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Armada Hoffler Properties(AHH) - 2024 Q4 - Annual Results
AHHArmada Hoffler Properties(AHH)2025-02-19 21:01

Financial Performance - GAAP net income for Q4 2024 was 26.1million,or26.1 million, or 0.26 per diluted share, compared to a net loss of 23.9million,or23.9 million, or 0.27 per diluted share in Q4 2023[4]. - Net income attributable to common stockholders for the three months ended December 31, 2024, was 26,140,000,comparedtoalossof26,140,000, compared to a loss of 23,938,000 in the same period of 2023[30]. - Net income for Q4 2024 was 29,036,comparedtoanetlossof29,036, compared to a net loss of 21,062 in Q4 2023, marking a significant turnaround[34]. - Normalized FFO for Q4 2024 was 27.8million,or27.8 million, or 0.27 per diluted share, slightly down from 27.9million,or27.9 million, or 0.31 per diluted share in Q4 2023[6]. - Normalized FFO for the year ended December 31, 2024, was 118,893,000,anincreasefrom118,893,000, an increase from 110,467,000 in 2023, reflecting a growth of about 7.3%[32]. - Operating income for the year ended December 31, 2024, was 106,543,000,comparedto106,543,000, compared to 73,587,000 in 2023, indicating an increase of about 44.8%[30]. - Cash and cash equivalents increased significantly to 70,642,000asofDecember31,2024,comparedto70,642,000 as of December 31, 2024, compared to 27,920,000 in 2023, marking a growth of approximately 153%[27]. - Total revenues for the year ended December 31, 2024, increased to 708,470,000,upfrom708,470,000, up from 667,158,000 in 2023, representing a growth of approximately 6.2%[29]. Debt and Assets - Total debt outstanding as of December 31, 2024, was 1,297.5million,with941,297.5 million, with 94% fixed or economically hedged[11]. - Indebtedness, net, decreased to 1,295,559,000 in 2024 from 1,396,965,000in2023,representingareductionofapproximately7.21,396,965,000 in 2023, representing a reduction of approximately 7.2%[27]. - Total assets decreased to 2,512,863,000 as of December 31, 2024, from 2,562,898,000in2023,indicatingadeclineofabout22,562,898,000 in 2023, indicating a decline of about 2%[28]. Revenue and NOI Growth - Rental revenues for the year ended December 31, 2024, were 256,697,000, up from 238,924,000in2023,reflectinganincreaseofabout7.4238,924,000 in 2023, reflecting an increase of about 7.4%[29]. - General contracting and real estate services revenues for the year ended December 31, 2024, rose to 433,177,000, compared to 413,131,000in2023,agrowthofapproximately4.9413,131,000 in 2023, a growth of approximately 4.9%[29]. - Office same store NOI growth was 12.3% on a GAAP basis compared to Q4 2023[7]. - Total Property NOI for the year ended December 31, 2024, was 170,979, an increase of 6.0% compared to 160,063in2023[34].−RetailSameStoreNOIonacashbasisforQ42024was160,063 in 2023[34]. - Retail Same Store NOI on a cash basis for Q4 2024 was 16,344, up 1.8% from 16,050inQ42023[34].−OfficeSameStoreNOIforQ42024was16,050 in Q4 2023[34]. - Office Same Store NOI for Q4 2024 was 13,896, reflecting a 12.3% increase from 12,369inQ42023[34].−MultifamilySameStoreNOIfortheyearendedDecember31,2024,was12,369 in Q4 2023[34]. - Multifamily Same Store NOI for the year ended December 31, 2024, was 31,355, a decrease of 1.6% from 31,864in2023[34].LeasingandDispositions−Thecompanyexecuted21leaserenewalsand23newleases,totalingapproximately315,000netrentablesquarefeetinQ42024[4].−Thecompanycompletedthedispositionofretailpropertiesforgrossproceedsof31,864 in 2023[34]. Leasing and Dispositions - The company executed 21 lease renewals and 23 new leases, totaling approximately 315,000 net rentable square feet in Q4 2024[4]. - The company completed the disposition of retail properties for gross proceeds of 82.0 million, resulting in a net gain of 21.3million[7].−Thecompanyreportedagainonrealestatedispositionsof21.3 million[7]. - The company reported a gain on real estate dispositions of 21,305,000 for the year ended December 31, 2024, compared to a gain of 738,000in2023[30].−Positiveretailrenewalspreadswere11.1738,000 in 2023[30]. - Positive retail renewal spreads were 11.1% (GAAP) and 2.9% (Cash), while office renewal spreads were 18.7% (GAAP) and 3.5% (Cash)[4]. Guidance and Future Outlook - The company introduced 2025 full-year Normalized FFO guidance in the range of 1.00 to 1.10perdilutedshare[12].−Thecompanyreportedaconstructionbacklogof1.10 per diluted share[12]. - The company reported a construction backlog of 123.8 million as of December 31, 2024[9]. Interest Income and Expense - Interest income from real estate financing investments was 4.0millionforQ42024[10].−Interestincomefortheyearincreasedto4.0 million for Q4 2024[10]. - Interest income for the year increased to 2,519, compared to 927in2023[34].−Interestexpensefortheyearwas927 in 2023[34]. - Interest expense for the year was 72,377, an increase from 54,144in2023[34].−Generalcontractingandrealestateservicesgrossprofitfortheyearwas54,144 in 2023[34]. - General contracting and real estate services gross profit for the year was 13,875, up from $13,418 in 2023[34].