UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 FORM 10-Q

☑    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024  

or 

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 

For the transition period from                      to                      

Commission File Number: 001-35908

ARMADA HOFFLER PROPERTIES, INC.

(Exact name of registrant as specified in its charter)

Maryland				46-1214914
(State or other jurisdiction of incorporation or organization)				(I.R.S. Employer Identification No.)
222 Central Park Avenue		,	Suite 2100
Virginia Beach	,	Virginia		23462
(Address of principal executive offices)				(Zip Code)

 

(757) 366-4000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	AHH	New York Stock Exchange
6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share	AHHPrA	New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒  Yes     ☐  No 

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    ☒  Yes     ☐  No 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. 

Large Accelerated Filer	☒	Accelerated Filer	☐
Non-Accelerated Filer	☐	Smaller Reporting Company	☐
		Emerging Growth Company	☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  

☐ Yes     ☒  No

As of November 4, 2024, the registrant had 79,693,739 shares of common stock, $0.01 par value per share, outstanding. In addition, as of November 4, 2024, Armada Hoffler, L.P., the registrant's operating partnership subsidiary, had 21,666,420 units of limited partnership interest ("OP Units") outstanding (other than OP Units held by the registrant).

ARMADA HOFFLER PROPERTIES, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2024

Table of Contents

		Page
Part I. Financial Information		1
Item 1.	Financial Statements	1
	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Comprehensive Income	2
	Condensed Consolidated Statements of Equity	3
	Condensed Consolidated Statements of Cash Flows	5
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	48
Item 4.	Controls and Procedures	48
Part II. Other Information		49
Item 1.	Legal Proceedings	49
Item 1A.	Risk Factors	49
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49
Item 3.	Defaults Upon Senior Securities	49
Item 4.	Mine Safety Disclosures	49
Item 5.	Other Information	49
Item 6.	Exhibits	50
Signatures		51

PART I. Financial Information

Item 1.    Financial Statements

ARMADA HOFFLER PROPERTIES, INC.

Condensed Consolidated Balance Sheets

(In thousands, except par value and share data)

	September 30, 2024		December 31, 2023
	(Unaudited)
ASSETS
Real estate investments:
Income producing property	$	2,211,991	$	2,093,032
Held for development	10,483		11,978
Construction in progress	33,714		102,277
	2,256,188		2,207,287
Accumulated depreciation	(443,515)		(393,169)
Net real estate investments	1,812,673		1,814,118
Cash and cash equivalents	43,852		27,920
Restricted cash	1,874		2,246
Accounts receivable, net	51,408		45,529
Notes receivable, net	117,797		94,172
Construction receivables, including retentions, net	106,190		126,443
Construction contract costs and estimated earnings in excess of billings	315		104
Equity method investments	155,330		142,031
Operating lease right-of-use assets	22,898		23,085
Finance lease right-of-use assets	89,381		90,565
Acquired lease intangible assets	97,698		109,137
Other assets	61,723		87,548
Total Assets	$	2,561,139	$	2,562,898
LIABILITIES AND EQUITY
Indebtedness, net	$	1,327,971	$	1,396,965
Accounts payable and accrued liabilities	44,798		31,041
Construction payables, including retentions	115,472		128,290
Billings in excess of construction contract costs and estimated earnings	11,881		21,414
Operating lease liabilities	31,404		31,528
Finance lease liabilities	92,457		91,869
Other liabilities	55,664		56,613
Total Liabilities	1,679,647		1,757,720
Stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized: 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, 9,980,000 shares authorized; 6,843,418 shares issued and outstanding as of September 30, 2024 and December 31, 2023	171,085		171,085
Common stock, $0.01 par value, 500,000,000 shares authorized; 79,696,160 and 66,793,294 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	797		668
Additional paid-in capital	713,809		580,687
Distributions in excess of earnings	(222,839)		(184,724)
Accumulated other comprehensive income	1,000		4,906
Total stockholders’ equity	663,852		572,622
Noncontrolling interests in investment entities	9,388		9,986
Noncontrolling interests in Operating Partnership	208,252		222,570
Total Equity	881,492		805,178
Total Liabilities and Equity	$	2,561,139	$	2,562,898

See Notes to Condensed Consolidated Financial Statements.

