The following is a summary of the Armada Hoffler Properties, Inc. (AHH) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Normalized FFO was reported at $0.35 per diluted share for Q3 2024.

• The company experienced a variance between FFO and normalized FFO due to changes in fair market value of derivatives in a constructive macroeconomic rate environment.

• Robust occupancy of 95% was reported across the portfolio, supporting strong financial performance.

• The company's strategic equity raise of $108 million helped in reducing leverage and supporting growth initiatives.

Business Progress:

• Leadership transition is underway with CEO Louis Haddad set to become Executive Chairman, passing on the leadership to Shawn Tibbetts.

• Announced a successful $108 million common equity offering aimed to support growth, particularly in the multifamily segment with an addition of approximately 900 units.

• Plans for growth include improving portfolio quality and progressing with key development projects like those at Harbor Point and in Roswell, aiming to enhance NOI.

• Executed a new lease for 35,000 square feet at Wills Wharf in Harbor Point with Stifel Financial Corp., demonstrating demand for high-quality locations.

• Continued focus on strategic capital allocation and exploring opportunities for asset recycling.

Opportunities:

• Plans to further penetrate high growth southeastern markets by adding multifamily and select retail assets.

• Focused approach on leveraging mixed-use developments to capture growth in high-demand areas evidenced by successful projects like Southern Post.

Risks:

• Minor development delays at Harbor Point leading to adjusted delivery timelines.

• Anticipated challenges in apartment leasing during the winter of 2025 due to the expected delivery dates of development projects, creating potential headwinds for earnings growth.

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