Armada Hoffler Properties (AHH) 10-Q 2 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 01, 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	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		36,425,422

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Real estate investments:
Income producing property	$ 844,127	$ 579,000
Held for development	1,933	1,180
Construction in progress	13,895	53,411
Gross real estate investments	859,955	633,591
Accumulated depreciation	(133,288)	(125,380)
Net real estate investments	726,667	508,211
Real estate investments held for sale	0	40,232
Cash and cash equivalents	23,890	26,989
Restricted cash	3,471	2,824
Accounts receivable, net	15,100	21,982
Notes receivable	49,935	7,825
Construction receivables, including retentions	39,981	36,535
Construction contract costs and estimated earnings in excess of billings	419	88
Equity method investments	10,360	1,411
Other assets	62,022	43,450
Total Assets	931,845	689,547
LIABILITIES AND EQUITY
Indebtedness, net	513,993	377,593
Accounts payable and accrued liabilities	10,604	6,472
Construction payables, including retentions	51,203	52,067
Billings in excess of construction contract costs and estimated earnings	6,560	2,224
Other liabilities	39,517	25,471
Total Liabilities	621,877	463,827
Stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding as of September 30, 2016 and December 31, 2015, respectively	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized, 34,255,874 and 30,076,359 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively	342	300
Additional paid-in capital	153,571	102,906
Distributions in excess of earnings	(46,066)	(53,010)
Accumulated other comprehensive loss	0	(648)
Total stockholders’ equity	107,847	49,548
Noncontrolling interests	202,121	176,172
Total Equity	309,968	225,720
Total Liabilities and Equity	$ 931,845	$ 689,547

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	34,255,874	30,076,359
Common stock, shares outstanding (in shares)	34,255,874	30,076,359

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Rental revenues	$ 25,305	$ 21,303	$ 72,839	$ 59,401
General contracting and real estate services revenues	38,552	53,822	108,555	129,959
Total revenues	63,857	75,125	181,394	189,360
Expenses
Rental expenses	5,834	4,865	16,234	14,256
Real estate taxes	2,356	2,056	7,087	5,672
General contracting and real estate services expenses	37,274	51,716	104,336	125,141
Depreciation and amortization	8,885	6,317	25,636	16,991
General and administrative expenses	2,156	1,873	6,864	6,297
Acquisition, development and other pursuit costs	345	288	1,486	1,050
Impairment charges	149	0	184	23
Total expenses	56,999	67,115	161,827	169,430
Operating income	6,858	8,010	19,567	19,930
Interest income	1,024	0	1,928	0
Interest expense	(4,124)	(3,518)	(11,893)	(9,922)
Loss on extinguishment of debt	(82)	(3)	(82)	(410)
Gain on real estate dispositions	3,753	0	30,440	13,407
Change in fair value of interest rate derivatives	498	(51)	(2,264)	(238)
Other income	35	17	154	56
Income before taxes	7,962	4,455	37,850	22,823
Income tax provision	(16)	(118)	(240)	(83)
Net income	7,946	4,337	37,610	22,740
Net income attributable to noncontrolling interests	(2,734)	(1,649)	(12,994)	(8,426)
Net income attributable to stockholders	$ 5,212	$ 2,688	$ 24,616	$ 14,314
Net income per share and unit:
Basic and diluted (in dollars per share)	$ 0.15	$ 0.10	$ 0.77	$ 0.56
Weighted-average outstanding:
Common shares (in shares)	33,792	25,958	31,913	25,532
Common units (in shares)	17,720	15,919	16,956	15,159
Basic and diluted (in shares)	51,512	41,877	48,869	40,691
Dividends and distributions declared per common share and unit (in dollars per share)	$ 0.18	$ 0.17	$ 0.54	$ 0.51
Comprehensive income:
Net income	$ 7,946	$ 4,337	$ 37,610	$ 22,740
Unrealized cash flow hedge losses	0	(1,026)	0	(1,574)
Realized cash flow hedge losses reclassified to net income	0	13	0	13
Comprehensive income	7,946	3,324	37,610	21,179
Comprehensive income attributable to noncontrolling interests	(2,734)	(1,264)	(12,994)	(7,837)
Comprehensive income attributable to stockholders	$ 5,212	$ 2,060	$ 24,616	$ 13,342

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Equity - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Distributions in excess of earnings	Accumulated other comprehensive loss	Total stockholders' equity	Noncontrolling interests
Beginning balance at Dec. 31, 2015	$ 225,720	$ 300	$ 102,906	$ (53,010)	$ (648)	$ 49,548	$ 176,172
Beginning balance (in shares) at Dec. 31, 2015	30,076,359	30,076,359
Net income	$ 37,610			24,616		24,616	12,994
Dedesignation of cash flow hedge	1,048				648	648	400
Net proceeds from sales of common stock	49,905	$ 40	49,865			49,905
Net proceeds from sale of common stock (in shares)		4,079,482
Restricted stock awards	1,120	$ 2	1,118			1,120
Restricted stock awards (in shares)		119,985
Restricted stock award forfeitures	(216)		(216)			(216)
Restricted stock award forfeitures (in shares)		(19,952)
Acquisitions of real estate investments in exchange for operating partnership units	21,078		(100)			(100)	21,178
Redemption of operating partnership units	(58)		(2)			(2)	(56)
Dividends and distributions declared	(26,239)			(17,672)		(17,672)	(8,567)
Ending balance at Sep. 30, 2016	$ 309,968	$ 342	$ 153,571	$ (46,066)	$ 0	$ 107,847	$ 202,121
Ending balance, shares (in shares) at Sep. 30, 2016	34,255,874	34,255,874

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
OPERATING ACTIVITIES
Net income	$ 37,610	$ 22,740
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	17,055	13,998
Amortization of leasing costs and in-place lease intangibles	8,581	2,993
Accrued straight-line rental revenue	(765)	(1,724)
Amortization of leasing incentives and above or below-market rents	(61)	564
Accrued straight-line ground rent expense	291	224
Bad debt expense	178	123
Noncash stock compensation	864	755
Impairment charges	184	23
Noncash interest expense	687	791
Noncash loss on extinguishment of debt	82	410
Gain on real estate dispositions	(30,440)	(13,407)
Change in the fair value of derivatives	2,264	238
Changes in operating assets and liabilities:
Property assets	(4,938)	(2,524)
Property liabilities	3,856	2,369
Construction assets	(5,863)	(29,027)
Construction liabilities	9,197	19,078
Net cash provided by operating activities	38,782	17,624
INVESTING ACTIVITIES
Development of real estate investments	(48,671)	(40,293)
Tenant and building improvements	(4,399)	(3,794)
Acquisitions of real estate investments, net of cash received	(177,865)	(64,945)
Dispositions of real estate investments	96,312	50,613
Government development grants	0	300
Notes receivable issuances	(42,110)	0
(Decrease) increase in restricted cash	(210)	742
Leasing costs	(1,601)	(1,715)
Leasing incentives	(188)	(1,563)
Contributions to equity method investments	(8,949)	0
Net cash used for investing activities	(187,681)	(60,655)
FINANCING ACTIVITIES
Proceeds from sales of common stock	51,088	7,687
Offering costs	(1,183)	(321)
Debt issuances, credit facility and construction loan borrowings	290,105	200,267
Debt and credit facility repayments, including principal amortization	(167,659)	(153,321)
Debt issuance costs	(1,791)	(1,844)
Redemption of operating partnership units	(58)	(79)
Dividends and distributions	(24,702)	(20,050)
Net cash provided by financing activities	145,800	32,339
Net decrease in cash and cash equivalents	(3,099)	(10,692)
Cash and cash equivalents, beginning of period	26,989	25,883
Cash and cash equivalents, end of period	$ 23,890	$ 15,191