1

ARMADA HOFFLER PROPERTIES, INC.

Condensed Consolidated Statements of Comprehensive Income 

(In thousands, except per share data) (Unaudited)

	Three Months Ended  September 30,				Nine Months Ended  September 30,
	2024		2023		2024		2023
Revenues
Rental revenues	$	68,598	$	62,913	$	193,744	$	179,082
General contracting and real estate services revenues	114,353		99,408		358,167		286,220
Interest income	4,701		3,690		13,959		10,823
Total revenues	187,652		166,011		565,870		476,125
Expenses
Rental expenses	16,652		14,756		46,344		41,392
Real estate taxes	6,184		5,867		17,995		16,910
General contracting and real estate services expenses	110,987		96,095		346,385		276,336
Depreciation and amortization	23,289		22,462		64,513		60,808
Amortization of right-of-use assets - finance leases	395		425		1,184		1,049
General and administrative expenses	5,187		4,286		15,564		13,786
Acquisition, development, and other pursuit costs	2		—		5,530		18
Impairment charges	—		5		1,494		107
Total expenses	162,696		143,896		499,009		410,406
Gain on real estate dispositions, net	—		227		—		738
Operating Income	24,956		22,342		66,861		66,457
Interest expense	(21,387)		(15,444)		(60,589)		(41,375)
Loss on extinguishment of debt	(113)		—		(113)		—
Change in fair value of derivatives and other	(10,308)		2,466		6,978		5,024
Unrealized credit loss provision	(198)		(694)		(53)		(871)
Other income (expense), net	96		63		254		324
(Loss) income before taxes	(6,954)		8,733		13,338		29,559
Income tax (provision) benefit	(592)		(310)		120		(834)
Net (loss) income	(7,546)		8,423		13,458		28,725
Net loss (income) attributable to noncontrolling interests:
Investment entities	17		(193)		(34)		(616)
Operating Partnership	2,491		(1,290)		(1,217)		(4,597)
Net (loss) income attributable to Armada Hoffler Properties, Inc.	(5,038)		6,940		12,207		23,512
Preferred stock dividends	(2,887)		(2,887)		(8,661)		(8,661)
Net (loss) income attributable to common stockholders	$	(7,925)	$	4,053	$	3,546	$	14,851
Net (loss) income attributable to common stockholders per share (basic and diluted)	$	(0.11)	$	0.06	$	0.05	$	0.22
Weighted-average common shares outstanding (basic and diluted)	68,931		67,945		67,630		67,878
Comprehensive income:
Net (loss) income	$	(7,546)	$	8,423	$	13,458	$	28,725
Unrealized cash flow hedge (losses) gains	(3,350)		3,488		1,188		9,868
Realized cash flow hedge gains reclassified to net income	(1,325)		(6,315)		(6,365)		(14,292)
Comprehensive (loss) income	(12,221)		5,596		8,281		24,301
Comprehensive loss (income) attributable to noncontrolling interests:
Investment entities	17		(89)		5		(452)
Operating Partnership	3,609		(633)		14		(3,584)
Comprehensive (loss) income attributable to Armada Hoffler Properties, Inc.	$	(8,595)	$	4,874	$	8,300	$	20,265

See Notes to Condensed Consolidated Financial Statements.

2

ARMADA HOFFLER PROPERTIES, INC.

