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Armada Hoffler Properties (AHRT) Financials

Armada Hoffler Properties logo
$6.50 -0.06 (-0.84%)
Closing price 05/15/2026 03:59 PM Eastern
Extended Trading
$6.55 +0.05 (+0.83%)
As of 05/15/2026 07:59 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Armada Hoffler Properties

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

Quarterly Income Statements for Armada Hoffler Properties

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 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 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 6/30/2025 9/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 1.82 8.98 4.05 -18 11 0.29 -7.93 21 -5.69 3.06 -2.81
Consolidated Net Income / (Loss)		 5.42 15 8.42 -21 18 3.28 -7.55 29 -4.34 6.72 -0.74
Net Income / (Loss) Continuing Operations		 4.71 15 6.94 -18 18 3.17 -5.04 27 -4.34 5.95 0.08
Total Pre-Tax Income 		5.61 15 8.73 -21 18 2.03 -6.95 29 -4.15 6.15 -0.55
Total Operating Income		 20 24 22 7.13 23 19 25 40 17 20 23
Total Gross Profit		 144 53 166 -152 56 57 60 -74 54 55 57
Total Revenue		 144 166 166 191 193 185 188 143 115 101 96
Operating Revenue		 144 166 166 191 193 185 188 143 115 101 96
Total Cost of Revenue		 0.00 113 0.00 343 138 128 128 217 61 47 39
Operating Cost of Revenue		 - 113 - - 138 128 128 - 61 47 39
Total Operating Expenses		 124 29 144 -159 33 39 35 -114 37 35 34
Selling, General & Admin Expense		 5.45 4.05 4.29 4.34 5.87 4.50 5.19 4.66 7.39 6.00 4.45
Research & Development Expense		 - 0.02 - - 0.00 5.53 0.00 - 0.05 0.29 0.01
Depreciation Expense		 18 20 22 37 21 21 24 26 23 22 23
Other Operating Expenses / (Income)		 100 5.63 117 -199 5.93 5.89 6.18 -122 5.94 6.59 6.15
Impairment Charge		 0.10 0.00 0.01 -0.01 - 1.49 0.00 - - 0.00 0.35
Total Other Income / (Expense), net		 -15 -8.46 -15 -26 -5.01 -17 -32 -14 -21 -14 -24
Interest Expense		 12 14 15 16 18 21 22 19 18 21 23
Interest & Investment Income		 -0.15 - -0.19 - 0.00 0.00 0.00 - -1.91 -0.32 0.04
Other Income / (Expense), net		 -2.99 5.17 0.55 -9.52 13 4.71 -10 4.71 -1.29 7.78 -1.06
Income Tax Expense		 0.19 0.34 0.31 0.50 0.53 -1.25 0.59 -0.49 0.19 -0.57 0.19
Other Gains / (Losses), net		 - - - - - -0.11 2.51 - - -0.77 0.82
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
Basic Earnings per Share		 $0.03 $0.13 $0.06 ($0.27) $0.17 $0.00 ($0.11) $0.28 ($0.07) $0.04 ($0.04)
Weighted Average Basic Shares Outstanding		 67.79M 67.90M 67.95M 67.69M 66.84M 67.11M 68.93M 70.66M 79.99M 80.15M 80.16M
Diluted Earnings per Share		 $0.03 $0.13 $0.06 ($0.27) $0.17 $0.00 ($0.11) $0.28 ($0.07) $0.04 ($0.04)
Weighted Average Diluted Shares Outstanding		 67.79M 67.90M 67.95M 67.69M 66.84M 67.11M 68.93M 70.66M 79.99M 80.15M 80.16M
Weighted Average Basic & Diluted Shares Outstanding		 67.94M 67.90M 67.40M 133.59M 67.07M 135.75M 79.69M 79.92M 80.16M 80.16M 80.15M
Cash Dividends to Common per Share		 $0.19 $0.20 $0.20 - $0.21 $0.21 $0.21 - $0.14 $0.14 $0.14

