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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM
10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024  
or 
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the transition period from                      to                      
Commission File Number: 001-35908
ARMADA HOFFLER PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
Maryland46-1214914
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
222 Central Park Avenue,Suite 2100
Virginia Beach,Virginia23462
(Address of principal executive offices)(Zip Code)
 
(757) 366-4000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareAHHNew York Stock Exchange
6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per shareAHHPrANew York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes       No 
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).      Yes       No 
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large Accelerated Filer
Accelerated Filer
Non-Accelerated FilerSmaller Reporting Company
Emerging Growth Company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  
 Yes       No
As of August 2, 2024, the registrant had 67,872,875 shares of common stock, $0.01 par value per share, outstanding. In addition, as of August 2, 2024, Armada Hoffler, L.P., the registrant's operating partnership subsidiary, had 21,664,516 units of limited partnership interest ("OP Units") outstanding (other than OP Units held by the registrant).


ARMADA HOFFLER PROPERTIES, INC.
 
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2024
 
Table of Contents
 
 Page
 
 
 
 
 
 
 
 
 
 
 
 
 





PART I. Financial Information
 
Item 1.    Financial Statements
 
ARMADA HOFFLER PROPERTIES, INC.
Condensed Consolidated Balance Sheets
(In thousands, except par value and share data)
 June 30,
2024
December 31,
2023
 (Unaudited) 
ASSETS  
Real estate investments:  
Income producing property$2,186,764 $2,093,032 
Held for development10,483 11,978 
Construction in progress46,642 102,277 
 2,243,889 2,207,287 
Accumulated depreciation(425,166)(393,169)
Net real estate investments1,818,723 1,814,118 
Cash and cash equivalents20,306 27,920 
Restricted cash1,391 2,246 
Accounts receivable, net44,170 45,529 
Notes receivable, net124,178 94,172 
Construction receivables, including retentions, net106,010 126,443 
Construction contract costs and estimated earnings in excess of billings542 104 
Equity method investments152,615 142,031 
Operating lease right-of-use assets22,954 23,085 
Finance lease right-of-use assets89,776 90,565 
Acquired lease intangible assets101,418 109,137 
Other assets87,903 87,548 
Total Assets$2,569,986 $2,562,898 
LIABILITIES AND EQUITY  
Indebtedness, net
$1,419,229 $1,396,965 
Accounts payable and accrued liabilities39,543 31,041 
Construction payables, including retentions125,226 128,290 
Billings in excess of construction contract costs and estimated earnings19,418 21,414 
Operating lease liabilities31,442 31,528 
Finance lease liabilities92,258 91,869 
Other liabilities53,464 56,613 
Total Liabilities1,780,580 1,757,720 
Stockholders’ equity:  
Preferred stock, $0.01 par value, 100,000,000 shares authorized:
6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, 9,980,000 shares authorized; 6,843,418 shares issued and outstanding as of June 30, 2024 and
December 31, 2023
171,085 171,085 
Common stock, $0.01 par value, 500,000,000 shares authorized; 67,388,397 and 66,793,294 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively
674 668 
Additional paid-in capital587,117 580,687 
Distributions in excess of earnings(200,699)(184,724)
Accumulated other comprehensive income4,557 4,906 
Total stockholders’ equity562,734 572,622 
Noncontrolling interests in investment entities9,511 9,986 
Noncontrolling interests in Operating Partnership217,161 222,570 
Total Equity789,406 805,178 
Total Liabilities and Equity$2,569,986 $2,562,898 

