Armada Hoffler Properties (AHH) Financials

$7.08 +0.04 (+0.57%)

Closing price 03:59 PM Eastern

Extended Trading

$7.09 +0.01 (+0.14%)

As of 07:46 PM Eastern

Annual Income Statements for Armada Hoffler Properties

This table shows Armada Hoffler Properties' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	7.69	20	28	21	17	22	22	10	63	-3.26	24
Consolidated Net Income / (Loss)	13	31	43	30	23	32	37	25	100	7.66	42
Net Income / (Loss) Continuing Operations	13	31	43	30	23	32	37	22	100	8.29	42
Total Pre-Tax Income	13	31	43	31	23	32	37	25	100	8.99	42
Total Operating Income	21	27	57	40	32	43	49	59	134	74	107
Total Gross Profit	168	233	83	91	92	121	135	168	193	211	227
Total Revenue	168	252	258	303	193	257	384	303	471	667	708
Operating Revenue	168	252	258	303	193	257	384	303	471	667	708
Total Cost of Revenue	0.00	19	175	212	101	136	248	135	278	456	482
Operating Cost of Revenue	-	19	175	212	101	136	248	135	278	456	482
Total Operating Expenses	147	207	26	51	60	79	86	109	59	137	120
Selling, General & Admin Expense	7.71	8.40	9.55	10	11	12	13	15	16	18	20
Research & Development Expense	0.23	1.94	1.56	0.65	0.35	0.84	0.58	0.11	0.04	0.08	5.53
Depreciation Expense	18	23	35	37	40	55	60	69	74	97	91
Other Operating Expenses / (Income)	121	173	9.63	11	11	15	18	22	22	22	23
Impairment Charge	0.02	0.04	0.36	0.11	1.62	0.25	0.67	21	0.42	0.10	1.49
Other Special Charges / (Income)	-	-	-31	-8.09	-4.25	-4.70	-6.39	-19	-53	-0.74	-21
Total Other Income / (Expense), net	-8.55	4.57	-14	-9.15	-8.56	-11	-12	-34	-34	-65	-65
Interest Expense	11	14	17	17	19	31	31	38	43	58	79
Interest & Investment Income	0.00	0.13	3.23	7.08	11	23	20	-	0.00	0.00	0.25
Other Income / (Expense), net	2.10	18	-0.79	1.21	-0.57	-2.98	-0.62	3.28	9.08	-6.79	14
Income Tax Expense	0.07	-0.03	0.34	0.73	-0.03	-0.49	-0.28	-0.74	-0.15	1.33	-0.61
Preferred Stock Dividends Declared	-	-	-	0.00	0.00	2.46	7.35	12	12	12	12
Net Income / (Loss) Attributable to Noncontrolling Interest	5.07	12	15	8.88	6.29	8.21	7.81	-	25	-	6.85
Basic Earnings per Share	$0.36	$0.75	$0.85	$0.50	$0.36	$0.41	$0.38	$0.17	$0.94	($0.05)	$0.34
Weighted Average Basic Shares Outstanding	20.95M	26.01M	33.06M	42.42M	47.51M	53.12M	57.33M	60.65M	67.58M	67.69M	70.66M
Diluted Earnings per Share	$0.36	$0.75	$0.85	$0.50	$0.36	$0.41	$0.38	$0.17	$0.94	($0.05)	$0.34
Weighted Average Diluted Shares Outstanding	35.07M	41.38M	50.22M	42.42M	47.51M	53.12M	57.33M	60.65M	67.58M	67.69M	70.66M
Weighted Average Basic & Diluted Shares Outstanding	35.07M	41.38M	50.22M	42.42M	47.51M	53.12M	57.33M	134.65M	135.43M	133.59M	79.92M
Cash Dividends to Common per Share	$0.64	$0.68	$0.72	$0.76	$0.80	$0.84	$0.44	$0.64	$0.72	$0.78	$0.82

This table shows Armada Hoffler Properties' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	26	8.83	1.82	8.98	4.05	-18	11	0.29	-7.93	21	-5.69
Consolidated Net Income / (Loss)	42	15	5.42	15	8.42	-21	18	3.28	-7.55	29	-4.34
Net Income / (Loss) Continuing Operations	29	38	4.71	15	6.94	-18	18	3.17	-5.04	27	-4.34
Total Pre-Tax Income	43	15	5.61	15	8.73	-21	18	2.03	-6.95	29	-4.15
Total Operating Income	54	25	20	24	22	7.13	23	19	25	40	17
Total Gross Profit	47	55	144	53	166	-152	56	57	188	-74	54
Total Revenue	126	162	144	166	166	191	193	185	188	143	115
Operating Revenue	126	162	144	166	166	191	193	185	188	143	115
Total Cost of Revenue	79	106	0.00	113	0.00	343	138	128	0.00	217	61
Operating Cost of Revenue	79	106	-	113	-	-	138	128	-	-	61
Total Operating Expenses	-6.82	27	124	29	144	-159	33	39	163	-114	37
Selling, General & Admin Expense	3.85	3.51	5.45	4.05	4.29	4.34	5.87	4.50	5.19	4.66	7.39
Research & Development Expense	0.00	-	-	0.02	-	-	0.00	5.53	-	-	0.05
Depreciation Expense	18	19	18	20	22	37	21	21	23	26	23
Other Operating Expenses / (Income)	5.45	5.36	100	5.63	117	-199	5.93	5.89	134	-122	5.94
Total Other Income / (Expense), net	-12	-10	-15	-8.46	-15	-26	-5.01	-17	-29	-14	-21
Interest Expense	12	11	12	14	15	16	18	21	22	19	18
Interest & Investment Income	-	-	-0.15	-	-0.19	-	0.00	-	0.02	-	-1.91
Other Income / (Expense), net	0.94	1.11	-2.99	5.17	0.55	-9.52	13	4.71	-7.92	4.71	-1.29
Income Tax Expense	0.18	-0.01	0.19	0.34	0.31	0.50	0.53	-1.25	0.59	-0.49	0.19
Preferred Stock Dividends Declared	2.89	2.89	2.89	2.89	2.89	2.89	2.89	2.89	2.89	2.89	2.89
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	3.02	-	-	3.65	-	-	-	-1.54
Basic Earnings per Share	$0.38	$0.14	$0.03	$0.13	$0.06	($0.27)	$0.17	$0.00	($0.11)	$0.28	($0.07)
Weighted Average Basic Shares Outstanding	67.73M	67.58M	67.79M	67.90M	67.95M	67.69M	66.84M	67.11M	68.93M	70.66M	79.99M
Diluted Earnings per Share	$0.38	$0.14	$0.03	$0.13	$0.06	($0.27)	$0.17	$0.00	($0.11)	$0.28	($0.07)
Weighted Average Diluted Shares Outstanding	67.73M	67.58M	67.79M	67.90M	67.95M	67.69M	66.84M	67.11M	68.93M	70.66M	79.99M
Weighted Average Basic & Diluted Shares Outstanding	67.73M	135.43M	67.94M	67.90M	67.40M	133.59M	67.07M	135.75M	79.69M	79.92M	80.16M
Cash Dividends to Common per Share	$0.19	-	$0.19	$0.20	$0.20	-	$0.21	$0.21	$0.21	-	$0.14

