Armada Hoffler Properties (AHH) Financials

$6.85 +0.03 (+0.44%)

Closing price 05/22/2025 03:59 PM Eastern

Extended Trading

$6.84 -0.01 (-0.22%)

As of 05/22/2025 07:41 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	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Income / (Loss) Attributable to Common Shareholders	24	-3.26	63
Consolidated Net Income / (Loss)	42	7.66	100
Net Income / (Loss) Continuing Operations	42	8.29	100
Total Pre-Tax Income	42	8.99	100
Total Operating Income	107	74	134
Total Gross Profit	227	211	193
Total Revenue	708	667	471
Operating Revenue	708	667	471
Total Cost of Revenue	482	456	278
Operating Cost of Revenue	482	456	278
Total Operating Expenses	120	137	59
Selling, General & Admin Expense	20	18	16
Research & Development Expense	5.53	0.08	0.04
Depreciation Expense	91	97	74
Other Operating Expenses / (Income)	23	22	22
Impairment Charge	1.49	0.10	0.42
Other Special Charges / (Income)	-21	-0.74	-53
Total Other Income / (Expense), net	-65	-65	-34
Interest Expense	79	58	43
Interest & Investment Income	0.25	0.00	0.00
Other Income / (Expense), net	14	-6.79	9.08
Income Tax Expense	-0.61	1.33	-0.15
Preferred Stock Dividends Declared	12	12	12
Net Income / (Loss) Attributable to Noncontrolling Interest	6.85	-	25
Basic Earnings per Share	$0.34	($0.05)	$0.94
Weighted Average Basic Shares Outstanding	70.66M	67.69M	67.58M
Diluted Earnings per Share	$0.34	($0.05)	$0.94
Weighted Average Diluted Shares Outstanding	70.66M	67.69M	67.58M
Weighted Average Basic & Diluted Shares Outstanding	79.92M	133.59M	135.43M
Cash Dividends to Common per Share	$0.82	$0.78	$0.72

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

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	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Change in Cash & Equivalents	42	-22	11
Net Cash From Operating Activities	112	93	117
Net Cash From Continuing Operating Activities	112	93	117
Net Income / (Loss) Continuing Operations	42	7.66	100
Consolidated Net Income / (Loss)	42	7.66	100
Depreciation Expense	68	63	55
Amortization Expense	25	39	25
Non-Cash Adjustments To Reconcile Net Income	-38	-6.53	-51
Changes in Operating Assets and Liabilities, net	15	-10	-12
Net Cash From Investing Activities	-27	-237	-33
Net Cash From Continuing Investing Activities	-27	-237	-33
Purchase of Property, Plant & Equipment	59	0.25	252
Acquisitions	-16	-70	-63
Purchase of Investments	0.00	-40	-120
Sale and/or Maturity of Investments	43	7.95	36
Other Investing Activities, net	-113	-136	-139
Net Cash From Financing Activities	-43	122	-72
Net Cash From Continuing Financing Activities	-43	122	-72
Repayment of Debt	-356	-184	-732
Repurchase of Common Equity	0.00	-13	0.00
Payment of Dividends	-85	-82	-78
Issuance of Debt	269	403	679
Issuance of Common Equity	129	-0.21	65
Other Financing Activities, net	-1.77	-1.82	-5.56
Cash Interest Paid	72	45	30
Cash Income Taxes Paid	-1.15	0.03	-0.00

