Armada Hoffler Properties, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a total revenue increase to $187.7 million, up from $166.0 million in the same quarter of 2023, driven by a 9.0% rise in rental revenues, which reached $68.6 million compared to $62.9 million a year earlier. General contracting and real estate services revenues also saw a notable increase, rising to $114.4 million from $99.4 million.

Despite the revenue growth, the company reported a net loss of $7.5 million for the quarter, a decline from a net income of $8.4 million in Q3 2023. This loss was attributed to increased expenses, which totaled $162.7 million, up from $143.9 million in the prior year. The increase in expenses was primarily due to higher general contracting costs and interest expenses, which surged by 38.5% year-over-year.

For the nine months ended September 30, 2024, total revenues increased to $565.9 million from $476.1 million in the same period of 2023. However, net income for this period decreased to $13.5 million from $28.7 million in the previous year. The company’s net cash provided by operating activities improved to $91.2 million, up from $78.3 million in 2023, reflecting stronger operational performance.

Armada Hoffler's total real estate investments rose to $2.2 billion as of September 30, 2024, compared to $2.1 billion at the end of 2023. The company also reported an increase in cash and cash equivalents to $43.9 million, up from $27.9 million at the end of 2023. Notably, the company recognized an impairment of real estate totaling $1.5 million and wrote off $5.5 million in development costs during the nine-month period.

Strategically, Armada Hoffler has been active in its financing activities, raising $103.5 million from a public offering of 9 million shares at $10.50 per share in September 2024. The company also reduced its outstanding borrowings on its revolving credit facility by $23 million during the quarter, funded through this offering. As of September 30, 2024, the company had a total outstanding loan amount of $1.3 billion, with a significant portion being unsecured debt.

The company continues to focus on its core segments, which include retail, office, multifamily real estate, general contracting, and real estate financing, while maintaining a strong occupancy rate of 95.4% across its portfolio.