Armada Hoffler Properties: 2Q Earnings Snapshot
VIRGINIA BEACH, Va. (AP) _ Armada Hoffler Properties Inc. (AHH) on Thursday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The Virginia Beach, Virginia-based real estate investment trust said it had funds from operations of $21.1 million, or 30 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 29 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 $6 million, or 8 cents per share.
The real estate company posted revenue of $57.8 million in the period. Its adjusted revenue was $36.4 million, which also topped Street forecasts. Four analysts surveyed by Zacks expected $34 million.
Armada Hoffler Properties expects full-year funds from operations in the range of $1.15 to $1.19 per share.
The company’s shares have climbed 20% since the beginning of the year. The stock has climbed 12% in the last 12 months.