Armada Hoffler reports Q4 FFO 29c, consensus 27c

Reports Q4 met income attributable to common stockholders and OP Unit holders for the full year was $30.9 million compared to a net loss of $4.5 million for the year ended December 31, 2023. FFO attributable to common stockholders and OP Unit holders for the full year increased to $99.8 million compared to $90.7 million for the year ended December 31, 2023. Normalized FFO attributable to common stockholders and OP Unit holders for the full year increased to $118.9 million compared to $110.5 million for the year ended December 31, 2023. The year-over-year changes were positively impacted by higher property NOI and positive releasing spreads, higher interest income, higher gain on disposition of real estate, and the increase in the fair value of undesignated interest rate swap derivatives, as well as an income tax benefit in the current year due to the impairment of development costs related to undeveloped land under predevelopment. The year-over-year changes were negatively impacted by higher interest expense due to increased interest rates, higher general and administrative expenses, and impairment of real estate and development costs related to undeveloped land in predevelopment located in Charlotte, North Carolina.