Condensed Consolidated Statements of Equity

(In thousands, except share data)

(Unaudited)

	Preferred stock		Common stock		Additional paid-in capital		Distributions in excess of earnings		Accumulated other comprehensive income		Total stockholders' equity		Noncontrolling interests in investment entities		Noncontrolling interests in Operating Partnership		Total equity
Balance, December 31, 2023	$	171,085	$	668	$	580,687	$	(184,724)	$	4,906	$	572,622	$	9,986	$	222,570	$	805,178
Net income	—		—		—		14,073		—		14,073		34		3,618		17,725
Unrealized cash flow hedge gains	—		—		—		—		2,664		2,664		29		861		3,554
Realized cash flow hedge gains reclassified to net income	—		—		—		—		(2,700)		(2,700)		(68)		(874)		(3,642)
Net costs from issuance of common stock	—		—		(10)		—		—		(10)		—		—		(10)
Restricted stock awards, net	—		2		1,394		—		—		1,396		—		—		1,396
Redemption of operating partnership units	—		—		(22)		—		—		(22)		—		(96)		(118)
Distributions to noncontrolling interests	—		—		—		—		—		—		(336)		—		(336)
Dividends declared on preferred stock	—		—		—		(2,887)		—		(2,887)		—		—		(2,887)
Dividends and distributions declared on common shares and units ($0.205 per share and unit)	—		—		—		(13,733)		—		(13,733)		—		(4,450)		(18,183)
Balance, March 31, 2024	$	171,085	$	670	$	582,049	$	(187,271)	$	4,870	$	571,403	$	9,645	$	221,629	$	802,677
Net income	—		—		—		3,172		—		3,172		17		90		3,279
Unrealized cash flow hedge gains	—		—		—		—		743		743		—		241		984
Realized cash flow hedge gains reclassified to net income	—		—		—		—		(1,056)		(1,056)		—		(342)		(1,398)
Net prceeds from issuance of common stock	—		4		4,259		—		—		4,263		—		—		4,263
Restricted stock awards, net	—		—		809		—		—		809		—		—		809
Distributions to noncontrolling interests	—		—		—		—		—		—		(151)		—		(151)
Dividends declared on preferred stock	—		—		—		(2,887)		—		(2,887)		—		—		(2,887)
Dividends and distributions declared on common shares and units ($0.205 per share and unit)	—		—		—		(13,713)		—		(13,713)		—		(4,457)		(18,170)
Balance, June 30, 2024	$	171,085	$	674	$	587,117	$	(200,699)	$	4,557	$	562,734	$	9,511	$	217,161	$	789,406
Net loss	—		—		—		(5,038)		—		(5,038)		(17)		(2,491)		(7,546)
Unrealized cash flow hedge losses	—		—		—		—		(2,549)		(2,549)		—		(801)		(3,350)
Realized cash flow hedge gains reclassified to net income	—		—		—		—		(1,008)		(1,008)		—		(317)		(1,325)
Net prceeds from issuance of common stock	—		122		125,099		—		—		125,221		—		—		125,221
Restricted stock awards, net	—		—		805		—		—		805		—		—		805
Redemption of operating partnership units	—		1		788		—		—		789		—		(857)		(68)
Distributions to noncontrolling interests	—		—		—		—		—		—		(106)		—		(106)
Dividends declared on preferred stock	—		—		—		(2,887)		—		(2,887)		—		—		(2,887)
Dividends and distributions declared on common shares and units ($0.205 per share and unit)	—		—		—		(14,215)		—		(14,215)		—		(4,443)		(18,658)
Balance, September 30, 2024	$	171,085	$	797	$	713,809	$	(222,839)	$	1,000	$	663,852	$	9,388	$	208,252	$	881,492

