Armada hoffler properties, inc. (AHH)
Income statement / 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'14Sep'13Jun'13
Revenues
Rental revenues

42,289

41,832

42,220

36,378

30,909

30,731

28,930

28,598

28,699

27,654

27,096

26,755

27,232

26,516

25,305

24,251

23,283

21,771

21,303

19,908

18,190

17,521

16,713

15,319

15,193

14,899

14,231

General contracting and real estate services revenues

47,268

39,741

27,638

21,444

17,036

12,705

19,950

20,654

23,050

32,643

41,201

56,671

63,519

50,475

38,552

33,200

36,803

41,309

53,822

47,066

29,071

32,060

31,532

20,495

19,234

21,896

23,291

Total revenues

89,557

81,573

69,858

57,822

47,945

43,436

48,880

49,252

51,749

60,297

68,297

83,426

90,751

76,991

63,857

57,451

60,086

63,080

75,125

66,974

47,261

49,581

48,245

35,814

34,427

36,795

37,522

Expenses
Rental expenses

9,375

9,656

9,924

8,027

6,725

7,173

7,103

6,522

6,424

6,353

6,830

6,171

6,068

5,670

5,834

5,071

5,329

4,948

4,865

4,631

4,760

4,437

4,414

3,840

3,976

3,840

3,399

Real estate taxes

4,333

4,202

4,180

3,451

3,128

2,995

2,840

2,735

2,813

2,731

2,693

2,595

2,509

2,542

2,356

2,382

2,349

2,110

2,056

1,959

1,657

1,512

1,480

1,408

1,343

1,317

1,248

General contracting and real estate services expenses

45,550

38,683

26,446

20,123

16,286

12,154

18,973

20,087

22,414

32,002

39,377

54,015

61,196

49,039

37,274

32,025

35,037

40,203

51,716

45,283

28,142

30,947

30,468

19,354

17,985

20,907

22,503

Depreciation and amortization

14,279

15,730

15,452

13,478

9,904

11,260

10,196

9,179

9,278

9,303

9,239

9,304

9,475

9,692

8,885

8,602

8,149

6,162

6,317

5,766

4,908

4,976

4,567

4,057

3,969

3,933

4,020

Amortization of right-of-use assets - finance leases

147

-

107

-

0

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

General and administrative expenses

3,793

3,063

2,977

2,951

3,401

3,339

2,367

2,764

2,961

2,673

2,098

2,678

2,986

2,688

2,156

2,224

2,484

2,100

1,873

2,096

2,328

1,943

1,741

1,981

2,046

1,638

2,857

Acquisition, development and other pursuit costs

27

294

93

57

400

190

69

9

84

171

61

369

47

77

345

437

704

885

288

591

171

-

174

-

-

-

-

Impairment charges

158

252

0

0

0

-

3

98

-

60

19

27

4

171

149

0

35

-

0

23

-

-

15

-

-

-

533

Total expenses

77,662

72,150

59,179

48,087

39,844

38,629

41,551

41,394

43,974

53,293

60,317

75,159

82,285

69,879

56,999

50,741

54,087

56,426

67,115

60,349

41,966

43,870

42,859

30,640

29,319

31,635

34,560

Operating income

11,895

9,423

15,378

9,735

8,101

9,061

7,329

7,858

7,775

15,091

7,980

8,267

8,466

37,645

6,858

6,710

5,999

6,654

8,010

6,625

5,295

5,711

5,386

5,174

5,108

5,160

2,962

Interest income

7,226

6,593

5,710

5,593

5,319

3,577

2,545

2,375

2,232

2,111

1,910

1,658

1,398

1,300

1,024

722

182

-

0

0

-

-

-

-

-

-

-

Interest expense on indebtedness

7,959

8,459

8,828

7,603

5,886

5,540

4,677

4,497

4,373

4,157

4,253

4,494

4,535

4,573

4,124

3,978

3,791

3,411

3,518

3,358

3,046

2,671

2,734

2,678

2,565

2,598

3,289

Interest expense on finance leases

229

-

228

-

0

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity in income of unconsolidated real estate entities

0

0

0

0

273

372

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain (Loss) on Extinguishment of Debt

-

-

0

-

-

-

-11

-

-

-

0

-

-

-

-82

-

-

-102

-3

-180

-227

-

-

-

-

-1,127

-1,125

Gain on real estate dispositions

-

-

4,699

-

-

-

0

-

-

0

4,692

0

3,395

93

3,753

13

26,674

4,987

0

7,210

6,197

-

-

-

-

-

-

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

-

-

-

-

-

-

Provision for unrealized credit losses

377

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on acquisitions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9,460

