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AHH Armada Hoffler Properties

Armada Hoffler Properties, Inc. is a vertically-integrated, self-managed real estate investment trust ('REIT') with four decades of experience developing, building, acquiring, and managing high-quality, institutional-grade office, retail, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. In addition to developing and building properties for its own account, the Company also provides development and general contracting construction services to third-party clients. Founded in 1979 by Daniel A. Hoffler, the Company has elected to be taxed as a REIT for U.S. federal income tax purposes.

Company profile

Ticker
AHH, AHH-PA
Exchange
CEO
Louis Haddad
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
10th and Tryon Partners, LLC • 530 Meeting Street Residential Partners, LLC • 595 King Street Residential Partners, LLC • 631 North Tryon II, LLC • 700 Edison Center, LLC • 700 Center Residential, LLC • 801 Nexton Summerville, LLC • 1023 Roswell, LLC • AH 700 Centre, LLC • A/H Harrisonburg Regal L.L.C. ...
IRS number
461214914

AHH stock data

(
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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

5 Aug 21
18 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 53.24M 53.24M 53.24M 53.24M 53.24M 53.24M
Cash burn (monthly) (positive/no burn) 1.82M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) n/a 6.61M n/a n/a n/a n/a
Cash remaining n/a 46.63M n/a n/a n/a n/a
Runway (months of cash) n/a 25.6 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Sep 21 Snow John W. Common Stock Grant Acquire A No No 13.2 947 12.5K 198,248
15 Sep 21 Carroll James A Common Stock Grant Acquire A No No 13.2 273 3.6K 29,422
16 Jun 21 Hardy Eva S Common Stock Grant Acquire A No No 0 2,921 0 16,059
16 Jun 21 Allen George F Common Stock Grant Acquire A No No 0 2,921 0 24,010
16 Jun 21 Cherry James C. Common Stock Grant Acquire A No No 0 2,921 0 44,583

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

86.2% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 162 154 +5.2%
Opened positions 20 14 +42.9%
Closed positions 12 21 -42.9%
Increased positions 64 53 +20.8%
Reduced positions 50 58 -13.8%
13F shares
Current Prev Q Change
Total value 699.55M 1.09B -36.1%
Total shares 52.6M 50.64M +3.9%
Total puts 140.6K 216.2K -35.0%
Total calls 27.9K 14.1K +97.9%
Total put/call ratio 5.0 15.3 -67.1%
Largest owners
Shares Value Change
BLK Blackrock 11.69M $155.42M +1.6%
Vanguard 7.05M $93.68M +7.1%
MCQEF Macquarie 2.97M $39.45M +2.5%
Alliancebernstein 2.85M $37.83M -18.3%
STT State Street 2.77M $37.2M +4.7%
Renaissance Technologies 2.09M $27.79M -0.3%
FMR 1.62M $21.48M -4.8%
Geode Capital Management 1.28M $16.99M +8.6%
Royce & Associates 1.27M $16.92M -3.9%
Aristotle Capital Boston 1.07M $14.23M +32.9%
Largest transactions
Shares Bought/sold Change
CIBC Private Wealth 743.21K +743.21K NEW
Alliancebernstein 2.85M -639.09K -18.3%
Chilton Capital Management 572.09K +572.09K NEW
Vanguard 7.05M +467.98K +7.1%
Aristotle Capital Boston 1.07M +265.43K +32.9%
Phocas Financial 768.46K +226.46K +41.8%
JPM JPMorgan Chase & Co. 650.15K -185.24K -22.2%
BLK Blackrock 11.69M +184.36K +1.6%
STT State Street 2.77M +124.17K +4.7%
Aqr Capital Management 138.82K +104.33K +302.5%

