today. and Mike. you Thanks, us Good for thank joining morning, everyone,
a have here Armada morning, from discussion at hear As you lot our Hoffler. going this we will on
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the types guidance Certainly, a Before our our and these not follow can't on out the do portfolio. asset wholly to positive has trends unique results, opportunities with pipeline, box. property a complexity like pointed of metrics. into mezzanine we streams to correctly we by These company expected construction spend the to please due our about income, talk not way. REIT few business and traditional profits, ever-increasing in additional measured third-party volume I'd continue be said, That our that model. their platform standard Many income have trajectory upward operating that our our build-to-suit REIT minutes coming do neatly are fit of overlook who interest sales
over in years. increasing has NOI rental X growth and doubled normalized the our annually While of the nearly of we are NAV, past over course, our property the important very it's the dividend that note proud X FFO, to years, past
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reached we project, As earlier agreement Residences sell of an Junction. developer to Annapolis at purchase announced option to at-cost the this month, we've the multifamily our The
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We in quarter. the expect to fourth option received be the payment
and will our updated profit moves million X additional This and caused next guidance. earn of the to to Overall, also opportunity XXXX to Mike into quarters. the profit million However, us this of the to in be recognition fees FFO recognized effectively updated over $X full $X.X on has you XXXX year be $X.XX. give approximately our guidance interest. change the will $X details gives
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conversations delivery with with in and tenants ramping line have Charlotte, Apartments expectations. at in last our the begun stands spaces. The Harding is product few downtown for are Place, We known This XX% as in available Greenside multiple formerly leased.
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well management. and as mezzanine will financing development We provide construction as
order In purchase S.J. a Furthermore, we out cycle a West Midtown addition, upon a ultimately an Tech square and candidate project exchange of potentially Last feet available Interlock, older we we the quarter, completion, XXX,XXX announced center. to intend Atlanta. and to of space office below-market Collins the tax-free exercise. develop receive with retail would Georgia asset will in option be to in to which a the as partnership in
with In to and negotiations addition, the general multifamily project, contractor Solace be of Terwilliger the we investor are Interlock. in portion this for Pappas
with product in upscale to anticipated completion apartment approximately XXXX. XXX this expect contain units of quarter fourth the We an
addition our of financing. will we in company's mezzanine project, In approximately construction million to participation $XX provide the
current and Pappas few quarter. with entire expect the the Interlock finalized negotiations the groundbreaking over on next We complex the Terwilliger weeks in expect
other opportunity on be further activity, followed meet we announcements is selective with in current weighted amount small we consideration. regarding to We these These of and Charleston, a pursue. to towards of round retail. projects a criteria multifamily ancillary removed in our by from extremely be currently office up do A increase assured in not the to development that Class not-too-distant We The are exciting, are majority opportunities hope set Despite infill working opportunities present with are the future. the primarily themselves Charlotte to this This few Nashville. large, projects CBD have opportunities that quickly vast pipeline. the and continue regard
a number our I opportunities, further expect significant engagements deliveries. development until open aforementioned the any would Beyond we XXXX not of
level. Our company very at construction perform a to high continues
on in We distribution the sale expect the the close to finish build-to-suit of construction current and quarter. center
$XX third-party we leave year. at forward $XX another quarter, years, real contracts we an contracts Armada tenets to been this to nearly Hoffler create million our this our focus. million which value. and expect have to of $XXX is Our multiple on opportunistic in position stands looking next million estate central These division company to XX very first this can remain and employs strategies backlog will of and comfortable a Remember, to execute enhance for primary foremost and that investors count profitability
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deliver prospects timeframe. optimistic as of extremely ability to well for over the and in as the XXXX of company's our promises our are XXXX multiyear We about rest
forward into great of recognize XXXX that and future. time, feel to As strongly at value towards we continued look we our and number will deliver investors that begin stabilize intend to well we the the projects
gauge Mike over sheet term. discuss we results. part evaluating pipeline a the dispositions quarter a turn as we As over long strong be further continuing use to of the of ultimate maintain a the and third At construction call NAV and projects, this grow will our strategy schedules I'll of to the to balance ATM the time, and size
