Armada Hoffler Reports Third Quarter 2025 Results

GAAP Net Loss of $0.04 Per Diluted Share for the Third Quarter Normalized FFO of $0.29 Per Diluted Share for the Third Quarter Positive Commercial Releasing Spreads of 6.0% (GAAP) and 6.6% (Cash) Approximately 270K Net Rentable Square Feet of New and Renewed Commercial Lease Space Maintained 2025 Full-Year Normalized FFO Guidance Range of $1.03 to $1.07 per Diluted Share VIRGINIA BEACH, Va., Nov. 03, 2025 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended September 30, 2025 and provided an update on current events and earnings guidance. Third Quarter and Recent Highlights: Net loss attributable to common stockholders and OP Unit holders of $3.6 million, or $0.04 per diluted share, compared to net loss attributable to common stockholders and OP Unit holders of $10.4 million, or $0.11 per diluted share, for the three months ended September 30, 2024.Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $20.2 million, or $0.20 per diluted share, compared to $12.7 million, or $0.14 per diluted share, for the three months ended September 30, 2024. See "Non-GAAP Financial Measures."Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $29.6 million, or $0.29 per diluted share, compared to $31.4 million, or $0.35 per diluted share, for the three months ended September 30, 2024. See "Non-GAAP Financial Measures."As of September 30, 2025, weighted average stabilized portfolio occupancy was 95.7%. Retail occupancy was 96.0%, office occupancy was 96.5%, and multifamily occupancy was 94.2%.Positive spreads on renewals across all commercial segments: Retail 5.7% (GAAP) and 6.5% (Cash)Office 21.6% (GAAP) and 8.9% (Cash)Multifamily 2.3% (GAAP and Cash) Executed 25 commercial lease renewals and 7 new commercial leases during the third quarter for an aggregate of approximately 270,000 of net rentable square feet. “Our third quarter results highlight the consistency and strength of our portfolio,” said Shawn Tibbetts, President and Chief Executive Officer. “Property-level income continues to outperform our 2025 guidance, contributing to beating consensus for the quarter. We are simplifying the business, driving operational excellence, and leveraging data-driven insights to enhance performance across the platform. With a disciplined approach to capital allocation and a focus on recurring property-level earnings, we are strengthening the balance sheet and positioning Armada Hoffler for sustainable growth and long-term value creation.” Same Store Net Operating Income ("NOI") increased 1.0% on a GAAP basis compared to the quarter ended September 30, 2024.Third-party construction backlog as of September 30, 2025 was $83.9 million and general contracting and real estate services gross profit for the third quarter was $2.1 million.During the third quarter of 2025, unrealized losses on non-designated interest rate derivatives that negatively affected FFO were $8.1 million. As of September 30, 2025, the value of the Company’s entire interest rate derivative portfolio, net of unrealized losses, was $13.4 million. These losses are excluded from Normalized FFO.On July 22, 2025, the Company, entered into a note purchase agreement with institutional investors, in the aggregate amount of $115.0 million of senior unsecured notes of the Operating Partnership, consisting of notes with 3, 5, and 7 year maturities and interest rates of 5.57%, 5.78%, and 6.09%, respectively.On October 16, 2025, the Company announced that its Board of Directors unanimously appointed Shawn J. Tibbetts as Chairman of the Board, effective January 1, 2026. This appointment represents the final step in the succession plan initiated in 2024. Mr. Tibbetts will continue to serve as President and Chief Executive Officer, and Louis S. Haddad will continue to serve as director on the Company's Board of Directors. Financial Results Net loss attributable to common stockholders and OP Unit holders for the third quarter was $3.6 million compared to $10.4 million for the third quarter of 2024. The year-over-year change was primarily due to a decrease in unrealized losses reflected in change in fair value of derivatives as well as a decrease in salaries and compensation due to the severance paid in the third quarter of 2024, partially offset by a decrease in construction gross profit due to the close-out of contracts and an increase in interest