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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 (NYSE: AHH) has priced an underwritten public offering of 9,000,000 shares of its common stock, expecting to raise approximately $94.5 million in gross proceeds. The offering is set to close on September 27, 2024, with underwriters having a 30-day option to purchase up to an additional 1,350,000 shares. The company plans to use the net proceeds to repay loans secured by Chronicle Mill, Premier, and Market at Mill Creek, as well as outstanding amounts on its revolving credit facility. Any remaining funds will be used for general corporate purposes and working capital.
The offering is being managed by Jefferies, BofA Securities, and Barclays as joint book-running managers, with Scotiabank and Stifel as additional book-running managers, and Janney Montgomery Scott and Regions Securities as co-managers.
Armada Hoffler (NYSE: AHH) has announced the commencement of an underwritten public offering of 7,000,000 shares of its common stock. The company has also granted underwriters a 30-day option to purchase up to an additional 1,050,000 shares. The net proceeds will be used to repay loans secured by Chronicle Mill, Premier, and Market at Mill Creek, as well as outstanding amounts under the company's revolving credit facility. Any remaining funds will be allocated for general corporate purposes and working capital.
Jefferies, BofA Securities, and Barclays are serving as joint book-running managers for the offering. The offering is being made pursuant to a shelf registration statement on Form S-3, which became automatically effective upon filing with the SEC on February 28, 2023. A prospectus supplement relating to the offering will be filed with the SEC.
Armada Hoffler (NYSE: AHH) has announced its quarterly dividend payments for both common and preferred stockholders. The company's Board of Directors declared a cash dividend of $0.205 per common share, payable on October 3, 2024, to stockholders of record as of September 25, 2024. Additionally, a cash dividend of $0.421875 per share was declared on the company's 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, set to be paid on October 15, 2024, to stockholders of record on October 1, 2024. This announcement demonstrates Armada Hoffler's commitment to providing regular returns to its investors through dividend distributions.
Armada Hoffler Properties (NYSE: AHH) reported its Q2 2024 results, highlighting Normalized FFO of $0.34 per diluted share, up from $0.32 in Q2 2023. Key highlights include:
- GAAP Net Income of $0.4 million
- Office Same Store NOI Growth of 9.0% (GAAP) and 7.7% (Cash)
- Office Occupancy increased to 94.3%
- Positive Renewal Spreads across all segments
- Maintained 2024 Full-Year Normalized FFO Guidance of $1.21 to $1.27 per diluted share
The company's portfolio showed resilience with a 94.9% weighted average stabilized occupancy. AHH also realized $25.8 million from the redemption of a preferred equity investment and reported a construction backlog of $302.9 million.
On July 9, 2024, Armada Hoffler (NYSE: AHH) announced that Stifel Financial Corp. (NYSE: SF) has leased 35,000 square feet of office space at the Wills Wharf building in the Harbor Point community, Baltimore. This lease highlights the strong demand for Armada Hoffler’s office spaces, which are 98% leased across Harbor Point's over one million square feet. Stifel's new location, offering panoramic waterfront views, will contribute to the vibrant business ecosystem of Harbor Point. CEO Lou Haddad expressed excitement over the lease, emphasizing Harbor Point's status as a prime choice for innovative companies. This deal, brokered by JLL for Armada Hoffler and Cushman & Wakefield for Stifel, further enhances the area’s appeal as a premier destination for business, living, and entertainment.
Armada Hoffler (NYSE: AHH) has announced that it will report its financial earnings for the second quarter ending June 30, 2024, on August 7, 2024, at approximately 4:00 p.m. Eastern Time.
Additionally, senior management will host a conference call and webcast at 8:30 a.m. Eastern Time on August 8, 2024, to discuss the earnings and other relevant information. Investors can join the conference call by dialing specific toll-free or toll numbers provided and using the conference ID 76550.
A telephonic replay will be available until September 7, 2024, and a webcast replay will be accessible for 30 days post-conference.
Armada Hoffler (NYSE: AHH) announced that its Board of Directors declared a cash dividend of $0.205 per common share for the second quarter. This dividend will be paid on July 5, 2024, to stockholders of record as of June 26, 2024. Additionally, a dividend of $0.421875 per share on its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock has been declared, payable on July 15, 2024, to stockholders of record on July 1, 2024.
Armada Hoffler Properties, Inc. reported strong first quarter 2024 results with a net income of $0.17 per diluted share, normalized FFO of $0.33 per diluted share, and multifamily same store NOI growth of 2.6% (GAAP) and 2.5% (Cash). They maintained their 2024 full-year Normalized FFO guidance range of $1.21 to $1.27 per diluted share. The company showed positive renewal spreads on commercial leases, maintained high portfolio occupancy, and announced the appointment of a new Board member.
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