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 results for the quarter ended September 30, 2013.
- Generated Core Funds From Operations (“Core FFO”) of $6.6 million, or $0.20 per diluted share.
- Average occupancy stable at 93.3% across the operating property portfolio.
- New and renewal leases executed during the quarter totaling approximately 42,000 square feet in the office and retail property portfolios.
- Development pipeline of six properties, consisting of approximately 376,000 square feet of office and retail property and 489 multifamily units. The 4525 Main Street development project in the Town Center of Virginia Beach is 45% pre-leased.
- $81.5 million of new construction loans since the end of last quarter to fund the development pipeline.
- $25.3 million of new construction contract work executed during the quarter; approximately $59.5 million of total backlog at the end of the quarter.
- Credit facility capacity increased by $55.0 million to $155.0 million in October 2013.
- Admiral Joseph W. Prueher, USN (Ret.) unanimously elected to the Company's board of directors, effective October 24, 2013.
“We are pleased with our performance this quarter and delighted with how well-positioned the Company is following our IPO in May,” commented Louis Haddad, Chief Executive Officer. “We are on track to accomplish what we set out to do this year, including maintaining a stable portfolio and executing on our identified development pipeline. I am extremely pleased with the attractive array of opportunities for the next generation pipeline. We are well-positioned to grow net operating income and create value for our stockholders into the future.”