Financial report summary

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Risks
  • Our failure to establish new development relationships with public partners and expand our development relationships with existing public partners could have a material adverse effect on our results of operations, cash flow, and growth prospects.
  • We may be unable to identify and complete development opportunities and acquisitions of properties that meet our investment criteria, which may materially and adversely affect our results of operations, cash flow, and growth prospects.
  • The success of our activities to design, construct and develop properties in which we will retain an ownership interest is dependent, in part, on the availability of suitable undeveloped land at acceptable prices as well as our having sufficient liquidity to fund investments in such undeveloped land and subsequent development.
  • Our real estate development activities are subject to risks particular to development, such as unanticipated expenses, delays and other contingencies, any of which could materially and adversely affect our financial condition, results of operations, and cash flow.
  • The geographic concentration of our portfolio could cause us to be more susceptible to adverse economic or regulatory developments in the markets in which our properties are located than if we owned a more geographically diverse portfolio.
  • We have a substantial amount of indebtedness outstanding, which may expose us to the risk of default under our debt obligations and may include covenants that restrict our ability to pay distributions to our stockholders.
  • We may be unable to renew leases, lease vacant space, or re-lease space on favorable terms or at all as leases expire, which could materially and adversely affect our financial condition, results of operations, cash flow, cash available for distribution, and ability to service our debt obligations.
  • The short-term leases in our multifamily portfolio expose us to the effects of declining market rents, which could adversely affect our results of operations, cash flow and cash available for distribution.
  • Competition for property acquisitions and development opportunities may reduce the number of opportunities available to us and increase our costs, which could have a material adverse effect on our growth prospects.
  • Increased competition and increased affordability of residential homes could limit our ability to retain our residents, lease apartment units, or increase or maintain rents at our multifamily apartment communities.
  • The failure of properties that we develop or acquire in the future to meet our financial expectations could have a material adverse effect on us, including our financial condition, results of operations, cash flow, cash available for distribution, ability to service our debt obligations, the per share trading price of our common stock, and growth prospects.
  • Failure to succeed in new markets may limit our growth.
  • Mezzanine loans and similar loan investments are subject to significant risks, and losses related to these investments could have a material adverse effect on our financial condition and results of operations.
  • A bankruptcy or insolvency of any of our significant tenants in our office or retail properties could have a material adverse effect on our financial condition, results of operations, cash flow, cash available for distribution, and ability to service our debt obligations.
  • Many of our operating costs and expenses are fixed and will not decline if our revenues decline.
  • Adverse conditions in the general retail environment could have a material adverse effect on our financial condition, results of operations, cash flow, cash available for distribution, and ability to service our debt obligations.
  • Increases in interest rates, or failure to hedge effectively against interest rate changes, will increase our interest expense and may adversely affect our financial condition, results of operations, cash flow, cash available for distribution, and ability to service our debt obligations.
  • The phase-out of LIBOR and transition to SOFR as a benchmark interest rate could have adverse effects.
  • Mortgage debt obligations expose us to the possibility of foreclosure, which could result in the loss of our investment in a property or group of properties subject to mortgage debt.
  • Our credit facility restricts our ability to engage in certain business activities, including our ability to incur additional indebtedness, make capital expenditures, and make certain investments.
  • Adverse economic and geopolitical conditions and dislocations in the credit markets could have a material adverse effect on our financial condition, results of operations, cash flow, cash available for distribution, and ability to service our debt obligations.
  • A cybersecurity incident or other technology disruptions could negatively impact our business, our relationships, and our reputation.
  • Any material weakness in our internal control over financial reporting could have an adverse effect on the trading price of our common stock.
  • We may be required to make rent or other concessions or significant capital expenditures to improve our properties in order to retain and attract tenants, which may materially and adversely affect our financial condition, results of operations, cash flow, cash available for distribution, and ability to service our debt obligations.
  • Our use of units in our Operating Partnership as currency to acquire properties could result in stockholder dilution or limit our ability to sell such properties, which could have a material adverse effect on us.
