Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2014

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


	December 31, 2014
	Income producing property		Held for development		Construction in progress		Total
Land	$	40,898	$	—	$	15,260	$	56,158
Land improvements		16,279		—		—		16,279
Buildings and improvements		456,741		—		—		456,741
Development and construction costs		—		—		65,822		65,822

Real estate investments	$	513,918	$	—	$	81,082	$	595,000


	December 31, 2013
	Income producing property		Held for development		Construction in progress		Total
Land	$	27,736	$	—	$	13,577	$	41,313
Land improvements		12,562		—		—		12,562
Buildings and improvements		365,941		—		—		365,941
Development and construction costs		—		—		43,160		43,160

Real estate investments	$	406,239	$	—	$	56,737	$	462,976

Summary of Consolidated and Combined Results of Operations on Pro Forma Basis

The following table summarizes the consolidated and combined results of operations of Armada Hoffler on a pro forma basis, as if Dimmock Square had been acquired as of January 1, 2013 and both Bermuda Crossroads and Smith’s Landing had been acquired as of January 1, 2012 (in thousands):


	Years Ended December 31,
	2014		2013		2012
Rental revenues	$	66,000	$	61,555	$	60,075
Net income		13,361		5,676		18,520

Liberty Apartments [Member]

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):


	Liberty Apartments
Land	$	3,580
Site improvements		280
Building and improvements		23,214
In-place leases		340
Indebtedness		(16,966	)
Net working capital		(679	)


Net assets acquired	$	9,769

Dimmock Square [Member]

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):


	Dimmock Square
Land	$	5,100
Site improvements		600
Building and improvements		12,526
In-place leases		1,880
Above and below-market leases		(390	)


Net assets acquired	$	19,716

Bermuda Crossroads and Smith's Landing [Member]

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):


	Bermuda Crossroads			Smith’s Landing
Land	$	5,450		$	—
Site improvements		540			450
Building and improvements		10,101			34,655
Intangible assets		2,860			2,420
Net working capital		237			14
Indebtedness		(11,053	)		(24,995	)
Below-market leases		(1,750	)		—

Net assets acquired	$	6,385		$	12,544