Shares of Armada Hoffler (AHH) rose 7.5 percent in 2015, far outpacing the 6 percent drop in the iShares US Real Estate ETF (IYR). Louis Haddad, CEO of Armada Hoffler (AHH), said the Virgina-based REIT outperformed because its pipeline finally started paying off. 'We were able to add significantly to our net operating income (NOI),' said Haddad. 'Our development pipeline finally yielded what we’ve been promising by the delivery of five buildings totaling a couple hundred thousand square feet and consequently our NOI was able to grow at a pretty fast clip.' Armada Hoffler went public in May 2013, just prior to the so-called 'taper tantrum' that sent REITs plummeting. The company’s shares underperformed the REIT index substantially until its investments kicked-in last year. It pays a dividend of 6.5 percent. 'For the first year and a half we kept telling people that good things were on the way and then we ultimately delivered,' said Haddad.