Business of Organization

Business of Organization	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business of Organization	Business of 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 September 30, 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* 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 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 Southgate Square Retail Colonial Heights, Virginia Property Segment Location Southshore Shops Retail Chesterfield, Virginia 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 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 September 30, 2016 , the following properties that the Company consolidates for financial statement purposes were under development or construction: Property Segment Location Ownership Interest Brooks Crossing Office/Retail Newport News, Virginia 65 % Johns Hopkins Village Multifamily Baltimore, Maryland 80 % (1) Lightfoot Marketplace Retail Williamsburg, Virginia 70 % Town Center Phase VI Multifamily Virginia Beach, Virginia* 80 % Harding Place Multifamily Charlotte, North Carolina 80 % (1) 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 is entitled to a preferred return of 9% on its investment in Johns Hopkins Village. *Located in the Town Center of Virginia Beach Please see Note 4 for information related to 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	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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, 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 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 leases 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, and allows the Company to account for forfeitures as they occur. 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 June 16, 2016, the FASB issued new guidance that modifies the accounting for recognizing credit losses on financial instruments. This new guidance replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of information to inform credit loss estimates. The new guidance is effective for the Company on January 1, 2020. Management is currently evaluating the potential impact of the new guidance on the Company’s consolidated financial statements. On August 26, 2016, the FASB issued new guidance that addresses eight classification issues related to the statement of cash flows. Early adoption is permitted, including adoption in an interim period. This guidance should be applied retrospectively to each period presented. This new guidance is effective for the Company on January 1, 2018. Management is currently evaluating the potential impact of the new guidance on the Company’s consolidated financial statements.

Segments

Segments	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Segments	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 nine months ended September 30, 2016 and 2015 was as follows (in thousands): Three Months Ended Nine Months Ended 2016 2015 2016 2015 (Unaudited) Office real estate Rental revenues $ 5,277 $ 8,092 $ 16,097 $ 23,847 Rental expenses 1,553 1,758 4,307 5,216 Real estate taxes 485 734 1,550 2,228 Segment net operating income 3,239 5,600 10,240 16,403 Retail real estate Rental revenues 14,340 8,523 41,485 22,715 Rental expenses 2,264 1,478 6,820 4,223 Real estate taxes 1,339 810 3,953 2,080 Segment net operating income 10,737 6,235 30,712 16,412 Multifamily residential real estate Rental revenues 5,688 4,688 15,257 12,839 Rental expenses 2,017 1,629 5,107 4,817 Real estate taxes 532 512 1,584 1,364 Segment net operating income 3,139 2,547 8,566 6,658 General contracting and real estate services Segment revenues 38,552 53,822 108,555 129,959 Segment expenses 37,274 51,716 104,336 125,141 Segment gross profit 1,278 2,106 4,219 4,818 Net operating income $ 18,393 $ 16,488 $ 53,737 $ 44,291 General contracting and real estate services revenues for the three and nine months ended September 30, 2016 exclude revenue related to intercompany construction contracts of $7.8 million and $40.7 million , respectively. General contracting and real estate services expenses for the three and nine months ended September 30, 2016 exclude expenses related to intercompany construction contracts of $7.6 million and $40.2 million , respectively. General contracting and real estate services expenses for the three and nine months ended September 30, 2016 include noncash stock compensation expense of less than $0.1 million and $0.4 million , respectively. General contracting and real estate services revenues for the three and nine months ended September 30, 2015 exclude revenue from intercompany construction contracts of $11.4 million and $27.9 million , respectively. General contracting and real estate services expenses for the three and nine months ended September 30, 2015 exclude expenses for intercompany construction contracts of $11.3 million and $27.7 million , respectively. General contracting and real estate services expenses for the three and nine months ended September 30, 2015 include noncash stock compensation expense of less than $0.1 million and $0.2 million , respectively. The following table reconciles net operating income to net income for the three and nine months ended September 30, 2016 and 2015 (in thousands): Three Months Ended Nine Months Ended 2016 2015 2016 2015 (Unaudited) Net operating income $ 18,393 $ 16,488 $ 53,737 $ 44,291 Depreciation and amortization (8,885 ) (6,317 ) (25,636 ) (16,991 ) General and administrative expenses (2,156 ) (1,873 ) (6,864 ) (6,297 ) Acquisition, development and other pursuit costs (345 ) (288 ) (1,486 ) (1,050 ) Impairment charges (149 ) — (184 ) (23 ) Interest income 1,024 — 1,928 — Interest expense (4,124 ) (3,518 ) (11,893 ) (9,922 ) Loss on extinguishment of debt (82 ) (3 ) (82 ) (410 ) Gain on real estate dispositions 3,753 — 30,440 13,407 Change in fair value of interest rate derivatives 498 (51 ) (2,264 ) (238 ) Other income 35 17 154 56 Income tax provision (16 ) (118 ) (240 ) (83 ) Net income $ 7,946 $ 4,337 $ 37,610 $ 22,740 General and administrative expenses for the three and nine months ended September 30, 2016 include noncash stock compensation expense of $0.1 million and $0.6 million , respectively. General and administrative expenses for the three and nine months ended September 30, 2015 include noncash stock compensation expense of $0.2 million and $0.6 million , respectively.