expense. FFO attributable to common stockholders and OP Unit holders for the third quarter was $20.2 million compared to $12.7 million for the third quarter of 2024. The year-over-year increase in FFO was primarily due to a decrease in unrealized losses reflected in change in fair value of derivatives as well as a decrease in salaries and compensation due to the severance paid in the third quarter of 2024, partially offset by a decrease in construction gross profit due to the close-out of contracts and an increase in interest expense. Normalized FFO attributable to common stockholders and OP Unit holders for the third quarter decreased to $29.6 million compared to $31.4 million for the third quarter of 2024. The year-over-year decrease in Normalized FFO was primarily due to the decrease in general contracting and real estate services gross profit and an increase in interest expense. Operating Performance At the end of the third quarter, the Company’s retail, office, and multifamily stabilized operating property portfolios were 96.0%, 96.5%, and 94.2% occupied, respectively. Total third party construction contract backlog was $83.9 million as of September 30, 2025. Interest income from real estate financing investments was $3.9 million for the three months ended September 30, 2025. Balance Sheet and Financing Activity As of September 30, 2025, the Company had $1.5 billion of total debt outstanding, including $200.0 million outstanding under its revolving credit facility. Total debt outstanding excludes GAAP adjustments and deferred financing costs. As of September 30, 2025, the Company’s debt was 100% fixed or economically hedged after considering interest rate swaps. On July 22, 2025, the Company, as parent guarantor, and Armada Hoffler, L.P., the Company’s operating partnership (the “Operating Partnership”), as borrower, entered into a note purchase agreement with institutional investors, pursuant to which the Operating Partnership sold, and the institutional investors purchased, an aggregate of $115.0 million of senior unsecured notes of the Operating Partnership, consisting of (a) $25.0 million aggregate principal amount of 5.57% Senior Notes, Series A, due July 22, 2028, (b) $45.0 million aggregate principal amount of 5.78% Senior Notes, Series B, due July 22, 2030 and (c) $45.0 million aggregate principal amount of 6.09% Senior Notes, Series C, due July 22, 2032 (collectively, the “Notes”). The issue price for the Notes was 100% of the aggregate principal amount thereof. The Company utilized the proceeds of the sale of the Notes to repay the $65.0 million construction loan secured by the Southern Post mixed-use asset and $48.0 million under the Company’s revolving credit facility. Outlook The Company narrowed its 2025 full-year Normalized FFO guidance from the Company's previous guidance range to $1.03 to $1.07 per diluted share. The following table updates the Company's assumptions underpinning full year guidance. The Company's executive management will provide further details regarding its 2025 earnings guidance during tomorrow's webcast and conference call. Full-year 2025 Guidance[1][2] Expected RangesPortfolio NOI $174.1M $175.5MConstruction Segment Gross Profit $5.5M $6.5MG&A Expenses ($17.2M) ($16.4M)Interest Income $15.8M $16.2MAdjusted Interest Expense[3] ($63.7M) ($61.7M)Normalized FFO per diluted share $1.03 $1.07 [1] Ranges exclude certain items per the Company ’s Normalized FFO definition: Normalized FFO excludes certain items, including debt extinguishment losses and prepayment penalties, impairment and accelerated amortization of intangible assets and liabilities, property acquisition, development, and other pursuit costs, mark-to-market adjustments for interest rate derivatives not designated as cash flow hedges, amortization of payments made to purchase interest rate caps and swaps designated as cash flow hedges, provision for unrealized non-cash credit losses, amortization of right-of-use assets attributable to finance leases, severance related costs, and other non-comparable items. See "Non-GAAP Financial Measures." The Company does not provide a reconciliation for its guidance range of Normalized FFO per diluted share to net income per diluted share, the most directly comparable forward-looking GAAP financial measure, because it is unable to provide a meaningful or accurate estimate of reconciling items and the information is not available without unreasonable effort as a result of the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income per diluted share. For the same reasons, the Company is unable to address the probable significance of the unavailable information and believes that providing a reconciliation for its guidance range of Normalized FFO per diluted share would imply a degree of precision for its forward-looking net income per diluted share that could be misleading to investors.