Armada Hoffler Properties Inc

For the period ended Mar 31, 2024. Filed May 10, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 10, 2024

AHRT$6.38-1.2%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Condensed Consolidated Statements of Cash Flows

(In thousands)(Unaudited)

	Three Months Ended March 31,
	2024	2023
OPERATING ACTIVITIES
Net income	$17,725	$5,417
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	15,748	14,114
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases	4,687	4,354
Accrued straight-line rental revenue	(1,252)	(1,455)
Amortization of leasing incentives and above or below-market rents	(397)	(292)
Amortization of right-of-use assets - finance leases	395	277
Accrued straight-line ground rent expense	8	20
Unrealized credit loss provision	83	77
Adjustment for uncollectable lease accounts	758	252
Noncash stock compensation	2,192	1,846
Impairment charges	—	102
Noncash interest expense	1,048	2,261
Change in fair value of derivatives and other	(6,510)	3,807
Adjustment for receipts on off-market interest rate derivatives	(7,500)	—
Changes in operating assets and liabilities:
Property assets	6,554	4,167
Property liabilities	2,398	(3,817)
Construction assets	3,960	2,493
Construction liabilities	10,777	(16,859)
Interest receivable	(4,188)	(3,709)
Net cash provided by operating activities	46,486	13,055
INVESTING ACTIVITIES
Development of real estate investments	(11,955)	(15,264)
Tenant and building improvements	(11,546)	(7,314)
Notes receivable issuances	(11,175)	(6,699)
Receipts on off-market interest rate derivatives	7,500	—
Leasing costs	(3,611)	(950)
Leasing incentives	—	(20)
Contributions to equity method investments	(10,159)	(21,097)
Net cash used for investing activities	(40,946)	(51,344)
FINANCING ACTIVITIES
Proceeds from issuance of common stock, net of issuance cost	(10)	(149)
Common shares tendered for tax withholding	(980)	(1,105)
Debt issuances, credit facility, and construction loan borrowings	42,208	46,710
Debt and credit facility repayments, including principal amortization	(12,480)	(2,417)
Debt issuance costs	(8)	—
Redemption of operating partnership units	(118)	—
Distributions to noncontrolling interests	(336)	(506)
Dividends and distributions	(20,121)	(19,673)
Net cash provided by financing activities	8,155	22,860
Net increase (decrease) in cash, cash equivalents, and restricted cash	13,695	(15,429)
Cash, cash equivalents, and restricted cash, beginning of period	30,166	51,865
Cash, cash equivalents, and restricted cash, end of period (1)	$43,861	$36,436

Condensed Consolidated Statements of Cash Flows (Continued)

(In thousands)(Unaudited)

	Three Months Ended March 31,
	2024	2023
Supplemental Disclosures (noncash transactions):
Increase in dividends and distributions payable	$949	$38
Decrease in accrued capital improvements and development costs	(2,876)	(3,683)
Operating Partnership units redeemed for common shares	(22)	—
Acquisitions of noncontrolling interests	—	12,834

(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):

	March 31, 2024	March 31, 2023
Cash and cash equivalents	$41,934	$33,817
Restricted cash (a)	1,927	2,619
Cash, cash equivalents, and restricted cash	$43,861	$36,436

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

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.