Armada Hoffler Properties, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 22, 2024 at 04:30 pm IST
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Armada Hoffler Properties, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 59.84 million compared to USD 55.69 million a year ago. Revenue was USD 191.03 million compared to USD 158.17 million a year ago. Net loss was USD 21.05 million compared to net income of USD 14.4 million a year ago. Diluted loss per share from continuing operations was USD 0.27 compared to diluted earnings per share from continuing operations of USD 0.13 a year ago.
For the full year, sales was USD 238.92 million compared to USD 219.29 million a year ago. Revenue was USD 667.16 million compared to USD 471.13 million a year ago. Net income was USD 7.06 million compared to USD 94.01 million a year ago. Diluted loss per share from continuing operations was USD 0.05 compared to diluted earnings per share from continuing operations of USD 0.93 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.