Armada Hoffler Pptys Inc Stock Price, News & Analysis

Armada Hoffler Properties reported a strong third quarter for 2022, with a net income of $33.9 million ($0.38 per diluted share), a significant increase from $4.9 million ($0.06 per diluted share) in Q3 2021. The company raised its full-year Normalized FFO guidance to $1.18 to $1.20 per diluted share, marking an 11% growth from 2021. Retail occupancy hit 98%, and rental rates on new leases rose nearly 9%. The firm executed 78,000 square feet of new office leases and reported a construction contract backlog of $525.9 million.

Armada Hoffler (NYSE: AHH) has announced a lease extension and expansion with Morgan Stanley at Thames Street Wharf in Baltimore, increasing their total lease to 242,000 square feet until 2035. This expansion adds 46,000 square feet to the existing lease of 196,000 square feet. Thames Street Wharf is currently 100% occupied and home to several major corporate tenants. The area is recognized as a leading destination for class A companies due to its waterfront views and mixed-use development potential.

Armada Hoffler Properties (NYSE: AHH) has declared a cash dividend of $0.19 per common share for Q4 2022, payable on January 5, 2023, to stockholders of record on December 28, 2022. 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 13, 2023, to stockholders of record on January 3, 2023. Armada Hoffler is a self-managed REIT with over 40 years of experience in developing and managing institutional-grade properties.

Armada Hoffler (NYSE: AHH) reports that its office portfolio in the Town Center of Virginia Beach is over 99% leased, boosted by a new lease from Old Dominion University for 18,000 square feet, previously occupied by Hampton University. This space will host ODU's Institute of Data Science and Coastal Virginia Center for Cyber Innovation. The Town Center project, initiated in 2000, includes 500k square feet of retail, 800k square feet of Class A office space, and over 750 luxury residences, emphasizing the demand for top-tier office space in lively, mixed-use environments.

Armada Hoffler (NYSE: AHH) has successfully amended and restated its $355 million unsecured credit facility, raising total capacity to $550 million. The updated facility includes a $250 million revolving line of credit and a $300 million term loan, maturing in January 2027 and 2028, respectively. An accordion option enables future expansion to $1.0 billion. These changes enhance financial flexibility amidst market volatility and introduce sustainability-linked pricing that may lower interest rates.

Armada Hoffler (NYSE: AHH) is set to announce its earnings for Q3 2022 on November 8, 2022, at 6:00 a.m. Eastern. Following the report, company management will host a conference call at 8:30 a.m. Eastern to discuss the earnings and provide additional insights. Investors can listen in by dialing 844-826-3035 or 412-317-5195. The company's robust portfolio focuses on high-quality office, retail, and multifamily properties across the Mid-Atlantic and Southeastern U.S., showcasing its expertise in the real estate sector.

Armada Hoffler Properties (NYSE: AHH) reported a net income of $27.8 million, or $0.31 per diluted share, for Q2 2022, a significant increase from $5.6 million in Q2 2021. The company raised its full-year 2022 Normalized FFO guidance to $1.16 - $1.20 per diluted share, reflecting a 10% rise from 2021. Occupancy rates for office, retail, and multifamily properties stand at 97.9%, 97.1%, and 97.2%, respectively. A 12% cash dividend increase to $0.19 per share was announced. The construction backlog reached a record $541 million, supported by strong property operating income.

Armada Hoffler Properties (NYSE: AHH) announced a cash dividend of $0.19 per common share for Q3 2022, marking a 12% increase from the previous quarter. The dividend is payable on October 6, 2022, to stockholders of record on September 28, 2022. Additionally, a preferred stock dividend of $0.421875 per share will be paid on October 14, 2022. CEO Louis Haddad highlighted sustained growth, increased occupancy, and effective cost management as key factors supporting the dividend increase and anticipated strong earnings performance.

Armada Hoffler (NYSE: AHH) announced the successful sale of The Residences at Annapolis Junction, a 416-unit apartment community, for $150 million. This sale, finalized on July 22, 2022, is part of the company's strategy to dispose of $177 million in noncore assets, achieving a blended exit cap rate of 4.1%. CEO Lou Haddad highlighted that these proceeds will fulfill the company’s equity needs for the year and facilitate ongoing development projects without the need for capital market access. The property was 97% occupied at the time of the sale.