Armada hoffler properties, inc. (AHH)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11
OPERATING ACTIVITIES
Net income

32,258

23,492

29,925

42,755

31,183

12,759

14,453

8,897

2,266

Results from discontinued operations

-

-

-

-

-

-

-

-10

-381

Income from continuing operations

-

-

-

-

-

-

-

8,907

2,647

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements

37,839

30,395

25,974

23,453

18,678

14,984

12,806

11,601

11,708

Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases

16,725

9,518

11,347

11,875

4,475

2,585

2,092

1,308

1,286

Accrued straight-line rental revenue

3,402

2,731

1,222

1,091

1,924

2,203

1,055

2,158

2,370

Amortization of leasing incentives and above or below-market rents

-629

-266

-195

-85

738

632

683

755

663

Finance Lease, Right-of-Use Asset, Amortization

377

-

-

-

-

-

-

-

-

Accrued straight-line ground rent expense

-16

214

530

371

290

315

364

333

312

Adjustment for uncollectable lease accounts

511

419

564

203

131

79

162

305

140

Noncash stock compensation

1,613

1,281

1,323

1,082

931

917

1,249

-

-

Impairment charges

252

1,619

110

355

41

15

580

-

-

Noncash interest expense

1,258

1,116

1,274

980

1,006

517

636

615

896

Finance Lease, Interest Expense

568

0

0

-

-

-

-

-

-

Noncash loss on extinguishment of debt

-

-

-

82

512

0

644

-

1,083

Gain (Loss) on Disposition of Assets

4,699

4,254

8,087

30,533

18,394

2,211

9,460

-

-

Annapolis Junction loan discount amortization

-4,489

4,489

0

0

-

-

-

-

-

Change in fair value of interest rate derivatives

-3,599

-951

1,127

-941

-229

-233

-12

408

436

Other noncash gain

-

-

-

-

-

42

-

-

-

Income (Loss) from Equity Method Investments

273

372

0

0

-

-

210

261

309

Loss on disposal of real estate assets

-

-

-

-

-

-

-

-

-569

Changes in operating assets and liabilities:
Property assets

2,499

3,539

2,415

2,964

2,283

1,420

-7,761

991

-8,196

Property liabilities

3,368

1,720

2,843

3,979

2,326

-1,069

-2,836

2,404

-1,168

Construction assets

20,356

-7,554

-17,573

6,385

17,337

5,893

2,115

-2,170

-7,694

Construction liabilities

18,671

-15,248

-20,110

15,189

12,664

11,164

-3,591

-2,220

-7,575

Interest receivable

12,947

271

7,071

3,222

-

-

-

-

-

Net cash provided by operating activities

-

-

-

-

-

-

-

22,360

23,336

Net cash used for discontinued operations

-

-

-

-

-

-

-

-34

-153

Net cash provided by operating activities

67,729

56,087

51,236

56,985

33,266

31,362

22,175

22,326

23,183

INVESTING ACTIVITIES
Development of real estate investments

133,445

133,791

45,730

57,425

52,719

98,467

41,298

2,665

3,576

Tenant and building improvements

19,721

11,723

12,252

6,698

5,157

6,362

3,920

2,307

3,801

Acquisitions of real estate investments, net of cash received

138,380

57,544

30,026

195,645

68,445

2,754

2,106

-

-

Dispositions of real estate investments, net of selling costs

32,944

34,673

12,557

96,670

79,566

7,387

-

-

-

Notes receivable issuances

54,555

58,208

16,219

48,499

7,825

0

-

-

-

Notes receivable paydowns

22,522

1,165

0

0

-

-

-

-

-

Government development grants

-

-

-

-

-300

-300

-300

-400

-750

Decrease in capital improvement reserves

-

-

-

-

-

1,824

-93

-184

-1,517

Leasing costs

3,893

4,607

2,235

2,374

2,118

2,835

1,180

741

1,973

Leasing incentives

0

108

274

236

-1,563

-751

-266

-475

-1,956

Contributions to equity method investments

535

10,420

1,176

8,824

0

0

81

-

-

Return of capital from real estate joint ventures

-

-

-

-

-

-

511

405

580

Net cash used for investing activities

-

-

-

-

-

-

-

-5,199

-8,459

Net cash provided by discontinued operations

-

-

-

-

-

-

-

497

2,461

Net cash used for investing activities

-295,063

-240,563

-95,355

-223,031

-57,961

-105,306

-47,947

-4,702

-5,998

FINANCING ACTIVITIES
Proceeds from issuance of cumulative redeemable perpetual preferred stock, net

