Armada Hoffler Q4 2021 Earnings Report
Key Takeaways
Armada Hoffler Properties reported fourth quarter and full year 2021 results, with net income of less than $0.01 per diluted share for the fourth quarter and $0.17 per diluted share for the full year. Normalized FFO was $0.27 per diluted share for the fourth quarter and $1.07 per diluted share for the full year. The company introduced 2022 full-year Normalized FFO guidance of $1.11 to $1.15 per diluted share.
Net income attributable to common stockholders and OP Unit holders was $0.4 million, or less than $0.01 per diluted share.
Normalized funds from operations attributable to common stockholders and OP Unit holders was $21.9 million, or $0.27 per diluted share.
Stabilized operating property portfolio occupancy increased to 96.7% as of December 31, 2021.
Completed the disposition of student housing asset Johns Hopkins Village for $75M.
Armada Hoffler
Armada Hoffler
Forward Guidance
The Company is introducing its 2022 full-year Normalized FFO guidance in the range of $1.11 to $1.15 per diluted share.
Positive Outlook
- Acquisition of Exelon building, located in Baltimore’s Harbor Point, which closed on January 14, 2022
- Disposition of two student housing assets in Charleston for $80M during the second quarter of 2022
- Interest expense, net of interest rate caps, based on the Forward LIBOR Curve ending 2022 at 1%
- Acquisition targets up to $100M, closing during the second half of 2022
- Begin funding new $20M preferred equity loan for Solis City Park multifamily project during the first quarter of 2022
Challenges Ahead
- Interlock Commercial mezzanine loan paid down by $14M during the first quarter, then fully paid off in early 2023
- Opportunistic sale of common stock through the ATM program