Segments (Tables) (Predecessor)

3 Months Ended

Mar. 31, 2013

Predecessor

Net Operating Income of Reportable Segments

Net operating income of Armada Hoffler’s reportable segments for the three months ended March 31, 2013 and 2012 was as follows (in thousands):

	Three Months Ended March 31,
	2013			2012
	(Unaudited)
Office real estate
Rental revenues	$	6,486		$	6,393
Property expenses		(1,946	)		(1,846	)
Segment net operating income		4,540			4,547
Retail real estate
Rental revenues		5,005			5,100
Property expenses		(1,680	)		(1,529	)
Segment net operating income		3,325			3,571

	Three Months Ended March 31,
	2013			2012
Multifamily residential real estate
Rental revenues		1,907			1,894
Property expenses		(815	)		(668	)
Segment net operating income		1,092			1,226
General contracting and real estate services
Segment revenues		17,956			14,641
Segment expenses		(17,458	)		(13,992	)
Segment net operating income		498			649
Other		—			(4	)
Net operating income	$	9,455		$	9,989

Reconciliation of Net Operating Income to Net Income

The following table reconciles net operating income to net income for the three months ended March 31, 2013 and 2012 (in thousands):

	Three Months Ended March 31,
	2013			2012
	(Unaudited)
Net operating income	$	9,455		$	9,989
Depreciation and amortization		(3,159	)		(3,347	)
General and administrative expenses		(717	)		(834	)
Interest expense		(3,915	)		(4,127	)
Other income		267			223
Results from discontinued operations		—			(21	)
Net income	$	1,931		$	1,883

Rental Revenues of Reportable Segments

Rental revenues of Armada Hoffler’s reportable segments for the three months ended March 31, 2013 and 2012 comprised the following (in thousands):

	Three Months Ended March 31,
	2013		2012
	(Unaudited)
Minimum rents
Office	$	6,100	$	6,003
Retail		4,365		4,330
Multifamily		1,627		1,590
Percentage rents(1)
Office		104		109
Retail		24		25
Multifamily		42		38
Other
Office		282		281
Retail		616		745
Multifamily		238		266
Rental revenues	$	13,398	$	13,387

(1) Percentage rents are based on tenants’ sales.

Property Expenses of Reportable Segments

Property expenses of Armada Hoffler’s reportable segments for the three months ended March 31, 2013 and 2012 comprised the following (in thousands):

	Three Months Ended March 31,
	2013		2012
	(Unaudited)
Rental expenses
Office	$	1,405	$	1,302
Retail		1,220		1,076
Multifamily		604		482
Other		—		4
Total	$	3,229	$	2,864
Real estate taxes
Office	$	541	$	544
Retail		460		453
Multifamily		211		186
Total	$	1,212	$	1,183
Property expenses	$	4,441	$	4,047