Armada Hoffler Properties: Q1 Earnings Snapshot
VIRGINIA BEACH, Va. (AP) _ Armada Hoffler Properties Inc. (AHH) on Tuesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The Virginia Beach, Virginia-based real estate investment trust said it had funds from operations of $20.6 million, or 26 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 24 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $3.1 million, or 4 cents per share.
The real estate company posted revenue of $81.3 million in the period. Its adjusted revenue was $45.7 million.
Armada Hoffler Properties expects full-year funds from operations in the range of 98 cents to $1.02 per share.
The company’s shares have risen 25% since the beginning of the year. The stock has increased 50% in the last 12 months.