Armada Hoffler Properties, Inc
(NYSE:AHH)

Armada Hoffler Properties, Inc. (NYSE: AHH) is a vertically-integrated, self-managed real estate investment trust (REIT) with four decades of experience developing, building, acquiring, and managing high-quality, institutional-grade office, retail, and multifamily properties located primarily in the...

Website: http://www.armadahoffler.com

Full Time Employees: 169

Sector: Real Estate

Industry: REIT-Diversified

Real Estate REIT

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31

revenues
rental revenues	52,317,000	71,952,000	68,724,000	65,147,000	63,801,000	62,953,000	68,598,000	63,265,000	61,881,000	59,842,000	62,913,000	59,951,000	56,218,000	55,692,000	53,743,000	55,224,000	54,635,000	49,461,000	49,560,000	47,378,000	45,741,000	44,648,000	39,636,000	39,915,000	42,289,000	41,832,000	42,220,000	36,378,000	30,909,000	30,731,000	28,930,000	28,598,000	28,699,000	27,654,000	27,096,000	26,755,000	27,232,000	26,516,000	25,305,000	24,251,000	23,283,000	21,771,000	21,303,000	19,908,000	18,190,000	17,521,000	16,713,000	15,319,000	15,193,000	14,992,000	14,899,000	14,231,000	13,398,000
total revenues	52,317,000	-26,787,000	96,082,000	101,263,000	114,643,000	142,600,000	187,652,000	184,736,000	193,482,000	191,033,000	166,011,000	165,939,000	144,175,000	151,604,000	122,767,000	100,497,000	79,285,000	69,924,000	67,062,000	65,786,000	81,304,000	98,511,000	98,253,000	97,313,000	89,557,000	81,573,000	69,858,000	57,822,000	47,945,000	43,436,000	48,880,000	49,252,000	51,749,000	60,297,000	68,297,000	83,426,000	90,751,000	76,991,000	63,857,000	57,451,000	60,086,000	63,080,000	75,125,000	66,974,000	47,261,000	49,581,000	48,245,000	35,814,000	34,427,000	34,365,000	36,795,000	37,522,000	31,354,000
yoy	-54.37%	-118.78%	-48.80%	-45.19%	-40.75%	-25.35%	13.04%	11.33%	34.20%	26.01%	35.22%	65.12%	81.84%	116.81%	83.06%	52.76%	-2.48%	-29.02%	-31.75%	-32.40%	-9.22%	20.76%	40.65%	68.30%	86.79%	87.80%	42.92%	17.40%	-7.35%	-27.96%	-28.43%	-40.96%	-42.98%	-21.68%	6.95%	45.21%	51.04%	22.05%	-15.00%	-14.22%	27.14%	27.23%	55.72%	87.01%	37.28%	44.28%	31.12%	-4.55%	9.80%
qoq	-295.31%	-127.88%	-5.12%	-11.67%	-19.61%	-24.01%	1.58%	-4.52%	1.28%	15.07%	0.04%	15.10%	-4.90%	23.49%	22.16%	26.75%	13.39%	4.27%	1.94%	-19.09%	-17.47%	0.26%	0.97%	8.66%	9.79%	16.77%	20.82%	20.60%	10.38%	-11.14%	-0.76%	-4.83%	-14.18%	-11.71%	-18.13%	-8.07%	17.87%	20.57%	11.15%	-4.39%	-4.75%	-16.03%	12.17%	41.71%	-4.68%	2.77%	34.71%	4.03%	0.18%	-6.60%	-1.94%	19.67%
expenses
rental expenses	12,857,000	17,589,000	17,622,000	16,077,000	15,624,000	16,066,000	16,652,000	15,087,000	14,605,000	15,027,000	14,756,000	13,676,000	12,960,000	12,641,000	12,747,000	12,685,000	12,669,000	11,653,000	12,717,000	11,292,000	10,832,000	11,053,000	10,223,000	8,309,000	9,375,000	9,717,000	9,924,000	8,027,000	6,725,000	7,173,000	7,103,000	6,522,000	6,424,000	6,353,000	6,830,000	6,171,000	6,068,000	5,670,000	5,834,000	5,071,000	5,329,000	4,948,000	4,865,000	4,631,000	4,760,000	4,437,000	4,414,000	3,840,000	3,976,000	3,557,000	3,840,000	3,399,000	3,229,000
real estate taxes	4,735,000	6,425,000	6,148,000	6,590,000	5,937,000	5,313,000	6,184,000	5,886,000	5,925,000	5,532,000	5,867,000	5,631,000	5,412,000	5,362,000	5,454,000	5,837,000	5,404,000	5,538,000	5,543,000	5,465,000	5,306,000	4,810,000	4,760,000	4,233,000	4,333,000	4,202,000	4,180,000	3,451,000	3,128,000	2,995,000	2,840,000	2,735,000	2,813,000	2,731,000	2,693,000	2,595,000	2,509,000	2,542,000	2,356,000	2,382,000	2,349,000	2,110,000	2,056,000	1,959,000	1,657,000	1,512,000	1,480,000	1,408,000	1,343,000	1,347,000	1,317,000	1,248,000	1,212,000
depreciation and amortization	18,241,000	23,441,000	23,113,000	21,752,000	23,216,000	26,449,000	23,289,000	20,789,000	20,435,000	35,270,000	22,462,000	19,878,000	18,468,000	18,109,000	17,527,000	18,781,000	18,557,000	16,616,000	16,886,000	17,285,000	18,066,000	17,740,000	14,176,000	13,777,000	14,279,000	15,730,000	15,452,000	13,478,000	9,904,000	11,260,000	10,196,000	9,179,000	9,278,000	9,303,000	9,239,000	9,304,000	9,475,000	9,692,000	8,885,000	8,602,000	8,149,000	6,162,000	6,317,000	5,766,000	4,908,000	4,976,000	4,567,000	4,057,000	3,969,000	3,786,000	3,933,000	4,020,000	3,159,000
general and administrative expenses	4,716,000	2,510,000	4,447,000	5,998,000	7,386,000	4,661,000	5,187,000	4,503,000	5,874,000	4,336,000	4,286,000	4,052,000	5,448,000	3,512,000	3,854,000	3,617,000	4,708,000	3,653,000	3,449,000	3,487,000	4,021,000	3,523,000	2,601,000	2,988,000	3,793,000	3,063,000	2,977,000	2,951,000	3,401,000	3,339,000	2,367,000	2,764,000	2,961,000	2,673,000	2,098,000	2,678,000	2,986,000	2,688,000	2,156,000	2,224,000	2,484,000	2,100,000	1,873,000	2,096,000	2,328,000	1,943,000	1,741,000	1,981,000	2,046,000	1,725,000	1,638,000	2,857,000	717,000
acquisition, development, and other pursuit costs		-257,000	10,000	286,000	54,000	1,000	2,000	5,528,000		66,000
total expenses	40,549,000	-47,239,000	72,818,000	81,295,000	97,467,000	124,223,000	162,696,000	166,181,000	170,132,000	183,903,000	143,896,000	142,673,000	123,837,000	133,651,000	106,112,000	84,927,000	65,495,000	75,744,000	54,825,000	56,053,000	75,799,000	89,833,000	88,489,000	85,297,000	77,662,000	72,150,000	59,179,000	48,087,000	39,844,000	38,629,000	41,551,000	41,394,000	43,974,000	53,293,000	60,317,000	75,159,000	82,285,000	69,879,000	56,999,000	50,741,000	54,087,000	56,426,000	67,115,000	60,349,000	41,966,000	43,870,000	42,859,000	30,640,000	29,319,000	28,407,000	31,635,000	34,560,000	25,775,000
loss on real estate dispositions	-141,000
operating income	11,627,000	20,452,000	23,264,000	19,968,000	17,176,000	39,682,000	24,956,000	18,555,000	23,350,000	7,130,000	22,342,000	23,777,000	20,338,000	17,995,000	50,586,000	35,063,000	13,790,000	9,616,000	12,124,000	9,733,000	9,222,000	8,678,000	13,376,000	14,792,000	11,895,000	9,423,000	15,378,000	9,735,000	8,101,000	9,061,000	7,329,000	7,858,000	7,775,000	7,004,000	7,980,000	8,267,000	8,466,000	7,112,000	6,858,000	6,710,000	5,999,000	6,654,000	8,010,000	6,625,000	5,295,000	5,711,000	5,386,000	5,174,000	5,108,000	5,958,000	5,160,000	2,962,000	5,579,000
yoy	-32.31%	-48.46%	-6.78%	7.62%	-26.44%	456.55%	11.70%	-21.96%	14.81%	-60.38%	-55.83%	-32.19%	47.48%	87.14%	317.24%	260.25%	49.53%	10.81%	-9.36%	-34.20%	-22.47%	-7.91%	-13.02%	51.95%	46.83%	4.00%	109.82%	23.89%	4.19%	29.37%	-8.16%	-4.95%	-8.16%	-1.52%	16.36%	23.20%	41.12%	6.88%	-14.38%	1.28%	13.30%	16.51%	48.72%	28.04%	3.66%	-4.15%	4.38%	74.68%	-8.44%
qoq	-43.15%	-12.09%	16.51%	16.26%	-56.72%	59.01%	34.50%	-20.54%	227.49%	-68.09%	-6.04%	16.91%	13.02%	-64.43%	44.27%	154.26%	43.41%	-20.69%	24.57%	5.54%	6.27%	-35.12%	-9.57%	24.35%	26.23%	-38.72%	57.97%	20.17%	-10.59%	23.63%	-6.73%	1.07%	11.01%	-12.23%	-3.47%	-2.35%	19.04%	3.70%	2.21%	11.85%	-9.84%	-16.93%	20.91%	25.12%	-7.28%	6.03%	4.10%	1.29%	-14.27%	15.47%	74.21%	-46.91%
operating margin %	22.22%	-76.35%	24.21%	19.72%	14.98%	27.83%	13.30%	10.04%	12.07%	3.73%	13.46%	14.33%	14.11%	11.87%	41.20%	34.89%	17.39%	13.75%	18.08%	14.79%	11.34%	8.81%	13.61%	15.20%	13.28%	11.55%	22.01%	16.84%	16.90%	20.86%	14.99%	15.95%	15.02%	11.62%	11.68%	9.91%	9.33%	9.24%	10.74%	11.68%	9.98%	10.55%	10.66%	9.89%	11.20%	11.52%	11.16%	14.45%	14.84%	17.34%	14.02%	7.89%	17.79%
interest income	62,000	3,043,000	4,166,000	4,140,000	4,228,000	4,637,000	4,701,000	4,632,000	4,626,000	4,280,000	3,690,000	3,414,000	3,719,000	6,568,000	3,490,000	3,352,000	3,568,000	3,829,000	3,766,000	6,746,000	4,116,000	3,786,000	4,417,000	4,412,000	7,226,000	6,593,000	5,710,000	5,593,000	5,319,000	3,577,000	2,545,000	2,375,000	2,232,000	2,111,000	1,910,000	1,658,000	1,398,000	1,300,000	1,024,000	722,000	182,000
interest expense	-13,782,000	-23,211,000	-22,718,000	-21,271,000	-18,109,000	-18,376,000	-21,387,000	-21,227,000	-17,975,000	-16,435,000	-15,444,000	-13,629,000	-12,302,000	-10,933,000	-10,345,000	-9,371,000	-9,031,000	-8,685,000	-8,827,000	-8,418,000								-7,603,000	-5,886,000	-5,540,000	-4,677,000	-4,497,000	-4,373,000	-4,157,000	-4,253,000	-4,494,000	-4,535,000	-4,573,000	-4,124,000	-3,978,000	-3,791,000	-3,411,000	-3,518,000	-3,358,000	-3,046,000	-2,671,000	-2,734,000	-2,678,000	-2,565,000	-2,501,000	-2,598,000	-3,289,000	-3,915,000
equity in income of unconsolidated real estate entities	243,000	57,000	38,000																										273,000
change in fair value of derivatives and other	1,344,000	256,000	-1,216,000	648,000	-1,210,000	7,273,000	-10,308,000	4,398,000	12,888,000	-11,266,000	2,466,000	5,005,000	-2,447,000	1,186,000	782,000	2,548,000	4,182,000	1,344,000	131,000	314,000	393,000	294,000	318,000
other income	13,000	-13,000	28,000	3,000	-75,000	-45,000	96,000	79,000	79,000	-293,000	63,000	168,000	93,000	-37,000	118,000	68,000	229,000	221,000	-105,000	7,000	179,000	-6,000	177,000	286,000	58,000	159,000	362,000	4,000	60,000	155,000	65,000	54,000	114,000	-23,000	74,000	43,000	37,000	-7,000	35,000	43,000	76,000	72,000	-34,000	-16,000	-132,000	-90,000	59,000	-194,000	112,000	-46,000	-109,000	185,000	267,000
loss from continuing operations	-493,000
discontinued operations
income from discontinued operations	-29,526,000
income tax provision from discontinued operations	-363,000
income from discontinued operations, net of taxes	-29,889,000
