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AHH-PA

Armada Hoffler Properties, Inc.

AHH-PA

Armada Hoffler Properties, Inc. • NYSE
$21.38 ▲ 0.14% (+0.03)
Market Cap $725.67 M
52w High $23.69
52w Low $19.88
Dividend Yield 1.69%
P/E 88.35
Volume 2.79K
Outstanding Shares 27.11M

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 Q2-2024Q3-2024Q4-2024Q1-2025
General Contracting And Real Estate Services
General Contracting And Real Estate Services
 $120.00M ▲$110.00M ▼$190.00M ▲$50.00M ▼
Multifamily Residential Real Estate
Multifamily Residential Real Estate
 $0 ▲$0 ▲$0 ▲$20.00M ▲
Office Real Estate Segment
Office Real Estate Segment
 $0 ▲$0 ▲$0 ▲$20.00M ▲
Retail Real Estate Segment
Retail Real Estate Segment
 $0 ▲$0 ▲$0 ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Armada Hoffler has steadily grown its revenue over the past few years, showing that the portfolio is expanding and projects are being brought online successfully. Profitability at the operating level has generally improved, suggesting better cost control and solid property performance. However, bottom‑line earnings have been choppy from year to year, which is common for a developer-heavy REIT and reflects project timing, financing costs, and market swings. Overall, the income statement shows a business that is growing and reasonably efficient, but with earnings that can be uneven.

Balance Sheet

Balance Sheet The company has grown its asset base over time, indicating ongoing investment in properties and developments. Debt has also risen, and it now represents a meaningful portion of the capital structure, so leverage is a clear factor to watch, especially in a higher interest rate environment. Equity has increased over the multi‑year period but not as quickly as debt, which signals a tilt toward borrowing to fund growth. Cash on hand is relatively modest, typical for REITs, meaning the firm relies heavily on ongoing cash flow and financing access to operate and expand.

Cash Flow

Cash Flow Operating cash flow has been consistently positive and slowly rising, which is important for a REIT that depends on rental income and recurring property cash flows. Free cash flow has also remained positive, even after spending on properties and improvements, suggesting that the portfolio is generally self‑funding. Capital spending has been relatively controlled, likely reflecting selective development and a focus on projects with clearer return profiles. Overall, cash generation looks steady rather than spectacular, but it appears supportive of the current business model.

Competitive Edge

Competitive Edge Armada Hoffler’s main edge comes from being vertically integrated: it develops, builds, and manages its own projects, which can lower costs and improve execution. Its specialization in mixed‑use “live‑work‑play” environments and long track record in public‑private partnerships create a capability set that is not easy to copy. Deep relationships and local expertise in the Mid‑Atlantic and Southeast give it an information and sourcing advantage in those markets. The flip side is some geographic concentration risk and exposure to local economic conditions in its core regions.

Innovation and R&D

Innovation and R&D Innovation here is more about development process and project design than pure technology. The company has pushed sustainable building practices, green certifications, and modern tenant amenities, which can improve tenant appeal and long‑term asset quality. Its integrated model allows experimentation with complex mixed‑use projects and partnerships with institutions, such as university‑linked innovation hubs, that blend real estate with technology ecosystems. These efforts suggest an emphasis on staying relevant to modern tenants rather than on cutting‑edge “PropTech” in-house.

Summary

Armada Hoffler shows a pattern of steady revenue growth, improving operating performance, and consistent cash generation, but with earnings that can swing from year to year. The balance sheet reflects meaningful leverage and relatively low cash reserves, which is typical for a growth‑oriented REIT but makes funding costs and credit conditions important watch points. Competitively, its integrated development model, expertise in complex mixed‑use projects, and strong regional relationships give it a defensible position in its chosen markets. Its focus on sustainability, urban mixed‑use hubs, and partnerships with innovation centers indicates a strategy aimed at long‑term relevance and recurring rental income, while still carrying the usual real estate risks tied to interest rates, project execution, and local economic cycles.