This table details how cash moves in and out of Armada Hoffler Properties' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	7.00	-0.29	-4.62	-2.28	1.14	20	6.85	-9.99	11	-22	42
Net Cash From Operating Activities	31	33	57	51	56	68	91	91	117	93	112
Net Cash From Continuing Operating Activities	31	33	57	51	56	68	91	91	117	93	112
Net Income / (Loss) Continuing Operations	13	31	43	30	23	32	37	25	100	7.66	42
Consolidated Net Income / (Loss)	13	31	43	30	23	32	37	25	100	7.66	42
Depreciation Expense	15	19	23	26	30	38	44	52	55	63	68
Amortization Expense	3.73	6.22	13	12	10	18	18	20	25	39	25
Non-Cash Adjustments To Reconcile Net Income	-3.13	-18	-30	-6.78	0.67	-10	-5.33	3.83	-51	-6.53	-38
Changes in Operating Assets and Liabilities, net	3.02	-4.40	7.54	-10	-8.83	-9.60	-2.66	-9.79	-12	-10	15
Net Cash From Investing Activities	-105	-58	-223	-95	-241	-295	-26	-58	-33	-237	-27
Net Cash From Continuing Investing Activities	-105	-58	-223	-95	-241	-295	-26	-58	-33	-237	-27
Purchase of Property, Plant & Equipment	-	-	-	-	-	-	-	-	252	0.25	59
Acquisitions	-2.75	-68	-204	-31	-68	-139	-36	-12	-63	-70	-16
Purchase of Investments	-	-	-	-	-	-	-	-74	-120	-40	0.00
Sale and/or Maturity of Investments	-	-	0.00	0.00	1.17	23	16	42	36	7.95	43
Other Investing Activities, net	-110	-69	-115	-77	-208	-212	-103	-15	-139	-136	-113
Net Cash From Financing Activities	81	24	161	42	186	247	-58	-44	-72	122	-43
Net Cash From Continuing Financing Activities	81	24	161	42	186	247	-58	-44	-72	122	-43
Repayment of Debt	-64	-209	-188	-163	-175	151	-300	-194	-732	-184	-356
Repurchase of Common Equity	-0.42	-0.43	-1.45	-	-	-	-	0.00	0.00	-13	0.00
Payment of Dividends	-22	-27	-34	-44	-51	-62	-48	-59	-78	-82	-85
Issuance of Debt	118	214	317	163	350	-	177	162	679	403	269
Issuance of Common Equity	50	46	68	91	65	97	20	52	65	-0.21	129
Other Financing Activities, net	0.00	-0.24	-0.28	-5.44	-3.00	-0.37	-8.30	-4.31	-5.56	-1.82	-1.77
Cash Interest Paid	12	13	15	16	17	29	32	29	30	45	72
Cash Income Taxes Paid	-0.82	-0.28	0.12	0.37	0.03	0.25	-0.17	-0.00	-0.00	0.03	-1.15

This table details how cash moves in and out of Armada Hoffler Properties' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-17	-7.70	-15	-0.34	-1.09	-4.84	14	-22	24	26	-24
Net Cash From Operating Activities	28	39	13	27	38	15	46	17	27	21	0.11
Net Cash From Continuing Operating Activities	28	39	13	27	38	15	46	17	27	21	0.11
Net Income / (Loss) Continuing Operations	42	15	5.42	15	8.42	-21	18	3.28	-7.55	29	-4.34
Consolidated Net Income / (Loss)	42	15	5.42	15	8.42	-21	18	3.28	-7.55	29	-4.34
Depreciation Expense	13	14	14	15	17	17	16	16	18	18	19
Amortization Expense	6.61	6.79	6.60	6.16	6.33	20	5.73	5.54	5.81	7.67	5.46
Non-Cash Adjustments To Reconcile Net Income	-33	-0.70	0.84	-0.97	-3.28	-3.12	-5.71	0.65	4.58	-38	0.17
Changes in Operating Assets and Liabilities, net	-1.57	4.18	-14	-7.81	8.87	2.69	13	-8.33	6.14	3.74	-20
Net Cash From Investing Activities	104	-51	-51	-52	-74	-60	-41	-12	-14	41	-21
Net Cash From Continuing Investing Activities	104	-51	-51	-52	-74	-60	-41	-12	-14	41	-21
Acquisitions	-11	-11	-21	-9.29	-23	-16	-10	-0.43	-2.72	-2.58	-2.03
Purchase of Investments	-0.08	-26	-	-	-17	-14	0.00	-	-	-	-4.58
Sale and/or Maturity of Investments	1.69	23	0.00	-	3.16	4.79	7.50	5.51	20	10	5.23
Other Investing Activities, net	-137	-37	-30	-34	-37	-34	-38	-17	-32	-25	-20
Net Cash From Financing Activities	-149	4.50	23	24	35	40	8.16	-27	11	-35	-2.28
Net Cash From Continuing Financing Activities	-149	4.50	23	24	35	40	8.16	-27	11	-35	-2.28
Repayment of Debt	-293	-162	-2.42	-138	-25	-18	-12	32	-308	-67	-6.90
Payment of Dividends	-23	-20	-20	-20	-21	-21	-20	-21	-21	-22	-24
Issuance of Debt	167	187	47	183	81	92	42	-	-	54	30
Issuance of Common Equity	-	-	-0.15	-	-0.06	-0.00	-0.01	4.26	125	-0.05	-0.01
Other Financing Activities, net	-0.13	-0.75	-1.11	-0.59	-0.12	-	-1.10	-	-0.23	-0.45	-1.30

This table presents Armada Hoffler Properties' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	588	690	982	1,043	1,265	1,805	1,917	1,938	2,242	2,563	2,513
Total Current Assets	47	49	37	36	42	63	79	70	91	76	125
Cash & Equivalents	26	27	22	20	21	39	41	35	48	28	71
Restricted Cash	-	-	-	-	-	-	9.43	5.20	3.73	2.25	1.58
Accounts Receivable	21	22	15	16	19	23	28	30	39	46	53
Plant, Property, & Equipment, net	479	507	768	829	985	1,377	1,490	-286	-330	-393	-452
Accumulated Depreciation	116	125	140	165	189	225	254	286	330	393	452
Total Noncurrent Assets	62	1,275	177	178	239	366	348	2,154	2,481	2,880	2,840
Long-Term Investments	8.54	675	10	11	23	1.46	1.08	93	72	142	163
Noncurrent Note & Lease Receivables	19	44	99	107	155	220	198	191	253	311	306
Intangible Assets	-	-	-	-	28	69	58	62	104	109	90
Other Noncurrent Operating Assets	34	556	68	60	33	76	91	1,807	2,053	2,318	2,281
Total Liabilities & Shareholders' Equity	588	690	982	1,043	1,265	1,805	1,917	1,938	2,242	2,563	2,513
Total Liabilities	426	464	633	623	809	1,149	1,160	1,158	1,338	1,758	1,623
Total Current Liabilities	8.36	6.47	11	15	15	18	24	30	27	31	39
Accounts Payable	8.36	6.47	11	15	15	18	24	30	27	31	39
Total Noncurrent Liabilities	418	457	623	608	794	1,132	1,136	1,129	1,311	1,727	1,584
Long-Term Debt	356	378	522	517	694	951	964	918	1,068	1,397	1,296
Capital Lease Obligations	-	-	-	-	0.00	18	-	46	46	92	93
Other Noncurrent Operating Liabilities	61	80	101	90	100	163	172	124	197	238	196
Total Equity & Noncontrolling Interests	162	226	349	420	456	655	757	780	904	805	890
Total Preferred & Common Equity	-2.69	50	148	227	274	409	523	555	647	573	671
Preferred Stock	-	0.00	0.00	0.00	0.00	63	171	171	171	171	171
Total Common Equity	-2.69	50	148	227	274	345	352	384	476	402	500
Common Stock	52	103	197	288	358	456	473	526	589	581	715
Accumulated Other Comprehensive Income / (Loss)	0.00	-0.65	-	0.00	-1.28	-4.24	-8.87	-0.03	15	4.91	2.74
Other Equity Adjustments	-54	-53	-49	-61	-83	-107	-112	-141	-127	-185	-219
Noncontrolling Interest	165	176	201	194	182	247	234	224	257	233	219

