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Sep 30, 2024
Armada Hoffler Q3 2024 Earnings Report
Armada Hoffler reported a net loss of $10.4 million and Normalized FFO of $0.35 per diluted share for Q3 2024.
Key Takeaways
Armada Hoffler Properties, Inc. announced its Q3 2024 results, reporting a net loss attributable to common stockholders of $10.4 million, or $0.11 per diluted share. However, normalized funds from operations (FFO) increased to $31.4 million, or $0.35 per diluted share, compared to $27.7 million, or $0.31 per diluted share, for the three months ended September 30, 2023. The company narrowed its full-year Normalized FFO guidance range to $1.25 to $1.27 per diluted share.
Net loss attributable to common stockholders was $10.4 million, or $0.11 per diluted share.
Normalized FFO increased to $31.4 million, or $0.35 per diluted share.
Weighted average stabilized portfolio occupancy was 95.4%.
Office Same Store NOI increased 6.1% on a GAAP basis.
Armada Hoffler
Armada Hoffler
Forward Guidance
The Company adjusted its 2024 full-year Normalized FFO guidance range to $1.25 to $1.27 per diluted share.
Positive Outlook
- Expected Portfolio NOI between $171.0M and $172.2M
- Construction Segment Gross Profit between $12.3M and $13.5M
- G&A Expenses between ($18.7M) and ($18.5M)
- Interest Income between $18.2M and $18.4M
- Adjusted Interest Expense between ($55.6M) and ($54.8M)