XML 79 R4.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Rental revenues $ 42,220 $ 28,930 $ 109,507 $ 86,227
Total revenues 69,858 48,880 175,625 149,881
Expenses        
Rental expenses 9,924 7,103 24,615 20,049
Real estate taxes 4,180 2,840 10,759 8,388
Depreciation and amortization 15,452 10,196 38,834 28,653
Amortization of right-of-use assets - finance leases 107 0 168 0
General and administrative expenses 2,977 2,367 9,329 8,092
Acquisition, development and other pursuit costs 93 69 550 162
Impairment charges 0 3 0 101
Total expenses 59,179 41,551 147,110 126,919
Gain on real estate dispositions 4,699 0 4,699 0
Operating income 15,378 7,329 33,214 22,962
Interest income 5,710 2,545 16,622 7,152
Interest expense on indebtedness (8,828) (4,677) (22,205) (13,547)
Interest expense on finance leases (228) 0 (340) 0
Equity in income of unconsolidated real estate entities 0 0 273 0
Loss on extinguishment of debt 0 (11) 0 (11)
Change in fair value of interest rate derivatives (530) 298 (3,926) 1,256
Other income 362 65 426 233
Income before taxes 11,864 5,549 24,064 18,045
Income tax benefit 199 120 339 552
Net income 12,063 5,669 24,403 18,597
Net income attributable to noncontrolling interests:        
Investment entities (960) 0 (640) 0
Operating Partnership (2,790) (1,467) (6,000) (5,036)
Net income attributable to Armada Hoffler Properties, Inc. 8,313 4,202 17,763 13,561
Preferred stock dividends (1,234) 0 (1,388) 0
Net income attributable to common stockholders $ 7,079 $ 4,202 $ 16,375 $ 13,561
Net income attributable to stockholders per share (basic and diluted) (in dollars per share) $ 0.13 $ 0.09 $ 0.31 $ 0.29
Weighted-average common shares outstanding (basic and diluted) (in shares) 53,463 49,194 52,289 46,766
Comprehensive income:        
Net income $ 12,063 $ 5,669 $ 24,403 $ 18,597
Unrealized cash flow hedge losses (1,247) (130) (5,709) (130)
Realized cash flow hedge losses reclassified to net income 123 67 230 67
Comprehensive income 10,939 5,606 18,924 18,534
Comprehensive income attributable to Armada Hoffler Properties, Inc. 7,506 4,156 13,737 13,515
General contracting and real estate services        
Revenues        
General contracting and real estate services revenues 27,638 19,950 66,118 63,654
Expenses        
General contracting and real estate services expenses 26,446 18,973 62,855 61,474
Noncontrolling interests in investment entities        
Expenses        
Net income 960      
Comprehensive income:        
Net income 960      
Comprehensive income attributable to noncontrolling interests: (960) 0 (640) 0
Noncontrolling interests in Operating Partnership        
Expenses        
Net income 2,790 1,467    
Comprehensive income:        
Net income 2,790 1,467    
Unrealized cash flow hedge losses (353) (33)    
Realized cash flow hedge losses reclassified to net income 35 17    
Comprehensive income attributable to noncontrolling interests: $ (2,473) $ (1,450) $ (4,547) $ (5,019)