Ah Realty Trust, Inc. · NYSE:AHRT
Ah Realty Trust — Armada Hoffler Properties — FY2020 Earnings Presentation
20 slides from Ah Realty Trust's earnings presentation, Feb 11, 2021
Slide 1: 1CLICK TO EDIT MASTER TITLE STYLE
1CLICK TO EDIT MASTER TITLE STYLE
Slide 2: Table of Contents
2 PAGE 03 FORWARD-LOOKING STATEMENTS 04 2021 OUTLOOK & ASSUMPTIONS 05 EVOLVING PORTFOLIO GAAP NOI COMPOSITION 06 NOI CONTRIBUTION BY LOCATION 07 LEASING ACTIVITY 08 CORE OPERATING PORTFOLIO OCCUPANCY 09 DEVELOPMENT VALUE CREATION 10 GENERAL CONTRACTING AND REAL ESTATE SERVICES 11 MEZZANINE INVESTMEN
Slide 3: Forward-Looking Statements
3FORWARD-LOOKING STATEMENTS This presentation should be read in conjunction with the unaudited condensed consolidated financial statements appearing in our press release dated February 11, 2021, which has been furnished as Exhibit 99.1 to our Form 8-K filed on February 11, 2021. The Company makes st
Slide 4: 2021 Outlook & Assumptions
42021 OUTLOOK & ASSUMPTIONS LOW HIGH Total NOI $116.3M $117.3M Construction Segment Gross Profit $4.0M $5.3M G&A Expenses $14.3M $14.8M Mezzanine Interest Income $17.7M $18.1M Interest Expense $31.0M $31.7M Normalized FFO Per Diluted Share $0.98 $1.02 GUIDANCE ASSUMPTIONS • Acquisition of Delray Bea
Slide 5: Evolving Portfolio GAAP NOI Composition
5EVOLVING PORTFOLIO GAAP NOI COMPOSITION 2020 2021 Guidance Midpoint Retail Entertainment & Mixed-Use Retail Multifamily Office Projected Property Segment NOI Fully Stabilized (2)(3) (1) Includes AHH rent and excludes expenses associated with the Company’s in house asset management division. (2) Ful
Slide 6: NOI Contribution by Location
6 TOWN CENTER OF VIRGINIA BEACH 42% OTHER VIRGINIA 50% NORTH CAROLINA 8% NOI CONTRIBUTION BY LOCATION (1) Fully Stabilized Portfolio assumes announced pipeline is delivered and stabilized per schedule (see page 9 for schedule). 2013 (24 properties) PROJECTED PORTFOLIO FULLY STABILIZED(1) (62 propert
Slide 7: Leasing Activity
7LEASING ACTIVITY HARRISONBURG MULTIFAMILY Located nearby James Madison University in Harrisonburg, VA, this is a 228-unit multifamily project with an adjacent 342 space parking garage. The on-site Regal Cinemas and surface level parking will remain open and operating throughout this development. Le
Slide 8: Core Operating Portfolio Occupancy
8CORE OPERATING PORTFOLIO OCCUPANCY(1) (1) As of 12/31 of respective year. (2) Estimated occupancy as of 12/31/21. 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 E ⁽² ⁾ 50% 60% 70% 80% 90% 100% Average Occupancy Since IPO 95%
Slide 9: Development Value Creation
9DEVELOPMENT VALUE CREATION (1) For our ownership structure, see page 18 & 19 of the 4Q20 Supplemental package. (2) Timing and investment amounts are estimates and subject to change as the development process demands. (3) Reflects AHH portion of joint venture cost. (4) AHH receives preferred return
Slide 10: General Contracting and Real Estate Services
10GENERAL CONTRACTING AND REAL ESTATE SERVICES Third-Party Construction Backlog As of 12/31/20 $71M $ in thousands, unless otherwise stated (1) 2018 3rd party gross profit includes $3.4M sale of build-to-suit distribution center. THIRD-PARTY GROSS PROFIT - $ 50,000 $ 100,000 $ 150,000 $ 200,000 $ 25
Slide 11: Mezzanine Investment Program
11MEZZANINE INVESTMENT PROGRAM (1) Timing, investment, and income amounts are estimates and subject to change as the development process demands. (2) Does not include Delray Beach Whole Foods due to non-accrual status and expected acquisition in 1Q21. (3) Includes exit fee. (4) 100% preferred equity
Slide 12: Anticipated Income Composition
12ANTICIPATED INCOME COMPOSITION (1) Assumes announced pipeline is delivered/stabilized (see page 9 for schedule) and operating portfolio maintains 95% occupancy. (2) Includes AHH rent elimination, anticipated Delray Beach Plaza acquisition, NOI from AHH portion of T Rowe Price Global HQ (unconsolid
Slide 13: Debt Maturities
13DEBT MATURITIES(1) $ in millions, as of 1/31/21 ~6.2 years 3.4% 2.3x Weighted Average Maturity Weighted Average Interest Rate Fixed Fixed Charge Coverage 2.3% Weighted Average Interest Rate Variable (1) Includes the effect refinancing two loans after 12/31/20. (2) Expect to close on Southgate refi
Slide 14: Overall Collections
14OVERALL COLLECTIONS(1) 4 Q 2 0 C O L L E C T I O N S ( 2 ) 4 Q 2 0 T O P 2 0 C O L L E C T I O N S ( 2 ) (1) Data reported relates to rent charges and collections through 1/31/21 and does not correspond to the reporting segment classification of the properties as a whole. (2) As a percentage of 4Q
Slide 15: COVID-19 Effect
15COVID-19 EFFECT T o t a l D e f e r r a l s ( 1 ) Repayment Period 2021 2022 $1,780 $1,500 $280 Deferred Rent Outstanding⁽¹⁾ $ in thousands, as of 1/31/21 Period Deferred Rent Due Deferred Rent Collected Repayment Outstanding 2020 YTD $ 1,490 $ 1,380 93% $ 110 7% Jan 2021 $ 250 $ 190 76% $ 60 24%
Slide 16: Harbor Point Development
16HARBOR POINT DEVELOPMENT Cash Equity Commitment from AHH ~$30M Ownership in JV with Beatty Development Group 50% Estimated Cash Construction Fees ~$4-5M T. Rowe Price Global HQ Site Build-To-Suit Office, Complementary Retail, Parking & Public Space Improvements PRE-DEVELOPMENT Parcel 4 Mixed-Use M
Slide 17: Solis Gainesville
17 $52M total development cost 223 multifamily units Located an hour north of Atlanta, GA, Solis Gainesville will be a $52 million multifamily development joint-venture with our partners, Terwilliger Pappas. This 223-unit development commenced construction during the third quarter of 2020. SOLIS GAI
Slide 18: Chronicle Mill
18 Chronicle Mill is a historic textile mill that will be revitalized into a mixed-use project. Located just outside of Charlotte, North Carolina, the project will include 238 apartment units and 8,600 square feet of retail space. A portion of the site is expected to be simultaneously developed into
Slide 19: Wills Wharf
19 Wills Wharf is an 8-story mixed-use property located in Harbor Point, between Thames Street Wharf, 1405 Point, and the future T. Rowe Price Global Headquarters. Delivered in 2020, Canopy by Hilton and EY are amongst the open tenants at Wills Wharf. $120M Total estimated development cost 100% Owne
Slide 20: Solis Nexton
20 $23M loan contribution 320 multifamily units Solis Nexton is a 320-unit multifamily project located in Summerville, SC. This $23 million preferred equity mezzanine loan with Terwilliger Pappas will complement the recent acquisition of the 127,000 square foot open-air lifestyle center, Nexton Squa
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