Gary Yeowell My previous and first article on Armada Hoffler Properties, Inc. (NYSE:AHH) was issued back in July, before the Q2 2024 data was published. While I recognized the main risks of AHH as elevated leverage and high concentration in the office segment, my investment stance was still bullish. The reason for that lies in several important mitigants to those risks and a very cheap multiple, which in the context of the overall fundamentals seemed to provide an attractive investment case. The main mitiga ...

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Armada Hoffler Properties (AHH) reported $63.27 million in revenue for the quarter ended June 2024, representing a year-over-year increase of 5.5%. EPS of $0.34 for the same period compares to $0.13 a year ago.The reported revenue represents a surprise of +2.23% over the Zacks Consensus Estimate of $61.89 million. With the consensus EPS estimate being $0.31, the EPS surprise was +9.68%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to ...

Armada Hoffler Properties (AHH) came out with quarterly funds from operations (FFO) of $0.34 per share, beating the Zacks Consensus Estimate of $0.31 per share. This compares to FFO of $0.32 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 9.68%. A quarter ago, it was expected that this real estate company would post FFO of $0.31 per share when it actually produced FFO of $0.33, delivering a surprise of 6.45%.Over the last four quar ...

财务业绩 - 公司第二季度净收益归属于普通股股东和有限合伙权益单位持有人为0.4百万美元，每股摊薄收益为0.00美元[176] - 公司第二季度资金营运收益(FFO)为22.4百万美元，每股摊薄收益为0.25美元[177] - 公司第二季度标准化资金营运收益(Normalized FFO)为30.2百万美元，每股摊薄收益为0.34美元[178] - 同店净经营收益(Same Store NOI)同比增长0.6%(GAAP)[180] 租赁情况 - 截至2024年6月30日，公司加权平均稳定组合出租率为94.9%[179] - 公司各板块租赁续约价格上涨:零售5.8%(GAAP)和2.9%(现金)、办公24.3%(GAAP)和4.4%(现金)、多户型住宅4.3%(GAAP和现金)[180] - 公司第二季度完成23份租赁续约和9份新租赁,总计248,714平方英尺净可租用面积[180] 开发项目 - 公司于2022年3月23日完成2,060万美元优先股权投资,用于开发位于北卡罗来纳州夏洛特的一处多户型住宅项目[165,166] - 公司于2022年10月3日完成1,960万美元优先股权投资,用于开发位于乔治亚州格恩斯维尔的一处多户型住宅项目[168,169] - 截至2024年6月30日,公司在巴尔的摩的Harbor Point Parcel 3和Harbor Point Parcel 4开发项目中有1.003亿美元的积压订单[211] 业务板块表现 - 零售板块收入和利润保持稳定,主要受益于2023年5月收购The Interlock Retail[190,192] - 办公板块收入和利润增长,主要受益于2023年5月收购The Interlock Office、Wills Wharf出租率提高以及Constellation Office停车收入增加[194,199] - 多户家庭板块收入和利润保持稳定[202,205] - 承包和房地产服务板块毛利增加,主要由于手头订单执行增加以及部分合同未使用的备用金确认[208,209] 财务状况 - 公司总负债为14.19亿美元,其中有7.67亿美元为无担保债务[282] - 公司有多项有担保债务和无担保贷款,利率在SOFR加1.25%-3.74%之间[282] - 公司目前符合所有贷款协议中规定的财务和其他契约条款[284] - 公司持有利率上限走廊衍生工具和利率掉期协议,用于降低利率风险[287][288][289][290] - 公司为部分合资项目的贷款提供担保,担保金额为3290万美元[291][292] 现金流 - 2024年上半年经营活动现金流较2023年同期增加2341.9万美元,投资活动现金流减少5005.8万美元,融资活动现金流减少6617.8万美元[294][295][296][297][298][299] 补充财务指标 - 公司采用经调整后的基金营运收益(Normalized FFO)作为补充非公认会计准则财务指标[300][301][302][303][304] - 2024年6月30日三个月和六个月期间的FFO和标准化FFO与净收入的对账[305] - 2024年6月30日三个月和六个月期间的每股FFO和标准化FFO[305] 会计政策和风险 - 公司讨论和分析财务状况和经营业绩所依据的关键会计政策和估计[307] - 公司市场风险的讨论[308]