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	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	26	24	-22	14	-4.84	-1.09	-0.34	-15	-7.70	-17
Net Cash From Operating Activities	21	27	17	46	15	38	27	13	39	28
Net Cash From Continuing Operating Activities	21	27	17	46	15	38	27	13	39	28
Net Income / (Loss) Continuing Operations	29	-7.55	3.28	18	-21	8.42	15	5.42	15	42
Consolidated Net Income / (Loss)	29	-7.55	3.28	18	-21	8.42	15	5.42	15	42
Depreciation Expense	18	18	16	16	17	17	15	14	14	13
Amortization Expense	7.67	5.81	5.54	5.73	20	6.33	6.16	6.60	6.79	6.61
Non-Cash Adjustments To Reconcile Net Income	-38	4.58	0.65	-5.71	-3.12	-3.28	-0.97	0.84	-0.70	-33
Changes in Operating Assets and Liabilities, net	3.74	6.14	-8.33	13	2.69	8.87	-7.81	-14	4.18	-1.57
Net Cash From Investing Activities	41	-14	-12	-41	-60	-74	-52	-51	-51	104
Net Cash From Continuing Investing Activities	41	-14	-12	-41	-60	-74	-52	-51	-51	104
Purchase of Property, Plant & Equipment	59	-	-	-	-	0.27	-	-	0.78	-
Acquisitions	-2.58	-2.72	-0.43	-10	-16	-23	-9.29	-21	-11	-11
Sale and/or Maturity of Investments	10	20	5.51	7.50	4.79	3.16	-	0.00	23	1.69
Other Investing Activities, net	-25	-32	-17	-38	-34	-37	-34	-30	-37	-137
Net Cash From Financing Activities	-35	11	-27	8.16	40	35	24	23	4.50	-149
Net Cash From Continuing Financing Activities	-35	11	-27	8.16	40	35	24	23	4.50	-149
Repayment of Debt	-67	-308	32	-12	-18	-25	-138	-2.42	-162	-293
Payment of Dividends	-22	-21	-21	-20	-21	-21	-20	-20	-20	-23
Issuance of Debt	54	-	-	42	92	81	183	47	187	167
Issuance of Common Equity	-0.05	125	4.26	-0.01	-0.00	-0.06	-	-0.15	-	-
Other Financing Activities, net	-0.45	-0.23	-	-1.10	-	-0.12	-0.59	-1.11	-0.75	-0.13

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	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Total Assets	2,513	2,563	2,242
Total Current Assets	125	76	91
Cash & Equivalents	71	28	48
Restricted Cash	1.58	2.25	3.73
Accounts Receivable	53	46	39
Plant, Property, & Equipment, net	-452	-393	-330
Accumulated Depreciation	452	393	330
Total Noncurrent Assets	2,840	2,880	2,481
Long-Term Investments	163	142	72
Noncurrent Note & Lease Receivables	306	311	253
Intangible Assets	90	109	104
Other Noncurrent Operating Assets	2,281	2,318	2,053
Total Liabilities & Shareholders' Equity	2,513	2,563	2,242
Total Liabilities	1,623	1,758	1,338
Total Current Liabilities	39	31	27
Accounts Payable	39	31	27
Total Noncurrent Liabilities	1,584	1,727	1,311
Long-Term Debt	1,296	1,397	1,068
Capital Lease Obligations	93	92	46
Other Noncurrent Operating Liabilities	196	238	197
Total Equity & Noncontrolling Interests	890	805	904
Total Preferred & Common Equity	671	573	647
Preferred Stock	171	171	171
Total Common Equity	500	402	476
Common Stock	715	581	589
Accumulated Other Comprehensive Income / (Loss)	2.74	4.91	15
Other Equity Adjustments	-219	-185	-127
Noncontrolling Interest	219	233	257

