{"id":6851,"date":"2022-09-05T13:14:54","date_gmt":"2022-09-05T18:14:54","guid":{"rendered":"https:\/\/1reason.com\/re\/armada-hoffler-properties-reports-second-quarter-2022-results\/6851\/"},"modified":"2022-09-06T08:14:54","modified_gmt":"2022-09-06T13:14:54","slug":"armada-hoffler-properties-reports-second-quarter-2022-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/armada-hoffler-properties-reports-second-quarter-2022-results\/6851\/","title":{"rendered":"Armada Hoffler Properties Reports Second Quarter 2022 Results"},"content":{"rendered":"<div>, Aug.  04, 2022  (GLOBE NEWSWIRE) &#8212; Armada Hoffler Properties,Inc. (NYSE: AHH) today announced its results for the quarter ended June30, 2022 and provided an update on current events.        <\/p>\n<p align=\"left\"><strong>Second Quarter and Recent Highlights:<\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"text-align:left\">Net income attributable to common stockholders and OP Unit holders of $27.8 million, or $0.31 per diluted share, compared to $5.6 million, or $0.07 per diluted share, for the three months ended June30, 2021.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:left\">Funds from operations attributable to common stockholders and OP Unit holders (&#8220;FFO&#8221;) of $27.0 million, or $0.31 per diluted share, compared to $22.9 million, or $0.28 per diluted share, for the three months ended June30, 2021. See &#8220;Non-GAAP Financial Measures.&#8221;<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:left\">Normalized funds from operations attributable to common stockholders and OP Unit holders (&#8220;Normalized FFO&#8221;) of $26.2 million, or $0.30 per diluted share, compared to $23.4 million, or $0.29 per diluted share, for the three months ended June30, 2021.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:left\">Raised 2022 full-year Normalized FFO guidance to $1.16 to $1.20 per diluted share from the Company&#8217;s previous guidance range of $1.15 to $1.19 per diluted share. This represents a 10% increase over 2021 results.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:left\">Announced a third quarter cash dividend of $0.19 per common share, a 12% increase over the prior quarter&#8217;s dividend.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:left\">Stabilized operating property portfolio occupancy increased to 97.3% as of June30, 2022. Office occupancy was 97.9%, retail occupancy was 97.1%, and multifamily occupancy was 97.2%.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:left\">Same Store net operating income (&#8220;NOI&#8221;) increased 6.0% on a GAAP basis and 7.4% on a cash basis compared to the quarter ended June30, 2021.\n<ul type=\"circle\">\n<li style=\"text-align:left\">Multifamily same store NOI increased 12.5% on a GAAP and cash basis.<\/li>\n<li style=\"text-align:left\">Commercial same store NOI increased 4.1% on a GAAP basis and 5.8% on a cash basis.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:left\">Third-party construction backlog totaling $541 million, highest in the Company&#8217;s history<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:left\">Positive releasing spreads during the second quarter of 13.1% on a GAAP basis and 3.0% on a cash basis for office and 9.9% on a GAAP basis and 3.5% on a cash basis for retail.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:left\">Achieved an 8.1% increase in rental rates on apartment trade outs across the multifamily segment.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:left\">Completed $177 million of sales of noncore assets at a blended 4.1% exit cap rate.\n<ul type=\"circle\">\n<li style=\"text-align:left\">The Residences at Annapolis Junction in Baltimore for $150 million, 4.15% cash cap rate.<\/li>\n<li style=\"text-align:left\">Two outparcels at North Pointe in Durham, North Carolina for $24 million, 4.0% cash cap rate.<\/li>\n<li style=\"text-align:left\">Two outparcels at Sandbridge Commons in Virginia Beach for $3 million, 4.5% cash cap rate.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:left\">Appointed Dennis H. Gartman, renowned investor, economist, and longtime publisher of \u201cThe Gartman Letter,\u201d as a member of our board of directors. He is the sixth independent member.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:left\">Executed a new office lease with Franklin Templeton for 60,000 square feet at the Company\u2019s Wills Wharf office building in Baltimore\u2019s Harbor Point neighborhood. The investment management firm has agreed to lease the entire fifth floor and a portion of the fourth floor of Wills Wharf and will bring the building to 91% occupancy.<\/li>\n<\/ul>\n<p align=\"left\">&#8220;We believe the types of assets we own will outperform the competitive set through most any business cycle. High-quality facilities in mixed-use environments located in desirable sub-markets stand the test of time,&#8221; said Louis Haddad, President &amp; CEO. &#8220;When you have premium properties amongst limited peer competition, you have the ability to move rents in a positive direction through virtually any macro-economic backdrop.&#8221;<\/p>\n<p align=\"left\"><strong>Financial Results<\/strong><\/p>\n<p align=\"left\">Net income attributable to common stockholders and OP Unit holders for the second quarter increased to $27.8 million compared to $5.6 million for the second quarter of 2021. The period-over-period change was primarily due to an increase in property operating income due to acquisitions, gains recognized on dispositions, developments and improved same-store performance, increased general contracting gross profit, and changes in the fair value of interest rate derivatives. The increase was partially offset by a decrease in interest income on our mezzanine loan portfolio, a decrease in income tax benefit, an increase in interest expense, and an increase in loss on extinguishment of debt.<\/p>\n<p align=\"left\">FFO attributable to common stockholders and OP Unit holders for the second quarter increased to $27.0 million compared to $22.9 million for the second quarter of 2021. Normalized FFO attributable to common stockholders and OP Unit holders for the second quarter increased to $26.2 million compared to $23.4 million for the second quarter of 2021. The period-over-period changes in FFO and Normalized FFO were due to higher property operating income resulting primarily from leasing activity and property acquisitions and an increase in general contracting gross profit. These increases were partially offset by a decrease in interest income on our mezzanine loan portfolio and an increase in interest expense.<\/p>\n<p align=\"left\"><strong>Operating Performance<\/strong><\/p>\n<p align=\"left\">At the end of the second quarter, the Company\u2019s office, retail and multifamily stabilized operating property portfolios were 97.9%, 97.1% and 97.2% occupied, respectively.<\/p>\n<p align=\"left\">Total construction contract backlog was $541.2 million at the end of the second quarter.<\/p>\n<p align=\"left\"><strong>Balance Sheet and Financing Activity<\/strong><\/p>\n<p align=\"left\">As of June30, 2022, the Company had $1.2 billion of total debt outstanding, including $82.0 million outstanding under its revolving credit facility. Total debt outstanding excludes GAAP adjustments. Approximately 45% of the Company\u2019s debt had fixed interest rates or was subject to interest rate swaps as of June30, 2022. The Company\u2019s debt was 100% fixed or hedged as of June30, 2022 after considering interest rate caps with strike prices at or below 300 basis points.<\/p>\n<p align=\"left\"><strong>Outlook<\/strong><\/p>\n<p align=\"left\">The Company raised its 2022 full-year Normalized FFO guidance range to $1.16 to $1.20 per diluted share. The following table updates the Company&#8217;s assumptions underpinning this forecast. The Company&#8217;s executive management will provide further details regarding its 2022 earnings guidance during today&#8217;s webcast and conference call.