net income	-30,382,000	2,273,000	-739,000	6,717,000	-4,343,000	29,036,000	-7,546,000	3,279,000	17,725,000	-21,062,000	8,423,000	14,885,000	5,417,000	14,541,000	42,369,000	30,767,000	12,276,000	3,243,000	7,748,000	8,455,000	6,009,000	4,689,000	10,826,000	12,309,000	9,135,000	7,855,000	12,063,000	5,826,000	6,514,000	4,895,000	5,669,000	5,945,000	6,983,000	5,768,000	10,461,000	4,943,000	8,753,000	5,145,000	7,946,000	3,131,000	26,533,000	8,443,000	4,337,000	10,285,000	8,118,000	5,226,000	2,754,000	2,273,000	2,506,000	2,866,000	1,252,000	8,404,000	1,931,000
yoy	599.56%	-92.17%	-90.21%	104.85%	-124.50%	-237.86%	-189.59%	-77.97%	227.21%	-244.85%	-80.12%	-51.62%	-55.87%	348.38%	446.84%	263.89%	104.29%	-30.84%	-28.43%	-31.31%	-34.22%	-40.31%	-10.25%	111.28%	40.24%	60.47%	112.79%	-2.00%	-6.72%	-15.14%	-45.81%	20.27%	-20.22%	12.11%	31.65%	57.87%	-67.01%	-39.06%	83.21%	-69.56%	226.84%	61.56%	57.48%	352.49%	223.94%	82.34%	119.97%	-72.95%	29.78%
qoq	-1436.65%	-407.58%	-111.00%	-254.66%	-114.96%	-484.79%	-330.13%	-81.50%	-184.16%	-350.05%	-43.41%	174.78%	-62.75%	-65.68%	37.71%	150.63%	278.54%	-58.14%	-8.36%	40.71%	28.15%	-56.69%	-12.05%	34.75%	16.30%	-34.88%	107.05%	-10.56%	33.07%	-13.65%	-4.64%	-14.86%	21.06%	-44.86%	111.63%	-43.53%	70.13%	-35.25%	153.78%	-88.20%	214.26%	94.67%	-57.83%	26.69%	55.34%	89.76%	21.16%	-9.30%	-12.56%	128.91%	-85.10%	335.21%
net income margin %	-58.07%	-8.49%	-0.77%	6.63%	-3.79%	20.36%	-4.02%	1.77%	9.16%	-11.03%	5.07%	8.97%	3.76%	9.59%	34.51%	30.61%	15.48%	4.64%	11.55%	12.85%	7.39%	4.76%	11.02%	12.65%	10.20%	9.63%	17.27%	10.08%	13.59%	11.27%	11.60%	12.07%	13.49%	9.57%	15.32%	5.93%	9.65%	6.68%	12.44%	5.45%	44.16%	13.38%	5.77%	15.36%	17.18%	10.54%	5.71%	6.35%	7.28%	8.34%	3.40%	22.40%	6.16%
net loss attributable to noncontrolling interests:
investment entities	-22,000	-32,000	51,000	77,000	3,000	-9,000	17,000	-17,000	-34,000	11,000	-193,000	-269,000	-154,000	-137,000	-5,583,000	-128,000	-100,000					49,000	45,000	44,000	92,000	427,000	-960,000	320,000
operating partnership	7,240,000	139,000	768,000	-845,000	1,535,000	-5,589,000	2,491,000	-90,000	-3,618,000	5,826,000	-1,290,000	-2,753,000	-554,000	-2,687,000	-7,909,000	-6,479,000	-2,183,000	-91,000	-1,237,000	-1,429,000	-811,000	-489,000	-2,262,000	-3,051,000	-2,235,000	-1,992,000	-2,790,000	-1,580,000
net loss attributable to ah realty trust, inc.	-23,164,000
preferred stock dividends	-2,887,000	-2,887,000	-2,887,000	-2,887,000	-2,887,000	-2,887,000	-2,887,000	-2,887,000	-2,887,000	-2,887,000	-2,887,000	-2,887,000	-2,887,000	-2,887,000	-2,887,000	-2,887,000	-2,887,000	-2,887,000	-2,887,000	-2,887,000	-2,887,000	-2,887,000	-2,220,000	-1,175,000	-1,067,000	-1,067,000	-1,234,000	-154,000
net loss attributable to common stockholders	-26,051,000
net loss attributable to common stockholders from continuing operations per share	-0.03
net income attributable to common stockholders from discontinued operations per share	-0.3
net	-0.33
weighted-average common shares outstanding	79,840	80,116	80,155	80,154	79,992	70,662	68,931	67,106	66,838	67,692	67,945	67,901	67,787	67,576	67,729	67,710	67,128	60,647	61,083	60,409	59,422	57,328	57,923	56,668	56,398	53,119	53,463	52,451	50,926		49,194	45,928	45,132		44,934	42,091	37,622
dividends and distributions declared per common share and unit	0.14																													0.15	0.2	0.2	0.2	0.143	0.19	0.19	0.19	0.135	0.18	0.18	0.18				0.17				0.16
comprehensive loss:
unrealized cash flow hedge gains	641	7	99	-366	-1,050	3,134	-3,350	984	3,554	-2,989	3,488	6,806	-426	1,385	7,108	3,950	7,722	2,331	-460	-469	2,276
realized cash flow hedge gains reclassified to net loss	-442
comprehensive loss	-30,183
comprehensive loss attributable to noncontrolling interests:
comprehensive loss attributable to ah realty trust, inc.	-23,008
general contracting and real estate services revenues		25,445,500	23,192,000	31,976,000	46,614,000	75,010,000	114,353,000	116,839,000	126,975,000	126,911,000	99,408,000	102,574,000	84,238,000	95,912,000	69,024,000	45,273,000	24,650,000	20,463,000	17,502,000	18,408,000	35,563,000	53,863,000	58,617,000	57,398,000	47,268,000	39,741,000	27,638,000	21,444,000	17,036,000	12,705,000	19,950,000	20,654,000	23,050,000	32,643,000	41,201,000	56,671,000	63,519,000	50,475,000	38,552,000	33,200,000	36,803,000	41,309,000	53,822,000	47,066,000	29,071,000	32,060,000	31,532,000	20,495,000	19,234,000	19,373,000	21,896,000	23,291,000	17,956,000
general contracting and real estate services expenses		24,242,500	21,128,000	30,592,000	45,250,000	72,917,000	110,987,000	112,500,000	122,898,000	123,377,000	96,095,000	99,071,000	81,170,000	93,667,000	66,252,000	43,418,000	23,821,000	19,750,000	15,944,000	18,131,000	34,275,000	52,071,000	56,509,000	55,342,000	45,550,000	38,683,000	26,446,000	20,123,000	16,286,000	12,154,000	18,973,000	20,087,000	22,414,000	32,002,000	39,377,000	54,015,000	61,196,000	49,039,000	37,274,000	32,025,000	35,037,000	40,203,000	51,716,000	45,283,000	28,142,000	30,947,000	30,468,000	19,354,000	17,985,000	17,945,000	20,907,000	22,503,000	17,458,000
impairment charges		23,000	350,000					1,494,000		-5,000	5,000		102,000	83,000		286,000	47,000	18,256,000		83,000	3,039,000	461,000	47,000		158,000					1,518,000	3,000	98,000		60,000	19,000	27,000	4,000	171,000	149,000		35,000	18,000		23,000			15,000			47,000		533,000
gain on consolidation of real estate entities		-269,000		6,915,000
loss on extinguishment of debt			-69,000			-134,000	-113,000							-475,000	-2,123,000	-618,000	-158,000														-11,000								-82,000			-102,000	-3,000	-180,000	-227,000					-135,000	-1,127,000	-1,125,000
unrealized credit loss release		124,000	126,000	209,000				228,000						232,000	42,000			508,000	617,000	-388,000	55,000	-56,750	33,000	117,000
income before taxes		362,500	-547,000	6,150,000	-4,153,000	28,542,000	-6,954,000	2,033,000	18,259,000	-20,567,000	8,733,000	15,221,000	5,605,000	14,536,000	42,550,000	30,747,000	11,975,000	3,023,000	7,706,000	7,994,000	5,990,000	4,626,000	10,798,000	12,374,000	8,878,000	7,703,000	11,864,000	5,796,000	6,404,000	5,418,000	5,549,000	5,779,000	6,717,000	5,712,000	10,490,000	5,393,000	9,055,000	5,248,000	7,962,000	3,137,000	26,751,000	8,326,000	4,455,000	10,281,000	8,087,000	5,161,000	2,711,000	2,302,000	2,655,000	3,276,000	1,326,000	8,193,000
income tax benefit		46,250	-192,000	567,000		494,000	-592,000	1,246,000		-495,000	-310,000	-336,000	-188,000	5,000	-181,000	20,000	301,000	220,000	42,000	461,000	19,000	63,000	28,000	-65,000	257,000	152,000	199,000	30,000	110,000	-523,000	120,000	166,000	266,000							-6,000	-218,000	117,000	-118,000	4,000	31,000	-33,750	43,000	-29,000		34,250	-74,000	211,000
net income attributable to armada hoffler properties, inc.		2,380,000	80,000	5,949,000	-2,805,000	23,438,000	-5,038,000	3,172,000	14,073,000	-15,225,000	6,940,000	11,863,000	4,709,000	11,717,000	28,877,000	24,160,000	9,993,000	3,157,000	6,511,000	7,026,000	5,198,000	4,249,000	8,609,000	9,302,000	6,992,000	6,290,000	8,313,000	4,566,000
net income attributable to common stockholders		-507,000	-2,807,000	3,062,000	-5,692,000	20,551,000	-7,925,000	285,000	11,186,000	-18,112,000	4,053,000	8,976,000	1,822,000	8,830,000	25,990,000	21,273,000	7,106,000	270,000	3,624,000	4,139,000	2,311,000	1,362,000	6,389,000	8,127,000	5,925,000	5,223,000	7,079,000	4,412,000
net income attributable to common stockholders per share			-0.04	0.04	-0.07	0.29	-0.11		0.17	-0.27	0.06	0.13	0.03	0.13	0.38	0.31	0.11		0.06	0.07	0.04	0.02	0.11	0.14	0.11	0.1	0.13	0.08
comprehensive income:
realized cash flow hedge gains reclassified to net income		-179	-324	-311	-313	-924	-1,325	-1,398	-3,642
comprehensive income		2,101	-964	6,040	-5,706	31,246	-12,221	2,865	17,637	-29,806	5,596	16,636	2,069	13,839	49,111	35,583	20,785	10,433	8,411	9,089	9,363	5,909	11,778	10,828	2,038	9,331	10,939	2,402	5,583	3,233	5,606							5,145	7,946	3,131	26,533	8,956	3,324	10,523	7,332
comprehensive income attributable to noncontrolling interests:
comprehensive income attributable to armada hoffler properties, inc.		339.5	-128	5,397	-3,911	25,177	-8,595	2,859	14,036	-21,751	4,874	13,222	2,169	11,195	33,987	27,776	16,502	8,545	7,005	7,497	7,681	5,148	9,311	8,226	1,839	7,359	7,506	2,045
equity in loss of unconsolidated real estate entities				-322,000	-1,913,000
unrealized credit loss provision					-22,000	-13,250	-198,000		-83,000			-100,000	-77,000			-295,000
income tax provision					-190,000				-534,000																									-195,250	-29,000	-450,000	-302,000	-60,000	-16,000										-149,000
amortization of right-of-use assets - finance leases						296,000	395,000	394,000	395,000	300,000	425,000	347,000	277,000	277,000	278,000	277,000	278,000	277,000	278,000	278,000	189,000	146,000	147,000	146,000	147,000	209,000	107,000
gain on real estate dispositions											227,000	511,000		42,000	33,931,000	19,493,000		15,436,000	-113,000		3,717,000		3,612,000	2,776,000			4,699,000								4,692,000		3,395,000	93,000	3,753,000	13,000		3,351,750		7,210,000	6,197,000
net income attributable to noncontrolling interests:
unrealized credit loss (provision) release										297,000	-694,000						-605,000
realized cash flow hedge losses reclassified to net income										-5,755	-6,315	-5,055	-2,922	-2,087	-366	866	787	4,859	1,123	1,103	1,078	1,085	1,070	798	392	271	123	35	72	102	67											14	13