See Notes to Condensed Consolidated Financial Statements.
1


ARMADA HOFFLER PROPERTIES, INC.
Condensed Consolidated Statements of Comprehensive Income 
(In thousands, except per share data)
(Unaudited)
 Three Months Ended 
June 30,
Six Months Ended 
June 30,
 2024202320242023
Revenues    
Rental revenues$63,265 $59,951 $125,146 $116,169 
General contracting and real estate services revenues116,839 102,574 243,814 186,812 
Interest income4,632 3,414 9,258 7,133 
Total revenues184,736 165,939 378,218 310,114 
Expenses    
Rental expenses15,087 13,676 29,692 26,636 
Real estate taxes5,886 5,631 11,811 11,043 
General contracting and real estate services expenses112,500 99,071 235,398 180,241 
Depreciation and amortization20,789 19,878 41,224 38,346 
Amortization of right-of-use assets - finance leases394 347 789 624 
General and administrative expenses4,503 4,052 10,377 9,500 
Acquisition, development, and other pursuit costs5,528 18 5,528 18 
Impairment charges1,494  1,494 102 
Total expenses166,181 142,673 336,313 266,510 
Gain on real estate dispositions, net 511  511 
Operating income18,555 23,777 41,905 44,115 
Interest expense (21,227)(13,629)(39,202)(25,931)
Change in fair value of derivatives and other4,398 5,005 17,286 2,558 
Unrealized credit loss release (provision)228 (100)145 (177)
Other income, net79 168 158 261 
Income before taxes2,033 15,221 20,292 20,826 
Income tax benefit (provision) 1,246 (336)712 (524)
Net income3,279 14,885 21,004 20,302 
Net income attributable to noncontrolling interests:
Investment entities(17)(269)(51)(423)
Operating Partnership(90)(2,753)(3,708)(3,307)
Net income attributable to Armada Hoffler Properties, Inc.3,172 11,863 17,245 16,572 
Preferred stock dividends(2,887)(2,887)(5,774)(5,774)
Net income attributable to common stockholders$285 $8,976 $11,471 $10,798 
Net income attributable to common stockholders per share (basic and diluted)$0.00 $0.13 $0.17 $0.16 
Weighted-average common shares outstanding (basic and diluted)67,106 67,901 66,972 67,844 
Comprehensive income:    
Net income$3,279 $14,885 $21,004 $20,302 
Unrealized cash flow hedge gains984 6,806 4,538 6,380 
Realized cash flow hedge gains reclassified to net income(1,398)(5,055)(5,040)(7,977)
Comprehensive income2,865 16,636 20,502 18,705 
Comprehensive (income) loss attributable to noncontrolling interests:
Investment entities(17)(245)(12)(363)
Operating Partnership11 (3,169)(3,595)(2,951)
Comprehensive income attributable to Armada Hoffler Properties, Inc.$2,859 $13,222 $16,895 $15,391 

See Notes to Condensed Consolidated Financial Statements.
2


ARMADA HOFFLER PROPERTIES, INC.
Condensed Consolidated Statements of Equity
(In thousands, except share data)
(Unaudited)
 Preferred stockCommon stockAdditional paid-in capitalDistributions in excess of earnings Accumulated other comprehensive incomeTotal stockholders' equityNoncontrolling interests in investment entitiesNoncontrolling interests in Operating PartnershipTotal equity
Balance, December 31, 2023$171,085 $668 $580,687 $(184,724)$4,906 $572,622 $9,986 $222,570 $805,178 
Net income— — — 14,073 — 14,073 34 3,618 17,725 
Unrealized cash flow hedge gains— — — — 2,664 2,664 29 861 3,554 
Realized cash flow hedge gains reclassified to net income— — — — (2,700)(2,700)(68)(874)(3,642)
Net proceeds from issuance of common stock— — (10)— — (10)— — (10)
Restricted stock awards, net— 2 1,394 — — 1,396 — — 1,396 
Redemption of operating partnership units— — (22)— — (22)— (96)(118)
Distributions to noncontrolling interests— — — — — — (336)— (336)
Dividends declared on preferred stock— — — (2,887)— (2,887)— — (2,887)
Dividends and distributions declared on common shares and units ($0.205 per share and unit)
— — — (13,733)— (13,733)— (4,450)(18,183)
Balance, March 31, 2024$171,085 $670 $582,049 $(187,271)$4,870 $571,403 $9,645 $221,629 $802,677 
Net income — — — 3,172 — 3,172 17 90 3,279 
Unrealized cash flow hedge gains— — — — 743 743 — 241 984 
Realized cash flow hedge (gains) losses reclassified to net income— — — — (1,056)(1,056)— (342)(1,398)
Net proceeds from issuance of common stock— 4 4,259 — — 4,263 — — 4,263 
Restricted stock awards, net— — 809 — — 809 — — 809 
Distributions to noncontrolling interests— — — — — — (151)— (151)
Dividends declared on preferred stock— — — (2,887)— (2,887)— — (2,887)
Dividends and distributions declared on common shares and units ($0.205 per share and unit)
— — — (13,713)— (13,713)— (4,457)(18,170)
Balance, June 30, 2024$171,085 $674 $587,117 $(200,699)$4,557 $562,734 $9,511 $217,161 $789,406 
3


