Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Schedule of Derivatives

The Company’s derivatives comprised the following as of March 31, 2014 and December 31, 2013 (in thousands):

	March 31, 2014							December 31, 2013
			(Unaudited)
	Notional Amount		Fair Value					Notional Amount		Fair Value
			Asset		Liability					Asset		Liability
Pay fixed interest rate swaps	$	700	$	—	$	(14	)	$	705	$	—	$	(16	)
Interest rate caps		180,614		589		—			130,672		102		—
Total	$	181,314	$	589	$	(14	)	$	131,377	$	102	$	(16	)

The changes in the fair value of Armada Hoffler’s derivatives during the three months ended March 31, 2014 and 2013 comprised the following (in thousands):

	Three Months Ended March 31,
	2014		2013
	(Unaudited)
Pay fixed interest rate swaps	$	2	$	108
Interest rate caps		91		2
Other income	$	93	$	110