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Armada Hoffler Properties, Inc. (NYSE: AHH) is a vertically integrated, self-managed real estate investment trust (REIT) with over four decades of experience in developing, building, acquiring, and managing high-quality, institutional-grade office, retail, and multifamily properties. The company primarily operates in the Mid-Atlantic and Southeastern United States. Founded in 1979 by Daniel A. Hoffler, Armada Hoffler has established itself as a significant player in the real estate industry, known for its diversified portfolio and commitment to excellence.
The company's core business segments include office real estate, retail real estate, multifamily residential real estate, and general contracting and real estate services. Armada Hoffler generates maximum revenue from its general contracting and real estate services segment, providing development and construction services to third-party clients in addition to its own properties.
Armada Hoffler's properties are leased under operating leases, with revenue recognized from base rents and tenant recoveries, where tenants reimburse the company for expenses such as utilities and maintenance. The company's flagship properties, such as the Town Center of Virginia Beach and Wills Wharf in Baltimore, showcase its mixed-use development capabilities, featuring a blend of office, retail, and residential spaces.
Recent achievements include securing new office tenants, such as KPMG LLP and Duane Morris LLP, which have significantly increased the occupancy rates in its flagship developments. The company has also maintained strong financial performance, with a consistent increase in dividends, reflecting its robust leasing activity and strategic capital allocation.
Armada Hoffler is currently engaged in several key projects, including the Southern Post mixed-use development in Roswell, Georgia, and The Interlock in Atlanta, Georgia. These projects exemplify the company's commitment to creating vibrant, mixed-use environments that attract both tenants and consumers.
In 2024, Armada Hoffler completed a leadership transition plan, appointing Shawn Tibbetts as President and announcing the future retirement of CEO Louis Haddad. The company remains committed to its strategic growth plan, focusing on expanding its portfolio while maintaining financial stability and delivering value to its shareholders.
For more information, visit ArmadaHoffler.com or contact Chelsea Forrest, Director of Corporate Communications and Investor Relations, at CForrest@ArmadaHoffler.com or (757) 612-4248.
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.
Armada Hoffler (NYSE: AHH) received a positive update from Morningstar, which upgraded its outlook to stable while confirming its BBB credit rating. The rating agency's decision was influenced by AHH's improving leverage profile and enhanced portfolio diversification, particularly following the development of Allied, a mixed-use project in Baltimore featuring 312 multifamily units, retail space, and a parking garage.
The Allied project, scheduled for completion in Q1 2025 and expected stabilization by Q3 2026, is projected to become a significant contributor to the company's net operating income (NOI). The company's financial position was strengthened by a $103.5 million net proceed equity raise in September 2024, which was used for debt reduction. This strategic move has improved the company's leverage profile and enhanced its financial flexibility within the credit rating category.
Armada Hoffler (NYSE: AHH) has successfully sold two retail properties in South Carolina for $82 million, achieving a 20% profit over cost. The transaction, completed on December 18, 2024, included Nexton Square in Summerville and Market at Mill Creek in Mount Pleasant, both sold to the same undisclosed buyer at a blended cap rate in the low 6% range.
The sale generated nearly $60 million in cash equity for future growth opportunities and enabled the company to repay the Nexton Square mortgage, which was their most expensive variable-rate loan. Nexton Square is a 133,608-square-foot open-air lifestyle center serving a 4,500-acre master-planned community, while Market at Mill Creek features a 50,000-square-foot Lowes Foods anchor store plus 23,000 square feet of inline shop space.
Armada Hoffler (NYSE: AHH) has issued a correction to its December 13, 2024 dividend announcement, specifically regarding the record date for its Series A Preferred Stock dividend. The correct record date is January 2, 2025, not December 31, 2024. The company's Board of Directors has declared a cash dividend of $0.421875 per share on its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, payable on January 15, 2025. All other dividend details, including common stock dividend record date, payment dates, and dividend amounts remain unchanged.
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