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 December 31, 2013.
- Core Funds From Operations (“Core FFO”) of $7.1 million, or $0.22 per diluted share.
- New and renewal leases executed during the quarter totaling approximately 105,000 square feet in the office and retail property portfolios.
- Average occupancy increased to 94.4%, compared to 93.3% in the third quarter of 2013, across the operating property portfolio.
- Seven properties under development including 513,000 square feet of office and retail space and 489 multifamily units. The 4525 Main Street development project in the Town Center of Virginia Beach is 46% pre-leased.
- The Company was selected to develop Oceaneering International’s new 155,000 square foot build-to-suit development project in Chesapeake, Virginia. Construction began in the fourth quarter of 2013 with expected completion in the first quarter of 2015. This build-to-suit project is 100% pre-leased. The Company facilitated this public / private project among the City of Chesapeake, the Commonwealth of Virginia and Oceaneering International.
- On January 17, 2014, the Company closed on the previously announced acquisition of Liberty Apartments in Newport News, Virginia, for $30.7 million. Liberty Apartments is part of a $70 million public / private, mixed-use development project with the Newport News Shipbuilding division of Huntington Ingalls Industries, the Commonwealth of Virginia and the Industrial Development Authority of the City of Newport News, Virginia.
- $28.5 million of new construction loans, since September 30, 2013, to fund the development pipeline.
- $6.8 million of new construction contract work executed during the quarter; approximately $46.4 million of total backlog at the end of the quarter.
- The Board of Directors declared a cash dividend of $0.16 per share on the Company's shares of common stock for the first quarter of 2014. The dividend will be payable in cash on April 10, 2014 to stockholders of record on April 1, 2014.
“We are pleased with our strong finish to the year. The fourth quarter is traditionally our strongest quarter and this year is no exception,” commented Louis Haddad, Chief Executive Officer. “We view 2013 as a year in which we laid the foundation, through our development pipeline, for sustained future net operating income and asset value growth. We accomplished what we set out to do this year, including executing on development opportunities, identifying attractive opportunities for the next generation pipeline, and positioning our income portfolio for further growth. Execution will remain our focus in 2014 and 2015.”