Armada Hoffler Properties (AHH) Tops Q1 EPS by 3c; Maintains Outlook

Armada Hoffler Properties (NYSE: AHH) reported Q1 EPS of $0.16, $0.03 better than the analyst estimate of $0.13.

• Net income of $8.8 million, or $0.16 per diluted share, for the quarter ended March 31, 2017 compared to net income of $26.5 million, or $0.57 per diluted share, for the quarter ended March 31, 2016.
• Normalized Funds From Operations (“FFO”) of $14.6 million, or $0.26 per diluted share, for the quarter ended March 31, 2017 compared to Normalized FFO of $11.6 million, or $0.25 per diluted share, for the quarter ended March 31, 2016.
• FFO of $14.8 million, or $0.27 per diluted share, for the quarter ended March 31, 2017 compared to FFO of $8.4 million, or $0.18 per diluted share, for the quarter ended March 31, 2016.
• Same Store Net Operating Income (“NOI”) increased for the eleventh consecutive quarter.
• Core operating property portfolio occupancy at 94.3% compared to 94.7% as of March 31, 2016.
• Announced $100 million of new development in historic downtown Charleston, South Carolina, consisting of two student housing assets that the Company will develop as the majority partner of a new joint venture and build as the general contractor.
• Leased 40,000 square feet at 4525 Main Street in the Town Center of Virginia Beach, bringing occupancy to over 93% for this asset.
• Entered into an agreement to invest in the development of a $34 million Whole Foods anchored center located in Decatur, Georgia.
• The Company is maintaining its 2017 full-year Normalized FFO guidance range of $0.99 to $1.03 per diluted share.

For earnings history and earnings-related data on Armada Hoffler Properties (AHH) click here.

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