acquisition, development and other pursuit costs												18,000				26,000	11,000	1,000	8,000	32,000	71,000	29,000	26,000	502,000	27,000	294,000	93,000	57,000	400,000	190,000	69,000	9,000	84,000	171,000	61,000	369,000	47,000	77,000	345,000	437,000	704,000	885,000	288,000	591,000	171,000	55,000	174,000
comprehensive income loss attributable to noncontrolling interests:
interest expense on indebtedness																					-7,613,000	-7,868,000	-7,294,000	-6,999,000	-7,959,000	-8,571,000	-8,828,000
interest expense on finance leases																					-362,000	-229,000	-229,000	-228,000	-229,000	-228,000	-228,000
unrealized cash flow hedge losses																						135	-118	-2,279	-7,489	1,205	-1,247	-3,459	-1,003	-1,764	-130											499	-1,026
change in fair value of interest rate derivatives																								-6,000	-1,736,000	327,000	-530,000	-1,933,000	-1,463,000	-2,207,000	298,000	-11,000	969,000	827,000	87,000	-81,000	294,000	1,323,000	498,000	-373,000	-2,389,000
provision for unrealized credit losses																									-377,000
net income attributable to noncontrolling interests																													-1,630,000	-1,253,000	-1,467,000	-1,626,000	-1,943,000	-1,616,000	-2,973,000	-1,472,000	-2,817,000	-1,687,000	-2,734,000	-1,097,000	-9,163,000	-3,115,000	-1,649,000	-3,764,000	-3,013,000	-1,940,000	-1,139,000	-948,000	-1,041,000	-1,161,000	-507,000	-3,429,000
net income attributable to stockholders																													4,884,000	3,642,000	4,202,000	4,319,000	5,040,000	4,152,000	7,488,000	3,471,000	5,936,000	3,458,000	5,212,000	2,034,000	17,370,000	5,328,000	2,688,000	6,521,000	5,105,000	3,286,000	1,615,000	1,325,000	1,465,000	1,705,000	745,000	4,886,000
net income attributable to stockholders per share																													0.1	0.073	0.09	0.09	0.11	0.103	0.17	0.08	0.16
comprehensive income attributable to noncontrolling interests																													-1,397	-828	-1,450							-1,687	-2,734	-1,097	-9,163	-3,304	-1,264	-3,851	-2,722
comprehensive income attributable to stockholders																													4,186	2,405	4,156							3,458	5,212	2,034	17,370	5,652	2,060	6,672	4,610
net income per share
basic and diluted																																						0.08	0.15	0.06	0.57	0.19	0.1	0.25	0.2	0.14	0.08	0.07	0.08	0.09	0.04	0.26
weighted-average outstanding:
common shares																																						1,144	33,792	31,736	30,191	474	25,958	25,587	25,042	1,372	20,266	19,250	19,193	77	19,164	18,605
common units																																						211	17,720	17,113	16,027				14,776	220	14,291	13,785	13,632		13,059	13,059
basic and diluted																																						1,355	51,512	48,849	46,218				39,818	1,592	34,557	33,035	32,825	77	32,223	31,664
gain on real estate dispositions and acquisitions																																									26,674,000
operating partnership units																																										3,789.75	15,919	14,769
basic and diluted																																										10,172.75	41,877	40,356
dividends declared per common share and unit																																										0.128	0.17	0.17		0.12	0.16	0.16		0.06	0.16	0.08
unrealized gain on cash flow hedge																																												238
unrealized loss on cash flow hedge																																													-786
gain on acquisitions																																																				9,460,000
net income attributable to predecessor																																																				-89,000
income from continuing operations																																																		2,866,000	1,252,000	8,404,000	1,931,000
discontinued operations:
loss from discontinued operations
gain on sale of real estate

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31

assets
real estate investments:
income producing property	1,773,240,000	2,524,525,000	2,441,965,000	2,435,640,000	2,188,204,000	2,173,787,000	2,211,991,000	2,186,764,000	2,099,051,000	2,093,032,000	2,089,170,000	2,083,488,000	1,894,941,000	1,884,214,000	1,797,547,000	1,791,302,000	1,901,331,000	1,658,609,000	1,744,124,000	1,756,836,000	1,708,474,000	1,680,943,000	1,531,910,000	1,431,527,000	1,465,882,000	1,460,723,000	1,442,809,000	1,407,224,000	1,102,803,000	1,037,917,000	1,023,658,000	934,929,000	936,579,000	910,686,000	906,225,000	900,782,000	898,526,000	894,078,000	844,127,000	752,783,000	722,123,000	579,000,000	649,029,000	599,339,000	552,172,000	513,918,000	499,661,000	436,450,000	434,281,000	406,239,000	404,742,000	403,296,000
held for development	5,683,000	5,683,000	5,683,000	5,683,000	5,683,000	5,683,000	10,483,000	10,483,000	11,978,000	11,978,000	6,294,000	6,294,000	6,294,000	6,294,000	6,294,000	6,294,000	6,294,000	6,294,000	11,294,000	11,294,000	11,294,000	13,607,000	13,607,000	13,607,000	13,607,000	5,000,000	1,246,000	2,752,000	2,994,000	2,994,000	2,979,000	1,474,000	1,473,000	680,000	680,000	680,000	8,042,000	680,000	1,933,000	2,032,000	1,995,000	1,180,000	1,180,000	1,180,000	1,180,000			8,592,000			7,081,000	4,733,000
construction in progress	16,568,000	17,053,000	27,890,000	24,095,000	13,289,000	17,515,000	33,714,000	46,642,000	117,921,000	102,277,000	91,127,000	76,866,000	61,513,000	53,067,000	92,357,000	71,676,000	66,216,000	72,535,000	54,871,000	37,167,000	69,298,000	63,367,000	60,810,000	108,444,000	155,672,000	140,601,000	129,830,000	156,695,000	145,366,000	135,675,000	139,450,000	157,795,000	120,850,000	83,071,000	62,948,000	39,361,000	19,198,000	13,529,000	13,895,000	79,258,000	62,365,000	53,411,000	35,407,000	24,169,000	26,251,000	81,082,000	93,946,000	105,253,000	78,536,000	56,737,000	29,091,000	12,258,000
real estate investments: - sum	1,795,491,000	2,547,261,000	2,475,538,000	2,465,418,000	2,207,176,000	2,196,985,000	2,256,188,000	2,243,889,000	2,228,950,000	2,207,287,000	2,186,591,000	2,166,648,000	1,962,748,000	1,943,575,000	1,896,198,000	1,869,272,000	1,973,841,000	1,737,438,000	1,810,289,000	1,805,297,000	1,789,066,000		1,606,327,000	1,553,578,000	1,635,161,000		1,573,885,000		1,251,163,000		1,166,087,000	1,094,198,000	1,058,902,000	994,437,000	969,853,000	940,823,000	925,766,000		859,955,000	834,073,000			685,616,000	624,688,000	579,603,000	595,000,000	593,607,000	550,295,000	512,817,000	462,976,000		420,287,000
accumulated depreciation	-412,226,000	-521,189,000	-504,419,000	-487,686,000	-470,420,000	-451,907,000	-443,515,000	-425,166,000	-408,917,000	-393,169,000	-376,449,000	-359,229,000	-344,081,000	-329,963,000	-316,189,000	-303,032,000	-299,452,000	-285,814,000	-278,218,000	-278,010,000	-265,400,000	-253,965,000	-241,859,000	-232,108,000	-235,249,000	-224,738,000	-214,146,000	-205,650,000	-196,518,000	-188,775,000	-185,831,000	-177,966,000	-171,205,000	-164,521,000	-157,932,000	-152,438,000	-145,981,000	-139,553,000	-133,288,000	-127,337,000	-121,920,000	-125,380,000	-129,996,000	-124,975,000	-120,224,000	-116,099,000	-115,839,000	-112,024,000	-108,706,000	-105,228,000	-101,920,000	-98,612,000
net real estate investments	1,383,265,000	2,026,072,000	1,971,119,000	1,977,732,000	1,736,756,000	1,745,078,000	1,812,673,000	1,818,723,000	1,820,033,000	1,814,118,000	1,810,142,000	1,807,419,000	1,618,667,000	1,613,612,000	1,580,009,000	1,566,240,000	1,674,389,000	1,451,624,000	1,532,071,000	1,527,287,000	1,523,666,000	1,503,952,000	1,364,468,000	1,321,470,000	1,399,912,000	1,381,586,000	1,359,739,000	1,361,021,000	1,054,645,000	987,811,000	980,256,000	916,232,000	887,697,000	829,916,000	811,921,000	788,385,000	779,785,000	768,734,000	726,667,000	706,736,000	664,563,000	508,211,000	555,620,000	499,713,000	459,379,000	478,901,000	477,768,000	438,271,000	404,111,000	357,748,000	338,994,000	321,675,000
real estate investments held for sale	23,223,000	4,800,000	4,800,000	4,800,000	4,800,000	4,800,000										115,680,000	80,754,000	80,751,000	68,762,000			1,165,000				1,460,000			929,000											5,829,000	2,731,000	40,232,000			27,882,000	8,538,000
assets of discontinued operations	705,981,000	29,960,000
cash and cash equivalents	28,545,000	49,150,000	46,511,000	52,111,000	45,716,000	70,642,000	43,852,000	20,306,000	41,934,000	27,920,000	32,662,000	34,054,000	33,817,000	48,139,000	54,700,000	69,731,000	32,910,000	35,247,000	28,038,000	43,493,000	24,762,000	40,998,000	73,579,000	70,979,000	48,096,000	39,232,000	44,195,000	23,109,000	15,577,000	21,254,000	17,732,000	12,279,000	15,804,000	19,959,000	19,721,000	18,587,000	10,039,000	21,942,000	23,890,000	19,984,000	18,810,000	26,989,000	15,191,000	27,356,000	31,479,000	25,883,000	17,101,000	16,271,000	13,444,000	18,882,000	9,775,000	14,737,000
restricted cash	2,013,000	3,229,000	3,313,000	2,490,000	2,851,000	1,581,000	1,874,000	1,391,000	1,927,000	2,246,000	2,343,000	2,043,000	2,619,000	3,726,000	4,865,000	6,681,000	6,576,000	5,196,000	5,415,000	9,749,000	9,826,000	9,432,000	5,645,000	4,132,000	4,692,000	4,347,000	3,411,000	2,852,000	3,382,000	2,797,000	2,916,000	3,139,000	3,502,000	2,957,000	3,195,000	3,139,000	3,649,000	3,251,000	3,471,000	3,158,000	3,695,000	2,824,000	4,243,000	3,090,000	4,026,000	4,224,000	4,425,000	3,224,000	2,754,000	2,160,000	2,966,000	3,117,000