61,001

0

0

-

-

-

-

-

-

Proceeds from issuance of common stock, net

96,845

65,244

91,381

68,475

46,462

49,566

203,245

-

-

Offering costs

-

-

-

1,453

427

416

7,937

3,125

-

Common shares tendered for tax withholding

369

409

289

218

-

-

-

-

-

Formation transactions

-

-

-

-

-

-

-47,450

-

-

Debt issuances, credit facility and construction loan borrowings

427,286

349,580

162,585

316,852

214,407

117,645

106,054

30,612

69,049

Debt and credit facility repayments, including principal amortization

270,851

173,855

160,661

186,533

206,889

63,306

197,478

35,093

63,698

Debt issuance costs

5,546

1,457

2,403

1,796

1,887

448

2,738

931

943

Redemption of operating partnership units

0

2,595

5,155

58

241

0

-

-

-

Payments of Dividends

61,504

50,897

43,616

33,843

27,024

22,096

7,733

-

-

Predecessor contributions

-

-

-

-

-

-

2,218

1,655

11,058

Predecessor distributions

-

-

-

-

-

-

12,927

-14,791

-26,412

Net cash provided by financing activities

-

-

-

-

-

-

-

-21,673

-10,946

Net cash used for discontinued operations

-

-

-

-

-

-

-

0

-1,225

Net cash provided by financing activities

246,862

185,611

41,842

161,426

24,401

80,945

35,254

-21,673

-12,171

Net increase (decrease) in cash, cash equivalents, and restricted cash

19,528

1,135

-2,277

-4,620

-294

7,001

9,482

-4,049

5,014

Supplemental Disclosures (noncash transactions):
Cash paid for interest

-28,878

17,319

16,318

15,326

12,993

12,132

12,617

16,161

17,366

Cash refunded (paid) for income taxes

-247

-31

371

121

-276

-821

-

-

-

Noncash transactions:
Increase in dividends and distributions payable

-3,950

-1,640

-2,160

-2,106

-

-

-

-

825

Common shares and OP units issued for acquisitions

-73,169

-1,702

-506

47,278

15,169

-

-

-

-

(Decrease) increase in accrued capital improvements and development costs

-12,666

18,310

10,899

8,183

1,825

2,608

-

-

-

Operating Partnership units redeemed for common shares

2,756

3,715

0

0

-

-

-

-

-

Debt principal extinguished in conjunction with real estate sales

0

0

5,594

21,150

13,824

-

-

-

-

Debt assumed at fair value in conjunction with real estate purchases

101,390

0

0

6,400

0

-

-

-

-

Debt assumed at fair value in conjunction with real estate purchases

0

0

2,000

0

-

-

-

-

-

Equity method investment redeemed for real estate acquisition

23,011

0

0

-

-

-

-

-

-

Noncontrolling Interest, Increase from Business Combination

4,870

0

0

-

-

16,351

-

-

-

Recognition of operating lease ROU assets

33,965

0

0

-

-

-

-

-

-

Recognition of operating lease liabilities

41,631

0

0

-

-

-

-

-

-

Recognition of finance lease ROU assets

24,500

0

0

-

-

-

-

-

-

Recognition of finance lease liabilities

17,871

0

0

-

-

-

-

-

-

De-recognition of operating lease ROU assets - lease termination

440

0

0

-

-

-

-

-

-

De-recognition of operating lease liabilities - lease termination

440

0

0

-

-

-

-

-

-

Noncash contributions

-

-

-

-

-

-

-

-

59