[2] Includes the following assumptions: Southern Post Retail - Stabilized in 4Q25Southern Post Office - Stabilized in 2H26Allied Multifamily - Stabilized 1H26Acquisition of one Real Estate Financing asset in 4Q25 [3] Includes the interest expense on finance leases and interest receipts of non-designated derivatives. Supplemental Financial Information Further details regarding operating results, properties, and leasing statistics can be found in the Company’s supplemental financial package available on the Investors page at ArmadaHoffler.com. Webcast and Conference Call The Company will host a webcast and conference call on Tuesday, November 4, 2025 at 8:30 a.m. Eastern Time to review financial results and discuss recent events. The recorded webcast will be available through the Investors page of the Company’s website, ArmadaHoffler.com. To participate in the call, please dial (+1) 800 549 8228 (toll-free dial-in number) or (+1) 646 564 2877 (toll dial-in number). The conference ID is 93777. A replay of the conference call will be available through Thursday, December 4, 2025 by dialing (+1) 888 660 6264 (toll-free dial-in number) or (+1) 646 517 3975 (toll dial-in number) and providing passcode 93777#. About Armada Hoffler Properties, Inc. Armada Hoffler (NYSE: AHH) is a vertically integrated, self-managed real estate investment trust with over four decades of experience developing, building, acquiring, and managing high-quality retail, office, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. The Company also provides general construction and development services to third-party clients, in addition to developing and building properties to be placed in their stabilized portfolio. Founded in 1979 by Daniel A. Hoffler, Armada Hoffler has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information visit ArmadaHoffler.com. Forward-Looking Statements Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These forward-looking statements may include comments relating to the current and future performance of the Company’s operating property portfolio, the Company’s development pipeline, the Company's real estate financing program, the Company’s construction and development business, including backlog and timing of deliveries and estimated costs, financing activities, as well as acquisitions, dispositions, and the Company’s financial outlook, guidance, and expectations. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and the Company may not be able to realize any forward-looking statement. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and the other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions, or circumstances on which any such statement is based, except to the extent otherwise required by applicable law. Non-GAAP Financial Measures The Company calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("Nareit"). Nareit defines FFO as net income (loss) (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains or losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. FFO is a supplemental non-GAAP financial measure. The Company uses FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the Company’s operational performance. Specifically, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared period-over-period, captures trends in occupancy rates, rental rates, and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the Company’s operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the Company’s properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of the Company’s properties, all of which have real economic effects and could materially impact the Company’s results from operations, the utility of FFO as a measure of the Company’s performance is limited. In addition, other equity REITs may not calculate FFO in accordance with the Nareit definition as the Company does, and, accordingly, the Company’s FFO may