Armada hoffler properties, inc. (AHH)
CashFlow / TTM
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

34,879

32,258

29,298

22,904

23,023

23,492

24,365

29,157

28,155

29,925

29,302

26,787

24,975

42,755

46,053

42,444

49,598

31,183

27,966

26,383

18,371

12,759

0

0

0

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

40,606

37,839

36,184

33,730

31,365

30,395

27,993

26,584

26,274

25,974

25,783

25,278

24,458

23,453

21,735

20,833

19,946

18,678

18,371

17,138

15,706

14,984

0

0

0

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

18,333

16,725

13,910

11,108

9,174

9,518

9,963

10,415

10,850

11,347

11,927

12,078

12,196

11,875

10,063

8,397

6,448

4,475

3,596

3,079

2,802

2,585

0

0

0

Accrued straight-line rental revenue

3,122

3,402

3,835

3,910

3,006

2,731

2,084

1,611

1,401

1,222

1,253

1,283

1,286

1,091

965

1,023

1,387

1,924

2,197

2,702

2,459

2,203

0

0

0

Amortization of leasing incentives and above or below-market rents

-813

-629

-342

-222

-245

-266

-266

-246

-204

-195

-164

-126

-138

-85

113

295

567

738

735

709

649

632

0

0

0

Finance Lease, Right-of-Use Asset, Amortization

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued straight-line ground rent expense

-19

-16

17

134

127

214

316

393

476

530

481

512

443

371

357

264

277

290

303

314

315

315

0

0

0

Provision for unrealized credit losses

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Adjustment for uncollectable lease accounts

684

511

394

316

495

419

384

510

548

564

450

274

226

203

186

154

142

131

154

140

102

79

0

0

0

Noncash stock compensation

1,954

1,613

1,548

1,478

1,421

1,281

1,348

1,311

1,461

1,323

1,265

1,262

1,056

1,082

1,040

1,001

989

931

0

0

0

-

-

-

0

Impairment charges

410

252

0

0

0

-

-

-

-

110

221

351

324

355

0

0

0

-

-

-

-

-

-

-

-

Noncash interest expense

1,363

1,258

1,187

1,260

1,094

1,116

1,161

1,271

1,323

1,274

1,233

1,065

1,066

980

902

923

879

1,006

898

782

702

517

0

0

0

Finance Lease, Interest Expense

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Noncash loss on extinguishment of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

512

0

0

0

-

-

-

-

Gain (Loss) on Disposition of Assets

-

-

-

-

-

-

-

-

-

8,087

8,180

7,241

7,254

30,533

35,427

31,674

38,871

18,394

0

0

0

-

-

-

-

Annapolis Junction loan discount amortization

-3,371

-4,489

762

2,133

3,371

4,489

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in fair value of interest rate derivatives

-3,872

-3,599

-6,133

-5,305

-3,383

-951

2,083

1,872

1,802

1,127

1,623

2,034

1,742

-941

-2,255

-2,804

-2,471

-229

-348

-251

-473

-233

0

0

0

Income (Loss) from Equity Method Investments

0

273

645

645

645

372

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Property assets

3,894

2,499

4,052

-1,353

2,719

3,539

2,154

3,911

2,035

2,415

1,897

1,954

1,791

2,964

4,697

2,235

964

2,283

0

0

0

-

-

0

0

Property liabilities

-644

3,368

2,312

852

5,065

1,720

1,376

3,359

234

2,843

3,621

3,033

3,790

3,979

3,813

-27

1,259

2,326

0

0

0

-

-

-

0

Construction assets

18,484

20,356

-1,058

-7,253

-3,570

-7,554

-16,552

-28,511

-34,192

-17,573

-3,543

16,144

24,379

6,385

-5,827

-5,967

3,929

17,337

30,622

25,727

14,335

5,893

0

0

0

Construction liabilities

20,189

18,671

-2,332

-4,171

-3,486

-15,248

-21,020

-35,212

-37,181

-20,110

-6,656

19,346

25,147

15,189

2,783

-1,372

7,192

12,664

23,363

22,439

14,569

11,164

0

0

0

Interest receivable

16,985

12,947

242

3,206

1,236

271

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by operating activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Net cash provided by operating activities

