EX-99.2

Introduction

As you know, a majority of Armada Hoffler’s

portfolio is located in Virginia

The crown jewel of its portfolio is The Town Center

of Virginia Beach

Which is located in the Hampton Roads

Metropolitan Statistical Area (MSA)

In order to understand the underlying strength of its

portfolio, I will cover the demographics of the state,

Hampton Roads area, and Virginia Beach

Virginia’s Location

40 percent of the nation’s

population within a day’s

drive

Integrated transportation

system of highways,

railroads, airports and

seaports

Proximity to Washington DC

and federal policy makers

and government system

Virginia is Best for Business

State of Virginia Accolades:

(Pollina Real Estate

(CNBC, 2011)

Number One for Pro-Business Climate,

Inc, 2011)

America’s Top State for Business,

Forbes.com: Virginia is One of the Best States for

Business

Top Performing State Government for planning and

management of money, people, information and

infrastructure

Why Virginia?

Low Business Costs

High Quality of the Workforce

Reasonable Cost of Living

Business Friendly

Northernmost Right-to-Work State

Impressive Economic Growth

Virginia: Business First

AAA Bond rating maintained since 1938, longer than

any other state

Corporate income tax of 6% not increased since 1972

Streamlined permitting process

Recruitment training programs

help businesses become

operational faster

Robust State Economy

Birthplace of the Internet

Leading center of software

development

One of only four states

capable of launching

communications and other

commercial satellites into space

Biomedical and telemedicine

burgeoning industries

Robust State Economy

More than 17,000 high-tech establishments

Ranks 3rd as recipient of federal R&D funds

In top 10 of states for knowledge-based,

globalized, IT-driven, entrepreneurial, innovation-

based

economy

(“2012

State

New

Economy

Index”

Information

Technology and Innovation Foundation

)

Exported $18.2 billion in merchandise in 2012

Visiting Virginia

Tourism generates $21.2 billion in revenue,

supports 210,000 jobs and provides $1.36

billion in state and local taxes

200 Wineries named One of 10 Best Wine

Travel Destinations of 2012

(Wine Enthusiast)

History includes Jamestown-

the First

English Settlement, Colonial Williamsburg,

Yorktown National Battlefield, Monticello,

and Civil War sites

Hampton Roads Map

MSA Population = 1.7 million

DMA Population = 2.1 million

Comprising:

Virginia Beach

Norfolk

Chesapeake

Portsmouth

Suffolk

Hampton

Newport News

Poquoson

Williamsburg

Smithfield

York County

James City County

Isle of Wight County

Hampton Roads’

Location

Southeastern seaboard of Virginia

Home of world’s largest natural

deepwater harbor

largest MSA

the

country

Ten cities and five counties

Washington DC is 200 miles north

Virginia’s second largest MSA, and

the State’s first, second and third

largest cities by population

Hampton Roads’

Transportation

Two airports: Norfolk International Airport and

Newport News/Williamsburg have over 250 direct

flights daily

Interstate 64 encircles the MSA

Chesapeake Bay Bridge Tunnel saves 90 miles traveling

to New York/New Jersey

Three crossings between Peninsula and Southside:

Monitor Merrimack Bridge Tunnel, Hampton Roads

Bridge Tunnel and James River Bridge

Light Rail Operating from Downtown Norfolk to

Virginia Beach; to be Extended to Town Center and

Convention Center/Resort Oceanfront

Amtrak Service Now to Norfolk

High Speed Rail Expected

Hampton Roads’

Transportation

Hampton Roads’

Economy

Best Performing Metro Economy in

the Nation During the Recession,

Civilian labor force almost 800,000

Large military and government

contractors brings skilled pool of

potential workers that few other

MSAs enjoy

Brookings Institution

Hampton Roads’

Industries

Known for its ports and maritime-

related industries: warehousing,

distribution and logistics operations

Defense-related industries

Modeling and simulation

Aerospace and aviation

Shipbuilding, nuclear powered

submarines and aircraft carriers

Management (headquarters)

operations

Virginia Ports Advantages

Only East Coast port with 50’

deep and unobstructed sea

lanes and channels

Already servicing larger “Post-Panamax”

vessels expected to

increase in number as Panama Canal expansion is completed

Restructuring the Port of Virginia operations to improve

efficiencies, customer services, to save $3-6 million annually

Port business up record-setting10% more in fiscal year 2013

Warehouse and distribution facility vacancies typically follow

container volume increases

Major big boxes already have distribution centers here;

warehouse vacancy is already low

Expect increase of jobs for supporting industries

Hampton Roads’

Employers

Huntington Ingalls Industries –

Newport News Shipbuilding:

22,000+ employees

Sentara Healthcare: 10,000+ employees

Smithfield Packing Company and Gwaltney of Smithfield,

Ltd. Meat processing and packing

Stihl, Inc. power tools

Norfolk Southern Corporation (railway transportation)

Norfolk Naval Shipyard

Naval Medical Center of Portsmouth

Riverside Health System

Amerigroup/Wellpoint

Dollar Tree

Regional Tourism creates 12,000+ seasonal jobs

International Focus

Favored location for international companies,

160 firms from 27 countries

From Switzerland, Germany, Japan, UK,

Sweden, the Netherlands, Canada, France

and many others

Hampton Roads’

