In a recent update from Armada Hoffler Properties (NYSE:AHH), Inc., the company's Board of Directors has announced an expansion of its board and a new appointment. As of January 1, 2025, Shawn J. Tibbetts, currently the President and Chief Operating Officer, will join the Board of Directors.
This move comes ahead of his previously announced promotion to Chief Executive Officer of the company, which is also set to take effect on January 1, 2025. According to InvestingPro data, Armada Hoffler, with a market capitalization of $1.1 billion, has maintained a strong dividend program, having raised its dividend for four consecutive years.
The decision, disclosed in a filing with the Securities and Exchange Commission on Tuesday, increases the board's size from nine to ten directors. Tibbetts will serve as a director until the 2025 annual meeting of stockholders, at which time he will stand for re-election. In line with company policy for executive officers, Tibbetts will not receive additional compensation for his service on the board.
The company has clarified that there were no arrangements or understandings with any other persons concerning Tibbetts' selection as a director. Furthermore, neither Tibbetts nor any of his immediate family members are involved in any transactions with the company that would necessitate disclosure under SEC regulations.
Armada Hoffler Properties, Inc., headquartered in Virginia Beach, Virginia, operates within the real estate sector and is listed on the New York Stock Exchange under the symbols NYSE:AHH for its common stock and NYSE:AHHPrA for its preferred stock. The company currently offers a significant dividend yield of 7.57% and maintains a GOOD overall financial health score according to InvestingPro analysis.
While not profitable over the last twelve months, analysts expect the company to return to profitability this year. For deeper insights into Armada Hoffler's financial outlook and comprehensive analysis, investors can access the detailed Pro Research Report, available exclusively on InvestingPro.
The appointment of Tibbetts is part of a strategic transition in leadership as the company prepares for its next phase of growth. The information reported is based on the company's latest 8-K filing with the SEC. Based on current market prices, InvestingPro's Fair Value analysis indicates that the stock is currently trading near its Fair Value.
In other recent news, Armada Hoffler Properties Inc. has announced a forthcoming change in leadership. Shawn Tibbetts, the current President and Chief Operating Officer, is set to become the Chief Executive Officer from January 1, 2025, succeeding Lou Haddad who is retiring.
These recent developments also include the company's steady financial results for the third quarter of 2024, with a normalized funds from operations (FFO) of $0.35 per diluted share and a standard FFO of $0.14 per diluted share. The company's portfolio has expanded with the addition of approximately 900 multifamily units.
Armada Hoffler has also successfully completed a common equity offering, and they are exploring capital allocation opportunities while focusing on property net operating income growth and balance sheet strength. The company has secured a lease with Stifel Financial Corp (NYSE:SF) for 35,000 square feet at Wills Wharf.
Despite minor delays in development projects, the company has reported strong occupancy rates across retail, multifamily, and commercial segments. The leadership transition to Shawn Tibbetts is progressing as planned, with a focus on improving the income stream and balance sheet.
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