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Mar 31, 2020
Armada Hoffler Q1 2020 Earnings Report
Armada Hoffler reported increased net income and normalized FFO, but suspended dividend and reduced compensation due to COVID-19 uncertainty.
Key Takeaways
Armada Hoffler Properties reported increased net income attributable to common stockholders and OP Unit holders for the first quarter, rising to $8.2 million compared to $6.5 million in the same period last year. Normalized FFO also increased to $24.7 million from $18.5 million year-over-year. However, due to the uncertainty surrounding the COVID-19 pandemic, the company suspended its dividend on common stock and reduced board & CEO compensation.
Net income attributable to common stockholders and OP Unit holders increased to $8.2 million, or $0.11 per diluted share.
Normalized FFO increased to $24.7 million, or $0.32 per diluted share.
The company suspended its quarterly cash dividend on common stock and OP Units.
Core operating property portfolio occupancy was at 95.6% as of March 31, 2020.
Revenue by Segment
Forward Guidance
Due to the uncertainty surrounding the future impact of the COVID-19 pandemic, the Company has withdrawn its 2020 full-year Normalized FFO guidance that was previously issued on February 6, 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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