not be comparable to such other REITs’ FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of the Company’s performance. FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or service indebtedness. Also, FFO should not be used as a supplement to or substitute for cash flow from operating activities computed in accordance with GAAP. Management also believes that the computation of FFO in accordance with Nareit’s definition includes certain items that are not indicative of the results provided by the Company’s operating property portfolio and affect the comparability of the Company’s period-over-period performance. Accordingly, management believes that Normalized FFO is a more useful performance measure that excludes certain items, including but not limited to, debt extinguishment losses and prepayment penalties, impairment and accelerated amortization of intangible assets and liabilities, property acquisition, development, and other pursuit costs, mark-to-market adjustments for interest rate derivatives not designated as cash flow hedges, amortization of payments made to purchase interest rate caps and swaps designated as cash flow hedges, provision for unrealized non-cash credit losses, amortization of right-of-use assets attributable to finance leases, severance related costs, and other non-comparable items. Other equity REITs may not calculate Normalized FFO in the same manner as we do, and, accordingly, our Normalized FFO may not be comparable to such other REITs' Normalized FFO. NOI is the measure used by the Company’s chief operating decision-maker to assess segment performance. The Company calculates NOI as segment revenues less segment expenses. Segment revenues include rental revenues (base rent, expense reimbursements, termination fees, and other revenue) for our property segments, general contracting and real estate services revenues for our general contracting and real estate services segment, and interest income for our real estate financing segment. Segment expenses include rental expenses and real estate taxes for our property segments, general contracting and real estate services expenses for our general contracting and real estate services segment, and interest expense for our real estate financing segment. Segment NOI for the general contracting and real estate services and real estate financing segments is also referred to as segment gross profit. NOI is not a measure of operating income or cash flows from operating activities as measured in accordance with GAAP and is not indicative of cash available to fund cash needs. As a result, NOI should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s real estate and construction businesses. To calculate NOI on a cash basis, we adjust NOI to exclude the net effects of straight line rent and the amortization of lease incentives and above/below market rents. For reference, as an aid in understanding the Company’s computation of NOI, NOI Cash Basis, FFO and Normalized FFO, a reconciliation of net income calculated in accordance with GAAP to NOI, NOI Cash Basis, FFO, and Normalized FFO has been included further in this release. ARMADA HOFFLER PROPERTIES, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(dollars in thousands) September 30,2025 December 31,2024 (UNAUDITED) ASSETS Real estate investments: Income producing property $2,441,965 $2,173,787 Held for development 5,683 5,683 Construction in progress 27,890 17,515 2,475,538 2,196,985 Accumulated depreciation (504,419) (451,907)Net real estate investments 1,971,119 1,745,078 Real estate investments held for sale 4,800 4,800 Cash and cash equivalents 46,511 70,642 Restricted cash 3,313 1,581 Accounts receivable, net 58,274 52,860 Notes receivable, net 152,288 132,565 Construction receivables, including retentions, net 34,587 84,624 Construction contract costs and estimated earnings in excess of billings 2,638 6 Equity method investments 47,880 158,151 Operating lease right-of-use assets 22,669 22,841 Finance lease right-of-use assets 87,868 88,986 Acquired lease intangible assets 80,181 89,739 Other assets 65,007 60,990 Total Assets $2,577,135 $2,512,863 LIABILITIES AND EQUITY Indebtedness, net $1,485,657 $1,295,559 Accounts payable and accrued liabilities 41,295 38,840 Construction payables, including retentions 39,658 104,495 Billings in excess of construction contract costs and estimated earnings 5,755 