Armada Hoffler Properties: 3Q Earnings Snapshot
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VIRGINIA BEACH, Va. (AP) _ Armada Hoffler Properties Inc. (AHH) on Tuesday reported a key measure of profitability in its third quarter. The results met Wall Street expectations.
The Virginia Beach, Virginia-based real estate investment trust said it had funds from operations of $15.7 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 24 cents per share.
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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 $4.2 million, or 9 cents per share.
The real estate company posted revenue of $48.9 million in the period. Its adjusted revenue was $28.9 million, which missed Street forecasts. Four analysts surveyed by Zacks expected $29.4 million.
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Armada Hoffler Properties expects full-year funds from operations in the range of $1 to $1.03 per share.
The company's shares have fallen slightly more than 2 percent since the beginning of the year. The stock has increased almost 8 percent in the last 12 months.
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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