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Mar 31, 2022
Armada Hoffler Q1 2022 Earnings Report
Reported net income of $0.11 per diluted share and normalized FFO of $0.28 per diluted share, raised 2022 full-year normalized FFO guidance range to $1.15 to $1.19 per diluted share.
Key Takeaways
Armada Hoffler Properties reported a net income of $9.3 million, or $0.11 per diluted share, for the quarter ended March 31, 2022, compared to $3.1 million, or $0.04 per diluted share, for the same period in 2021. Normalized FFO was $24.5 million, or $0.28 per diluted share, compared to $20.6 million, or $0.26 per diluted share, for the three months ended March 31, 2021. The company raised its 2022 full-year Normalized FFO guidance to $1.15 to $1.19 per diluted share.
Net income attributable to common stockholders and OP Unit holders of $9.3 million, or $0.11 per diluted share, compared to $3.1 million, or $0.04 per diluted share, for the three months ended March 31, 2021.
Normalized funds from operations attributable to common stockholders and OP Unit holders of $24.5 million, or $0.28 per diluted share, compared to $20.6 million, or $0.26 per diluted share, for the three months ended March 31, 2021.
Raised 2022 full-year Normalized FFO guidance to $1.15 to $1.19 per diluted share from the Company's previous guidance range of $1.11 to $1.15 per diluted share.
Stabilized operating property portfolio occupancy increased to 97.1% as of March 31, 2022.
Revenue by Segment
Forward Guidance
The Company raised its 2022 full-year Normalized FFO guidance range to $1.15 to $1.19 per diluted share.
Positive Outlook
- Disposition of two student housing assets in Charleston for $81 million, which closed in April
- Interest expense, net of interest rate caps, based on the Forward Yield Curve ending 2022 at 3.1%
- Additional capital deployed in Harbor Point Parcel 4 to total $74 million
- Self-funding development pipeline through sale of non-core assets
- Acquisition of $25 to $35 million of grocery-anchored retail assets
Challenges Ahead
- No capital markets activity for the remainder of the year
- Interest expense includes interest expense on finance leases
- Guidance excludes certain items, including debt extinguishment losses, acquisition, development and other pursuit costs
- Guidance excludes mark-to-market adjustments for interest rate derivatives, provision for non-cash unrealized credit losses
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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