<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>Full-year 2022 Guidance<\/strong><sup><strong>[1][2]<\/strong><\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"5\"><strong>Expected Ranges<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_label_i15 hugin gnw_vertical_align_bottom\" style=\"max-width:72%;width:72%;min-width:72%\">Total NOI<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" style=\"max-width:13%;width:13%;min-width:13%\">$144.8M<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" style=\"max-width:13%;width:13%;min-width:13%\">$145.8M<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Construction Segment Gross Profit<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">$7.3M<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">$8.3M<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">G&amp;A Expenses<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">$16.0M<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">$16.5M<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Interest Income<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">$12.6M<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">$13.0M<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Interest Expense<sup>[<\/sup><sup>3<\/sup><sup>]<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">$32.9M<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">$33.6M<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Normalized FFO per diluted share<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">$1.16<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">$1.20<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<\/table>\n<p align=\"left\"><sup>[1]<\/sup> Includes the following assumptions:<\/p>\n<ul type=\"disc\">\n<li style=\"text-align:left\">Interest expense, net of interest rate caps, based on the Forward Yield Curve ending 2022 at 3.7%<\/li>\n<li style=\"text-align:left\">No capital markets activity for the remainder of the year<\/li>\n<li style=\"text-align:left\">Acquisition of $25 to $35 million of grocery-anchored retail assets<\/li>\n<li style=\"text-align:left\">The Interlock mezzanine loan paid off during the fourth quarter of 2022<\/li>\n<\/ul>\n<p align=\"left\"><sup>[<\/sup><sup>2<\/sup><sup>]<\/sup> Ranges exclude certain items per Company&#8217;s Normalized FFO definition: Normalized FFO excludes certain items, including debt extinguishment losses, acquisition, development and other pursuit costs, mark-to-market adjustments for interest rate derivatives, provision for non-cash unrealized credit losses, certain costs for interest rate caps designated as cash flow hedges, amortization of right-of-use assets attributable to finance leases, severance related costs, and other non-comparable items. See &#8220;Non-GAAP Financial Measures.&#8221; The Company does not provide a reconciliation for its guidance range of Normalized FFO per diluted share to net income per diluted share, the most directly comparable forward-looking GAAP financial measure, because it is unable to provide a meaningful or accurate estimate of reconciling items and the information is not available without unreasonable effort as a result of the inherent difficulty of forecasting the timing and\/or amounts of various items that would impact net income per diluted share. For the same reasons, the Company is unable to address the probable significance of the unavailable information and believes that providing a reconciliation for its guidance range of Normalized FFO per diluted share would imply a degree of precision for its forward-looking net income per diluted share that could be misleading to investors.<\/p>\n<p align=\"left\"><sup>[<\/sup><sup>3<\/sup><sup>] <\/sup>Includes interest expense on finance leases<\/p>\n<p align=\"left\"><strong>Supplemental Financial Information<\/strong><\/p>\n<p align=\"left\">Further details regarding operating results, properties and leasing statistics can be found in the Company\u2019s supplemental financial package available at www.ArmadaHoffler.com.<\/p>\n<p align=\"left\"><strong>Webcast and Conference Call<\/strong><\/p>\n<p align=\"left\">The Company will host a webcast and conference call on Thursday, August4, 2022 at 8:30 a.m.Eastern Time to review financial results and discuss recent events. The live webcast will be available through the Investors pageof the Company\u2019s website, www.ArmadaHoffler.com. To participate in the call, please dial 877-407-3982 (domestic) or 201-493-6780 (international).A replay of the conference call will be available through Sunday, September4, 2022 by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13730643.<\/p>\n<p align=\"left\"><strong>About Armada Hoffler Properties,Inc.<\/strong><\/p>\n<p align=\"left\">Armada Hoffler Properties (NYSE:AHH) is a vertically-integrated, self-managed real estate investment trust (&#8220;REIT&#8221;) with four decades of experience developing, building, acquiring and managing high-quality office, retail and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. The Company also provides general construction and development services to third-party clients, in addition to developing and building properties to be placed in their stabilized portfolio. Founded in 1979 by Daniel A. Hoffler, Armada Hoffler has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information visit ArmadaHoffler.com.<\/p>\n<p align=\"left\"><strong>Forward-Looking Statements<\/strong><\/p>\n<p align=\"left\">Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These forward-looking statements may include comments relating to the current and future performance of the Company\u2019s operating property portfolio, the Company\u2019s development pipeline, the Company&#8217;s mezzanine program, the Company\u2019s construction and development business, including backlog and timing of deliveries and estimated costs, financing activities, as well as acquisitions, dispositions, and the Company\u2019s financial outlook, guidance, and expectations. For a description of factors that may cause the Company\u2019s actual results or performance to differ from its forward-looking statements, please review the information under the heading \u201cRisk Factors\u201d included in the Company\u2019s Annual Report on Form 10-K for the year ended December31, 2021, and the other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company&#8217;s expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by applicable law.<\/p>\n<p align=\"left\"><strong>Non-GAAP Financial Measures<\/strong><\/p>\n<p align=\"left\">The Company calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (&#8220;Nareit&#8221;). Nareit defines FFO as net income (loss) (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains or losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.<\/p>\n<p align=\"left\">FFO is a supplemental non-GAAP financial measure. The Company uses FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the Company\u2019s operational performance. Specifically, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared period-over-period, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the Company\u2019s operating performance with that of other REITs.<\/p>\n<p align=\"left\">However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the Company\u2019s properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of the Company\u2019s properties, all of which have real economic effects and could materially impact the Company\u2019s results from operations, the utility of FFO as a measure of the Company\u2019s performance is limited. In addition, other equity REITs may not calculate FFO in accordance with the Nareit definition as the Company does, and, accordingly, the Company\u2019s FFO may not be comparable to such other REITs\u2019 FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of the Company\u2019s performance. FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or service indebtedness. Also, FFO should not be used as a supplement to or substitute for cash flow from operating activities computed in accordance with GAAP.