In a report published Monday, Stifel Nicolaus analyst John Guinee initiated coverage on Armada Hoffler Properties AHH with a Hold rating.
In the report, Stifel Nicolaus noted, “We are initiating coverage of Armada Hoffler Properties, Inc. (AHH) with a Hold rating. We like the: (1) stable and disciplined nature of management and the business strategy; (2) Virginia Beach Town Center (VBTC) concentration, which generates roughly 47% of NOI; (3) measured six project, $142mm development pipeline; (4) future development strategy focused on public/private partnerships; and (5) management owns a significant interest in the company.”
Armada Hoffler Properties closed on Friday at $11.47.
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