This table presents Armada Hoffler Properties' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	2,266	2,188	2,232	2,471	2,533	2,601	2,570	2,561	2,465
Total Current Assets	109	95	75	78	79	87	66	97	100
Cash & Equivalents	70	55	34	34	33	42	20	44	46
Restricted Cash	6.68	4.87	2.62	2.04	2.34	1.93	1.39	1.87	2.85
Accounts Receivable	32	35	38	41	44	43	44	51	52
Plant, Property, & Equipment, net	-303	-316	-344	-359	-376	-409	-425	-444	-470
Accumulated Depreciation	303	316	344	359	376	409	425	444	470
Total Noncurrent Assets	2,460	2,409	2,501	2,753	2,831	2,923	2,929	2,908	2,835
Long-Term Investments	53	64	93	102	126	152	153	155	163
Noncurrent Note & Lease Receivables	215	236	245	247	264	320	320	313	300
Intangible Assets	107	103	100	131	127	105	101	98	86
Other Noncurrent Operating Assets	2,085	2,005	2,063	2,272	2,314	2,345	2,355	2,341	2,286
Total Liabilities & Shareholders' Equity	2,266	2,188	2,232	2,471	2,533	2,601	2,570	2,561	2,465
Total Liabilities	1,379	1,277	1,358	1,589	1,666	1,798	1,781	1,680	1,596
Total Current Liabilities	23	24	19	24	32	33	40	45	25
Accounts Payable	23	24	19	24	32	33	40	45	25
Total Noncurrent Liabilities	1,356	1,252	1,339	1,565	1,635	1,765	1,741	1,635	1,571
Long-Term Debt	1,081	1,042	1,113	1,265	1,322	1,428	1,419	1,328	1,321
Capital Lease Obligations	46	46	47	93	93	92	92	92	93
Other Noncurrent Operating Liabilities	145	164	179	207	220	245	230	214	158
Total Equity & Noncontrolling Interests	886	911	874	882	867	803	789	881	869
Total Preferred & Common Equity	634	653	635	632	621	571	563	664	657
Preferred Stock	171	171	171	171	171	171	171	171	171
Total Common Equity	463	482	464	461	450	400	392	493	486
Common Stock	589	589	589	590	590	583	588	715	720
Accumulated Other Comprehensive Income / (Loss)	10	15	12	13	11	4.87	4.56	1.00	1.63
Other Equity Adjustments	-136	-123	-138	-142	-152	-187	-201	-223	-236
Noncontrolling Interest	252	258	239	250	246	231	227	218	211

