BofA warns Fed risks policy mistake with early rate cuts
VIRGINIA BEACH - Eva Hardy, lead independent director at Armada Hoffler (NYSE:AHH), will retire from the company’s Board of Directors after serving since 2015, the real estate investment trust announced Tuesday. The company, currently valued at approximately $707 million, has maintained consistent dividend payments for 13 consecutive years, according to InvestingPro data.
Hardy’s departure aligns with the mandatory retirement age policy implemented by the company in 2024. She has served as lead independent director since 2022. During her tenure, the company has maintained a strong dividend yield, currently at 8.09%, though InvestingPro analysis indicates the stock has faced challenges, declining by about 34% over the past six months.
"I am proud of my decade of service on Armada Hoffler’s Board of Directors and greatly appreciate the dedication of my fellow board members," Hardy said in a statement.
Prior to joining Armada Hoffler’s board, Hardy had a distinguished career in both the private and public sectors. She retired as Executive Vice President of External Affairs and Corporate Communications at Dominion Energy in 2008 after 20 years with the company. Her government service includes roles as Virginia’s Commissioner of Labor in 1983 and Secretary of Health and Human Resources from 1986 to 1990.
Hardy currently serves as a Commissioner of the Virginia Port Authority representing the Richmond Port and has held positions on various community boards including the Virginia Museum of Fine Arts Foundation.
Shawn Tibbetts, Chief Executive Officer and President of Armada Hoffler, acknowledged Hardy’s contributions, noting her "invaluable guidance, wisdom, and strategic insight" during her tenure.
The mandatory retirement age policy was established as part of the company’s board refreshment and governance practices.
Armada Hoffler is a vertically integrated real estate investment trust that develops, builds, acquires, and manages properties primarily in the Mid-Atlantic and Southeastern United States.
This article is based on information from a company press release.
In other recent news, Armada Hoffler Properties, Inc. reported its financial results for the first quarter of 2025, revealing a miss on both earnings per share (EPS) and revenue compared to analysts’ forecasts. The company posted an EPS of -$0.07, falling short of the expected $0.01, and revenue came in at $63.8 million, below the anticipated $66.03 million. Despite this, Armada Hoffler reaffirmed its full-year 2025 normalized funds from operations (FFO) guidance of $1.00 to $1.10 per diluted share. The company’s portfolio maintained high occupancy rates, with office spaces at 97.5% occupancy, and the commercial leasing sector saw transactions totaling 320,000 square feet. On the analyst front, no specific upgrades or downgrades were mentioned, but management emphasized a strategic focus on stabilizing the development pipeline and exploring mixed-use community development opportunities. Additionally, Armada Hoffler announced plans to acquire its partner’s full interest in Allied Apartments, where leasing is actively progressing. CEO Sean Tibbett and CFO Matthew Barnsmith highlighted the company’s commitment to prudent cash management and strategic execution amid macroeconomic uncertainties.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.