Armada Hoffler's Town Center Developments Are Repeatable Value Creation [Seeking Alpha]
T. Rowe Price Group, Inc. (TROW)
Last t. rowe price group, inc. earnings: 4/28 07:30 am
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Source: Seeking Alpha
SimonSkafar/E+ via Getty ImagesArmada Hoffler (NYSE:AHHThe Buy ThesisDespite being a small REIT, AHH has an engine of repeatable value creation. A substantial pipeline of in-construction andpre-construction properties is poised to deliver significant FFO/share growth and at the value multiple of 11.3x FFO, the growth is not priced in. I see fair value around $18.75, implying 40% upside from today's price.This article will discuss how we arrive at fair value, but first I want to discuss the process by which AHH creates value.Armada Hoffler's Modus OperandiAHH's method was first revealed decades ago at their town center development in Virginia Beach. It all begins with selecting a vibrant submarket with growing jobs and population. AHH then builds what becomes a key hub within the submarket by constructing high quality properties of various types in close proximity to one another; apartments that house workers for the offices and retail to form a live-work-play community with everything
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TROW
Earnings
- 2/8/24 - Beat
TROW
Sec Filings
- 4/25/24 - Form NPORT-P
- 4/25/24 - Form NPORT-P
- 4/25/24 - Form NPORT-P
- TROW's page on the SEC website