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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) 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.
Armada Hoffler Properties (NYSE: AHH) will announce earnings for Q3 2021 on November 2, 2021, at 6:00 a.m. Eastern. A conference call will follow at 8:30 a.m. to discuss the results. Investors can join the call by dialing 877-407-3982 (domestic) or 201-493-6780 (international), or via the company’s website. A telephonic replay will be accessible until December 2, 2021. Armada Hoffler is a self-managed REIT with 40 years in developing and managing premier office, retail, and multifamily properties, primarily in the Mid-Atlantic and Southeastern U.S.
Armada Hoffler Properties (NYSE: AHH) has declared a cash dividend of $0.16 per common share for Q3 2021, payable on October 7, 2021 to stockholders of record as of September 29, 2021.
Additionally, the company announced a cash dividend of $0.421875 per share on its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, payable on October 15, 2021 to stockholders of record on October 1, 2021.
Armada Hoffler Properties (NYSE: AHH) announced the acquisition of two retail centers: Overlook Village in Asheville, NC for $28.35 million and Greenbrier Square in Chesapeake, VA for $36.5 million. Overlook Village is fully occupied and features high-traffic anchors like T.J.Maxx, while Greenbrier Square boasts a 95.4% occupancy rate and houses the state's most visited Kroger. This strategic investment aims to enhance the company’s portfolio with high-quality, grocery-anchored retail properties, supporting ongoing NOI growth.
Armada Hoffler Properties reported Q2 2021 net income of $5.6 million, or $0.07 per diluted share, down from $11.2 million a year prior. Funds from operations (FFO) rose to $22.9 million, while normalized FFO increased to $23.3 million per diluted share. The company raised its full-year normalized FFO guidance to $1.02-$1.06 due to improved net operating income from acquisitions. Operating property occupancy rates were stable, with retail occupancy rising to 94.7%. The company continues to strengthen its portfolio, recently acquiring two retail centers and maintaining a solid liquidity position.
Armada Hoffler Properties (NYSE: AHH) will announce its earnings for Q2 2021 on August 3, 2021, at 6:00 a.m. Eastern. A conference call will follow at 8:30 a.m. for management to discuss earnings and related information. Interested parties can listen by calling 877-407-3982 (domestic) or 201-493-6780 (international). A replay will be available until September 3, 2021. Armada Hoffler is a real estate investment trust focusing on property development and management in the Mid-Atlantic and Southeastern U.S.
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