Armada Hoffler Properties, Inc. (NYSE: AHH) today announced
its results for the quarter ended March 31, 2023 and provided
an update on current events.
First Quarter and Recent
Highlights:
- Net income attributable to common
stockholders and OP Unit holders of $2.4 million, or $0.03 per
diluted share, compared to $9.3 million, or $0.11 per diluted
share, for the three months ended March 31, 2022.
- Funds from operations attributable to
common stockholders and OP Unit holders ("FFO") of $20.6 million,
or $0.23 per diluted share, compared to $27.6 million, or $0.31 per
diluted share, for the three months ended March 31, 2022. See
"Non-GAAP Financial Measures."
- Normalized funds from operations
attributable to common stockholders and OP Unit holders
("Normalized FFO") of $26.5 million, or $0.30 per diluted share,
compared to $24.5 million, or $0.28 per diluted share, for the
three months ended March 31, 2022.
- Maintained 2023 full-year Normalized
FFO guidance of $1.23 to $1.27 per diluted share at the Company's
previous guidance range.
- Maintained 97% portfolio occupancy as
of March 31, 2023. Office occupancy remained at 97%, retail
occupancy remained at 98%, and multifamily occupancy remained at
96%.
- Positive renewal spreads during the
first quarter in both the office and retail segments:
- Lease rates on first quarter office
lease renewals increased 10.9% on a GAAP basis and 1.7% on a cash
basis.
- Lease rates on first quarter retail
lease renewals increased 10.1% on a GAAP basis and 6.8% on a cash
basis.
- Same Store NOI increased 4.3% on a
GAAP basis and 5.3% on a cash basis compared to the quarter ended
March 31, 2022:
- Office Same Store NOI increased 2.1%
on a GAAP basis and 0.8% on a cash basis.
- Retail Same Store NOI increased 4.9%
on a GAAP basis and 7.3% on a cash basis.
- Multifamily Same Store NOI increased
5.1% on a GAAP and 5.4% on a cash basis.
- Announced the $215 million acquisition
of the Interlock in West Midtown Atlanta, which the Company
anticipates completing in the second quarter, subject to customary
closing conditions. The Company anticipates financing the
transaction with $100 million of new fixed-rated financing in
addition to the conversion of its existing mezzanine loan into
equity and the issuance of OP Units to the sponsor developer.
- Announced that the Board of Directors
declared a cash dividend of $0.195 per common share, representing a
3% increase over the prior quarter's dividend.
“We continue to see our best in class properties,
located in desirable markets, yield impressive results in most any
economic climate,” said Louis Haddad, President & CEO of Armada
Hoffler. “With the acquisition of the immediately accretive
Interlock asset in Atlanta’s West Midtown, we expect further growth
with a concentration of investment in some of Atlanta’s premier
markets, thus complementing our existing dominant position at
Baltimore’s Harbor Point and Virginia Beach’s Town Center. With
substantial growth in same-store sales and releasing spreads
leading the way, while maintaining occupancy of 97%, the board has
confidently raised the dividend beyond pre-pandemic levels."
Financial Results
Net income attributable to common stockholders and
OP Unit holders for the first quarter decreased to $2.4 million
compared to $9.3 million for the first quarter of 2022. The
period-over-period decrease was primarily due to changes in the
fair value of interest rate derivatives, and an increase in
interest expense. The decrease was partially offset by an increase
in property operating income due to acquisitions and developments,
higher construction segment gross profit, decrease in unrealized
credit loss provision, and higher interest income on the Company's
real estate financing portfolio.
FFO attributable to common stockholders and OP Unit
holders for the first quarter decreased to $20.6 million compared
to $27.6 million for the first quarter of 2022. Normalized FFO
attributable to common stockholders and OP Unit holders for the
first quarter increased to $26.5 million compared to $24.5 million
for the first quarter of 2022. The period-over-period decreases in
FFO and Normalized FFO were due to an increase in interest expense.
These decreases were partially offset by higher property operating
income resulting primarily from leasing activity and property
acquisitions, and an increase in general contracting gross
profit.
Operating Performance
At the end of the first quarter, the Company’s
office, retail, and multifamily stabilized operating property
portfolios were 96.8%, 98.4% and 95.7% occupied, respectively.
