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Mar 31, 2021
Armada Hoffler Q1 2021 Earnings Report
Reported first quarter results with net income of $0.04 per diluted share and reaffirmed 2021 full-year normalized FFO guidance of $0.98 to $1.02 per diluted share.
Key Takeaways
Armada Hoffler Properties reported a decrease in net income to $3.1 million, or $0.04 per diluted share, compared to $8.2 million, or $0.11 per diluted share, for the three months ended March 31, 2020. Normalized FFO was $20.6 million, or $0.26 per diluted share, compared to $24.7 million, or $0.32 per diluted share, for the three months ended March 31, 2020. The company reaffirmed its 2021 full-year Normalized FFO guidance of $0.98 to $1.02 per diluted share and increased its cash dividend on common shares for the second consecutive quarter.
Net income attributable to common stockholders and OP Unit holders of $3.1 million, or $0.04 per diluted share.
Funds from operations attributable to common stockholders and OP Unit holders (FFO) of $20.8 million, or $0.26 per diluted share.
Normalized funds from operations attributable to common stockholders and OP Unit holders (Normalized FFO) of $20.6 million, or $0.26 per diluted share.
Reaffirmed 2021 full-year Normalized FFO guidance of $0.98 to $1.02 per diluted share.
Revenue by Segment
Forward Guidance
The Company issued updated 2021 full-year Normalized FFO guidance in the range to $0.98 to $1.02 per diluted share.
Positive Outlook
- New $23M preferred equity mezzanine loan for Solis Nexton, which closed in April
- Interest Expense based on Forward LIBOR Curve, which forecasts rates ending the year at 0.19%
- Opportunistic sale of common stock through the ATM program, resulting in a full year weighted average share count of 82.2M
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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