Armada Hoffler Properties: 2Q Earnings Snapshot
{{#rendered}} {{/rendered}}
VIRGINIA BEACH, Va. (AP) _ Armada Hoffler Properties Inc. (AHH) on Tuesday reported a key measure of profitability in its second quarter. The results missed Wall Street expectations.
The Virginia Beach, Virginia-based real estate investment trust said it had funds from operations of $15.2 million, or 24 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 25 cents per share.
{{#rendered}} {{/rendered}}
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $4.3 million, or 9 cents per share.
The real estate company posted revenue of $49.3 million in the period. Its adjusted revenue was $28.6 million, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $29.1 million.
{{#rendered}} {{/rendered}}
Armada Hoffler Properties expects full-year funds from operations in the range of $1.05 to $1.08 per share.
The company's shares have fallen slightly more than 3 percent since the beginning of the year. The stock has climbed 12 percent in the last 12 months.
_____
{{#rendered}} {{/rendered}}
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on AHH at https://www.zacks.com/ap/AHH