71,957

67,729

74,417

72,939

68,116

56,087

46,767

45,522

47,012

51,236

49,869

55,011

53,951

56,985

54,424

46,909

44,978

33,266

0

0

0

-

-

-

-

INVESTING ACTIVITIES
Development of real estate investments

115,041

133,445

139,066

151,729

148,649

133,791

119,182

88,474

65,712

45,730

37,485

39,753

44,104

57,425

61,097

54,338

51,545

52,719

61,666

81,808

99,098

98,467

0

0

0

Tenant and building improvements

18,618

19,721

20,331

18,643

13,106

11,723

12,429

13,513

12,429

12,252

10,403

8,161

7,458

6,698

5,762

5,561

5,263

5,157

5,534

5,153

5,070

6,362

0

0

0

Acquisitions of real estate investments, net of cash received

121,195

138,380

133,348

157,922

49,968

57,544

59,547

56,226

56,627

30,026

45,800

37,434

37,251

195,645

0

0

0

-

-

-

-

2,754

0

0

0

Dispositions of real estate investments, net of selling costs

34,386

32,944

0

0

0

-

-

-

-

12,557

12,915

8,336

17,363

96,670

125,265

121,728

148,090

79,566

0

0

0

-

-

-

-

Notes receivable issuances

61,907

54,555

92,458

77,747

64,490

58,208

15,708

11,252

18,192

16,219

17,181

27,796

47,273

48,499

0

0

0

-

-

-

-

-

-

-

-

Notes receivable paydowns

21,830

22,522

18,130

2,857

2,857

1,165

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Decrease in capital improvement reserves

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-805

-

-631

-132

1,027

1,824

0

0

0

Leasing costs

3,885

3,893

3,128

4,430

4,502

4,607

6,134

3,488

2,422

2,235

922

2,178

2,377

2,374

2,004

1,613

1,271

2,118

3,026

3,469

4,019

2,835

0

0

0

Leasing incentives

-

-

-

-

-

-

-

-

-

-

-

-

-

236

-188

-87

-760

-1,563

0

0

0

-

-

-

-

Contributions to equity method investments

0

535

5,555

7,828

9,545

10,420

5,642

3,588

2,027

1,176

809

652

3,943

8,824

0

0

0

-

-

-

-

-

-

-

-

Net cash used for investing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Net cash used for investing activities

-264,430

-295,063

-312,899

-384,055

-252,838

-240,563

-214,593

-164,505

-149,567

-95,355

-99,670

-107,610

-125,244

-223,031

-184,987

-187,178

-160,734

-57,961

0

0

0

-

-

-

-

Proceeds from issuance of common stock, net

67,988

96,845

77,464

53,967

95,450

65,244

54,866

44,318

87,858

91,381

113,431

133,339

61,909

68,475

0

0

0

-

-

-

-

-

-

-

-

Offering costs

-

-

-

-

-

-

-

-

4,502

-

4,933

5,323

1,341

1,453

0

0

0

-

-

-

-

416

0

0

0

Common shares tendered for tax withholding

559

369

410

410

410

409

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debt issuances, credit facility and construction loan borrowings

389,563

427,286

424,310

493,724

338,409

349,580

312,806

235,927

229,131

162,585

150,953

205,519

217,120

316,852

304,245

225,652

233,624

214,407

225,503

234,952

219,843

117,645

0

0

0

Debt and credit facility repayments, including principal amortization

221,132

270,851

236,612

227,753

192,272

173,855

146,582

114,264

155,404

160,661

171,075

241,507

176,242

186,533

221,227

136,211

158,073

206,889

155,133

208,106

166,229

63,306

0

0

0

Debt issuance costs

5,129

5,546

3,365

4,243

1,676

1,457

2,969

2,313

2,133

2,403

756

1,708

1,825

1,796

1,834

1,000

1,197

1,887

2,257

1,859

1,576

448

0

0

0

Redemption of operating partnership units

-

-

-

-

-

2,595

7,457

7,457

5,110

5,155

229

229

108

58

0

0

0

-

-

-

-

-

-

-

-

Payments of Dividends

65,430

61,504

56,884

54,563

52,536

50,897

49,426

47,856

45,698

43,616

40,881

38,067

35,948

33,843

31,676

29,753

28,277

27,024

26,417

24,799

23,309

22,096

0

0

0

Net cash provided by financing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Net cash provided by financing activities

226,302

246,862

265,440

321,659

184,375

185,611

165,558

112,675

108,173

41,842

46,003

51,517

63,347

161,426

137,862

131,497

101,687

24,401

0

0

0

-

-

-

-

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

33,829

19,528

26,958

10,543

-347

1,135

-2,268

-6,308

5,618

-2,277

-3,798

-1,082

-7,946

-4,620

7,299

-8,772

-14,069

-294

-1,910

11,085

18,035

7,001

0

0

0

Noncash transactions:
Increase in dividends and distributions payable

-4,252

-3,950

699

-962

-1,254

-1,640

-2,764

-2,683

-2,060

-2,160

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Common shares and OP units issued for acquisitions

-

-

-

-

-

-1,702

214

214

1,196

-506

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

(Decrease) increase in accrued capital improvements and development costs

-8,923

-12,666

-4,997

1,757

15,135

18,310

26,876

12,983

5,723

10,899

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Operating Partnership units redeemed for common shares

1,496

2,756

3,264

3,171

3,171

3,715

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debt assumed at fair value in conjunction with real estate purchases

-

-

-

-

-

-

-

-

-

2,000

2,000

2,000

2,000

0

0

0

0

-

-

-

-

-

-

-

-

Equity method investment redeemed for real estate acquisition

0

23,011

23,011

23,011

23,011

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Recognition of operating lease ROU assets

1,620

33,965

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Recognition of operating lease liabilities

-1

41,631

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-