5,871 Operating lease liabilities 31,242 31,365 Finance lease liabilities 93,280 92,646 Other liabilities 36,609 54,418 Total Liabilities 1,733,496 1,623,194 Total Equity 843,639 889,669 Total Liabilities and Equity $2,577,135 $2,512,863 ARMADA HOFFLER PROPERTIES, INC.CONDENSED CONSOLIDATED INCOME STATEMENTS(in thousands, except per share amounts) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2025 2024 2025 2024 (Unaudited)Revenues Rental revenues $68,724 $68,598 $197,672 $193,744 General contracting and real estate services revenues 23,192 114,353 101,782 358,167 Interest income 4,166 4,701 12,534 13,959 Total revenues 96,082 187,652 311,988 565,870 Expenses Rental expenses 17,622 16,652 49,323 46,344 Real estate taxes 6,148 6,184 18,675 17,995 General contracting and real estate services expenses 21,128 110,987 96,970 346,385 Depreciation and amortization 23,113 23,684 68,081 65,697 General and administrative expenses 4,447 5,187 17,831 15,564 Acquisition, development, and other pursuit costs 10 2 350 5,530 Impairment charges 350 — 350 1,494 Total expenses 72,818 162,696 251,580 499,009 Operating income 23,264 24,956 60,408 66,861 Interest expense (22,718) (21,387) (62,098) (60,589)Equity in Income (Loss) of Unconsolidated Real Estate Entities 38 — (2,197) — Gain on consolidation of real estate entities — — 6,915 — Loss on extinguishment of debt (69) (113) (69) (113)Change in fair value of derivatives and other (1,216) (10,308) (1,778) 6,978 Unrealized credit loss release (provision) 126 (198) 313 (53)Other income (expense), net 28 96 (44) 254 (Loss) income before taxes (547) (6,954) 1,450 13,338 Income tax (provision) benefit (192) (592) 185 120 Net (loss) income (739) (7,546) 1,635 13,458 Net loss (income) attributable to noncontrolling interests in investment entities 51 17 131 (34)Preferred stock dividends (2,887) (2,887) (8,661) (8,661)Net (loss) income attributable to common stockholders and OP Unitholders $(3,575) $(10,416) $(6,895) $4,763 ARMADA HOFFLER PROPERTIES, INC.RECONCILIATION OF NET (LOSS) INCOME TO FFO & NORMALIZED FFO(in thousands, except per share amounts) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2025 2024 2025 2024 (Unaudited)Net (loss) income attributable to common stockholders and OP Unitholders $(3,575) $(10,416) $(6,895) $4,763 Depreciation and amortization, net(1) 23,395 23,070 69,774 63,855 Impairment of real estate assets 350 — 350 1,494 FFO attributable to common stockholders and OP Unitholders $20,170 $12,654 $56,314 $70,112 Acquisition, development, and other pursuit costs 10 2 350 5,530 Accelerated amortization of intangible assets and liabilities — (5) (169) (5)Loss on extinguishment of debt 69 113 69 113 Unrealized credit loss (release) provision (126) 198 (313) 53 Amortization of right-of-use assets - finance leases 395 395 1,185 1,184 Decrease in fair value of derivatives not designated as cash flow hedges 8,095 16,669 17,567 12,109 Stock compensation normalization 527 — 2,776 — Amortization of interest rate derivatives on designated cash flow hedges 383 73 1,149 454 Severance related costs 91 1,339 1,684 1,506 Normalized FFO available to common stockholders and OP Unitholders $29,614 $31,438 $80,612 $91,056 Net (loss) income attributable to common stockholders and OP Unitholders per diluted share and unit $(0.04) $(0.11) $(0.07) $0.05 FFO attributable to common stockholders and OP Unitholders per diluted share and unit $0.20 $0.14 $0.55 $0.79 Normalized FFO attributable to common stockholders and OP Unitholders per diluted share and unit $0.29 $0.35 $0.79 $1.02 Weighted-average common shares and units - diluted 102,093 90,598 101,839 89,293 ________________________________________ (1) The adjustment for depreciation and amortization excludes amortization of above and below-market ground lease assets. The adjustment for depreciation and amortization for the three and nine months ended September 30, 2025 excludes $0.2 million and $0.7 million, respectively, of depreciation attributable to our partners. The adjustment for depreciation and amortization for the three and nine months ended September 30, 2024 excludes $0.2 million and $0.7 million, respectively, of depreciation attributable to our partners. The adjustment for depreciation and amortization for the three and nine months ended September 30, 2025 includes $0.8 million and $3.6 million, respectively, of depreciation attributable to unconsolidated investments.