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Real Estate Investments	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 11 asset retail portfolio totaling 1.1 million square feet for a gross purchase price of $170.5 million , less normal closing adjustments. On April 29, 2016, the Company completed the acquisition of Southgate Square located in Colonial Heights, Virginia, for aggregate consideration of $39.5 million , comprised of the assumption of $21.1 million in debt (which approximates fair value as of the closing date) and 1,575,185 Class A Units. As part of the Southgate Square purchase agreement, the Company acquired an option to purchase an adjacent undeveloped land parcel from the seller. The option for the land parcel is valid for an initial period of two years , and its value would be determined by applying a mutually agreed upon capitalization rate to the base rent of tenants provided by the seller and approved by the Company. If, at the end of the two -year period, no suitable tenants have been found, the Company has the option of either paying $3.0 million to the seller for the land parcel or extending the period for an additional year. If, at the end of the additional year, no suitable tenants have been found, the Company can either pay $1.25 million to the seller for the land parcel or let the option expire. Management has evaluated the option and determined that its value is immaterial to the consolidated financial statements. On August 4, 2016, the Company completed the acquisition of Southshore Shops located in Chesterfield, Virginia, for aggregate consideration of $9.3 million , comprised of $6.7 million in cash and 189,160 Class A Units. The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed during the nine months ended September 30, 2016 (in thousands): Retail Portfolio Southgate Square Southshore Shops Total Land $ 66,260 $ 8,890 $ 1,770 $ 76,920 Site improvements 3,870 2,140 490 6,500 Building and improvements 88,820 23,810 6,019 118,649 In-place leases 20,630 5,990 1,140 27,760 Above-market leases 1,960 100 120 2,180 Below-market leases (11,040 ) (1,400 ) (190 ) (12,630 ) Net assets acquired $ 170,500 $ 39,530 $ 9,349 $ 219,379 The following table summarizes the consolidated results of operations of the Company on a pro forma basis, as if the 11 asset retail portfolio acquisition had occurred on January 1, 2015 (in thousands): Three Months Ended Nine Months Ended 2016 2015 2016 2015 (Unaudited) Rental revenues $ 25,305 $ 25,918 $ 73,370 $ 73,247 Net income 7,946 5,493 11,639 11,814 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 acquisitions 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. For the three months ended September 30, 2016 , rental revenues and net income from the acquired properties for the period from the respective acquisition dates to September 30, 2016 included in the consolidated statement of comprehensive income was $4.8 million and $0.7 million , respectively. For the nine months ended September 30, 2016 , rental revenues and net income from the acquired properties for the period from the respective acquisition dates to September 30, 2016 included in the consolidated statement of comprehensive income was $13.3 million and $2.1 million , respectively. Subsequent to September 30, 2016 On October 13, 2016, the Company completed the acquisition of a stabilized retail asset for aggregate consideration of 2,000,000 shares of the Company's common stock, which based on the closing stock price on the date of the acquisition, leads to an acquisition price of $26.2 million . Investment in Unconsolidated Entities City Center On February 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 September 30, 2016 , the Company has invested $10.3 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 September 30, 2016 , the construction loan has not been drawn against. As of September 30, 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 and nine months ended September 30, 2016 , City Center did not have any operating activity, and therefore the Company did not receive any dividends or allocated income. Based on the terms of City Center’s operating agreement, the Company has concluded that City Center is a variable interest entity, and that the Company holds a variable interest. The Company does not have the power to direct the activities of the project that most significantly impact its performance. Accordingly, the Company is not the project’s primary beneficiary and, therefore, does not consolidate City Center in its consolidated financial statements. Point Street Apartments 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 $19.3 million and $7.8 million as of September 30, 2016 and December 31, 2015 , respectively. During the three and nine months ended September 30, 2016 , the Company recognized $0.4 million and $0.8 million of interest income on the note, respectively. No portion of the note receivable balance is past due and the Company has not recorded an impairment balance on the note. Annapolis Junction On April 21, 2016, the Company entered into a note receivable with a maximum principal balance of $42.0 million in the Annapolis Junction residential component of the Annapolis Junction Town Center project in 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 residential component and has engaged the Company to serve as construction general contractor for the residential component. Annapolis Junction is scheduled to open in 2018; however, management can provide no assurances that Annapolis Junction will open on the anticipated timeline or at the anticipated cost. AJAO is responsible for securing a senior construction loan of up to $60.0 million to fund the development and construction of Annapolis Junction's residential component. 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 an 80% indirect interest in Annapolis Junction's residential component 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 $48.0 million , including a $6.0 million interest reserve (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 both 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. During the three and nine months ended September 30, 2016 , the Company recognized $0.6 million and $1.1 million , respectively, in 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. The balance on the Annapolis Junction note was $30.6 million as of September 30, 2016 . Harding Place On March 16, 2016, the Company entered into a note receivable with a maximum balance of $0.5 million with Southern Apartment Group-Harding, LLC ("SAGH") for funding of pre-development expenses on an apartment development project in Charlotte, North Carolina ("SAGH Note"). Interest on the note accrues at 10.0% per annum and matures on the earlier of: (i) the funding of a mezzanine loan to cover the development costs of the project or (ii) 120 days from the date that the Company advises SAGH that it will not fund the mezzanine loan or (iii) within three years of the date of the loan. On July 28, 2016, the Company advised SAGH that it would not fund the mezzanine loan, making the maturity date November 25, 2016. On August 30, 2016, the Company entered into an operating agreement with SAGH to jointly develop the aforementioned apartment project, and the $0.3 million balance on the SAGH Note was converted into equity in the joint venture entity. During the three months ended September 30, 2016 , the Company purchased $6.2 million of land in conjunction with the project. 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 . On June 20, 2016, the Company completed the sale of the Willowbrook Commons property located in Nashville, Tennessee for $9.2 million . The gain on the sale of the Willowbrook Commons property was less than $0.1 million . On July 29, 2016, the Company completed the sale of the Kroger Junction property located in Pasadena, Texas for $3.7 million . The loss on the sale of the Kroger Junction property was less than $0.1 million . On September 15, 2016, the Company completed the sale of the Oyster Point office property for $6.4 million . Net proceeds after transaction costs and settlement of liabilities were not significant. The gain on the disposition of Oyster Point was $3.8 million .

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Indebtedness	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 . 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 September 30, 2016 , the effective interest rates on the revolving credit facility and the term loan facility were 2.07% and 2.02% , 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 September 30, 2016 , the outstanding balances on the revolving credit facility and the term loan facility were $102.0 million and $100.0 million , respectively. Other Financing Activity On August 8, 2016, the Company repaid the existing $15.1 million mortgage loan secured by 249 Central Park Retail, the $6.7 million mortgage loan on South Retail and the $7.6 million mortgage loan on Fountain Plaza and refinanced them with a $35.0 million five -year term mortgage loan that bears interest at LIBOR plus 1.95% and matures on August 8, 2021. The new mortgage loan is collateralized by all three properties. The loss on extinguishment of debt recognized on the refinancing was less than $0.1 million . On August 30, 2016, the Company repaid the existing $31.6 million construction loan secured by 4525 Main Street and the $25.2 million construction loan on Encore Apartments and refinanced them with a $57.0 million five -year term mortgage loan that bears interest at 3.25% and matures on September 10, 2021. The new mortgage is collateralized by both properties. The loss on extinguishment of debt recognized on the refinancing was less than $0.1 million for the three and nine months ended September 30, 2016 . During the nine months ended September 30, 2016 , the Company borrowed $41.2 million under its construction loans to fund new development and construction. Subsequent to September 30, 2016 On October 4, 2016, the Company increased its borrowings under the revolving credit facility by $4.0 million .

