Armada hoffler properties, inc. (AHH)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14
OPERATING ACTIVITIES
Net income

9,135

7,855

12,063

5,826

6,514

4,895

5,669

5,945

6,983

5,768

10,461

4,943

8,753

5,145

7,946

3,131

26,533

8,443

4,337

10,285

8,118

5,226

2,754

2,273

2,506

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

10,510

10,646

10,318

9,132

7,743

8,991

7,864

6,767

6,773

6,589

6,455

6,457

6,473

6,398

5,950

5,637

5,468

4,680

5,048

4,750

4,200

4,373

3,815

3,318

3,478

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

3,769

5,084

5,134

4,346

2,161

2,269

2,332

2,412

2,505

2,714

2,784

2,847

3,002

3,294

2,935

2,965

2,681

1,482

1,269

1,016

708

603

752

739

491

Accrued straight-line rental revenue

557

509

685

1,371

837

942

760

467

562

295

287

257

383

326

317

260

188

200

375

624

725

473

880

381

469

Amortization of leasing incentives and above or below-market rents

-219

-342

-190

-62

-35

-55

-70

-85

-56

-55

-50

-43

-47

-24

-12

-55

6

174

170

217

177

171

144

157

160

Finance Lease, Right-of-Use Asset, Amortization

147

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued straight-line ground rent expense

-6

-6

-66

59

-3

27

51

52

84

129

128

135

138

80

159

66

66

66

66

79

79

79

77

80

79

Provision for unrealized credit losses

377

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Adjustment for uncollectable lease accounts

301

291

211

-119

128

174

133

60

52

139

259

98

68

25

83

50

45

8

51

38

34

31

37

0

11

Noncash stock compensation

1,030

274

322

328

689

209

252

271

549

276

215

421

411

218

212

215

437

176

173

203

379

-

-

-

329

Impairment charges

158

252

0

0

0

-

-

-

-

60

19

27

4

171

149

0

35

-

-

-

-

-

-

-

-

Noncash interest expense

409

360

197

397

304

289

270

231

326

334

380

283

277

293

212

284

191

215

233

240

318

107

117

160

133

Finance Lease, Interest Expense

229

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Noncash loss on extinguishment of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

102

3

180

227

-

-

-

-

Gain (Loss) on Disposition of Assets

-

-

-

-

-

-

-

-

-

0

4,692

0

3,395

93

3,753

13

26,674

4,987

0

7,210

6,197

-

-

-

-

Annapolis Junction loan discount amortization

0

-762

-1,371

-1,238

-1,118

4,489

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in fair value of interest rate derivatives

-1,736

327

-530

-1,933

-1,463

-2,207

298

-11

969

827

87

-81

294

1,323

498

-373

-2,389

9

-51

-40

-147

-110

46

-262

93

Income (Loss) from Equity Method Investments

0

0

0

0

273

372

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Property assets

-1,196

-1,624

6,510

204

-2,591

-71

1,105

4,276

-1,771

-1,456

2,862

2,400

-1,391

-1,974

2,919

2,237

-218

-241

457

966

1,101

-

-

481

1,311

Property liabilities

-4,151

745

5,464

-2,702

-139

-311

4,004

1,511

-3,484

-655

5,987

-1,614

-875

123

5,399

-857

-686

-43

1,559

429

381

-

-

-

11

Construction assets

-1,370

16,904

7,594

-4,644

502

-4,510

1,399

-961

-3,482

-13,508

-10,560

-6,642

13,137

522

9,127

1,593

-4,857

-11,690

8,987

11,489

8,551

1,595

4,092

97

109

Construction liabilities

2,097

19,313

3,362

-4,583

579

-1,690

1,523

-3,898

-11,183

-7,462

-12,669

-5,867

5,888

5,992

13,333

-66

-4,070

-6,414

9,178

8,498

1,402

4,285

8,254

628

-2,003

Interest receivable

7,224

5,829

-421

4,353

3,186

-6,876

2,543

2,383

2,221

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by operating activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12,295

5,784

3,213

Net cash provided by operating activities

20,307

22,202

17,415

12,033

16,079

28,890

15,937

7,210

4,050

19,570

14,692

8,700

8,274

18,203

19,834

7,640

11,308

15,642

12,319

5,709

-404

-

-

-

-

INVESTING ACTIVITIES
Development of real estate investments

22,892

25,987

31,779

34,383

41,296

31,608

44,442

31,303

26,438

16,999

13,734

8,541

6,456

8,754

16,002

12,892

19,777

12,426

9,243

10,099

20,951

21,373

29,385

27,389

20,320

Tenant and building improvements

2,526

2,832

4,370

8,890

3,629

3,442

2,682

3,353

2,246

4,148

3,766

2,269

2,069

2,299

1,524

1,566

1,309

1,363

1,323

1,268

1,203

1,740

942

1,185

2,495

Acquisitions of real estate investments, net of cash received

8,607

5,035

0

107,553

25,792

3

24,574

-401

33,368

2,006

21,253

0

6,767

17,780

12,887

-183

165,161

-

-

-

-

0

-141

0

2,895

Dispositions of real estate investments, net of selling costs

1,442

476

31,454

1,014

0

-

-

-

-

0

8,116

0

4,441

358

3,537

9,027

83,748

28,953

0

35,389

15,224

-

-

-

-

Notes receivable issuances

17,020

10,024

19,176

15,687

9,668

47,927

4,465

2,430

3,386

5,427

9

9,370

1,413

6,389

10,624

28,847

2,639

-

-

-

-

-

-

-

-

Notes receivable paydowns

1,000

5,557

15,273

0

1,692

1,165

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Decrease in capital improvement reserves

