Acquisition of Non-controlled Entities (Tables)

9 Months Ended

Sep. 30, 2013

Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):

	Bermuda Crossroads			Smith’s Landing
	(Unaudited)
Income producing property	$	16,091		$	35,105
Intangible assets		2,860			2,420
Net working capital		237			14
Secured debt		(11,053	)		(24,995	)
Below-market leases		(1,750	)		—
Net assets acquired	$	6,385		$	12,544

Consolidated and Combined Results of Operations on a Pro Forma Basis

The following table summarizes the consolidated and combined results of operations of Armada Hoffler, Bermuda Crossroads and Smith’s Landing on a pro forma basis, as if both Bermuda Crossroads and Smith’s Landing had been acquired as of January 1, 2012 (in thousands):

	Three Months Ended     September 30,				Nine Months Ended   September 30
	2013		2012		2013		2012
	(Unaudited)
Rental revenues	$	14,899	$	14,767	$	44,538	$	44,564
Net (loss) income		1,448		1,863		2,667		15,233