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Armada Hoffler reports Q4 loss, revenue beat

EditorAhmed Abdulazez Abdulkadir
Published 02/22/2024, 08:26 PM
Updated 02/22/2024, 08:26 PM
© Reuters.

VIRGINIA BEACH - Armada Hoffler Properties, Inc. (NYSE: NYSE:AHH) disclosed a net loss for the fourth quarter of $0.27 per diluted share, diverging from the analyst consensus estimate which projected earnings of $0.07 per share. Despite the reported loss, the company's revenue for the quarter reached $191.03 million, significantly surpassing the consensus estimate of $63.8 million.

The property segment net operating income (NOI) for the fourth quarter of 2023 was $39.3 million, marking a 4.2% increase compared to $37.7 million for the same period the previous year. The company attributes the positive impact on its performance to higher property NOI due to the acquisition of The Interlock and growth in the retail and multifamily segments, alongside positive lease renewal spreads.

However, this was offset by unrealized losses in the company's non-designated interest rate derivative portfolio and other factors such as higher general and administrative expenses.

CEO Louis Haddad commented on the results, "As we reflect on our performance throughout the fourth quarter and the year, I am proud of our team's dedication and resilience, which has translated into exceptional results." He also highlighted the company's ability to continue adding to earnings and dividends due to best-in-market properties in healthy markets.

Looking ahead, Armada Hoffler has introduced its full-year 2024 normalized funds from operations (FFO) guidance, projecting a range of $1.21 to $1.27 per diluted share. This guidance sets the stage for the company's expectations in the coming year, although the specific driver of the stock's movement and the percentage change were not disclosed in the provided context.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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