accounts receivable	63,185,000	66,176,000	58,274,000	53,993,000	51,895,000	52,860,000	51,408,000	44,170,000	43,147,000	45,529,000	43,800,000	41,431,000	38,195,000	39,186,000	35,400,000	32,250,000	30,162,000	29,576,000	30,576,000	30,227,000	28,203,000	28,259,000	26,465,000	28,461,000	22,831,000	23,470,000	22,850,000	20,713,000	18,297,000	19,016,000	18,224,000	16,444,000	16,125,000	15,691,000	15,826,000	15,027,000	14,122,000	15,052,000	15,100,000	14,366,000	13,360,000	21,982,000	22,006,000	21,412,000	20,788,000	20,548,000	20,307,000	19,517,000	18,884,000	18,272,000	17,846,000	17,509,000
equity method investments	48,177,000	47,926,000	47,880,000	47,335,000	158,270,000	158,151,000	155,330,000	152,615,000	152,190,000		125,672,000	102,371,000	93,080,000		64,470,000	53,260,000														22,203,000	16,811,000	14,538,000	12,821,000	11,411,000	11,169,000	10,950,000	10,794,000	10,235,000	10,360,000
operating lease right-of-use assets	22,551,000	22,610,000	22,669,000	22,727,000	22,784,000	22,841,000	22,898,000	22,954,000	23,018,000	23,085,000	23,152,000	23,218,000	23,284,000	23,350,000	23,416,000	23,387,000	23,440,000	23,493,000	23,547,000	32,640,000	32,704,000	32,760,000	32,818,000	32,907,000	32,997,000	33,088,000	33,179,000	33,268,000
finance lease right-of-use assets	77,212,000	87,473,000	87,868,000	88,262,000	88,592,000	88,986,000	89,381,000	89,776,000	90,171,000	90,565,000	92,570,000	92,994,000	45,600,000	45,878,000	46,155,000	46,433,000	46,711,000	46,989,000	47,266,000	47,544,000	47,821,000	23,544,000	23,691,000	23,837,000	23,983,000	24,130,000	24,277,000	24,415,000
acquired lease intangible assets	73,108,000	77,606,000	80,181,000	83,492,000	86,374,000	89,739,000	97,698,000	101,418,000	105,175,000	109,137,000	127,020,000	131,181,000	100,006,000	103,870,000	103,297,000	107,147,000	111,530,000	62,038,000	65,197,000	55,807,000	60,006,000	58,154,000	57,958,000	55,832,000	65,014,000	68,702,000
other assets	45,591,000	52,834,000	65,007,000	53,832,000	53,085,000	60,990,000	61,723,000	87,903,000	93,199,000	87,548,000	104,275,000	81,962,000	76,024,000	85,363,000	85,346,000	75,743,000	71,248,000	45,927,000	42,051,000	40,358,000	38,054,000	43,324,000	44,393,000	35,883,000	34,404,000	32,901,000	104,435,000	105,749,000	63,909,000	55,177,000	58,747,000	55,106,000	55,216,000	55,953,000	57,611,000	58,995,000	62,593,000	64,165,000	62,022,000	72,055,000	64,493,000	44,861,000	48,647,000	41,829,000	32,192,000	33,108,000	32,409,000	24,815,000	25,799,000	24,409,000	23,199,000	23,857,000
total assets	2,472,851,000	2,596,510,000	2,577,135,000	2,576,672,000	2,465,226,000	2,512,863,000	2,561,139,000	2,569,986,000	2,601,144,000	2,562,898,000	2,533,084,000	2,471,054,000	2,232,015,000	2,242,310,000	2,187,571,000	2,265,535,000	2,251,955,000	1,938,063,000	1,984,384,000	1,920,458,000	1,933,981,000	1,916,971,000	1,841,272,000	1,798,866,000	1,846,090,000	1,804,897,000	1,761,059,000	1,730,027,000	1,359,254,000	1,265,382,000	1,217,858,000	1,132,371,000	1,101,789,000	1,043,123,000	1,030,998,000	1,014,338,000	992,904,000	982,468,000	931,845,000	894,472,000	809,983,000	689,547,000	694,093,000	633,056,000	604,001,000	590,906,000	567,335,000	516,115,000	478,912,000	435,282,000	406,851,000	399,307,000	1,000
liabilities and equity
indebtedness	1,245,288,000	1,526,158,000	1,485,657,000	1,446,820,000	1,320,552,000	1,295,559,000	1,327,971,000	1,419,229,000	1,428,318,000	1,396,965,000	1,321,792,000	1,264,643,000	1,113,255,000	1,068,261,000	1,041,576,000	1,080,664,000	1,137,467,000	917,556,000	968,424,000	964,396,000	975,147,000	963,845,000	886,509,000	953,753,000	1,006,617,000	950,537,000	943,371,000	949,345,000	737,621,000	694,239,000	653,750,000	580,446,000	589,634,000	517,272,000	488,609,000	465,291,000	522,394,000	522,180,000	513,993,000	501,940,000	460,938,000	377,593,000	420,145,000	386,871,000	363,730,000	359,229,000	335,792,000	349,840,000	317,271,000
liabilities related to assets held for sale	8,387,000															84,049,000	41,364,000	41,364,000	60,021,000
liabilities of discontinued operations	281,633,000	30,599,000
accounts payable and accrued liabilities	29,532,000	40,182,000	41,295,000	34,107,000	25,029,000	38,840,000	44,798,000	39,543,000	33,252,000	31,041,000	31,604,000	24,263,000	19,051,000	26,839,000	24,301,000	22,886,000	23,838,000	29,589,000	26,549,000	20,395,000	15,587,000	23,900,000	20,667,000	22,705,000	15,768,000	17,803,000	18,339,000	15,983,000	15,904,000	15,217,000	15,752,000	11,525,000	11,333,000	15,180,000	14,383,000	9,311,000	11,008,000	10,804,000	10,604,000	6,379,000	6,812,000	6,472,000	6,278,000	4,606,000	5,649,000	8,358,000	7,569,000	6,743,000	7,158,000	6,463,000	6,970,000	8,060,000
operating lease liabilities	31,153,000	31,198,000	31,242,000	31,284,000	31,325,000	31,365,000	31,404,000	31,442,000	31,483,000	31,528,000	31,573,000	31,611,000	31,645,000	31,677,000	31,708,000	31,645,000	31,657,000	31,648,000	31,607,000	41,719,000	41,694,000	41,659,000	41,589,000	41,550,000	41,512,000	41,474,000	41,387,000	41,300,000
finance lease liabilities	85,038,000	93,477,000	93,280,000	93,086,000	92,837,000	92,646,000	92,457,000	92,258,000	92,062,000	91,869,000	93,419,000	93,214,000	46,536,000	46,477,000	46,409,000	46,325,000	46,242,000	46,160,000	46,078,000	45,997,000	45,917,000	17,954,000	17,941,000	17,928,000	17,916,000	17,903,000	17,891,000	17,862,000
other liabilities	31,640,000	45,704,000	36,609,000	44,543,000	47,047,000	54,418,000	55,664,000	53,464,000	55,295,000	56,613,000	56,818,000	54,973,000	53,815,000	54,055,000	53,551,000	51,126,000	54,952,000	55,876,000	62,197,000	57,725,000	58,851,000	56,902,000	60,219,000	48,411,000	69,404,000	63,045,000	63,637,000	59,508,000	40,431,000	46,203,000	40,912,000	41,000,000	40,170,000	39,352,000	41,181,000	39,889,000	39,107,000	39,209,000	39,517,000	38,935,000	33,820,000	25,471,000	25,350,000	22,833,000	18,942,000	17,961,000	17,979,000	16,474,000	16,264,000	15,873,000	15,736,000	12,991,000
total liabilities	1,712,671,000	1,767,318,000	1,733,496,000	1,715,881,000	1,596,474,000	1,623,194,000	1,679,647,000	1,780,580,000	1,798,467,000	1,757,720,000	1,666,440,000	1,589,392,000	1,358,153,000	1,338,296,000	1,276,657,000	1,379,199,000	1,383,751,000	1,158,240,000	1,219,628,000	1,152,839,000	1,173,229,000	1,160,169,000	1,089,835,000	1,151,920,000	1,207,689,000	1,149,450,000	1,124,474,000	1,123,585,000	881,568,000	809,492,000	757,722,000	675,401,000	684,888,000	622,840,000	597,565,000	579,817,000	639,789,000	633,490,000	621,877,000	605,730,000	554,731,000	463,827,000	508,444,000	458,693,000	441,133,000	429,000,000	404,580,000	408,915,000	368,874,000	329,761,000	298,900,000	287,756,000
stockholders’ equity:
preferred stock, 0.01 par value...	171,085,000	171,085,000	171,085,000	171,085,000	171,085,000	171,085,000	171,085,000	171,085,000	171,085,000	171,085,000	171,085,000	171,085,000	171,085,000	171,085,000	171,085,000	171,085,000	171,085,000	171,085,000	171,085,000	171,085,000	171,085,000	171,085,000	171,085,000	63,346,000	63,250,000	63,250,000	63,250,000	63,250,000
common stock, 0.01 par value...	768,000	805,000		804,000	805,000	797,000	797,000	674,000	670,000	668,000	679,000	679,000	679,000	677,000	677,000	677,000	675,000	630,000	613,000	610,000	599,000	591,000	579,000	570,000	565,000	563,000	549,000	528,000	523,000	500,000	496,000	488,000	452,000	449,000	449,000	449,000	377,000	374,000	342,000	328,000	310,000	300,000	262,000	258,000	251,000	250,000	250,000	193,000	193,000	192,000	192,000	192,000	10
additional paid-in capital	702,891,000	724,667,000	723,800,000	722,732,000	719,405,000	714,640,000	713,809,000	587,117,000	582,049,000	580,687,000	589,291,000	589,030,000	588,712,000	587,884,000	588,707,000	588,012,000	587,474,000	525,030,000	500,889,000	496,111,000	482,483,000	472,747,000	464,632,000	460,339,000	457,804,000	455,680,000	430,193,000	394,269,000	389,547,000	357,353,000	350,849,000	338,577,000	289,699,000	287,407,000	288,485,000	288,162,000	199,923,000	197,114,000	153,571,000	133,915,000	113,105,000	102,906,000	64,027,000	59,831,000	51,877,000	51,472,000	51,179,000	1,650,000	1,473,000	1,247,000	1,010,000	767,000
distributions in excess of earnings	-306,080,000	-269,484,000	-257,724,000	-243,695,000	-235,535,000	-218,623,000	-222,839,000	-200,699,000	-187,271,000	-184,724,000	-151,534,000	-142,233,000	-137,961,000	-126,875,000	-122,838,000	-135,942,000	-145,687,000	-141,360,000	-130,904,000	-124,697,000	-119,053,000	-112,356,000	-107,262,000	-107,263,000	-115,390,000	-106,676,000	-100,087,000	-95,490,000	-88,949,000	-82,699,000	-76,386,000	-70,648,000	-65,190,000	-61,166,000	-56,755,000	-55,709,000	-50,629,000	-49,345,000	-46,066,000	-45,114,000	-41,244,000	-53,010,000	-53,225,000	-51,447,000	-53,572,000	-54,413,000	-53,695,000	-51,307,000	-49,550,000	-47,934,000	-46,195,000	-43,934,000
accumulated other comprehensive income	859,000	703,000	870,000	1,079,000	1,631,000	2,737,000	1,000,000	4,557,000	4,870,000	4,906,000	11,433,000			14,679,000
total stockholders’ equity	569,523,000	627,776,000	638,835,000	652,005,000	657,391,000	670,636,000	663,852,000	562,734,000	571,403,000	572,622,000	620,954,000	632,059,000	634,655,000	647,450,000	652,833,000	633,923,000	620,023,000	555,352,000	536,263,000	537,195,000	528,729,000	523,199,000	519,267,000	406,522,000	396,836,000	408,577,000	388,597,000	358,055,000	299,140,000	273,871,000	274,912,000	268,417,000	224,961,000	226,690,000	232,179,000	232,902,000	149,671,000	148,143,000	107,847,000	89,129,000	72,171,000	49,548,000	10,092,000	8,298,000
