Armada Hoffler Q2 2024 Earnings Report
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.
Armada Hoffler
Armada Hoffler
Forward Guidance
The Company maintained its 2024 full-year Normalized FFO guidance range at the Company's previous guidance range of $1.21 to $1.27 per diluted share.