3

	Preferred stock		Common stock		Additional paid-in capital		Distributions in excess of earnings		Accumulated other comprehensive income		Total stockholders' equity		Noncontrolling interests in investment entities		Noncontrolling interests in Operating Partnership		Total equity
Balance, December 31, 2022	$	171,085	$	677	$	587,884	$	(126,875)	$	14,679	$	647,450	$	24,055	$	232,509	$	904,014
Net income	—		—		—		4,709		—		4,709		154		554		5,417
Unrealized cash flow hedge losses	—		—		—		—		(328)		(328)		2		(100)		(426)
Realized cash flow hedge gains reclassified to net income	—		—		—		—		(2,211)		(2,211)		(39)		(672)		(2,922)
Net costs from issuance of common stock	—		—		(149)		—		—		(149)		—		—		(149)
Restricted stock awards, net	—		2		977		—		—		979		—		—		979
Acquisitions of noncontrolling interest in real estate entity	—		—		—		—		—		—		(12,834)		—		(12,834)
Distributions to noncontrolling interests	—		—		—		—		—		—		(506)		—		(506)
Dividends declared on preferred stock	—		—		—		(2,887)		—		(2,887)		—		—		(2,887)
Dividends and distributions declared on common shares and units ($0.19 per share and unit)	—		—		—		(12,908)		—		(12,908)		—		(3,916)		(16,824)
Balance, March 31, 2023	$	171,085	$	679	$	588,712	$	(137,961)	$	12,140	$	634,655	$	10,832	$	228,375	$	873,862
Net income	—		—		—		11,863		—		11,863		269		2,753		14,885
Unrealized cash flow hedge gains	—		—		—		—		5,093		5,093		151		1,562		6,806
Realized cash flow hedge gains reclassified to net income	—		—		—		—		(3,735)		(3,735)		(174)		(1,146)		(5,055)
Restricted stock awards, net	—		—		337		—		—		337		—		—		337
Issuance of operating partnership units for acquisitions	—		—		—		—		—		—		—		12,194		12,194
Redemption of operating partnership units	—		—		(19)		—		—		(19)		—		(564)		(583)
Distributions to noncontrolling interests	—		—		—		—		—		—		(427)		—		(427)
Dividends declared on preferred stock	—		—		—		(2,887)		—		(2,887)		—		—		(2,887)
Dividends and distributions declared on common shares and units ($0.195 per share and unit)	—		—		—		(13,248)		—		(13,248)		—		(4,222)		(17,470)
Balance, June 30, 2023	$	171,085	$	679	$	589,030	$	(142,233)	$	13,498	$	632,059	$	10,651	$	238,952	$	881,662
Net income	—		—		—		6,940		—		6,940		193		1,290		8,423
Unrealized cash flow hedge gains	—		—		—		—		2,580		2,580		86		822		3,488
Realized cash flow hedge gains reclassified to net income	—		—		—		—		(4,645)		(4,645)		(191)		(1,479)		(6,315)
Net costs from issuance of common stock	—		—		(55)		—		—		(55)		—		—		(55)
Retirement of common stock	—		(1)		(540)		(102)		—		(643)		—		—		(643)
Restricted stock awards, net	—		1		866		—		—		867		—		—		867
Redemption of operating partnership units	—		—		(10)		—		—		(10)		—		(112)		(122)
Distributions to noncontrolling interests	—		—		—		—		—		—		(298)		—		(298)
Dividends declared on preferred stock	—		—		—		(2,887)		—		(2,887)		—		—		(2,887)
Dividends and distributions declared on common shares and units ($0.195 per share and unit)	—		—		—		(13,252)		—		(13,252)		—		(4,224)		(17,476)
Balance, September 30, 2023	$	171,085	$	679	$	589,291	$	(151,534)	$	11,433	$	620,954	$	10,441	$	235,249	$	866,644

See Notes to Condensed Consolidated Financial Statements.

4

ARMADA HOFFLER PROPERTIES, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)(Unaudited)