Annual Cash Flow Statements for Armada Hoffler Properties

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

Quarterly Cash Flow Statements for Armada Hoffler Properties

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 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 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 6/30/2025 9/30/2025
Net Change in Cash & Equivalents		 -15 -0.34 -1.09 -4.84 14 -22 24 26 -24 6.03 -4.78
Net Cash From Operating Activities		 13 27 38 15 46 17 27 21 0.11 11 26
Net Cash From Continuing Operating Activities		 13 27 38 15 46 17 27 21 0.11 11 26
Net Income / (Loss) Continuing Operations		 5.42 15 8.42 -21 18 3.28 -7.55 29 -4.34 6.72 -0.74
Consolidated Net Income / (Loss)		 5.42 15 8.42 -21 18 3.28 -7.55 29 -4.34 6.72 -0.74
Depreciation Expense		 14 15 17 17 16 16 18 18 19 17 18
Amortization Expense		 6.60 6.16 6.33 20 5.73 5.54 5.81 7.67 5.46 5.68 5.39
Non-Cash Adjustments To Reconcile Net Income		 0.84 -0.97 -3.28 -3.12 -5.71 0.65 4.58 -38 0.17 -13 -8.07
Changes in Operating Assets and Liabilities, net		 -14 -7.81 8.87 2.69 13 -8.33 6.14 3.74 -20 -5.32 11
Net Cash From Investing Activities		 -51 -52 -74 -60 -41 -12 -14 41 -21 -17 -41
Net Cash From Continuing Investing Activities		 -51 -52 -74 -60 -41 -12 -14 41 -21 -17 -41
Acquisitions		 -21 -9.29 -23 -16 -10 -0.43 -2.72 -2.58 -2.03 -4.08 -0.51
Purchase of Investments		 - - -17 -14 0.00 - - - -4.58 - -14
Sale and/or Maturity of Investments		 0.00 - 3.16 4.79 7.50 5.51 20 10 5.23 5.14 6.57
Other Investing Activities, net		 -30 -34 -37 -34 -38 -17 -32 -25 -20 -19 -33
Net Cash From Financing Activities		 23 24 35 40 8.16 -27 11 -35 -2.28 12 9.48
Net Cash From Continuing Financing Activities		 23 24 35 40 8.16 -27 11 -35 -2.28 12 9.48
Repayment of Debt		 -2.42 -138 -25 -18 -12 32 -308 -67 -6.90 -99 -139
Payment of Dividends		 -20 -20 -21 -21 -20 -21 -21 -22 -24 -17 -28
Issuance of Debt		 47 183 81 92 42 - - 54 30 133 177
Issuance of Common Equity		 -0.15 - -0.06 -0.00 -0.01 4.26 125 -0.05 -0.01 -0.05 -0.03
Other Financing Activities, net		 -1.11 -0.59 -0.12 - -1.10 - -0.23 -0.45 -1.30 -4.28 -0.04