noncontrolling interests in investment entities	8,325,000	8,532,000	8,662,000	8,735,000	8,917,000	9,180,000	9,388,000	9,511,000	9,645,000	9,986,000	10,441,000	10,651,000	10,832,000	24,055,000	24,187,000	23,952,000	23,794,000	629,000	634,000	634,000	488,000	488,000	537,000	582,000	4,370,000	4,462,000	5,510,000	4,550,000
noncontrolling interests in operating partnership	182,332,000	192,884,000	196,142,000	200,051,000	202,444,000	209,853,000	208,252,000	217,161,000	221,629,000	222,570,000	235,249,000	238,952,000	228,375,000	232,509,000	233,894,000	228,461,000	224,387,000	223,842,000	227,859,000	229,790,000	231,535,000	233,115,000	231,633,000	239,842,000	237,195,000	242,408,000	242,478,000	243,837,000
total equity	760,180,000	829,192,000	843,639,000	860,791,000	868,752,000	889,669,000	881,492,000	789,406,000	802,677,000	805,178,000	866,644,000	881,662,000	873,862,000	904,014,000	910,914,000	886,336,000	868,204,000	779,823,000	764,756,000	767,619,000	760,752,000	756,802,000	751,437,000	646,946,000	638,401,000	655,447,000	636,585,000	606,442,000	477,686,000	455,890,000	460,136,000	456,970,000	416,901,000	420,283,000	431,433,000	432,521,000	351,115,000	348,978,000	309,968,000	288,742,000	255,252,000	225,720,000	185,649,000	174,363,000	162,868,000	161,906,000	162,755,000	107,200,000	110,038,000	105,521,000	107,951,000	111,551,000
total liabilities and equity	2,472,851,000	2,596,510,000	2,577,135,000	2,576,672,000	2,465,226,000	2,512,863,000	2,561,139,000	2,569,986,000	2,601,144,000	2,562,898,000	2,533,084,000	2,471,054,000	2,232,015,000	2,242,310,000	2,187,571,000	2,265,535,000	2,251,955,000	1,938,063,000	1,984,384,000	1,920,458,000	1,933,981,000	1,916,971,000	1,841,272,000	1,798,866,000	1,846,090,000	1,804,897,000	1,761,059,000	1,730,027,000	1,359,254,000	1,265,382,000	1,217,858,000	1,132,371,000	1,101,789,000	1,043,123,000	1,030,998,000	1,014,338,000	992,904,000	982,468,000	931,845,000	894,472,000	809,983,000	689,547,000	694,093,000	633,056,000	604,001,000	590,906,000	567,335,000	516,115,000	478,912,000	435,282,000	406,851,000	399,307,000
notes receivable		128,674,000	152,288,000	139,773,000	139,462,000	132,565,000	117,797,000	124,178,000	109,282,000	94,172,000	83,713,000	60,095,000	133,082,000	136,039,000	141,816,000	139,383,000	133,557,000	126,429,000	118,164,000	112,446,000	133,206,000	135,432,000	168,716,000	182,245,000	178,652,000	159,371,000	148,744,000	144,743,000	152,172,000	138,683,000	100,486,000	93,478,000	88,973,000	83,058,000	75,522,000	73,382,000	60,959,000	59,546,000	49,935,000	39,311,000	10,464,000	7,825,000
construction receivables, including retentions			34,587,000	47,135,000	72,159,000	84,624,000	106,190,000	106,010,000	121,042,000	126,443,000	87,295,000	93,880,000	66,435,000	70,822,000	47,865,000	29,107,000	19,780,000	17,865,000	13,753,000	13,823,000	30,712,000	38,735,000	43,324,000	42,787,000	35,051,000	36,361,000	19,605,000	13,696,000	17,784,000	16,154,000	21,959,000	19,868,000	21,336,000	23,933,000	35,923,000	45,820,000	50,151,000	39,433,000	39,981,000	31,277,000	31,567,000	36,535,000	48,097,000	39,603,000	28,085,000	19,432,000	15,285,000	12,730,000	12,736,000	12,633,000	12,619,000	17,511,000
construction contract costs and estimated earnings in excess of billings			2,638,000	2,990,000	2,482,000	6,000	315,000	542,000	26,000	104,000	440,000	406,000	1,206,000	342,000	232,000	493,000	121,000	243,000	370,000	85,000	54,000	138,000	215,000	333,000	458,000	249,000	624,000	461,000	317,000	1,358,000	727,000	1,287,000	315,000	245,000	110,000	53,000	812,000	110,000	419,000	1,756,000	300,000	88,000	289,000	53,000	170,000	272,000	40,000	1,287,000	1,184,000	1,178,000	1,452,000	901,000
construction payables, including retentions			39,658,000	59,377,000	76,240,000	104,495,000	115,472,000	125,226,000	136,329,000	128,290,000	108,107,000	102,377,000	77,115,000	93,472,000	63,376,000	47,429,000	33,177,000	31,166,000	22,078,000	18,470,000	32,971,000	49,821,000	55,825,000	58,253,000	50,161,000	53,382,000	36,516,000	37,798,000	42,293,000	50,796,000	45,541,000	40,719,000	41,516,000	47,445,000	48,160,000	58,546,000	57,457,000	51,130,000	51,203,000	49,203,000	43,611,000	52,067,000	54,159,000	42,700,000	34,264,000	42,399,000	39,820,000	34,631,000	27,047,000	28,139,000	26,162,000	17,512,000
billings in excess of construction contract costs and estimated earnings			5,755,000	6,664,000	3,444,000	5,871,000	11,881,000	19,418,000	21,728,000	21,414,000	23,127,000	18,311,000	16,736,000	17,515,000	15,736,000	15,075,000	15,054,000	4,881,000	2,674,000	4,137,000	3,062,000	6,088,000	7,085,000	9,320,000	6,311,000	5,306,000	3,333,000	1,789,000	3,622,000	3,037,000	1,767,000	1,711,000	2,235,000	3,591,000	5,232,000	6,780,000	9,823,000	10,167,000	6,560,000	2,893,000	3,177,000	2,224,000	2,512,000	1,683,000	1,206,000	1,053,000	3,420,000	1,227,000	1,134,000	1,541,000	2,270,000	3,258,000
common stock,0.01 par value...			804,000
equity method investment										142,031,000				71,983,000			20,777,000	12,685,000	9,174,000	6,999,000	4,967,000	1,078,000
accumulated other comprehensive gain												13,498,000	12,140,000		15,202,000	10,091,000	6,476,000
accumulated other comprehensive loss																		-33,000	-5,420,000	-5,914,000	-6,385,000	-8,868,000	-9,767,000	-10,470,000	-9,393,000	-4,240,000	-5,308,000	-4,502,000	-1,981,000	-1,283,000	-47,000											-648,000	-972,000	-344,000	-495,000
lease right-of-use assets																													32,242,000
lease liabilities																													41,697,000
noncontrolling interests																													178,546,000	182,019,000	185,224,000	188,553,000	191,940,000	193,593,000	199,254,000	199,619,000	201,444,000	200,835,000	202,121,000	199,613,000	183,081,000	176,172,000	175,557,000	166,065,000	164,807,000	164,597,000	165,021,000	156,664,000	157,922,000	152,016,000	152,944,000	154,526,000
real estate held for sale																														929,000
redeemable noncontrolling interest																																			2,000,000	2,000,000	2,000,000
debt secured by real estate investments held for sale																																								6,380,000	6,373,000				17,342,000
total stockholders’ deficit																																													-1,939,000	-2,691,000	-2,266,000	-49,464,000	-47,884,000
due from affiliates
indebtedness:
secured debt																																																		277,745,000	247,356,000	244,336,000
participating note
due to affiliates
predecessor deficit
total stockholders’ and predecessor deficit																																																		-46,495,000	-44,993,000	-42,975,000
due to related parties																																																			406,000	1,599,000
cash																																																					1,000
liabilities and stockholders’ equity
additional paid in capital																																																					990
total liabilities and stockholder’s equity																																																					1,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31

cash flows from operating activities of continuing operations:
net loss	-30,382,000
less: net income from discontinued operations, net of tax	29,889,000
net loss from continuing operations	-493,000
adjustments to reconcile net income from continuing operations to net cash from operating activities of continuing operations:
depreciation of buildings and tenant improvements	13,560,000	18,421,000	18,397,000	17,129,000	18,516,000	17,935,000	18,350,000	16,249,000	15,748,000	16,720,000	17,480,000	15,148,000	14,114,000	13,778,000	13,157,000	13,975,000	13,638,000	13,028,000	13,312,000	12,610,000	12,599,000	12,106,000	10,751,000	10,304,000	10,510,000	10,646,000	10,318,000	9,132,000	7,743,000	8,991,000	7,864,000	6,767,000	6,773,000	6,589,000	6,455,000	6,457,000	6,473,000	6,398,000	5,950,000	5,637,000	5,468,000	4,680,000	5,048,000	4,750,000	4,200,000	4,373,000	3,815,000	3,318,000	3,478,000	3,324,000	3,307,000	3,330,000	2,845,000
amortization of leasing costs, in-place lease intangibles, and right-of-use assets	4,683,000	4,993,000	4,716,000	4,622,000	4,701,000
accrued straight-line rental revenue	-2,444,000	-2,457,000	-2,984,000	-2,635,000	-2,167,000	-2,755,000	-2,380,000	-1,867,000	-1,252,000	-1,524,000	-1,504,000	-1,789,000	-1,455,000	-1,636,000	-1,506,000	-1,544,000	-1,492,000	-729,000	-882,000	-1,436,000	-1,891,000	-2,493,000	-1,924,000	-953,000	-557,000	-509,000	-685,000	-1,371,000	-837,000	-942,000	-760,000	-467,000	-562,000	-295,000	-287,000	-257,000	-383,000	-326,000	-317,000	-260,000	-188,000	-200,000	-375,000	-624,000	-725,000	-473,000	-880,000	-381,000	-469,000	-292,000	-222,000	-241,000	-300,000
amortization of leasing incentives and above or below-market rents	-426,000	-316,000	-494,000	-398,000	-573,000	-419,000	-426,000	-404,000	-397,000	-441,000	-389,000	-1,068,000	-292,000	-291,000	-259,000	-256,000	-264,000	-271,000	-286,000	-256,000	-252,000	-221,000	-179,000	-195,000	-219,000	-342,000	-190,000	-62,000	-35,000	-55,000	-70,000	-85,000	-56,000	-55,000	-50,000	-43,000	-47,000	-24,000	-12,000	-55,000	6,000	174,000	170,000	217,000	177,000
