interest rate swap liabilities	$ 2,250	$ 1,082
Interest rate cap assets	75	164
Carrying Value
Fair Value of Financial Instruments
Indebtedness	467,311	377,593
Interest rate swap liabilities	2,250	1,082
Interest rate cap assets	75	164
Fair Value | Level 2
Fair Value of Financial Instruments
Indebtedness	454,722	384,691
Interest rate swap liabilities	2,250	1,082
Interest rate cap assets	$ 75	$ 164

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	May. 13, 2013	Mar. 31, 2016	Mar. 31, 2015
Construction Contracts
Related Party Transactions
Revenue from contracts with affiliated entities		$ 6.5	$ 1.5
Construction Contracts | Maximum
Related Party Transactions
Gross profit from related parties		0.3	$ 0.1
Tax Protection Agreements | Operating Partnership
Related Party Transactions
Period of opportunity to guarantee debt	10 years
Tax Protection Agreements | Operating Partnership | Maximum
Related Party Transactions
Future sale period for properties	7 years
Future sale period for properties in limited number of cases	10 years
Tax Protection Agreements | Executive Officers | Operating Partnership
Related Party Transactions
Guarantee of debt		$ 0.3

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Apr. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Commitments and Contingencies
Line of credit, performance and payment bonds		$ 183.1	$ 183
Operating Partnership
Commitments and Contingencies
Outstanding letters of credit		$ 8	$ 8
Operating Partnership | Subsequent Event
Commitments and Contingencies
Outstanding letters of credit	$ 2