Armada Hoffler Properties, Inc.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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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, 2025 · Filed Nov 5, 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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Condensed Consolidated Statements of Cash Flows
(In thousands)(Unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| OPERATING ACTIVITIES | ||
| Net income | $1,635 | $13,458 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation of buildings and tenant improvements | 54,042 | 50,347 |
| Amortization of leasing costs, in-place lease intangibles, and right-of-use assets | 14,039 | 15,350 |
| Accrued straight-line rental revenue | (7,786) | (5,499) |
| Amortization of leasing incentives and above or below-market rents | (1,465) | (1,227) |
| Accrued straight-line ground rent expense | (22) | 23 |
| Unrealized credit loss provision (release) | (313) | 53 |
| Adjustment for uncollectible lease accounts | 2,457 | 1,532 |
| Noncash stock compensation | 5,900 | 3,857 |
| Noncash acquisition, development, and other pursuit costs | — | 5,528 |
| Impairment charges | 350 | 1,494 |
| Noncash interest expense | 3,967 | 2,967 |
| Gain on consolidation of real estate entities | (6,915) | — |
| Noncash loss on extinguishment of debt | 69 | 113 |
| Change in fair value of derivatives and other | 17,567 | 12,109 |
| Adjustment for receipts on off-market interest rate derivatives | (16,942) | (7,582) |
| Equity in income of unconsolidated real estate entities | 2,197 | — |
| Changes in operating assets and liabilities: | ||
| Property assets | (5,071) | (9,239) |
| Property liabilities | 6,090 | 9,442 |
| Construction assets | 49,693 | 28,290 |
| Construction liabilities | (70,380) | (17,188) |
| Interest receivable | (11,612) | (12,611) |
| Net cash provided by operating activities | 37,500 | 91,217 |
| INVESTING ACTIVITIES | ||
| Development of real estate investments | (7,971) | (27,083) |
| Tenant and building improvements | (35,773) | (19,064) |
| Notes receivable issuances | (21,632) | (37,044) |
| Notes receivable paydowns | — | 25,796 |
| Payments to purchase off-market interest rate derivatives | (18,535) | — |
| Receipts on off-market interest rate derivatives | 16,942 | 7,582 |
| Leasing costs | (5,936) | (4,462) |
| Leasing incentives | (10) | (10) |
| Contributions to equity method investments | (6,615) | (13,299) |
| Net cash used for investing activities | (79,530) | (67,584) |
| FINANCING ACTIVITIES | ||
| (Costs)/proceeds from issuance of common stock, net | (94) | 129,474 |
| Common shares tendered for tax withholding | (1,377) | (1,140) |
| Debt issuances, credit facility, and construction loan borrowings | 340,044 | 215,581 |
| Debt and credit facility repayments, including principal amortization | (172,887) | (146,233) |
| Debt issuance costs | (2,644) | (1,048) |
| Cash paid on extinguishment of debt | (69,460) | (141,579) |
| Acquisition of non-controlling interest in consolidated real estate investments | (4,227) | — |
| Redemption of operating partnership units | (15) | (186) |
| Distributions to noncontrolling interests | (499) | (593) |
| Dividends and distributions | (69,210) | (62,349) |
| Net cash provided by (used for) financing activities | 19,631 | (8,073) |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (22,399) | 15,560 |
| Cash, cash equivalents, and restricted cash, beginning of period | 72,223 | 30,166 |
| Cash, cash equivalents, and restricted cash, end of period (1) | $49,824 | $45,726 |
Condensed Consolidated Statements of Cash Flows (Continued)
(In thousands)(Unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Supplemental Disclosures: | ||
| (Decrease) increase in dividends and distributions payable | $(17,685) | $1,323 |
| (Decrease) increase in accrued improvements and development costs | (6,811) | 2,283 |
| Operating Partnership units redeemed for common shares | 2,528 | 767 |
| Acquisitions of noncontrolling interests | 16,653 | — |
| Notes receivable redeemed for acquisition of non-controlling interests | 13,335 | — |
| Equity method investment redeemed due to consolidation | 114,689 | — |
(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, 2025 | September 30, 2024 | |
|---|---|---|
| Cash and cash equivalents | $46,511 | $43,852 |
| Restricted cash (a) | 3,313 | 1,874 |
| Cash, cash equivalents, and restricted cash | $49,824 | $45,726 |
(a)Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.