This table displays calculated financial ratios and metrics derived from Armada Hoffler Properties' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	20.02%	50.20%	2.36%	17.18%	-36.15%	33.04%	49.16%	-21.14%	55.73%	41.61%	6.19%
EBITDA Growth	-7.53%	65.34%	32.79%	-14.28%	-9.07%	31.82%	15.63%	21.84%	66.52%	-24.26%	26.55%
EBIT Growth	-20.19%	91.11%	25.74%	-27.31%	-23.32%	26.09%	21.37%	29.72%	129.85%	-53.44%	81.14%
NOPAT Growth	10.20%	25.17%	113.27%	-31.53%	-17.50%	35.04%	13.44%	24.05%	120.93%	-53.41%	72.39%
Net Income Growth	0.00%	144.40%	37.11%	-30.01%	-21.50%	37.31%	14.57%	-31.13%	292.67%	-92.33%	454.53%
EPS Growth	-7.69%	108.33%	13.33%	-41.18%	-28.00%	13.89%	-7.32%	-55.26%	452.94%	-105.32%	780.00%
Operating Cash Flow Growth	41.43%	6.07%	71.30%	-10.09%	9.47%	20.76%	34.62%	0.01%	28.16%	-20.15%	20.05%
Free Cash Flow Firm Growth	-59.93%	-442.30%	148.96%	-110.87%	-490.99%	-159.20%	91.52%	314.63%	-238.24%	-50.27%	214.02%
Invested Capital Growth	32.78%	115.55%	-19.55%	8.01%	22.02%	43.18%	5.43%	-1.09%	14.77%	11.97%	-3.73%
Revenue Q/Q Growth	0.00%	5.65%	5.69%	-5.23%	-8.02%	17.41%	4.62%	-3.24%	18.44%	4.59%	-6.40%
EBITDA Q/Q Growth	139.45%	7.34%	0.24%	-1.42%	1.62%	13.06%	0.30%	15.15%	-0.55%	-6.68%	20.13%
EBIT Q/Q Growth	0.00%	9.47%	-5.35%	-1.83%	-2.36%	8.01%	3.25%	42.34%	-2.95%	-29.58%	63.02%
NOPAT Q/Q Growth	0.00%	3.86%	117.03%	-35.80%	-17.84%	3.06%	-1.67%	49.92%	-2.80%	-29.78%	108.72%
Net Income Q/Q Growth	0.00%	17.67%	-7.16%	2.13%	-3.58%	10.10%	-12.56%	2.82%	12.74%	-82.29%	658.84%
EPS Q/Q Growth	0.00%	10.29%	-13.27%	4.17%	-5.26%	7.89%	-17.39%	-10.53%	17.50%	-113.89%	261.90%
Operating Cash Flow Q/Q Growth	24.06%	20.12%	4.71%	2.74%	19.93%	-8.99%	1.34%	-1.57%	16.59%	-20.16%	5.44%
Free Cash Flow Firm Q/Q Growth	27.76%	-537.42%	250.71%	30.72%	-12.29%	-0.43%	-272.95%	144.13%	-266.35%	-4.58%	159.64%
Invested Capital Q/Q Growth	0.50%	76.58%	6.24%	1.69%	2.45%	1.90%	5.49%	-8.38%	1.07%	0.03%	-2.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	92.39%	32.16%	29.98%	47.83%	47.17%	35.24%	55.51%	41.01%	31.63%	32.01%
EBITDA Margin	25.11%	27.64%	35.85%	26.23%	37.35%	37.01%	28.69%	44.33%	47.40%	25.35%	30.21%
Operating Margin	12.72%	10.53%	22.14%	13.15%	16.57%	16.58%	12.71%	19.55%	28.53%	11.03%	15.04%
EBIT Margin	13.97%	17.77%	21.83%	13.55%	16.27%	15.42%	12.54%	20.64%	30.46%	10.01%	17.08%
Profit (Net Income) Margin	7.59%	12.35%	16.55%	9.88%	12.15%	12.54%	9.63%	8.41%	21.22%	1.15%	6.00%
Tax Burden Percent	99.45%	100.11%	99.20%	97.63%	100.12%	101.55%	100.77%	103.00%	100.15%	85.22%	101.47%
Interest Burden Percent	54.65%	69.42%	76.39%	74.73%	74.61%	80.11%	76.21%	39.59%	69.56%	13.46%	34.61%
Effective Tax Rate	0.55%	-0.11%	0.80%	2.37%	-0.12%	-1.55%	-0.77%	-3.00%	-0.15%	14.78%	-1.47%
Return on Invested Capital (ROIC)	5.01%	3.49%	6.03%	4.45%	3.19%	3.22%	3.02%	3.67%	7.59%	3.12%	5.19%
ROIC Less NNEP Spread (ROIC-NNEP)	2.09%	4.29%	3.89%	2.62%	1.68%	1.82%	1.70%	-0.31%	3.87%	-1.65%	-0.12%
Return on Net Nonoperating Assets (RNNOA)	4.53%	12.60%	8.85%	3.33%	2.18%	2.59%	2.21%	-0.36%	4.28%	-2.23%	-0.18%
Return on Equity (ROE)	9.54%	16.09%	14.88%	7.78%	5.36%	5.81%	5.23%	3.31%	11.87%	0.90%	5.01%
Cash Return on Invested Capital (CROIC)	-23.15%	-69.75%	27.70%	-3.25%	-16.65%	-32.29%	-2.26%	4.76%	-6.16%	-8.18%	8.99%
Operating Return on Assets (OROA)	4.59%	7.02%	6.75%	4.05%	2.72%	2.58%	2.59%	3.24%	6.86%	2.78%	4.77%
Return on Assets (ROA)	2.49%	4.88%	5.11%	2.95%	2.04%	2.10%	1.99%	1.32%	4.78%	0.32%	1.67%
Return on Common Equity (ROCE)	-1.76%	1.94%	5.12%	3.79%	3.06%	3.23%	2.58%	1.59%	6.07%	0.46%	2.67%
Return on Equity Simple (ROE_SIMPLE)	-474.14%	62.93%	28.86%	13.20%	8.58%	7.90%	7.06%	4.58%	15.44%	1.34%	6.34%
Net Operating Profit after Tax (NOPAT)	21	27	57	39	32	43	49	61	135	63	108
NOPAT Margin	12.65%	10.54%	21.97%	12.84%	16.59%	16.83%	12.80%	20.14%	28.57%	9.40%	15.26%
Net Nonoperating Expense Percent (NNEP)	2.93%	-0.80%	2.14%	1.83%	1.51%	1.40%	1.32%	3.98%	3.72%	4.77%	5.31%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	6.67%	2.73%	4.75%
Cost of Revenue to Revenue	0.00%	7.61%	67.84%	70.02%	52.17%	52.83%	64.76%	44.49%	58.99%	68.37%	67.99%
SG&A Expenses to Revenue	4.59%	3.33%	3.70%	3.45%	5.91%	4.82%	3.36%	4.83%	3.33%	2.72%	2.85%
R&D to Revenue	0.14%	0.77%	0.60%	0.21%	0.18%	0.33%	0.15%	0.04%	0.01%	0.01%	0.78%
Operating Expenses to Revenue	87.28%	81.86%	10.02%	16.83%	31.27%	30.60%	22.54%	35.96%	12.48%	20.60%	16.97%
Earnings before Interest and Taxes (EBIT)	23	45	56	41	31	40	48	62	143	67	121
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	42	70	93	79	72	95	110	134	223	169	214
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	3.49	2.36	2.14	1.87	2.27	1.49	2.07	1.42	1.93	1.63
Price to Tangible Book Value (P/TBV)	0.00	3.49	2.36	2.14	2.08	2.84	1.79	2.46	1.81	2.64	1.99
Price to Revenue (P/Rev)	0.82	0.69	1.35	1.60	2.65	3.05	1.37	2.62	1.43	1.16	1.15
Price to Earnings (P/E)	17.99	8.81	12.44	23.04	29.82	36.36	24.13	76.76	10.68	0.00	33.83
Dividend Yield	11.57%	10.42%	7.51%	7.04%	7.74%	5.93%	4.85%	4.96%	7.22%	6.76%	8.02%
Earnings Yield	5.56%	11.35%	8.04%	4.34%	3.35%	2.75%	4.14%	1.30%	9.36%	0.00%	2.96%
Enterprise Value to Invested Capital (EV/IC)	1.29	0.02	1.24	1.29	1.22	1.28	1.10	1.22	1.10	1.18	1.15
Enterprise Value to Revenue (EV/Rev)	3.72	0.10	4.03	3.85	6.96	7.87	4.80	6.67	4.44	3.74	3.33
Enterprise Value to EBITDA (EV/EBITDA)	14.81	0.35	11.23	14.66	18.62	21.25	16.74	15.06	9.37	14.74	11.02
Enterprise Value to EBIT (EV/EBIT)	26.62	0.55	18.44	28.39	42.76	51.02	38.30	32.35	14.59	37.32	19.49
Enterprise Value to NOPAT (EV/NOPAT)	29.39	0.92	18.33	29.96	41.94	46.73	37.52	33.14	15.55	39.76	21.82
Enterprise Value to Operating Cash Flow (EV/OCF)	19.93	0.74	18.25	22.73	23.98	29.87	20.21	22.15	17.92	26.72	21.05
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	3.99	0.00	0.00	0.00	0.00	25.55	0.00	0.00	12.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.20	1.67	1.50	1.23	1.52	1.48	1.27	1.24	1.23	1.85	1.56
Long-Term Debt to Equity	2.20	1.67	1.50	1.23	1.52	1.48	1.27	1.24	1.23	1.85	1.56
Financial Leverage	2.17	2.94	2.27	1.27	1.30	1.42	1.30	1.16	1.11	1.35	1.46
