Armada Hoffler Q2 GAAP net income $0.4M, Normalized FFO $0.34/share; maintains 2024 guidance

AH Realty Trust, Inc.

2024-Q2 EPS reported $0.17 revenue$378,218,000

GAAP net income $0.4M ($0.00/diluted) vs $11.7M ($0.13) in Q2 2023; Normalized FFO $0.34/diluted share.
Office same-store NOI up 9.0% (GAAP) and 7.7% (cash); office occupancy rose to 94.3% from 93.6% sequentially.
Retail lease renewal spreads +5.8% GAAP, +2.9% cash; multifamily tradeouts +4.3%.
Maintained 2024 normalized FFO guidance $1.21-$1.27 per diluted share.
Construction gross profit $4.3M; interest income on RE financing investments $4.0M.

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