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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 announced the income tax treatment for its 2022 dividend distributions, detailing important allocations for both common and preferred stockholders. For common stock, 65.64% of dividends will be classified as ordinary taxable income, while 34.36% will be categorized as non-dividend distributions. In contrast, the full 100% of preferred stock dividends is considered ordinary income. Stockholders are advised to consult their tax advisors for specific situations. This announcement aligns with the 2017 Tax Cuts and Jobs Act regulations, highlighting Armada's commitment to transparent reporting and shareholder communication.
Armada Hoffler Properties (NYSE: AHH) reported a strong financial performance for Q4 2022, achieving a net income of $11.5 million ($0.13 per diluted share), a significant increase from $0.4 million the previous year. For the full year, net income rose to $82.5 million ($0.93 per diluted share), compared to $13.9 million in 2021. The company reported a normalized FFO of $1.22 per diluted share, a 13% year-over-year increase. Portfolio occupancy remained high at 97%. The firm introduced 2023 normalized FFO guidance of $1.23 to $1.27 per diluted share and received a BBB investment grade credit rating. Strong performance in the construction segment contributed positively to earnings.
Armada Hoffler Properties (NYSE: AHH) announced a BBB investment grade credit rating with a stable trend from DBRS Morningstar on February 7, 2023. This milestone recognizes the company’s significant market position in the Mid-Atlantic region, asset quality in its multifamily portfolio, and a diversified commercial tenant base. DBRS highlighted the firm’s strong cash flow relative to financial obligations. This investment grade rating enhances access to a broader investor pool and additional capital for growth initiatives. Founded over 40 years ago, Armada Hoffler has tripled in size since its IPO and was recently added to the MSCI U.S. REIT Index and S&P Small Cap 600 Index.
Armada Hoffler (NYSE: AHH) will announce its earnings for the quarter ended December 31, 2022, on February 14, 2023, at 6:00 a.m. Eastern. A conference call will take place at 8:30 a.m. to discuss the earnings report. Interested parties can listen in via a toll-free number or through the company's investor relations webpage. A telephonic replay of the call will be available until March 16, 2023. Founded in 1979, Armada Hoffler is a self-managed real estate investment trust specializing in office, retail, and multifamily properties in the Mid-Atlantic and Southeastern U.S.
Armada Hoffler (NYSE: AHH) has initiated a $100 million unsecured term loan, with potential expansion to $200 million, to unencumber its Wills Wharf asset and three retail locations in Virginia Beach. This loan matures in January 2027 at a fixed interest rate of 4.79%. CFO Matthew Barnes-Smith highlighted the company's focus on enhancing liquidity and capital structure, attributing progress to the Franklin Templeton lease at Wills Wharf. Manufacturers and Traders Bank will serve as the lead arranger for this credit facility.
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.
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