AHH - Armada Hoffler Properties: 7% Dividend Yield With Strong Coverage
2024-05-28 04:15:41 ET
Summary
- Armada Hoffler Properties is trading at a low 9.14x multiple to the midpoint of 2024 NFFO guidance.
- The REIT offers a 7.2% dividend yield that is 151% covered by 2024 NFFO.
- AHH's office occupancy is dipping but remains elevated against the national average.
Armada Hoffler Properties ( AHH ) is one of the best investment opportunities in the equity REIT space. The REIT is currently trading hands for a 9.14x multiple to the midpoint of guidance for normalized funds from operations ("NFFO") of $1.21 to $1.27 per share for fiscal 2024. This would represent growth of 3 cents at the top end over NFFO of $1.24 per share realized in 2023, the midpoint would mean flat year-over-year growth. AHH multiple reached as high as 14x in 2022 with Seeking Alpha placing the REIT at a B+ valuation grade versus its REIT peers....
Armada Hoffler Properties: 7% Dividend Yield With Strong Coverage