Annual Balance Sheets for Armada Hoffler Properties

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

Quarterly Balance Sheets for Armada Hoffler Properties

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 Q2 2025 Q3 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 6/30/2025 9/30/2025
Total Assets		 2,266 2,188 2,232 2,471 2,533 2,601 2,570 2,561 2,465 2,577 2,577
Total Current Assets		 109 95 75 78 79 87 66 97 100 109 108
Cash & Equivalents		 70 55 34 34 33 42 20 44 46 52 47
Restricted Cash		 6.68 4.87 2.62 2.04 2.34 1.93 1.39 1.87 2.85 2.49 3.31
Accounts Receivable		 32 35 38 41 44 43 44 51 52 54 58
Plant, Property, & Equipment, net		 -303 -316 -344 -359 -376 -409 -425 -444 -470 -488 -504
Accumulated Depreciation		 303 316 344 359 376 409 425 444 470 488 504
Total Noncurrent Assets		 2,460 2,409 2,501 2,753 2,831 2,923 2,929 2,908 2,835 2,956 2,973
Long-Term Investments		 53 64 93 102 126 152 153 155 163 52 53
Noncurrent Note & Lease Receivables		 215 236 245 247 264 320 320 313 300 275 275
Intangible Assets		 107 103 100 131 127 105 101 98 86 83 80
Other Noncurrent Operating Assets		 2,085 2,005 2,063 2,272 2,314 2,345 2,355 2,341 2,286 2,545 2,566
Total Liabilities & Shareholders' Equity		 2,266 2,188 2,232 2,471 2,533 2,601 2,570 2,561 2,465 2,577 2,577
Total Liabilities		 1,379 1,277 1,358 1,589 1,666 1,798 1,781 1,680 1,596 1,716 1,733
Total Current Liabilities		 23 24 19 24 32 33 40 45 25 34 41
Accounts Payable		 23 24 19 24 32 33 40 45 25 34 41
Total Noncurrent Liabilities		 1,356 1,252 1,339 1,565 1,635 1,765 1,741 1,635 1,571 1,682 1,692
Long-Term Debt		 1,081 1,042 1,113 1,265 1,322 1,428 1,419 1,328 1,321 1,447 1,486
Capital Lease Obligations		 46 46 47 93 93 92 92 92 93 93 93
Other Noncurrent Operating Liabilities		 145 164 179 207 220 245 230 214 158 142 113
Total Equity & Noncontrolling Interests		 886 911 874 882 867 803 789 881 869 861 844
Total Preferred & Common Equity		 634 653 635 632 621 571 563 664 657 652 639
Preferred Stock		 171 171 171 171 171 171 171 171 171 171 171
Total Common Equity		 463 482 464 461 450 400 392 493 486 481 468
Common Stock		 589 589 589 590 590 583 588 715 720 724 725
Accumulated Other Comprehensive Income / (Loss)		 10 15 12 13 11 4.87 4.56 1.00 1.63 1.08 0.87
Other Equity Adjustments		 -136 -123 -138 -142 -152 -187 -201 -223 -236 -244 -258
Noncontrolling Interest		 252 258 239 250 246 231 227 218 211 209 205

