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Sep 30, 2021
Armada Hoffler Q3 2021 Earnings Report
Reported a net income of $0.06 per diluted share and normalized FFO of $0.26 per diluted share. The company raised its 2021 full-year normalized FFO guidance to $1.05 to $1.07 per diluted share and increased its fourth quarter cash dividend on common shares for the third time this year.
Key Takeaways
Armada Hoffler Properties reported third quarter 2021 results with a net income of $4.9 million, or $0.06 per diluted share, and normalized FFO of $0.26 per diluted share. The company raised its full-year normalized FFO guidance and increased its fourth-quarter cash dividend.
Net income attributable to common stockholders and OP Unit holders was $4.9 million, or $0.06 per diluted share.
Funds from operations attributable to common stockholders and OP Unit holders (FFO) was $21.9 million, or $0.27 per diluted share.
Normalized funds from operations attributable to common stockholders and OP Unit holders (Normalized FFO) was $21.5 million, or $0.26 per diluted share.
Stabilized operating property portfolio occupancy increased to 96.4% as of September 30, 2021.
Armada Hoffler
Armada Hoffler
Armada Hoffler Revenue by Segment
Revenue by Segment
Rental revenues Revenue
CapyFin.comGeneral contracting & real estate services Revenue
CapyFin.com Forward Guidance
The Company issued updated 2021 full-year Normalized FFO guidance in the range to $1.05 to $1.07 per diluted share from $1.02 to $1.06.
Positive Outlook
- Interest Expense based on Forward LIBOR Curve, which forecasts rates ending the year at 0.10%
- Opportunistic sale of common stock through the ATM program, resulting in a full year weighted average share count of 82M
- Disposition of Johns Hopkins Village during the fourth quarter
- Total NOI $122.5M-$123.4M
- Construction Segment Gross Profit $3.6M-$4.0M
Challenges Ahead
- G&A Expenses $14.8M-$15.1M
- Mezzanine Interest Income $18.2M-$18.6M
- Interest Expense $33.6M-$34.0M
- Normalized FFO excludes certain items, including debt extinguishment losses, acquisition, development and other pursuit costs, mark-to-market adjustments for interest rate derivatives, provision for unrealized credit losses, amortization of right-of-use assets attributable to finance leases, severance related costs, and other non-comparable items.
- The Company does not provide a reconciliation for its guidance range of Normalized FFO per diluted share to net income per diluted share, the most directly comparable forward-looking GAAP financial measure, because it is unable to provide a meaningful or accurate estimate of reconciling items and the information is not available without unreasonable effort as a result of the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income per diluted share.
Revenue & Expenses
Visualization of income flow from segment revenue to net income