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Condensed Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Rental revenues $ 63,265 $ 59,951 $ 125,146 $ 116,169
Revenue, Product and Service [Extensible List] Real Estate [Member] Real Estate [Member]    
General contracting and real estate services revenues $ 116,839 $ 102,574 243,814 186,812
Interest income 4,632 3,414 9,258 7,133
Total revenues 184,736 165,939 378,218 310,114
Expenses        
Rental expenses 15,087 13,676 29,692 26,636
Real estate taxes 5,886 5,631 11,811 11,043
General contracting and real estate services expenses 112,500 99,071 235,398 180,241
Depreciation and amortization 20,789 19,878 41,224 38,346
Amortization of right-of-use assets - finance leases 394 347 789 624
General and administrative expenses 4,503 4,052 10,377 9,500
Acquisition, development, and other pursuit costs 5,528 18 5,528 18
Impairment charges 1,494 0 1,494 102
Total expenses 166,181 142,673 336,313 266,510
Gain on real estate dispositions, net 0 511 0 511
Operating income 18,555 23,777 41,905 44,115
Interest expense (21,227) (13,629) (39,202) (25,931)
Change in fair value of derivatives and other 4,398 5,005 17,286 2,558
Unrealized credit loss release (provision) 228 (100) 145 (177)
Other income, net 79 168 158 261
Income before taxes 2,033 15,221 20,292 20,826
Income tax benefit (provision) 1,246 (336) 712 (524)
Net income 3,279 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) (in dollars per share) $ 0.00 $ 0.13 $ 0.17 $ 0.16
Net income attributable to common stockholders per share (diluted) (in dollars per share) $ 0.00 $ 0.13 $ 0.17 $ 0.16
Weighted-average common shares outstanding (basic) (in shares) 67,106 67,901 66,972 67,844
Weighted-average common shares outstanding (diluted) (in shares) 67,106 67,901 66,972 67,844
Comprehensive income:        
Net income $ 3,279 $ 14,885 $ 21,004 $ 20,302
Unrealized cash flow hedge gains 984 6,806 4,538 6,380
Realized cash flow hedge gains reclassified to net income (1,398) (5,055) (5,040) (7,977)
Comprehensive income 2,865 16,636 20,502 18,705
Comprehensive income attributable to Armada Hoffler Properties, Inc. 2,859 13,222 16,895 15,391
Investment entities        
Expenses        
Net income 17 269    
Comprehensive income:        
Net income 17 269    
Unrealized cash flow hedge gains   151    
Realized cash flow hedge gains reclassified to net income   (174)    
Comprehensive (income) loss attributable to noncontrolling interests: (17) (245) (12) (363)
Operating Partnership        
Expenses        
Net income 90 2,753    
Comprehensive income:        
Net income 90 2,753    
Unrealized cash flow hedge gains 241 1,562    
Realized cash flow hedge gains reclassified to net income (342) (1,146)    
Comprehensive (income) loss attributable to noncontrolling interests: $ 11 $ (3,169) $ (3,595) $ (2,951)