Annual Metrics And Ratios for Armada Hoffler Properties

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%

Quarterly Metrics And Ratios for Armada Hoffler Properties

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

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 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 6/30/2025 9/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 81.84% 59.79% 31.49% 18.11% 34.20% 11.33% 13.04% -25.35% -40.75% -45.19% -48.80%
EBITDA Growth		 -7.71% -17.70% -37.56% -26.19% 51.83% -10.36% -11.77% 105.10% -31.02% 12.21% 18.82%
EBIT Growth		 -20.29% -29.44% -58.40% -109.30% 109.28% -19.65% -25.56% 1,958.84% -56.24% 19.27% 52.63%
NOPAT Growth		 10.46% -39.51% -59.98% -79.69% 15.32% 28.71% -18.93% 708.83% -46.96% -27.13% -6.78%
Net Income Growth		 -55.87% -51.62% -80.12% -244.85% 227.21% -77.97% -189.59% 237.86% -124.50% 104.85% 90.21%
EPS Growth		 -72.73% -58.06% -84.21% -292.86% 466.67% -100.00% -283.33% 203.70% -141.18% 0.00% 63.64%
Operating Cash Flow Growth		 -57.31% 38.24% 35.78% -61.07% 256.08% -36.53% -27.74% 38.47% -99.77% -36.17% -3.83%
Free Cash Flow Firm Growth		 147.16% 45.43% -1,086.03% -1.19% -295.72% 103.99% 116.81% 153.84% 134.23% -3,410.60% -637.07%
Invested Capital Growth		 -4.16% 6.78% 13.14% 11.97% 11.70% 1.22% -0.96% -3.73% -2.66% 7.87% 10.43%
Revenue Q/Q Growth		 -10.86% 15.10% 0.04% 15.07% 1.28% -4.52% 1.58% -24.01% -19.61% -11.67% -5.12%
EBITDA Q/Q Growth		 -17.66% 32.03% -7.09% -26.92% 76.02% -22.05% -8.55% 69.89% -43.04% 26.80% -9.03%
EBIT Q/Q Growth		 -32.40% 66.83% -20.94% -110.43% 1,087.41% -35.95% -26.75% 160.54% -64.20% 74.58% -19.97%
NOPAT Q/Q Growth		 -20.01% 18.30% -7.33% -76.84% 354.16% 32.03% -41.63% 131.09% -70.22% 81.39% -25.33%
Net Income Q/Q Growth		 -62.75% 174.78% -43.41% -350.05% 184.16% -81.50% -330.13% 484.79% -114.96% 254.66% -111.00%
EPS Q/Q Growth		 -78.57% 333.33% -53.85% -550.00% 162.96% -100.00% 0.00% 354.55% -125.00% 157.14% -200.00%
Operating Cash Flow Q/Q Growth		 -66.17% 109.93% 38.03% -60.28% 209.41% -62.58% 57.16% -23.90% -99.49% 10,276.64% 136.78%
Free Cash Flow Firm Q/Q Growth		 146.64% -207.63% -104.15% 1.27% 9.79% 102.20% 759.27% 216.24% -42.65% -312.43% -39.40%
Invested Capital Q/Q Growth		 0.49% 10.34% 0.96% 0.03% 0.24% -0.02% -1.21% -2.77% 1.36% 10.79% 1.14%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 32.06% 100.00% -79.75% 28.93% 30.94% 100.00% -51.91% 46.90% 53.91% 59.67%
EBITDA Margin		 26.40% 30.29% 28.13% 17.86% 29.87% 24.39% 21.96% 49.08% 34.78% 49.93% 47.87%
Operating Margin		 14.11% 14.33% 13.46% 3.73% 12.07% 10.04% 13.30% 27.83% 14.98% 19.72% 24.21%
EBIT Margin		 12.04% 17.45% 13.79% -1.25% 18.77% 12.59% 9.08% 31.13% 13.86% 27.40% 23.11%
Profit (Net Income) Margin		 3.76% 8.97% 5.07% -11.03% 9.16% 1.78% -4.02% 20.36% -3.79% 6.63% -0.77%
Tax Burden Percent		 96.65% 97.79% 96.45% 102.41% 97.08% 161.29% 108.51% 101.73% 104.58% 109.22% 135.10%
Interest Burden Percent		 32.30% 52.58% 38.16% 861.26% 50.28% 8.74% -40.82% 64.30% -26.13% 22.17% -2.46%
Effective Tax Rate		 3.35% 2.21% 3.55% 0.00% 2.92% -61.29% 0.00% -1.73% 0.00% -9.22% 0.00%