 Preferred stockCommon stockAdditional paid-in capitalDistributions in excess of earnings Accumulated other comprehensive incomeTotal stockholders' equityNoncontrolling interests in investment entitiesNoncontrolling interests in Operating PartnershipTotal equity
Balance, December 31, 2022$171,085 $677 $587,884 $(126,875)$14,679 $647,450 $24,055 $232,509 $904,014 
Net income— — — 4,709 — 4,709 154 554 5,417 
Unrealized cash flow hedge (losses) gains— — — — (328)(328)2 (100)(426)
Realized cash flow hedge gains reclassified to net income— — — — (2,211)(2,211)(39)(672)(2,922)
Net proceeds from issuance of common stock— — (149)— — (149)— — (149)
Restricted stock awards, net— 2 977 — — 979 — — 979 
Acquisitions of noncontrolling interest in real estate entity— — — — — — (12,834)— (12,834)
Distribution to joint venture partner— — — — — — (506)— (506)
Dividends declared on preferred stock— — — (2,887)— (2,887)— — (2,887)
Dividends and distributions declared on common shares and units ($0.19 per share and unit)
— — — (12,908)— (12,908)— (3,916)(16,824)
Balance, March 31, 2023$171,085 $679 $588,712 $(137,961)$12,140 $634,655 $10,832 $228,375 $873,862 
Net income— — — 11,863 — 11,863 269 2,753 14,885 
Unrealized cash flow hedge gains— — — — 5,093 5,093 151 1,562 6,806 
Realized cash flow hedge gains reclassified to net income— — —  (3,735)(3,735)(174)(1,146)(5,055)
Restricted stock awards, net—  337 — — 337 — — 337 
Issuance of operating partnership units for acquisitions— —  — —  — 12,194 12,194 
Redemption of operating partnership units— — (19)— — (19)— (564)(583)
Distributions to noncontrolling interests— — — — — — (427)— (427)
Dividends declared on preferred stock— — — (2,887)— (2,887)— — (2,887)
Dividends and distributions declared on common shares and units ($0.195 per share and unit)
— — — (13,248)— (13,248)— (4,222)(17,470)
Balance, June 30, 2023$171,085 $679 $589,030 $(142,233)$13,498 $632,059 $10,651 $238,952 $881,662 
See Notes to Condensed Consolidated Financial Statements.
4


ARMADA HOFFLER PROPERTIES, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)(Unaudited)
 Six Months Ended 
June 30,
 20242023
OPERATING ACTIVITIES  
Net income$21,004 $20,302 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation of buildings and tenant improvements31,997 29,262 
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases9,227 9,084 
Accrued straight-line rental revenue(3,119)(3,244)
Amortization of leasing incentives and above or below-market rents(801)(1,360)
Amortization of right-of-use assets - finance leases789 624 
Accrued straight-line ground rent expense18 40 
Unrealized credit loss provision (release)(145)177 
Adjustment for uncollectible lease accounts1,235 1,168 
Noncash stock compensation2,936 2,137 
Noncash acquisition, development, and other pursuit costs5,528  
Impairment charges1,494 102 
Noncash interest expense2,062 4,412 
Gain on real estate dispositions, net (511)
Change in fair value of derivatives and other(4,560)(490)
Adjustment for receipts on off-market interest rate derivatives(13,006) 
Changes in operating assets and liabilities:  
Property assets(1,433)(792)
Property liabilities(1,646)(592)
Construction assets21,209 (24,282)
Construction liabilities(565)10,969 
Interest receivable(8,344)(6,545)
Net cash provided by operating activities63,880 40,461 
INVESTING ACTIVITIES  
Development of real estate investments(19,606)(30,959)
Tenant and building improvements(11,436)(9,912)
Acquisitions of real estate investments, net of cash received (8,355)
Dispositions of real estate investments, net of selling costs (20)
Notes receivable issuances(21,872)(21,238)
Receipts on off-market interest rate derivatives13,006  
Leasing costs(2,690)(2,348)
Leasing incentives (20)
Contributions to equity method investments(10,584)(30,388)
Net cash used for investing activities(53,182)(103,240)
FINANCING ACTIVITIES  
Proceeds from issuance of common stock, net of issuance cost4,253 (149)
Common shares tendered for tax withholding(980)(1,110)
Debt issuances, credit facility, and construction loan borrowings164,095 229,783 
Debt and credit facility repayments, including principal amortization(143,739)(138,953)
Debt issuance costs(1,001)(1,661)
Redemption of operating partnership units(118)(583)
Distributions to noncontrolling interests(487)(933)
Dividends and distributions(41,190)(39,383)
Net cash (used for) provided by financing activities(19,167)47,011 
Net decrease in cash, cash equivalents, and restricted cash(8,469)(15,768)
Cash, cash equivalents, and restricted cash, beginning of period 30,166 51,865 
Cash, cash equivalents, and restricted cash, end of period (1)
$21,697 $36,097 
See Notes to Condensed Consolidated Financial Statements.
5


