SCHEDULE III—Consolidated Real Estate Investments and Accumulated Depreciation

December 31, 2017



				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	$	32,034		$	982	$	—	$	45,338	$	982	$	45,338	$	46,320	$	4,422	$	41,898	2014
Armada Hoffler Tower	—		⁽²⁾	1,976		—		57,887		1,976		57,887		59,863		29,625		30,238		2002
One Columbus	—		⁽²⁾	960		10,269		8,772		960		19,041		20,001		10,280		9,721		1984
Two Columbus	—		⁽²⁾	53		—		19,364		53		19,364		19,417		6,941		12,476		2009
Total office	$	32,034		$	3,971	$	10,269	$	131,361	$	3,971	$	141,630	$	145,601	$	51,268	$	94,333
Retail
249 Central Park Retail	$	16,851		$	712	$	—	$	15,108	$	712	$	15,108	$	15,820	$	8,228	$	7,592	2004
Alexander Pointe	—		⁽²⁾	4,050		4,880		58		4,050		4,938		8,988		466		8,522		1997/2016
Bermuda Crossroads	—		⁽²⁾	5,450		10,641		1,053		5,450		11,694		17,144		2,183		14,961		2001/2013
Broad Creek Shopping Center	—		⁽²⁾	—		—		15,945		—		15,945		15,945		9,010		6,935		1997-2001
Broadmoor Plaza	—		⁽²⁾	2,410		9,010		346		2,410		9,356		11,766		881		10,885		1980/2016
Brooks Crossing	—			117		—		2,213		117		2,213		2,330		88		2,242		2016
Columbus Village	8,298			7,631		10,135		9		7,631		10,144		17,775		732		17,043		1980/2015
Columbus Village II	—		⁽²⁾	14,536		10,922		23		14,536		10,945		25,481		520		24,961		1995/2016
Commerce Street Retail	—		⁽²⁾	118		—		3,220		118		3,220		3,338		1,342		1,996		2008
Courthouse 7-Eleven	—		⁽²⁾	1,007		—		1,043		1,007		1,043		2,050		163		1,887		2011
Dick’s at Town Center	—		⁽²⁾	67		—		10,572		67		10,572		10,639		3,920		6,719		2002
Dimmock Square	—		⁽²⁾	5,100		13,126		188		5,100		13,314		18,414		1,254		17,160		1998/2014
Fountain Plaza Retail	10,145			425		—		7,135		425		7,135		7,560		3,154		4,406		2004
Gainsborough Square	—		⁽²⁾	2,229		—		7,182		2,229		7,182		9,411		3,206		6,205		1999
Greentree Shopping Center	—			1,103		—		4,018		1,103		4,018		5,121		513		4,608		2014
Hanbury Village	19,503		⁽²⁾	3,793		—		19,342		3,793		19,342		23,135		6,344		16,791		2006
Harper Hill Commons	—		⁽²⁾	2,840		8,510		93		2,840		8,603		11,443		608		10,835		2004/2016
Harrisonburg Regal	—			1,554		—		4,148		1,554		4,148		5,702		1,989		3,713		1999
Lightfoot Marketplace	10,500			7,628		—		14,714		7,628		14,714		22,342		794		21,548		2016
North Hampton Market	—		⁽²⁾	7,250		10,210		401		7,250		10,611		17,861		953		16,908		2004/2016
North Point Center	12,030		⁽²⁾	1,936		—		25,417		1,936		25,417		27,353		12,652		14,701		1998
Oakland Marketplace	—		⁽²⁾	1,850		3,370		26		1,850		3,396		5,246		584		4,662		2004/2016
Parkway Marketplace	—		⁽²⁾	1,150		—		3,664		1,150		3,664		4,814		1,776		3,038		1998
Patterson Place	—		⁽²⁾	15,059		20,180		231		15,059		20,411		35,470		1,353		34,117		2004/2016
Perry Hall Marketplace	—		⁽²⁾	3,240		8,316		383		3,240		8,699		11,939		872		11,067		2001/2015
Providence Plaza	—		⁽²⁾	9,950		12,369		670		9,950		13,039		22,989		937		22,052		2007/2015
Renaissance Place	—		⁽²⁾	6,730		8,439		89		6,730		8,528		15,258		335		14,923		2008/2016



