Armada Hoffler Properties Reports Second Quarter 2017 Results

Armada Hoffler Properties, Inc. (NYSE:AHH) today announced its results for the quarter ended June 30, 2017 and provided an update on current events.

Highlights include:
  • Net income of $4.9 million, or $0.08 per diluted share, for the quarter ended June 30, 2017 compared to net income of $3.1 million, or $0.06 per diluted share, for the quarter ended June 30, 2016.
  • Normalized Funds From Operations ("FFO") of $14.7 million, or $0.25 per diluted share, for the quarter ended June 30, 2017 compared to Normalized FFO of $12.5 million, or $0.26 per diluted share, for the quarter ended June 30, 2016.
  • FFO of $14.2 million, or $0.24 per diluted share, for the quarter ended June 30, 2017 compared to FFO of $11.7 million, or $0.24 per diluted share, for the quarter ended June 30, 2016.
  • Core operating property portfolio occupancy at 94.2% as of June 30, 2017 compared to 94.3% as of March 31, 2017.
  • Completed an underwritten public offering of 6.9 million shares of common stock at a public offering price of $13.00 per share, generating net proceeds of $85.3 million that will be used to fund the Company's development pipeline.
  • Updated 2017 full-year Normalized FFO guidance range to $0.97 to $0.99 per diluted share to reflect the impact of the capital raise on May 12, 2017.
  • Invested in the development of a $34 million Whole Foods anchored center located in Decatur, Georgia.
  • Added to the S&P SmallCap 600 Index in June 2017.
  • After the end of the quarter, the Company:
    • Completed the sale of two Commonwealth of Virginia properties on July 13, 2017 for an aggregate sales price of $13.2 million representing a 38% profit over development cost.
    • Acquired the outparcel phase of Wendover Village in Greensboro, North Carolina for $14.3 million. The Company previously acquired the primary phase of Wendover Village in January 2016.

Commenting on the Company's results, Louis Haddad, President and CEO, said, "As we emphasized at the outset of 2017, this is a year of executing on our robust development pipeline and strengthening our balance sheet. We have made significant progress on both of these top priorities. With our recent capital raise, we have effectively prefunded the equity necessary to absorb these high-quality properties. Similarly, with all construction proceeding on schedule, we look forward to the delivery and stabilization of these assets and the expected rise in both earnings and net asset value."

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