Armada Hoffler

Aug 07, 2024

•

Jun 30, 2024

Armada Hoffler Q2 2024 Earnings Report

Armada Hoffler's performance reflected a mix of growth and challenges, with increased Normalized FFO and portfolio occupancy offset by a decrease in net income.

Key Takeaways

Armada Hoffler reported a net income of $0.4 million for Q2 2024, a decrease compared to $11.7 million in Q2 2023. Normalized FFO increased to $30.2 million from $28.3 million year-over-year. The company maintained its full-year Normalized FFO guidance of $1.21 to $1.27 per diluted share and achieved a portfolio-wide occupancy of 94.9%.

Net income attributable to common stockholders and OP Unit holders was $0.4 million, or $0.00 per diluted share.

Normalized funds from operations attributable to common stockholders and OP Unit holders was $30.2 million, or $0.34 per diluted share.

Weighted average stabilized portfolio occupancy was 94.9%, with retail at 95.4%, office at 94.3%, and multifamily at 94.9%.

Third-party construction backlog as of June 30, 2024, was $302.9 million.