Armada Hoffler Properties(AHH) - 2024 Q4 - Annual Results

Financial Performance - GAAP net income for Q4 2024 was $26.1 million, or $0.26 per diluted share, compared to a net loss of $23.9 million, or $0.27 per diluted share in Q4 2023[4]. - Net income attributable to common stockholders for the three months ended December 31, 2024, was $26,140,000, compared to a loss of $23,938,000 in the same period of 2023[30]. - Net income for Q4 2024 was $29,036, compared to a net loss of $21,062 in Q4 2023, marking a significant turnaround[34]. - Normalized FFO for Q4 2024 was $27.8 million, or $0.27 per diluted share, slightly down from $27.9 million, or $0.31 per diluted share in Q4 2023[6]. - Normalized FFO for the year ended December 31, 2024, was $118,893,000, an increase from $110,467,000 in 2023, reflecting a growth of about 7.3%[32]. - Operating income for the year ended December 31, 2024, was $106,543,000, compared to $73,587,000 in 2023, indicating an increase of about 44.8%[30]. - Cash and cash equivalents increased significantly to $70,642,000 as of December 31, 2024, compared to $27,920,000 in 2023, marking a growth of approximately 153%[27]. - Total revenues for the year ended December 31, 2024, increased to $708,470,000, up from $667,158,000 in 2023, representing a growth of approximately 6.2%[29]. Debt and Assets - Total debt outstanding as of December 31, 2024, was $1,297.5 million, with 94% fixed or economically hedged[11]. - Indebtedness, net, decreased to $1,295,559,000 in 2024 from $1,396,965,000 in 2023, representing a reduction of approximately 7.2%[27]. - Total assets decreased to $2,512,863,000 as of December 31, 2024, from $2,562,898,000 in 2023, indicating a decline of about 2%[28]. Revenue and NOI Growth - Rental revenues for the year ended December 31, 2024, were $256,697,000, up from $238,924,000 in 2023, reflecting an increase of about 7.4%[29]. - General contracting and real estate services revenues for the year ended December 31, 2024, rose to $433,177,000, compared to $413,131,000 in 2023, a growth of approximately 4.9%[29]. - Office same store NOI growth was 12.3% on a GAAP basis compared to Q4 2023[7]. - Total Property NOI for the year ended December 31, 2024, was $170,979, an increase of 6.0% compared to $160,063 in 2023[34]. - Retail Same Store NOI on a cash basis for Q4 2024 was $16,344, up 1.8% from $16,050 in Q4 2023[34]. - Office Same Store NOI for Q4 2024 was $13,896, reflecting a 12.3% increase from $12,369 in Q4 2023[34]. - Multifamily Same Store NOI for the year ended December 31, 2024, was $31,355, a decrease of 1.6% from $31,864 in 2023[34]. Leasing and Dispositions - The company executed 21 lease renewals and 23 new leases, totaling approximately 315,000 net rentable square feet in Q4 2024[4]. - The company completed the disposition of retail properties for gross proceeds of $82.0 million, resulting in a net gain of $21.3 million[7]. - The company reported a gain on real estate dispositions of $21,305,000 for the year ended December 31, 2024, compared to a gain of $738,000 in 2023[30]. - Positive retail renewal spreads were 11.1% (GAAP) and 2.9% (Cash), while office renewal spreads were 18.7% (GAAP) and 3.5% (Cash)[4]. Guidance and Future Outlook - The company introduced 2025 full-year Normalized FFO guidance in the range of $1.00 to $1.10 per diluted share[12]. - The company reported a construction backlog of $123.8 million as of December 31, 2024[9]. Interest Income and Expense - Interest income from real estate financing investments was $4.0 million for Q4 2024[10]. - Interest income for the year increased to $2,519, compared to $927 in 2023[34]. - Interest expense for the year was $72,377, an increase from $54,144 in 2023[34]. - General contracting and real estate services gross profit for the year was $13,875, up from $13,418 in 2023[34].