May 14--Virginia Beach-based Armada Hoffler Properties Inc. reported funds from operations of $6.5 million for the first quarter -- 20 cents per diluted share.
The real estate investment trust said Tuesday it beat expectations for the quarter due in part to the fact that the frigid winter had less of an effect on the firm's construction arm than anticipated.
Net income was $2.5 million, or 8 cents per diluted share. In the first quarter, Armada Hoffler secured new and existing leases totaling 58,000 square feet in the office and retail markets. Officials spotlighted the company's lease with trendy retailer Anthropologie as a catalyst for attracting exclusive retailers to Virginia Beach-based Town Center, its premier project.
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