November 26, 2022

References to "we," "our," "us," and "our company" refer to Armada Hoffler
Properties, Inc., a Maryland corporation, together with our consolidated
subsidiaries, including Armada Hoffler, L.P., a Virginia limited partnership
(the "Operating Partnership"), of which we are the sole general partner. The
following discussion should be read in conjunction with the financial statements
and notes thereto appearing elsewhere in this report.

Regarding the previous statements

This report contains forward-looking statements within the meaning of the
federal securities laws. We caution investors that any forward-looking
statements presented in this report, or which management may make orally or in
writing from time to time, are based on beliefs and assumptions made by, and
information currently available to, management. When used, the words
"anticipate," "believe," "expect," "intend," "may," "might," "plan," "estimate,"
"project," "should," "will," "result," and similar expressions, which do not
relate solely to historical matters, are intended to identify forward-looking
statements. Such statements are subject to risks, uncertainties, and assumptions
and are not guarantees of future performance, which may be affected by known and
unknown risks, trends, uncertainties, and factors that are beyond our control.
Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those anticipated, estimated, or projected. We caution you that while
forward-looking statements reflect our good faith beliefs when we make them,
they are not guarantees of future performance and are impacted by actual events
when they occur after we make such statements. We expressly disclaim any
responsibility to update forward-looking statements, whether as a result of new
information, future events, or otherwise, except as required by law.
Accordingly, investors should use caution in relying on past forward-looking
statements, which are based on results and trends at the time they are made, to
anticipate future results or trends.

Forward-looking statements involve numerous risks and uncertainties and you
should not rely on them as predictions of future events. Forward-looking
statements depend on assumptions, data, or methods which may be incorrect or
imprecise, and we may not be able to realize them. We do not guarantee that the
transactions and events described will happen as described (or that they will
happen at all). The following factors, among others, could cause actual results
and future events to differ materially from those set forth or contemplated in
the forward-looking statements:

• unfavorable economic or real estate developments, either nationally or in the markets where our properties are located, including as a result of the COVID-19 pandemic;

?our ability to begin or continue construction and development projects within the timescales and timelines currently anticipated;

• our failure to generate sufficient cash flow to service our outstanding debt;

• non-return, early terminations or non-renewal of leases by tenants, including significant tenants;

• the bankruptcy or insolvency of a significant tenant or a substantial number of smaller tenants;

• the inability of one or more mezzanine loan borrowers to repay the mezzanine loans in accordance with their contractual terms;

•difficulties in identifying or completing development, acquisition or disposal opportunities;

•our failure to successfully operate developed and acquired properties;

•our failure to generate revenue in our general contracting and real estate services segment in the amounts we anticipate;

•fluctuations in interest rates and the increase in operating costs;

• the impact of inflation, including the increase in operational costs;

•our failure to obtain the necessary external financing on favorable terms or at all;

•our inability to extend the maturity or refinance our existing debt or meet the financial obligations under the agreements governing our existing debt;

• financial market fluctuations;

• risks affecting the general retail environment or the market for office properties or multi-family units;

• the competitive environment in which we operate;

                                       25

--------------------------------------------------------------------------------
  Table of Contents
•decreased rental rates or increased vacancy rates;

•conflicts of interest with our officers and directors;

• lack or insufficient amounts of insurance;

• environmental uncertainties and risks related to adverse weather conditions and natural disasters;

•other factors affecting the real estate industry in general;

•our failure to maintain our qualification as a real estate investment trust (“REIT”) for US for federal income tax purposes;

•limitations imposed on our business and our ability to satisfy complex rules in
order for us to maintain our qualification as a REIT for U.S. federal income tax
purposes;

•changes in governmental regulations or interpretations thereof, such as real
estate and zoning laws and increases in real property tax rates and taxation of
REITs; and

•potential negative effects from changes to US tax laws.


