Armada Hoffler Q4 2023 Earnings Report
Key Takeaways
Armada Hoffler Properties, Inc. reported a net loss attributable to common stockholders of $23.9 million, or $0.27 per diluted share, for the fourth quarter of 2023. Normalized FFO was $0.31 per diluted share. The company announced a 5% increase in the quarterly cash dividend on common stock.
Net loss attributable to common stockholders was $23.9 million, or $0.27 per diluted share.
Normalized FFO was $0.31 per diluted share.
The Board of Directors declared a cash dividend of $0.205 per common share, representing a 5% increase over the prior quarter's dividend.
Property segment net operating income was $39.3 million, a 4.2% increase compared to Q4 2022.
Armada Hoffler
Armada Hoffler
Forward Guidance
The Company is introducing its 2024 full-year Normalized FFO guidance in the range of $1.21 to $1.27 per diluted share.
Positive Outlook
- Southern Post and T. Rowe Price Global HQ stabilized 4Q24
- Allied | Harbor Point delivered 3Q24 with 18-month lease-up to stabilization
- Opportunistic sale of common stock through the ATM program
- Begin funding new real estate financing project in the second half of 2024
- Construction gross profit consistent with 2023, resulting in profit recognition concentrated more in the first half of 2024