<\/p>\n<p align=\"left\">Management also believes that the computation of FFO in accordance with Nareit\u2019s definition includes certain items that are not indicative of the results provided by the Company\u2019s operating property portfolio and affect the comparability of the Company\u2019s period-over-period performance. Accordingly, management believes that Normalized FFO is a more useful performance measure that excludes certain items, including but not limited to, acquisition, development and other pursuit costs, gains or losses from the early extinguishment of debt, impairment of intangible assets and liabilities, mark-to-market adjustments for interest rate derivatives, certain costs for interest rate caps designated as cash flow hedges, provision for unrealized non-cash credit losses, amortization of right-of-use assets attributable to finance leases, severance related costs, and other non-comparable items.<\/p>\n<p align=\"left\">NOI is the measure used by the Company\u2019s chief operating decision-maker to assess segment performance. The Company calculates NOI as property revenues (base rent, expense reimbursements, termination fees and other revenue) less property expenses (rental expenses and real estate taxes). NOI is not a measure of operating income or cash flows from operating activities as measured in accordance with GAAP and is not indicative of cash available to fund cash needs. As a result, NOI should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company\u2019s real estate and construction businesses. To calculate NOI on a cash basis, we adjust NOI to exclude the net effects of straight line rent and the amortization of lease incentives and above\/below market rents.<\/p>\n<p align=\"left\">For reference, as an aid in understanding the Company\u2019s computation of NOI, NOI Cash Basis, FFO and Normalized FFO, a reconciliation of net income calculated in accordance with GAAP to NOI, NOI Cash Basis, FFO and Normalized FFO has been included further in this release.<\/p>\n<p align=\"center\">ARMADA HOFFLER PROPERTIES,INC.<br \/>CONDENSED CONSOLIDATED BALANCE SHEETS<br \/>(dollars in thousands)<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>June 30, 2022<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>December 31, 2021<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>(Unaudited)<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\"><strong><u>ASSETS<\/u><\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Real estate investments:<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\" style=\"max-width:62%;width:62%;min-width:62%\">Income producing property<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:13%;width:13%;min-width:13%\">1,791,302<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:13%;width:13%;min-width:13%\">1,658,609<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Held for development<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">6,294<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">6,294<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Construction in progress<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">71,676<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">72,535<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">1,869,272<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">1,737,438<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Accumulated depreciation<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(303,032<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(285,814<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Net real estate investments<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">1,566,240<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">1,451,624<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Real estate investments held for sale<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">115,680<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">80,751<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Cash and cash equivalents<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">69,731<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">35,247<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Restricted cash<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">6,681<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">5,196<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Accounts receivable, net<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">32,250<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">29,576<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Notes receivable, net<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">139,383<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">126,429<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Construction receivables, including retentions, net<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">29,107<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">17,865<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Construction contract costs and estimated earnings in excess of billings<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">493<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">243<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Equity method investments<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">53,260<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">12,685<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Operating lease right-of-use assets<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">23,387<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">23,493<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Finance lease right-of-use assets<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">46,433<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">46,989<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Acquired lease intangible assets<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">107,147<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">62,038<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Other assets<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">75,743<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">45,927<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\"><strong>Total Assets<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">2,265,535<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">1,938,063<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\"><strong><u>LIABILITIES AND EQUITY<\/u><\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Indebtedness, net<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1,080,664<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">917,556<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Liabilities related to assets held for sale<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">84,049<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">41,364<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Accounts payable and accrued liabilities<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">22,886<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">29,589<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Construction payables, including retentions<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">47,429<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">31,166<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Billings in excess of construction contract costs and estimated earnings<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">15,075<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">4,881<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Operating lease liabilities<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">31,645<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">31,648<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Finance lease liabilities<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">46,325<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">46,160<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Other liabilities<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">51,126<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">55,876<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\"><strong>Total Liabilities<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">1,379,199<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">1,158,240<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\"><strong>Total Equity<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">886,336<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">779,823<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\"><strong>Total Liabilities and Equity<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">2,265,535<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">1,938,063<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p align=\"center\">ARMADA HOFFLER PROPERTIES,INC.