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AHH

Armada Hoffler Properties, Inc.

AHH

Armada Hoffler Properties, Inc. • NYSE
$6.57 ▲ 1.70% (+0.11)
Market Cap $526.61 M
52w High $11.14
52w Low $6.01
Dividend Yield 0.63%
P/E 29.86
Volume 622.57K
Outstanding Shares 80.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $96.082M ▼ $49.048M ▲ $-688K ▼ -0.716% ▼ $-0.009 ▼ $22.566M ▼
Q2-2025 $101.263M ▼ $28.036M ▼ $5.949M ▲ 5.875% ▲ $0.085 ▲ $53.873M ▲
Q1-2025 $114.643M ▼ $30.656M ▲ $-2.805M ▼ -2.447% ▼ $-0.071 ▼ $37.172M ▼
Q4-2024 $142.6M ▼ $8.622M ▼ $23.438M ▲ 16.436% ▲ $0.33 ▲ $72.183M ▲
Q3-2024 $187.652M $28.873M $-5.038M -2.685% $-0.1 $38.117M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $46.511M ▼ $2.577B ▲ $1.733B ▲ $638.835M ▼
Q2-2025 $52.111M ▲ $2.577B ▲ $1.716B ▲ $652.005M ▼
Q1-2025 $45.716M ▼ $2.465B ▼ $1.596B ▼ $657.391M ▼
Q4-2024 $70.642M ▲ $2.513B ▼ $1.623B ▼ $670.636M ▲
Q3-2024 $43.852M $2.561B $1.68B $663.852M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-739K ▼ $26.29M ▲ $-40.548M ▼ $9.481M ▼ $-4.777M ▼ $26.29M ▲
Q2-2025 $6.717M ▲ $11.103M ▲ $-17.494M ▲ $12.425M ▲ $6.034M ▲ $11.103M ▲
Q1-2025 $-4.343M ▼ $107K ▼ $-21.488M ▼ $-2.275M ▲ $-23.656M ▼ $107K ▼
Q4-2024 $29.036M ▲ $20.803M ▼ $40.883M ▲ $-35.189M ▼ $26.497M ▲ $20.803M ▼
Q3-2024 $-3.787M $28.317M $-14.402M $10.114M $24.029M $39.753M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
General Contracting And Real Estate Services
General Contracting And Real Estate Services
 $190.00M ▲$50.00M ▼$30.00M ▼$20.00M ▼
Multifamily Residential Real Estate
Multifamily Residential Real Estate
 $0 ▲$20.00M ▲$20.00M ▲$20.00M ▲
Office Real Estate Segment
Office Real Estate Segment
 $0 ▲$20.00M ▲$20.00M ▲$30.00M ▲
Retail Real Estate Segment
Retail Real Estate Segment
 $0 ▲$20.00M ▲$20.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Armada Hoffler has grown its revenue steadily over the past five years, showing that its portfolio and development activity are scaling up. Profitability at the operating level has generally improved, but bottom-line earnings have been bumpy, with one particularly strong year, a weak year, and then a modest recovery. This kind of noise is common for a development-heavy REIT, where project timing, interest costs, and non‑cash items can swing reported earnings. Overall, the business appears to be moving in the right direction on revenue and operating profit, but earnings are not yet consistently smooth or predictable.

Balance Sheet

Balance Sheet The asset base has expanded over time, reflecting ongoing development and acquisitions. This growth has been funded heavily with debt, which has risen meaningfully and only recently ticked down. Equity dipped earlier in the period and has since rebuilt, but the company still leans noticeably on borrowing, which increases sensitivity to interest rates and refinancing conditions. Cash on hand is relatively small compared with total assets, which is typical for a REIT but leaves less of a buffer if capital markets become tight. In short, Armada Hoffler has built a larger platform, but with a capital structure that requires careful management.

Cash Flow

Cash Flow Cash generated from day‑to‑day operations has been consistently positive and fairly stable, a good sign that the underlying properties are doing their job. Free cash flow has also been positive, with investment spending kept at a manageable level in recent years. This suggests the portfolio can largely support itself without constant heavy external funding for basic needs. However, as a growth‑oriented real estate company, larger developments and acquisitions will still depend on access to debt and equity markets, so external capital remains important for expansion even though the core cash engine is sound.

Competitive Edge

Competitive Edge Armada Hoffler’s edge comes less from technology and more from how it runs the real estate business. It is vertically integrated, meaning it develops, builds, and manages properties in‑house, which can improve cost control and execution on complex projects. The company specializes in mixed‑use, “live‑work‑play” environments and has deep experience in public‑private partnerships, especially in the Mid‑Atlantic and Southeast. These skills help it win and deliver large urban projects that not every REIT can handle. On the flip side, this also concentrates performance in certain regions and in project‑driven activity, which can magnify the impact of local economic shifts or delays on key developments.

Innovation and R&D

Innovation and R&D Although not a traditional R&D‑driven company, Armada Hoffler shows innovation in how it designs, redevelops, and operates properties. It emphasizes sustainable, energy‑efficient buildings, adaptive reuse of older structures, and the creation of amenity‑rich districts that appeal to tenants seeking quality and convenience. The company has set clear environmental targets and uses standardized digital tools and cybersecurity measures to run its operations efficiently. Future innovation is likely to focus on enhancing tenant experience and sustainability rather than on breakthrough technology, which fits its identity as a practical, execution‑focused real estate platform.

Summary

Armada Hoffler has evolved into a larger, more diversified real estate platform with growing revenue and solid, if sometimes uneven, profitability. Its properties and developments generate steady operating cash flow, and recent years show disciplined investment spending. The balance sheet reflects an expansion funded significantly with debt, which supports growth but raises exposure to interest rate and refinancing risk. Competitively, the company differentiates itself through vertical integration, mixed‑use expertise, and long experience in public‑private partnerships in growth markets. Its style of innovation is grounded in sustainability, community‑building, and operational efficiency rather than cutting‑edge technology. Overall, this is a growth‑oriented REIT with notable execution strengths and a more leveraged profile that will likely remain sensitive to capital markets and project‑specific outcomes.

NEWS

November 21, 2025 · 4:15 PM UTC

Armada Hoffler Announces Quarterly Dividend

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November 3, 2025 · 4:05 PM UTC

Armada Hoffler Reports Third Quarter 2025 Results

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October 29, 2025 · 6:00 AM UTC

Armada Hoffler Announces 12,000-Square-Foot Atlantic Union Bank Lease at Town Center of Virginia Beach

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October 16, 2025 · 6:15 AM UTC

Armada Hoffler Announces Appointment of Shawn J. Tibbetts as Chairman of the Board of Directors

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October 6, 2025 · 4:05 PM UTC

Armada Hoffler to Report Third Quarter Earnings on November 3rd

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