(2) Accounts for the double-issuance of stock compensation due to a modification in the structure of executive compensation grants, removing the impact of grants in the current year that are related to the prior year's performance. New grants are now issued in the year in which performance relates. Adjustment also removes impact of a one-time acceleration of 100% of stock compensation awarded to our former Chief Executive Officer in relation to prior year performance and the special award granted in June 2025. This adjustment accounts for the duplicate expense, but does not adjust for the double issuance of shares. This adjustment also specifically excludes the impact of the special awards granted in June 2025 to a select group of employees, including our executive officers. ARMADA HOFFLER PROPERTIES, INC.RECONCILIATION OF NET (LOSS) INCOME TO SAME STORE NOI, CASH BASIS(in thousands) (unaudited) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2025 2024 2025 2024 Retail Same Store(1) Same Store NOI, Cash Basis $16,200 $16,611 $49,593 $52,228 GAAP Adjustments(2) (1,309) (1,059) (3,822) (1,377)Same Store NOI 17,509 17,670 53,415 53,605 Non-Same Store NOI(3) 1,199 921 1,586 2,901 Segment NOI 18,708 18,591 55,001 56,506 Office Same Store(4) Same Store NOI, Cash Basis 13,443 12,869 39,941 39,112 GAAP Adjustments(2) (2,409) (2,296) (6,328) (4,936)Same Store NOI 15,852 15,165 46,269 44,048 Non-Same Store NOI(3) 1,009 3,952 1,275 3,981 Segment NOI 16,861 19,117 47,544 48,029 Multifamily Same Store(5) Same Store NOI, Cash Basis 7,323 7,434 22,969 23,590 GAAP Adjustments(2) (216) (209) (624) (18)Same Store NOI 7,539 7,643 23,593 23,608 Non-Same Store NOI(3) 1,846 411 3,536 1,262 Segment NOI 9,385 8,054 27,129 24,870 Total Property NOI 44,954 45,762 129,674 129,405 General contracting & real estate services gross profit 2,064 3,366 4,812 11,782 Real estate financing gross profit 1,700 2,348 5,468 7,215 Interest income(6) 315 565 1,274 1,775 Depreciation and amortization 23,113 23,684 68,081 65,697 General and administrative expenses 4,447 5,187 17,831 15,564 Acquisition, development, and other pursuit costs 10 2 350 5,530 Impairment charges 350 — 350 1,494 Interest expense (22,718) (21,387) (62,098) (60,589)Equity in Income (Loss) of Unconsolidated Real Estate Entities 38 — (2,197) — Gain on consolidation of real estate entities — — 6,915 — Loss on extinguishment of debt (69) (113) (69) (113)Change in fair value of derivatives and other (1,216) (10,308) (1,778) 6,978 Unrealized credit loss release (provision) 126 (198) 313 (53)Other income (expense), net 28 96 (44) 254 Income tax (provision) benefit (192) (592) 185 120 Net (loss) income (739) (7,546) 1,635 13,458 Net loss (income) attributable to noncontrolling interests in investment entities 51 17 131 (34)Preferred stock dividends (2,887) (2,887) (8,661) (8,661)Net (loss) income attributable to common stockholders and OP Unitholders $(3,575) $(10,416) $(6,895) $4,763 ________________________________________ (1) Retail same-store portfolio for the three and nine months ended September 30, 2025 and 2024 excludes Southern Post Retail, Allied | Harbor Point Retail, and Columbus Village II due to redevelopment, as well as Market at Mill Creek and Nexton Square which were sold in December 2024.(2) GAAP Adjustments include adjustments for the net effects of straight-line rental revenues, the amortization of lease incentives and above/below market rents, the net effects of straight-line rental expenses, and ground rent expenses for finance leases.(3) Includes expenses associated with the Company's in-house asset management division.(4) Office same-store portfolio for the three and nine months ended September 30, 2025 and 2024 excludes Southern Post Office and Allied | Harbor Point Office Garage.(5) Multifamily same-store portfolio for the three and nine months ended September 30, 2025 and 2024 excludes Chandler Residences, The Allied | Harbor Point, and Greenside Apartments.(6) Excludes real estate financing segment interest income.(7) Excludes real estate financing segment interest expense. Contact: Chelsea ForrestArmada HofflerVice President of Corporate Communications and Investor RelationsEmail: CForrest@ArmadaHoffler.comPhone: (757) 612-4248

Armada Hoffler Reports Third Quarter 2025 Results

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