Armada Hoffler Properties, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 02, 2023 at 06:00 am
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Armada Hoffler Properties, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 62.91 million compared to USD 53.74 million a year ago. Revenue was USD 166.01 million compared to USD 126.26 million a year ago. Net income was USD 8.23 million compared to USD 36.79 million a year ago. Diluted earnings per share from continuing operations was USD 0.06 compared to USD 0.38 a year ago.
For the nine months, sales was USD 179.08 million compared to USD 163.6 million a year ago. Revenue was USD 476.13 million compared to USD 312.96 million a year ago. Net income was USD 28.11 million compared to USD 79.6 million a year ago. Diluted earnings per share from continuing operations was USD 0.22 compared to USD 0.8 a year ago.
Armada Hoffler Properties, Inc. is a vertically integrated, self-managed real estate investment trust (REIT). The Company is engaged in developing, building, acquiring, and managing office, retail and multifamily properties located primarily in the Mid-Atlantic & Southeastern United States. The Company operates through five segments: office real estate, retail real estate, multifamily real estate, general contracting & real estate services, and real estate financing. The Company's general contracting, and real estate services business develops and builds properties for its own account and provides construction and development services to both related and third parties. The real estate financing segment includes the Company's mezzanine loans and preferred equity investments on development projects. The Company also provides general construction and development services to third-party clients, in addition to developing and building properties to be placed in their stabilized portfolio.