Louis Haddad on clean energy
From Armada Hoffler’s Exelon Building Represents ‘Commitment’ to Green Energy · · Nareit1
“It houses the largest clean energy producer in the country, Exelon Constellation, and it requires a lot of foresight, a lot of planning, and certainly a commitment to where we all need to go in terms of greener energy.”
On , Louis Haddad, Executive Chairman at ARMADA HOFFLER PROPERTIES, spoke about clean energy during Armada Hoffler’s Exelon Building Represents ‘Commitment’ to Green Energy on Nareit1.
About Louis Haddad
Louis Haddad, president and CEO of Armada Hoffler Properties, discussed the company’s acquisition of the Exelon Building in Baltimore in 2022, describing it as a LEED Platinum building that houses Exelon Constellation and represents a commitment to greener energy. He noted that the company exited the student housing sector by selling assets in Charleston and a Johns Hopkins project, using the proceeds to fund the purchase. Haddad stated that the company has focused on ESG for over 40 years and emphasized transparency and social responsibility in its public-private partnerships with cities and universities. He also said that prior to the pandemic, the company earned $1.17 in normalized FFO with a stock price of $19, and that in 2022 it was on track to earn the same amount with a stronger earnings makeup, while the stock price was around $14. In earlier interviews, Haddad addressed the company’s response to economic downturns, noting that the management team had navigated five recessions. During the pandemic, he said the company worked with tenants, conserved cash, and suspended its dividend temporarily, while delaying four development projects to wait for clearer economic conditions. He expressed confidence that opportunities would emerge in 2021 and 2022, particularly from tenants in expansion mode and from projects controlled by others that might come back to market. Haddad also highlighted the company’s long-standing business model of manufacturing real estate through development rather than acquisition, and its focus on high-barrier-to-entry markets across multifamily, office, and retail properties.