财务指标 - 公司维持2024年全年Normalized FFO指引区间为每股1.21美元至1.27美元[6] - 第二季度Normalized FFO为3020万美元,同比增长[5] - 公司2024年上半年的经常性基金(FFO)为5.75亿美元,同比增长10.5%[37][38] - 公司2024年上半年的标准化经常性基金(Normalized FFO)为5.96亿美元,同比增长8.8%[37][38] - 公司2024年第二季度的每股标准化经常性基金为0.34美元,同比增长6.3%[37][38] 运营数据 - 第二季度零售、办公和多户型稳定运营物业组合的入住率分别为95.4%、94.3%和94.9%[7] - 第二季度续租租金上涨:零售5.8%(GAAP)和2.9%(现金)、办公24.3%(GAAP)和4.4%(现金)、多户型4.3%(GAAP和现金)[8] - 第二季度同店NOI增长0.6%(GAAP)和1.8%(现金)[11] - 公司的零售同店NOI(现金基础)为16,388千美元,同比增长0.5%[1] - 公司的办公同店NOI(现金基础)为12,323千美元,同比增长7.7%[2] - 公司的多户型同店NOI(现金基础)为8,320千美元,同比下降3.6%[4] - 公司总物业NOI为42,292千美元,同比增长4.1%[5] 建筑业务 - 第三方建筑合同积压为3.029亿美元,第二季度建筑总毛利为430万美元[12] - 公司一般承包和房地产服务毛利为4,339千美元,同比增长23.8%[6] - 公司房地产融资毛利为2,199千美元,同比下降9.0%[6] 其他 - 公司在第二季度和之后通过ATM发行81.5679万股普通股,总募集资金约900万美元[18] - 公司在7月完成对Solis City Park II优先股的全额赎回,实现2580万美元现金[13] - 公司利息收入为666千美元,同比增长252.4%[6] - 公司净收益为3,279千美元,同比下降77.9%[6] - 公司归属于AHH和OP单位持有人的净收益为375千美元[8] - 公司宣布每股优先股股息为2,887千美元[8]

perets From a fundamental standpoint, this appears to be a good time to invest in REITs. Right now, there are lots of quality REITs whose yields are higher than usual. Inflation appears to be under control, and nearly down to the Fed target of 2%. It's likely that interest rates will hold steady or drop in the near future. After the brutal sell-off of the last two years, REITs rallied into the start of this year, and after a period of consolidation, may be poised for another surge. But even if they are, the ...

The second-quarter reporting cycle is underway, and investors can be lured by the profits of companies that have already released their quarterly figures. However, rather than adding the stock later to your portfolio, accumulating the ones poised to beat estimates can generate higher gains. This is because an earnings beat usually serves as a catalyst, raising investors’ confidence in the stock and resulting in price appreciation. This is likely to be reflected in the earnings releases of Simon Property Gro ...

文章核心观点 - Armada Hoffler Properties, Inc. (AHH)是一家多元化的房地产投资信托基金(REIT),主要投资于办公、零售和住宅物业 [2] - AHH的投资组合中办公物业占比较高,约59%的总租金收入来自该板块 [2] - 自2020年疫情爆发以来,AHH的股价表现明显弱于整个REIT市场 [3] 公司概况 - AHH是一家垂直整合的企业,除了投资物业,还提供建筑和开发服务 [2] - AHH的物业大多为混合用途,能满足不同需求,降低了单一因素的需求风险 [5] - 办公物业几乎全部位于混合用途社区,减少了办公楼过时的风险 [5] - AHH的物业质量较高,办公物业被归类为"顶级"物业,租赁率和租金涨幅良好 [5] 财务表现 - 过去12个月,AHH的调整后经营现金流(AFFO)实现正增长,并进行了股票回购 [5] - 各业务板块的同店NOI表现稳定,其中公寓板块同比增长约2.5% [5] - 平均租约期限约6.7年,现金流较为稳定 [5] - AHH每季度保留约23%的AFFO用于优化资本结构 [5] 财务风险 - 净债务/EBITDA比率较高,达7.4倍,高于REIT的最佳水平 [5] - 但AHH的大部分债务为固定利率,平均利率为4.4%,与当前市场水平接近 [5] - 未来两年的债务到期规模较小,AHH可以通过留存AFFO逐步偿还债务 [5] 总的来说,尽管AHH面临一些风险,但其独特的物业结构、稳定的现金流和合理的资本结构,使其成为一个具有吸引力的投资标的 [6][7]

VIRGINIA BEACH, Va., July 09, 2024 (GLOBE NEWSWIRE) -- Armada Hoffler (NYSE:AHH) announces that Stifel Financial Corp. (NYSE:SF), a premier wealth management and investment banking firm, has leased 35,000 square feet of prime office space within the prestigious Wills Wharf building, located within their mixed-use Harbor Point community on the Baltimore waterfront. The Company's over one million square feet of office space at Harbor Point is 98% leased; representing the continued demand for companies to loca ...