$AHH
Armada Hoffler Properties, Inc.

2014 Q4 Form 10-Q Financial Statement

#000119312514407651 Filed on November 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $32.06M $48.25M $36.80M
YoY Change 65.49% 31.12% 36.54%
Cost Of Revenue $36.90M $36.36M $26.06M
YoY Change 61.49% 39.52% 48.57%
Gross Profit $12.69M $11.88M $10.73M
YoY Change 10.16% 10.74% 14.1%
Gross Profit Margin 39.58% 24.63% 29.16%
Selling, General & Admin $1.940M $1.740M $1.640M
YoY Change 12.14% 6.1% 82.22%
% of Gross Profit 15.29% 14.64% 15.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.980M $4.560M $3.930M
YoY Change 31.4% 16.03% 44.49%
% of Gross Profit 39.24% 38.37% 36.62%
Operating Expenses $6.910M $42.86M $31.64M
YoY Change 25.41% 35.48% 49.46%
Operating Profit $12.69M $5.386M $10.73M
YoY Change 10.15% -49.81% 14.1%
Interest Expense -$2.780M $2.734M $2.598M
YoY Change 9.02% 5.23% -37.76%
% of Operating Profit -21.92% 50.76% 24.21%
Other Income/Expense, Net $20.00K $59.00K -$109.0K
YoY Change 100.0% -154.13% -174.66%
Pretax Income $5.160M $2.711M $1.326M
YoY Change 57.32% 104.45% -24.44%
Income Tax -$70.00K -$43.00K $74.00K
% Of Pretax Income -1.36% -1.59% 5.58%
Net Earnings $5.226M $1.615M $1.252M
YoY Change 82.34% 28.99% -28.66%
Net Earnings / Revenue 16.3% 3.35% 3.4%
Basic Earnings Per Share
Diluted Earnings Per Share $131.3K $79.92K $39.14K
COMMON SHARES
Basic Shares Outstanding 25.02M shares 20.27M shares 19.16M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.90M $17.10M $9.800M
YoY Change 37.04% 74.49% 16.67%
Cash & Equivalents $25.88M $17.10M $9.775M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $8.500M
Prepaid Expenses
Receivables $20.50M $20.30M $17.80M
Other Receivables $19.50M $15.30M $12.70M
Total Short-Term Assets $74.40M $52.70M $40.30M
YoY Change 49.4% 30.77% -2.89%
LONG-TERM ASSETS
Property, Plant & Equipment $478.9M $477.8M $339.0M
YoY Change 33.88% 40.94% 28.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.700M $4.400M $3.000M
YoY Change -10.67% 46.67% -31.82%
Total Long-Term Assets $516.5M $514.6M $366.6M
YoY Change 33.99% 40.4% 28.7%
TOTAL ASSETS
Total Short-Term Assets $74.40M $52.70M $40.30M
Total Long-Term Assets $516.5M $514.6M $366.6M
Total Assets $590.9M $567.3M $406.9M
YoY Change 35.75% 39.45% 24.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.400M $7.600M $400.0K
YoY Change 1800.0% 33.33%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $60.10M $47.40M $26.60M
YoY Change 68.82% 78.2% 52.0%
LONG-TERM LIABILITIES
Long-Term Debt $356.3M $335.8M $247.4M
YoY Change 28.3% 35.73% -26.19%
Other Long-Term Liabilities $9.700M $21.40M $18.00M
YoY Change -2.02% 18.89% 53.85%
Total Long-Term Liabilities $366.0M $357.2M $265.4M
YoY Change 27.26% 34.59% -23.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.10M $47.40M $26.60M
Total Long-Term Liabilities $366.0M $357.2M $265.4M
Total Liabilities $429.0M $404.6M $298.9M
YoY Change 30.09% 35.36% -18.02%
SHAREHOLDERS EQUITY
Retained Earnings -$46.20M
YoY Change
Common Stock $51.72M $250.0K $192.0K
YoY Change 3494.3% 30.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.691M -$2.266M -$44.99M
YoY Change
Total Liabilities & Shareholders Equity $590.9M $567.3M $406.9M
YoY Change 35.75% 39.45% 24.69%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $5.226M $1.615M $1.252M
YoY Change 82.34% 28.99% -28.66%
Depreciation, Depletion And Amortization $4.980M $4.560M $3.930M
YoY Change 31.4% 16.03% 44.49%
Cash From Operating Activities $10.07M $12.29M $11.34M
YoY Change 152.38% 8.38% 512.97%
INVESTING ACTIVITIES
Capital Expenditures -$23.11M -$30.19M -$14.94M
YoY Change 29.61% 102.07% 1283.33%
Acquisitions
YoY Change
Other Investing Activities $5.280M -$1.290M $50.00K
YoY Change -693.26% -2680.0% -88.37%
Cash From Investing Activities -$17.84M -$31.47M -$14.89M
YoY Change -4.75% 111.35% 2226.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $49.30M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.55M 20.01M -1.420M
YoY Change -30.61% -1509.15% 358.06%
NET CHANGE
Cash From Operating Activities 10.07M 12.29M 11.34M
Cash From Investing Activities -17.84M -31.47M -14.89M
Cash From Financing Activities 16.55M 20.01M -1.420M
Net Change In Cash 8.780M 830.0K -4.970M
YoY Change -3.62% -116.7% -652.22%
FREE CASH FLOW
Cash From Operating Activities $10.07M $12.29M $11.34M
Capital Expenditures -$23.11M -$30.19M -$14.94M
Free Cash Flow $33.18M $42.48M $26.28M
YoY Change 52.06% 61.64% 796.93%

