Intrinsic value of Armada Hoffler Properties - AHH

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$13.99

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$13.99

 
Intrinsic value

$21.14

 
Up/down potential

+51%

 
Rating

str. buy

 
Value-price divergence* premium content

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Our model is not good at valuating stocks of financial companies, such as AHH.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AHH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.38
  50.00
  45.50
  41.45
  37.81
  34.52
  31.57
  28.91
  26.52
  24.37
  22.43
  20.69
  19.12
  17.71
  16.44
  15.29
  14.27
  13.34
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
Revenue, $m
  258
  378
  550
  778
  1,072
  1,442
  1,898
  2,446
  3,095
  3,849
  4,713
  5,688
  6,776
  7,975
  9,287
  10,707
  12,234
  13,866
  15,600
  17,434
  19,365
  21,393
  23,516
  25,734
  28,047
  30,456
  32,962
  35,569
  38,278
  41,093
  44,019
Variable operating expenses, $m
 
  332
  482
  682
  940
  1,265
  1,664
  2,145
  2,714
  3,376
  4,133
  4,988
  5,942
  6,994
  8,144
  9,390
  10,729
  12,161
  13,681
  15,289
  16,983
  18,761
  20,623
  22,568
  24,597
  26,710
  28,908
  31,194
  33,570
  36,039
  38,605
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  232
  332
  482
  682
  940
  1,265
  1,664
  2,145
  2,714
  3,376
  4,133
  4,988
  5,942
  6,994
  8,144
  9,390
  10,729
  12,161
  13,681
  15,289
  16,983
  18,761
  20,623
  22,568
  24,597
  26,710
  28,908
  31,194
  33,570
  36,039
  38,605
Operating income, $m
  27
  46
  68
  96
  132
  177
  233
  301
  381
  473
  580
  700
  833
  981
  1,142
  1,317
  1,505
  1,706
  1,919
  2,144
  2,382
  2,631
  2,892
  3,165
  3,450
  3,746
  4,054
  4,375
  4,708
  5,054
  5,414
EBITDA, $m
  62
  81
  118
  167
  230
  309
  406
  524
  663
  824
  1,009
  1,218
  1,451
  1,708
  1,989
  2,293
  2,620
  2,970
  3,341
  3,734
  4,148
  4,582
  5,037
  5,512
  6,007
  6,523
  7,060
  7,618
  8,198
  8,801
  9,428
Interest expense (income), $m
  15
  13
  22
  36
  55
  80
  110
  148
  194
  247
  310
  381
  462
  552
  652
  761
  878
  1,005
  1,140
  1,284
  1,436
  1,596
  1,764
  1,940
  2,124
  2,316
  2,515
  2,723
  2,939
  3,164
  3,397
Earnings before tax, $m
  43
  33
  45
  59
  77
  98
  123
  153
  187
  226
  270
  318
  371
  428
  490
  556
  626
  701
  779
  860
  946
  1,035
  1,128
  1,225
  1,326
  1,430
  1,539
  1,652
  1,769
  1,891
  2,017
Tax expense, $m
  0
  9
  12
  16
  21
  26
  33
  41
  51
  61
  73
  86
  100
  116
  132
  150
  169
  189
  210
  232
  255
  280
  305
  331
  358
  386
  416
  446
  478
  510
  545
Net income, $m
  28
  24
  33
  43
  56
  71
  90
  112
  137
  165
  197
  232
  271
  313
  358
  406
  457
  511
  568
  628
  691
  756
  824
  894
  968
  1,044
  1,123
  1,206
  1,291
  1,380
  1,472