ARMADA HOFFLER PROPERTIES, INC.
Condensed Consolidated Statements of Cash Flows (Continued)
(In thousands)(Unaudited)
Six Months Ended 
June 30,
20242023
Supplemental Disclosures (noncash transactions):
Increase in dividends and distributions payable$937 $685 
Increase (decrease) in accrued capital improvements and development costs5,569 (2,126)
Issuance of operating partnership units for acquisitions 12,194 
Debt assumed at fair value in conjunction with real estate purchases 105,584 
Note receivable redeemed in conjunction with real estate purchase 90,232 
Acquisitions of noncontrolling interests 12,834 
Other liability satisfied in connection with a real estate disposal 750 
Recognition of finance lease right-of-use assets 47,742 
Recognition of finance lease liabilities 46,616 

(1) The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the Condensed Consolidated Statements of Cash Flows (in thousands):
 June 30, 2024June 30, 2023
Cash and cash equivalents$20,306 $34,054 
Restricted cash (a)
1,391 2,043 
Cash, cash equivalents, and restricted cash$21,697 $36,097 
(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.




See Notes to Condensed Consolidated Financial Statements.

6


ARMADA HOFFLER PROPERTIES, INC.
Notes to Condensed Consolidated Financial Statements
 (Unaudited)
 
1. Business of Organization
 
Armada Hoffler Properties, Inc. (the "Company") is a vertically integrated, self-managed real estate investment trust ("REIT") with over four decades of experience managing, building, acquiring, and developing high-quality retail, office, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. In addition to the ownership of the Company's operating property portfolio, the Company develops and builds properties for its own account and through joint ventures between the Company and unaffiliated partners and also invests in development projects through real estate financing arrangements. The Company also provides general construction and development services to third-party clients. The Company's construction and development experience includes mid- and high-rise office buildings, retail strip malls, retail power centers, multifamily apartment communities, hotels and conference centers, single- and multi-tenant industrial, distribution, and manufacturing facilities, educational, medical, and special purpose facilities, government projects, parking garages, and mixed-use town centers.

The Company is the sole general partner of Armada Hoffler, L.P. (the "Operating Partnership") and, as of June 30, 2024, owned 75.6% of the economic interest in the Operating Partnership, of which 0.1% is held as general partnership units. The operations of the Company are conducted primarily through the Operating Partnership and the wholly owned subsidiaries thereof.
 
As of June 30, 2024, the Company's stabilized operating portfolio consisted of the following properties:
PropertyLocationOwnership Interest
Retail
Town Center of Virginia Beach
249 Central Park Retail*Virginia Beach, Virginia100 %
4525 Main Street Retail* (1)
Virginia Beach, Virginia100 %
4621 Columbus Retail* (2)
Virginia Beach, Virginia100 %
Columbus Village*Virginia Beach, Virginia100 %
Commerce Street Retail*Virginia Beach, Virginia100 %
Fountain Plaza Retail*Virginia Beach, Virginia100 %
Pembroke Square*Virginia Beach, Virginia100 %
Premier Retail*Virginia Beach, Virginia100 %
South Retail*Virginia Beach, Virginia100 %
Studio 56 Retail*Virginia Beach, Virginia100 %
The Cosmopolitan Retail* (3)
Virginia Beach, Virginia100 %
Two Columbus Retail* (1)
Virginia Beach, Virginia100 %
West Retail* (1)
Virginia Beach, Virginia100 %
Grocery Anchored
Broad Creek Shopping CenterNorfolk, Virginia100 %
Broadmoor PlazaSouth Bend, Indiana100 %
Brooks Crossing Retail*Newport News, Virginia65 %
(4)
Delray Beach Plaza*Delray Beach, Florida100 %
Greenbrier SquareChesapeake, Virginia100 %
Greentree Shopping CenterChesapeake, Virginia100 %
Hanbury VillageChesapeake, Virginia100 %
Lexington SquareLexington, South Carolina100 %
Market at Mill CreekMount Pleasant, South Carolina100 %
North Pointe CenterDurham, North Carolina100 %
7


