Exhibit 12.1

Armada Hoffler Properties, Inc. and Predecessor

Ratio of Earnings to Combined Fixed Charges and Preference Dividends

(Unaudited)

	The Company						The Predecessor
	Three Months Ended March 31, 2014			Year Ended December 31, 2013(1)			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010
	($ in thousands)
Income before taxes(2)	$	2,655		$	14,726		$	8,907		$	2,647		$	4,081
Plus:
Amortization of capitalized interest		55			219			219			218			208
Return of capital from real estate joint ventures		—			511			405			580			227
Fixed charges		3,416			14,279			17,878			19,365			19,765
Less:
Interest capitalized		(476	)		(526	)		(21	)		(43	)		(377	)
Income from real estate joint ventures		—			(210	)		(261	)		(309	)		(88	)
Earnings	$	5,650		$	28,999		$	27,127		$	22,458		$	23,816
Interest expense(3)	$	2,565		$	12,303		$	16,561		$	18,155		$	18,232
Interest capitalized		476			526			21			43			377
Portion of rents representative of the interest factor		375			1,450			1,296			1,167			1,156
Preference dividends		—			—			—			—			—
Combined fixed charges and preference dividends	$	3,416		$	14,279		$	17,878		$	19,365		$	19,765
Ratio of earnings to combined fixed charges and preference dividends		1.7			2.0			1.5			1.2			1.2

(1) Includes financial information from the Predecessor for the period from January 1, 2013 until immediately prior to the completion of our initial public offering on May 13, 2013 and of the Company for the period thereafter.

(2) Includes gain on acquisitions of $9,460 for the year ended December 31, 2013.

(3) Includes interest expense of discontinued operations of $21 and $24 for the years ended December 31, 2011 and 2010, respectively.