Armada Hoffler Pptys Inc Stock Price, News & Analysis

Armada Hoffler Properties (NYSE: AHH) announced a 50/50 joint venture with Beatty Development Group to develop T. Rowe Price's new 450,000 square foot global headquarters at Harbor Point, Baltimore. This project, valued at approximately $250 million, includes office space and retail, enhancing the area with green spaces. T. Rowe Price has signed a 15-year lease and plans to relocate 1,700 employees by mid-2024. The joint venture also involves building a mixed-use facility with structured parking, accommodating existing needs and new influx from the headquarters.

Armada Hoffler Properties (NYSE: AHH) declared a cash dividend of $0.11 per common share for Q4 2020, payable on January 7, 2021, to stockholders of record by December 30, 2020. Additionally, a cash dividend of $0.421875 per share on its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock will be paid on January 15, 2021, to record holders by January 4, 2021. Armada Hoffler, established in 1979, is a vertically-integrated real estate investment trust focused on developing and managing properties in the Mid-Atlantic and Southeastern U.S.

Armada Hoffler Properties (NYSE: AHH) reported Q3 2020 results with net income decreasing to $8.7 million ($0.11/share), down from $9.9 million ($0.13/share) in Q3 2019. Normalized Funds from Operations (FFO) fell to $19.0 million ($0.24/share) from $22.5 million ($0.30/share) year-over-year. The company updated its full-year Normalized FFO guidance to $1.10-$1.12/share. Portfolio occupancy improved to 95.4%, with 96% of rents collected for Q3. The firm also announced new developments and acquisitions, including a $52 million project in Gainesville, Georgia.

Armada Hoffler Properties (NYSE: AHH) has completed the acquisition of The Residences at Annapolis Junction, previously under mezzanine loan by the company. The property, featuring 416 luxury apartments, was refinanced with a 10-year $84 million loan at 2.74% interest for the first three years. Located in Howard County, Maryland, the community is near key locations like Fort Meade. The acquisition boosts Armada's multifamily portfolio to over 2,300 units, with a focus on high-demand Mid-Atlantic and Southeast markets.

Armada Hoffler Properties (NYSE: AHH) released its October rent collection update as of October 27, 2020, reporting a strong 96% collection rate across its portfolio. This includes 100% for office spaces, 97% for multifamily units, and 94% for retail. These numbers indicate resilience amidst the ongoing economic challenges due to COVID-19. The company, which operates primarily in the Mid-Atlantic and Southeastern U.S., expressed confidence in its tenants' ability to meet financial obligations despite external pressures.

Armada Hoffler Properties (NYSE: AHH) announced the termination of two leases with Regal Cinemas following the tenant's default. The reclaimed sites span 3 acres in the Town Center of Virginia Beach and nearly 10 acres near James Madison University in Harrisonburg. This strategic move allows the company to expedite redevelopment plans, enhancing its focus on creative, mixed-use developments, which include residential components. CEO Louis Haddad emphasized the advantage of their integrated approach to respond swiftly to market changes, aiming to unlock value for shareholders.

Armada Hoffler Properties, Inc. (NYSE: AHH) will announce its earnings for Q3 2020 on November 5, 2020, at 6:00 a.m. ET. A conference call led by senior management will follow at 8:30 a.m. ET to discuss earnings and company updates. Investors can join the call by dialing 877-407-3982 (domestic) or 201-493-6780 (international). A replay will be available until December 5, 2020. Armada Hoffler is a vertically-integrated REIT with 40 years of experience in developing and managing real estate properties, mainly in the Mid-Atlantic and Southeastern U.S.

Armada Hoffler Properties (NYSE: AHH) has successfully completed the acquisition of the Edison Apartments in Richmond, Virginia, for $25 million, which includes debt assumption and Operating Partnership Units issuance. This acquisition adds 174 contemporary units to their portfolio and includes a 365-space parking garage. The Edison is currently 97% leased. The transaction underscores the company’s strategy to enhance its multifamily asset base, with the addition of nearly 400 units across recent projects.

Armada Hoffler Properties (NYSE: AHH) reported a robust rental collection performance for September 2020, achieving 94% of total rents collected as of September 22. Office tenants maintained a perfect 100% payment rate, while multifamily and retail sectors reported 95% and 90% respectively. President & CEO Louis Haddad expressed optimism, noting an expected completion of Q3 with over 96% total rent collection. This demonstrates a positive trend in rent collections and indicates the company's readiness for future acquisitions and developments.