Parkway CentreMoultrie, Georgia100 %
Parkway MarketplaceVirginia Beach, Virginia100 %
Perry Hall MarketplacePerry Hall, Maryland100 %
Sandbridge CommonsVirginia Beach, Virginia100 %
Tyre Neck Harris TeeterPortsmouth, Virginia100 %
Harbor Point - Baltimore Waterfront
Constellation Retail* (1)
Baltimore, Maryland90 %
Point Street Retail* (3)
Baltimore, Maryland100 %
Southeast Sunbelt
Chronicle Mill Retail* (3)
Belmont, North Carolina85 %
(4)
Nexton Square*Summerville, South Carolina100 %
North Hampton MarketTaylors, South Carolina100 %
One City Center Retail* (1)
Durham, North Carolina100 %
Overlook VillageAsheville, North Carolina100 %
Patterson PlaceDurham, North Carolina100 %
Providence Plaza Retail*Charlotte, North Carolina100 %
South SquareDurham, North Carolina100 %
The Interlock Retail*Atlanta, Georgia100 %
Wendover VillageGreensboro, North Carolina100 %
Mid-Atlantic
Dimmock SquareColonial Heights, Virginia100 %
Harrisonburg RegalHarrisonburg, Virginia100 %
Liberty Retail* (3)
Newport News, Virginia100 %
Marketplace at HilltopVirginia Beach, Virginia100 %
Red Mill CommonsVirginia Beach, Virginia100 %
Southgate SquareColonial Heights, Virginia100 %
Southshore ShopsChesterfield, Virginia100 %
The Edison Retail* (3)
Richmond, Virginia100 %
Office
Town Center of Virginia Beach
249 Central Park Office* (5)
Virginia Beach, Virginia100 %
4525 Main Street*Virginia Beach, Virginia100 %
4605 Columbus Office* (5)
Virginia Beach, Virginia100 %
Armada Hoffler Tower*Virginia Beach, Virginia100 %
One Columbus*Virginia Beach, Virginia100 %
Two Columbus Office*Virginia Beach, Virginia100 %
Harbor Point - Baltimore Waterfront
Constellation Office*Baltimore, Maryland90 %
Thames Street Wharf*Baltimore, Maryland100 %
Wills Wharf*Baltimore, Maryland100 %
Southeast Sunbelt
Chronicle Mill Office* (3)
Belmont, North Carolina85 %
(4)
One City Center Office*
Durham, North Carolina100 %
Providence Plaza Office* (5)
Charlotte, North Carolina100 %
The Interlock Office*Atlanta, Georgia100 %
Mid-Atlantic
8


Brooks Crossing Office* (5)
Newport News, Virginia100 %
Multifamily
Town Center of Virginia Beach
Encore Apartments*Virginia Beach, Virginia100 %
Premier Apartments*Virginia Beach, Virginia100 %
The Cosmopolitan*Virginia Beach, Virginia100 %
Harbor Point - Baltimore Waterfront
1305 Dock Street*Baltimore, Maryland90 %
1405 Point*Baltimore, Maryland100 %
Southeast Sunbelt
Chronicle Mill*Belmont, North Carolina85 %
(4)
Greenside ApartmentsCharlotte, North Carolina100 %
The Everly*Gainesville, Georgia100 %
Mid-Atlantic
The Edison*Richmond, Virginia100 %
Liberty Apartments*Newport News, Virginia100 %
Smith's LandingBlacksburg, Virginia100 %
________________________________________
*Mixed-use asset.
(1) Formerly reported in the office real estate segment. Refer to Note 3 for further information.
(2) Formerly known as Apex Entertainment.
(3) Formerly reported in the multifamily real estate segment. Refer to Note 3 for further information.
(4) We are entitled to a preferred return on our investment in this property.
(5) Formerly reported in the retail real estate segment. Refer to Note 3 for further information.

As of June 30, 2024, the following properties were under development or redevelopment: 
Development, Not Stabilized
Segment
Location
AHH Ownership
Southern Post Retail*
RetailRoswell, Georgia100%
Southern Post Office*
OfficeRoswell, Georgia100%
Chandler Residences*
MultifamilyRoswell, Georgia100%
Redevelopment
Segment
Location
AHH Ownership
Columbus Village II*RetailVirginia Beach, Virginia100 %
________________________________________
*Mixed-use asset.

