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Sep 30, 2022
Armada Hoffler Q3 2022 Earnings Report
Reported net income of $0.38 per diluted share and normalized FFO of $0.29 per diluted share.
Key Takeaways
Armada Hoffler Properties reported a strong third quarter with net income attributable to common stockholders and OP Unit holders increasing to $33.9 million, or $0.38 per diluted share. The company raised its 2022 full-year Normalized FFO guidance range to $1.18 to $1.20 per diluted share and executed significant new office leases.
Net income attributable to common stockholders and OP Unit holders was $33.9 million, or $0.38 per diluted share.
Normalized funds from operations attributable to common stockholders and OP Unit holders was $25.8 million, or $0.29 per diluted share.
The company raised 2022 full-year Normalized FFO guidance to $1.18 to $1.20 per diluted share.
Portfolio wide occupancy exceeded 97%, with retail occupancy reaching an all-time high of 98%.
Forward Guidance
The Company raised its 2022 full-year Normalized FFO guidance range to $1.18 to $1.20 per diluted share.
Positive Outlook
- Anticipated sale of Interlock in 2023
- Acquisition of a $26.5 million grocery anchored retail asset
- New $125 million unsecured term loan projected to close late November 2022
- Total NOI is expected to be between $145.2M and $146.0M
- Interest Income is expected to be between $14.6M and $15.0M
Challenges Ahead
- Interest expense is projected to be between $35.4M and $36.1M
- Construction Segment Gross Profit is expected to be between $7.8M and $8.4M
- G&A Expenses are expected to be between $16.0M and $16.5M
- Interest expense based on Forward Yield Curve, which forecasts rates ending the year at 4.4%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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