Return on Invested Capital (ROIC)		 3.76% 4.12% 4.14% 0.87% 4.16% 5.63% 3.34% 9.63% 3.15% 5.32% 3.49%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.43% 3.39% 2.96% -1.39% 3.74% 3.55% 1.32% 8.71% 1.85% 4.23% 2.22%
Return on Net Nonoperating Assets (RNNOA)		 3.00% 4.41% 3.70% -1.88% 5.26% 5.43% 1.86% 12.70% 2.80% 7.11% 3.47%
Return on Equity (ROE)		 6.76% 8.53% 7.84% -1.01% 9.42% 11.07% 5.20% 22.33% 5.94% 12.43% 6.96%
Cash Return on Invested Capital (CROIC)		 11.28% -0.58% -7.86% -8.18% -7.55% 2.13% 3.42% 8.99% 7.71% -2.91% -5.29%
Operating Return on Assets (OROA)		 2.88% 4.41% 3.73% -0.35% 5.57% 3.67% 2.70% 8.69% 3.45% 5.81% 4.09%
Return on Assets (ROA)		 0.90% 2.27% 1.37% -3.06% 2.72% 0.52% -1.20% 5.68% -0.94% 1.41% -0.14%
Return on Common Equity (ROCE)		 3.54% 4.46% 4.11% -0.52% 4.86% 5.65% 2.80% 11.87% 3.15% 6.57% 3.87%
Return on Equity Simple (ROE_SIMPLE)		 14.67% 12.22% 6.97% 0.00% 3.50% 1.49% -1.15% 0.00% 3.11% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 20 23 22 4.99 23 30 17 40 12 22 16
NOPAT Margin		 13.63% 14.01% 12.98% 2.61% 11.72% 16.20% 9.31% 28.31% 10.49% 21.54% 16.95%
Net Nonoperating Expense Percent (NNEP)		 1.33% 0.73% 1.18% 2.26% 0.42% 2.08% 2.02% 0.92% 1.30% 1.09% 1.26%
Return On Investment Capital (ROIC_SIMPLE)		 - - - 0.22% - - - 1.77% 0.53% 0.91% 0.67%
Cost of Revenue to Revenue		 0.00% 67.94% 0.00% 179.75% 71.07% 69.06% 0.00% 151.91% 53.10% 46.09% 40.33%
SG&A Expenses to Revenue		 3.78% 2.44% 2.58% 2.27% 3.04% 2.44% 2.76% 3.27% 6.44% 5.92% 4.63%
R&D to Revenue		 0.00% 0.01% 0.00% 0.00% 0.00% 2.99% 0.00% 0.00% 0.05% 0.28% 0.01%
Operating Expenses to Revenue		 85.89% 17.73% 86.54% -83.48% 16.86% 20.89% 86.70% -79.74% 31.92% 34.19% 35.46%
Earnings before Interest and Taxes (EBIT)		 17 29 23 -2.39 36 23 17 44 16 28 22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 38 50 47 34 58 45 41 70 40 51 46
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.58 1.60 1.44 1.93 1.70 1.90 1.49 1.63 1.23 1.15 1.20
Price to Tangible Book Value (P/TBV)		 2.01 2.24 2.01 2.64 2.31 2.56 1.86 1.99 1.50 1.39 1.45
Price to Revenue (P/Rev)		 1.36 1.23 1.02 1.16 0.95 1.01 0.97 1.15 0.95 1.01 1.24
Price to Earnings (P/E)		 12.63 16.18 27.37 0.00 111.70 0.00 0.00 33.83 83.14 55.09 37.18
Dividend Yield		 6.85% 7.04% 8.07% 6.76% 7.74% 7.21% 7.48% 8.02% 10.05% 10.04% 8.92%
Earnings Yield		 7.92% 6.18% 3.65% 0.00% 0.90% 0.00% 0.00% 2.96% 1.20% 1.82% 2.69%
Enterprise Value to Invested Capital (EV/IC)		 1.14 1.13 1.09 1.18 1.13 1.17 1.12 1.15 1.06 1.03 1.04
Enterprise Value to Revenue (EV/Rev)		 4.05 3.98 3.64 3.74 3.36 3.37 3.10 3.33 3.47 4.33 5.31
Enterprise Value to EBITDA (EV/EBITDA)		 9.87 11.36 12.80 14.74 12.75 13.50 13.15 11.02 11.14 11.72 11.56
Enterprise Value to EBIT (EV/EBIT)		 15.62 18.73 24.45 37.32 28.08 30.96 31.57 19.49 21.72 22.50 21.42
Enterprise Value to NOPAT (EV/NOPAT)		 15.87 19.55 25.97 39.76 34.08 35.11 45.24 21.82 20.74 22.95 23.59
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.87 22.24 19.84 26.72 19.00 21.23 22.06 21.05 33.28 39.83 41.41
Enterprise Value to Free Cash Flow (EV/FCFF)		 9.89 0.00 0.00 0.00 0.00 55.01 32.50 12.60 13.50 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.33 1.54 1.63 1.85 1.89 1.91 1.61 1.56 1.63 1.79 1.87