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  22
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  982
  995
  1,447
  2,047
  2,821
  3,795
  4,993
  6,437
  8,145
  10,130
  12,402
  14,968
  17,830
  20,988
  24,438
  28,176
  32,195
  36,490
  41,053
  45,878
  50,961
  56,297
  61,884
  67,720
  73,807
  80,147
  86,743
  93,602
  100,732
  108,141
  115,840
Adjusted assets (=assets-cash), $m
  960
  995
  1,447
  2,047
  2,821
  3,795
  4,993
  6,437
  8,145
  10,130
  12,402
  14,968
  17,830
  20,988
  24,438
  28,176
  32,195
  36,490
  41,053
  45,878
  50,961
  56,297
  61,884
  67,720
  73,807
  80,147
  86,743
  93,602
  100,732
  108,141
  115,840
Revenue / Adjusted assets
  0.269
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
Average production assets, $m
  667
  758
  1,103
  1,561
  2,151
  2,893
  3,806
  4,907
  6,209
  7,722
  9,454
  11,410
  13,592
  15,999
  18,629
  21,478
  24,542
  27,815
  31,294
  34,972
  38,846
  42,914
  47,173
  51,622
  56,262
  61,094
  66,123
  71,351
  76,786
  82,434
  88,302
Working capital, $m
  0
  -40
  -59
  -83
  -115
  -154
  -203
  -262
  -331
  -412
  -504
  -609
  -725
  -853
  -994
  -1,146
  -1,309
  -1,484
  -1,669
  -1,865
  -2,072
  -2,289
  -2,516
  -2,754
  -3,001
  -3,259
  -3,527
  -3,806
  -4,096
  -4,397
  -4,710
Total debt, $m
  522
  633
  1,041
  1,581
  2,277
  3,154
  4,232
  5,532
  7,068
  8,855
  10,900
  13,209
  15,785
  18,627
  21,732
  25,096
  28,714
  32,579
  36,685
  41,028
  45,603
  50,405
  55,433
  60,686
  66,164
  71,870
  77,807
  83,980
  90,397
  97,065
  103,994
Total liabilities, $m
  834
  895
  1,303
  1,843
  2,539
  3,416
  4,494
  5,794
  7,330
  9,117
  11,162
  13,471
  16,047
  18,889
  21,994
  25,358
  28,976
  32,841
  36,947
  41,290
  45,865
  50,667
  55,695
  60,948
  66,426
  72,132
  78,069
  84,242
  90,659
  97,327
  104,256
Total equity, $m
  148
  99
  145
  205
  282
  380
  499
  644
  814
  1,013
  1,240
  1,497
  1,783
  2,099
  2,444
  2,818
  3,220
  3,649
  4,105
  4,588
  5,096
  5,630
  6,188
  6,772
  7,381
  8,015
  8,674
  9,360
  10,073
  10,814
  11,584
Total liabilities and equity, $m
  982
  994
  1,448
  2,048
  2,821
  3,796
  4,993
  6,438
  8,144
  10,130
  12,402
  14,968
  17,830
  20,988
  24,438
  28,176
  32,196
  36,490
  41,052
  45,878
  50,961
  56,297
  61,883
  67,720
  73,807
  80,147
  86,743
  93,602
  100,732
  108,141
  115,840
Debt-to-equity ratio
  3.527
  6.370
  7.190
  7.720
  8.070
  8.310
  8.480
  8.590
  8.680
  8.740
  8.790
  8.820
  8.850
  8.880
  8.890
  8.910
  8.920
  8.930
  8.940
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
Adjusted equity ratio
  0.131
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  28
  24
  33
  43
  56
  71
  90
  112
  137
  165
  197
  232
  271
  313
  358
  406
  457
  511
  568
  628
  691
  756
  824
  894
  968
  1,044
  1,123
  1,206
  1,291
  1,380
  1,472
Depreciation, amort., depletion, $m
  35
  34
  50
  71
  98
  132
  173
  223
  282
  351
  430
  519
  618
  727
  847
  976
  1,116
  1,264