adjustment for uncollectible lease accounts	556,000	307,000	152,000	139,000	2,166,000	488,000	297,000
noncash stock compensation	1,355,000	945,000	1,074,000	1,362,000	3,464,000	1,241,000	921,000	744,000	2,192,000	726,000	814,000	291,000	1,846,000	561,000	597,000	506,000	1,609,000	400,000	390,000	423,000	1,017,000	471,000	456,000	421,000	1,030,000	274,000	322,000	328,000	689,000	209,000	252,000	271,000	549,000	276,000	215,000	421,000	411,000	218,000	212,000	215,000	437,000	176,000	173,000	203,000	379,000	197,000	198,000	193,000	329,000
noncash interest expense	662,000	1,651,000	1,172,000	1,460,000	1,335,000	759,000	905,000	1,014,000	1,048,000	1,385,000	1,309,000	2,151,000	2,261,000	2,468,000	2,217,000	1,234,000	909,000	700,000	849,000	703,000	626,000	705,000	645,000	445,000	409,000	360,000	197,000	397,000	304,000	289,000	270,000	231,000	326,000	334,000	380,000	283,000	277,000	293,000	212,000	284,000	191,000	215,000	233,000	240,000	318,000	107,000	117,000	160,000	133,000
gain on real estate dispositions	141,000									0	-227,000			-42,000	-33,931,000			-15,436,000	113,000	0	-3,717,000	0	-3,612,000			0								0	-4,692,000	0	-3,395,000	-93,000	-3,753,000				0	-7,210,000	-6,197,000
change in fair value of derivatives and other	1,655,000	4,929,000	8,095,000	3,845,000	5,627,000	-2,497,000	16,669,000	1,950,000	-6,510,000		-1,484,000	-4,297,000	3,807,000		-782,000	-2,548,000	-4,182,000		-131,000	-314,000	-393,000
adjustment for receipts on off-market interest rate derivatives	-4,166,000	-7,131,000	-6,568,000	-5,142,000	-5,232,000	-15,247,000	5,424,000	-5,506,000	-7,500,000	-4,792,000
equity in income of unconsolidated real estate entities	-243,000	-57,000																								0	0	0	-273,000
changes in operating assets and liabilities:
property assets	5,073,000	-4,475,000	-5,094,000	-2,111,000	2,134,000	-1,797,000	-7,806,000	-7,987,000	6,554,000	-1,355,000	-3,647,000	-4,959,000	4,167,000	1,401,000	-5,187,000	-8,312,000	69,000	-2,418,000	166,000	-5,133,000	3,664,000	682,000	-2,098,000	-5,740,000	1,196,000	1,624,000	-6,510,000	-204,000	2,591,000	71,000	-1,105,000	-4,276,000	1,771,000	1,197,000	-2,751,000	-1,885,000	1,024,000	1,755,000	-2,919,000	-2,237,000	218,000	61,000	-457,000	-966,000	-1,101,000	512,000	-140,000	-481,000	-1,311,000	1,323,000	169,000	6,961,000	-692,000
property liabilities	-7,436,000	-4,566,000	16,591,000	-4,409,000	-6,092,000	-2,022,000	11,088,000	-4,044,000	2,398,000	6,979,000	5,705,000	3,225,000	-3,817,000	-229,000	5,618,000	2,352,000	-4,781,000	2,620,000	7,523,000	4,043,000	-7,011,000	2,406,000	424,000	7,083,000	-4,151,000	745,000	5,464,000	-2,702,000	-139,000	-322,000	4,004,000	1,854,000	-3,827,000	-705,000	5,987,000	-1,903,000	-875,000	-95,000	5,399,000	-857,000	-686,000	-43,000	1,559,000	429,000	381,000	-1,303,000	1,290,000	-1,067,000	11,000	-2,273,000	1,073,000	-3,297,000	1,661,000
net cash from operating activities of continuing operations	12,477,000
cash flows from investing activities:
development of real estate investments	-686,000	-2,599,000	-10,524,000	4,279,000	-1,726,000	-2,748,000	-7,477,000	-7,651,000	-11,955,000	-18,255,000	-9,579,000	-15,695,000	-15,264,000	-13,794,000	-26,910,000	-6,803,000	-28,675,000	-9,966,000	-19,183,000	-10,122,000	-9,354,000	-11,328,000	-12,303,000	-16,962,000	-22,892,000	-25,987,000	-31,779,000	-34,383,000	-41,296,000	-31,608,000	-44,442,000	-31,303,000	-26,438,000	-16,999,000	-13,734,000	-8,541,000	-6,456,000	-8,754,000	-16,002,000	-12,892,000	-19,777,000	-12,426,000	-9,243,000	-10,099,000	-20,951,000	-21,373,000	-29,385,000	-27,389,000	-20,320,000	-16,370,000	-14,194,000	-8,534,000	-2,200,000
tenant and building improvements	-8,011,000	-10,480,000	-8,739,000	-11,882,000	-15,152,000	-11,291,000	-7,628,000	110,000	-11,546,000	-8,646,000	-6,092,000	-2,598,000	-7,314,000	-5,342,000	-3,276,000	-7,740,000	-727,000	-8,875,000	-1,804,000	-1,763,000	-3,054,000	-1,882,000	-3,192,000	-2,477,000	-2,526,000	-2,832,000	-4,370,000	-8,890,000	-3,629,000	-3,442,000	-2,682,000	-3,353,000	-2,246,000	-4,148,000	-3,766,000	-2,269,000	-2,069,000	-2,299,000	-1,524,000	-1,566,000	-1,309,000	-1,363,000	-1,323,000	-1,268,000	-1,203,000	-1,740,000	-942,000	-1,185,000	-2,495,000	-1,468,000
dispositions of real estate investments, net of selling costs	4,627,000									0	266,000			778,000	149,680,000			72,739,000	3,427,000	0	9,156,000	1,000	7,075,000	87,941,000	1,442,000	476,000	31,454,000			30,402,000
payments to purchase off-market interest rate derivatives		0	-13,958,000	0	-4,577,000					-14,455,000
receipts on off-market interest rate derivatives	4,166,000	7,131,000	6,568,000	5,142,000	5,232,000	15,247,000	-5,424,000	5,506,000	7,500,000	4,792,000
leasing costs	-1,643,000	-2,286,000	-4,666,000	-1,108,000	-162,000	-473,000	-1,772,000	921,000	-3,611,000	-842,000	-869,000	-1,398,000	-950,000	-3,826,000	-1,978,000	-974,000	-862,000	-1,990,000	-1,527,000	-398,000	-670,000	-987,000	-782,000	-1,089,000	-567,000	-1,324,000	-686,000	-1,308,000	-575,000	-559,000	-1,988,000	-1,380,000	-680,000	-2,086,000	658,000	-314,000	-493,000	-773,000	-598,000	-513,000	-490,000	-403,000	-207,000	-171,000	-1,337,000	-1,311,000
leasing incentives		0	-1,000	0	-9,000					0	0	0	-20,000	0	0			-221,000				-37,000	-110,000							-13,000	-16,000			-127,000	-145,000			-48,000	-101,000	-65,000	-22,000	0	0	-738,000	-825,000	-688,000	0			-23,000	0	-203,000	-40,000
contributions to equity method investments	-8,000	12,000	-507,000	-4,076,000	-2,032,000	-2,576,000	-2,715,000	-425,000	-10,159,000	-16,359,000	-23,301,000	-9,291,000	-21,097,000	-11,307,000	-11,232,000	-32,241,000	-8,092,000	-3,511,000	-2,175,000	-2,032,000	-3,889,000					0	0	0	-535,000	-5,020,000	-2,273,000	-1,717,000	-1,410,000	-242,000	-219,000	-156,000	-559,000		-62,000	-3,447,000	-5,440,000
net cash from investing activities of continuing operations	-1,555,000
cash flows from financing activities:
(costs)/proceeds from issuance of common stock	-154,000	-40,000	-28,000
common shares tendered for tax withholding	-239,000	0	-3,000	-75,000	-1,299,000	-426,000	-160,000	0	-980,000	0	-1,000	-5,000	-1,105,000	0	0	-1,000	-773,000	0	0	-14,000	-539,000	-35,000	0	0	-534,000	-25,000	0	0	-344,000	-66,000	0
repurchase and retirement of common stock	-20,965,000
debt issuances, credit facility, and construction loan borrowings	48,000,000	31,000,000	177,140,000	133,000,000	29,904,000	53,888,000	51,486,000	121,887,000	42,208,000	92,166,000
debt and credit facility repayments, including principal amortization	-79,055,000	8,325,000	-73,075,000	-92,931,000	-6,881,000	-111,342,000	-2,494,000	-131,259,000	-12,480,000	-18,476,000	-23,440,000	-136,536,000	-2,417,000	-160,304,000	-289,737,000	-55,344,000	-218,354,000	-162,024,000	-7,355,000	-12,878,000	-5,501,000	-118,136,000	-100,899,000	-72,312,000	-7,971,000	-69,972,000	-62,704,000	-80,485,000	-57,690,000	-35,733,000	-53,845,000	-45,004,000	-39,273,000	-8,460,000	-21,527,000	-86,144,000	-44,530,000	-18,874,000	-91,959,000	-20,879,000	-54,821,000					-1,812,000
debt issuance costs	-196,000	-121,000	-1,024,000	-1,605,000	-15,000	-1,173,000	-47,000	-993,000	-8,000	0	-1,178,000			-1,589,000	-3,424,000	-203,000	-3,100,000	-368,000	-439,000	-314,000	-1,710,000	-283,000	-290,000	-33,000	-3,000	-2,321,000	-58,000	-2,747,000	-420,000	-140,000	-936,000	-180,000	-201,000	-1,652,000	-280,000	0	-471,000	-5,000	-1,232,000	-117,000	-442,000	-43,000	-398,000	-314,000	-1,132,000	-413,000	0	-31,000	-4,000	-913,000	-2,000
acquisition of non-controlling interest in consolidated real estate investments	-2,003,000	-36,000	-27,000
redemption of operating partnership units		0	-11,000	0	-4,000	-19,000	-68,000	0	-118,000	0	-122,000			0																-64,000	0	-2,526,000	-5,000	-4,926,000	0	-179,000	-50,000	0	0			-162,000	0
distributions to noncontrolling interests	-229,000	-202,000	-63,000	-135,000	-301,000	-217,000	-106,000	-151,000	-336,000	-326,000	-298,000	-427,000	-506,000	-249,000	-5,423,000
dividends and distributions	-27,710,000	-6,014,000	-28,381,000	-17,164,000	-23,665,000	-21,545,000	-21,159,000	-21,069,000	-20,121,000	-20,656,000	-20,359,000	-19,710,000	-19,673,000	-19,671,000	-17,907,000	-17,903,000	-17,094,000	-16,051,000	-15,983,000	-15,000,000	-11,679,000	-11,545,000	-509,000	-18,176,000	-17,373,000				-13,447,000	-13,347,000	-13,213,000	-12,529,000	-11,808,000	-11,876,000	-11,643,000	-10,371,000	-9,726,000	-9,141,000	-8,829,000	-8,252,000	-7,621,000	-6,974,000	-6,906,000	-6,776,000	-6,368,000	-6,367,000	-5,288,000	-5,286,000	-5,155,000
net cash from financing activities of continuing operations	-82,551,000
cash flows from discontinued operations:
net cash flows from operating activities of discontinued operations	3,836,000
net cash flows from investing activities of discontinued operations	58,067,000
net cash flows from financing activities of discontinued operations	-2,950,000
net cash flows from discontinued operations	58,953,000
net decrease in cash, cash equivalents, and restricted cash	-12,676,000												-15,429,000				-957,000
cash, cash equivalents, and restricted cash, beginning of period	54,183,000	0	0	0	72,223,000	0	0	0	30,166,000	0	0	0	51,865,000	0	0	0	40,443,000	0	0	0	50,430,000	0	0	0	43,579,000	0	0	0	24,051,000	0	0	0	22,916,000