Long-Term Debt to Equity		 1.33 1.54 1.63 1.85 1.89 1.91 1.61 1.56 1.63 1.79 1.87
Financial Leverage		 1.23 1.30 1.25 1.35 1.40 1.53 1.42 1.46 1.51 1.68 1.56
Leverage Ratio		 2.57 2.68 2.66 2.81 2.88 3.02 2.91 2.99 3.03 3.12 2.98
Compound Leverage Factor		 0.83 1.41 1.01 24.21 1.45 0.26 -1.19 1.93 -0.79 0.69 -0.07
Debt to Total Capital		 57.03% 60.63% 62.02% 64.90% 65.45% 65.69% 61.71% 60.94% 61.93% 64.14% 65.18%
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		 57.03% 60.63% 62.02% 64.90% 65.45% 65.69% 61.71% 60.94% 61.93% 64.14% 65.18%
Preferred Equity to Total Capital		 8.41% 7.64% 7.50% 7.46% 7.36% 7.44% 7.43% 7.51% 7.50% 7.13% 7.06%
Noncontrolling Interests to Total Capital		 11.76% 11.15% 10.77% 10.14% 9.96% 9.85% 9.45% 9.62% 9.26% 8.70% 8.45%
Common Equity to Total Capital		 22.79% 20.58% 19.72% 17.50% 17.23% 17.02% 21.41% 21.93% 21.31% 20.03% 19.31%
Debt to EBITDA		 5.27 6.49 7.81 8.80 8.05 8.23 7.97 6.49 7.21 7.64 7.56
Net Debt to EBITDA		 4.68 5.82 6.92 7.78 7.01 7.28 6.84 5.39 6.13 7.11 7.07
Long-Term Debt to EBITDA		 5.27 6.49 7.81 8.80 8.05 8.23 7.97 6.49 7.21 7.64 7.56
Debt to NOPAT		 8.47 11.16 15.85 23.74 21.51 21.41 27.42 12.84 13.42 14.95 15.43
Net Debt to NOPAT		 7.53 10.02 14.05 21.00 18.74 18.94 23.54 10.67 11.41 13.92 14.42
Long-Term Debt to NOPAT		 8.47 11.16 15.85 23.74 21.51 21.41 27.42 12.84 13.42 14.95 15.43
Altman Z-Score		 0.62 0.59 0.54 0.54 0.57 0.58 0.60 0.68 0.54 0.47 0.43
Noncontrolling Interest Sharing Ratio		 47.62% 47.75% 47.59% 48.64% 48.47% 48.98% 46.08% 46.83% 46.95% 47.12% 44.32%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.92 3.20 2.49 2.44 2.62 1.67 2.17 3.22 4.01 3.18 2.62
Quick Ratio		 3.78 3.11 2.42 2.37 2.56 1.63 2.13 3.18 3.90 3.11 2.54
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 102 -110 -225 -222 -200 4.40 38 119 69 -146 -203
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		 8.32 -8.08 -14.55 -13.50 -11.14 0.21 1.76 6.46 3.78 -6.84 -8.91
Operating Cash Flow to Interest Expense		 1.06 2.01 2.45 0.91 2.59 0.82 1.27 1.12 0.01 0.52 1.15
Operating Cash Flow Less CapEx to Interest Expense		 1.06 2.01 2.47 0.91 2.59 0.82 1.27 4.29 0.01 0.52 1.15
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.24 0.25 0.27 0.28 0.30 0.29 0.30 0.28 0.25 0.21 0.18
Accounts Receivable Turnover		 15.68 16.24 16.11 15.75 17.62 17.18 15.90 14.40 13.25 11.13 8.29
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		 11.26 12.64 7.84 15.76 22.70 19.07 15.93 13.79 13.90 8.80 5.47
Days Sales Outstanding (DSO)		 23.27 22.48 22.66 23.17 20.72 21.25 22.96 25.34 27.55 32.80 44.03
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)		 32.42 28.87 46.58 23.16 16.08 19.14 22.92 26.47 26.26 41.46 66.78
Cash Conversion Cycle (CCC)		 -9.15 -6.39 -23.92 0.02 4.64 2.11 0.04 -1.13 1.29 -8.66 -22.75
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,904 2,101 2,121 2,122 2,127 2,127 2,101 2,043 2,071 2,294 2,320
Invested Capital Turnover		 0.28 0.29 0.32 0.33 0.36 0.35 0.36 0.34 0.30 0.25 0.21
Increase / (Decrease) in Invested Capital		 -83 133 246 227 223 26 -20 -79 -57 167 219