While forward-looking statements reflect our good faith beliefs, they are not
guarantees of future performance. We caution investors not to place undue
reliance on these forward-looking statements and urge investors to carefully
review the disclosures we make concerning risks and uncertainties in the
sections entitled "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in our most recent Annual Report
on Form 10-K, as well as risks, uncertainties and other factors discussed in
this Quarterly Report on Form 10-Q, and other documents that we file from time
to time with the Securities and Exchange Commission (the "SEC").

description of the activity

We are a vertically-integrated, self-managed REIT 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. We also provide general construction and development
services to third-party clients, in addition to developing and building
properties to be placed in our stabilized portfolio. As of September 30, 2022,
our operating property portfolio consisted of the following properties:

Property                                       Segment                        Location                      Ownership Interest
4525 Main Street                                Office                Virginia Beach, Virginia*                            100  %
Armada Hoffler Tower                            Office                Virginia Beach, Virginia*                            100  %
Brooks Crossing Office                          Office                 Newport News, Virginia                              100  %
Constellation Office                            Office                  Baltimore, Maryland**                               79  % (1)
One City Center                                 Office                 Durham, North Carolina                              100  %
One Columbus                                    Office                Virginia Beach, Virginia*                            100  %
Thames Street Wharf                             Office                  Baltimore, Maryland**                              100  %
Two Columbus                                    Office                Virginia Beach, Virginia*                            100  %
Wills Wharf                                     Office                  Baltimore, Maryland**                              100  %
249 Central Park Retail                         Retail                Virginia Beach, Virginia*                            100  %
Apex Entertainment                              Retail                Virginia Beach, Virginia*                            100  %
Broad Creek Shopping Center                     Retail                    Norfolk, Virginia                                100  %
Broadmoor Plaza                                 Retail                   South Bend, Indiana                               100  %
Brooks Crossing Retail                          Retail                 Newport News, Virginia                               65  % (2)
Columbus Village                                Retail                Virginia Beach, Virginia*                            100  %
Columbus Village II                             Retail                Virginia Beach, Virginia*                            100  %
Commerce Street Retail                          Retail                Virginia Beach, Virginia*                            100  %
Delray Beach Plaza                              Retail                  Delray Beach, Florida                              100  %
Dimmock Square                                  Retail               Colonial Heights, Virginia                            100  %
Fountain Plaza Retail                           Retail                Virginia Beach, Virginia*                            100  %


                                       26

————————————————– ——————————

  Table of Contents

Property                                         Segment                      Location                    Ownership Interest
Greenbrier Square                                Retail                 Chesapeake, Virginia                             100  %
Greentree Shopping Center                        Retail                 Chesapeake, Virginia                             100  %
Hanbury Village                                  Retail                 Chesapeake, Virginia                             100  %
Harrisonburg Regal                               Retail                Harrisonburg, Virginia                            100  %
Lexington Square                                 Retail               Lexington, South Carolina                          100  %
                                                                        Mount Pleasant, South
Market at Mill Creek                             Retail                       Carolina                                    70  % (2)
Marketplace at Hilltop                           Retail               Virginia Beach, Virginia                           100  %
Nexton Square                                    Retail              Summerville, South Carolina                         100  %
North Hampton Market                             Retail                Taylors, South Carolina                           100  %
North Pointe Center                              Retail                Durham, North Carolina                            100  %
Overlook Village                                 Retail               Asheville, North Carolina                          100  %
Parkway Centre                                   Retail                   Moultrie, Georgia                              100  %
Parkway Marketplace                              Retail               Virginia Beach, Virginia                           100  %
Patterson Place                                  Retail                Durham, North Carolina                            100  %
Perry Hall Marketplace                           Retail                 Perry Hall, Maryland                             100  %
Premier Retail                                   Retail               Virginia Beach, Virginia*                          100  %
Providence Plaza                                 Retail               Charlotte, North Carolina                          100  %
Red Mill Commons                                 Retail               Virginia Beach, Virginia                           100  %
Sandbridge Commons                               Retail               Virginia Beach, Virginia                           100  %
South Retail                                     Retail               Virginia Beach, Virginia*                          100  %
South Square                                     Retail                Durham, North Carolina                            100  %
Southgate Square                                 Retail              Colonial Heights, Virginia                          100  %
Southshore Shops                                 Retail                Chesterfield, Virginia                            100  %
Studio 56 Retail                                 Retail               Virginia Beach, Virginia*                          100  %
Tyre Neck Harris Teeter                          Retail                 Portsmouth, Virginia                             100  %
Wendover Village                                 Retail              Greensboro, North Carolina                          100  %
1305 Dock Street                               Multifamily              Baltimore, Maryland**                             79  % (1)
1405 Point                                     Multifamily              Baltimore, Maryland**                            100  %
Edison Apartments                              Multifamily               Richmond, Virginia                              100  %
Encore Apartments                              Multifamily            Virginia Beach, Virginia*                          100  %
Gainesville Apartments                         Multifamily              Gainesville, Georgia                              95  % (3)
Greenside Apartments                           Multifamily            Charlotte, North Carolina                          100  %
Liberty Apartments                             Multifamily             Newport News, Virginia                            100  %
Premier Apartments                             Multifamily            Virginia Beach, Virginia*                          100  %
Smith's Landing                                Multifamily              Blacksburg, Virginia                             100  %
The Cosmopolitan                               Multifamily            Virginia Beach, Virginia*                          100  %

