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 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 |
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