Total construction contract backlog was $651.8
million as of March 31, 2023.
Interest income from real estate financing
investments was $3.5 million for the three months ended
March 31, 2023.
Balance Sheet and Financing
Activity
As of March 31, 2023, the Company had
$1.1 billion of total debt outstanding, including $105.0
million outstanding under its revolving credit facility. Total debt
outstanding excludes GAAP adjustments and deferred financing costs.
Approximately 57% of the Company’s debt had fixed interest
rates or was subject to interest rate swaps as of March 31,
2023. The Company’s debt was 100% fixed or economically hedged as
of March 31, 2023 after considering interest rate caps with
strike prices at or below 400 basis points.
Outlook
The Company maintained its 2023 full-year
Normalized FFO guidance range at the Company's previous guidance
range of $1.23 to $1.27 per diluted share. The following table
updates the Company's assumptions underpinning its full-year
guidance. The Company's executive management will provide further
details regarding its 2023 earnings guidance during today's webcast
and conference call.
Full-year 2023 Guidance
[1][2] |
|
Expected Ranges |
Portfolio NOI |
|
$159.8M |
|
$160.8M |
Construction Segment Gross Profit |
|
$11.8M |
|
$12.8M |
G&A Expenses |
|
$17.3M |
|
$18.0M |
Interest Income |
|
$11.9M |
|
$12.5M |
Interest Expense[3] |
|
$45.5M |
|
$46.1M |
Normalized FFO per diluted share |
|
$1.23 |
|
$1.27 |
[1] Includes the following assumptions:
- Acquisition of the Interlock for $215M
in the second quarter of 2023
- Two real estate financing transactions
occurring in the second and fourth quarters
[2] Ranges exclude certain items per Company's
Normalized FFO definition: Normalized FFO excludes certain items,
including debt extinguishment losses, acquisition, development and
other pursuit costs, mark-to-market adjustments for interest rate
derivatives, provision for non-cash unrealized credit losses,
certain costs for interest rate caps designated as cash flow
hedges, amortization of right-of-use assets attributable to finance
leases, severance related costs, and other non-comparable items.
See "Non-GAAP Financial Measures." The Company does not provide a
reconciliation for its guidance range of Normalized FFO per diluted
share to net income per diluted share, the most directly comparable
forward-looking GAAP financial measure, because it is unable to
provide a meaningful or accurate estimate of reconciling items and
the information is not available without unreasonable effort as a
result of the inherent difficulty of forecasting the timing and/or
amounts of various items that would impact net income per diluted
share. For the same reasons, the Company is unable to address the
probable significance of the unavailable information and believes
that providing a reconciliation for its guidance range of
Normalized FFO per diluted share would imply a degree of precision
for its forward-looking net income per diluted share that could be
misleading to investors.[3] Includes interest expense on finance
leases
Supplemental Financial
Information
Further details regarding operating results,
properties, and leasing statistics can be found in the Company’s
supplemental financial package available on the Investors page at
ArmadaHoffler.com.
Webcast and Conference Call
The Company will host a webcast and conference call
on Tuesday, May 9, 2023 at 8:30 a.m. Eastern Time to
review financial results and discuss recent events. The live
webcast will be available through the Investors page of the
Company’s website, ArmadaHoffler.com. To participate in the call,
please dial (+1) 888 259 6580 (toll-free dial-in number) or (+1)
514 316 5035 (toll dial-in number). The conference ID is
47149616. A replay of the conference call will be available
through Sunday, June 11, 2023 by dialing (+1) 877 674 7070
(toll-free dial-in number) or (+1) 416 764 8692 (toll dial-in
number) and providing passcode 149616.
About Armada Hoffler
Properties, Inc.
Armada Hoffler (NYSE:AHH) is a
vertically-integrated, self-managed real estate investment trust
with over four decades of experience developing, building,
acquiring, and managing high-quality office, retail, and
multifamily properties located primarily in the Mid-Atlantic and
Southeastern United States. The Company also provides general
construction and development services to third-party clients, in
addition to developing and building properties to be placed in
their stabilized portfolio. Founded in 1979 by Daniel A. Hoffler,
Armada Hoffler has elected to be taxed as a REIT for U.S. federal
income tax purposes. For more information visit
ArmadaHoffler.com.
