<p>)</p>
<p>Overview</p>
<ul>
<li>Real estate investment trust’s Q4 funds from operations (FFO) beat analyst expectations</li>
<li>Normalized FFO for Q4 increased due to higher portfolio NOI</li>
<li>Company completed acquisition of Solis Gainesville II</li>
</ul>
<p>Result Drivers</p>
<ul>
<li>POSITIVE RENEWAL SPREADS - Co reported positive renewal spreads in office and retail segments, with office at 9.1% (GAAP) and retail at 15.3% (GAAP)</li>
<li>NOI INCREASE - Same Store NOI increased 6.3% on a GAAP basis, contributing to higher Normalized FFO</li>
<li>INTEREST EXPENSE IMPACT - Increase in interest expense due to less capitalized interest as properties came out of development, affecting FFO</li>
</ul>
<p>Key Details</p>
<p>Metric    Beat/Mis  Actual    Consensu</p>
<p>s                   s</p>
<p>Estimate</p>
<h3>Q4 EPS              -$0.01</h3>
<p>Q4 Net              -$1 mln</p>
<p>Income</p>
<h3>Q4 FFO              $23.10</h3>
<p>mln</p>
<h3>Q4 FFO              $0.23</h3>
<p>Per</p>
<p>Share</p>
<p>Analyst Coverage</p>
<ul>
<li>The current average analyst rating on the shares is “buy” and the breakdown of recommendations is 2 “strong buy” or “buy”, 1 “hold” and 1 “sell” or “strong sell”</li>
<li>The average consensus recommendation for the diversified reits peer group is “buy”</li>
<li>Wall Street’s median 12-month price target for Armada Hoffler Properties Inc is $7.75, about 12.5% above its February 13 closing price of $6.89</li>
<li>The stock recently traded at 58 times the next 12-month earnings vs. a P/E of 30 three months ago</li>
</ul>
<p>Press Release:    For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact . (This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)</p>

Armada Hoffler Q4 FFO beats analyst expectations on positive renewal spreads