Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter and year ended December 31, 2016 and provided an update on current events.

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Highlights include:
  • Net income of $5.1 million, or $0.09 per diluted share, for the quarter ended December 31, 2016 compared to net income of $8.4 million, or $0.19 per diluted share, for the quarter ended December 31, 2015. Net income of $42.8 million, or $0.85 per diluted share, for the year ended December 31, 2016 compared to net income of $31.2 million, or $0.75 per diluted share, for the year ended December 31, 2015.
  • Normalized Funds From Operations ("FFO") of $13.7 million, or $0.25 per diluted share, for the quarter ended December 31, 2016 compared to Normalized FFO of $10.6 million, or $0.24 per diluted share, for the quarter ended December 31, 2015. Normalized FFO of $50.9 million, or $1.01 per diluted share, for the year ended December 31, 2016 compared to Normalized FFO of $38.7 million, or $0.93 per diluted share, for the year ended December 31, 2015.
  • FFO of $14.7 million, or $0.27 per diluted share, for the quarter ended December 31, 2016 compared to FFO of $9.6 million, or $0.22 per diluted share, for the quarter ended December 31, 2015. FFO of $48.0 million, or $0.96 per diluted share, for the year ended December 31, 2016 compared to FFO of $35.9 million, or $0.87 per diluted share, for the year ended December 31, 2015.
  • Introduced 2017 full-year Normalized FFO guidance in the range of $0.99 to $1.03 per diluted share, as illustrated in the enclosed presentation that can also be found on the Company's website at www.ArmadaHoffler.com. The Company's executive management will provide further details regarding its 2017 earnings guidance during today's webcast and conference call.
  • Announced that its Board of Directors declared a cash dividend of $0.19 per common share for the first quarter of 2017, representing a 5.6% increase over the prior quarter's cash dividend and the third increase in three years totaling approximately 19% dividend growth.
  • Same Store Net Operating Income ("NOI") increased for the tenth consecutive quarter.
  • Core operating property portfolio occupancy at 94.3% compared to 95.3% as of December 31, 2015. The decrease in occupancy is primarily due to existing tenants within Town Center expanding and relocating to our 4525 Main Street tower, which is a non-core office property.
  • Agreed to develop, build and own a 100,000 square foot office tower anchored by Newport News Shipbuilding, a division of Huntington Ingalls Industries (NYSE:HII), as part of an ongoing public-private partnership with the City of Newport News on the Brooks Crossing development project.
  • Closed on the acquisition of Columbus Village II, a 92,000 square foot retail and entertainment center adjacent to the Town Center of Virginia Beach, Virginia. Combined with Columbus Village I, which was acquired in 2015, the resulting contiguous 12 acres are a prime target for redevelopment and ultimate integration into the dynamic Town Center environment.
  • Closed on the acquisition of Renaissance Square, an 80,000 square foot Harris Teeter-anchored retail center located in the greater Charlotte area of North Carolina.
  • Added to the MSCI U.S REIT Index (RMZ) effective as of the close of the market on November 30, 2016.

Commenting on the Company's results, Louis Haddad, President and CEO, said, "While I am pleased to report another quarter and year of bottom-line per share growth, I'm more excited about the value that we've delivered to our shareholders this past year and our potential for future growth over the coming years. Our total shareholder return for 2016 was 47 percent, significantly outperforming both the RMS and Russell 2000 indices. And when I look at the quality of assets and locations in our development pipeline, there's good reason to be optimistic about the future growth potential of our Company."

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