SCHEDULE III—Consolidated Real Estate Investments and Accumulated Depreciation

December 31, 2018



				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	$	—	$	45,835	$	982	$	45,835	$	46,817	$	6,237	$	40,580	2014
Armada Hoffler Tower	—		⁽²⁾	1,976		—		60,677		1,976		60,677		62,653		31,816		30,837		2002
Brooks Crossing Office	6,910			475		—		14,078		475		14,078		14,553		—		14,553		2016
One Columbus	—		⁽²⁾	960		10,269		10,606		960		20,875		21,835		11,110		10,725		1984
Two Columbus	—		⁽²⁾	53		—		19,926		53		19,926		19,979		7,911		12,068		2009
Wills Wharf	—			—		—		18,665		—		18,665		18,665		—		18,665		2018
Total office	$	38,944		$	4,446	$	10,269	$	169,787	$	4,446	$	180,056	$	184,502	$	57,074	$	127,428
Retail
249 Central Park Retail	$	17,045		$	712	$	—	$	15,341	$	712	$	15,341	$	16,053	$	8,798	$	7,255	2004
Alexander Pointe	—		⁽²⁾	4,050		4,880		91		4,050		4,971		9,021		705		8,316		1997/2016
Bermuda Crossroads	—		⁽²⁾	5,450		10,641		1,195		5,450		11,836		17,286		2,555		14,731		2001/2013
Broad Creek Shopping Center	—		⁽²⁾	—		—		8,987		—		8,987		8,987		4,035		4,952		1997-2001
Broadmoor Plaza	—		⁽²⁾	2,410		9,010		843		2,410		9,853		12,263		1,340		10,923		1980/2016
Brooks Crossing Retail	—			117		—		2,328		117		2,328		2,445		155		2,290		2016
Columbus Village	—		⁽²⁾	7,631		10,135		877		7,631		11,012		18,643		2,091		16,552		1980/2015
Columbus Village II	—		⁽²⁾	14,536		10,922		50		14,536		10,972		25,508		939		24,569		1995/2016
Commerce Street Retail	—		⁽²⁾	118		—		3,242		118		3,242		3,360		1,514		1,846		2008
Courthouse 7-Eleven	—		⁽²⁾	1,007		—		1,043		1,007		1,043		2,050		190		1,860		2011
Dick’s at Town Center	—		⁽²⁾	67		—		10,585		67		10,585		10,652		4,337		6,315		2002
Dimmock Square	—		⁽²⁾	5,100		13,126		260		5,100		13,386		18,486		1,639		16,847		1998/2014
Fountain Plaza Retail	10,257			425		—		7,206		425		7,206		7,631		3,363		4,268		2004
Gainsborough Square	—		⁽²⁾	2,229		—		7,450		2,229		7,450		9,679		3,422		6,257		1999
Greentree Shopping Center	—		⁽²⁾	1,103		—		4,032		1,103		4,032		5,135		700		4,435		2014
Hanbury Village	19,019		⁽²⁾	3,793		—		19,464		3,793		19,464		23,257		6,920		16,337		2006
Harper Hill Commons	—		⁽²⁾	2,840		8,510		160		2,840		8,670		11,510		924		10,586		2004/2016
Harrisonburg Regal	—			1,554		—		4,148		1,554		4,148		5,702		2,097		3,605		1999
Indian Lakes Crossing	—		⁽²⁾	7,009		2,274		7		7,009		2,281		9,290		84		9,206		2008/2018
Market at Mill Creek	7,283			2,945		—		16,413		2,945		16,413		19,358		—		19,358		2018
Lexington Square	14,940			3,035		17,786		—		3,035		17,786		20,821		265		20,556		2017/2018
Lightfoot Marketplace	10,500			7,628		—		17,502		7,628		17,502		25,130		1,376		23,754		2016
North Hampton Market	—		⁽²⁾	7,250		10,210		442		7,250		10,652		17,902		1,461		16,441		2004/2016
North Point Center	11,698		⁽²⁾	1,936		—		25,553		1,936		25,553		27,489		13,527		13,962		1998