Enterprise Value (EV)		 2,172 2,378 2,319 2,493 2,408 2,479 2,343 2,358 2,184 2,364 2,414
Market Capitalization		 731 738 648 773 682 744 735 815 600 551 562
Book Value per Share		 $6.85 $6.79 $6.62 $5.96 $5.99 $5.84 $7.26 $6.27 $6.09 $6.00 $5.84
Tangible Book Value per Share		 $5.37 $4.85 $4.75 $4.34 $4.42 $4.33 $5.82 $5.14 $5.00 $4.96 $4.84
Total Capital		 2,034 2,240 2,282 2,294 2,323 2,301 2,302 2,278 2,282 2,401 2,423
Total Debt		 1,160 1,358 1,415 1,489 1,520 1,511 1,420 1,388 1,413 1,540 1,579
Total Long-Term Debt		 1,160 1,358 1,415 1,489 1,520 1,511 1,420 1,388 1,413 1,540 1,579
Net Debt		 1,030 1,219 1,255 1,317 1,324 1,337 1,219 1,153 1,202 1,433 1,476
Capital Expenditures (CapEx)		 0.00 0.00 -0.27 0.00 0.00 0.00 0.00 -59 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 19 17 12 14 9.90 4.63 6.61 14 27 20 17
Debt-free Net Working Capital (DFNWC)		 56 53 47 45 54 26 52 86 75 74 67
Net Working Capital (NWC)		 56 53 47 45 54 26 52 86 75 74 67
Net Nonoperating Expense (NNE)		 14 8.37 13 26 4.94 27 25 11 16 15 17
Net Nonoperating Obligations (NNO)		 1,030 1,219 1,255 1,317 1,324 1,337 1,219 1,153 1,202 1,433 1,476
Total Depreciation and Amortization (D&A)		 21 21 24 37 21 22 24 26 24 23 24
Debt-free, Cash-free Net Working Capital to Revenue		 3.57% 2.87% 1.91% 2.17% 1.38% 0.63% 0.87% 1.98% 4.27% 3.64% 3.74%
Debt-free Net Working Capital to Revenue		 10.37% 8.91% 7.40% 6.69% 7.50% 3.58% 6.91% 12.17% 11.98% 13.64% 14.70%
Net Working Capital to Revenue		 10.37% 8.91% 7.40% 6.69% 7.50% 3.58% 6.91% 12.17% 11.98% 13.64% 14.70%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.03 $0.13 $0.06 ($0.27) $0.17 $0.00 ($0.11) $0.28 ($0.07) $0.04 ($0.04)
Adjusted Weighted Average Basic Shares Outstanding		 67.79M 67.90M 67.95M 67.69M 66.84M 67.11M 68.93M 70.66M 79.99M 80.15M 80.16M
Adjusted Diluted Earnings per Share		 $0.03 $0.13 $0.06 ($0.27) $0.17 $0.00 ($0.11) $0.28 ($0.07) $0.04 ($0.04)
Adjusted Weighted Average Diluted Shares Outstanding		 67.79M 67.90M 67.95M 67.69M 66.84M 67.11M 68.93M 70.66M 79.99M 80.15M 80.16M
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		 67.94M 67.95M 67.40M 133.59M 67.07M 135.75M 79.69M 79.92M 80.16M 80.16M 80.15M
Normalized Net Operating Profit after Tax (NOPAT)		 20 23 21 4.99 23 14 17 28 12 14 17
Normalized NOPAT Margin		 13.70% 13.71% 12.85% 2.61% 11.72% 7.60% 9.31% 19.48% 10.49% 13.80% 17.20%
Pre Tax Income Margin		 3.89% 9.17% 5.26% -10.77% 9.44% 1.10% -3.71% 20.02% -3.62% 6.07% -0.57%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.41 2.12 1.48 -0.15 2.02 1.10 0.79 2.40 0.88 1.30 0.97
NOPAT to Interest Expense		 1.60 1.71 1.40 0.30 1.26 1.41 0.81 2.18 0.66 1.03 0.71
EBIT Less CapEx to Interest Expense		 1.41 2.12 1.50 -0.15 2.02 1.10 0.79 5.56 0.88 1.30 0.97
NOPAT Less CapEx to Interest Expense		 1.60 1.71 1.41 0.30 1.26 1.41 0.81 5.35 0.66 1.03 0.71
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 87.46% 108.23% 186.97% 1,069.49% 411.76% 996.01% -1,103.68% 199.33% 431.87% 353.22% 298.23%
Augmented Payout Ratio		 87.46% 108.23% 186.97% 1,234.28% 411.76% 1,146.97% -1,103.68% 199.33% 431.87% 353.22% 298.23%

