Armada Hoffler Properties Inc
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
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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.
Sep 30, 2024 · Filed Nov 8, 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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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 |
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.
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