Armada Hoffler Properties, Inc. (NYSE: AHH), a full service real estate company, which develops and owns high-quality office, retail and multifamily properties in key Mid-Atlantic markets, today announced its pro forma results for the quarter ended June 30, 2013.
Company Highlights for the Second Quarter 2013
- Generated Pro Forma Core FFO of $6.5 million, or $0.20 per share.
- Average occupancy stable at 93.5% compared to the prior quarter and year end 2012.
- Executed new and renewal leases totaling over 80,000 square feet in the office and retail property portfolios.
- Development pipeline of six properties, consisting of 384,600 square feet of office and retail property and 491 multifamily units. The Main Street Office development in Virginia Beach is 46% pre-leased.
- Engaged in 17 construction contracts at an estimated value of approximately $117.3 million, with approximately $58.2 million of work still to be completed.
- Completed a successful initial public offering (IPO) raising gross proceeds of approximately $218.5 million.
“We are pleased with the stable performance generated by our portfolio in the second quarter,” commented Louis Haddad, Chief Executive Officer. “Our portfolio continued to produce strong metrics, including solid leasing activity and the execution on our development pipeline is progressing, while the completion of our initial public offering provides us with a more efficient capital base. With an attractive array of opportunities which our teams are pursuing, we are well-positioned to grow cash flows and create value for our shareholders into the future.”
Second quarter 2013 operating results for the quarter ended June 30, 2013For the second quarter of 2013, net income was $8.4 million, or $0.26 per share, which includes one-time items from the Company’s IPO and Formation Transactions as well as non-cash stock compensation and impairment charges during the second quarter 2013. Net income was the result of revenue of $37.5 million, expenses of $34.6 million, and interest expense of $3.3 million. Net income for the second quarter of 2013 excluding one-time and non-cash items was $1.4 million, or $0.04 per share.