<br \/>CONDENSED CONSOLIDATED INCOME STATEMENTS<br \/>(in thousands, except per share amounts)<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>Three Months Ended<\/strong><br \/><strong>June 30,<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>Six Months Ended<\/strong><br \/><strong>June 30,<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:40%;width:40%;min-width:40%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:9%;width:9%;min-width:9%\"><strong>2022<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:9%;width:9%;min-width:9%\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:9%;width:9%;min-width:9%\"><strong>2022<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:9%;width:9%;min-width:9%\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"15\"><strong>(Unaudited)<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Revenues<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Rental revenues<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">55,224<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">47,378<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">109,859<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">93,119<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">General contracting and real estate services revenues<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">45,273<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">18,408<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">69,923<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">53,971<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\"><strong>Total revenues<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">100,497<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">65,786<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">179,782<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">147,090<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Expenses<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Rental expenses<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">12,685<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">11,292<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">25,354<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">22,124<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Real estate taxes<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">5,837<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">5,465<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">11,241<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">10,771<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">General contracting and real estate services expenses<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">43,418<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">18,131<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">67,239<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">52,406<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Depreciation and amortization<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">18,781<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">17,285<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">37,338<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">35,351<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Amortization of right-of-use assets &#8211; finance leases<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">277<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">278<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">555<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">467<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">General and administrative expenses<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3,617<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3,487<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">8,325<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">7,508<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Acquisition, development and other pursuit costs<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">26<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">32<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">37<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">103<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Impairment charges<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">286<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">83<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">333<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">3,122<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\"><strong>Total expenses<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">84,927<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">56,053<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">150,422<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">131,852<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Gain on real estate dispositions, net<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">19,493<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">19,493<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">3,717<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\"><strong>Operating income<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">35,063<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">9,733<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">48,853<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">18,955<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Interest income<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3,352<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">6,746<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">6,920<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">10,862<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Interest expense<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(9,371<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(8,418<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(18,402<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(16,393<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Loss on extinguishment of debt<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(618<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(776<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Change in fair value of derivatives and other<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2,548<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">314<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">6,730<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">707<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Unrealized credit loss