Armada Hoffler Properties Reports Third Quarter 2016 Results

Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended September 30, 2016 and provided an update on current events.

Highlights include:
  • Net income of $7.9 million, or $0.15 per diluted share, for the quarter ended September 30, 2016 compared to net income of $4.3 million, or $0.10 per diluted share, for the quarter ended September 30, 2015.
  • Normalized Funds From Operations ("FFO") of $13.2 million, or $0.26 per diluted share, for the quarter ended September 30, 2016 compared to Normalized FFO of $11.0 million, or $0.26 per diluted share, for the quarter ended September 30, 2015.
  • FFO of $13.1 million, or $0.25 per diluted share, for the quarter ended September 30, 2016 compared to FFO of $10.7 million, or $0.25 per diluted share, for the quarter ended September 30, 2015.
  • Same Store Net Operating Income ("NOI") increased for the ninth consecutive quarter.
  • Core operating property portfolio occupancy at 96.2% compared to 95.6% as of September 30, 2015.
  • Delivered both Lightfoot Marketplace in Williamsburg, Virginia and Johns Hopkins Village in Baltimore.
  • Broke ground on Harding Place, a new $45 million Class A multifamily property in Midtown Charlotte, North Carolina with expected delivery in 2018.
  • Broke ground on the next phase of development in the Town Center of Virginia Beach, a $41 million mixed-use project expected to include 39,000 square feet of retail space, which is nearly 50% pre-leased, and more than 130 luxury apartments, as part of the Company's ongoing public-private partnership with the City of Virginia Beach.
  • Sold the Oyster Point office building in Newport News, Virginia and agreed to acquire an 80,000 square foot grocery-anchored retail center located in the greater Charlotte area of North Carolina. The Company expects to close on this acquisition in the fourth quarter of 2016.
  • Sold Kroger Junction, one of the non-core retail centers acquired as part of the 11-asset portfolio purchase completed in January.
  • The Company is raising its 2016 full-year Normalized FFO guidance range - now $0.99 to $1.01 per diluted share from its previous guidance range of $0.96 to $1.00 per diluted share.

Commenting on the Company's results, Louis Haddad, President and CEO, said, "Once again we reported quarterly results at the higher end of our expected range and once again, we've raised our Normalized FFO guidance range for the year. Whether it's through selective development or strategic acquisitions and dispositions, the management team at Armada Hoffler remains committed to making the right real estate decisions in order to grow our portfolio and create value for our shareholders over the long-term."

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