Leverage Ratio	3.83	3.30	2.91	2.63	2.63	2.76	2.64	2.51	2.48	2.81	2.99
Compound Leverage Factor	2.09	2.29	2.22	1.97	1.97	2.21	2.01	0.99	1.73	0.38	1.04
Debt to Total Capital	68.76%	62.59%	59.94%	55.17%	60.36%	59.64%	56.02%	55.27%	55.22%	64.90%	60.94%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	68.76%	62.59%	59.94%	55.17%	60.36%	59.64%	56.02%	55.27%	55.22%	64.90%	60.94%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	3.90%	9.94%	9.81%	8.47%	7.46%	7.51%
Noncontrolling Interests to Total Capital	31.76%	29.20%	23.05%	20.65%	15.83%	15.20%	13.58%	12.87%	12.71%	10.14%	9.62%
Common Equity to Total Capital	-0.52%	8.21%	17.01%	24.18%	23.81%	21.27%	20.46%	22.04%	23.60%	17.50%	21.93%
Debt to EBITDA	8.45	5.41	5.64	6.51	9.61	10.17	8.76	7.19	4.99	8.80	6.49
Net Debt to EBITDA	7.63	-4.65	5.29	6.12	9.00	9.75	8.29	6.19	4.44	7.78	5.39
Long-Term Debt to EBITDA	8.45	5.41	5.64	6.51	9.61	10.17	8.76	7.19	4.99	8.80	6.49
Debt to NOPAT	16.76	14.19	9.20	13.31	21.65	22.37	19.62	15.82	8.28	23.74	12.84
Net Debt to NOPAT	15.14	-12.20	8.63	12.50	20.27	21.43	18.57	13.62	7.36	21.00	10.67
Long-Term Debt to NOPAT	16.76	14.19	9.20	13.31	21.65	22.37	19.62	15.82	8.28	23.74	12.84
Altman Z-Score	0.69	0.88	0.82	0.91	0.64	0.65	0.59	0.70	0.76	0.63	0.78
Noncontrolling Interest Sharing Ratio	118.39%	87.91%	65.60%	51.27%	42.87%	44.28%	50.61%	52.08%	48.89%	48.64%	46.83%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.59	7.58	3.43	2.36	2.74	3.52	3.29	2.37	3.39	2.44	3.22
Quick Ratio	5.56	7.57	3.42	2.35	2.65	3.52	2.90	2.19	3.25	2.37	3.18
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-98	-532	261	-28	-167	-434	-37	79	-109	-164	187
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-9.22	-38.46	15.75	-1.63	-8.78	-13.84	-1.19	2.10	-2.54	-2.84	2.36
Operating Cash Flow to Interest Expense	2.95	2.40	3.44	2.94	2.94	2.16	2.94	2.42	2.71	1.61	1.41
Operating Cash Flow Less CapEx to Interest Expense	3.64	8.15	9.29	3.66	4.76	3.21	6.05	2.42	8.57	1.62	2.15
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.33	0.40	0.31	0.30	0.17	0.17	0.21	0.16	0.23	0.28	0.28
Accounts Receivable Turnover	8.66	11.87	13.95	19.70	11.14	12.11	14.83	10.46	13.70	15.75	14.40
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.51	0.41	0.38	0.21	0.22	0.27	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	2.59	20.29	16.32	6.64	8.23	11.91	5.03	9.85	15.76	13.79
Days Sales Outstanding (DSO)	42.15	30.75	26.16	18.53	32.77	30.15	24.61	34.89	26.64	23.17	25.34
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	140.93	17.99	22.37	55.01	44.35	30.64	72.53	37.06	23.16	26.47
Cash Conversion Cycle (CCC)	42.15	-110.19	8.17	-3.84	-22.24	-14.21	-6.03	-37.64	-10.42	0.02	-1.13
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	484	1,043	839	906	1,106	1,583	1,669	1,651	1,895	2,122	2,043
Invested Capital Turnover	0.40	0.33	0.27	0.35	0.19	0.19	0.24	0.18	0.27	0.33	0.34
Increase / (Decrease) in Invested Capital	119	559	-204	67	200	477	86	-18	244	227	-79
Enterprise Value (EV)	625	25	1,040	1,164	1,345	2,023	1,843	2,019	2,094	2,493	2,358
Market Capitalization	138	173	349	485	513	785	526	794	675	773	815
Book Value per Share	($0.11)	$1.87	$4.07	$5.04	$5.52	$6.23	$6.08	$6.25	$7.03	$5.96	$6.27
Tangible Book Value per Share	($0.11)	$1.87	$4.07	$5.04	$4.96	$4.99	$5.07	$5.24	$5.50	$4.34	$5.14
Total Capital	518	603	871	938	1,150	1,624	1,721	1,744	2,019	2,294	2,278
Total Debt	356	378	522	517	694	968	964	964	1,115	1,489	1,388
Total Long-Term Debt	356	378	522	517	694	968	964	964	1,115	1,489	1,388
Net Debt	322	-325	490	486	650	928	912	830	991	1,317	1,153
Capital Expenditures (CapEx)	-7.39	-80	-97	-13	-35	-33	-96	0.00	-252	-0.25	-59
Debt-free, Cash-free Net Working Capital (DFCFNWC)	12	16	4.36	0.76	5.16	5.67	4.36	-0.01	12	14	14
Debt-free Net Working Capital (DFNWC)	38	43	26	21	26	45	55	40	64	45	86
Net Working Capital (NWC)	38	43	26	21	26	45	55	40	64	45	86
Net Nonoperating Expense (NNE)	8.50	-4.57	14	8.94	8.57	11	12	35	35	55	66
Net Nonoperating Obligations (NNO)	322	817	490	486	650	928	912	871	991	1,317	1,153
Total Depreciation and Amortization (D&A)	19	25	36	38	41	56	62	72	80	102	93
Debt-free, Cash-free Net Working Capital to Revenue	7.41%	6.18%	1.69%	0.25%	2.67%	2.20%	1.14%	0.00%	2.62%	2.17%	1.98%
Debt-free Net Working Capital to Revenue	22.82%	16.87%	10.18%	6.84%	13.66%	17.46%	14.28%	13.36%	13.63%	6.69%	12.17%
Net Working Capital to Revenue	22.82%	16.87%	10.18%	6.84%	13.66%	17.46%	14.28%	13.36%	13.63%	6.69%	12.17%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.73	$0.75	$0.85	$0.50	$0.36	$0.41	$0.38	$0.17	$0.94	($0.05)	$0.34
Adjusted Weighted Average Basic Shares Outstanding	20.95M	26.01M	33.06M	42.42M	47.51M	112.74M	177.89M	60.65M	67.58M	67.69M	70.66M
Adjusted Diluted Earnings per Share	$0.73	$0.75	$0.85	$0.50	$0.36	$0.41	$0.38	$0.17	$0.94	($0.05)	$0.34
Adjusted Weighted Average Diluted Shares Outstanding	25.08M	30.08M	37.59M	45.10M	50.34M	112.74M	177.89M	60.65M	67.58M	67.69M	70.66M
Adjusted Basic & Diluted Earnings per Share	$0.73	$0.75	$0.85	$0.50	$0.36	$0.41	$0.38	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	35.07M	41.38M	50.22M	60.18M	64.75M	53.12M	57.33M	134.65M	135.43M	133.59M	79.92M
Normalized Net Operating Profit after Tax (NOPAT)	21	19	27	31	21	27	30	43	57	62	61
Normalized NOPAT Margin	12.66%	7.38%	10.38%	10.26%	10.64%	10.39%	7.85%	14.23%	12.09%	9.32%	8.57%
Pre Tax Income Margin	7.63%	12.34%	16.68%	10.12%	12.14%	12.35%	9.56%	8.17%	21.18%	1.35%	5.91%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.20	3.24	3.41	2.35	1.65	1.26	1.55	1.66	3.33	1.16	1.53
NOPAT to Interest Expense	2.00	1.92	3.43	2.23	1.68	1.38	1.58	1.62	3.13	1.08	1.36
EBIT Less CapEx to Interest Expense	2.90	8.99	9.25	3.07	3.46	2.31	4.66	1.66	9.19	1.16	2.27
NOPAT Less CapEx to Interest Expense	2.69	7.67	9.27	2.95	3.50	2.43	4.69	1.62	8.99	1.09	2.10
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	173.18%	86.66%	79.16%	145.75%	216.66%	190.66%	128.80%	230.65%	78.37%	1,069.49%	199.33%
Augmented Payout Ratio	176.44%	88.03%	82.55%	145.75%	216.66%	190.66%	128.80%	230.65%	78.37%	1,234.28%	199.33%

