VIRGINIA BEACH, Va. (AP) — VIRGINIA BEACH, Va. (AP) — Armada Hoffler Properties Inc. (AHH) on Thursday reported a key measure of profitability in its fourth quarter. The results missed Wall Street expectations.
The Virginia Beach, Virginia-based real estate investment trust said it had funds from operations of $27.9 million, or 31 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 32 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 $24 million, or 27 cents per share.
The real estate company posted revenue of $191 million in the period. Its adjusted revenue was $59.8 million.
For the year, the company reported funds from operations of $110.5 million, or $1.24 per share. Revenue was reported as $238.9 million.
Armada Hoffler Properties expects full-year funds from operations in the range of $1.21 to $1.27 per share.
The company's shares have dropped roughly 7% since the beginning of the year. The stock has dropped 11% 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