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	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. On June 17, 2016, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $70.0 million at a strike rate of 1.00% for a premium of less than $0.1 million . The interest rate cap agreement expires on June 17, 2018. The Company’s derivatives were comprised of the following as of September 30, 2016 and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 (Unaudited) Notional Amount Fair Value Notional Amount Fair Value Asset Liability Asset Liability Interest rate swaps $ 56,950 $ — $ (2,007 ) $ 57,093 $ — $ (1,082 ) Interest rate caps 270,000 111 — 246,546 164 — Total $ 326,950 $ 111 $ (2,007 ) $ 303,639 $ 164 $ (1,082 ) The changes in the fair value of the Company’s derivatives during the three and nine months ended September 30, 2016 and 2015 were comprised of the following (in thousands): Three Months Ended Nine Months Ended 2016 2015 2016 2015 (Unaudited) Interest rate swaps $ 481 $ (1,026 ) $ (2,007 ) $ (1,574 ) Interest rate caps 17 (51 ) (257 ) (238 ) Total $ 498 $ (1,077 ) $ (2,264 ) $ (1,812 ) Comprehensive income statement presentation: Change in fair value of interest rate derivatives $ 498 $ (51 ) $ (2,264 ) $ (238 ) Unrealized gain (loss) on cash flow hedge — (1,026 ) — (1,574 ) Total $ 498 $ (1,077 ) $ (2,264 ) $ (1,812 ) 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 from January 1, 2016 to September 30, 2016 were also recognized in earnings during the first, second and third quarters of 2016. Net income for the three and nine months ended September 30, 2015 was overstated by $0.6 million and $1.0 million , respectively. 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	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Equity	Equity Stockholders’ Equity On May 4, 2016, the Company commenced a new at-the-market continuous equity offering program (the “New 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 $75.0 million . Upon commencing the New ATM Program, the Company simultaneously terminated its prior $50.0 million at-the-market continuous equity offering program (the "Prior ATM Program"), which the Company entered into in May 2015. During the nine months ended September 30, 2016 , the Company issued and sold an aggregate of 1,152,919 shares of common stock at a weighted average price of $10.87 per share under the Prior ATM Program prior to its termination on May 4, 2016, receiving net proceeds after offering costs and commissions of $12.2 million . From the inception date of the New ATM Program through September 30, 2016 , the Company issued and sold an aggregate of 2,926,563 shares of common stock at a weighted average price of $13.17 per share under the New ATM Program, receiving net proceeds after offering costs and commissions of $37.7 million . As of September 30, 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 34,255,874 and 30,076,359 shares of common stock issued and outstanding as of September 30, 2016 and December 31, 2015 , respectively. No shares of preferred stock were issued and outstanding as of September 30, 2016 or December 31, 2015 . Noncontrolling Interests As of September 30, 2016 and December 31, 2015 , the Company held a 66.2% 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 66.2% 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 September 30, 2016 , there were 16,518,474 Class A Units not held by the Company. The noncontrolling interest for the consolidated entities under development or construction (see Note 1) was zero as of September 30, 2016 and December 31, 2015 . 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 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. On July 7, 2016, the Company paid cash dividends of $5.9 million to common stockholders and the Operating Partnership paid cash distributions of $2.9 million to holders of Class A Units. On August 4, 2016, the Board of Directors declared a cash dividend of $0.18 per share payable on October 6, 2016 to stockholders of record on September 28, 2016 . Subsequent to September 30, 2016 On October 6, 2016, the Company paid cash dividends of $6.2 million to common stockholders and the Operating Partnership paid cash distributions of $3.0 million to holders of Class A Units. From October 1, 2016 to October 14, 2016, the Company issued and sold an aggregate of 169,548 shares of common stock under the New ATM Program at a weighted average price of $13.11 per share. Net proceeds to the Company after offering costs and commissions were $2.2 million . On October 13, 2016, the Company completed the acquisition of a stabilized retail asset for aggregate consideration of 2,000,000 shares of common stock, which based on the closing stock price on the date of the acquisition, leads to an acquisition price of $26.2 million . On October 19, 2016, the Company filed a registration statement covering resales of the shares pursuant to a registration rights agreement with the sellers.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation During the nine months ended September 30, 2016 , the Company granted an aggregate of 119,985 shares of restricted stock to employees and non-employee directors with a weighted average grant date fair value of $11.19 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 and nine months ended September 30, 2016 , the Company recognized $0.3 million and $1.2 million of stock-based compensation expense, respectively. During the three and nine months ended September 30, 2015 , the Company recognized $0.2 million and $1.0 million of stock-based compensation expense, respectively. As of September 30, 2016 , there were 105,152 nonvested restricted shares outstanding; the total unrecognized compensation expense related to nonvested restricted shares was $0.3 million , which the Company expects to recognize over the next 18 months .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	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 September 30, 2016 and December 31, 2015 , were as follows (in thousands): September 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value (Unaudited) Indebtedness $ 519,209 $ 519,878 $ 377,593 $ 384,691 Interest rate swap liabilities 2,007 2,007 1,082 1,082 Interest rate cap assets 111 111 164 164

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	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 were $0.2 million and $15.1 million for the three and nine months ended September 30, 2016 , respectively. Gross profit from such contracts was $0.2 million and $0.8 million for the three and nine months ended September 30, 2016 , respectively. Revenue from construction contracts with related party entities of the Company was $1.5 million and $5.5 million for the three and nine months ended September 30, 2015 , respectively. Gross profit from such contracts was less than $0.1 million and $0.2 million for the three and nine months ended September 30, 2015 . Real estate services fees from affiliated entities of the Company were not significant for either the three and nine months ended September 30, 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 and nine months ended September 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 $184.0 million and $183.0 million as of September 30, 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 September 30, 2016 and December 31, 2015 , the Operating Partnership had total outstanding letters of credit of $2.0 million and $8.0 million , respectively.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
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, 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 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 leases 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, and allows the Company to account for forfeitures as they occur. 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 June 16, 2016, the FASB issued new guidance that modifies the accounting for recognizing credit losses on financial instruments. This new guidance replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of information to inform credit loss estimates. The new guidance is effective for the Company on January 1, 2020. Management is currently evaluating the potential impact of the new guidance on the Company’s consolidated financial statements. On August 26, 2016, the FASB issued new guidance that addresses eight classification issues related to the statement of cash flows. Early adoption is permitted, including adoption in an interim period. This guidance should be applied retrospectively to each period presented. This new guidance is effective for the Company on January 1, 2018. 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	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.
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.

