Armada Hoffler Properties raises its outlook for 2014
Virginia Beach-based real estate company Armada Hoffler Properties Inc. on Friday raised its full-year financial expectations.
The company said it expects funds from operations (FFO) to reach $29 million, up from previous expectations of $27.5 million.
The estimates excludes the impact from non-stabilized projects and non-cash compensation.
The company said the increase was driven by better than expected leasing activity across its portfolio, better than expected construction activity and lower interest expense.
Full-year construction company segment gross profit is now expected to be approximately $4.6 million compared to the previous expectation of $4.3 million.
The company expected to deliver five development projects in 2014. All had been delivered as of Oct. 31, and the related leasing activity has been strong, the company said.
On Friday, Armada Hoffler also announced its results for the quarter ending Sept. 30.
Net income for the third quarter increased 120 percent to $2.8 million, or 8 cents per diluted share, compared to $1.3 million, or 4 cents per diluted share, in the third quarter of 2013.
Funds from operations (FFO) for the third quarter increased 41 percent to $7.3 million, or 21 cents per diluted share, compared to $5.2 million, or 16 cents per diluted share, for the third quarter of 2013.
Core FFO for the third quarter increased 15 percent to $7.5 million, or 22 cents per diluted share, compared to $6.6 million, or 20 cents per diluted share, for the third quarter of 2013.