2. Significant Accounting Policies
 
Basis of Presentation
 
The accompanying condensed consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles ("GAAP").
 
The condensed consolidated financial statements include the financial position and results of operations of the Company and its subsidiaries. The Company’s subsidiaries include the Operating Partnership and the subsidiaries that are wholly owned or in which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity ("VIE") in accordance with the consolidation guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). All significant intercompany transactions and balances have been eliminated in consolidation.
9



In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition, and results of operations for the interim periods presented.

The accompanying condensed consolidated financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim financial statements should be read in conjunction with the audited consolidated financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
 
Use of Estimates
 
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current, and expected events and economic conditions. Actual results could differ significantly from management’s estimates.

Recent Accounting Pronouncements

Recently Issued Accounting Standards Not Yet Adopted:

Segment Reporting

In November 2023, the FASB issued ASU 2023-07 as an update to ASC Topic 280, which will be effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. ASU 2023-07 requires an entity to disclose significant segment expenses regularly provided to the chief operating decision maker, a description of "other segment items," and the title and position of the chief operating decision maker, and allows for more than one measure of a segment's profit or loss if used by the chief operating decision maker. The update also enhances interim disclosure requirements and requirements for entities with a single reportable segment. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statements.

Income Taxes

In December 2023, the FASB issued ASU 2023-09 as an update to ASC Topic 740, which will become effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-09 enhances the disclosures surrounding income taxes, specifically in relation to the rate reconciliation table and income taxes paid. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements.

Other Accounting Policies

See the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for a description of other accounting principles upon which basis the accompanying consolidated financial statements were prepared.

3. Segments
 
The Company operates its business in five reportable segments: (i) retail real estate, (ii) office real estate, (iii) multifamily real estate, (iv) general contracting and real estate services, and (v) real estate financing. Refer to Note 1 for the composition of properties within each property segment.

Net operating income ("NOI") is the primary measure used by the Company’s chief operating decision-maker to assess segment performance. NOI is calculated as segment revenues less segment expenses. Segment revenues include rental revenues for the property segments, general contracting and real estate services revenues for the general contracting and real estate services segment, and interest income for the real estate financing segment. Segment expenses include rental expenses and real estate taxes for the property segments, general contracting and real estate services expenses for the general contracting and real estate services segment, and interest expense for the real estate financing segment. Segment NOI for the general contracting and real estate services and real estate financing segments is also referred to as segment gross profit as illustrated in the table below. NOI is not a measure of operating income or cash flows from operating
10


activities as measured by GAAP and is not indicative of cash available to fund cash needs. As a result, NOI should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s real estate, construction, and real estate financing businesses.

Since the Company's Annual Report on Form 10-K for the year ended December 31, 2023, the Company retrospectively reclassified certain components of mixed-use properties between the retail, office, and multifamily real estate segments in order to align the components of those properties with their tenant composition. As a result, NOI for the three months ended June 30, 2023 increased $0.5 million and less than $0.1 million for the retail and office real estate segments, respectively, and decreased $0.5 million for the multifamily real estate segment. NOI for the six months ended June 30, 2023 increased $0.8 million and less than $0.1 million for the retail and office real estate segments, respectively, and decreased $0.9 million for the multifamily real estate segment. These reclassifications had no effect on total property NOI as previously reported. These reclassifications also had no impact on our general contracting and real estate services or real estate financing segments.

The following table presents NOI for the Company's five reportable segments for the three and six months ended June 30, 2024 and 2023 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Retail real estate
Rental revenues$26,094 $25,288 $51,745 $48,247 
Rental expenses4,394 4,073 8,605 7,717 
Real estate taxes2,420 2,340 4,835 4,608 
Segment net operating income19,280 18,875 38,305 35,922 
Office real estate
Rental revenues22,870 20,629 44,748 40,286 
Rental expenses5,956 5,332 12,079 10,491 
Real estate taxes2,135 2,157 4,350 4,242 
Segment net operating income14,779 13,140 28,319 25,553 
Multifamily real estate
Rental revenues14,301 14,034 28,653 27,636 
Rental expenses4,737 4,271 9,008 8,428 
Real estate taxes