This table displays calculated financial ratios and metrics derived from Armada Hoffler Properties' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	88.27%	83.00%	81.84%	59.79%	31.49%	18.11%	34.20%	11.33%	13.04%	-25.35%	-40.75%
EBITDA Growth	145.23%	-2.60%	-7.71%	-17.70%	-37.56%	-26.19%	51.83%	-10.36%	-11.77%	105.10%	-31.02%
EBIT Growth	326.93%	-14.51%	-20.29%	-29.44%	-58.40%	-109.30%	109.28%	-19.65%	-25.56%	1,958.84%	-56.24%
NOPAT Growth	341.72%	-18.41%	10.46%	-39.51%	-59.98%	-79.69%	15.32%	28.71%	-18.93%	708.83%	-46.96%
Net Income Growth	446.84%	348.38%	-55.87%	-51.62%	-80.12%	-244.85%	227.21%	-77.97%	-189.59%	237.86%	-124.50%
EPS Growth	533.33%	0.00%	-72.73%	-58.06%	-84.21%	-292.86%	466.67%	-100.00%	-283.33%	203.70%	-141.18%
Operating Cash Flow Growth	-2.53%	75.72%	-57.31%	38.24%	35.78%	-61.07%	256.08%	-36.53%	-27.74%	38.47%	-99.77%
Free Cash Flow Firm Growth	90.87%	-554.70%	147.16%	45.43%	-1,086.03%	-1.19%	-295.72%	103.99%	116.81%	153.84%	134.23%
Invested Capital Growth	4.04%	14.77%	-4.16%	6.78%	13.14%	11.97%	11.70%	1.22%	-0.96%	-3.73%	-2.66%
Revenue Q/Q Growth	21.58%	28.10%	-10.86%	15.10%	0.04%	15.07%	1.28%	-4.52%	1.58%	-24.01%	-19.61%
EBITDA Q/Q Growth	22.46%	-38.17%	-17.66%	32.03%	-7.09%	-26.92%	76.02%	-22.05%	-8.55%	69.89%	-43.04%
EBIT Q/Q Growth	34.09%	-53.34%	-32.40%	66.83%	-20.94%	-110.43%	1,087.41%	-35.95%	-26.75%	160.54%	-64.20%
NOPAT Q/Q Growth	40.08%	-54.37%	-20.01%	18.30%	-7.33%	-76.84%	354.16%	32.03%	-41.63%	131.09%	-70.22%
Net Income Q/Q Growth	37.71%	-65.68%	-62.75%	174.78%	-43.41%	-350.05%	184.16%	-81.50%	-330.13%	484.79%	-114.96%
EPS Q/Q Growth	22.58%	-63.16%	-78.57%	333.33%	-53.85%	-550.00%	162.96%	-100.00%	0.00%	354.55%	-125.00%
Operating Cash Flow Q/Q Growth	40.53%	38.52%	-66.17%	109.93%	38.03%	-60.28%	209.41%	-62.58%	57.16%	-23.90%	-99.49%
Free Cash Flow Firm Q/Q Growth	90.61%	-1,057.24%	146.64%	-207.63%	-104.15%	1.27%	9.79%	102.20%	759.27%	216.24%	-42.65%
Invested Capital Q/Q Growth	-4.72%	1.07%	0.49%	10.34%	0.96%	0.03%	0.24%	-0.02%	-1.21%	-2.77%	1.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.43%	34.27%	100.00%	32.06%	100.00%	-79.75%	28.93%	30.94%	100.00%	-51.91%	46.90%
EBITDA Margin	59.23%	28.59%	26.40%	30.29%	28.13%	17.86%	29.87%	24.39%	21.96%	49.08%	34.78%
Operating Margin	42.83%	15.19%	14.11%	14.33%	13.46%	3.73%	12.07%	10.04%	13.30%	27.83%	14.98%
EBIT Margin	43.58%	15.87%	12.04%	17.45%	13.79%	-1.25%	18.77%	12.59%	9.08%	31.13%	13.86%
Profit (Net Income) Margin	33.56%	8.99%	3.76%	8.97%	5.07%	-11.03%	9.16%	1.78%	-4.02%	20.36%	-3.79%
Tax Burden Percent	99.57%	100.03%	96.65%	97.79%	96.45%	102.41%	97.08%	161.29%	108.51%	101.73%	104.58%
Interest Burden Percent	77.34%	56.63%	32.30%	52.58%	38.16%	861.26%	50.28%	8.74%	-40.82%	64.30%	-26.13%
Effective Tax Rate	0.43%	-0.03%	3.35%	2.21%	3.55%	0.00%	2.92%	-61.29%	0.00%	-1.73%	0.00%
Return on Invested Capital (ROIC)	9.23%	4.04%	3.76%	4.12%	4.14%	0.87%	4.16%	5.63%	3.34%	9.63%	3.15%
ROIC Less NNEP Spread (ROIC-NNEP)	8.08%	2.96%	2.43%	3.39%	2.96%	-1.39%	3.74%	3.55%	1.32%	8.71%	1.85%
Return on Net Nonoperating Assets (RNNOA)	9.65%	3.27%	3.00%	4.41%	3.70%	-1.88%	5.26%	5.43%	1.86%	12.70%	2.80%
Return on Equity (ROE)	18.88%	7.31%	6.76%	8.53%	7.84%	-1.01%	9.42%	11.07%	5.20%	22.33%	5.94%
Cash Return on Invested Capital (CROIC)	3.57%	-6.16%	11.28%	-0.58%	-7.86%	-8.18%	-7.55%	2.13%	3.42%	8.99%	7.71%
Operating Return on Assets (OROA)	8.31%	3.58%	2.88%	4.41%	3.73%	-0.35%	5.57%	3.67%	2.70%	8.69%	3.45%
Return on Assets (ROA)	6.40%	2.03%	0.90%	2.27%	1.37%	-3.06%	2.72%	0.52%	-1.20%	5.68%	-0.94%
Return on Common Equity (ROCE)	9.54%	3.74%	3.54%	4.46%	4.11%	-0.52%	4.86%	5.65%	2.80%	11.87%	3.15%
Return on Equity Simple (ROE_SIMPLE)	13.58%	0.00%	14.67%	12.22%	6.97%	0.00%	3.50%	1.49%	-1.15%	0.00%	3.11%
Net Operating Profit after Tax (NOPAT)	54	25	20	23	22	4.99	23	30	17	40	12
NOPAT Margin	42.65%	15.19%	13.63%	14.01%	12.98%	2.61%	11.72%	16.20%	9.31%	28.31%	10.49%
Net Nonoperating Expense Percent (NNEP)	1.15%	1.08%	1.33%	0.73%	1.18%	2.26%	0.42%	2.08%	2.02%	0.92%	1.30%
Return On Investment Capital (ROIC_SIMPLE)	-	1.22%	-	-	-	0.22%	-	-	-	1.77%	0.53%
Cost of Revenue to Revenue	62.57%	65.73%	0.00%	67.94%	0.00%	179.75%	71.07%	69.06%	0.00%	151.91%	53.10%
SG&A Expenses to Revenue	3.05%	2.17%	3.78%	2.44%	2.58%	2.27%	3.04%	2.44%	2.76%	3.27%	6.44%
R&D to Revenue	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	2.99%	0.00%	0.00%	0.05%
Operating Expenses to Revenue	-5.40%	16.88%	85.89%	17.73%	86.54%	-83.48%	16.86%	20.89%	86.70%	-79.74%	31.92%
Earnings before Interest and Taxes (EBIT)	55	26	17	29	23	-2.39	36	23	17	44	16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	75	46	38	50	47	34	58	45	41	70	40
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.29	1.42	1.58	1.60	1.44	1.93	1.70	1.90	1.49	1.63	1.23
Price to Tangible Book Value (P/TBV)	1.64	1.81	2.01	2.24	2.01	2.64	2.31	2.56	1.86	1.99	1.50
Price to Revenue (P/Rev)	1.56	1.43	1.36	1.23	1.02	1.16	0.95	1.01	0.97	1.15	0.95
Price to Earnings (P/E)	11.38	10.68	12.63	16.18	27.37	0.00	111.70	0.00	0.00	33.83	83.14
Dividend Yield	7.62%	7.22%	6.85%	7.04%	8.07%	6.76%	7.74%	7.21%	7.48%	8.02%	10.05%
Earnings Yield	8.78%	9.36%	7.92%	6.18%	3.65%	0.00%	0.90%	0.00%	0.00%	2.96%	1.20%
Enterprise Value to Invested Capital (EV/IC)	1.07	1.10	1.14	1.13	1.09	1.18	1.13	1.17	1.12	1.15	1.06
Enterprise Value to Revenue (EV/Rev)	5.07	4.44	4.05	3.98	3.64	3.74	3.36	3.37	3.10	3.33	3.47
Enterprise Value to EBITDA (EV/EBITDA)	8.97	9.37	9.87	11.36	12.80	14.74	12.75	13.50	13.15	11.02	11.14
Enterprise Value to EBIT (EV/EBIT)	13.63	14.59	15.62	18.73	24.45	37.32	28.08	30.96	31.57	19.49	21.72
Enterprise Value to NOPAT (EV/NOPAT)	14.55	15.55	15.87	19.55	25.97	39.76	34.08	35.11	45.24	21.82	20.74
Enterprise Value to Operating Cash Flow (EV/OCF)	20.11	17.92	21.87	22.24	19.84	26.72	19.00	21.23	22.06	21.05	33.28
Enterprise Value to Free Cash Flow (EV/FCFF)	30.68	0.00	9.89	0.00	0.00	0.00	0.00	55.01	32.50	12.60	13.50
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.19	1.23	1.33	1.54	1.63	1.85	1.89	1.91	1.61	1.56	1.63