Sandbridge Commons	8,468			4,825		—		7,285		4,825		7,285		12,110		839		11,271		2015
Socastee Commons	4,771			2,320		5,380		121		2,320		5,501		7,821		530		7,291		2000/2015
South Retail	7,394			190		—		7,635		190		7,635		7,825		3,964		3,861		2002
South Square	—		⁽²⁾	14,130		12,670		164		14,130		12,834		26,964		953		26,011		1977/2016
Southgate Square	20,708			8,890		25,950		249		8,890		26,199		35,089		1,467		33,622		1991/2016
Southshore Shops	—		⁽²⁾	1,770		6,509		16		1,770		6,525		8,295		289		8,006		2006/2016
Stone House Square	—		⁽²⁾	6,360		16,350		277		6,360		16,627		22,987		1,548		21,439		2008/2015
Studio 56 Retail	—		⁽²⁾	76		—		2,475		76		2,475		2,551		825		1,726		2007
Tyre Neck Harris Teeter	—		⁽²⁾	—		—		3,306		—		3,306		3,306		923		2,383		2011
Waynesboro Commons	—		⁽²⁾	1,300		1,610		47		1,300		1,657		2,957		385		2,572		1993/2016
Wendover Village	—		⁽²⁾	18,260		21,700		52		18,260		21,752		40,012		1,100		38,912		2004/2016-2017
Total retail	$	118,668		$	166,056	$	220,277	$	158,918	$	166,056	$	379,195	$	545,251	$	77,680	$	467,571
Mutifamily
Encore Apartments	$	24,966		$	1,293	$	—	$	30,183	$	1,293	$	30,183	$	31,476	$	3,033	$	28,443	2014
Harding Place	3,874			5,706		—		22,997		5,706		22,997		28,703		—		28,703		—	⁽³⁾
Johns Hopkins Village	46,698			—		—		69,229		—		69,229		69,229		3,107		66,122		2016
King Street	—			7,276		—		5,452		7,276		5,452		12,728		—		12,728		—	⁽³⁾
Liberty Apartments	14,694			3,580		23,494		1,407		3,580		24,900		28,480		3,456		25,024		2013/2014
Meeting Street	—			7,265		—		6,372		7,265		6,372		13,637		—		13,637		—	⁽³⁾
Smith’s Landing	19,764			—		35,105		1,765		—		36,870		36,870		5,613		31,257		2009/2013
The Cosmopolitan	45,209			985		—		57,504		985		57,504		58,489		20,364		38,125		2006
Town Center Phase VI	1,505			965		—		22,328		965		22,328		23,293		—		23,293		—	⁽³⁾
Total multifamily	$	156,710		$	27,070	$	58,599	$	217,237	$	27,070	$	275,835	$	302,905	$	35,573	$	267,332
Held for development	$	—		$	680	$	—	$	—	$	680	$	—	$	680	$	—	$	680
Real estate investments	$	307,412		$	197,777	$	289,145	$	507,516	$	197,777	$	796,660	$	994,437	$	164,521	$	829,916

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(1)	The net carrying amount of real estate for federal income tax purposes was $698.1 million as of December 31, 2017.


(2)	Borrowing base collateral for the credit facility as of December 31, 2017.


(3)	Construction in progress as of December 31, 2017.

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,
	2017			2016			2017			2016
Balance at beginning of the year	$	908,287		$	633,591		$	139,553		$	125,380
Construction costs and improvements	84,142			56,630			—			—
Acquisitions	12,760			248,987			—			—
Dispositions	(10,146		)	(30,467		)	(1,006		)	(352		)
Reclassifications	(606		)	(454		)	—			(8,928		)
Depreciation	—			—			25,974			23,453
Balance at end of the year	$	994,437		$	908,287		$	164,521		$	139,553