SCHEDULE III—Consolidated Real Estate Investments and Accumulated Depreciation


December 31, 2014
				Initial Cost				Cost Capitalized Subsequent to Acquisition		Gross Carrying Amount											Year of Construction/ Acquisition
	Encumbrances			Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation			Net Carrying Amount⁽¹⁾		Year of Construction/ Acquisition
Office
4525 Main Street	$	30,870		$	982	$	—	$	38,481	$	982	$	38,481	$	39,463	$	487		$	38,976		2014
Armada Hoffler Tower		—	⁽²⁾		1,976		—		55,029		1,976		55,029		57,005		23,748			33,257		2002
Commonwealth of Virginia – Chesapeake		3,585			328		—		6,248		328		6,248		6,576		—	⁽³⁾		6,576		—	⁽³⁾
Commonwealth of Virginia – Virginia Beach		—			208		—		2,083		208		2,083		2,291		—	⁽³⁾		2,291		—	⁽³⁾
Oceaneering		13,490			1,829		—		19,345		1,829		19,345		21,174		—	⁽³⁾		21,174		—	⁽³⁾
One Columbus		—	⁽²⁾		960		10,269		6,795		960		17,064		18,024		8,463			9,561		1984/2000
Oyster Point		6,274			57		—		11,512		57		11,512		11,569		8,637			2,932		1989
Richmond Tower		—	⁽²⁾		3,038		—		45,473		3,038		45,473		48,511		7,245			41,266		2010
Two Columbus		—	⁽²⁾		53		—		18,242		53		18,242		18,295		4,264			14,031		2009

Total office	$	54,219		$	9,431	$	10,269	$	203,208	$	9,431	$	213,477	$	222,908	$	52,844		$	170,064

Retail
249 Central Park Retail	$	15,566		$	713	$	—	$	13,476	$	713	$	13,476	$	14,189	$	6,395		$	7,794		2004
Bermuda Crossroads		—	⁽²⁾		5,450		10,641		474		5,450		11,115		16,565		826			15,739		2001/2013
Broad Creek Shopping Center		16,047			—		—		15,619		—		15,619		15,619		7,355			8,264		1997-2001
Commerce Street Retail		5,549			118		—		3,146		118		3,146		3,264		845			2,419		2008
Courthouse 7-Eleven		—	⁽²⁾		1,007		—		1,043		1,007		1,043		2,050		83			1,967		2011
Dick’s at Town Center		8,216			67		—		10,453		67		10,453		10,520		2,680			7,840		2002
Dimmock Square		—	⁽²⁾		5,100		13,126		3		5,100		13,129		18,229		151			18,078		1998/2014
Fountain Plaza Retail		7,783			425		—		7,018		425		7,018		7,443		2,525			4,918		2004
Gainsborough Square		—	⁽²⁾		2,229		—		6,813		2,229		6,813		9,042		2,644			6,398		1999
Greentree Shopping Center		—			1,523		—		3,520		1,523		3,520		5,043		37			5,006		2014
Hanbury Village		25,308			3,792		—		18,021		3,792		18,021		21,813		4,589			17,224		2009
Harrisonburg Regal		3,659			1,554		—		4,148		1,554		4,148		5,702		1,664			4,038		1999
Lightfoot Marketplace		3,484			7,628		—		2,891		7,628		2,891		10,519		—	⁽³⁾		10,519		—	⁽³⁾
North Point Center		13,587	⁽²⁾		1,936		—		24,797		1,936		24,797		26,733		10,124			16,609		1998
Parkway Marketplace		—	⁽²⁾		1,150		—		3,500		1,150		3,500		4,650		1,501			3,149		1998
Sandbridge Commons		5,892			5,267		—		4,095		5,267		4,095		9,362		—	⁽³⁾		9,362		—	⁽³⁾
South Retail		6,867			190		—		7,090		190		7,090		7,280		3,214			4,066		2002
Studio 56 Retail		2,618			76		—		2,297		76		2,297		2,373		539			1,834		2007
Tyre Neck Harris Teeter		2,437			—		—		3,306		—		3,306		3,306		424			2,882		2011

Total retail	$	117,013		$	38,225	$	23,767	$	131,710	$	38,225	$	155,477	$	193,702	$	45,596		$	148,106

Mutifamily
Encore Apartments	$	22,215		$	1,293	$	—	$	28,882	$	1,293	$	28,882	$	30,175	$	89		$	30,086		2014
Liberty Apartments		20,603			3,580		23,494		1,049		3,580		24,543		28,123		781			27,342		2013/2014
Smith’s Landing		24,470			—		35,105		659		—		35,764		35,764		1,859			33,905		2009/2013
The Cosmopolitan		47,132			985		—		56,419		985		56,419		57,404		14,866			42,538		2006
Whetstone Apartments		16,019			2,644		—		24,280		2,644		24,280		26,924		64			26,860		2014

Total multifamily	$	130,439		$	8,502	$	58,599	$	111,289	$	8,502	$	169,888	$	178,390	$	17,659		$	160,731

Real estate investments	$	301,671		$	56,158	$	92,635	$	446,207	$	56,158	$	538,842	$	595,000	$	116,099		$	478,901

(1)	The net carrying amount of real estate for federal income tax purposes was $347.9 million as of December 31, 2014.

(2)	Borrowing base collateral for the credit facility as of December 31, 2014.

(3)	Construction in progress as of December 31, 2014.

Income producing property is depreciated on a straight-line basis over the following estimated useful lives:


Buildings		39 years
Capital improvements		15—20 years
Equipment		5—15 years
Tenant improvements		Term of the related lease (or estimated useful life, if shorter)


	Real Estate Investments						Accumulated Depreciation
	December 31,
	2014			2013			2014			2013
Balance at beginning of the year	$	462,976		$	354,740		$	105,228		$	92,454
Construction costs and improvements		106,977			45,332			—			—
Acquisitions		45,300			62,936			—			—
Dispositions		(5,471	)		(32	)		(957	)		(32	)
Reclassifications		(14,782	)		—			(3,156	)		—
Depreciation		—			—			14,984			12,806

Balance at end of the year	$	595,000		$	462,976		$	116,099		$	105,228