  1,422
  1,590
  1,766
  1,951
  2,144
  2,346
  2,557
  2,777
  3,006
  3,243
  3,490
  3,747
  4,014
Funds from operations, $m
  69
  59
  83
  114
  154
  203
  263
  335
  419
  516
  627
  751
  889
  1,040
  1,205
  1,382
  1,573
  1,776
  1,991
  2,218
  2,456
  2,706
  2,968
  3,241
  3,525
  3,821
  4,129
  4,449
  4,782
  5,127
  5,486
Change in working capital, $m
  9
  -13
  -18
  -24
  -31
  -40
  -49
  -59
  -69
  -81
  -92
  -104
  -116
  -128
  -140
  -152
  -163
  -175
  -186
  -196
  -207
  -217
  -227
  -237
  -247
  -258
  -268
  -279
  -290
  -301
  -313
Cash from operations, $m
  60
  94
  102
  139
  185
  242
  312
  393
  488
  597
  719
  855
  1,005
  1,168
  1,345
  1,534
  1,736
  1,950
  2,176
  2,414
  2,663
  2,923
  3,195
  3,478
  3,773
  4,079
  4,397
  4,728
  5,071
  5,428
  5,799
Maintenance CAPEX, $m
  0
  -23
  -34
  -50
  -71
  -98
  -132
  -173
  -223
  -282
  -351
  -430
  -519
  -618
  -727
  -847
  -976
  -1,116
  -1,264
  -1,422
  -1,590
  -1,766
  -1,951
  -2,144
  -2,346
  -2,557
  -2,777
  -3,006
  -3,243
  -3,490
  -3,747
New CAPEX, $m
  -260
  -253
  -345
  -457
  -590
  -742
  -913
  -1,101
  -1,302
  -1,513
  -1,732
  -1,956
  -2,182
  -2,407
  -2,630
  -2,849
  -3,064
  -3,274
  -3,478
  -3,678
  -3,874
  -4,068
  -4,259
  -4,449
  -4,640
  -4,833
  -5,028
  -5,229
  -5,435
  -5,648
  -5,869
Cash from investing activities, $m
  -226
  -276
  -379
  -507
  -661
  -840
  -1,045
  -1,274
  -1,525
  -1,795
  -2,083
  -2,386
  -2,701
  -3,025
  -3,357
  -3,696
  -4,040
  -4,390
  -4,742
  -5,100
  -5,464
  -5,834
  -6,210
  -6,593
  -6,986
  -7,390
  -7,805
  -8,235
  -8,678
  -9,138
  -9,616
Free cash flow, $m
  -166
  -182
  -278
  -369
  -476
  -598
  -733
  -880
  -1,036
  -1,199
  -1,364
  -1,531
  -1,695
  -1,856
  -2,012
  -2,162
  -2,304
  -2,439
  -2,566
  -2,687
  -2,801
  -2,910
  -3,014
  -3,115
  -3,214
  -3,311
  -3,408
  -3,506
  -3,606
  -3,710
  -3,817
Issuance/(repayment) of debt, $m
  130
  255
  407
  540
  697
  877
  1,078
  1,299
  1,537
  1,786
  2,045
  2,309
  2,576
  2,842
  3,105
  3,364
  3,617
  3,865
  4,107
  4,343
  4,574
  4,802
  5,028
  5,253
  5,478
  5,706
  5,937
  6,173
  6,417
  6,668
  6,929
Issuance/(repurchase) of shares, $m
  68
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  196
  255
  407
  540
  697
  877
  1,078
  1,299
  1,537
  1,786
  2,045
  2,309
  2,576
  2,842
  3,105
  3,364
  3,617
  3,865
  4,107
  4,343
  4,574
  4,802
  5,028
  5,253
  5,478
  5,706
  5,937
  6,173
  6,417
  6,668
  6,929
Total cash flow (excl. dividends), $m
  29
  73
  130
  171
  221
  279
  345
  419
  500
  588
  681
  779
  881
  985
  1,093
  1,202
  1,314
  1,426
  1,540
  1,656
  1,773
  1,892
  2,014
  2,138
  2,264
  2,395
  2,529
  2,667
  2,810
  2,958
  3,113
Retained Cash Flow (-), $m
  -98
  -76
  -45
  -60
  -77
  -97
  -120
  -144
  -171
  -198
  -227
  -257
  -286
  -316
  -345
  -374
  -402
  -429
  -456
  -483
  -508
  -534
  -559
  -584
  -609
  -634
  -660
  -686
  -713
  -741
  -770
Prev. year cash balance distribution, $m
 