provision<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(295<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(388<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(900<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(333<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Other income (expense), net<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">68<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">7<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">297<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">186<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Income before taxes<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">30,747<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">7,994<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">42,722<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">13,984<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Income tax benefit<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">20<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">461<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">321<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">480<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Net income<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">30,767<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">8,455<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">43,043<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">14,464<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Net loss attributable to noncontrolling interests in investment entities<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(128<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(228<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Preferred stock dividends<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(2,887<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(2,887<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(5,774<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(5,774<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Net income attributable to common stockholders and OP Unitholders<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">27,752<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">5,568<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">37,041<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">8,690<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p align=\"center\">ARMADA HOFFLER PROPERTIES,INC.<br \/>RECONCILIATION OF NET INCOME TO FFO&amp; NORMALIZED FFO<br \/>(in thousands, except per share amounts)<\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>Three Months Ended<\/strong><br \/><strong>June 30,<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>Six Months Ended<\/strong><br \/><strong>June 30,<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:40%;width:40%;min-width:40%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:9%;width:9%;min-width:9%\"><strong>2022<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:9%;width:9%;min-width:9%\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:9%;width:9%;min-width:9%\"><strong>2022<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:9%;width:9%;min-width:9%\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>(Unaudited)<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Net income attributable to common stockholders and OP Unitholders<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">27,752<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">5,568<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">37,041<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">8,690<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Depreciation and amortization<sup>(1)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">18,509<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">17,285<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">36,794<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">35,351<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Gain on operating real estate dispositions, net<sup>(2)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(19,493<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(19,493<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(3,464<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Impairment of real estate assets<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">201<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">201<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">3,039<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>FFO attributable to common stockholders and OP Unitholders<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">26,969<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">22,853<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">54,543<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">43,616<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Acquisition, development and other pursuit costs<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">26<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">32<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">37<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">103<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Impairment of intangible assets and liabilities<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">85<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">83<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">132<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">83<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Loss on extinguishment of debt<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">618<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">776<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Unrealized credit loss provision<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">295<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">388<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">900<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">333<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Amortization of right-of-use assets &#8211; finance leases<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">277<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">278<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">555<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">467<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Change in fair value of derivatives not designated as cash flow hedges and other<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(2,548<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(314<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(6,730<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(707<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Amortization of interest rate cap premiums on designated cash flow hedges<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">481<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">59<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">523<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">117<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Normalized FFO available to common stockholders and OP Unitholders<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">26,203<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">23,379<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">50,736<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">44,012<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Net income attributable to common stockholders and OP Unitholders per diluted share and unit<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\">0.31<\/td>\n<td class=\"gnw_border_top_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\">0.07<\/td>\n<td class=\"gnw_border_top_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\">0.42<\/td>\n<td class=\"gnw_border_top_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\">0.11<\/td>\n<td class=\"gnw_border_top_double gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>FFO