Forward-Looking Statements
Certain matters within this press release are
discussed using forward-looking language as specified in the
Private Securities Litigation Reform Act of 1995, and, as such, may
involve known and unknown risks, uncertainties and other factors
that may cause the actual results or performance to differ from
those projected in the forward-looking statement. These
forward-looking statements may include comments relating to the
current and future performance of the Company’s operating property
portfolio, the Company’s development pipeline, the Company's
mezzanine program, the Company’s construction and development
business, including backlog and timing of deliveries and estimated
costs, financing activities, as well as acquisitions, dispositions,
and the Company’s financial outlook, guidance, and expectations.
For a description of factors that may cause the Company’s actual
results or performance to differ from its forward-looking
statements, please review the information under the heading “Risk
Factors” included in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2022, and the other documents
filed by the Company with the Securities and Exchange Commission
from time to time. The Company expressly disclaims any obligation
or undertaking to update or revise any forward-looking statement
contained herein, to reflect any change in the Company's
expectations with regard thereto, or any other change in events,
conditions, or circumstances on which any such statement is based,
except to the extent otherwise required by applicable law.
Non-GAAP Financial Measures
The Company calculates FFO in accordance with the
standards established by the National Association of Real Estate
Investment Trusts ("Nareit"). Nareit defines FFO as net income
(loss) (calculated in accordance with GAAP), excluding depreciation
and amortization related to real estate, gains or losses from the
sale of certain real estate assets, gains and losses from change in
control, and impairment write-downs of certain real estate assets
and investments in entities when the impairment is directly
attributable to decreases in the value of depreciable real estate
held by the entity.
FFO is a supplemental non-GAAP financial measure.
The Company uses FFO as a supplemental performance measure because
it believes that FFO is beneficial to investors as a starting point
in measuring the Company’s operational performance. Specifically,
in excluding real estate related depreciation and amortization and
gains and losses from property dispositions, which do not relate to
or are not indicative of operating performance, FFO provides a
performance measure that, when compared period-over-period,
captures trends in occupancy rates, rental rates and operating
costs. We also believe that, as a widely recognized measure of the
performance of REITs, FFO will be used by investors as a basis to
compare the Company’s operating performance with that of other
REITs.
However, because FFO excludes depreciation and
amortization and captures neither the changes in the value of the
Company’s properties that result from use or market conditions nor
the level of capital expenditures and leasing commissions necessary
to maintain the operating performance of the Company’s properties,
all of which have real economic effects and could materially impact
the Company’s results from operations, the utility of FFO as a
measure of the Company’s performance is limited. In addition, other
equity REITs may not calculate FFO in accordance with the Nareit
definition as the Company does, and, accordingly, the Company’s FFO
may not be comparable to such other REITs’ FFO. Accordingly, FFO
should be considered only as a supplement to net income as a
measure of the Company’s performance. FFO should not be used as a
measure of our liquidity, nor is it indicative of funds available
to fund our cash needs, including our ability to pay dividends or
service indebtedness. Also, FFO should not be used as a supplement
to or substitute for cash flow from operating activities computed
in accordance with GAAP.
Management also believes that the computation of
FFO in accordance with Nareit’s definition includes certain items
that are not indicative of the results provided by the Company’s
operating property portfolio and affect the comparability of the
Company’s period-over-period performance. Accordingly, management
believes that Normalized FFO is a more useful performance measure
that excludes certain items, including but not limited to, debt
extinguishment losses and prepayment penalties, impairment of
intangible assets and liabilities, property acquisition,
development and other pursuit costs, mark-to-market adjustments for
interest rate derivatives not designated as cash flow hedges,
certain costs for interest rate caps designated as cash flow
hedges, provision for unrealized non-cash credit losses,
amortization of right-of-use assets attributable to finance leases,
severance related costs, and other non-comparable items. Other
equity REITs may not calculate Normalized FFO in the same manner as
we do, and, accordingly, our Normalized FFO may not be comparable
to such other REITs' Normalized FFO.
