AHH Misses Q4 Earnings, Revenue Expectations
VIRGINIA BEACH, Va. - February 22, 2023 - Armada Hoffler Properties Inc. (AHH) reported its fourth-quarter 2023 financial results, missing analysts' earnings estimates.
Key Financial Metrics:
* Funds from operations (FFO): $27.8 million ($0.27 per share)
* Adjusted FFO: $63 million
* Revenue: $142.6 million
* Net income: $26.1 million ($0.26 per share)
Analyst Consensus:
* FFO: $0.27 per share
Performance Highlights:
* FFO matched Wall Street expectations.
* Adjusted FFO missed expectations, indicating lower profitability excluding non-cash items.
* Revenue fell short of the $149.1 million estimate.
Full-Year Guidance:
* FFO per share: $1.00 to $1.10
Stock Performance:
* AHH shares have declined 10% year-to-date.
* As of market close on February 22, the stock traded at $9.17, down 20% over the past 12 months.