__________________________________________________

*Located in the Town Center of Virginia Beach
**Located at Harbor Point in Baltimore
(1) We own a 90% economic interest in this property, including an 11% economic
interest through a note receivable.
(2) We are entitled to a preferred return on our investment in this property.
(3) We were required to purchase our partner's ownership interest after
completion of the project, contingent upon obtaining a certificate of occupancy
and achieving certain thresholds of net operating income. On April 11, 2022, we
paid a $1.1 million earn-out to our development partner in connection with our
receipt of the certificate of occupancy. The remaining earn-out of $3.1 million
was paid in October 2022, resulting in our obtaining the remaining 5% ownership
interest. Additionally, we shared in the economic benefit of cost savings,
paying $0.8 million to our development partner.

                                       27

————————————————– ——————————

Table of Contents Beginning with September 30, 2022the following properties that we consolidate for financial reporting purposes were under development:

Property                Segment                Location              Ownership Interest
Chronicle Mill        Multifamily      Belmont, North Carolina                     85  % (1)
Southern Post          Mixed-use           Roswell, Georgia                       100  %

__________________________________________________

(1) We are entitled to a preferred return on our investment in this property.

ACQUISITIONS

On January 14, 2022, we acquired a 79% membership interest and an additional 11%
economic interest in the partnership that owns the Constellation Energy Building
(previously referred to as the "Exelon Building") for a purchase price of
approximately $92.2 million in cash and a loan to the seller of
$12.8 million. The Constellation Energy Building is a mixed-use structure
located in Baltimore'sHarbor Point and is comprised of an office building, the
Constellation Office, that serves as the headquarters for Constellation Energy
Corp., which was spun-off from Exelon, a Fortune 100 energy company, in February
2022, as well as a multifamily component, 1305 Dock Street. The Constellation
Office also includes a parking garage and retail space. The Constellation Energy
Building was subject to a $156.1 million loan, which we immediately refinanced
following the acquisition with a new $175.0 million loan. The new loan bears
interest at a rate of the Bloomberg Short-Term Bank Yield Index ("BSBY") plus a
spread of 1.50% and will mature on November 1, 2026. This loan is hedged by an
interest rate cap corridor of 1.00% and 3.00% as well as an interest rate cap of
4.00%.

On January 14, 2022we acquired the remaining 20% ​​stake in the partnership developing the Ten Tryon project in Charlotte, North Carolina for a cash payment of 3.9 million dollars.

On April 11, 2022we exercised our option to acquire an additional 16% of the holding partnership Residences at Annapolis Junctionincreasing our ownership to 95%.

In October 2022, we acquired the remaining 5% ownership interest in the entity
that developed Gainesville Apartments. During 2022, we made earn-out payments
totaling $4.2 million to our development partner in addition to development cost
savings of $0.8 million paid to our development partner.

On November 4, 2022we acquired a 124,000 square foot grocery anchored shopping center Virginia Beach, Virginia for a purchase price of 26.5 million dollars cash.

Equity method investments

On April 1, 2022, we acquired a 78% interest in Harbor Point Parcel 4, a real
estate venture with Beatty Development Group, for purposes of developing a
mixed-use project, which is planned to include multifamily units, retail space,
and a parking garage. We hold an option to increase our ownership to 90%. We
have a projected equity commitment of $99.7 million relating to this project, of
which we had funded $22.9 million as of September 30, 2022.

Preferred capital investments

On October 3, 2022, we made a $19.6 million preferred equity investment for the
development of a multifamily property located in Gainesville, Georgia
(Gainesville II). This project is located nearby our recently completed
multifamily development project in Gainesville. The preferred equity investment
has economic and other terms consistent with a note receivable, including a
mandatory redemption feature, and it will be accounted for as a note receivable.
Our investment bears interest at a rate of 14.0%, compounded annually, with a
minimum preferred return of $5.9 million.

Provisions

On April 1, 2022I have completed the sale Hoffler Place for a sale price of
43.1 million dollars. The loss recognized on the sale was 0.8 million dollars.

