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Condensed Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Rental revenues $ 39,915 $ 36,378 $ 82,204 $ 67,287
General contracting and real estate services revenues 57,398 21,444 104,666 38,480
Total revenues 97,313 57,822 186,870 105,767
Expenses        
Rental expenses 8,309 7,915 17,684 14,640
Real estate taxes 4,233 3,451 8,566 6,579
General contracting and real estate services expenses 55,342 20,123 100,892 36,409
Depreciation and amortization 13,777 13,505 28,056 23,409
Amortization of right-of-use assets - finance leases 146 85 293 85
General and administrative expenses 2,988 2,951 6,781 6,352
Acquisition, development and other pursuit costs 502 57 529 457
Impairment charges 0 0 158 0
Total expenses 85,297 48,087 162,959 87,931
Gain on real estate dispositions 2,776 0 2,776 0
Operating income 14,792 9,735 26,687 17,836
Interest income 4,412 5,593 11,638 10,912
Interest expense on indebtedness (6,999) (7,491) (14,958) (13,377)
Interest expense on finance leases (228) (112) (457) (112)
Equity in income of unconsolidated real estate entities 0 0 0 273
Change in fair value of interest rate derivatives (6) (1,933) (1,742) (3,396)
Unrealized credit loss release (provision) 117 0 (260) 0
Other income (expense), net 286 4 344 64
Income before taxes 12,374 5,796 21,252 12,200
Income tax benefit (provision) (65) 30 192 140
Net income 12,309 5,826 21,444 12,340
Net (income) loss attributable to noncontrolling interests:        
Investment entities 44 320 136 320
Operating Partnership (3,051) (1,580) (5,286) (3,210)
Net income attributable to Armada Hoffler Properties, Inc. 9,302 4,566 16,294 9,450
Preferred stock dividends (1,175) (154) (2,242) (154)
Net income attributable to common stockholders $ 8,127 $ 4,412 $ 14,052 $ 9,296
Net income attributable to stockholders per share (basic and diluted) (in dollars per share) $ 0.14 $ 0.08 $ 0.25 $ 0.18
Weighted-average common shares outstanding (basic and diluted) (in shares) 56,668 52,451 56,533 51,692
Comprehensive income:        
Net income $ 12,309 $ 5,826 $ 21,444 $ 12,340
Unrealized cash flow hedge losses (2,279) (3,459) (9,768) (4,462)
Realized cash flow hedge losses reclassified to net income 798 35 1,190 107
Comprehensive income 10,828 2,402 12,866 7,985
Comprehensive income attributable to Armada Hoffler Properties, Inc. 8,226 2,045 10,065 6,231
Noncontrolling interests in investment entities        
Expenses        
Net income (44) (320)    
Comprehensive income:        
Net income (44) (320)    
Comprehensive (income) loss attributable to noncontrolling interests: 44 320 136 320
Noncontrolling interests in Operating Partnership        
Expenses        
Net income 3,051 1,580    
Comprehensive income:        
Net income 3,051 1,580    
Unrealized cash flow hedge losses (622) (912)    
Realized cash flow hedge losses reclassified to net income 218 9    
Comprehensive (income) loss attributable to noncontrolling interests: $ (2,646) $ (677) $ (2,937) $ (2,074)