Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2013

Real Estate Investments

Armada Hoffler’s real estate investments comprised the following as of December 31, 2013 and 2012 (in thousands):

	December 31,
	2013			2012
Land	$	41,313		$	24,511
Land improvements		12,562			11,543
Buildings and improvements		365,941			316,596
Development costs		—			2,090
Construction in progress		43,160			—
		462,976			354,740
Accumulated depreciation		(105,228	)		(92,454	)
Net real estate investments	$	357,748		$	262,286