Q3 2024 Armada Hoffler Properties Inc Earnings Call Transcript
Key Points
- Armada Hoffler Properties Inc (AHH) successfully executed a $108 million common equity offering, reducing leverage and positioning the company for growth.
- The company reported a strong performance for Q3 2024 with $0.35 normalized FFO per diluted share.
- Occupancy rates across the portfolio remain robust at 95%, indicating strong demand for their properties.
- The retail portfolio achieved a 96.2% occupancy rate, with significant leasing activity covering over 193,000 square feet.
- Armada Hoffler Properties Inc (AHH) is focused on optimizing portfolio performance and pursuing disciplined capital allocation opportunities, which is expected to enhance shareholder returns.
- Development delays at Harbor Point in Baltimore are expected to push project deliveries to early 2025, impacting earnings growth.
- The multifamily portfolio faces competitive headwinds from increased supply, which could affect occupancy and rent growth.
- The company anticipates a challenging lease-up period for new developments due to timing with the apartment leasing cycle.
- Same-store NRI growth was negative 1.0% on a GAAP basis, indicating some pressure on income growth.
- The construction management segment's financial performance is expected to return to historical levels next year, placing downward pressure on earnings growth.
Good morning, ladies and gentlemen, and welcome to the Armada Hoffler Third Quarter 2024 Earnings Conference Call. (Operator Instructions) This call is being recorded on Tuesday, November 5, 2024.
I would now like to turn the call over to Chelsea Forrest, Vice President of Investor Relations. Please go ahead.
Good morning, and thank you for joining Armada Hofflerâs third quarter 2024 earnings conference call and webcast. On the call this morning in addition to myself is Louis Haddad, CEO; Matthew Barnes-Smith, CFO; and Shawn Tibbetts, President, and COO.
The press release announcing our second quarter earnings along with our supplemental package were distributed yesterday afternoon. A replay of this call will be available shortly after the conclusion of the call through December 30, 2024. The numbers to access the replay are provided in the earnings press release. For those who listen to the rebroadcast of this presentation, we remind you that the remarks made here and are as of today,
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