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

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

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Growth Metrics	-	-	-
Revenue Growth	6.19%	41.61%	55.73%
EBITDA Growth	26.55%	-24.26%	66.52%
EBIT Growth	81.14%	-53.44%	129.85%
NOPAT Growth	72.39%	-53.41%	120.93%
Net Income Growth	454.53%	-92.33%	292.67%
EPS Growth	780.00%	-105.32%	452.94%
Operating Cash Flow Growth	20.05%	-20.15%	28.16%
Free Cash Flow Firm Growth	214.02%	-50.27%	-238.24%
Invested Capital Growth	-3.73%	11.97%	14.77%
Revenue Q/Q Growth	-6.40%	4.59%	18.44%
EBITDA Q/Q Growth	20.13%	-6.68%	-0.55%
EBIT Q/Q Growth	63.02%	-29.58%	-2.95%
NOPAT Q/Q Growth	108.72%	-29.78%	-2.80%
Net Income Q/Q Growth	658.84%	-82.29%	12.74%
EPS Q/Q Growth	261.90%	-113.89%	17.50%
Operating Cash Flow Q/Q Growth	5.44%	-20.16%	16.59%
Free Cash Flow Firm Q/Q Growth	159.64%	-4.58%	-266.35%
Invested Capital Q/Q Growth	-2.77%	0.03%	1.07%
Profitability Metrics	-	-	-
Gross Margin	32.01%	31.63%	41.01%
EBITDA Margin	30.21%	25.35%	47.40%
Operating Margin	15.04%	11.03%	28.53%
EBIT Margin	17.08%	10.01%	30.46%
Profit (Net Income) Margin	6.00%	1.15%	21.22%
Tax Burden Percent	101.47%	85.22%	100.15%
Interest Burden Percent	34.61%	13.46%	69.56%
Effective Tax Rate	-1.47%	14.78%	-0.15%
Return on Invested Capital (ROIC)	5.19%	3.12%	7.59%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.12%	-1.65%	3.87%
Return on Net Nonoperating Assets (RNNOA)	-0.18%	-2.23%	4.28%
Return on Equity (ROE)	5.01%	0.90%	11.87%
Cash Return on Invested Capital (CROIC)	8.99%	-8.18%	-6.16%
Operating Return on Assets (OROA)	4.77%	2.78%	6.86%
Return on Assets (ROA)	1.67%	0.32%	4.78%
Return on Common Equity (ROCE)	2.67%	0.46%	6.07%
Return on Equity Simple (ROE_SIMPLE)	6.34%	1.34%	15.44%
Net Operating Profit after Tax (NOPAT)	108	63	135
NOPAT Margin	15.26%	9.40%	28.57%
Net Nonoperating Expense Percent (NNEP)	5.31%	4.77%	3.72%
Return On Investment Capital (ROIC_SIMPLE)	4.75%	2.73%	6.67%
Cost of Revenue to Revenue	67.99%	68.37%	58.99%
SG&A Expenses to Revenue	2.85%	2.72%	3.33%
R&D to Revenue	0.78%	0.01%	0.01%
Operating Expenses to Revenue	16.97%	20.60%	12.48%
Earnings before Interest and Taxes (EBIT)	121	67	143
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	214	169	223
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	1.63	1.93	1.42
Price to Tangible Book Value (P/TBV)	1.99	2.64	1.81
Price to Revenue (P/Rev)	1.15	1.16	1.43
Price to Earnings (P/E)	33.83	0.00	10.68
Dividend Yield	8.02%	6.76%	7.22%
Earnings Yield	2.96%	0.00%	9.36%
Enterprise Value to Invested Capital (EV/IC)	1.15	1.18	1.10
Enterprise Value to Revenue (EV/Rev)	3.33	3.74	4.44
Enterprise Value to EBITDA (EV/EBITDA)	11.02	14.74	9.37
Enterprise Value to EBIT (EV/EBIT)	19.49	37.32	14.59
Enterprise Value to NOPAT (EV/NOPAT)	21.82	39.76	15.55
Enterprise Value to Operating Cash Flow (EV/OCF)	21.05	26.72	17.92
Enterprise Value to Free Cash Flow (EV/FCFF)	12.60	0.00	0.00
Leverage & Solvency	-	-	-
Debt to Equity	1.56	1.85	1.23
Long-Term Debt to Equity	1.56	1.85	1.23
Financial Leverage	1.46	1.35	1.11
Leverage Ratio	2.99	2.81	2.48
Compound Leverage Factor	1.04	0.38	1.73
Debt to Total Capital	60.94%	64.90%	55.22%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	60.94%	64.90%	55.22%
Preferred Equity to Total Capital	7.51%	7.46%	8.47%
Noncontrolling Interests to Total Capital	9.62%	10.14%	12.71%
Common Equity to Total Capital	21.93%	17.50%	23.60%
Debt to EBITDA	6.49	8.80	4.99
Net Debt to EBITDA	5.39	7.78	4.44
Long-Term Debt to EBITDA	6.49	8.80	4.99
Debt to NOPAT	12.84	23.74	8.28
Net Debt to NOPAT	10.67	21.00	7.36
Long-Term Debt to NOPAT	12.84	23.74	8.28
Altman Z-Score	0.78	0.63	0.76
Noncontrolling Interest Sharing Ratio	46.83%	48.64%	48.89%
Liquidity Ratios	-	-	-
Current Ratio	3.22	2.44	3.39
Quick Ratio	3.18	2.37	3.25
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	187	-164	-109
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	2.36	-2.84	-2.54
Operating Cash Flow to Interest Expense	1.41	1.61	2.71
Operating Cash Flow Less CapEx to Interest Expense	2.15	1.62	8.57
Efficiency Ratios	-	-	-
Asset Turnover	0.28	0.28	0.23
Accounts Receivable Turnover	14.40	15.75	13.70
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00
Accounts Payable Turnover	13.79	15.76	9.85
Days Sales Outstanding (DSO)	25.34	23.17	26.64
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	26.47	23.16	37.06
Cash Conversion Cycle (CCC)	-1.13	0.02	-10.42
Capital & Investment Metrics	-	-	-
Invested Capital	2,043	2,122	1,895
Invested Capital Turnover	0.34	0.33	0.27
Increase / (Decrease) in Invested Capital	-79	227	244
Enterprise Value (EV)	2,358	2,493	2,094
Market Capitalization	815	773	675
Book Value per Share	$6.27	$5.96	$7.03
Tangible Book Value per Share	$5.14	$4.34	$5.50
Total Capital	2,278	2,294	2,019
Total Debt	1,388	1,489	1,115
Total Long-Term Debt	1,388	1,489	1,115
Net Debt	1,153	1,317	991
Capital Expenditures (CapEx)	-59	-0.25	-252
Debt-free, Cash-free Net Working Capital (DFCFNWC)	14	14	12
Debt-free Net Working Capital (DFNWC)	86	45	64
Net Working Capital (NWC)	86	45	64
Net Nonoperating Expense (NNE)	66	55	35
Net Nonoperating Obligations (NNO)	1,153	1,317	991
Total Depreciation and Amortization (D&A)	93	102	80
Debt-free, Cash-free Net Working Capital to Revenue	1.98%	2.17%	2.62%
Debt-free Net Working Capital to Revenue	12.17%	6.69%	13.63%
Net Working Capital to Revenue	12.17%	6.69%	13.63%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.34	($0.05)	$0.94
Adjusted Weighted Average Basic Shares Outstanding	70.66M	67.69M	67.58M
Adjusted Diluted Earnings per Share	$0.34	($0.05)	$0.94
Adjusted Weighted Average Diluted Shares Outstanding	70.66M	67.69M	67.58M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	79.92M	133.59M	135.43M
Normalized Net Operating Profit after Tax (NOPAT)	61	62	57
Normalized NOPAT Margin	8.57%	9.32%	12.09%
Pre Tax Income Margin	5.91%	1.35%	21.18%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	1.53	1.16	3.33
NOPAT to Interest Expense	1.36	1.08	3.13
EBIT Less CapEx to Interest Expense	2.27	1.16	9.19
NOPAT Less CapEx to Interest Expense	2.10	1.09	8.99
Payout Ratios	-	-	-
Dividend Payout Ratio	199.33%	1,069.49%	78.37%
Augmented Payout Ratio	199.33%	1,234.28%	78.37%