Oakland Marketplace	—		⁽²⁾	1,850		3,370		617		1,850		3,987		5,837		744		5,093		2004/2016
Parkway Marketplace	—		⁽²⁾	1,150		—		3,767		1,150		3,767		4,917		1,888		3,029		1998
Parkway Centre	—		⁽²⁾	1,372		7,864		—		1,372		7,864		9,236		234		9,002		2017/2018
Patterson Place	—		⁽²⁾	15,059		20,180		411		15,059		20,591		35,650		2,065		33,585		2004/2016
Perry Hall Marketplace	—		⁽²⁾	3,240		8,316		415		3,240		8,731		11,971		1,212		10,759		2001/2015
Premier Retail	6,219			965		—		10,877		965		10,877		11,842		132		11,710		2018
Providence Plaza	—		⁽²⁾	9,950		12,369		1,072		9,950		13,441		23,391		1,397		21,994		2007/2015
Renaissance Square	—		⁽²⁾	6,730		8,439		155		6,730		8,594		15,324		625		14,699		2008/2016
Sandbridge Commons	8,258			4,825		—		7,294		4,825		7,294		12,119		1,168		10,951		2015
Socastee Commons	4,671			2,320		5,380		134		2,320		5,514		7,834		735		7,099		2000/2015
South Retail	7,483			190		—		7,867		190		7,867		8,057		4,225		3,832		2002
South Square	—		⁽²⁾	14,130		12,670		391		14,130		13,061		27,191		1,450		25,741		1977/2016
Southgate Square	21,442			8,890		25,950		496		8,890		26,446		35,336		2,325		33,011		1991/2016
Southshore Shops	—		⁽²⁾	1,770		6,509		50		1,770		6,559		8,329		496		7,833		2006/2016
Stone House Square	—		⁽²⁾	6,360		16,350		319		6,360		16,669		23,029		2,131		20,898		2008/2015
Studio 56 Retail	—		⁽²⁾	76		—		2,477		76		2,477		2,553		913		1,640		2007
Tyre Neck Harris Teeter	—		⁽²⁾	—		—		3,306		—		3,306		3,306		1,089		2,217		2011
Wendover Village	—		⁽²⁾	18,260		21,700		128		18,260		21,828		40,088		1,813		38,275		2004/2016-2017
Total retail	$	138,815		$	180,082	$	246,591	$	186,995	$	180,082	$	433,586	$	613,668	$	87,079	$	526,589
Multifamily
Encore Apartments	$	24,966		$	1,293	$	—	$	30,258	$	1,293	$	30,258	$	31,551	$	4,088	$	27,463	2014
Greenside (Harding Place)	25,902			5,711		—		43,782		5,711		43,782		49,493		388		49,105		2014	⁽³⁾
Hoffler Place (King Street)	11,445			7,277		—		27,136		7,277		27,136		34,413		—		34,413		—	(3)
Johns Hopkins Village	52,708			—		—		69,717		—		69,717		69,717		5,381		64,336		2016
Liberty Apartments	14,437			3,580		23,494		1,581		3,580		25,075		28,655		4,361		24,294		2013/2014
Premier Apartments	12,995			—		—		29,189		—		29,189		29,189		292		28,897		2018
Summit Place (Meeting Street)	11,057			7,265		—		27,722		7,265		27,722		34,987		—		34,987		—	⁽³⁾
Smith’s Landing	18,985			—		35,105		1,962		—		37,067		37,067		6,851		30,216		2009/2013
The Cosmopolitan	44,468			985		—		59,365		985		59,365		60,350		23,261		37,089		2006
Total multifamily	$	216,963		$	26,111	$	58,599	$	290,712	$	26,111	$	349,311	$	375,422	$	44,622	$	330,800
Held for development	$	—		$	2,994	$	—	$	—	$	2,994	$	—	$	2,994	$	—	$	2,994
Real estate investments	$	394,722		$	213,633	$	315,459	$	647,494	$	213,633	$	962,953	$	1,176,586	$	188,775	$	987,811

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(1)	The net carrying amount of real estate for federal income tax purposes was $868.3 million as of December 31, 2018.


(2)	Borrowing base collateral for the credit facility as of December 31, 2018.


(3)	Construction in progress as of December 31, 2018.

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



Buildings	39 years
Capital improvements	5—20 years
Equipment	3—7 years
Tenant improvements	Term of the related lease
	(or estimated useful life, if shorter)



	Real Estate						Accumulated
	Investments						Depreciation
	December 31,
	2018			2017			2018			2017
Balance at beginning of the year	$	994,437		$	908,287		$	164,521		$	139,553
Construction costs and improvements	144,926			84,142			—			—
Acquisitions	51,613			12,760			—			—
Dispositions	(11,420		)	(10,146		)	(5,559		)	(1,006		)
Reclassifications	(2,970		)	(606		)	(582		)	—
Depreciation	—			—			30,395			25,974
Balance at end of the year	$	1,176,586		$	994,437		$	188,775		$	164,521