On April 25, 2022I have completed the sale Summit Place for a sale price of
37.8 million dollars. The loss recognized on the sale was 0.5 million dollars.

                                       28

--------------------------------------------------------------------------------
  Table of Contents
In addition to the losses recognized on the sales of the Hoffler Place and
Summit Place student-housing properties during the nine months ended September
30, 2022, we recognized impairment of real estate of $18.3 million to record
these properties at their fair values during the three months ended December 31,
2021.

On June 29, 2022, we completed the sale of the Home Depot and Costco outparcels
at North Pointe for a sale price of $23.9 million. The gain on disposition was
$20.9 million.

On July 22, 2022, we sold The Residences at Annapolis Junction for a sale price
of $150.0 million. The gain on disposition was $31.5 million, $5.4 million of
which was allocated to our investment partner.

On July 26, 2022we sold the AutoZone and Valvoline packages at Sandbridge Commons for a sale price of 3.5 million dollars. The gain at disposal was
2.4 million dollars.

Third quarter 2022 and highlights

The following highlights our operating results and significant transactions for the three months ended September 30, 2022 and other recent developments:

•Net income attributable to common stockholders and holders of units of limited
partnership interest in the Operating Partnership ("OP Unitholders") of $33.9
million, or $0.38 per diluted share, compared to $4.9 million, or $0.06 per
diluted share, for the three months ended September 30, 2021.

•Funds from operations attributable to common stockholders and OP Unitholders
("FFO") of $22.7 million, or $0.26 per diluted share, compared to $21.9 million,
or $0.27 per diluted share, for the three months ended September 30, 2021. See
"Non-GAAP Financial Measures."

•Normalized funds from operations available to common stockholders and OP unitholders (“Normalized FFO”) of 25.8 million dollarsor $0.29 per diluted share, compared to 21.6 million dollarsor $0.26 per diluted share, for the three months ended September 30, 2021. See “Non-GAAP Financial Measures”.

•Occupation of the entire portfolio exceeded 97% for the third consecutive quarter. Retail occupancy reached an all-time high of 98%.

•Executed a new 60,000 square foot lease with Franklin Templeton to Wills Wharfbringing the building to 91% leased.

•Executed a new 18,000 square foot office lease with Old Dominion University
("ODU") at the Town Center of Virginia Beach for ODU's Institute of Data Science
and Coastal Virginia Center for Cyber Innovation.

•Subsequent to the end of the third quarter, executed a new 46,000 square foot
lease with Morgan Stanley at Thames Street Wharf that expands the tenant's space
to over 240,000 square feet and extends its lease term to 2035.

• Same-store net operating income (“NOI”) increased 3.0% on a GAAP basis and 2.7% on a cash basis compared to the quarter ended September 30, 2021. • Same-store commercial NEW increased 2.0% on a GAAP basis. • Same-store multifamily NEW increased 6.5% on a GAAP basis.

• Positive GAAP release margins during the third quarter of 10.7% for retail lease renewals and 3.3% for office lease renewals.

•Multifamily lease rates increased 7.6% during the third quarter of 2022. Rental
rates on new lease trade outs increased 8.8% and rental rates on lease renewals
increased 6.3%.

•Amended and restated the existing $355 million unsecured credit facility,
increased the borrowing capacity of our unsecured credit facility to $550
million, with an option to expand to $1.0 billion (subject to certain
conditions), and extended the maturity date of the revolving line of credit and
term loan components to 2027 and 2028, respectively.

•Closed on sale of Residences at Annapolis Junction in the Baltimore for
150 million dollars.

                                       29

————————————————– ——————————

  Table of Contents


Segment Results of Operations

As of September 30, 2022, we operated our business in four segments: (i) office
real estate, (ii) retail real estate, (iii) multifamily residential real estate,
and (iv) general contracting and real estate services, which are conducted
through our taxable REIT subsidiaries ("TRS"). Net operating income (segment
revenues minus segment expenses) ("NOI") is the measure used by management to
assess segment performance and allocate our resources among our segments. NOI is
not a measure of operating income or cash flows from operating activities as
measured by accounting principles generally accepted in the United States
("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. We consider
NOI to be an appropriate supplemental measure to net income because it assists
both investors and management in understanding the core operations of our real
estate and construction businesses. See Note 3 to our condensed consolidated
financial statements in Item 1 of this Quarterly Report on Form 10-Q for a
reconciliation of NOI to net income, the most directly comparable GAAP measure.

