https://assets.capyfin.com/instruments/678fdc13234e27009c5d61f2.png avatar
Armada Hoffler
🇺🇸 NYSE:AHH
View Company
OverviewEarningsDividends
•
Dec 31, 2019

Armada Hoffler Q4 2019 Earnings Report

Armada Hoffler Properties reported strong bottom line growth in Q4 2019, with a nearly 14 percent increase in per share earnings.

Key Takeaways

Armada Hoffler Properties reported Q4 2019 results, including net income of $0.09 per diluted share and normalized FFO of $0.30 per diluted share. The company's core operating property portfolio occupancy was at 96.5%. They added $109.2 million to third-party construction backlog during the quarter.

Net income attributable to common stockholders and OP Unit holders was $7.2 million, or $0.09 per diluted share.

Funds from operations (FFO) attributable to common stockholders and OP Unit holders was $22.5 million, or $0.29 per diluted share.

Normalized funds from operations (Normalized FFO) attributable to common stockholders and OP Unit holders was $22.9 million, or $0.30 per diluted share.

Third-party construction backlog increased by $109.2 million during the fourth quarter.

Total Revenue
$41.8M
Previous year: $30.7M
+36.1%
EPS
$0.3
Previous year: $0.3
+0.0%
Core Operating Property Portfolio Occupancy
96.5%
Previous year: 95.8%
+0.7%
Gross Profit
$28.9M
Cash and Equivalents
$39.2M
Total Assets
$1.8B

Armada Hoffler

Armada Hoffler

Armada Hoffler Revenue by Segment

Forward Guidance

The Company is introducing its 2020 full-year Normalized FFO guidance in the range of $1.16 to $1.20 per diluted share.

Positive Outlook

  • Asset recycling program completed during 2Q20.
  • Interest expense is calculated based on the Forward LIBOR Curve, which forecasts rates ending the year at 1.48%.
  • Opportunistic sale of approximately $80 million through the ATM program, resulting in a full year weighted average share count of 79.7 million.
  • Includes amortization of exit fees for The Residences at Annapolis Junction & The Interlock.
  • Total NOI $117.5M $118.5M

Challenges Ahead

  • Normalized FFO excludes certain items, including debt extinguishment losses, acquisition, development and other pursuit costs, mark-to-market adjustments for interest rate derivatives, amortization of right-of-use assets attributable to finance leases, severance related costs, and other non-comparable items.
  • Construction Segment Gross Profit $7.3M $8.0M
  • G&A Expenses $12.9M $13.5M
  • Mezzanine Interest Income [2] $21.7M $22.1M
  • Interest Expense $35.2M $36.2M

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Armada Hoffler