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Dec 31, 2024
Armada Hoffler Q4 2024 Earnings Report
Armada Hoffler reported its fourth quarter 2024 results, showing significant improvements in net income and FFO compared to the previous year.
Key Takeaways
Armada Hoffler Properties, Inc. announced strong fourth quarter 2024 results, with net income attributable to common stockholders and OP Unit holders increasing to $26.1 million from a net loss of $23.9 million in Q4 2023. Normalized FFO per diluted share was $0.27, consistent with the prior year, while total revenues reached $142.6 million.
Net income attributable to common stockholders and OP Unit holders increased to $26.1 million in Q4 2024 from a net loss of $23.9 million in Q4 2023.
Normalized FFO per diluted share was $0.27 for Q4 2024, consistent with $0.31 in Q4 2023.
Total revenues for Q4 2024 were $142.6 million, down from $191.0 million in Q4 2023.
Weighted average stabilized portfolio occupancy was 96.0% as of December 31, 2024, with positive renewal spreads across all segments.
Armada Hoffler
Armada Hoffler
Armada Hoffler Revenue by Segment
Revenue by Segment
Rental revenues Revenue
CapyFin.comGeneral contracting & real estate services Revenue
CapyFin.comInterest income Revenue
CapyFin.com Forward Guidance
Armada Hoffler is introducing its 2025 full-year Normalized FFO guidance in the range of $1.00 to $1.10 per diluted share, reflecting a commitment to improving income stream and balance sheet quality for sustainable growth in an evolving market.
Positive Outlook
- Introduction of 2025 full-year Normalized FFO guidance range of $1.00 to $1.10 per diluted share.
- Harbor Point T. Rowe Price and Allied expected to be delivered in Q1 2025.
- Chandler Residences expected to be stabilized in Q2 2025.
- Focus on improving income stream and balance sheet quality.
- Positioning the company for sustainable growth.
Challenges Ahead
- Construction gross profit decline due to lower backlog.
- Unrealized gains on non-designated interest rate derivatives positively affected FFO in Q4 2024, but these are excluded from Normalized FFO.
- The Company does not provide a reconciliation for its guidance range of Normalized FFO per diluted share to net income per diluted share due to inherent difficulty in forecasting.
- Higher interest expense due to increased interest rates negatively impacted year-over-year changes.
- Higher general and administrative expenses negatively impacted year-over-year changes.