NOI is the measure used by the Company’s chief
operating decision-maker to assess segment performance. The Company
calculates NOI as property revenues (base rent, expense
reimbursements, termination fees and other revenue) less property
expenses (rental expenses and real estate taxes). NOI is not a
measure of operating income or cash flows from operating activities
as measured in accordance with GAAP and is not indicative of cash
available to fund cash needs. As a result, NOI should not be
considered an alternative to cash flows as a measure of liquidity.
Not all companies calculate NOI in the same manner. The Company
considers NOI to be an appropriate supplemental measure to net
income because it assists both investors and management in
understanding the core operations of the Company’s real estate and
construction businesses. To calculate NOI on a cash basis, we
adjust NOI to exclude the net effects of straight line rent and the
amortization of lease incentives and above/below market rents.
For reference, as an aid in understanding the
Company’s computation of NOI, NOI Cash Basis, FFO and Normalized
FFO, a reconciliation of net income calculated in accordance with
GAAP to NOI, NOI Cash Basis, FFO and Normalized FFO has been
included further in this release.
ARMADA HOFFLER PROPERTIES, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(dollars in thousands) |
|
|
March 31, 2023 |
|
December 31, 2022 |
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
|
Real estate investments: |
|
|
|
|
Income producing property |
|
$ |
1,894,941 |
|
|
$ |
1,884,214 |
|
Held for development |
|
|
6,294 |
|
|
|
6,294 |
|
Construction in progress |
|
|
61,513 |
|
|
|
53,067 |
|
|
|
|
1,962,748 |
|
|
|
1,943,575 |
|
Accumulated depreciation |
|
|
(344,081 |
) |
|
|
(329,963 |
) |
Net real estate investments |
|
|
1,618,667 |
|
|
|
1,613,612 |
|
Cash and cash equivalents |
|
|
33,817 |
|
|
|
48,139 |
|
Restricted cash |
|
|
2,619 |
|
|
|
3,726 |
|
Accounts receivable, net |
|
|
38,195 |
|
|
|
39,186 |
|
Notes receivable, net |
|
|
133,082 |
|
|
|
136,039 |
|
Construction receivables, including retentions, net |
|
|
66,435 |
|
|
|
70,822 |
|
Construction contract costs and estimated earnings in excess of
billings |
|
|
1,206 |
|
|
|
342 |
|
Equity method investments |
|
|
93,080 |
|
|
|
71,983 |
|
Operating lease right-of-use assets |
|
|
23,284 |
|
|
|
23,350 |
|
Finance lease right-of-use assets |
|
|
45,600 |
|
|
|
45,878 |
|
Acquired lease intangible assets |
|
|
100,006 |
|
|
|
103,870 |
|
Other assets |
|
|
76,024 |
|
|
|
85,363 |
|
Total Assets |
|
$ |
2,232,015 |
|
|
$ |
2,242,310 |
|
LIABILITIES AND EQUITY |
|
|
|
|
Indebtedness, net |
|
$ |
1,113,255 |
|
|
$ |
1,068,261 |
|
Accounts payable and accrued liabilities |
|
|
19,051 |
|
|
|
26,839 |
|
Construction payables, including retentions |
|
|
77,115 |
|
|
|
93,472 |
|
Billings in excess of construction contract costs and estimated
earnings |
|
|
16,736 |
|
|
|
17,515 |
|
Operating lease liabilities |
|
|
31,645 |
|
|
|
31,677 |
|
Finance lease liabilities |
|
|
46,536 |
|
|
|
46,477 |
|
Other liabilities |
|
|
53,815 |
|
|
|
54,055 |
|
Total Liabilities |
|
|
1,358,153 |
|
|
|
1,338,296 |
|
Total Equity |
|
|
873,862 |
|
|
|
904,014 |
|
Total Liabilities and Equity |
|
$ |
2,232,015 |
|
|
$ |
2,242,310 |
|
ARMADA HOFFLER PROPERTIES, INC. |
CONDENSED CONSOLIDATED INCOME STATEMENTS |
(in thousands, except per share amounts) |