Financials Breakdown Chart

Key Financial Trends

Armada Hoffler Properties (AHH) has a long four-year quarterly data trail in the provided statements. Below are the top, actionable trends for retail investors, organized to highlight positives first, then neutral observations, then potential negatives.

  • Operating cash flow has remained positive across the shown quarters, signaling ongoing cash generation. Examples include 26,290,000 in Q3 2025, 11,103,000 in Q2 2025, 20,803,000 in Q4 2024, and 46,486,000 in Q1 2024 from continuing operations.
  • Solid near-term liquidity, with Cash & Equivalents around 46.5 million as of Q3 2025, providing a cushion for debt service and near-term obligations.
  • Debt financing activity provided meaningful new liquidity in 2025, with Issuance of Debt of 177,140,000 in Q3 2025 and 133,000,000 in Q2 2025, supporting capex and portfolio activity.
  • Noncurrent Note & Lease Receivables rose to about 274,743,000 in Q3 2025, suggesting meaningful long-term lease income potential and portfolio diversification.
  • Long-term debt hovered in the 1.32 billion to 1.49 billion range across 2025 quarters (Q1 2025 around 1.320B, Q2 2025 around 1.447B, Q3 2025 around 1.486B), indicating a leveraged balance sheet but with financing capacity tied to leasing and asset investments.
  • Total assets consistently sit in the mid-to-high 2.5 billions (approximately 2.58B in 2025 Q3 and about 2.58B in Q2 2025), implying a relatively stable asset base despite quarterly fluctuations.
  • Total equity and noncontrolling interests run around 0.84B (Q3 2025), with total common equity near 0.47B, reflecting a modest but steady equity cushion alongside sizable liabilities.
  • Revenue has trended lower in 2025 vs. late-2024/earlier periods, with Operating Revenue at 96,082,000 in Q3 2025 compared with 142,600,000 in Q4 2024, signaling top-line pressure.
  • Net income attributable to common shareholders has been volatile and often negative in recent quarters (for example, -2,807,000 in Q3 2025 and -5,? to -4,? in other 2025 quarters), signaling near-term profitability challenges despite cash flow generation.
  • Investing cash outflows remain a significant drag on overall free cash flow (e.g., Net Cash From Investing Activities of -40,548,000 in Q3 2025; -59,939,000 in Q4 2024; -74,087,000 in Q3 2024), reflecting ongoing capex and portfolio investments that reduce cash available for other uses.
05/16/26 05:18 PM ETAI Generated. May Contain Errors.

Armada Hoffler Properties Financials - Frequently Asked Questions

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.

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. See where experts think Armada Hoffler Properties is headed by visiting Armada Hoffler Properties' forecast page.

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

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%.

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.

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.

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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Financial statements for NYSE:AHRT last updated on 12/9/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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