We define same store properties as those properties that we owned and operated
and that were stabilized for the entirety of both periods presented. We
generally consider a property to be stabilized upon the earlier of: (i) the
quarter after the property reaches 80% occupancy or (ii) the thirteenth quarter
after the property receives its certificate of occupancy. Additionally, any
property that is fully or partially taken out of service for the purpose of
redevelopment is no longer considered stabilized until the redevelopment
activities are complete, the asset is placed back into service, and the
occupancy criterion above is again met. A property may also be fully or
partially taken out of service as a result of a partial disposition, depending
on the significance of the portion of the property disposed. Finally, any
property classified as held for sale is taken out of service for the purpose of
computing same store operating results.

Office segment data

Office rental income, property expenses and NOI for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):

                              Three Months Ended September                           Nine Months Ended September
                                          30,                                                    30,
                                 2022              2021             Change              2022              2021             Change
Rental revenues              $  18,687$ 11,933$  6,754$  54,024$ 35,324$ 18,700
Property expenses                6,930             4,956             1,974             19,209            13,540             5,669
Segment NOI                  $  11,757$  6,977$  4,780$  34,815$ 21,784$ 13,031



Office segment NOI for the three and nine months ended September 30, 2022
increased 68.5% and 59.8%, respectively, compared to the three and nine months
ended September 30, 2021 primarily due to the acquisition of the Constellation
Office in January 2022.

Office Same Store Results

Office same store results for three and nine months ended September 30, 2022
and 2021 excl Wills Wharf and the Constellation Office.

Same-store office rental revenue, property expenses and NOI for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):

                                       30

————————————————– ——————————

  Table of Contents

                              Three Months Ended September                           Nine Months Ended September
                                          30,                                                    30,
                                 2022              2021             Change              2022              2021             Change
Rental revenues              $  10,315$ 10,252$     63$  30,861$ 30,752$    109
Property expenses                3,960             3,825               135             11,219            10,837               382
Same Store NOI               $   6,355$  6,427$    (72)$  19,642$ 19,915$   (273)
Non-Same Store NOI               5,402               550             4,852             15,173             1,869            13,304
Segment NOI                  $  11,757$  6,977$  4,780$  34,815$ 21,784$ 13,031

Office same store NEW for the three and nine months ended September 30, 2022 was materially consistent with the three and nine months ended September 30, 2021.

Retail segment data

Retail rental income, property expenses and NOI for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):

                              Three Months Ended September                           Nine Months Ended September
                                          30,                                                    30,
                                 2022              2021             Change              2022              2021             Change
Rental revenues              $  21,223$ 20,223$  1,000$  64,197$ 57,682$  6,515
Property expenses                5,626             5,370               256             16,969            15,426             1,543
Segment NOI                  $  15,597$ 14,853$    744$  47,228$ 42,256$  4,972



Retail segment NOI for the three and nine months ended September 30, 2022
increased 5.0% and 11.8%, respectively, compared to the three and nine months
ended September 30, 2021 primarily due to the acquisitions of Delray Beach
Plaza, Greenbrier Square, and Overlook Village, as well as increased occupancy
in the same store portfolio. The increase was partially offset by the
disposition of the Home Depot and Costco outparcels at North Pointe and the
AutoZone and Valvoline outparcels at Sandbridge Commons.

Same store retail results

Retail same store results for the three months ended September 30, 2022 and 2021
exclude Greenbrier Square, Overlook Village, and properties that were disposed
in 2021 and 2022. Retail same store results for the nine months ended
September 30, 2022 and 2021 also exclude Delray Beach Plaza and Premier Retail.

Retail Same Store Rental Revenue, Property Expenses and NOI for the Three and Nine Months Ended September 30, 2022 and 2021 were as follows (in thousands):

                              Three Months Ended September                            Nine Months Ended September
                                          30,                                                     30,
                                 2022              2021              Change              2022              2021             Change
Rental revenues              $  19,718$ 19,062$     656$  54,650$ 51,628$  3,022
Property expenses                5,061             4,886                175             13,828            13,223               605
Same Store NOI               $  14,657$ 14,176$     481$  40,822$ 38,405$  2,417
Non-Same Store NOI                 940               677                263              6,406             3,851             2,555
Segment NOI                  $  15,597$ 14,853$     744$  47,228$ 42,256$  4,972



Retail same store NOI for the three and nine months ended September 30, 2022
increased 3.4% and 6.3%, respectively, compared to the three and nine months
ended September 30, 2021, primarily due to increased occupancy throughout the
portfolio.
                                       31

