SCHEDULE III—Consolidated Real Estate Investments and Accumulated Depreciation

December 31, 2013


	(In thousands)
	Encumbrances as of December 31, 2013			Initial Cost				Land Improvements		Cost Capitalized Subsequent to Acquisition		Gross Carrying Amount as of December 31, 2013						Accumulated Depreciation as of December 31, 2013		Year Built			Life on which depreciation in latest income statement is computed
	Encumbrances as of December 31, 2013			Land		Building and Improvements		Land Improvements		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Total⁽¹⁾		Accumulated Depreciation as of December 31, 2013		Year Built
Office
Armada Hoffler Tower	$	—	⁽²⁾	$	1,976	$	—	$	—	$	52,592	$	1,976	$	52,592	$	54,568	$	22,142		2002			39 years
Richmond Tower		—	⁽²⁾		3,038		—		—		45,160		3,038		45,160		48,198		5,568		2010			39 years
One Columbus		—	⁽²⁾		960		10,269		—		6,370		960		16,639		17,599		7,896		1984	⁽³⁾		39 years
Two Columbus		—	⁽²⁾		53		—		—		17,800		53		17,800		17,853		3,427		2009			39 years
Oyster Point		6,466			57		—		614		10,532		57		11,146		11,203		8,367		1989			39 years
Virginia Natural Gas		—	⁽²⁾		590		—		—		4,579		590		4,579		5,169		579		2010			39 years
Sentara Williamsburg		—	⁽²⁾		1,371		—				10,324		1,371		10,324		11,695		2,693		2008			39 years

Total office	$	6,466		$	8,045	$	10,269	$	614	$	147,357	$	8,045	$	158,240	$	166,285	$	50,672

Retail
249 Central Park Retail		15,834			713		—		—		13,014		713		13,014		13,727		5,833		2004			39 years
South Retail		6,985			190		—		—		6,470		190		6,470		6,660		2,968		2002			39 years
Studio 56 Retail		2,690			76		—		—		2,297		76		2,297		2,373		451		2007			39 years
Commerce Street Retail		5,613			118		—		—		3,142		118		3,142		3,260		670		2008			39 years
Fountain Plaza Retail		7,917			425		—		—		6,933		425		6,933		7,358		2,272		2004			39 years
Dick’s at Town Center		8,318			67		—		—		8,885		67		8,885		8,952		2,442		2002			39 years
Broad Creek Shopping Center		16,231			—		—		4,006		11,561		—		15,567		15,567		6,816		1997-2001			39 years
North Point Center		14,884	⁽²⁾		1,936		—		3,273		21,413		1,936		24,686		26,622		9,309		1998			39 years
Hanbury Village		25,608			3,792		—		—		18,007		3,792		18,007		21,799		4,075		2009			39 years
Gainsborough Square		—	⁽²⁾		2,229		—		13		6,670		2,229		6,683		8,912		2,470		1999			39 years
Parkway Marketplace		—	⁽²⁾		1,150		—		360		3,140		1,150		3,500		4,650		1,413		1998			39 years
Harrisonburg Regal		3,842			1,554		—		—		4,148		1,554		4,148		5,702		1,556		1999			39 years
Courthouse 7-Eleven		—	⁽²⁾		1,007		—		—		1,043		1,007		1,043		2,050		56		2011			39 years
Tyre Neck Harris Teeter		2,482			—		—		3,306		—		—		3,306		3,306		278		2011			39 years
Bermuda Crossroads		—			5,450		10,101		540		288		5,450		10,929		16,379		313		2001	⁽⁴⁾		39 years

Total retail	$	110,404		$	18,707	$	10,101	$	11,498	$	107,011	$	18,707	$	128,610	$	147,317	$	40,922

Mutifamily
The Cosmopolitan	$	47,723		$	985	$	—	$	—	$	56,067	$	985	$	56,067	$	57,052	$	12,930		2006			39 years
Smith’s Landing		24,795			—		34,655		450		573		—		35,678		35,678		704		2009	⁽⁴⁾		39 years

Total multifamily	$	72,518		$	985	$	34,655	$	450	$	56,640	$	985	$	91,745	$	92,730	$	13,634

Income producing property	$	189,388		$	27,737	$	55,025	$	12,562	$	311,008	$	27,737	$	378,595	$	406,332	$	105,228

SCHEDULE III—Consolidated Real Estate Investments and Accumulated Depreciation

December 31, 2013 (continued)


	(In thousands)
	Encumbrances as of December 31, 2013		Initial Cost				Land Improvements		Cost Capitalized Subsequent to Acquisition		Gross Carrying Amount as of December 31, 2013						Accumulated Depreciation as of December 31, 2013		Year Built	Life on which depreciation in latest income statement is computed
	Encumbrances as of December 31, 2013		Land		Building and Improvements		Land Improvements		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Total⁽¹⁾		Accumulated Depreciation as of December 31, 2013		Year Built
Construction in progress
4525 Main Street		11,313		982		—		—		24,584		982		24,584		25,566		—	N/A
Encore Apartments		3,585		1,293		—		—		10,376		1,293		10,376		11,669		—	N/A
Whetstone Apartments		284		2,644		—		—		5,016		2,644		5,016		7,660		—	N/A
Sandbridge Commons		3,172		5,267		—		—		748		5,267		748		6,015		—	N/A
Greentree Shopping Center		—		1,523		—		—		667		1,523		667		2,190		—	N/A
Oceaneering International		—		1,867		—		—		1,677		1,867		1,677		3,544		—	N/A

Total construction in progress	$	18,354	$	13,576	$	—	$	—	$	43,068	$	13,576	$	43,068	$	56,644	$	—

Total	$	207,742	$	41,313	$	55,025	$	12,562	$	354,076	$	41,313	$	421,663	$	462,976	$	105,228

(1)	As of December 31, 2013, total land, buildings and improvements were carried at $279.4 million for federal income tax purposes.

(2)	Borrowing base collateral for the credit facility.

(3)	Acquired in 2000.

(4)	Acquired in 2013.


	Real Estate Investments						Accumulated Depreciation
	December 31,
	2013			2012			2013			2012
Balance at beginning of the year	$	354,740		$	349,933		$	92,454		$	80,923
Acquisitions		62,936			—			—			—
Construction costs and tenant improvements		45,332			4,972			—			—
Depreciation expense		—			—			12,806			11,601
Disposals		(32	)		(70	)		(32	)		(70	)
Government development grants		—			(95	)		—			—

Balance at end of the year	$	462,976		$	354,740		$	105,228		$	92,454