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Condensed Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Rental revenues $ 68,598 $ 62,913 $ 193,744 $ 179,082
Revenue, Product and Service [Extensible List] Real Estate [Member] Real Estate [Member]    
General contracting and real estate services revenues $ 114,353 $ 99,408 358,167 286,220
Interest income 4,701 3,690 13,959 10,823
Total revenues 187,652 166,011 565,870 476,125
Expenses        
Rental expenses 16,652 14,756 46,344 41,392
Real estate taxes 6,184 5,867 17,995 16,910
General contracting and real estate services expenses 110,987 96,095 346,385 276,336
Depreciation and amortization 23,289 22,462 64,513 60,808
Amortization of right-of-use assets - finance leases 395 425 1,184 1,049
General and administrative expenses 5,187 4,286 15,564 13,786
Acquisition, development, and other pursuit costs 2 0 5,530 18
Impairment charges 0 5 1,494 107
Total expenses 162,696 143,896 499,009 410,406
Gain on real estate dispositions, net 0 227 0 738
Operating Income 24,956 22,342 66,861 66,457
Interest expense (21,387) (15,444) (60,589) (41,375)
Loss on extinguishment of debt (113) 0 (113) 0
Change in fair value of derivatives and other (10,308) 2,466 6,978 5,024
Unrealized credit loss provision (198) (694) (53) (871)
Other income (expense), net 96 63 254 324
(Loss) income before taxes (6,954) 8,733 13,338 29,559
Income tax (provision) benefit (592) (310) 120 (834)
Net (loss) income (7,546) 8,423 13,458 28,725
Net loss (income) attributable to noncontrolling interests:        
Investment entities 17 (193) (34) (616)
Operating Partnership 2,491 (1,290) (1,217) (4,597)
Net (loss) income attributable to Armada Hoffler Properties, Inc. (5,038) 6,940 12,207 23,512
Preferred stock dividends (2,887) (2,887) (8,661) (8,661)
Net (loss) income attributable to common stockholders $ (7,925) $ 4,053 $ 3,546 $ 14,851
Net (loss) income attributable to common stockholders per share (basic) (in dollars per share) $ (0.11) $ 0.06 $ 0.05 $ 0.22
Net (loss) income attributable to common stockholders per share (diluted) (in dollars per share) $ (0.11) $ 0.06 $ 0.05 $ 0.22
Weighted-average common shares outstanding (basic) (in shares) 68,931 67,945 67,630 67,878
Weighted-average common shares outstanding (diluted) (in shares) 68,931 67,945 67,630 67,878
Comprehensive income:        
Net (loss) income $ (7,546) $ 8,423 $ 13,458 $ 28,725
Unrealized cash flow hedge (losses) gains (3,350) 3,488 1,188 9,868
Realized cash flow hedge gains reclassified to net income (1,325) (6,315) (6,365) (14,292)
Comprehensive (loss) income (12,221) 5,596 8,281 24,301
Comprehensive (loss) income attributable to Armada Hoffler Properties, Inc. (8,595) 4,874 8,300 20,265
Investment entities        
Expenses        
Net (loss) income (17) 193    
Comprehensive income:        
Net (loss) income (17) 193    
Unrealized cash flow hedge (losses) gains   86    
Realized cash flow hedge gains reclassified to net income   (191)    
Comprehensive loss (income) attributable to noncontrolling interests: 17 (89) 5 (452)
Operating Partnership        
Expenses        
Net (loss) income (2,491) 1,290    
Comprehensive income:        
Net (loss) income (2,491) 1,290    
Unrealized cash flow hedge (losses) gains (801) 822    
Realized cash flow hedge gains reclassified to net income (317) (1,479)    
Comprehensive loss (income) attributable to noncontrolling interests: $ 3,609 $ (633) $ 14 $ (3,584)