VIRGINIA BEACH, Va. (AP) — VIRGINIA BEACH, Va. (AP) — Armada Hoffler Properties Inc. (AHH) on Monday reported a key measure of profitability in its fourth quarter.
The real estate investment trust, based in Virginia Beach, Virginia, said it had funds from operations of $29.5 million, or 29 cents per share, in the period.
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 a loss of $957,000, or 1 cent per share.
The real estate company posted revenue of $75.6 million in the period. Its adjusted revenue was $72 million.
For the year, the company reported funds from operations of $110.1 million, or $1.08 per share. Revenue was reported as $269.6 million.
The company’s shares have increased 4% since the beginning of the year. The stock has dropped 27% in the last 12 months.
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