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VIRGINIA BEACH - Armada Hoffler Properties, Inc. (NYSE: NYSE:AHH), a real estate investment trust (REIT) specializing in high-quality properties, has announced an increase in its quarterly cash dividend to $0.205 per common share, a 5% hike from the previous quarter. This increase is in conjunction with an expected rise in property net operating income (NOI) and robust leasing activities.
The dividend, which marks the fifth consecutive year of increases since the pandemic's most challenging period, is payable on April 4, 2024, to shareholders of record as of March 27, 2024. Additionally, a cash dividend of $0.421875 per share has been declared on the company's 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, with a payment date set for April 15, 2024, to stockholders of record on April 1, 2024.
Louis Haddad, CEO of Armada Hoffler, expressed gratitude towards the board for its confidence in the management team's ability to execute the company's diversified strategy effectively. The optimism stems from a projected 5% increase in property NOI, significant development income expected in the fourth quarter, and active leasing around new vacancies.
Armada Hoffler, established in 1979, operates primarily in the Mid-Atlantic and Southeastern United States. The company prides itself on a vertically integrated structure, offering a range of services from development and construction to acquisition and management of office, retail, and multifamily properties.
This dividend announcement is based on a press release statement from Armada Hoffler Properties, Inc.
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