Armada Hoffler Pptys Inc Stock Price, News & Analysis

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.

Armada Hoffler Properties (NYSE: AHH) announced a joint venture with Terwilliger Pappas to develop Solis Gainesville, a 223-unit multifamily project in Gainesville, Georgia, with a total investment of $52 million. This development will feature upscale amenities and public spaces, enhancing community connectivity. The groundbreaking is expected later this month, with completion anticipated in 2022. This venture marks the company's continuous efforts to achieve a balanced portfolio across various real estate segments, following their growth strategy in the Mid-Atlantic and Southeastern U.S.

Armada Hoffler announced that its One City Center in Durham will serve as WeWork's sole location in the area following the closure of another site. This 27-story mixed-use project features 130,000 square feet of office space, predominantly leased to Duke University, along with 22,000 square feet of retail. CEO Louis Haddad expressed enthusiasm for the continued partnership with WeWork, emphasizing their long-term commitment to flexibility in workspace solutions.

Armada Hoffler Properties (NYSE: AHH) reported a significant update on August rent collections, achieving 93% of total rents due as of August 21, 2020. Notably, office tenants demonstrated full compliance at 100%, while multifamily and retail tenants collected 92% and 89%, respectively. The company had previously collected over 95% of July rents and anticipates surpassing this threshold in August. Additionally, Armada Hoffler successfully raised nearly $90 million in new capital, paving the way for upcoming acquisitions and development activities.

Armada Hoffler Properties, Inc. (NYSE: AHH) announced a public offering of 3,600,000 shares of its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock at $24.75 per share, generating approximately $86.3 million in net proceeds. The offering is a re-opening and will close on August 20, 2020. Proceeds will be used to repay debts, including its revolving credit facility, and for potential acquisitions and corporate purposes. The Series A Preferred Stock is listed under the symbol 'AHHPrA' on the NYSE.

Armada Hoffler Properties, Inc. (NYSE: AHH) has announced a public offering of its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock. This offering is a re-opening of previous issuances, and the new shares will be fully fungible with existing ones. The net proceeds are intended for repaying debt, funding acquisitions, and general corporate purposes. BofA Securities, Raymond James, and Jefferies are leading the underwriting. The offering is registered under a previously effective shelf registration statement.

Armada Hoffler Properties reported a net income of $11.2 million, or $0.14 per diluted share, for Q2 2020, a significant increase from $6.0 million in Q2 2019. Normalized FFO reached $22.6 million, or $0.29 per diluted share. The company issued updated full-year Normalized FFO guidance of $1.09 to $1.13 per diluted share. Occupancy rates were 93.6% as of June 30, 2020. The company collected 87% of portfolio rents in Q2 and 93% in July. A cash dividend of $0.11 per share was declared. Despite uncertainties from COVID-19, the company expressed confidence in its diversified portfolio and operational resilience.