Culture

Chrysler Museum of Art

Virginia Symphony

Virginia Arts Festival

Chrysler Hall

Virginia Opera

Virginia Stage Company

Museum of Contemporary Art

(MOCA)

The Sandler Center for the

Performing Arts

Hampton Coliseum

Norfolk Scope

Virginia Living Museum

Nauticus National Maritime Center

Colonial Williamsburg

MacArthur Memorial

Busch Gardens

nTelos Pavilion at Harbor Center

Farm Bureau Live Virginia Beach

Amphitheater

Ferguson Center

Hampton Roads’

Retailers

Nordstrom

Brooks Brothers

Ann Taylor

Williams Sonoma

Urban Outfitters

Talbots

Coach

J.Crew

Pottery Barn

Whole Foods

Trader Joe’s

Macy’s

Dillard’s

Chico’s

Apple

The City of Virginia Beach

Most populous city in the United States with

438,000 residents

Larger than Charlotte, Richmond, Austin, Salt Lake City,

Milwaukee, Nashville and Indianapolis

Encompasses 307 square miles

59 miles of waterfronts

100 miles of bikeways

2012 Tourism revenue $1.28 Billion

Tourism-related taxes over $100 Million

Government named Best-run City

in U.S.

(Wall Street Journal, January 2012)

Virginia’s Future: Offshore Wind

Virginia is one of only two sites on the Atlantic coast

selected by the US government for commercial

development of offshore wind power

23 Nautical miles out to sea lies coveted 113,000 acres

where 1

utility-scale offshore wind farm may be

operational in the next decade

Hampton Roads could emerge as main source for building

Colossus-sized wind turbines and the specially constructed

ships needed to transport them

Offshore Natural Gas Resources

VA could generate $250 -

$500 million in savings on

natural gas over 30 years

American Petroleum Institute estimates: leasing, drilling

and development activity off VA’s coast could generate

16,400 jobs by 2020

$644 million over 10 years in direct/indirect payroll to

$7.84 billion of new investment in Virginia

Federal legislation could yield $3 billion in royalties to VA

over 30 years

Maritime and Engineering industry in place to capture

onshore investment

Virginia Beach Accolades

2 Most Business-Friendly City in America

(CNN Money.com Report, June 2013)

One of America’s Hardest-Working Cities

(Forbes, August 2013)

One of America’s 50 Best Cities

(Bloomberg Businessweek, September 2012)

#2 Best City in U.S. for Raising a Family

(Wall Street Journal, January 2012)

Happiest City in the U.S. to Work

(Forbes, January 2013)

Fittest City in America

(Facebook’s Fittest Cities, 2013)

Virginia Beach’s Boardwalk Listed in Top 10

Great Public Spaces in America (American Planning

Association, October 2009)

SAIC –

defense contractor

STIHL, Inc. –

manufacturer of power driven tools

GEICO –

insurance

Christian Broadcasting Network

Sentara Medical Group

Amerigroup/Wellpoint

The economy has grown at an extraordinary

average of 100 new businesses per month

Virginia Beach’s Employers

The Center of Everything

The Town Center of

Virginia Beach is 10

Miles from

Downtown Norfolk

7.5 Miles from the

Chesapeake Bay

10 Miles from the

Virginia Beach

Oceanfront Resort

Area

Virginia Beach Map

Bounded on South by North Carolina state line

On East by Atlantic Ocean

On North by Chesapeake Bay

Interstate 264 Runs East-West from Oceanfront

Resort Area to Downtown Norfolk

The Center of Everything

Crossroads of the highest volume roadways headed

"east/west" and "north/south“

The largest commercial concentration with the lowest

vacancy rates in Hampton Roads

The tallest buildings in Virginia, creating a landmark

location with largest allocation of expansion capability

Only commercial node with light-rail running through it

Largest concentration of institutions of higher education

and city offices outside the Municipal Center

Home of the Sandler Center for the Performing Arts, the

central library, and the city’s biggest post office.

Town Center Demographics

DEMOGRAPHICS

3 MILES

5 MILES

7 MILES

Total Population (2012)

127,449

287,068

444,563

# of Households

49,753

107,949

166,444

HHs w Incomes $75K+

15,169

35,363

55,432

Median Age

35.1

34.7

34.6

True Income Levels

Income figures are under-reported due to the young age and number of retirees in

the region who receive retirement pay while starting second careers around age 40

The U.S. Bureau of Economic Analysis (BEA) reports Total Personal Income (TPI) which

goes beyond just income from one primary paycheck.

TPI

includes wages, dividends,

interest, rents, pensions, and retirement plans

The adjusted Average Annual Household Income using Total Personal Income for the

City of Virginia Beach increases by 35% to $116,843 added to which the non-

monetary benefits such as VA Loans, free medical, use of commissary, etc. add to the

disposable income available to a large segment of the population

Hampton Roads spends more on retail on a per capita basis because of this

additional discretionary income

Conclusion

Armada Hoffler’s strategic position as the

preeminent developer and property owner

headquartered in Virginia Beach will enable it to

take advantage of

the strong economic foundations of Virginia;

the stable and growing, diversified economy in

Hampton Roads with

its young, fit and economically healthy population