$AHH
Armada Hoffler Properties, Inc.

2014 Q2 Form 10-Q Financial Statement

#000119312514295788 Filed on August 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $35.81M $37.52M
YoY Change -4.55% 44.36%
Cost Of Revenue $24.60M $27.15M
YoY Change -9.39% 73.48%
Gross Profit $11.21M $10.37M
YoY Change 8.1% 0.33%
Gross Profit Margin 31.31% 27.64%
Selling, General & Admin $1.980M $2.860M
YoY Change -30.77% 201.05%
% of Gross Profit 17.66% 27.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.060M $4.020M
YoY Change 1.0% 24.46%
% of Gross Profit 36.21% 38.76%
Operating Expenses $30.64M $34.56M
YoY Change -11.34% 74.19%
Operating Profit $5.174M $10.37M
YoY Change -50.12% 0.33%
Interest Expense $2.678M $3.289M
YoY Change -18.58% -22.01%
% of Operating Profit 51.76% 31.71%
Other Income/Expense, Net -$194.0K $185.0K
YoY Change -204.86% 15.63%
Pretax Income $2.302M $8.193M
YoY Change -71.9% 290.33%
Income Tax $29.00K -$211.0K
% Of Pretax Income 1.26% -2.58%
Net Earnings $1.325M $8.404M
YoY Change -84.23% 298.29%
Net Earnings / Revenue 3.7% 22.4%
Basic Earnings Per Share
Diluted Earnings Per Share $69.09K $267.6K
COMMON SHARES
Basic Shares Outstanding 19.25M shares 18.61M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.30M $14.70M
YoY Change 10.88%
Cash & Equivalents $16.27M $14.74M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $19.50M $17.50M
Other Receivables $12.70M $17.50M
Total Short-Term Assets $48.50M $49.70M
YoY Change -2.41%
LONG-TERM ASSETS
Property, Plant & Equipment $438.3M $321.7M
YoY Change 36.24%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.200M $3.100M
YoY Change 3.23%
Total Long-Term Assets $467.6M $349.6M
YoY Change 33.75%
TOTAL ASSETS
Total Short-Term Assets $48.50M $49.70M
Total Long-Term Assets $467.6M $349.6M
Total Assets $516.1M $399.3M
YoY Change 29.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.700M $1.600M
YoY Change 318.75%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $41.30M $25.60M
YoY Change 61.33%
LONG-TERM LIABILITIES
Long-Term Debt $349.8M $244.3M
YoY Change 43.18%
Other Long-Term Liabilities $17.70M $16.20M
YoY Change 9.26%
Total Long-Term Liabilities $367.5M $260.5M
YoY Change 41.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.30M $25.60M
Total Long-Term Liabilities $367.5M $260.5M
Total Liabilities $408.9M $287.8M
YoY Change 42.1%
SHAREHOLDERS EQUITY
Retained Earnings -$43.93M
YoY Change
Common Stock $193.0K $192.0K
YoY Change 0.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$49.46M -$42.98M
YoY Change
Total Liabilities & Shareholders Equity $516.1M $399.3M
YoY Change 29.25%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $1.325M $8.404M
YoY Change -84.23% 298.29%
Depreciation, Depletion And Amortization $4.060M $4.020M
YoY Change 1.0% 24.46%
Cash From Operating Activities $5.790M $2.560M
YoY Change 126.17% -71.65%
INVESTING ACTIVITIES
Capital Expenditures -$28.57M -$11.60M
YoY Change 146.29% 935.71%
Acquisitions
YoY Change
Other Investing Activities -$1.520M $460.0K
YoY Change -430.43% 9.52%
Cash From Investing Activities -$30.10M -$11.15M
YoY Change 169.96% 1492.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $150.0M
YoY Change
Cash From Financing Activities 27.14M 19.22M
YoY Change 41.21% -517.83%
NET CHANGE
Cash From Operating Activities 5.790M 2.560M
Cash From Investing Activities -30.10M -11.15M
Cash From Financing Activities 27.14M 19.22M
Net Change In Cash 2.830M 10.63M
YoY Change -73.38% 184.99%
FREE CASH FLOW
Cash From Operating Activities $5.790M $2.560M
Capital Expenditures -$28.57M -$11.60M
Free Cash Flow $34.36M $14.16M
YoY Change 142.66% 39.51%