|
|
Three Months Ended |
|
|
March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(Unaudited) |
Revenues |
|
|
|
|
Rental revenues |
|
$ |
56,218 |
|
|
$ |
54,635 |
|
General contracting and real estate services revenues |
|
|
84,238 |
|
|
|
24,650 |
|
Interest income |
|
|
3,719 |
|
|
|
3,568 |
|
Total revenues |
|
|
144,175 |
|
|
|
82,853 |
|
Expenses |
|
|
|
|
Rental expenses |
|
|
12,960 |
|
|
|
12,669 |
|
Real estate taxes |
|
|
5,412 |
|
|
|
5,404 |
|
General contracting and real estate services expenses |
|
|
81,170 |
|
|
|
23,821 |
|
Depreciation and amortization |
|
|
18,468 |
|
|
|
18,557 |
|
Amortization of right-of-use assets - finance leases |
|
|
277 |
|
|
|
278 |
|
General and administrative expenses |
|
|
5,448 |
|
|
|
4,708 |
|
Acquisition, development and other pursuit costs |
|
|
— |
|
|
|
11 |
|
Impairment charges |
|
|
102 |
|
|
|
47 |
|
Total expenses |
|
|
123,837 |
|
|
|
65,495 |
|
Gain on real estate dispositions, net |
|
|
— |
|
|
|
— |
|
Operating income |
|
|
20,338 |
|
|
|
17,358 |
|
Interest expense |
|
|
(12,302 |
) |
|
|
(9,031 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
(158 |
) |
Change in fair value of derivatives and other |
|
|
(2,447 |
) |
|
|
4,182 |
|
Unrealized credit loss provision |
|
|
(77 |
) |
|
|
(605 |
) |
Other income (expense), net |
|
|
93 |
|
|
|
229 |
|
Income before taxes |
|
|
5,605 |
|
|
|
11,975 |
|
Income tax (provision) benefit |
|
|
(188 |
) |
|
|
301 |
|
Net income |
|
|
5,417 |
|
|
|
12,276 |
|
Net income attributable to noncontrolling interests in investment
entities |
|
|
(154 |
) |
|
|
(100 |
) |
Preferred stock dividends |
|
|
(2,887 |
) |
|
|
(2,887 |
) |
Net income attributable to common stockholders and OP
Unitholders |
|
$ |
2,376 |
|
|
$ |
9,289 |
|
ARMADA HOFFLER PROPERTIES, INC. |
RECONCILIATION OF NET INCOME TO FFO & NORMALIZED FFO |
(in thousands, except per share amounts) |
|
|
Three Months Ended |
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(Unaudited) |
Net income attributable to common stockholders and OP
Unitholders |
|
$ |
2,376 |
|
$ |
9,289 |
|
Depreciation and amortization (1) |
|
|
18,245 |
|
|
18,285 |
|
FFO attributable to common stockholders and OP
Unitholders |
|
|
20,621 |
|
|
27,574 |
|
Acquisition, development and other pursuit costs |
|
|
— |
|
|
11 |
|
Impairment of intangible assets and liabilities |
|
|
102 |
|
|
47 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
158 |
|
Unrealized credit loss provision |
|
|
77 |
|
|
605 |
|
Amortization of right-of-use assets - finance leases |
|
|
277 |
|
|
278 |
|
Decrease (Increase) in fair value of derivatives not designated as
cash flow hedges |
|
|
3,807 |
|
|
(4,182 |
) |
Amortization of interest rate cap premiums on designated cash flow
hedges |
|
|
1,614 |
|
|
42 |
|
Normalized FFO available to common stockholders and OP
Unitholders |
|
$ |
26,498 |
|
$ |
24,533 |
|
Net income attributable to common stockholders and OP
Unitholders per diluted share and unit |
|
$ |
0.03 |
|
$ |
0.11 |
|
FFO attributable to common stockholders and OP Unitholders
per diluted share and unit |
|
$ |
0.23 |
|
$ |
0.31 |
|
Normalized FFO attributable to common stockholders and OP
Unitholders per diluted share and unit |
|
$ |
0.30 |
|
$ |
0.28 |
|
Weighted average common shares and units - diluted |
|
|
88,398 |
|
|
87,749 |
|
________________________________________
(1) The adjustment for depreciation and amortization for the three
