Armada Hoffler Properties, Inc. (AHH) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
General contracting and real estate services revenues	91.9	217.1	105.9	76.4	194.0
General contracting and real estate services	27.8	26.6	99.9	134.4	51.5			103.3
Other	164.3	139.9	51.4		57.2			64.7
Total revenues [+]	284.1	383.6	257.2	193.3	302.8	258.4	252.4	168.1
Construction							171.3
Lease / rental					108.7	99.4	81.2	64.7
Revenue growth [+]	-26.0%	49.2%	33.0%	-36.2%	17.2%	2.4%	50.2%	103.7%
General contracting and real estate services revenues	-57.7%	105.1%	38.6%	-60.6%
General contracting and real estate services	4.5%	-73.4%	-25.7%	161.0%				25.2%
Cost of goods sold [+]	68.3	57.1	49.3	38.6	222.5	31.5	27.0	22.4
Real estate taxes and insurance	21.9	18.1	15.0	11.4	10.5	9.6	7.8	5.7
Real estate or leased property costs	46.5	39.0	34.3	27.2	25.4	21.9	19.2	16.7
Gross profit	215.7	326.5	207.9	154.7	80.2	226.9	225.5	145.7
Gross margin	75.9%	85.1%	80.8%	80.0%	26.5%	87.8%	89.3%	86.7%
Selling, general and administrative [+]	14.6	12.9	12.4	11.4	10.4	9.6	8.4	7.7
General and administrative	14.6	12.9	12.4	11.4	10.4	9.6	8.4	7.7
Equity in earnings			0.3	0.4
Other operating expenses	51.2	197.9	93.4	65.5	-7.4	124.4	167.3	99.0
EBITDA [+]	132.7	99.5	85.7	68.7	65.9	81.0	45.3	36.4
EBITDA growth	33.4%	16.1%	24.8%	4.2%	-18.7%	78.8%	24.5%	-1.7%
EBITDA margin	46.7%	25.9%	33.3%	35.5%	21.8%	31.4%	17.9%	21.6%
Depreciation and amortization	51.5	43.7	37.8	30.4	26.0	23.5	18.7	15.0
EBIT [+]	81.1	55.8	47.9	38.3	39.9	57.6	26.6	21.4
EBIT growth	45.4%	16.6%	25.1%	-4.1%	-30.7%	116.2%	24.5%	-11.5%
EBIT margin	28.6%	14.5%	18.6%	19.8%	13.2%	22.3%	10.5%	12.7%
Non-recurring items [+]	40.4	7.1	5.0	5.9	0.1	0.4	0.0	0.0
Asset impairment	21.4	0.7	0.3	1.6	0.1	0.4	0.0	0.0
Loss (gain) on sale of assets	19.0	6.4	4.7	4.3
Interest expense	33.9	31.0	31.3	19.1	17.4	16.5	13.3	10.6
Interest expense	33.9	31.0	31.3	19.1	17.4	16.5	13.3	10.6
Other income (expense), net [+]	17.9	19.0	20.2	10.2	8.3	2.4	17.9	2.1
Gain (loss) on sale of assets					8.1	30.5	18.4
Gain (loss) on debt retirement	-3.8		0.0			-0.1	-0.5
Gain (loss) on derivative instruments	2.2	-1.1	-3.6	-1.0	1.1	-0.9	-0.2	-0.2
Other	0.3	0.5	0.6	0.4	0.1	0.1	0.1	0.1
Pre-tax income	24.7	36.7	31.8	23.5	30.7	43.1	31.1	12.8
Income taxes	-0.7	-0.3	-0.5	0.0	0.7	0.3	0.0	0.1
Tax rate					2.4%	0.8%		0.5%
Minority interest						14.7	11.5	5.1
Net income	10.3	21.8	21.6	17.2	21.0	28.1	19.6	7.7
Net margin	3.6%	5.7%	8.4%	8.9%	7.0%	10.9%	7.8%	4.6%

Basic EPS [+]	$0.17	$0.38	$0.41	$0.36	$0.50	$0.85	$0.76	$0.37
Growth	-55.2%	-6.5%	12.3%	-27.0%	-41.6%	12.4%	105.7%	-4.7%
Diluted EPS [+]	$0.17	$0.38	$0.41	$0.36	$0.50	$0.56	$0.47	$0.22
Growth	-55.2%	-6.5%	12.3%	-27.0%	-11.2%	17.8%	116.4%	-43.1%

Dividends per share [+]	$0.64	$0.44	$0.84	$0.80	$0.76	$0.72	$0.68	$0.64
Growth	45.5%	-47.6%	5.0%	5.3%	5.6%	5.9%	6.3%	60.0%

Shares outstanding (basic) [+]	60.6	57.3	53.1	47.5	42.4	33.1	26.0	20.9
Growth	5.8%	7.9%	11.8%	12.0%	28.3%	27.1%	24.2%	10.0%
Shares outstanding (diluted) [+]	60.6	57.3	53.1	47.5	42.4	50.2	41.4	35.1
Growth	5.8%	7.9%	11.8%	12.0%	-15.5%	21.4%	18.0%	84.1%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.