Facts In Submission

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dei Trading Symbol
TradingSymbol
AHH
dei Entity Registrant Name
EntityRegistrantName
ARMADA HOFFLER PROPERTIES, INC.
dei Amendment Flag
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dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Entity Central Index Key
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0001569187
dei Current Fiscal Year End Date
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--12-31
dei Document Fiscal Period Focus
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Q2
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> 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&#x2019;s historical experience and best judgment after considering past, current and expected events and economic conditions. Actual results could differ from management&#x2019;s estimates.</p> </div>
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us-gaap Cost Of Real Estate Revenue
CostOfRealEstateRevenue
37339000
us-gaap Amortization Of Leased Asset
AmortizationOfLeasedAsset
159000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4027000
us-gaap Paid In Kind Interest
PaidInKindInterest
293000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
44390000
us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
us-gaap Share Based Compensation
ShareBasedCompensation
522000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
11000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
8026000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-2611000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
212000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-55998000
us-gaap Interest Expense
InterestExpense
5243000
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
56687000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-1056000
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
2751000
us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
10567000
us-gaap Depreciation
Depreciation
6796000
us-gaap Dividends
Dividends
10574000
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
7816000
us-gaap Operating Expenses
OperatingExpenses
59959000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
178000
ahh Increase Decrease In Deferred Lease Incentives
IncreaseDecreaseInDeferredLeaseIncentives
-63000
ahh Number Of Parcels Of Land To Be Developed
NumberOfParcelsOfLandToBeDeveloped
9 Parcels
ahh Real Estate Property Description
RealEstatePropertyDescription
The Company generally considers a property to be stabilized when it reaches 80% occupancy or three years after acquisition or completion.
ahh Amortization Of Lease Incentives And Above And Below Market Rents
AmortizationOfLeaseIncentivesAndAboveAndBelowMarketRents
317000
ahh Exchange Of Owners Equity For Common Units
ExchangeOfOwnersEquityForCommonUnits
shares
CY2013Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.08
CY2013Q2 us-gaap Weighted Average General Partnership Units Outstanding
WeightedAverageGeneralPartnershipUnitsOutstanding
13059000 shares
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31664000 shares
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.26
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18605000 shares
CY2013Q2 us-gaap Revenues
Revenues
37522000
CY2013Q2 us-gaap Gross Profit
GrossProfit
10372000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
8193000
CY2013Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
14200000
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
185000
CY2013Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
150000000
CY2013Q2 us-gaap Profit Loss
ProfitLoss
8404000
CY2013Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-1125000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
2962000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
4886000
CY2013Q2 us-gaap Business Combination Bargain Purchase Gain Recognized Amount
BusinessCombinationBargainPurchaseGainRecognizedAmount
9460000
CY2013Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
14231000
CY2013Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
46000
CY2013Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
23291000
CY2013Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
3429000
CY2013Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
500000
CY2013Q2 us-gaap Cost Of Real Estate Revenue
CostOfRealEstateRevenue
22503000
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2857000
CY2013Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4020000
CY2013Q2 us-gaap Interest Expense
InterestExpense
3289000
CY2013Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
533000
CY2013Q2 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
1248000
CY2013Q2 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
4647000
CY2013Q2 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
3399000
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
34560000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-211000
CY2013Q2 ahh Number Of Tenants
NumberOfTenants
2 Tenants
CY2014Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.16
CY2014Q2 us-gaap Weighted Average General Partnership Units Outstanding
WeightedAverageGeneralPartnershipUnitsOutstanding
13785000 shares
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33035000 shares
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.07
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19250000 shares
CY2014Q2 us-gaap Revenues
Revenues
35814000
CY2014Q2 us-gaap Gross Profit
GrossProfit
11212000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2302000
CY2014Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
1600000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-194000
CY2014Q2 us-gaap Profit Loss
ProfitLoss
2273000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
5174000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
1325000
CY2014Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
15319000
CY2014Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-262000
CY2014Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
20495000
CY2014Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
948000
CY2014Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
100000
CY2014Q2 us-gaap Cost Of Real Estate Revenue
CostOfRealEstateRevenue
19354000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1981000
CY2014Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4057000
CY2014Q2 us-gaap Interest Expense
InterestExpense
2678000
CY2014Q2 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
1408000
CY2014Q2 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
5248000
CY2014Q2 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
3840000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
30640000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
29000

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