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Jun 30, 2020
Armada Hoffler Q2 2020 Earnings Report
Reported net income and normalized FFO increased compared to the same quarter last year, and updated 2020 full-year normalized FFO guidance was issued.
Key Takeaways
Armada Hoffler Properties reported increased net income and normalized FFO for the second quarter of 2020. The company issued updated full-year normalized FFO guidance of $1.09 to $1.13 per diluted share. Portfolio occupancy remained strong, and the company collected a high percentage of rents.
Net income attributable to common stockholders and OP Unit holders was $11.2 million, or $0.14 per diluted share.
Normalized FFO was $22.6 million, or $0.29 per diluted share.
The company issued updated 2020 full-year Normalized FFO guidance in the range of $1.09 to $1.13 per diluted share.
Core operating property portfolio occupancy was at 93.6%.
Revenue by Segment
Forward Guidance
The Company issued updated 2020 full-year Normalized FFO guidance in the range to $1.09 to $1.13 per diluted share.
Positive Outlook
- Disposition of two unencumbered assets for $13M in cash proceeds at the end of the third quarter
- Acquisition of Nexton Square and Edison Apartments in the third quarter
- Assumes additional termination fees will be recognized in 2020
- Interest expense is calculated based on Forward LIBOR Curve, which forecasts rates ending the year at 0.16%
- Opportunistic use of the preferred stock ATM
Challenges Ahead
- An additional $1.5M of bad debt write offs for the remainder of 2020
Historical Earnings Impact
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Avg. Return Before/After Earnings
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