-

-

-

-

-

-

-

-

-

-

-

-

-

-

31

166

13

-

437

-417

-762

111

936

742

35

Leasing costs

567

1,324

686

1,308

575

559

1,988

1,380

680

2,086

-658

314

493

773

598

513

490

403

207

171

1,337

1,311

650

721

153

Leasing incentives

-

-

-

-

-

-

-

-

-

-

-

-

-

424

-101

-65

-22

0

0

-738

-825

-

-

-

-

Contributions to equity method investments

0

0

0

0

535

5,020

2,273

1,717

1,410

242

219

156

559

-125

62

3,447

5,440

-

-

-

-

-

-

-

-

Net cash used for investing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-31,472

-30,100

-25,898

Net cash used for investing activities

-49,170

-39,169

-9,284

-166,807

-79,803

-57,005

-80,440

-35,590

-67,528

-31,035

-30,352

-20,652

-13,316

-35,350

-38,292

-38,286

-111,103

2,694

-40,483

-11,842

-8,330

-

-

-

-

Proceeds from issuance of common stock, net

1,349

25,096

34,045

7,498

30,206

5,715

10,548

48,981

0

-4,663

0

92,521

3,523

17,387

19,908

21,091

10,089

-

-

-

-

-

-

-

-

Offering costs

-

-

-

-

-

-

-

-

0

-

0

4,502

161

270

390

520

273

-

-

-

-

96

77

94

149

Common shares tendered for tax withholding

534

25

0

0

344

66

0

0

343

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debt issuances, credit facility and construction loan borrowings

62,604

78,129

57,765

191,065

100,327

75,153

127,179

35,750

111,498

38,379

50,300

28,954

44,952

26,747

104,866

40,555

144,684

14,140

26,273

48,527

125,467

25,236

35,722

33,418

23,269

Debt and credit facility repayments, including principal amortization

7,971

69,972

62,704

80,485

57,690

35,733

53,845

45,004

39,273

8,460

21,527

86,144

44,530

18,874

91,959

20,879

54,821

53,568

6,943

42,741

103,637

1,812

59,916

864

714

Debt issuance costs

3

2,321

58

2,747

420

140

936

180

201

1,652

280

0

471

5

1,232

117

442

43

398

314

1,132

413

0

31

4

Redemption of operating partnership units

-

-

-

-

-

64

0

2,526

5

4,926

0

179

50

0

0

58

0

-

-

-

-

-

-

-

-

Payments of Dividends

17,373

17,967

15,534

14,556

13,447

13,347

13,213

12,529

11,808

11,876

11,643

10,371

9,726

9,141

8,829

8,252

7,621

6,974

6,906

6,776

6,368

6,367

5,288

5,286

5,155

Net cash provided by financing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

20,007

27,143

17,247

Net cash provided by financing activities

38,072

12,940

13,514

161,776

58,632

31,518

69,733

24,492

59,868

11,465

16,850

19,990

-6,463

15,626

22,364

31,820

91,616

-7,938

15,999

2,010

14,330

-

-

-

-

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

9,209

-4,027

21,645

7,002

-5,092

3,403

5,230

-3,888

-3,610

0

1,190

8,038

-11,505

-1,521

3,906

1,174

-8,179

10,398

-12,165

-4,123

5,596

8,782

830

2,827

-5,438

Noncash transactions:
Increase in dividends and distributions payable

828

-7,899

1,821

998

1,130

-3,250

160

706

744

-4,374

241

1,329

644

-

-

-

-

-

-

-

-

-

-

-

-

Common shares and OP units issued for acquisitions

-

-

-

-

-

-3,404

0

0

1,702

-1,488

0

982

0

-

-

-

-

-

-

-

-

-

-

-

-

(Decrease) increase in accrued capital improvements and development costs

-3,866

538

-3,343

-2,252

-7,609

8,207

3,411

11,126

-4,434

16,773

-10,482

3,866

742

-

-

-

-

-

-

-

-

-

-

-

-

Operating Partnership units redeemed for common shares

0

56

1,440

0

1,260

564

1,347

0

1,804

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debt assumed at fair value in conjunction with real estate purchases

-

-

-

-

-

-

-

-

-

0

0

0

2,000

0

0

0

0

-

-

-

-

-

-

-

-

Equity method investment redeemed for real estate acquisition

0

0

0

0

23,011

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Recognition of operating lease ROU assets

0

0

440

1,180

32,345

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Recognition of operating lease liabilities

0

0

440

-441

41,632

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-