Armada Hoffler Q3 2020 Earnings Report
Key Takeaways
Armada Hoffler Properties reported a decrease in net income to $8.7 million compared to $9.9 million for the third quarter of 2019, primarily due to decreased operating income and an increase in the allowance for bad debt in the retail portfolio. Normalized FFO decreased to $19.0 million compared to $22.5 million for the third quarter of 2019. The company collected 96% of portfolio rents for the third quarter.
Net income attributable to common stockholders and OP Unit holders was $8.7 million, or $0.11 per diluted share.
Funds from operations attributable to common stockholders and OP Unit holders (FFO) was $19.2 million, or $0.24 per diluted share.
Normalized funds from operations attributable to common stockholders and OP Unit holders (Normalized FFO) was $19.0 million, or $0.24 per diluted share.
Core operating property portfolio occupancy was at 95.4% as of September 30, 2020.
Armada Hoffler
Armada Hoffler
Armada Hoffler Revenue by Segment
Forward Guidance
The Company issued updated 2020 full-year Normalized FFO guidance in the range to $1.10 to $1.12 per diluted share.
Positive Outlook
- Disposition of two unencumbered assets for $8M in cash proceeds at the end of the fourth quarter
- Acquisition of Annapolis Junction and Edison Apartments in the fourth quarter
- An additional $0.5M of potential bad debt write offs for the remainder of 2020
- Interest expense is calculated based on Forward LIBOR Curve, which forecasts rates ending the year at 0.16%
Revenue & Expenses
Visualization of income flow from segment revenue to net income