Long-Term Debt to Equity	1.19	1.23	1.33	1.54	1.63	1.85	1.89	1.91	1.61	1.56	1.63
Financial Leverage	1.19	1.11	1.23	1.30	1.25	1.35	1.40	1.53	1.42	1.46	1.51
Leverage Ratio	2.49	2.48	2.57	2.68	2.66	2.81	2.88	3.02	2.91	2.99	3.03
Compound Leverage Factor	1.93	1.41	0.83	1.41	1.01	24.21	1.45	0.26	-1.19	1.93	-0.79
Debt to Total Capital	54.43%	55.22%	57.03%	60.63%	62.02%	64.90%	65.45%	65.69%	61.71%	60.94%	61.93%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	54.43%	55.22%	57.03%	60.63%	62.02%	64.90%	65.45%	65.69%	61.71%	60.94%	61.93%
Preferred Equity to Total Capital	8.56%	8.47%	8.41%	7.64%	7.50%	7.46%	7.36%	7.44%	7.43%	7.51%	7.50%
Noncontrolling Interests to Total Capital	12.91%	12.71%	11.76%	11.15%	10.77%	10.14%	9.96%	9.85%	9.45%	9.62%	9.26%
Common Equity to Total Capital	24.10%	23.60%	22.79%	20.58%	19.72%	17.50%	17.23%	17.02%	21.41%	21.93%	21.31%
Debt to EBITDA	4.84	4.99	5.27	6.49	7.81	8.80	8.05	8.23	7.97	6.49	7.21
Net Debt to EBITDA	4.29	4.44	4.68	5.82	6.92	7.78	7.01	7.28	6.84	5.39	6.13
Long-Term Debt to EBITDA	4.84	4.99	5.27	6.49	7.81	8.80	8.05	8.23	7.97	6.49	7.21
Debt to NOPAT	7.86	8.28	8.47	11.16	15.85	23.74	21.51	21.41	27.42	12.84	13.42
Net Debt to NOPAT	6.96	7.36	7.53	10.02	14.05	21.00	18.74	18.94	23.54	10.67	11.41
Long-Term Debt to NOPAT	7.86	8.28	8.47	11.16	15.85	23.74	21.51	21.41	27.42	12.84	13.42
Altman Z-Score	0.60	0.58	0.62	0.59	0.54	0.54	0.57	0.58	0.60	0.68	0.54
Noncontrolling Interest Sharing Ratio	49.46%	48.89%	47.62%	47.75%	47.59%	48.64%	48.47%	48.98%	46.08%	46.83%	46.95%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.91	3.39	3.92	3.20	2.49	2.44	2.62	1.67	2.17	3.22	4.01
Quick Ratio	3.71	3.25	3.78	3.11	2.42	2.37	2.56	1.63	2.13	3.18	3.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-19	-219	102	-110	-225	-222	-200	4.40	38	119	69
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-1.52	-19.22	8.32	-8.08	-14.55	-13.50	-11.14	0.21	1.76	6.46	3.78
Operating Cash Flow to Interest Expense	2.23	3.38	1.06	2.01	2.45	0.91	2.59	0.82	1.27	1.12	0.01
Operating Cash Flow Less CapEx to Interest Expense	2.23	3.45	1.06	2.01	2.47	0.91	2.59	0.82	1.27	4.29	0.01
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.19	0.23	0.24	0.25	0.27	0.28	0.30	0.29	0.30	0.28	0.25
Accounts Receivable Turnover	12.06	13.70	15.68	16.24	16.11	15.75	17.62	17.18	15.90	14.40	13.25
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	7.98	9.85	11.26	12.64	7.84	15.76	22.70	19.07	15.93	13.79	13.90
Days Sales Outstanding (DSO)	30.27	26.64	23.27	22.48	22.66	23.17	20.72	21.25	22.96	25.34	27.55
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	45.72	37.06	32.42	28.87	46.58	23.16	16.08	19.14	22.92	26.47	26.26
Cash Conversion Cycle (CCC)	-15.45	-10.42	-9.15	-6.39	-23.92	0.02	4.64	2.11	0.04	-1.13	1.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,875	1,895	1,904	2,101	2,121	2,122	2,127	2,127	2,101	2,043	2,071
Invested Capital Turnover	0.22	0.27	0.28	0.29	0.32	0.33	0.36	0.35	0.36	0.34	0.30
Increase / (Decrease) in Invested Capital	73	244	-83	133	246	227	223	26	-20	-79	-57
Enterprise Value (EV)	2,015	2,094	2,172	2,378	2,319	2,493	2,408	2,479	2,343	2,358	2,184
Market Capitalization	622	675	731	738	648	773	682	744	735	815	600
Book Value per Share	$7.11	$7.03	$6.85	$6.79	$6.62	$5.96	$5.99	$5.84	$7.26	$6.27	$6.09
Tangible Book Value per Share	$5.59	$5.50	$5.37	$4.85	$4.75	$4.34	$4.42	$4.33	$5.82	$5.14	$5.00
Total Capital	1,999	2,019	2,034	2,240	2,282	2,294	2,323	2,301	2,302	2,278	2,282
Total Debt	1,088	1,115	1,160	1,358	1,415	1,489	1,520	1,511	1,420	1,388	1,413
Total Long-Term Debt	1,088	1,115	1,160	1,358	1,415	1,489	1,520	1,511	1,420	1,388	1,413
Net Debt	964	991	1,030	1,219	1,255	1,317	1,324	1,337	1,219	1,153	1,202
Capital Expenditures (CapEx)	0.00	-0.78	0.00	0.00	-0.27	0.00	0.00	0.00	0.00	-59	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	11	12	19	17	12	14	9.90	4.63	6.61	14	27
Debt-free Net Working Capital (DFNWC)	71	64	56	53	47	45	54	26	52	86	75
Net Working Capital (NWC)	71	64	56	53	47	45	54	26	52	86	75
Net Nonoperating Expense (NNE)	11	10	14	8.37	13	26	4.94	27	25	11	16
Net Nonoperating Obligations (NNO)	964	991	1,030	1,219	1,255	1,317	1,324	1,337	1,219	1,153	1,202
Total Depreciation and Amortization (D&A)	20	21	21	21	24	37	21	22	24	26	24
Debt-free, Cash-free Net Working Capital to Revenue	2.79%	2.62%	3.57%	2.87%	1.91%	2.17%	1.38%	0.63%	0.87%	1.98%	4.27%
Debt-free Net Working Capital to Revenue	17.77%	13.63%	10.37%	8.91%	7.40%	6.69%	7.50%	3.58%	6.91%	12.17%	11.98%
Net Working Capital to Revenue	17.77%	13.63%	10.37%	8.91%	7.40%	6.69%	7.50%	3.58%	6.91%	12.17%	11.98%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.38	$0.14	$0.03	$0.13	$0.06	($0.27)	$0.17	$0.00	($0.11)	$0.28	($0.07)
Adjusted Weighted Average Basic Shares Outstanding	67.73M	67.58M	67.79M	67.90M	67.95M	67.69M	66.84M	67.11M	68.93M	70.66M	79.99M
Adjusted Diluted Earnings per Share	$0.38	$0.14	$0.03	$0.13	$0.06	($0.27)	$0.17	$0.00	($0.11)	$0.28	($0.07)
Adjusted Weighted Average Diluted Shares Outstanding	67.73M	67.58M	67.79M	67.90M	67.95M	67.69M	66.84M	67.11M	68.93M	70.66M	79.99M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	67.73M	135.43M	67.94M	67.95M	67.40M	133.59M	67.07M	135.75M	79.69M	79.92M	80.16M
Normalized Net Operating Profit after Tax (NOPAT)	20	17	20	23	21	4.99	23	14	17	28	12
Normalized NOPAT Margin	15.89%	10.67%	13.70%	13.71%	12.85%	2.61%	11.72%	7.60%	9.31%	19.48%	10.49%
Pre Tax Income Margin	33.70%	8.99%	3.89%	9.17%	5.26%	-10.77%	9.44%	1.10%	-3.71%	20.02%	-3.62%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.41	2.25	1.41	2.12	1.48	-0.15	2.02	1.10	0.79	2.40	0.88
NOPAT to Interest Expense	4.32	2.15	1.60	1.71	1.40	0.30	1.26	1.41	0.81	2.18	0.66
EBIT Less CapEx to Interest Expense	4.41	2.32	1.41	2.12	1.50	-0.15	2.02	1.10	0.79	5.56	0.88
NOPAT Less CapEx to Interest Expense	4.32	2.22	1.60	1.71	1.41	0.30	1.26	1.41	0.81	5.35	0.66
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	83.99%	78.37%	87.46%	108.23%	186.97%	1,069.49%	411.76%	996.01%	-1,103.68%	199.33%	431.87%
Augmented Payout Ratio	83.99%	78.37%	87.46%	108.23%	186.97%	1,234.28%	411.76%	1,146.97%	-1,103.68%	199.33%	431.87%

