Armada Hoffler Properties, Inc. - AHH STOCK NEWS

Armada Hoffler Properties (NYSE: AHH) successfully completed a $246 million acquisition of a 79% interest and an additional 11% economic interest in the Exelon building in Baltimore's Harbor Point neighborhood. The property includes a 23-story Class A office, 103 multifamily units, and retail space, with Exelon occupying the office space on a long-term lease. This acquisition aligns with the company's strategic goals and enhances its existing portfolio in the area. CEO Louis Haddad described the transaction as immediately accretive and vital for future growth.

Armada Hoffler Properties (NYSE: AHH) will report its earnings for the fourth quarter and full year ended December 31, 2021, on February 10, 2022, at 6:00 a.m. Eastern. A conference call will follow at 8:30 a.m. Eastern, which can be accessed by calling 877-407-3982 (domestic) or 201-493-6780 (international). The call will be available on the company’s website, with a replay accessible until March 10, 2022. Armada Hoffler is a self-managed real estate investment trust, focused on the development and management of high-quality properties in the Mid-Atlantic and Southeastern U.S.

Armada Hoffler Properties, Inc. (NYSE: AHH) has announced a public offering of 3,500,000 shares, aiming for gross proceeds of approximately $51.6 million. The offering is set to close on January 11, 2022, with a 30-day option for underwriters to purchase an additional 525,000 shares. The net proceeds will fund the acquisition of a 79% interest and an additional 11% economic interest in the Exelon Building, a significant mixed-use property in Baltimore. This acquisition is expected to enhance funds from operations per share upon closing.

Armada Hoffler Properties, Inc. (NYSE: AHH) has launched a public offering of 3.5 million shares of its common stock, with an additional 525,000 shares available via an underwriter's option. Proceeds are earmarked for acquiring a 79% interest and an additional 11% economic interest in the Exelon Building in Baltimore, alongside repaying debts and general corporate use. The acquisition is projected to be accretive to funds from operations per share upon closing in Q1 2022. BofA Securities acts as the sole book-running manager for the offering.

Armada Hoffler Properties (NYSE: AHH) has agreed to acquire a 79% interest and an additional 11% economic interest in the Exelon building in Baltimore for $246 million. The office space is fully leased to Exelon for 15 years, with a 3% annual escalation. This acquisition is expected to yield a 7.4% year 1 return and offers potential for NOI growth through operational synergies. The company aims to strengthen its position in the Harbor Point area, redeploying capital from previous asset sales.

Armada Hoffler Properties, a real estate investment trust, has successfully closed the $75 million sale of its student housing property, Nine East 33rd in Baltimore, Maryland. This move is part of a strategic initiative to exit the student housing sector, allowing the company to capitalize on favorable market conditions. The proceeds from the sale will be utilized to fund further development and acquisition opportunities, focusing on mixed-use assets and conventional multifamily properties.

Armada Hoffler Properties announced a net income of $0.06 per diluted share and a normalized FFO of $0.26 per diluted share for Q3 2021. They raised the full-year 2021 normalized FFO guidance to $1.05-$1.07 per diluted share. The quarterly cash dividend was increased to $0.17, marking a 6.25% rise. Occupancy rates improved with multifamily at 97.4% and retail at 95.2%. Additionally, the company reported a successful leasing of 90,000 square feet in commercial space and ongoing construction at Southern Post in Georgia.

Armada Hoffler Properties (NYSE: AHH) announced the upcoming construction of Southern Post in Roswell, Georgia, set to begin by the end of 2021. This mixed-use development will encompass 260,000 square feet, featuring 128 luxury apartments, 9 townhomes, 95,000 square feet of creative office space, and 40,000 square feet of retail. The project aims for a summer 2023 delivery and has an estimated cost of $110 million. The design will reflect Roswell's historical charm, supported by the company's construction subsidiary.

Armada Hoffler Properties (NYSE: AHH) announced a Q4 cash dividend of $0.17 per common share, marking a 6.25% increase from the previous quarter and a 54.5% increase year-to-date. The dividend is payable on January 6, 2022 to shareholders of record as of December 29, 2021.

The Board also declared a dividend of $0.421875 for its 6.75% Series A Preferred Stock, payable on January 14, 2022.

President & CEO Louis Haddad noted strong leasing activity and growth opportunities as the reasons for the increase. A conference call to discuss earnings will occur on November 2, 2021.