Business of Organization (Table

Business of Organization (Tables)	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of 100% owned properties	As of September 30, 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* 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 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 Southgate Square Retail Colonial Heights, Virginia Property Segment Location Southshore Shops Retail Chesterfield, Virginia 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 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
Schedule of properties under development or construction	As of September 30, 2016 , the following properties that the Company consolidates for financial statement purposes were under development or construction: Property Segment Location Ownership Interest Brooks Crossing Office/Retail Newport News, Virginia 65 % Johns Hopkins Village Multifamily Baltimore, Maryland 80 % (1) Lightfoot Marketplace Retail Williamsburg, Virginia 70 % Town Center Phase VI Multifamily Virginia Beach, Virginia* 80 % Harding Place Multifamily Charlotte, North Carolina 80 % (1) 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 is entitled to a preferred return of 9% on its investment in Johns Hopkins Village. *Located in the Town Center of Virginia Beach

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Net Operating Income of Reportable Segments	Net operating income of the Company’s reportable segments for the three and nine months ended September 30, 2016 and 2015 was as follows (in thousands): Three Months Ended Nine Months Ended 2016 2015 2016 2015 (Unaudited) Office real estate Rental revenues $ 5,277 $ 8,092 $ 16,097 $ 23,847 Rental expenses 1,553 1,758 4,307 5,216 Real estate taxes 485 734 1,550 2,228 Segment net operating income 3,239 5,600 10,240 16,403 Retail real estate Rental revenues 14,340 8,523 41,485 22,715 Rental expenses 2,264 1,478 6,820 4,223 Real estate taxes 1,339 810 3,953 2,080 Segment net operating income 10,737 6,235 30,712 16,412 Multifamily residential real estate Rental revenues 5,688 4,688 15,257 12,839 Rental expenses 2,017 1,629 5,107 4,817 Real estate taxes 532 512 1,584 1,364 Segment net operating income 3,139 2,547 8,566 6,658 General contracting and real estate services Segment revenues 38,552 53,822 108,555 129,959 Segment expenses 37,274 51,716 104,336 125,141 Segment gross profit 1,278 2,106 4,219 4,818 Net operating income $ 18,393 $ 16,488 $ 53,737 $ 44,291
Reconciliation of Net Operating Income to Net Income	The following table reconciles net operating income to net income for the three and nine months ended September 30, 2016 and 2015 (in thousands): Three Months Ended Nine Months Ended 2016 2015 2016 2015 (Unaudited) Net operating income $ 18,393 $ 16,488 $ 53,737 $ 44,291 Depreciation and amortization (8,885 ) (6,317 ) (25,636 ) (16,991 ) General and administrative expenses (2,156 ) (1,873 ) (6,864 ) (6,297 ) Acquisition, development and other pursuit costs (345 ) (288 ) (1,486 ) (1,050 ) Impairment charges (149 ) — (184 ) (23 ) Interest income 1,024 — 1,928 — Interest expense (4,124 ) (3,518 ) (11,893 ) (9,922 ) Loss on extinguishment of debt (82 ) (3 ) (82 ) (410 ) Gain on real estate dispositions 3,753 — 30,440 13,407 Change in fair value of interest rate derivatives 498 (51 ) (2,264 ) (238 ) Other income 35 17 154 56 Income tax provision (16 ) (118 ) (240 ) (83 ) Net income $ 7,946 $ 4,337 $ 37,610 $ 22,740

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed during the nine months ended September 30, 2016 (in thousands): Retail Portfolio Southgate Square Southshore Shops Total Land $ 66,260 $ 8,890 $ 1,770 $ 76,920 Site improvements 3,870 2,140 490 6,500 Building and improvements 88,820 23,810 6,019 118,649 In-place leases 20,630 5,990 1,140 27,760 Above-market leases 1,960 100 120 2,180 Below-market leases (11,040 ) (1,400 ) (190 ) (12,630 ) Net assets acquired $ 170,500 $ 39,530 $ 9,349 $ 219,379
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 11 asset retail portfolio acquisition had occurred on January 1, 2015 (in thousands): Three Months Ended Nine Months Ended 2016 2015 2016 2015 (Unaudited) Rental revenues $ 25,305 $ 25,918 $ 73,370 $ 73,247 Net income 7,946 5,493 11,639 11,814

Derivative Financial Instrume22

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivatives	The Company’s derivatives were comprised of the following as of September 30, 2016 and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 (Unaudited) Notional Amount Fair Value Notional Amount Fair Value Asset Liability Asset Liability Interest rate swaps $ 56,950 $ — $ (2,007 ) $ 57,093 $ — $ (1,082 ) Interest rate caps 270,000 111 — 246,546 164 — Total $ 326,950 $ 111 $ (2,007 ) $ 303,639 $ 164 $ (1,082 )
Schedule of changes in fair value of derivatives	The changes in the fair value of the Company’s derivatives during the three and nine months ended September 30, 2016 and 2015 were comprised of the following (in thousands): Three Months Ended Nine Months Ended 2016 2015 2016 2015 (Unaudited) Interest rate swaps $ 481 $ (1,026 ) $ (2,007 ) $ (1,574 ) Interest rate caps 17 (51 ) (257 ) (238 ) Total $ 498 $ (1,077 ) $ (2,264 ) $ (1,812 ) Comprehensive income statement presentation: Change in fair value of interest rate derivatives $ 498 $ (51 ) $ (2,264 ) $ (238 ) Unrealized gain (loss) on cash flow hedge — (1,026 ) — (1,574 ) Total $ 498 $ (1,077 ) $ (2,264 ) $ (1,812 )

Fair Value of Financial Instr23

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
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 September 30, 2016 and December 31, 2015 , were as follows (in thousands): September 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value (Unaudited) Indebtedness $ 519,209 $ 519,878 $ 377,593 $ 384,691 Interest rate swap liabilities 2,007 2,007 1,082 1,082 Interest rate cap assets 111 111 164 164

Business of Organization (Detai

Business of Organization (Details)	9 Months Ended
	Sep. 30, 2016
Business and Organization
Ownership interest percentage in properties	100.00%
Brooks Crossing
Business and Organization
Ownership interest percentage in properties	65.00%
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
Percentage of preferred return on investment	9.00%
Lightfoot Marketplace
Business and Organization
Ownership interest percentage in properties	70.00%
Town Center Phase VI
Business and Organization
Ownership interest percentage in properties	80.00%
Harding Place
Business and Organization
Ownership interest percentage in properties	80.00%

Segments - Net Income of Report

Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information
Rental revenues	$ 25,305	$ 21,303	$ 72,839	$ 59,401
Rental expenses	5,834	4,865	16,234	14,256
Real estate taxes	2,356	2,056	7,087	5,672
Segment revenues	38,552	53,822	108,555	129,959
Segment expenses	37,274	51,716	104,336	125,141
Operating income	6,858	8,010	19,567	19,930
Operating Segments
Segment Reporting Information
Operating income	18,393	16,488	53,737	44,291
Office real estate | Operating Segments
Segment Reporting Information
Rental revenues	5,277	8,092	16,097	23,847
Rental expenses	1,553	1,758	4,307	5,216
Real estate taxes	485	734	1,550	2,228
Operating income	3,239	5,600	10,240	16,403
Retail real estate | Operating Segments
Segment Reporting Information
Rental revenues	14,340	8,523	41,485	22,715
Rental expenses	2,264	1,478	6,820	4,223
Real estate taxes	1,339	810	3,953	2,080
Operating income	10,737	6,235	30,712	16,412
Multifamily residential real estate | Operating Segments
Segment Reporting Information
Rental revenues	5,688	4,688	15,257	12,839
Rental expenses	2,017	1,629	5,107	4,817
Real estate taxes	532	512	1,584	1,364
Operating income	3,139	2,547	8,566	6,658
General contracting and real estate services | Operating Segments
Segment Reporting Information
Segment revenues	38,552	53,822	108,555	129,959
Segment expenses	37,274	51,716	104,336	125,141
Operating income	$ 1,278	$ 2,106	$ 4,219	$ 4,818