	Nine Months Ended  September 30,
	2024		2023
OPERATING ACTIVITIES
Net income	$	13,458	$	28,725
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	50,347		46,742
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases	14,166		14,066
Accrued straight-line rental revenue	(5,499)		(4,748)
Amortization of leasing incentives and above or below-market rents	(1,227)		(1,749)
Amortization of right-of-use assets - finance leases	1,184		1,049
Accrued straight-line ground rent expense	23		55
Unrealized credit loss provision	53		871
Adjustment for uncollectible lease accounts	1,532		1,251
Noncash stock compensation	3,857		2,951
Noncash acquisition, development, and other pursuit costs	5,528		—
Impairment charges	1,494		107
Noncash interest expense	2,967		5,721
Noncash loss on extinguishment of debt	113		—
Gain on real estate dispositions, net	—		(738)
Change in fair value of derivatives and other	12,109		(1,974)
Adjustment for receipts on off-market interest rate derivatives	(7,582)		(3,155)
Changes in operating assets and liabilities:
Property assets	(9,239)		(4,439)
Property liabilities	9,442		5,113
Construction assets	28,290		(23,531)
Construction liabilities	(17,188)		21,770
Interest receivable	(12,611)		(9,797)
Net cash provided by operating activities	91,217		78,290
INVESTING ACTIVITIES
Development of real estate investments	(27,083)		(40,538)
Tenant and building improvements	(19,064)		(16,004)
Acquisitions of real estate investments, net of cash received	—		(8,394)
Dispositions of real estate investments, net of selling costs	—		246
Notes receivable issuances	(37,044)		(42,010)
Notes receivable paydowns	25,796		—
Payments to purchase off-market interest rate derivatives	—		(16,856)
Receipts on off-market interest rate derivatives	7,582		3,155
Leasing costs	(4,462)		(3,217)
Leasing incentives	(10)		(20)
Contributions to equity method investments	(13,299)		(53,689)
Net cash used for investing activities	(67,584)		(177,327)
FINANCING ACTIVITIES
Proceeds (costs) from issuance of common stock, net of issuance cost	129,474		(204)
Common shares tendered for tax withholding	(1,140)		(1,111)
Debt issuances, credit facility, and construction loan borrowings	215,581		310,402
Debt and credit facility repayments, including principal amortization	(146,233)		(162,393)
Debt issuance costs	(1,048)		(2,839)
Cash paid on extinguishment of debt	(141,579)		—
Redemption of operating partnership units	(186)		(705)
Distributions to noncontrolling interests	(593)		(1,231)
Dividends and distributions	(62,349)		(59,742)
Net cash (used for) provided by financing activities	(8,073)		82,177
Net increase (decrease) in cash, cash equivalents, and restricted cash	15,560		(16,860)
Cash, cash equivalents, and restricted cash, beginning of period	30,166		51,865
Cash, cash equivalents, and restricted cash, end of period (1)	$	45,726	$	35,005

See Notes to Condensed Consolidated Financial Statements.

5

ARMADA HOFFLER PROPERTIES, INC.

Condensed Consolidated Statements of Cash Flows (Continued)

(In thousands)(Unaudited)

	Nine Months Ended  September 30,
	2024		2023
Supplemental Disclosures (noncash transactions):
Increase in dividends and distributions payable	$	1,323	$	683
Increase in accrued capital improvements and development costs	2,283		2,033
Increase in settlement liability for the repurchase of common stock	—		643
Issuance of operating partnership units for acquisitions	—		12,194
Operating Partnership units redeemed for common shares	767		—
Debt assumed at fair value in conjunction with real estate purchases	—		105,584
Note receivable redeemed in conjunction with real estate purchase	—		90,232
Acquisitions of noncontrolling interests	—		12,834
Other liability satisfied in connection with a real estate disposal	—		750
Recognition of finance lease right-of-use assets	—		47,742
Recognition of finance lease liabilities	—		46,616

(1) The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the Condensed Consolidated Statements of Cash Flows (in thousands):

	September 30, 2024		September 30, 2023
Cash and cash equivalents	$	43,852	$	32,662
Restricted cash (a)	1,874		2,343
Cash, cash equivalents, and restricted cash	$	45,726	$	35,005

(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.

See Notes to Condensed Consolidated Financial Statements.

6

ARMADA HOFFLER PROPERTIES, INC.

Notes to Condensed Consolidated Financial Statements

 (Unaudited)

1. Business of Organization

Armada Hoffler Properties, Inc. (the "Company") is a vertically integrated, self-managed real estate investment trust ("REIT") with over four decades of experience managing, building, acquiring, and developing high-quality retail, office, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. In addition to the ownership of the Company's operating property portfolio, the Company develops and builds properties for its own account and through joint ventures between the Company and unaffiliated partners and also invests in development projects through real estate financing arrangements. The Company also provides general construction and development services to third-party clients. The Company's construction and development experience includes mid- and high-rise office buildings, retail strip malls, retail power centers, multifamily apartment communities, hotels and conference centers, single- and multi-tenant industrial, distribution, and manufacturing facilities, educational, medical, and special purpose facilities, government projects, parking garages, and mixed-use town centers.