  • Our success depends on key personnel whose continued service is not guaranteed, and the loss of one or more of our key personnel could adversely affect our ability to manage our business and to implement our growth strategies or could create a negative perception of our company in the capital markets.
  • We may not be able to rebuild our existing properties to their existing specifications if we experience a substantial or comprehensive loss of such properties, including as a result of hurricanes or other disasters.
  • Joint venture investments could be materially and adversely affected by our lack of sole decision-making authority, our reliance on co-venturers’ financial condition, and disputes between us and our co-venturers.
  • Our growth depends on external sources of capital that are outside of our control and may not be available to us on commercially reasonable terms or at all, which could limit our ability to, among other things, meet our capital and operating needs or make the cash distributions to our stockholders necessary to maintain our qualification as a REIT.
  • Expectations of our company relating to environmental, social and governance factors may impose additional costs and expose us to new risks.
  • We may be subject to ongoing or future litigation, including existing claims relating to the entities that owned the properties prior to our initial public offering and otherwise in the ordinary course of business, which could have a material adverse effect on our financial condition, results of operations, cash flow, the per share trading price of our common stock, cash available for distribution, and ability to service our debt obligations.
  • Adverse economic and regulatory conditions, particularly in the Mid-Atlantic region, could adversely affect our construction and development business, which could have a material adverse effect on our financial condition, results of operations, cash flow, cash available for distribution, and ability to service our debt obligations.
  • There can be no assurance that all of the projects for which our construction business is engaged as general contractor will be commenced or completed in their entirety in accordance with the anticipated cost, or that we will achieve the financial results we expect from the construction of such properties, which could materially and adversely affect our results of operations, cash flow, and growth prospects.
  • We recognize revenue for the majority of our construction projects based on estimates; therefore, variations of actual results from our assumptions may reduce our profitability.
  • Construction project sites are inherently dangerous workplaces, and, as a result, our failure to maintain safe construction project sites could result in deaths or injuries, reduced profitability, the loss of projects or clients, and possible exposure to litigation, any of which could materially and adversely affect our financial condition, results of operations, cash flow, and reputation.
  • Our failure to successfully and profitably bid on construction contracts could materially and adversely affect our results of operations and cash flow.
  • If we fail to timely complete a construction project, miss a required performance standard, or otherwise fail to adequately perform on a construction project, we may incur losses or financial penalties, which could materially and adversely affect our financial condition, results of operations, cash flow, cash available for distribution, ability to service our debt obligations, and reputation.
  • Unionization or work stoppages could have a material adverse effect on us.
  • Our business is subject to risks associated with real estate assets and the real estate industry, which could materially and adversely affect our financial condition, results of operations, cash flow, cash available for distribution, and ability to service our debt obligations.
  • Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our properties and harm our financial condition.
  • Our tax protection agreements could limit our ability to sell or otherwise dispose of certain properties.
  • As an owner of real estate, we could incur significant costs and liabilities related to environmental matters.
  • We may be subject to unknown or contingent liabilities related to acquired properties and properties that we may acquire in the future, which could have a material adverse effect on us.
  • Our properties may contain or develop harmful mold or suffer from other air quality issues, which could lead to liability for adverse health effects and costs of remediation.
  • We may incur significant costs complying with various federal, state, and local laws, regulations, and covenants that are applicable to our properties.
  • Daniel Hoffler and his affiliates own, directly or indirectly, a substantial beneficial interest in our company on a fully diluted basis and have the ability to exercise significant influence on our company and our Operating Partnership, including the approval of significant corporate transactions.
  • Conflicts of interest may exist or could arise in the future between the interests of our stockholders and the interests of holders of units in our Operating Partnership, which may impede business decisions that could benefit our stockholders.
  • Our charter contains certain provisions restricting the ownership and transfer of our stock that may delay, defer, or prevent a change of control transaction that might involve a premium price for our common stock or that our stockholders otherwise believe to be in their best interests.
  • We could increase the number of authorized shares of stock, classify and reclassify unissued stock, and issue stock without stockholder approval.
