Segments (Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Net Operating Income of Reportable Segments

Net operating income of Armada Hoffler’s reportable segments for each of the three years ended December 31, 2014 was as follows (in thousands):

	Years Ended December 31,
	2014		2013		2012
Office real estate
Rental revenues	$	27,827	$	25,794	$	25,815
Property expenses		8,710		7,892		7,668
Segment net operating income		19,117		17,902		18,147
Retail real estate
Rental revenues		23,956		21,755		21,164
Property expenses		7,108		6,779		6,629
Segment net operating income		16,848		14,976		14,535
Multifamily residential real estate
Rental revenues		12,963		9,971		7,457
Property expenses		6,592		4,478		3,176
Segment net operating income		6,371		5,493		4,281
General contracting and real estate services
Segment revenues		103,321		82,516		54,046
Segment expenses		98,754		78,813		50,103
Segment net operating income		4,567		3,703		3,943
Other		—		—		(74	)
Net operating income	$	46,903	$	42,074	$	40,832

Reconciliation of Net Operating Income to Net Income

The following table reconciles net operating income to net income for each of the three years ended December 31, 2014 (in thousands):

	Years Ended December 31,
	2014			2013			2012
Net operating income	$	46,903		$	42,074		$	40,832
Depreciation and amortization		(17,569	)		(14,898	)		(12,909	)
General and administrative expenses		(7,711	)		(6,937	)		(3,232	)
Acquisition, development and other pursuit costs		(229	)		—			—
Impairment charges		(15	)		(580	)		—
Interest expense		(10,648	)		(12,303	)		(16,561	)
Loss on extinguishment of debt		—			(2,387	)		—
Gain on real estate dispositions and acquisitions		2,211			9,460			—
Other (expense) income		(113	)		297			777
Income tax provision		(70	)		(273	)		—
Results from discontinued operations		—			—			(10	)
Net income	$	12,759		$	14,453		$	8,897

Rental Revenues

Rental revenues for each of the three years ended December 31, 2014 comprised the following (in thousands):

	Years Ended December 31,
	2014		2013		2012
Minimum rents
Office	$	26,394	$	24,415	$	24,101
Retail		20,198		18,473		17,753
Multifamily		11,076		8,364		6,259
Percentage rents
Office		69		104		109
Retail		216		121		121
Multifamily		100		105		103
Other
Office		1,364		1,275		1,605
Retail		3,542		3,161		3,290
Multifamily		1,787		1,502		1,095
Rental revenues	$	64,746	$	57,520	$	54,436

Property Expenses

Property expenses for each of the three years ended December 31, 2014 comprised the following (in thousands):

	Years Ended December 31,
	2014		2013		2012
Rental expenses
Office	$	6,395	$	5,721	$	5,499
Retail		5,011		4,808		4,791
Multifamily		5,261		3,496		2,383
Other		—		—		9
Total		16,667		14,025		12,682
Real estate taxes
Office		2,315		2,171		2,169
Retail		2,097		1,971		1,838
Multifamily		1,331		982		793
Other		—		—		65
Total		5,743		5,124		4,865
Property expenses	$	22,410	$	19,149	$	17,547