The Company is the sole general partner of Armada Hoffler, L.P. (the "Operating Partnership") and, as of September 30, 2024, owned 78.6% of the economic interest in the Operating Partnership, of which 0.1% is held as general partnership units. The operations of the Company are conducted primarily through the Operating Partnership and the wholly owned subsidiaries thereof.

As of September 30, 2024, the Company's stabilized operating portfolio consisted of the following properties:

Property	Location	Ownership Interest
Retail
Town Center of Virginia Beach
249 Central Park Retail*	Virginia Beach, Virginia	100	%
4525 Main Street Retail* (1)	Virginia Beach, Virginia	100	%
4621 Columbus Retail* (2)	Virginia Beach, Virginia	100	%
Columbus Village*	Virginia Beach, Virginia	100	%
Commerce Street Retail*	Virginia Beach, Virginia	100	%
Fountain Plaza Retail*	Virginia Beach, Virginia	100	%
Pembroke Square*	Virginia Beach, Virginia	100	%
Premier Retail*	Virginia Beach, Virginia	100	%
South Retail*	Virginia Beach, Virginia	100	%
Studio 56 Retail*	Virginia Beach, Virginia	100	%
The Cosmopolitan Retail* (3)	Virginia Beach, Virginia	100	%
Two Columbus Retail* (1)	Virginia Beach, Virginia	100	%
West Retail* (1)	Virginia Beach, Virginia	100	%
Grocery Anchored
Broad Creek Shopping Center	Norfolk, Virginia	100	%
Broadmoor Plaza	South Bend, Indiana	100	%
Brooks Crossing Retail*	Newport News, Virginia	65	%	(4)
Delray Beach Plaza*	Delray Beach, Florida	100	%
Greenbrier Square	Chesapeake, Virginia	100	%
Greentree Shopping Center	Chesapeake, Virginia	100	%
Hanbury Village	Chesapeake, Virginia	100	%
Lexington Square	Lexington, South Carolina	100	%
Market at Mill Creek	Mount Pleasant, South Carolina	100	%
North Pointe Center	Durham, North Carolina	100	%

7

Parkway Centre	Moultrie, Georgia	100	%
Parkway Marketplace	Virginia Beach, Virginia	100	%
Perry Hall Marketplace	Perry Hall, Maryland	100	%
Sandbridge Commons	Virginia Beach, Virginia	100	%
Tyre Neck Harris Teeter	Portsmouth, Virginia	100	%
Harbor Point - Baltimore Waterfront
Constellation Retail* (1)	Baltimore, Maryland	90	%
Point Street Retail* (3)	Baltimore, Maryland	100	%
Southeast Sunbelt
Chronicle Mill Retail* (3)	Belmont, North Carolina	85	%	(4)
Nexton Square*	Summerville, South Carolina	100	%
North Hampton Market	Taylors, South Carolina	100	%
One City Center Retail* (1)	Durham, North Carolina	100	%
Overlook Village	Asheville, North Carolina	100	%
Patterson Place	Durham, North Carolina	100	%
Providence Plaza Retail*	Charlotte, North Carolina	100	%
South Square	Durham, North Carolina	100	%
The Interlock Retail*	Atlanta, Georgia	100	%
Wendover Village	Greensboro, North Carolina	100	%
Mid-Atlantic
Dimmock Square	Colonial Heights, Virginia	100	%
Harrisonburg Regal	Harrisonburg, Virginia	100	%
Liberty Retail* (3)	Newport News, Virginia	100	%
Marketplace at Hilltop	Virginia Beach, Virginia	100	%
Red Mill Commons	Virginia Beach, Virginia	100	%
Southgate Square	Colonial Heights, Virginia	100	%