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Armada Hoffler Properties, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing rental revenues of $68,598,000, an increase from $62,913,000 in the same quarter the previous year. This increase is attributed to higher occupancy rates and new tenant leases.
General contracting and real estate services revenues rose to $114,353,000 from $99,408,000, reflecting increased construction activity and project completions.
Interest income for the quarter was $4,701,000, up from $3,690,000, due to higher outstanding principal balances on real estate financing investments.
Rental expenses increased to $16,652,000 from $14,756,000, primarily due to higher property management and maintenance costs.
Real estate taxes for the quarter were $6,184,000, compared to $5,867,000 in the previous year, reflecting increased property assessments.
Depreciation and amortization expenses rose slightly to $23,289,000 from $22,462,000, due to the acquisition of new properties and the completion of development projects.
The company reported a net loss of $7,546,000 for the quarter, compared to a net income of $8,423,000 in the previous year. This was primarily due to increased interest expenses and a decrease in the fair value of derivatives.
Armada Hoffler's total assets as of September 30, 2024, were $2,561,139,000, with total liabilities of $1,679,647,000 and total equity of $881,492,000.
The filing details various financial agreements, including an amended credit facility and term loan agreements, which provide flexibility for future financing needs.
Armada Hoffler continues to focus on its core operations in retail, office, and multifamily real estate segments, with a stabilized operating portfolio and ongoing development projects.
The company acknowledges the impact of economic conditions on its operations and remains committed to maintaining its REIT status and managing its financial obligations effectively.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Armada Hoffler Properties Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.