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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 reported Q1 2022 net income of $9.3 million, or $0.11 per diluted share, up from $3.1 million, or $0.04 per diluted share, in Q1 2021. Funds from operations (FFO) rose to $27.6 million, with normalized FFO at $24.5 million, both reflecting significant year-over-year growth. The company raised its full-year normalized FFO guidance to $1.15 to $1.19 per share. Occupancy rates across sectors remain strong, averaging 97.1%. Key developments include the acquisition of the Exelon Building and the disposition of two student housing assets for $81 million.
Armada Hoffler Properties (NYSE: AHH) has completed its strategic exit from the student housing market with the sale of Summit Place in Charleston, South Carolina, marking its final divestment in this asset class. This aligns with the company’s focus on conventional multifamily, mixed-use, and retail investments. CEO Louis Haddad emphasized the shift allows the firm to concentrate resources on development opportunities that promise high returns for shareholders. The proceeds will be redirected towards acquiring conventional multifamily and grocery-anchored shopping center properties.
Armada Hoffler Properties (NYSE: AHH) has successfully closed the sale of Hoffler Place in Charleston, SC, part of its strategy to exit student housing. This decision aligns with the company's focus on conventional apartment communities. The 74-unit property, completed in 2019 and 97% occupied at sale, is expected to enhance capital for future developments and acquisitions. The pending sale of Summit Place will conclude this transition. CEO Louis Haddad emphasized the opportunity for growth attributed to favorable market conditions.
Armada Hoffler Properties (NYSE: AHH) will announce its earnings for Q1 2022 on May 3, 2022, at 6:00 a.m. Eastern. A conference call will follow at 8:30 a.m. to discuss the results and provide additional insights. Interested parties can join the call by dialing 877-407-3982 or 201-493-6780. A telephonic replay will be available until June 3, 2022. Armada Hoffler, a self-managed REIT with 40 years of experience, specializes in high-quality office, retail, and multifamily properties mainly in the Mid-Atlantic and Southeastern U.S.
Armada Hoffler Properties (NYSE: AHH) announced the retirement of CFO Michael O’Hara, effective year-end 2022, after 25 years with the company. Matthew Barnes-Smith, the Executive Vice President of Finance, has been appointed as his successor, following a strategic succession plan. O’Hara will oversee major investments in Harbor Point, Baltimore, before his retirement. The leadership change aims to maintain financial stability and continuity within the firm.
Armada Hoffler Properties, Inc. (NYSE: AHH) announced a unanimous amendment to its Bylaws, reducing the requirements for stockholders to submit binding proposals for Bylaw amendments. The new thresholds align with the Securities Exchange Act of 1934, allowing stockholders who have held a minimum market value of the Company's securities to propose amendments after specified periods: $2,000 for three years, $15,000 for two years, and $25,000 for one year. The move aims to enhance governance transparency and accountability, reflecting the Board's commitment to best-in-class governance practices.
Armada Hoffler Properties, Inc. (NYSE: AHH) has declared a cash dividend of $0.17 per common share for Q1 2022, payable on April 7, 2022, to shareholders on record by March 30, 2022. Moreover, a cash dividend of $0.421875 per share on its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock will be paid on April 15, 2022, to those on record by April 1, 2022. This solidifies the company's commitment to returning value to shareholders.
Armada Hoffler Properties, Inc. (NYSE: AHH) announced the income tax treatment of its 2021 dividend distributions for common and preferred stockholders. The final income allocations will be reported on Form 1099-DIV. Notably, 66.71% of common stock dividends are classified as ordinary income, while 8.98% are capital gains. Preferred stockholders will experience 88.04% ordinary income and 11.96% capital gains. Shareholders are advised to consult their tax advisors for specific tax treatment. This information follows provisions from the 2017 Tax Cuts and Jobs Act.
Armada Hoffler Properties (NYSE: AHH) reported a net income of less than $0.01 per diluted share for Q4 2021, down from $0.02 per diluted share a year prior. The full-year net income was $0.17 per diluted share, a drop from $0.38 in 2020. The company achieved a Normalized FFO of $0.27 per diluted share for Q4 and $1.07 for the full year. Occupancy rates increased across retail (96.0%), office (96.8%), and multifamily (97.4%). The 2022 guidance for Normalized FFO is set between $1.11 and $1.15 per diluted share. A significant property sale and a new acquisition were also highlighted.
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