VIRGINIA BEACH, Va. (AP) — Armada Hoffler Properties Inc. (AHH) on Thursday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Virginia Beach, Virginia, said it had funds from operations of $19.9 million, or 25 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 24 cents per share.
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 $1.9 million, or 2 cents per share.
The real estate company posted revenue of $98.5 million in the period. Its adjusted revenue was $44.6 million.
For the year, the company reported funds from operations of $86.2 million, or $1.10 per share. Revenue was reported as $166.5 million.
Armada Hoffler Properties expects full-year funds from operations in the range of 98 cents to $1.02 per share.
The company's shares have risen nearly 8% since the beginning of the year. The stock has dropped 35% in the last 12 months.