  • Certain provisions of Maryland law could inhibit changes of control, which may discourage third parties from conducting a tender offer or seeking other change of control transactions that could involve a premium price for our common stock or that our stockholders otherwise believe to be in their best interests.
  • Certain provisions in the partnership agreement of our Operating Partnership may delay, make more difficult, or prevent unsolicited acquisitions of us.
  • Our rights and the rights of our stockholders to take action against our directors and officers are limited.
  • We are a holding company with no direct operations and, as such, we will rely on funds received from our Operating Partnership to pay liabilities, and the interests of our stockholders will be structurally subordinated to all liabilities and obligations of our Operating Partnership and its subsidiaries.
  • Our Operating Partnership may issue additional OP Units to third parties without the consent of our stockholders, which would reduce our ownership percentage in our Operating Partnership and could have a dilutive effect on the amount of distributions made to us by our Operating Partnership and, therefore, the amount of distributions we can make to our stockholders.
  • Failure to maintain our qualification as a REIT would cause us to be taxed as a regular corporation, which would substantially reduce funds available for distribution to our stockholders.
  • Even if we qualify as a REIT, we may face other tax liabilities that reduce our cash flows.
  • Complying with REIT requirements may cause us to forego otherwise attractive opportunities or liquidate otherwise attractive investments.
  • The prohibited transactions tax may limit our ability to dispose of our properties.
  • The ability of our board of directors to revoke our REIT qualification without stockholder approval may cause adverse consequences to our stockholders.
  • Our ownership of our TRS will be subject to limitations and our transactions with our TRS will cause us to be subject to a 100% penalty tax on certain income or deductions if those transactions are not conducted on arm’s-length terms.
  • You may be restricted from acquiring or transferring certain amounts of our common stock.
  • Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
  • If our Operating Partnership failed to qualify as a partnership for federal income tax purposes, we would cease to qualify as a REIT and suffer other adverse consequences.
  • To maintain our REIT status, we may be forced to borrow funds during unfavorable market conditions, and the unavailability of such capital on favorable terms at the desired times, or at all, may cause us to curtail our investment activities or dispose of assets at inopportune times or on unfavorable terms, which could materially and adversely affect our financial condition, results of operations, cash flow, cash available for distribution, and ability to service our debt obligations.
  • We may be unable to make distributions at expected levels, which could result in a decrease in the market price of our common stock and Series A Preferred Stock.
  • The market price and trading volume of our common stock and Series A Preferred Stock may be volatile and could decline substantially in the future.
  • Increases in market interest rates may have an adverse effect on the trading prices of our common stock and Series A Preferred Stock as prospective purchasers of our common stock and Series A Preferred Stock may expect a higher dividend yield and as an increased cost of borrowing may decrease our funds available for distribution.
  • Our Series A Preferred Stock is subordinate to our existing and future debt, and the interests of holders of our Series A Preferred Stock could be diluted by the issuance of additional shares of preferred stock and by other transactions.
  • Holders of our Series A Preferred Stock have extremely limited voting rights.
  • Holders of our Series A Preferred Stock may not be permitted to exercise conversion rights upon a change of control. If exercisable, the change of control conversion feature of our Series A Preferred Stock may not adequately compensate preferred stockholders, and the change of control conversion and redemption features of our Series A Preferred Stock may make it more difficult for a party to take over our company or discourage a party from taking over our company
Management Discussion
  • Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • This report contains forward-looking statements within the meaning of the federal securities laws. We caution investors that any forward-looking statements presented in this report, or which management may make orally or in writing from time to time, are based on beliefs and assumptions made by, and information currently available to, management. When used, the words "anticipate," "believe," "expect," "intend," "may," "might," "plan," "estimate," "project," "should," "will," "result," and similar expressions, which do not relate solely to historical matters, are intended to identify forward-looking statements. Such statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We caution you that while forward-looking statements reflect our good faith beliefs when we make them, they are not guarantees of future performance and are impacted by actual events when they occur after we make such statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.
  • ▪our ability and the ability of our tenants to access funding under government programs designed to provide financial relief for U.S. businesses in light of the COVID-19 pandemic;
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
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