SCHEDULE III—Consolidated Real Estate Investments and Accumulated Depreciation

December 31, 2015


				Initial Cost				Cost Capitalized		Gross Carrying Amount											Year of
						Building and		Subsequent to				Building and				Accumulated			Net Carrying		Construction/
	Encumbrances			Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation			Amount(1)		Acquisition
Office
4525 Main Street	$	31,613		$	982	$	—	$	39,756	$	982	$	39,756	$	40,738	$	1,725		$	39,013	2014
Armada Hoffler Tower		—	(2)		1,976		—		55,927		1,976		55,927		57,903		25,569			32,334	2002
Brooks Crossing		—			121		—		7,562		121		7,562		7,683		—	(3)		7,683	—	(3)
Commonwealth of Virginia—Chesapeake		4,933			328		—		6,208		328		6,208		6,536		294			6,242	2015
Commonwealth of Virginia—Virginia Beach		—			208		—		2,159		208		2,159		2,367		86			2,281	2015
One Columbus		—	(2)		960		10,269		6,946		960		17,215		18,175		9,045			9,130	1984/2000
Oyster Point		6,400			57		—		11,595		57		11,595		11,652		8,927			2,725	1989
Two Columbus		—	(2)		53		—		18,291		53		18,291		18,344		5,120			13,224	2009
Total office	$	42,946		$	4,685	$	10,269	$	148,444	$	4,685	$	158,713	$	163,398	$	50,766		$	112,632
Retail
249 Central Park Retail	$	15,282		$	713	$	—	$	13,728	$	713	$	13,728	$	14,441	$	6,998		$	7,443	2004
Bermuda Crossroads		—	(2)		5,450		10,641		541		5,450		11,182		16,632		1,373			15,259	2001/2013
Broad Creek Shopping Center		—	(2)		—		—		15,692		—		15,692		15,692		7,894			7,798	1997-2001
Columbus Village		8,739			7,630		10,135		—		7,630		10,135		17,765		146			17,619	1985/2015
Commerce Street Retail		—	(2)		118		—		3,147		118		3,147		3,265		1,007			2,258	2008
Courthouse 7-Eleven		—	(2)		1,007		—		1,043		1,007		1,043		2,050		109			1,941	2011
Dick’s at Town Center		—	(2)		67		—		10,576		67		10,576		10,643		3,102			7,541	2002
Dimmock Square		—	(2)		5,100		13,126		9		5,100		13,135		18,235		512			17,723	1998/2014
Fountain Plaza Retail		7,641			425		—		7,085		425		7,085		7,510		2,750			4,760	2004
Gainsborough Square		—	(2)		2,229		—		6,873		2,229		6,873		9,102		2,821			6,281	1999
Greentree Shopping Center		—			1,523		—		4,022		1,523		4,022		5,545		186			5,359	2014
Hanbury Village		20,970	(2)		3,792		—		19,223		3,792		19,223		23,015		5,153			17,862	2009
Harrisonburg Regal		3,463			1,554		—		4,148		1,554		4,148		5,702		1,772			3,930	1999
Lightfoot Marketplace		7,759			7,628		—		7,856		7,628		7,856		15,484		—	(3)		15,484	—	(3)
North Point Center		13,295	(2)		1,936		—		25,018		1,936		25,018		26,954		10,945			16,009	1998
Parkway Marketplace		—	(2)		1,150		—		3,507		1,150		3,507		4,657		1,588			3,069	1998
Perry Hall Marketplace		—			3,240		8,316		—		3,240		8,316		11,556		234			11,322	2001/2015
Providence Plaza		—			9,950		12,369		10		9,950		12,379		22,329		124			22,205	2008/2015
Sandbridge Commons		9,010			5,267		—		6,594		5,267		6,594		11,861		200			11,661	2015
Socastee Commons		4,957			2,320		5,380		42		2,320		5,422		7,742		103			7,639	2000/2015
South Retail		6,742			190		—		7,333		190		7,333		7,523		3,491			4,032	2002
Stone House Square		—			6,360		16,350		82		6,360		16,432		22,792		413			22,379	2008/2015
Studio 56 Retail		—	(2)		76		—		2,477		76		2,477		2,553		628			1,925	2007
Tyre Neck Harris Teeter		—	(2)		—		—		3,306		—		3,306		3,306		590			2,716	2011
Total retail	$	97,858		$	67,725	$	76,317	$	142,312	$	67,725	$	218,629	$	286,354	$	52,139		$	234,215


			Initial Cost				Cost Capitalized		Gross Carrying Amount											Year of
					Building and		Subsequent to				Building and				Accumulated			Net Carrying		Construction/
	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation			Amount(1)		Acquisition
Mutifamily
Encore Apartments	$	25,184	$	1,293	$	—	$	30,069	$	1,293	$	30,069	$	31,362	$	972		$	30,390	2014
Liberty Apartments		20,312		3,580		23,494		1,188		3,580		24,682		28,262		1,668			26,594	2013/2014
Johns Hopkins Village		3,968		—		—		29,438		—		29,438		29,438		—	(3)		29,438	—	(3)
Smith’s Landing		21,226		—		35,105		843		—		35,948		35,948		3,040			32,908	2009/2013
The Cosmopolitan		46,519		985		—		56,664		985		56,664		57,649		16,795			40,854	2006
Total multifamily	$	117,209	$	5,858	$	58,599	$	118,202	$	5,858	$	176,801	$	182,659	$	22,475		$	160,184
Held for development	$	—	$	1,180	$	—	$	—	$	1,180	$	—	$	1,180	$	—		$	1,180
Real estate investments	$	258,013	$	79,448	$	145,185	$	408,958	$	79,448	$	554,143	$	633,591	$	125,380		$	508,211

⁽¹⁾

The net carrying amount of real estate for federal income tax purposes was $395.3 million as of December 31, 2015.

⁽²⁾

Borrowing base collateral for the credit facility as of December 31, 2015.

⁽³⁾

Construction in progress as of December 31, 2015.

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				Accumulated
	Investments				Depreciation
	December 31,
	2015		2014		2015		2014
Balance at beginning of the year	$	595,000	$	462,976	$	116,099	$	105,228
Construction costs and improvements		52,533		106,977		—		—
Acquisitions		83,230		45,300		—		—
Dispositions		(23,181)		(5,471)		(668)		(957)
Reclassifications		(73,991)		(14,782)		(8,729)		(3,156)
Depreciation		—		—		18,678		14,984
Balance at end of the year	$	633,591	$	595,000	$	125,380	$	116,099