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 March 31, 2014.
- Funds From Operations (“FFO”) of $6.5 million, or $0.20 per diluted share.
- Core FFO of $7.1 million, or $0.22 per diluted share.
- Occupancy increased slightly to 94.5%, compared to 94.4% as of December 31, 2013.
- Eleven properties under development including approximately 675,000 square feet of office and retail space and 686 multifamily units.
- $165.9 million of new construction contract work, including the Harbor Point project in Baltimore, Maryland, and $193.3 million of backlog.
- Cash dividend of $0.16 per share payable on July 10, 2014 to stockholders of record on July 1, 2014.
- Anthropologie will be opening a 9,000 square foot store at the Town Center of Virginia Beach in the fourth quarter of 2014.
- Today, the Company announced two new development projects, both with the Commonwealth of Virginia, for a total of 47,000 square feet. Both properties will be 100% leased for 12 years starting in early 2015.
- In April, the Company announced Lightfoot Marketplace, a new shopping center in Williamsburg, Virginia that will be anchored by Harris Teeter on a 20-year lease.
- In January, the Company closed on the previously announced acquisition of Liberty Apartments in Newport News, Virginia.
“We are pleased with our solid start to the year. The winter weather had less of an impact on our construction business than we had anticipated and our general and administrative costs were positively impacted largely due to timing,” commented Louis Haddad, Chief Executive Officer. “We are encouraged by the attractive array of opportunities in our development pipeline and are excited by the volume of leasing activity that we are experiencing not only at Town Center but broadly across our portfolio.”