Other income (expense), net

58

159

362

4

60

144

65

54

114

-73

74

43

37

-7

35

43

76

63

17

24

15

143

59

-194

112

-109

185

Income before taxes

8,878

7,703

11,864

5,796

6,404

5,418

5,549

5,779

6,717

5,712

10,490

5,393

9,055

5,248

7,962

3,137

26,751

8,326

4,455

10,281

8,087

5,161

2,711

2,302

2,655

1,326

8,193

Income tax benefit

-257

-152

-199

-30

-110

523

-120

-166

-266

-56

29

450

302

103

16

6

218

-117

118

-4

-31

-65

-43

29

149

74

-211

Discontinued operations:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

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

1,252

8,404

Net (income) loss attributable to noncontrolling interests:
Investment entities

-92

-427

960

-320

0

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Operating Partnership

2,235

1,992

2,790

1,580

1,630

1,253

1,467

1,626

1,943

1,616

2,973

1,472

2,817

1,687

2,734

1,097

9,163

3,115

1,649

3,764

3,013

1,940

1,139

948

1,041

507

3,429

Net income attributable to Armada Hoffler Properties, Inc.

6,992

6,290

8,313

4,566

4,884

3,642

4,202

4,319

5,040

4,152

7,488

3,471

5,936

3,458

5,212

2,034

17,370

5,328

2,688

6,521

5,105

3,286

1,615

1,325

1,465

745

4,886

Preferred stock dividends

1,067

1,067

1,234

154

0

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income attributable to common stockholders

5,925

5,223

7,079

4,412

4,884

-

4,202

4,319

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income attributable to stockholders per share (basic and diluted) (in dollars per share)

0.11

0.10

0.13

0.08

0.10

0.07

0.09

0.09

0.11

0.09

0.17

0.08

0.16

0.07

0.15

0.06

0.57

0.20

0.10

0.25

0.20

0.13

0.08

0.07

0.08

0.04

0.26

Weighted-average outstanding:
Common shares (in shares)

-

-

-

-

-

-

-

-

-

-

-

42,091

37,622

36,509

33,792

31,736

30,191

27,437

25,958

25,587

25,042

25,075

20,266

19,250

19,193

19,164

18,605

Common units (in shares)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

16,044

15,919

14,769

14,776

14,792

14,291

13,785

13,632

13,059

13,059

Weighted-average common shares outstanding (basic and diluted) (in shares)

56,398

55,636

53,463

52,451

50,926

49,794

49,194

45,928

45,132

-

44,934

-

-

-

-

-

-

43,481

41,877

40,356

39,818

39,867

34,557

33,035

32,825

32,223

31,664

Dividends and distributions declared per common share and unit (in dollars per share)

-

-

-

-

-

-

-

-

-

-

0.19

0.19

0.19

-

0.18

0.18

0.18

-

0.17

0.17

0.17

-

0.16

0.16

0.16

0.16

0.08

Comprehensive income:
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

1,252

8,404

Unrealized cash flow hedge losses

-7,489

1,205

-1,247

-3,459

-1,003

-1,764

-130

0

0

-

0

-

-

-

-

-

-

499

-1,026

238

-786

-

-

-

-

-

-

Realized cash flow hedge losses reclassified to net income

-392

-271

-123

-35

-72

-102

-67

0

0

-

0

-

-

-

-

-

-

-

13

-

-

-

-

-

-

-

-

Comprehensive income

2,038

9,331

10,939

2,402

5,583

3,233

5,606

5,945

6,983

-

10,461

-

-

-

-

-

-

8,956

3,324

10,523

7,332

5,226

2,754

2,273

2,506

-

-

Comprehensive income attributable to Armada Hoffler Properties, Inc.

1,839

7,359

7,506

2,045

4,186

2,405

4,156

4,319

5,040

-

7,488

-

-

-

-

-

-

5,652

2,060

6,672

4,610

3,286

1,615

1,325

1,465

-

-

Noncontrolling interests in investment entities
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

-92

-

960

-320

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income

-92

-

960

-320

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Comprehensive (income) loss attributable to noncontrolling interests:

-92

-427

960

-320

0

-1,943

0

0

1,943

-

2,973

-

-

-

-

-

-

3,304

1,264

3,851

2,722

1,940

1,139

948

1,041

-

-

Noncontrolling interests in Operating Partnership
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

2,235

1,992

2,790

1,580

1,630

-

1,467

1,626

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income

2,235

1,992

2,790

1,580

1,630

-

1,467

1,626

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unrealized cash flow hedge losses

-2,051

333

-353

-912

-251

-

-33

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Realized cash flow hedge losses reclassified to net income

-107

-75

-35

-9

-18

-

-17

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Comprehensive (income) loss attributable to noncontrolling interests:

291

2,399

2,473

677

1,397

-

1,450

1,626

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-