VIRGINIA BEACH, Va. – Armada Hoffler Properties Inc. (NYSE: NYSE:AHH), a real estate investment trust (REIT), has declared a quarterly cash dividend for its common and preferred shares. The company announced a dividend of $0.205 per common share, which will be distributed on July 5, 2024, to shareholders of record as of June 26, 2024.
Additionally, a dividend of $0.421875 per share has been declared for the 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, payable on July 15, 2024, to stockholders of record on July 1, 2024.
Armada Hoffler, with a history spanning over four decades, is known for its development, acquisition, and management of high-quality office, retail, and multifamily properties primarily in the Mid-Atlantic and Southeastern United States.
The company operates as a self-managed REIT and offers development and general contracting construction services to third-party clients. It was founded in 1979 by Daniel A. Hoffler and has elected to be taxed as a REIT for U.S. federal income tax purposes.
This information is based on a press release statement from Armada Hoffler Properties, Inc.
In other recent news, Armada Hoffler Properties, Inc. unveiled the results of its 2024 Annual Meeting of Stockholders, with key decisions underlined in the company's SEC filing.
The shareholder meeting saw the election of nine directors, including industry veterans such as George F. Allen, James A. Carroll, and Louis S. Haddad. The accounting firm Ernst & Young LLP was reappointed as the independent registered public accounting firm for the fiscal year ending December 31, 2024, receiving a robust majority of votes.
In further developments, the company's executive compensation was approved by stockholders. Armada Hoffler also reported strong Q1 earnings for 2024, with Funds from Operations (FFO) reaching $0.40 per diluted share, indicating a 10% increase from the previous year. The company's property Net Operating Income (NOI) rose by 9.3%, driven by growth in same-store sales and acquisitions.
In terms of future projections, Armada Hoffler aims to reduce its debt-to-enterprise value to 40% and achieve a target leverage ratio of 5.5x over the next few years. However, the company has removed WeWork income projections from its guidance, which may impact future earnings. Despite this, the company maintains a strong retail leasing activity, particularly in growth markets.
InvestingPro Insights
Armada Hoffler Properties Inc. (NYSE: AHH) has once again demonstrated its commitment to shareholder returns by declaring its latest quarterly cash dividend. In line with this, InvestingPro Tips highlight that the company has not only raised its dividend for three consecutive years but also pays a significant dividend to shareholders. The company's dedication to maintaining and increasing shareholder value is evident in these consistent dividend payouts.
Looking at the financial health and market performance of Armada Hoffler Properties, InvestingPro Data reveals a robust revenue growth, with the last twelve months as of Q1 2024 showing an impressive increase of 34.56%. Additionally, the company's dividend yield as of the latest data stands at 7.41%, showcasing its appeal to income-focused investors. Despite trading at a high earnings multiple with a P/E ratio of 123.44, the company's management is confident, as evidenced by aggressive share buybacks.
For prospective and current investors, these metrics suggest that Armada Hoffler Properties is focused on sustaining its financial health and rewarding its shareholders. With a market capitalization of 742.5 million USD, the company is a notable player in the REIT industry, and its performance metrics can be a valuable indicator of its future trajectory.
For those interested in deeper analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/AHH. By using the coupon code PRONEWS24, you can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to exclusive insights that could further inform investment decisions.
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