Key Financial Trends

Armada Hoffler Properties reported Q1 2025 results showing continued pressure on revenues and earnings amid a stable dividend and strong free cash flow. While core operating margins remain healthy, high leverage and a net loss raise concerns about the company’s financial flexibility.

Generated $68.5 M in free cash flow, up 1.34% year-over-year
NOPAT margin expanded to 10.49%, reflecting solid operational efficiency
Operating margin held at 15.0%, demonstrating resilience in core property operations
Dividend yield of 0.10% with a modest payout ratio of 4.3%
Debt-to-total capital at 61.93%, in line with historical levels
Revenue declined 40.7% year-over-year to $114.6 M
Net loss to common shareholders of $5.69 M, compared to a profit in prior years
Diluted EPS of –$0.07 versus positive in the same period last year
Net debt to EBITDA at 6.13x, indicating high leverage
Altman Z-Score of 0.54, suggesting elevated financial distress risk

07/02/25 07:56 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Armada Hoffler Properties' Financials

When does Armada Hoffler Properties' financial year end?

According to the most recent income statement we have on file, Armada Hoffler Properties' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Armada Hoffler Properties' net income changed over the last 10 years?

Armada Hoffler Properties' net income appears to be on an upward trend, with a most recent value of $42.49 million in 2024, rising from $12.76 million in 2014. The previous period was $7.66 million in 2023. Check out Armada Hoffler Properties' forecast to explore projected trends and price targets.

What is Armada Hoffler Properties' operating income?

Armada Hoffler Properties' total operating income in 2024 was $106.54 million, based on the following breakdown:

Total Gross Profit: $226.76 million
Total Operating Expenses: $120.22 million

How has Armada Hoffler Properties' revenue changed over the last 10 years?

Over the last 10 years, Armada Hoffler Properties' total revenue changed from $168.07 million in 2014 to $708.47 million in 2024, a change of 321.5%.

How much debt does Armada Hoffler Properties have?

Armada Hoffler Properties' total liabilities were at $1.62 billion at the end of 2024, a 7.7% decrease from 2023, and a 280.9% increase since 2014.

How much cash does Armada Hoffler Properties have?

In the past 10 years, Armada Hoffler Properties' cash and equivalents has ranged from $19.96 million in 2017 to $70.64 million in 2024, and is currently $70.64 million as of their latest financial filing in 2024.

How has Armada Hoffler Properties' book value per share changed over the last 10 years?

Over the last 10 years, Armada Hoffler Properties' book value per share changed from -0.11 in 2014 to 6.27 in 2024, a change of -5,925.7%.

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This page (NYSE:AHH) was last updated on 7/2/2025 by MarketBeat.com Staff

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Armada Hoffler Properties (AHH) Financials

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Armada Hoffler Properties (AHH) Financials

Annual Income Statements for Armada Hoffler Properties

Quarterly Income Statements for Armada Hoffler Properties

Annual Cash Flow Statements for Armada Hoffler Properties

Quarterly Cash Flow Statements for Armada Hoffler Properties

Annual Balance Sheets for Armada Hoffler Properties

Quarterly Balance Sheets for Armada Hoffler Properties

Annual Metrics And Ratios for Armada Hoffler Properties

Quarterly Metrics And Ratios for Armada Hoffler Properties

Key Financial Trends

Frequently Asked Questions About Armada Hoffler Properties' Financials

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