Armada Hoffler Properties: 4Q Earnings Snapshot
VIRGINIA BEACH, Va. (AP) _ Armada Hoffler Properties Inc. (AHH) on Thursday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Virginia Beach, Virginia, said it had funds from operations of $20.2 million, or 30 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 30 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 $4.9 million, or 7 cents per share.
The real estate company posted revenue of $43.4 million in the period. Its adjusted revenue was $30.7 million, surpassing Street forecasts. Four analysts surveyed by Zacks expected $30.1 million.
For the year, the company reported funds from operations of $66.5 million, or $1.03 per share. Revenue was reported as $117 million.
Armada Hoffler Properties expects full-year funds from operations in the range of $1.11 to $1.17 per share.
The company’s shares have climbed almost 9 percent since the beginning of the year. The stock has risen 19 percent in the last 12 months.