————————————————– ——————————

content

Data on multifamily segments

Multifamily rental income, property expenses and NOI for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):

                              Three Months Ended September                           Nine Months Ended September
                                          30,                                                    30,
                                 2022              2021             Change              2022              2021             Change
Rental revenues              $  13,833$ 17,404$ (3,571)$  45,381$ 49,673$ (4,292)
Property expenses                5,645             7,934            (2,289)            18,618            22,189            (3,571)
Segment NOI                  $   8,188$  9,470$ (1,282)$  26,763$ 27,484$   (721)



Multifamily segment NOI for the three months ended September 30, 2022 decreased
13.5% compared to the three months ended September 30, 2021 primarily due to the
disposition of The Residences at Annapolis Junction. Multifamily segment NOI for
the nine months ended September 30, 2022 decreased 2.6% compared to the nine
months ended September 30, 2021 primarily due to the dispositions of The
Residences at Annapolis Junction, Johns Hopkins Village, Hoffler Place, and
Summit Place. The decrease was partially offset by the acquisition of 1305 Dock
Street, Gainesville Apartments beginning operations, and increased rental rates
across multiple properties.

Multi-family results from the same store

Multifamily same store results for the three and nine months ended September 30,
2022 and 2021 exclude 1305 Dock Street and Gainesville Apartments as well as
properties that were disposed in 2021 and 2022.

Multifamily Store Rental Income, Property Expenses and NOI for the Three and Nine Months Ended September 30, 2022 and 2021 were as follows (in thousands):

                              Three Months Ended September                           Nine Months Ended September
                                          30,                                                    30,
                                 2022              2021             Change              2022              2021             Change
Rental revenues              $  11,222$ 10,624$    598$  32,901$ 30,399$  2,502
Property expenses                4,516             4,327               189             12,624            12,274               350
Same Store NOI               $   6,706$  6,297$    409$  20,277$ 18,125$  2,152
Non-Same Store NOI               1,482             3,173            (1,691)             6,486             9,359            (2,873)
Segment NOI                  $   8,188$  9,470$ (1,282)$  26,763$ 27,484$   (721)

Multifamily same store NEW for the three and nine months ended September 30, 2022 increased by 6.5% and 11.9%, respectively, compared to the three and nine months ended September 30, 2021 primarily due to rising rental rates.

General contracting and real estate service segment data

Revenues, expenses and gross profit from general contracts and real estate services for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):

                               Three Months Ended September
                                            30,                                       Nine Months Ended September 30,
                                  2022               2021             Change               2022               2021             Change
Segment revenues              $  69,024$ 17,502$ 51,522$  138,947$ 71,473$ 67,474
Segment expenses                 66,252             15,944            50,308             133,491             68,350            65,141
Segment gross profit          $   2,772$  1,558$  1,214$    5,456$  3,123$  2,333
Operating margin                    4.0   %            8.9  %           (4.9) %              3.9   %            4.4  %           (0.4) %



General contracting and real estate services segment gross profit for the three
and nine months ended September 30, 2022 increased 77.9% and 74.7%,
respectively, compared to the three and nine months ended September 30, 2021
primarily due to a greater number of third party contracts undertaken in 2022.
                                       32

————————————————– ——————————

content

Third-party construction backlog changes for months three and nine have been completed September 30, 2022 and 2021 were as follows (in thousands):

                                           Three Months Ended September 30,                 Nine Months Ended September 30,
                                              2022                    2021                    2022                    2021
Beginning backlog                     $         541,214          $     

70,219 $215,518$71,258
New contracts/change orders

                      53,966                53,590                   449,712               106,992
Work performed                                  (69,251)              (16,944)                 (139,301)              (71,385)
Ending backlog                        $         525,929          $    106,865$        525,929$    106,865



As of September 30, 2022, we had $85.6 million in the backlog relating to the
Harbor Point Parcel 4 project, $142.1 million in the backlog on the Harbor Point
Parcel 3 project, and $71.9 million in the backlog on the Lake Point Apartments
project. The amounts relating to our Harbor Point Parcel 3 and Harbor Point
Parcel 4 projects pertain to our equity method investments, for which a portion
of our profit margin will be eliminated in our operating results.
                                       33

————————————————– ——————————

content

© Edgar Online, source look

Leave a Reply

Your email address will not be published. Required fields are marked *