Armada Hoffler, a real estate investment trust (REIT), has announced the appointment of Shawn Tibbetts as the company's new Chief Executive Officer, effective January 1, 2025. This change comes as the current CEO, Lou Haddad, prepares to retire after nearly 40 years of service, but will continue to serve as the Executive Chairman of the company's board of directors.
Under Tibbetts' leadership as the President and Chief Operating Officer, the company has seen significant growth and operational excellence. Notably, the company's portfolio net operating income (NOI) has increased by 45% coming out of the pandemic, and the successful execution of over $1.2 billion of transactions has been overseen.
During Haddad's tenure, Armada Hoffler achieved various milestones, including its initial public offering, transition into a publicly-traded REIT listed on the New York Stock Exchange, and significant portfolio growth across eight states with an enterprise value of $2.6 billion.
The company's lead independent director, Eva Teig Hardy, expressed confidence in Tibbetts' abilities to lead Armada Hoffler forward, emphasizing the seamless transition plan that has been in place.
In his statement, Tibbetts expressed his commitment to building upon the strong foundation laid by Haddad and focusing on continuous improvement of the company's income stream and balance sheet, with a goal to deliver value to shareholders.
Armada Hoffler highlighted its succession planning framework as positioning the company for long-term success and sustainability, with Haddad expressing confidence in Tibbetts' leadership to guide the company to further accomplishments in the years ahead.
Founded in 1979, Armada Hoffler is known for its extensive experience in developing, building, acquiring, and managing high-quality properties in the mid-Atlantic and southeastern United States. The company also provides development and general contracting construction services to third-party clients.
As the company looks towards a new era under Tibbetts' leadership, the market will be closely watching for the impact of this transition on the company's future performance and strategic direction. Today the company's shares have moved -0.1% to a price of $11.05. Check out the company's full 8-K submission here.