attributable to common stockholders and OP Unitholders per diluted share and unit<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">0.31<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">0.28<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">0.62<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">0.54<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Normalized FFO attributable to common stockholders and OP Unitholders per diluted share and unit<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">0.30<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">0.29<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">0.58<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">0.54<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Weighted average common shares and units &#8211; diluted<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">88,331<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">81,262<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">88,042<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">80,771<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p align=\"left\">________________________________________<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\">(1) The adjustment for depreciation and amortization for the three and six months ended June 30, 2022 excludes $0.3 million and $0.5 million, respectively, of depreciation attributable to our joint venture partners.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\">(2) The adjustment for gain on operating real estate dispositions for the six months ended June 30, 2021 excludes the gain on sale of easement rights on a non-operating parcel.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<\/table>\n<p align=\"center\">ARMADA HOFFLER PROPERTIES,INC.<br \/>RECONCILIATION OF NET INCOME TO SAME STORE NOI, CASH BASIS<br \/>(in thousands) (unaudited)<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>Three Months Ended<\/strong><br \/><strong>June 30,<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>Six Months Ended<\/strong><br \/><strong>June 30,<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:40%;width:40%;min-width:40%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:9%;width:9%;min-width:9%\"><strong>2022<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:9%;width:9%;min-width:9%\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:9%;width:9%;min-width:9%\"><strong>2022<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:9%;width:9%;min-width:9%\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom gnw_align_center\" style=\"max-width:2%;width:2%;min-width:2%\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><u>Office Same Store<\/u><sup><u>(1)<\/u><\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Same Store NOI, Cash Basis<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">6,552<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">6,395<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">13,163<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">12,844<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">GAAP Adjustments<sup>(2)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">122<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">368<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">124<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">645<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Same Store NOI<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">6,674<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">6,763<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">13,287<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">13,489<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Non-Same Store NOI<sup>(3)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">5,005<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">642<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">9,771<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">1,318<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Segment NOI<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">11,679<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">7,405<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">23,058<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">14,807<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><u>Retail Same Store<\/u><sup><u>(4)<\/u><\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Same Store NOI, Cash Basis<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">13,897<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">12,931<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">26,250<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">24,106<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">GAAP Adjustments<sup>(2)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">856<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">898<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">931<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">1,220<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Same Store NOI<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">14,753<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">13,829<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">27,181<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">25,326<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Non-Same Store NOI<sup>(3)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">1,187<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">182<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">4,450<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">2,077<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Segment NOI<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">15,940<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">14,011<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">31,631<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">27,403<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><u>Multifamily Same Store<\/u><sup><u>(5)<\/u><\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Same Store NOI, Cash Basis<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">6,665<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">5,927<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">13,146<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">11,463<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">GAAP Adjustments<sup>(2)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">208<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">182<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">426<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">366<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Same Store NOI<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">6,873<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">6,109<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">13,572<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">11,829<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Non-Same Store NOI<sup>(3)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">2,210<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">3,096<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">5,003<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">6,185<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Segment NOI<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">9,083<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">9,205<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">18,575<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">18,014<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\"><strong>Total Property NOI<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">36,702<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">30,621<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">73,264<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">60,224<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">General