Segments - Additional Informati

Segments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information
General contracting and real estate services revenues	$ 38,552	$ 53,822	$ 108,555	$ 129,959
General contracting and real estate services expenses	37,274	51,716	104,336	125,141
Non-cash stock compensation			864	755
General and Administrative Expense
Segment Reporting Information
Non-cash stock compensation	100	200	600	600
General contracting and real estate services | Maximum
Segment Reporting Information
Non-cash stock compensation	100	100	400	200
General contracting and real estate services | Intersegment Eliminations
Segment Reporting Information
General contracting and real estate services revenues	7,800	11,400	40,700	27,900
General contracting and real estate services expenses	$ 7,600	$ 11,300	$ 40,200	$ 27,700

Segments - Reconciliation of Ne

Segments - Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net operating income	$ 6,858	$ 8,010	$ 19,567	$ 19,930
Depreciation and amortization	(8,885)	(6,317)	(25,636)	(16,991)
General and administrative expenses	(2,156)	(1,873)	(6,864)	(6,297)
Acquisition, development and other pursuit costs	(345)	(288)	(1,486)	(1,050)
Impairment charges	(149)	0	(184)	(23)
Interest income	1,024	0	1,928	0
Interest expense	(4,124)	(3,518)	(11,893)	(9,922)
Loss on extinguishment of debt	(82)	(3)	(82)	(410)
Gain on real estate dispositions	3,753	0	30,440	13,407
Change in fair value of interest rate derivatives	498	(51)	(2,264)	(238)
Other income	35	17	154	56
Income tax provision	(16)	(118)	(240)	(83)
Net income	7,946	4,337	37,610	22,740
Operating Segments
Net operating income	18,393	16,488	53,737	44,291
Segment Reconciling Items
Depreciation and amortization	(8,885)	(6,317)	(25,636)	(16,991)
General and administrative expenses	(2,156)	(1,873)	(6,864)	(6,297)
Acquisition, development and other pursuit costs	(345)	(288)	(1,486)	(1,050)
Impairment charges	(149)	0	(184)	(23)
Interest income	1,024	0	1,928	0
Interest expense	(4,124)	(3,518)	(11,893)	(9,922)
Loss on extinguishment of debt	(82)	(3)	(82)	(410)
Gain on real estate dispositions	3,753	0	30,440	13,407
Change in fair value of interest rate derivatives	498	(51)	(2,264)	(238)
Other income	35	17	154	56
Income tax provision	$ (16)	$ (118)	$ (240)	$ (83)

Real Estate Investments - Acqui

Real Estate Investments - Acquisitions (Details) ft² in Millions	Oct. 13, 2016USD ($)shares	Aug. 04, 2016USD ($)shares	Apr. 29, 2016USD ($)shares	Jan. 14, 2016USD ($)ft²portfolio	Jan. 01, 2015portfolio
Subsequent Event
Real Estate Properties
Acquisition, common units issued (in shares) | shares	2,000,000
Acquisition, contract price	$ 26,200,000
Retail Portfolio
Real Estate Properties
Number of acquired assets in portfolio (portfolio) | portfolio				11	11
Area of property (in square feet) | ft²				1.1
Acquisition, total consideration				$ 170,500,000
Southgate Square
Real Estate Properties
Acquisition, total consideration			$ 39,500,000
Acquisition, common units issued (in shares) | shares			1,575,185
Period for option to buy adjacent land, option one			2 years
Future payment for option to buy adjacent land, option one			$ 3,000,000
Future payment for option to buy adjacent land, option two			$ 1,250,000
Period for option to buy adjacent land, option two			1 year
Southgate Square | Class A units
Real Estate Properties
Acquisition, assumption of debt			$ 21,100,000
Southshore Shops
Real Estate Properties
Acquisition, total consideration		$ 9,300,000
Acquisition, common units issued (in shares) | shares		189,160
Cash paid for acquisition		$ 6,700,000

Real Estate Investments - Summa

Real Estate Investments - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) $ in Thousands	Sep. 30, 2016USD ($)
Real Estate Properties
Land	$ 76,920
Site improvements	6,500
Building and improvements	118,649
In-place leases	27,760
Above-market leases	2,180
Below-market leases	(12,630)
Net assets acquired	219,379
Retail Portfolio
Real Estate Properties
Land	66,260
Site improvements	3,870
Building and improvements	88,820
In-place leases	20,630
Above-market leases	1,960
Below-market leases	(11,040)
Net assets acquired	170,500
Southgate Square
Real Estate Properties
Land	8,890
Site improvements	2,140
Building and improvements	23,810
In-place leases	5,990
Above-market leases	100
Below-market leases	(1,400)
Net assets acquired	39,530
Southshore Shops
Real Estate Properties
Land	1,770
Site improvements	490
Building and improvements	6,019
In-place leases	1,140
Above-market leases	120
Below-market leases	(190)
Net assets acquired	$ 9,349

Real Estate Investments - Sum30

Real Estate Investments - Summary of Consolidated Results of Operations on Pro Forma Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Real Estate [Abstract]
Rental revenues	$ 25,305	$ 25,918	$ 73,370	$ 73,247
Net income	7,946	$ 5,493	11,639	$ 11,814
Revenue from acquired properties since acquisition	4,800		13,300
Earnings from acquired properties since acquisition	$ 700		$ 2,100

Real Estate Investments - Uncon

Real Estate Investments - Unconsolidated Entities (Details)	Aug. 30, 2016USD ($)	Apr. 21, 2016USD ($)ft²unitextensionroom	Mar. 16, 2016USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Feb. 25, 2016story	Dec. 31, 2015USD ($)	Oct. 31, 2015USD ($)
Investment in Unconsolidated Subsidiaries
Equity method investments				$ 10,360,000		$ 10,360,000			$ 1,411,000
Notes receivable				49,935,000		49,935,000			7,825,000
Interest income				1,024,000	$ 0	1,928,000	$ 0
Note receivable, impairment				0		0
Purchase of land conjunction with joint venture project				6,200,000		6,200,000
SAGH
Investment in Unconsolidated Subsidiaries
Note receivable maximum principal balance			$ 500,000
Notes receivable converted into equity	$ 300,000
SAGH | Loans Receivable
Investment in Unconsolidated Subsidiaries
Stated interest rate			10.00%
SAGH | Loans Receivable | Period One
Investment in Unconsolidated Subsidiaries
Interest maturity period			120 days
SAGH | Loans Receivable | Period Two
Investment in Unconsolidated Subsidiaries
Interest maturity period			3 years
Point Street Apartments
Investment in Unconsolidated Subsidiaries
Commitment to invest in a development project (up to)										$ 23,000,000
Notes receivable				19,300,000		19,300,000			$ 7,800,000
Interest income				400,000		800,000
Point Street Apartments | Loans Receivable
Investment in Unconsolidated Subsidiaries
Note receivable, past due				0		0
Annapolis Junction Town Center
Investment in Unconsolidated Subsidiaries
Notes receivable				30,600,000		30,600,000
Interest income				600,000		1,100,000
Note receivable maximum principal balance		$ 42,000,000
Estimated development project future value		$ 102,000,000
Number of residential units (unit) | unit		416
Area of retail space (in square feet) | ft²		17,000
Number of rooms (room) | room		150
Interest acquired		80.00%
Period after completion to exercise purchase option		1 year
Option to acquire additional interest		8.00%
Period after completion to exercise additional purchase option		27 months
Interest reserve		$ 6,000,000
Annapolis Junction Town Center | Loans Receivable
Investment in Unconsolidated Subsidiaries
Stated interest rate		10.00%
Number of times the loan receivable can be extended (extension) | extension		2
Extension period of the loan receivable		1 year
Annapolis Junction Town Center | Financial Guarantee
Investment in Unconsolidated Subsidiaries
Guarantor obligations, maximum exposure (up to)		$ 25,000,000
Annapolis Junction Town Center | AJAO | Loans Receivable
Investment in Unconsolidated Subsidiaries
Note receivable, past due				0		0
Required payment of loan		80.00%
Annapolis Junction Town Center | Maximum
Investment in Unconsolidated Subsidiaries
Commitment to invest in a development project (up to)		$ 48,000,000
Interest acquired		88.00%
Annapolis Junction Town Center | Maximum | AJAO
Investment in Unconsolidated Subsidiaries
Senior construction loan (up to)		$ 60,000,000
City Center | 22-Story Mixed Use Tower
Investment in Unconsolidated Subsidiaries
Interests in equity method investments								37.00%
Number stories in the mixed use tower (story) | story								22
Equity method investments				10,300,000		10,300,000
Guarantee of construction loan								37.00%
Assets being used as collateral for the construction loan								100.00%
Borrowings under construction loans						0
Dividends from equity investment				0		0
Income from equity method investment				$ 0		$ 0