months ended March 31, 2023 and 2022 exclude $0.2 million and
$0.3 million, respectively, of depreciation attributable to our
joint venture partners. |
ARMADA HOFFLER PROPERTIES, INC. |
RECONCILIATION OF NET INCOME TO SAME STORE NOI, CASH BASIS |
(in thousands) (unaudited) |
|
|
Three Months Ended |
|
|
March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
Office Same Store(1) |
|
|
|
|
Same Store NOI, Cash Basis |
|
$ |
6,665 |
|
|
$ |
6,611 |
|
GAAP Adjustments (2) |
|
|
88 |
|
|
|
2 |
|
Same Store NOI |
|
|
6,753 |
|
|
|
6,613 |
|
Non-Same Store NOI (3) |
|
|
5,623 |
|
|
|
4,766 |
|
Segment NOI |
|
|
12,376 |
|
|
|
11,379 |
|
|
|
|
|
|
Retail Same Store (4) |
|
|
|
|
Same Store NOI, Cash Basis |
|
|
15,714 |
|
|
|
14,649 |
|
GAAP Adjustments (2) |
|
|
749 |
|
|
|
1,041 |
|
Same Store NOI |
|
|
16,463 |
|
|
|
15,690 |
|
Non-Same Store NOI (3) |
|
|
204 |
|
|
|
1 |
|
Segment NOI |
|
|
16,667 |
|
|
|
15,691 |
|
|
|
|
|
|
Multifamily Same Store (5) |
|
|
|
|
Same Store NOI, Cash Basis |
|
|
6,829 |
|
|
|
6,481 |
|
GAAP Adjustments (2) |
|
|
208 |
|
|
|
217 |
|
Same Store NOI |
|
|
7,037 |
|
|
|
6,698 |
|
Non-Same Store NOI (3) |
|
|
1,766 |
|
|
|
2,794 |
|
Segment NOI |
|
|
8,803 |
|
|
|
9,492 |
|
|
|
|
|
|
Total Property NOI |
|
|
37,846 |
|
|
|
36,562 |
|
|
|
|
|
|
General contracting & real estate services gross profit |
|
|
3,068 |
|
|
|
829 |
|
Real estate financing gross profit |
|
|
2,439 |
|
|
|
2,634 |
|
Interest income(6) |
|
|
183 |
|
|
|
109 |
|
Depreciation and amortization |
|
|
(18,468 |
) |
|
|
(18,557 |
) |
Amortization of right-of-use assets - finance leases |
|
|
(277 |
) |
|
|
(278 |
) |
General and administrative expenses |
|
|
(5,448 |
) |
|
|
(4,708 |
) |
Acquisition, development and other pursuit costs |
|
|
— |
|
|
|
(11 |
) |
Impairment charges |
|
|
(102 |
) |
|
|
(47 |
) |
Interest expense(7) |
|
|
(11,205 |
) |
|
|
(8,206 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
(158 |
) |
Change in fair value of derivatives and other |
|
|
(2,447 |
) |
|
|
4,182 |
|
Unrealized credit loss provision |
|
|
(77 |
) |
|
|
(605 |
) |
Other income (expense), net |
|
|
93 |
|
|
|
229 |
|
Income tax (provision) benefit |
|
|
(188 |
) |
|
|
301 |
|
Net income |
|
|
5,417 |
|
|
|
12,276 |
|
|
|
|
|
|
Net income attributable to noncontrolling interests in investment
entities |
|
|
(154 |
) |
|
|
(100 |
) |
Preferred stock dividends |
|
|
(2,887 |
) |
|
|
(2,887 |
) |
Net income attributable to AHH and OP
unitholders |
|
$ |
2,376 |
|
|
$ |
9,289 |
|
________________________________________
(1) Office same-store portfolio excludes Constellation Office and
Wills Wharf. |
(2) GAAP Adjustments include adjustments for straight-line rent,
termination fees, deferred rent, recoveries of deferred rent, and
amortization of lease incentives. |
(3) Includes expenses associated with the Company's in-house asset
management division. |
(4) Retail same-store portfolio excludes Town Center Pembroke. |
(5) Multifamily same-store portfolio excludes Gainesville
Apartments, 1305 Dock Street, and Chronicle Mill. |
(6) Excludes real estate financing segment interest income. |
(7) Excludes real estate financing segment interest expense. |
Contact:
Chelsea ForrestArmada Hoffler Properties,
Inc.Director of Corporate Communications and Investor
RelationsEmail: CForrest@ArmadaHoffler.comPhone: (757)
612-4248
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