contracting &amp; real estate services gross profit<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1,855<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">277<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2,684<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1,565<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Depreciation and amortization<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(18,781<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(17,285<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(37,338<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(35,351<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">General and administrative expenses<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(3,617<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(3,487<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(8,325<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(7,508<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Acquisition, development and other pursuit costs<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(26<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(32<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(37<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(103<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Impairment charges<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(286<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(83<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(333<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(3,122<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Gain on real estate dispositions, net<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">19,493<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">19,493<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3,717<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Interest income<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3,352<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">6,746<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">6,920<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">10,862<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Loss on extinguishment of debt<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(618<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(776<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Interest expense<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(9,371<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(8,418<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(18,402<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(16,393<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Unrealized credit loss provision<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(295<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(388<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(900<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(333<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Amortization of right-of-use assets &#8211; finance leases<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(277<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(278<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(555<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(467<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Change in fair value of derivatives and other<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2,548<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">314<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">6,730<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">707<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Other income (expense), net<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">68<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">297<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">186<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Income tax benefit<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">20<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">461<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">321<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">480<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Net income<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">30,767<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">8,455<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">43,043<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">14,464<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Net income attributable to noncontrolling interest in investment entities<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(128<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(228<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Preferred stock dividends<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(2,887<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(2,887<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(5,774<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(5,774<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Net income attributable to AHH and OP unitholders<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">27,752<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">5,568<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">37,041<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">8,690<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p align=\"left\">________________________________________<\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\">(1) Office same-store portfolio excludes Exelon and Wills Wharf.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\">(2) GAAP Adjustments include adjustments for straight-line rent, termination fees, deferred rent, recoveries of deferred rent, and amortization of lease incentives.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\">(3) Includes expenses associated with the Company&#8217;s in-house asset management division.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\">(4) Retail same-store portfolio excludes Delray Beach Plaza, Greenbrier Square, Overlook Village, and Premier Retail as well as Oakland Marketplace, which was disposed in March 2021.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\">(5) Multifamily same-store portfolio excludes Gainesville Apartments, 1305 Dock Street, Summit Place, Hoffler Place, and The Residences at Annapolis Junction.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<\/table>\n<p align=\"left\"><strong>Contact:<\/strong><\/p>\n<p align=\"left\">Chelsea Forrest<br \/>Armada Hoffler Properties, Inc.<br \/>Director of Corporate Communications and Investor Relations<br \/>Email: CForrest@ArmadaHoffler.com<br \/>Phone: (757) 612-4248<\/p>\n<\/p>\n<p><img src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/NjY2ZTI5NDktZGY1Yi00NTFiLWFiZTAtNzY5ZmIyYWRkNWM5LTEwMjI1MjQ=\/tiny\/Armada-Hoffler-Properties-Inc-.png\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p align=\"center\">Net Income of $0.31 Per Diluted Share<\/p>\n<p align=\"center\">Normalized FFO of $0.30 Per Diluted Share<\/p>\n<p align=\"center\">Raised 2022 Full-Year Normalized FFO Guidance Range to $1.16 to $1.20 Per Diluted Share<\/p>\n<p align=\"center\">Increased Third Quarter Cash Dividend on Common Shares By 12%<\/p>\n<p align=\"left\">VIRGINIA BEACH, Va.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6851"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=6851"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6851\/revisions"}],"predecessor-version":[{"id":6887,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6851\/revisions\/6887"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=6851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=6851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=6851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}