Real Estate Investments - Dispo

Real Estate Investments - Dispositions (Details) - USD ($) $ in Thousands	Sep. 15, 2016	Jul. 29, 2016	Jun. 20, 2016	Jan. 08, 2016	Jan. 07, 2016	Nov. 02, 2015	Sep. 30, 2016	Sep. 30, 2015
Real Estate Dispositions
Dispositions of real estate investments							$ 96,312	$ 50,613
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, Disposed of by Sale, Not Discontinued Operations
Real Estate Dispositions
Dispositions of real estate investments			$ 9,200
Gain (Loss) on disposition of property			$ 100
Kroger Junction | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Dispositions
Dispositions of real estate investments		$ 3,700
Gain (Loss) on disposition of property		$ 100
Oyster Point | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Dispositions
Dispositions of real estate investments	$ 6,400
Net proceeds after transaction costs	0
Gain (Loss) on disposition of property	$ 3,800

Indebtedness - Additional Infor

Indebtedness - Additional Information (Details)	Oct. 04, 2016USD ($)	Aug. 30, 2016USD ($)	Aug. 08, 2016USD ($)	Feb. 25, 2016leverage_ratio_increase	Sep. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	May 13, 2016USD ($)	Feb. 20, 2015USD ($)
Indebtedness
Repayment of mortgage								$ 167,659,000	$ 153,321,000
Loss on extinguishment of debt					$ 82,000		$ 3,000	82,000	$ 410,000
New Retail Mortgage
Indebtedness
Proceeds from new mortgage			$ 35,000,000
Debt instrument, term			5 years
Loss on extinguishment of debt			$ 100,000
New Retail Mortgage | LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate			1.95%
New Block 11 Mortgage
Indebtedness
Proceeds from new mortgage		$ 57,000,000
Debt instrument, term		5 years
Loss on extinguishment of debt					$ 100,000			100,000
Stated interest rate		3.25%
Construction Loans
Indebtedness
Borrowings under construction loans								$ 41,200,000
Operating Partnership | Unsecured Debt | New Credit Facility
Indebtedness
Aggregate capacity under the credit facility						$ 250,000,000					$ 200,000,000
Financial covenant, leverage ratio consecutive quarters following any significant acquisition				0.65
Financial covenant, number of consecutive quarters maintaining leverage ratio following any significant acquisition				6 months
Financial covenant, investments to total asset value				10.00%
Financial covenant, maximum number of times maximum leverage ratio can increase | leverage_ratio_increase				2
Operating Partnership | Revolving Credit Facility | Unsecured Debt | New Credit Facility
Indebtedness
Aggregate capacity under the credit facility											150,000,000
Interest rate on credit facility as of end of period					2.07%			2.07%
Revolving credit facility, extension option								1 year
Credit facility, amount outstanding					$ 102,000,000			$ 102,000,000
Operating Partnership | Revolving Credit Facility | Unsecured Debt | New Credit Facility | Subsequent Event
Indebtedness
Increase in borrowing	$ 4,000,000
Operating Partnership | Revolving Credit Facility | Unsecured Debt | New Credit Facility | Minimum | LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate								1.40%
Operating Partnership | Revolving Credit Facility | Unsecured Debt | New Credit Facility | Maximum | LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate								2.00%
Operating Partnership | Revolving Credit Facility | Secured Debt | Prior Credit Facility
Indebtedness
Aggregate capacity under the credit facility										$ 155,000,000
Operating Partnership | Term Loan Facility | Unsecured Debt | New Credit Facility
Indebtedness
Aggregate capacity under the credit facility											$ 50,000,000
Interest rate on credit facility as of end of period					2.02%			2.02%
Increase in borrowing						$ 100,000,000
Amount borrowed under credit facility								$ 100,000,000
Operating Partnership | Term Loan Facility | Unsecured Debt | New Credit Facility | Minimum | LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate								1.35%
Operating Partnership | Term Loan Facility | Unsecured Debt | New Credit Facility | Maximum | LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate								1.95%
249 Central Park Retail
Indebtedness
Repayment of mortgage			$ 15,100,000
South Retail
Indebtedness
Repayment of mortgage			6,700,000
Fountain Plaza
Indebtedness
Repayment of mortgage			$ 7,600,000
4525 Main Street
Indebtedness
Repayment of mortgage		$ 31,600,000
Encore Apartments
Indebtedness
Repayment of mortgage		$ 25,200,000

Derivative Financial Instrume34

Derivative Financial Instruments - Additional Information (Details)	3 Months Ended		9 Months Ended
	Mar. 31, 2016USD ($)swap	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Jun. 17, 2016USD ($)	Feb. 25, 2016USD ($)	Dec. 31, 2015USD ($)
Derivatives
Interest rate agreement, notional amount				$ 326,950,000			$ 303,639,000
Interest Rate Caps
Derivatives
Interest rate agreement, notional amount				270,000,000			246,546,000
Interest Rate Swaps
Derivatives
Interest rate agreement, notional amount				$ 56,950,000			$ 57,093,000
Number of interest rate swaps hedge relationship terminated (swap) | swap	2
Amount of AOCI recognized into earnings	$ 700,000
Amount previously allocated to noncontrolling interest recognized in earnings	$ 400,000
Overstated net income		$ 600,000	$ 1,000,000
LIBOR | Interest Rate Caps | Operating Partnership
Derivatives
Interest rate agreement, notional amount					$ 70,000,000	$ 75,000,000
Interest rate cap agreement, strike price					1.00%	1.50%
LIBOR | Interest Rate Caps | Operating Partnership | Maximum
Derivatives
Interest rate cap agreement, premium (less than)					$ 100,000	$ 100,000

