Armada Hoffler Pptys Inc Stock Price, News & Analysis

Armada Hoffler (NYSE: AHH) has secured a significant lease with F1® Arcade at The Interlock, their mixed-use development in West Midtown, Atlanta. The Formula 1-themed entertainment venue will occupy over 15,000 square feet of space, bringing the property's total retail leased occupancy to 99%.

F1® Arcade will offer state-of-the-art racing simulators, entertainment, and dining options, including globally inspired dishes and a distinctive bar serving cocktails, wines, and mocktails. This location marks F1® Arcade's expansion into the South, following successful operations in Boston and Washington D.C.

The Interlock, known for its modern office and retail spaces, architectural design, and prime location, continues to establish itself as a premier destination in Atlanta's West Midtown area. The addition of F1® Arcade enhances the property's existing portfolio of tech-infused, immersive experiences.

Armada Hoffler (NYSE: AHH) has appointed Jennifer Boykin to its Board of Directors. Boykin brings extensive leadership experience as the former Executive Vice President of Huntington Ingalls Industries and President of Newport News Shipbuilding (HII-NNS).

During her tenure at Newport News Shipbuilding, Boykin led significant digital transformation initiatives and secured the first 2-ship aircraft carrier contract in 30 years. Her career highlights include managing the construction of USS John C. Stennis and USS Harry S. Truman aircraft carriers, and serving in various leadership roles including Vice President of Engineering and Vice President of Quality Assurance.

Boykin holds a B.S. in marine engineering from the U.S. Merchant Marine Academy and an M.S. in engineering management from The George Washington University. She has served on multiple boards including the Virginia Business Council and has received notable recognitions such as the 2021 Kings Pointer of the Year award.

Armada Hoffler Properties (NYSE: AHH) reported its Q4 2024 results with GAAP net income of $0.26 per diluted share for the quarter and $0.33 for the full year. The company achieved Normalized FFO of $0.27 per diluted share for Q4 and $1.29 for 2024.

Key highlights include strong portfolio performance with weighted average stabilized occupancy at 96.0%, positive leasing spreads across all segments, and office same-store NOI growth of 12.3%. The company executed 44 leases totaling approximately 315,000 square feet. Construction backlog stood at $123.8 million.

Notable transactions include the disposition of Market at Mill Creek and Nexton Square properties for $82.0 million, resulting in a $21.3 million net gain. The company also completed a leadership transition, with Shawn Tibbetts assuming the CEO role effective January 1, 2025.

Looking ahead, AHH introduced 2025 full-year Normalized FFO guidance range of $1.00 to $1.10 per diluted share.

Armada Hoffler (AHH) has secured a significant new lease at The Interlock, its mixed-use development in Atlanta's West Midtown. The Gathering Spot, a membership-only hub for creative professionals, has leased a total of 58,000 square feet, comprising 38,000 square feet of rooftop space and 20,000 square feet for their headquarters.

The Interlock, completed in 2021, is a public-private partnership with Georgia Tech featuring 203,000 square feet of office space, 108,000 square feet of retail space, and a 161-room boutique hotel. The Gathering Spot, founded in 2016 and recognized as the largest Black-owned community in the U.S., will offer members access to two full-service restaurants, flexible workspaces, skill workshops, culture talks, and a rooftop pool with Midtown views.

Armada Hoffler Properties (NYSE: AHH) has released its 2024 dividend tax treatment information for common and preferred stockholders. For common stock dividends, the distribution comprises 36.62% ordinary dividends, 36.80% capital gain distribution, and 26.58% return of capital. The Series A preferred stock dividends consist of 49.88% ordinary dividends and 50.12% capital gain distribution.

Notable components include Unrecaptured Section 1250 Gain at 25.45% for common stock and 34.66% for preferred stock. Section 897 distributions for foreign investors include both ordinary dividends and capital gains components. All ordinary dividend portions qualify as Section 199A dividends under the Tax Cuts and Jobs Act.

Armada Hoffler (NYSE: AHH) has announced several strategic initiatives to reduce its variable rate debt exposure. The company has:

• Executed a $150 million floating-to-fixed rate swap at 2.5% for 2 years, costing $4.6 million
• Repaid $45.6 million of secured variable-rate debt (6.80% weighted average rate)
• Refinanced its Premier mixed-use property with a new $29.4 million agency loan fixed at 5.53% through December 2029
• Reduced its SOFR-referenced revolving credit facility by $19.0 million

Through these actions, AHH is now 100% hedged on its variable rate debt exposure, which it plans to maintain into Q4 2025. The company aims to enhance cash flow stability and better manage interest rate risk.

Armada Hoffler (NYSE: AHH) has secured two major retail leases at Columbus Village in the Town Center of Virginia Beach district. The company signed a 14,000-square-foot lease with a grocer and a 19,000-square-foot lease with a national sporting goods retailer, effectively backfilling the former Bed Bath & Beyond space.

The Town Center district, Armada Hoffler's flagship mixed-use asset, boasts 6.9 million annual visits and features 640,000 square feet of retail space (98% leased), 800,000 square feet of office space (98% occupied, up from 95% in Q3 2024), and 760 apartments. Columbus Village comprises 157,000 square feet of retail space across 12 acres, with tenants including Barnes & Noble, Cava, Five Below, Ulta Beauty, and Shake Shack.

Armada Hoffler (NYSE: AHH) has announced its schedule for fourth quarter 2024 earnings release and discussion. The company will release its earnings report for the quarter ending December 31, 2024, on Wednesday, February 19th, 2025, at approximately 4:00 p.m. Eastern.

A conference call and webcast with senior management will follow on Thursday, February 20, 2025, at 8:30 a.m. Eastern. Investors can access the call via toll-free number (+1) 800-549-8228 or toll number (+1) 646 564 9445 using conference ID 73009. The webcast will be available through the company's investor relations website.

A telephonic replay will be accessible until March 20, 2025, using toll-free number (+1) 888-660-6264 or toll number (+1) 646-517-3975 with passcode 73009#. The webcast replay will be available approximately two hours after the call concludes.

Armada Hoffler (NYSE: AHH) has completed a significant office lease with Trader Interactive at Town Center of Virginia Beach. The deal involves a full 12,000-square-foot floor at 222 Central Ave., setting a new benchmark for office rent per square foot in the location. The lease contributed to increasing the occupancy rate of Town Center's 800,000 square feet of office space from 95% to 98% in Q4 2024.

The development saw over 110,000 square feet of new office leases and renewals in 2024, with overall rental rates increasing 20% since 2020. The 23-story building features 324,000 square feet of office space, 38,500 square feet of retail space, and a nine-story parking garage. The broader Town Center mixed-use district encompasses 620,000 square feet of retail space, 800,000 square feet of office space, and 760 apartments across 17 blocks and 25 acres.