Armada Hoffler Properties Inc

For the period ended Mar 31, 2025. Filed May 9, 2025.

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, 2025 · Filed May 9, 2025

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,
	2025	2024
OPERATING ACTIVITIES
Net (loss) income	$(4,343)	$17,725
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	18,516	15,748
Amortization of leasing costs, in-place lease intangibles, and right-of-use assets	4,701	5,082
Accrued straight-line rental revenue	(2,167)	(1,252)
Amortization of leasing incentives and above or below-market rents	(573)	(397)
Accrued straight-line ground rent expense	4	8
Unrealized credit loss provision	22	83
Adjustment for uncollectible lease accounts	2,166	758
Noncash stock compensation	3,464	2,192
Noncash interest expense	1,335	1,048
Change in fair value of derivatives and other	5,627	(6,510)
Adjustment for receipts on off-market interest rate derivatives	(5,232)	(7,500)
Equity in loss of unconsolidated real estate entities	1,913	—
Changes in operating assets and liabilities:
Property assets	2,134	6,554
Property liabilities	(6,092)	2,398
Construction assets	12,101	3,960
Construction liabilities	(29,537)	10,777
Interest receivable	(3,932)	(4,188)
Net cash provided by operating activities	107	46,486
INVESTING ACTIVITIES
Development of real estate investments	(1,726)	(11,955)
Tenant and building improvements	(15,152)	(11,546)
Notes receivable issuances	(3,062)	(11,175)
Payments to purchase off-market interest rate derivatives	(4,577)	—
Receipts on off-market interest rate derivatives	5,232	7,500
Leasing costs	(162)	(3,611)
Leasing incentives	(9)	—
Contributions to equity method investments	(2,032)	(10,159)
Net cash used for investing activities	(21,488)	(40,946)
FINANCING ACTIVITIES
Costs from issuance of common stock	(14)	(10)
Common shares tendered for tax withholding	(1,299)	(980)
Debt issuances, credit facility, and construction loan borrowings	29,904	42,208
Debt and credit facility repayments, including principal amortization	(6,881)	(12,480)
Debt issuance costs	(15)	(8)
Redemption of operating partnership units	(4)	(118)
Distributions to noncontrolling interests	(301)	(336)
Dividends and distributions	(23,665)	(20,121)
Net cash (used for) provided by financing activities	(2,275)	8,155
Net (decrease) increase in cash, cash equivalents, and restricted cash	(23,656)	13,695
Cash, cash equivalents, and restricted cash, beginning of period	72,223	30,166
Cash, cash equivalents, and restricted cash, end of period (1)	$48,567	$43,861

Condensed Consolidated Statements of Cash Flows (Continued)

(In thousands)(Unaudited)

	Three Months Ended March 31,
	2025	2024
Supplemental Disclosures (noncash transactions):
(Decrease) increase in dividends and distributions payable	$(6,514)	$949
Decrease in accrued capital improvements and development costs	(7,815)	(2,876)
Operating Partnership units redeemed for common shares	2,528	(22)

(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, 2025	March 31, 2024
Cash and cash equivalents	$45,716	$41,934
Restricted cash (a)	2,851	1,927
Cash, cash equivalents, and restricted cash	$48,567	$43,861

(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.