  27
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  24
  84
  111
  143
  181
  225
  275
  330
  389
  454
  522
  594
  670
  748
  829
  912
  997
  1,084
  1,173
  1,265
  1,359
  1,455
  1,554
  1,656
  1,761
  1,869
  1,981
  2,097
  2,218
  2,343
Discount rate, %
 
  12.20
  12.81
  13.45
  14.12
  14.83
  15.57
  16.35
  17.17
  18.02
  18.93
  19.87
  20.87
  21.91
  23.00
  24.16
  25.36
  26.63
  27.96
  29.36
  30.83
  32.37
  33.99
  35.69
  37.47
  39.35
  41.31
  43.38
  45.55
  47.83
  50.22
PV of cash for distribution, $m
 
  21
  66
  76
  85
  91
  95
  95
  93
  88
  80
  71
  61
  51
  41
  32
  24
  18
  13
  9
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Armada Hoffler Properties, Inc. is a publicly owned real estate investment trust. It invests in real estate markets of Mid-Atlantic United States. The firm is involved in developing, building, owning and managing high-quality, institutional-grade office, retail, and multifamily properties. Armada Hoffler Properties, Inc. was formed on October 12, 2012 and is based in Virginia Beach, Virginia.

FINANCIAL RATIOS  of  Armada Hoffler Properties (AHH)

Valuation Ratios
P/E Ratio 18.7
Price to Sales 2
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow -2.6
Growth Rates
Sales Growth Rate 2.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 106.3%
Cap. Spend. - 3 Yr. Gr. Rate 40.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 352.7%
Total Debt to Equity 352.7%
Interest Coverage 4
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.3%
Return On Equity 28.3%
Return On Equity - 3 Yr. Avg. 26.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 28.3%
Gross Margin - 3 Yr. Avg. 26.7%
EBITDA Margin 36%
EBITDA Margin - 3 Yr. Avg. 29.4%
Operating Margin 10.1%
Oper. Margin - 3 Yr. Avg. 11%
Pre-Tax Margin 16.7%
Pre-Tax Margin - 3 Yr. Avg. 12.2%
Net Profit Margin 10.9%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 121.4%

AHH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AHH stock intrinsic value calculation we used $252 million for the last fiscal year's total revenue generated by Armada Hoffler Properties. The default revenue input number comes from 2016 income statement of Armada Hoffler Properties. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AHH stock valuation model: a) initial revenue growth rate of 50% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 12.2%, whose default value for AHH is calculated based on our internal credit rating of Armada Hoffler Properties, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Armada Hoffler Properties.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AHH stock the variable cost ratio is equal to 87.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AHH stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Armada Hoffler Properties.

Corporate tax rate of 27% is the nominal tax rate for Armada Hoffler Properties. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AHH stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AHH are equal to 200.6%.

Life of production assets of 22 years is the average useful life of capital assets used in Armada Hoffler Properties operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AHH is equal to -10.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $50 million for Armada Hoffler Properties - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 53.219 million for Armada Hoffler Properties is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Armada Hoffler Properties at the current share price and the inputted number of shares is $0.7 billion.


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COMPANY NEWS

▶ New Strong Sell Stocks for February 17th   [Feb-17-17 09:33AM  Zacks]
▶ Is Armada Hoffler Properties Inc (AHH) A Good Stock To Buy?   [Dec-12-16 01:53AM  at Insider Monkey]
▶ Armada Hoffler Properties New Development Pipeline Project   [May-18-16 06:00AM  Business Wire]
Stock chart of AHH Financial statements of AHH Annual reports of AHH
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