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ARMADA HOFFLER PROPERTIES, INC.
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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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IncreaseDecreaseInRestrictedCash
1713000
us-gaap Gross Profit
GrossProfit
34218000
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
1204000
us-gaap Payments Of Dividends
PaymentsOfDividends
15729000
us-gaap Increase Decrease In Contract Receivables Net
IncreaseDecreaseInContractReceivablesNet
4298000
us-gaap Repayments Of Debt
RepaymentsOfDebt
61494000
us-gaap Profit Loss
ProfitLoss
7533000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1932000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
7668000
us-gaap Straight Line Rent
StraightLineRent
1730000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
2754000
us-gaap Operating Income Loss
OperatingIncomeLoss
15668000
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
27100000
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
47225000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-300000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
35000
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
1524000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-23000
us-gaap Interest Paid Net
InterestPaidNet
8967000
us-gaap Revenues
Revenues
118486000
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
5000000
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
77094000
us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
4622000
us-gaap Noncontrolling Interest Increase From Business Combination
NoncontrollingInterestIncreaseFromBusinessCombination
16351000
us-gaap Net Income Loss
NetIncomeLoss
4405000
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
71261000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
15000
us-gaap Cost Of Real Estate Revenue
CostOfRealEstateRevenue
67807000
us-gaap Dividends
Dividends
16941000
us-gaap Interest Expense
InterestExpense
7977000
us-gaap Operating Expenses
OperatingExpenses
102818000
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
92409000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
300000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
48000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1781000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
135000
us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
us-gaap Depreciation
Depreciation
10611000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
12593000
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
12230000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
64397000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
49566000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
212000
us-gaap Amortization Of Deferred Leasing Fees
AmortizationOfDeferredLeasingFees
1982000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-87470000
us-gaap Amortization Of Leased Asset
AmortizationOfLeasedAsset
236000
us-gaap Paid In Kind Interest
PaidInKindInterest
410000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5768000
us-gaap Increase Decrease In Construction Payables
IncreaseDecreaseInConstructionPayables
6879000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
3128000
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
4231000
us-gaap Share Based Compensation
ShareBasedCompensation
720000
us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
16461000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
234000
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 Number Of Parcels Of Land To Be Developed
NumberOfParcelsOfLandToBeDeveloped
9 Parcels
ahh Exchange Of Owners Equity For Common Units
ExchangeOfOwnersEquityForCommonUnits
shares
ahh Amortization Of Lease Incentives And Above And Below Market Rents
AmortizationOfLeaseIncentivesAndAboveAndBelowMarketRents
461000
ahh Increase Decrease In Deferred Lease Incentives
IncreaseDecreaseInDeferredLeaseIncentives
-63000
ahh Acquisition Development And Other Pursuit Costs
AcquisitionDevelopmentAndOtherPursuitCosts
174000
CY2013Q3 us-gaap Weighted Average General Partnership Units Outstanding
WeightedAverageGeneralPartnershipUnitsOutstanding
13059000 shares
CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32223000 shares
CY2013Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.16
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.04
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19164000 shares
CY2013Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-115000
CY2013Q3 us-gaap Gross Profit
GrossProfit
10731000
CY2013Q3 us-gaap Profit Loss
ProfitLoss
1252000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1326000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
5160000
CY2013Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
14899000
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-109000
CY2013Q3 us-gaap Revenues
Revenues
36795000
CY2013Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
10600000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
745000
CY2013Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
21896000
CY2013Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-1127000
CY2013Q3 us-gaap Cost Of Real Estate Revenue
CostOfRealEstateRevenue
20907000
CY2013Q3 us-gaap Interest Expense
InterestExpense
2598000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
31635000
CY2013Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
300000
CY2013Q3 us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
13900000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
74000
CY2013Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3933000
CY2013Q3 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
3840000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1638000
CY2013Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
507000
CY2013Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
1317000
CY2013Q3 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
5157000
CY2014Q3 us-gaap Weighted Average General Partnership Units Outstanding
WeightedAverageGeneralPartnershipUnitsOutstanding
14291000 shares
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34557000 shares
CY2014Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.16
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.08
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20266000 shares
CY2014Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
46000
CY2014Q3 us-gaap Gross Profit
GrossProfit
11883000
CY2014Q3 us-gaap Profit Loss
ProfitLoss
2754000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2711000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
5386000
CY2014Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
16713000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
59000
CY2014Q3 us-gaap Revenues
Revenues
48245000
CY2014Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
1100000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
1615000
CY2014Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
31532000
CY2014Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
15000
CY2014Q3 us-gaap Cost Of Real Estate Revenue
CostOfRealEstateRevenue
30468000
CY2014Q3 us-gaap Interest Expense
InterestExpense
2734000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
42859000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-43000
CY2014Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4567000
CY2014Q3 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
4414000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1741000
CY2014Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1139000
CY2014Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
1480000
CY2014Q3 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
5894000
CY2014Q3 ahh Acquisition Development And Other Pursuit Costs
AcquisitionDevelopmentAndOtherPursuitCosts
174000

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