cash, cash equivalents, and restricted cash, end of period	41,507,000	4,357,000	-4,777,000	6,034,000	48,567,000	26,497,000	24,029,000	-22,164,000	43,861,000	-4,839,000	-1,092,000	-339,000	36,436,000	-7,700,000	-16,847,000	36,926,000	39,486,000	6,990,000	-19,789,000	18,654,000	34,588,000	-28,794,000	4,113,000	22,323,000	52,788,000	-4,027,000	21,645,000	7,002,000	18,959,000	3,403,000	5,230,000	-3,888,000	19,306,000
net income		2,273,000	-739,000	6,717,000	-4,343,000	29,036,000	-7,546,000	3,279,000	17,725,000	-21,062,000	8,423,000	14,885,000	5,417,000	14,541,000	42,369,000	30,767,000	12,276,000	3,243,000	7,748,000	8,455,000	6,009,000	4,689,000	10,826,000	12,309,000	9,135,000	7,855,000	12,063,000	5,826,000	6,514,000	4,895,000	5,669,000	5,945,000	6,983,000	5,768,000	10,461,000	4,943,000	8,753,000	5,145,000	7,946,000	3,131,000	26,533,000	8,443,000	4,337,000	10,285,000	8,118,000	5,226,000	2,754,000	2,273,000	2,506,000	2,866,000	1,252,000	8,404,000	1,931,000
net income from continuing operations
accrued straight-line ground rent expense		8,000	6,000	-32,000	4,000	5,000	5,000	10,000	8,000	9,000	15,000	20,000	20,000	22,000	21,000	28,000	48,000	79,000	76,000	48,000	33,000	46,000	47,000	13,000	-6,000	-6,000	-66,000	59,000	-3,000	27,000	51,000	52,000	84,000	129,000	128,000	135,000	138,000	80,000	159,000	66,000	66,000	66,000	66,000	79,000	79,000	79,000	77,000	80,000	79,000	91,000	97,000	91,000	85,000
unrealized credit loss provision		-124,000			22,000	103,000	198,000	-228,000	83,000	-297,000	694,000	100,000	77,000	-232,000	-42,000	295,000	605,000	-508,000	-617,000	388,000	-55,000
noncash acquisition, development, and other pursuit costs						0	0
impairment charges		23,000				0	0			-5,000	5,000	0	102,000	83,000	0	286,000	47,000	18,256,000	0	83,000	3,039,000	461,000	47,000	0	158,000					1,518,000	3,000			60,000	19,000	27,000	4,000	171,000	149,000	0	35,000	18,000	0			0				47,000	0
noncash loss on extinguishment of debt		0				134,000								475,000	2,123,000	618,000	158,000
gain on consolidation of real estate entities		269,000	0
interest receivable		-3,571,000	-3,851,000	-3,829,000	-3,932,000	965,000	-4,267,000	-4,156,000	-4,188,000	-4,112,000	-3,252,000	-2,836,000	-3,709,000	389,000	-1,098,000	-3,242,000	-784,000	-3,827,000	-2,580,000	6,081,000	-2,114,000	-2,741,000	-1,534,000	-4,409,000	-7,224,000	-5,829,000	421,000	-4,353,000	-3,186,000	6,876,000	-2,543,000
acquisitions of real estate investments, net of cash received										0	-39,000			-26,350,000	-76,000	-151,000	-93,162,000	-26,000	-45,396,000	-106,000	-28,067,000	-366,000	-25,932,000	-246,000	-8,607,000	-5,035,000	0	-107,553,000	-25,792,000	-3,000	-24,574,000	401,000	-33,368,000	-2,006,000	-21,253,000	0	-6,767,000		-12,887,000
notes receivable issuances		0	-8,721,000	-9,849,000	-3,062,000	-10,677,000	-15,172,000	-10,697,000	-11,175,000	-6,174,000	-20,772,000	-14,539,000	-6,699,000	-13,556,000	-3,406,000	-3,178,000	-17,651,000	-4,426,000	-6,434,000	-12,264,000	-7,532,000	-6,797,000	-88,000	-579,000	-17,020,000	-10,024,000	-19,176,000	-15,687,000	-9,668,000	-47,927,000	-4,465,000	-209,000	-5,607,000	-7,536,000	-1,918,000	-12,423,000	-1,413,000	-9,611,000	-10,624,000	-28,847,000	-2,639,000
notes receivable paydowns						-5,202,000								22,609,000	1,694,000	0	11,545,000	0	3,811,000	26,199,000	12,291,000	120,000	13,807,000	1,413,000	1,000,000	5,557,000	15,273,000	0	1,692,000
cash paid on extinguishment of debt		0	-65,047,000			45,698,000
cash flows from discontinued operations
net change in cash and cash equivalents of discontinued operations
net increase in cash, cash equivalents, and restricted cash		4,357,000			-23,656,000	26,497,000			13,695,000	-4,839,000	-1,092,000			-7,700,000	-16,847,000			6,990,000	-19,789,000	18,654,000	-15,842,000			22,323,000	9,209,000	-4,027,000	21,645,000
less: cash, cash equivalents, and restricted cash attributable to discontinued operations at end of period
cash, cash equivalents, and restricted cash at end of period
operating activities
adjustments to reconcile net income to net cash from operating activities:
construction assets			13,377,000	24,215,000	12,101,000	25,369,000	7,081,000	17,249,000	3,960,000	-35,695,000	751,000	-26,775,000	2,493,000	-25,785,000	-16,966,000	-8,226,000	-9,779,000	-6,045,000	-1,536,000	17,511,000	9,354,000	6,026,000	-1,772,000	-7,926,000	1,370,000	-16,904,000	-7,594,000	4,644,000	-502,000	4,510,000	-1,399,000	961,000	3,482,000	13,508,000	10,560,000	6,642,000	-13,137,000	-522,000	-9,127,000	-1,593,000	4,857,000	11,690,000	-8,987,000	-11,489,000	-8,551,000	-1,595,000	-4,092,000	-97,000	-109,000	260,000	4,341,000	-3,707,000	-3,009,000
construction liabilities			-17,815,000	-23,028,000	-29,537,000	-16,275,000	-16,623,000	-11,342,000	10,777,000	20,717,000	10,801,000	27,828,000	-16,859,000	29,591,000	16,846,000	8,138,000	17,067,000	6,277,000	464,000	-15,582,000	-19,063,000	-5,116,000	777,000	15,950,000	2,097,000	19,313,000	3,362,000	-4,583,000	579,000	-1,690,000	1,523,000	-3,898,000	-11,183,000	-7,462,000	-12,669,000	-5,867,000	5,888,000	5,992,000	13,333,000	-66,000	-4,070,000	-6,414,000	9,178,000	8,498,000	1,402,000	4,285,000	8,254,000	628,000	-2,003,000	-2,520,000	-34,000	-2,207,000	1,170,000
net cash from operating activities			26,290,000	11,103,000	107,000	20,803,000	27,337,000	17,394,000	46,486,000	15,024,000	37,829,000	27,406,000	13,055,000	38,591,000	27,860,000	19,825,000	30,582,000	21,962,000	28,582,000	32,505,000	8,135,000	23,412,000	18,013,000	29,447,000	20,307,000	22,202,000	17,415,000	12,033,000	16,079,000	28,890,000	15,937,000	5,332,000	5,928,000	21,420,000	16,712,000	11,979,000	7,907,000	20,988,000	19,834,000	7,640,000	11,308,000	15,462,000	12,319,000	5,709,000	-404,000	10,070,000	12,295,000	5,784,000	3,213,000	3,987,000	11,338,000	2,563,000	4,287,000
capital expenditures			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows			26,290,000	11,103,000	107,000	20,803,000	27,337,000	17,394,000	46,486,000	15,024,000	37,829,000	27,406,000	13,055,000	38,591,000	27,860,000	19,825,000	30,582,000	21,962,000	28,582,000	32,505,000	8,135,000	23,412,000	18,013,000	29,447,000	20,307,000	22,202,000	17,415,000	12,033,000	16,079,000	28,890,000	15,937,000	5,332,000	5,928,000	21,420,000	16,712,000	11,979,000	7,907,000	20,988,000	19,834,000	7,640,000	11,308,000	15,462,000	12,319,000	5,709,000	-404,000	10,070,000	12,295,000	5,784,000	3,213,000	3,987,000	11,338,000	2,563,000	4,287,000
investing activities
net cash from investing activities			-40,548,000	-17,494,000	-21,488,000	40,883,000	-14,402,000	-12,236,000	-40,946,000	-59,939,000	-74,087,000	-51,896,000	-51,344,000	-50,788,000	104,496,000	50,674,000	-137,624,000	43,724,000	-69,748,000	-486,000	-31,119,000	-22,354,000	-21,525,000	66,822,000	-49,170,000	-39,169,000	-9,284,000	-166,807,000	-79,803,000	-57,005,000	-80,440,000	-33,369,000	-69,749,000	-32,941,000	-32,428,000	-23,710,000	-13,347,000	-38,780,000	-38,292,000	-38,286,000	-111,103,000	4,274,000	-40,483,000	-11,842,000	-8,330,000	-17,836,000	-31,472,000	-30,100,000	-25,898,000	-18,732,000	-14,882,000	-11,151,000	-3,182,000
financing activities
net cash from financing activities			9,481,000	12,425,000	-2,275,000	-35,189,000	11,094,000	-27,322,000	8,155,000	40,076,000	35,166,000	24,151,000	22,860,000	4,497,000	-149,203,000	-33,573,000	106,085,000	-58,696,000	21,377,000	-13,365,000	7,142,000	-29,852,000	7,625,000	-73,946,000	38,072,000	12,940,000	13,514,000	161,776,000	58,632,000	31,518,000	69,733,000	24,149,000	60,211,000	11,465,000	16,850,000	20,279,000	-6,463,000	15,844,000	22,364,000	31,820,000	91,616,000	-7,938,000	15,999,000	2,010,000	14,330,000	16,548,000	20,007,000	27,143,000	17,247,000	23,852,000	-1,418,000	19,224,000	-6,404,000
unrealized credit loss release
equity in loss of unconsolidated real estate entities				322,000	1,913,000
costs from issuance of common stock					-14,000
amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases						8,514,000	4,939,000	4,540,000	4,687,000		4,982,000	4,730,000	4,354,000	4,332,000	4,369,000	4,806,000	4,919,000	3,588,000	3,574,000	4,675,000	5,467,000	5,634,000	3,425,000	3,473,000	3,769,000
proceeds (costs) from issuance of common stock, net of issuance cost						-53,000
acquisition of nci in consolidated re investments														-750,000	0	0	-3,901,000	0	0
contributions from noncontrolling interests														0	0
amortization of right-of-use assets - finance leases							395,000	394,000	395,000	300,000	425,000	347,000	277,000	277,000	278,000	277,000	278,000	277,000	278,000	278,000	189,000	146,000	147,000	146,000	147,000	209,000
proceeds from issuance of common stock, net of issuance cost								4,263,000	-10,000		-55,000	0	-149,000
adjustment for uncollectable lease accounts									758,000		83,000	916,000	252,000	74,000	36,000	164,000	241,000	262,000	121,000	290,000	272,000		1,709,000	1,185,000	301,000
amortization of leasing costs, in-place lease intangibles, and below market ground rents - operating leases
unrealized change in the fair value of derivatives and other
proceeds from issuance of common stock														0	0	-35,000	65,194,000	24,249,000	4,331,000	14,116,000	8,981,000	12,263,000	1,622,000	4,416,000	1,349,000	25,096,000	34,045,000
