XML 19 R4.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Rental revenues $ 36,378 $ 28,598 $ 67,287 $ 57,297
Total revenues 57,822 49,252 105,767 101,001
Expenses        
Rental expenses 8,027 6,522 14,752 12,946
Real estate taxes 3,451 2,735 6,579 5,548
Depreciation and amortization 13,478 9,179 23,382 18,457
General and administrative expenses 2,951 2,764 6,352 5,725
Acquisition, development and other pursuit costs 57 9 457 93
Impairment charges 0 98 0 98
Total expenses 48,087 41,394 87,931 85,368
Operating income 9,735 7,858 17,836 15,633
Interest income 5,593 2,375 10,912 4,607
Interest expense (7,603) (4,497) (13,489) (8,870)
Equity in income of unconsolidated real estate entities 0 0 273 0
Change in fair value of interest rate derivatives (1,933) (11) (3,396) 958
Other income 4 54 64 168
Income before taxes 5,796 5,779 12,200 12,496
Income tax benefit 30 166 140 432
Net income 5,826 5,945 12,340 12,928
Net income attributable to noncontrolling interests:        
Investment entities 320 0 320 0
Operating Partnership (1,580) (1,626) (3,210) (3,569)
Net income attributable to Armada Hoffler Properties, Inc. 4,566 4,319 9,450 9,359
Preferred stock dividends (154) 0 (154) 0
Net income attributable to common stockholders $ 4,412 $ 4,319 $ 9,296 $ 9,359
Net income attributable to stockholders per share (basic and diluted) (in dollars per share) $ 0.08 $ 0.09 $ 0.18 $ 0.21
Weighted-average common shares outstanding (basic and diluted) (in shares) 52,451 45,928 51,692 45,532
Comprehensive income:        
Net income $ 5,826 $ 5,945 $ 12,340 $ 12,928
Unrealized cash flow hedge losses (3,459) 0 (4,462) 0
Realized cash flow hedge losses reclassified to net income 35 0 107 0
Comprehensive income 2,402 5,945 7,985 12,928
Comprehensive income attributable to Armada Hoffler Properties, Inc. 2,045 4,319 6,231 9,359
General contracting and real estate services        
Revenues        
General contracting and real estate services revenues 21,444 20,654 38,480 43,704
Expenses        
General contracting and real estate services expenses 20,123 20,087 36,409 42,501
Noncontrolling interests in investment entities        
Expenses        
Net income (320)      
Comprehensive income:        
Net income (320)      
Comprehensive income attributable to noncontrolling interests: 320 0 320 0
Noncontrolling interests in Operating Partnership        
Expenses        
Net income 1,580 1,626    
Comprehensive income:        
Net income 1,580 1,626    
Unrealized cash flow hedge losses (912)      
Realized cash flow hedge losses reclassified to net income 9      
Comprehensive income attributable to noncontrolling interests: $ (677) $ (1,626) $ (2,074) $ (3,569)