Armada Hoffler reported net income for the three-month period ending June 30 of $5.8 million, or 8 cents per diluted share, down slightly from $5.9 million, or 9 cents per diluted share, for the same period a year ago. The company earned 30 cents per diluted share, however, when calculating normalized funds from operations, which in the industry doesn't account for the swings from gains or losses due to sales or purchases of real estate. That's up from 24 cents the year before.