Armada Hoffler Properties Inc

NYSE:AHHUnited States

Nov 4, 2024

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• -- Earnings Flash (AHH) ARMADA HOFFLER PROPERTIES Posts Q3 Revenue $187.7M, from 4:22PM ET on Monday Nov 04, 2024 by MT Newswires

  4:22PM ET on Monday Nov 04, 2024 by MT Newswires
  Companies Mentioned: AHH
  04:22 PM EST, 11/04/2024 (MT Newswires) -- ...

• -- Earnings Flash (AHH) ARMADA HOFFLER PROPERTIES Reports Q3 FFO $0.35, from 4:22PM ET on Monday Nov 04, 2024 by MT Newswires

  4:22PM ET on Monday Nov 04, 2024 by MT Newswires
  Companies Mentioned: AHH
  04:22 PM EST, 11/04/2024 (MT Newswires) -- ...

• *DJ Armada Hoffler Properties 3Q Rev $187.7M >AHH, from 4:05PM ET on Monday Nov 04, 2024 by Dow Jones

  4:05PM ET on Monday Nov 04, 2024 by Dow Jones
  Companies Mentioned: AHH

• Armada Hoffler Reports Third Quarter 2024 Results, from 4:05PM ET on Monday Nov 04, 2024 by Dow Jones

  4:05PM ET on Monday Nov 04, 2024 by Dow Jones
  Companies Mentioned: AHH
  
  (in thousands) (unaudited)
  Three Months Ended Nine Months Ended September 30, September 30, -------------------- ---------------------- 2024 2023 2024 2023 Retail Same Store (1) --------------- Same Store NOI, Cash Basis $ 17,960 $ 18,771 $ 49,002 $ 49,272 GAAP Adjustments (2) 1,128 1,305 2,750 3,408 -------- -------- -------- -------- Same Store NOI 19,088 20,076 51,752 52,680 Non-Same Store NOI (3) (497) (185) 5,144 3,133 -------- -------- -------- -------- Segment NOI 18,591 19,891 56,896 55,813 Office Same Store (4) --------------- Same Store NOI, Cash Basis 12,744 12,805 35,294 34,253 GAAP Adjustments (2) 2,296 1,364 4,322 3,279 -------- -------- -------- -------- Same Store NOI 15,040 14,169 39,616 37,532 Non-Same Store NOI (3) 4,077 (319) 7,820 1,871 -------- -------- -------- -------- Segment NOI 19,117 13,850 47,436 39,403 Multifamily Same Store (5) --------------- Same Store NOI, Cash Basis 8,213 8,540 22,954 23,226 GAAP Adjustments (2) 209 202 625 605 -------- -------- -------- -------- Same Store NOI 8,422 8,742 23,579 23,831 Non-Same Store NOI (3) (368) (193) 1,494 1,733 -------- -------- -------- -------- Segment NOI 8,054 8,549 25,073 25,564 Total Property NOI 45,762 42,290 129,405 120,780 ======== ======== ======== ======== General contracting & real estate services gross profit 3,366 3,313 11,782 9,884 Real estate financing gross profit 2,348 2,768 7,215 7,623 Interest income (6) 629 194 1,921 566 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) -- (5,530) (18) Impairment charges -- (5) (1,494) (107) Gain on real estate dispositions, net -- 227 -- 738 Interest expense (7) (19,663) (14,716) (55,766) (38,741) Loss on extinguishment of debt (113) -- (113) -- 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 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 in investment entities 17 (193) (34) (616) Preferred stock dividends (2,887) (2,887) (8,661) (8,661) -------- -------- -------- -------- Net (loss) income attributable to AHH and OP unitholders $(10,416) $ 5,343 $ 4,763 $ 19,448 ======== ======== ======== ======== (1) Retail same-store portfolio for the three and nine months ended September 30, 2024 and 2023 excludes Southern Post Retail and Columbus Village II due to redevelopment. Retail same-store portfolio for the nine months ended September 30, 2024 and 2023 also excludes Chronicle Mill Retail and The Interlock Retail. (2) GAAP Adjustments include adjustments for the net effects of straight-line rental revenues, the amortization of lease incentives and above/below market rents, the net effects of straight-line rental expenses, and ground rent expenses for finance leases. (3) Includes expenses associated with the Company's in-house asset management division. (4) Office same-store portfolio for the three and nine months ended September 30, 2024 and 2023 excludes Southern Post Office. Office same-store portfolio for the nine months ended September 30, 2024 and 2023 also excludes Chronicle Mill Office and The Interlock Office. (5) Multifamily same-store portfolio for the three and nine months ended September 30, 2024 and 2023 excludes Chandler Residences. Multifamily same-store portfolio for the nine months ended September 30, 2024 and 2023 also excludes Chronicle Mill Apartments. (6) Excludes real estate financing segment interest income. (7) Excludes real estate financing segment interest expense.