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

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

Frequently Asked Questions About Armada Hoffler Properties' Financials

When does Armada Hoffler Properties's fiscal year end?

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

How has Armada Hoffler Properties' net income changed over the last 2 years?

Armada Hoffler Properties' net income appears to be on a downward trend, with a most recent value of $42.49 million in 2024, falling from $99.95 million in 2022. The previous period was $7.66 million in 2023. View Armada Hoffler Properties' forecast to see where analysts expect Armada Hoffler Properties to go next.

What is Armada Hoffler Properties's operating income?

Armada Hoffler Properties's 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 2 years?

Over the last 2 years, Armada Hoffler Properties' total revenue changed from $471.13 million in 2022 to $708.47 million in 2024, a change of 50.4%.

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 21.3% increase since 2022.

How much cash does Armada Hoffler Properties have?

In the past 2 years, Armada Hoffler Properties' cash and equivalents has ranged from $27.92 million in 2023 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 2 years?

Over the last 2 years, Armada Hoffler Properties' book value per share changed from 7.03 in 2022 to 6.27 in 2024, a change of -10.9%.

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This page (NYSE:AHH) was last updated on 5/23/2025 by MarketBeat.com Staff

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Armada Hoffler Properties (AHH) Financials

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Armada Hoffler Properties (AHH) Financials

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