Derivative Financial Instrume35

Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Derivatives
Notional Amount	$ 326,950		$ 326,950		$ 303,639
Asset, Fair Value	111		111		164
Liability, Fair Value	(2,007)		(2,007)		(1,082)
Changes in fair value of derivatives
Change in fair value of interest rate derivatives	498	$ (51)	(2,264)	$ (238)
Unrealized gain (loss) on cash flow hedge	0	(1,026)	0	(1,574)
Total change in fair value	498	(1,077)	(2,264)	(1,812)
Interest Rate Swaps
Derivatives
Notional Amount	56,950		56,950		57,093
Asset, Fair Value	0		0		0
Liability, Fair Value	(2,007)		(2,007)		(1,082)
Changes in fair value of derivatives
Total change in fair value	481	(1,026)	(2,007)	(1,574)
Interest Rate Caps
Derivatives
Notional Amount	270,000		270,000		246,546
Asset, Fair Value	111		111		164
Liability, Fair Value	0		0		$ 0
Changes in fair value of derivatives
Total change in fair value	$ 17	$ (51)	$ (257)	$ (238)

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)	Oct. 14, 2016	Oct. 13, 2016	Oct. 06, 2016	Aug. 04, 2016	Jul. 07, 2016	May 04, 2016	Apr. 07, 2016	Jan. 07, 2016	Jul. 10, 2015	May 31, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Class of Stock
Authorized capital shares of common stock (in shares)											500,000,000		500,000,000	500,000,000		500,000,000
Authorized capital shares of preferred stock (in shares)											100,000,000		100,000,000	100,000,000		100,000,000
Common stock, shares issued (in shares)											34,255,874		34,255,874	34,255,874		30,076,359
Common stock, shares outstanding (in shares)											34,255,874		34,255,874	34,255,874		30,076,359
Preferred stock issued (in shares)											0		0	0		0
Preferred stock outstanding (in shares)											0		0	0		0
Percentage of Operating Partnership held											66.20%		66.20%	66.20%		65.60%
Ownership interest percentage in properties											100.00%		100.00%	100.00%
Aggregate cash dividends and distributions, paid														$ 24,702,000	$ 20,050,000
Cash dividend per share, declared (in dollars per share)											$ 0.18	$ 0.17		$ 0.54	$ 0.51
Subsequent Event
Class of Stock
Acquisition, common units/shares issued or to be issued (in shares)		2,000,000
Acquisition, contract price		$ 26,200,000
Dividend Declared
Class of Stock
Cash dividend per share, declared (in dollars per share)				$ 0.18
Class A units
Class of Stock
Class A Units not held by Company (in shares)											16,518,474		16,518,474	16,518,474
Ownership interest percentage in properties											0.00%		0.00%	0.00%		0.00%
Operating Partnership | Class A units
Class of Stock
Aggregate cash dividends and distributions, paid					$ 2,900,000		$ 2,700,000	$ 2,500,000
Operating Partnership | Class A units | Subsequent Event
Class of Stock
Aggregate cash dividends and distributions, paid			$ 3,000,000
Operating Partnership | Class B units | Columbus Village
Class of Stock
Acquisition, common units/shares issued or to be issued (in shares)									1,000,000
Operating Partnership | Class C units | Columbus Village
Class of Stock
Acquisition, common units/shares issued or to be issued (in shares)									275,000
Common Stock
Class of Stock
Shares issued through public offering (in shares)														4,079,482
Common stock, shares outstanding (in shares)											34,255,874		34,255,874	34,255,874		30,076,359
Aggregate cash dividends and distributions, paid					$ 5,900,000		$ 5,600,000	$ 5,100,000
Common Stock | Subsequent Event
Class of Stock
Aggregate cash dividends and distributions, paid			$ 6,200,000
New ATM Program | Common Stock
Class of Stock
Maximum aggregate offering price of shares to be sold (up to)						$ 75,000,000
Shares issued through public offering (in shares)													2,926,563
Numbers shares issued and sold, weighted average price per share (in dollars per share)											$ 13.17		$ 13.17	$ 13.17
Net proceeds after offering costs and commissions from sale of shares													$ 37,700,000
New ATM Program | Common Stock | Subsequent Event
Class of Stock
Shares issued through public offering (in shares)	169,548
Numbers shares issued and sold, weighted average price per share (in dollars per share)	$ 13.11
Net proceeds after offering costs and commissions from sale of shares	$ 2,200,000
Prior ATM Program | Common Stock
Class of Stock
Maximum aggregate offering price of shares to be sold (up to)										$ 50,000,000
Shares issued through public offering (in shares)														1,152,919
Numbers shares issued and sold, weighted average price per share (in dollars per share)											$ 10.87		$ 10.87	$ 10.87
Net proceeds after offering costs and commissions from sale of shares														$ 12,200,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 01, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense		$ 0.3	$ 0.2	$ 1.2	$ 1
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock granted (in shares)				119,985
Restricted stock granted, grant date fair value (in dollars per share)				$ 11.19
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)		105,152		105,152
Unrecognized compensation cost		$ 0.3		$ 0.3
Unrecognized compensation cost, recognition period				18 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
Performance period	3 years
Service period	2 years

Fair Value of Financial Instr38

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Carrying Value
Fair Value of Financial Instruments
Indebtedness	$ 519,209	$ 377,593
Interest rate swap liabilities	2,007	1,082
Interest rate cap assets	111	164
Fair Value | Level 2
Fair Value of Financial Instruments
Indebtedness	519,878	384,691
Interest rate swap liabilities	2,007	1,082
Interest rate cap assets	$ 111	$ 164

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	May 13, 2013	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Construction Contracts
Related Party Transactions
Revenue from contracts with affiliated entities		$ 0.2	$ 1.5	$ 15.1	$ 5.5
Construction Contracts | Maximum
Related Party Transactions
Gross profit from related parties		0.2	0.1	0.8	0.2
Real Estate Service Fees
Related Party Transactions
Revenue from contracts with affiliated entities		0	0	0	0
Cost Reimbursements
Related Party Transactions
Revenue from contracts with affiliated entities		$ 0	$ 0	0	$ 0
Tax Protection Agreements | Operating Partnership
Related Party Transactions
Period of opportunity to guarantee debt	10 years
Tax Protection Agreements | Operating Partnership | Executive Officers
Related Party Transactions
Guarantee of debt				$ 0.3
Tax Protection Agreements | Maximum | Operating Partnership
Related Party Transactions
Future sale period for properties	7 years
Future sale period for properties in limited number of cases	10 years

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Commitments and Contingencies
Line of credit, performance and payment bonds	$ 184	$ 183
Operating Partnership
Commitments and Contingencies
Outstanding letters of credit	$ 2	$ 8