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VIRGINIA BEACH, Va. (AP) — VIRGINIA BEACH, Va. (AP) — Armada Hoffler Properties Inc. (AHH) on Monday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Virginia Beach, Virginia, said it had funds from operations of $31.4 million, or 35 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 31 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 a loss of $10.4 million, or 11 cents per share.
The real estate company posted revenue of $187.7 million in the period. Its adjusted revenue was $68.6 million.
Armada Hoffler Properties expects full-year funds from operations in the range of $1.25 to $1.27 per share.
The company's shares have declined 12% since the beginning of the year. In the final minutes of trading on Monday, shares hit $10.91, a rise of 7% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AHH at https://www.zacks.com/ap/AHH