acquisition of noncontrolling interests in consolidated real estate investments
debt issuances, credit facility and construction loan borrowings												183,073,000	46,710,000	187,060,000	167,418,000	39,983,000	284,113,000	101,864,000	40,823,000	1,529,000	17,590,000	95,615,000	6,332,000	12,068,000	62,604,000	78,129,000	57,765,000	191,065,000	100,327,000	75,153,000	127,179,000	35,750,000	111,498,000	38,379,000	50,300,000	28,954,000	44,952,000	26,747,000	104,866,000	40,555,000	144,684,000	14,140,000	26,273,000	48,527,000	125,467,000	25,236,000	35,722,000
change in the fair value of derivatives and other
proceeds from issuance of cumulative redeemable perpetual preferred stock																						0	101,369,000			0	0
adjustment for annapolis junction modification fee
interest expense on finance leases																					362,000	229,000	229,000	228,000	229,000	228,000
provision for unrealized credit losses																						29,000	-33,000	-117,000	377,000
adjustment for uncollectable accounts																										291,000	211,000	-119,000	128,000
change in the fair value of interest rate derivatives																														2,207,000	-298,000	11,000	-969,000	-827,000
adjustment for annapolis junction loan discount amortization
net increase in cash and cash equivalents																																								1,174,000	-8,179,000			-4,123,000	5,596,000	8,782,000	830,000			9,107,000	-4,962,000
change in fair value of interest rate derivatives																								6,000	1,736,000		530,000	1,933,000	1,463,000
amortization of leasing costs and in-place lease intangibles																											5,134,000	4,346,000	2,161,000	2,269,000	2,332,000	2,412,000	2,505,000	2,714,000	2,784,000	2,847,000	3,002,000	3,294,000	2,935,000	2,965,000	2,681,000	1,482,000	1,269,000	1,016,000	708,000
annapolis junction loan discount amortization																											-1,371,000
dividends on common stock and distributions on operating partnership units																											-15,534,000
adjustment for annapolis junction purchase option																													-1,118,000
proceeds from sales of common stock																													30,609,000	6,018,000	10,709,000			0	0	92,521,000	3,523,000	17,387,000	19,908,000	21,091,000	10,089,000	38,775,000	4,091,000
offering costs																													-403,000	-303,000	-161,000			0	0	-4,502,000	-161,000	-270,000	-390,000	-520,000	-273,000	-106,000	-118,000			-96,000	-77,000	-94,000	-149,000	-333,000	-1,942,000	-3,075,000	-2,587,000
net decrease in cash and cash equivalents																													-5,092,000		5,230,000	-3,888,000	-3,610,000		1,134,000	8,548,000	-11,903,000												-5,438,000				-5,299,000
bad debt expense																														174,000	133,000	60,000	52,000	139,000	259,000	98,000	68,000	25,000	83,000	50,000	45,000	8,000	51,000	38,000	34,000	31,000	37,000	0	11,000	7,000	38,000	0	117,000
loss on extinguishment of debt																																											3,000	180,000	227,000
supplemental disclosures
increase in dividends payable																															160,000	706,000	744,000
increase in accounts payable and accrued liabilities for capital expenditures																															3,411,000	11,126,000	-4,434,000
issuance of operating partnership units for acquisitions																															0	0	1,702,000
operating partnership units redeemed for common shares																															1,347,000
redeemable noncontrolling interest from development																																			0	0	2,000,000
deferred payment for land acquisition																																			0	0	600,000
dispositions of real estate investments																																		0	8,116,000	0	4,441,000	358,000	3,537,000	9,027,000	83,748,000	28,953,000	0	35,389,000	15,224,000
supplemental disclosures:
noncash transactions:
government development grants																																										0				0				0
supplemental cash flow information:
cash paid for interest																																														3,165,000	3,172,000	3,001,000	2,794,000	2,447,000	2,679,000	3,743,000	3,748,000
cash refunded (paid) for income taxes
common shares and op units issued for acquisitions
change in accrued capital improvements and development costs
debt principal extinguished in conjunction with real estate sales
debt principal assumed in conjunction with real estate acquisitions
decrease in capital improvement reserves
cash and cash equivalents, beginning of period																																			0	0	21,942,000	0	0	0	26,989,000	0	0	0	25,883,000	0	0	0	18,882,000	0	0	0	9,400,000
cash and cash equivalents, end of period																																			1,134,000	8,548,000	10,039,000	-1,948,000	3,906,000	1,174,000	18,810,000	11,798,000	-12,165,000	-4,123,000	31,479,000	8,782,000	830,000	2,827,000	13,444,000	9,107,000	-4,962,000	10,636,000	4,101,000
change in the fair value of derivatives																																				81,000	-294,000		-498,000	373,000	2,389,000	-9,000	51,000	40,000	147,000	110,000	-46,000	262,000	-93,000	53,000	115,000	-46,000	-110,000
decrease in restricted cash																																										838,000	-437,000	417,000	762,000	-111,000	-936,000			-362,000	181,000	369,000	-95,000
increase in restricted cash																																					-31,000		-31,000	-166,000	-13,000								-35,000
other noncash gain
acquisitions of real estate investments																																									-165,161,000	-3,500,000
decrease (increase) in restricted cash
contributions to real estate joint ventures																																																		0	0	0	-81,000
gain on real estate dispositions and acquisitions																																									-26,674,000
income from real estate joint ventures																																																		0	0	-117,000	-93,000
return of capital from real estate joint ventures																																																		0	0	381,000	130,000
formation transactions																																																		-229,000	0
predecessor contributions
predecessor distributions																																																		-2,218,000
changes in operating assets and liabilities, net of acquisitions:
debt and credit facility payments, including principal amortization																																											-6,943,000	-42,741,000	-103,637,000			-864,000	-714,000	-12,872,000	-16,896,000
acquisitions of real estate investments, net of cash acquired																																														0	141,000	0	-2,895,000	0	0
results from discontinued operations
income from continuing operations																																																		2,866,000	1,252,000	8,404,000	1,931,000
net cash from continuing operations																																																		3,987,000	11,338,000	2,563,000	4,287,000
net cash from discontinued operations
proceeds from sale of common stock																																														0				0	0
cash paid for income taxes
amortization of deferred leasing costs and in-place lease intangibles																																															752,000	739,000	491,000	462,000	626,000
amortization of lease incentives and above or below-market rents																																															144,000	157,000	160,000	146,000	154,000
gain on acquisitions																																																		0	0
debt assumed in acquisitions of real estate investments
deferred leasing costs																																																-721,000	-153,000	-509,000	-427,000	-94,000	-150,000
credit facility and construction loan borrowings																																																	23,269,000
loss on disposal of real estate assets
debt issuances and credit facility borrowings																																																		43,354,000	20,000,000
common stock dividends and common unit distributions
noncash contributions
increase in distributions payable																																																					967,000
income from discontinued operations
non-cash stock compensation																																																			243,000
non-cash interest expense																																																			145,000
non-cash loss on extinguishment of debt																																																			34,000
dividends
decrease in distributions payable																																																			0
loss from discontinued operations
second generation tenant and building improvements																																																				-964,000	-746,000
contributions to predecessor
distributions from predecessor
amortization of deferred leasing costs																																																					314,000
amortization of lease incentives																																																					196,000
amortization of debt issuance costs																																																					172,000
debt issuances
debt repayments																																																					-1,453,000
contributions																																																					250,000
distributions																																																					-2,614,000

Armada Hoffler Properties, Inc(NYSE:AHH)

Armada Hoffler Properties, Inc
(NYSE:AHH)