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AHH logoArmada Hoffler Properties, Inc.(AHH)Earnings, Financials & Key Ratios

AHH•NYSE•REIT / Real Estate
$6.47
$518M mkt cap·Price updated May 6, 2026
SectorReal EstateIndustryDiversified REITsSub-IndustryDiversified Multi-Property Equity REITs
AboutArmada Hoffler Properties, Inc. (NYSE: AHH) is a vertically-integrated, self-managed real estate investment trust (REIT) with four decades of experience developing, building, acquiring, and managing high-quality, institutional-grade office, retail, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. In addition to developing and building properties for its own account, the Company also provides development and general contracting construction services to third-party clients. Founded in 1979 by Daniel A. Hoffler, the Company has elected to be taxed as a REIT for U.S. federal income tax purposes.Show more
  • Revenue$285M-59.7%
  • FFO$97M-23.3%
  • FFO/Share0.95-46.8%
  • FFO Payout77.45%+749.1%
  • FFO per Share0.95-46.8%
  • NOI Margin67.74%+135.9%
  • FFO Margin34.06%+90.6%
  • ROE0.65%-84.5%
  • ROA0.22%-84.4%
  • Debt/Assets63.59%+12.6%
  • Net Debt/EBITDA9.24+35.3%
  • Book Value/Share8.13-35.4%
Technical→

AHH Key Insights

Armada Hoffler Properties, Inc. (AHH) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Sustainable FFO payout ratio of 77.4%
  • ✓High NOI margin of 67.7%
  • ✓Trading at only 0.8x book value

✗Weaknesses

  • ✗Weak 3Y average ROE of 1.9%
  • ✗Profits declining 28.1% over 5 years
  • ✗FFO declining 41.1% TTM
  • ✗Shares diluted 44.2% in last year

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

AHH Price & Volume

Armada Hoffler Properties, Inc. (AHH) stock price & volume — 10-year historical chart

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AHH Growth Metrics

Armada Hoffler Properties, Inc. (AHH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years1.23%
5 Years-5.76%
3 Years-15.41%
TTM-48.34%

Profit CAGR

10 Years-11.79%
5 Years-28.09%
3 Years-57.83%
TTM-218.86%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-1542.61%

Return on Capital

10 Years4.21%
5 Years4.38%
3 Years3.91%
Last Year3.75%

AHH Recent Earnings

Armada Hoffler Properties, Inc. (AHH) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 11/12 qtrs (92%)
Q2 2026Latest
May 6, 2026
EPS
$0.33
Est $0.04
-842.9%
Revenue
$52M
Est $52M
-0.2%
Q1 2026
Feb 16, 2026
EPS
$0.29
Est $0.26
+11.5%
Revenue
$72M
Est $69M
+4.9%
Q4 2025
Nov 3, 2025
EPS
$0.29
Est $0.26
+11.5%
Revenue
$96M
Est $69M
+40.0%
Q3 2025
Aug 4, 2025
EPS
$0.25
Est $0.26
-3.8%
Revenue
$101M
Est $68M
+50.0%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 6, 2026
$0.33vs $0.04-842.9%
$52Mvs $52M-0.2%
Q1 2026Feb 16, 2026
$0.29vs $0.26+11.5%
$72Mvs $69M+4.9%
Q4 2025Nov 3, 2025
$0.29vs $0.26+11.5%
$96Mvs $69M+40.0%
Q3 2025Aug 4, 2025
$0.25vs $0.26-3.8%
$101Mvs $68M+50.0%
Based on last 12 quarters of dataView full earnings history →

AHH Peer Comparison

Armada Hoffler Properties, Inc. (AHH) competitors in Diversified Multi-Property Equity REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
NXRT logoNXRTNexPoint Residential Trust, Inc.Direct Competitor757.54M29.85-23.69-3.24%-12.67%-10.13%5.18
UE logoUEUrban Edge PropertiesDirect Competitor2.78B22.0529.806.06%22.2%7.8%1.21
PECO logoPECOPhillips Edison & Company, Inc.Direct Competitor5.07B40.2845.2610.72%15.61%4.46%0.96
ELME logoELMEElme CommunitiesDirect Competitor192.82M2.17-1.24-100%-18.93%2.18
GMRE logoGMREGlobal Medical REIT Inc.Direct Competitor94.26M35.74115.29-1.79%1.69%0.49%1.18
REG logoREGRegency Centers CorporationProduct Competitor14.48B79.0828.043.39%37.4%9%0.83
KIM logoKIMKimco Realty CorporationProduct Competitor16.05B23.8028.675.06%28.51%5.81%0.82
CPT logoCPTCamden Property TrustProduct Competitor10.98B104.8329.611.92%32.81%8.71%0.88

Compare AHH vs Peers

Armada Hoffler Properties, Inc. (AHH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs NXRT

Most directly comparable listed peer for AHH.

Scale Benchmark

vs CBRE

Larger-name benchmark to compare AHH against a more recognizable public peer.

Peer Set

Compare Top 5

vs NXRT, UE, PECO, ELME

AHH Income Statement

Armada Hoffler Properties, Inc. (AHH) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue302.77M193.32M257.2M383.63M302.53M471.13M667.16M708.47M285.2M325.26M
Revenue Growth %17.18%-36.15%33.04%49.16%-21.14%55.73%41.61%6.19%-59.74%-48.34%
Property Operating Expenses222.54M112.23M150.83M266.57M156.45M299.96M478.57M505.02M92.01M223.46M
Net Operating Income (NOI)
80.23M▲ 0%
81.08M▲ 1.1%
106.37M▲ 31.2%
117.07M▲ 10.1%
146.09M▲ 24.8%
171.17M▲ 17.2%
188.58M▲ 10.2%
203.45M▲ 7.9%
193.19M▼ 5.0%
101.8M▲ 0%
NOI Margin %26.5%41.94%41.36%30.51%48.29%36.33%28.27%28.72%67.74%31.3%
Operating Expenses40.43M49.06M63.73M68.33M86.94M36.76M115M96.91M111.43M21.61M
G&A Expenses10.44M11.43M12.39M12.9M14.61M15.69M18.12M20.23M20.34M14.9M
EBITDA65.78M62.42M80.85M93M129.03M208.5M171.01M197.5M173.28M171.54M
EBITDA Margin %21.73%32.29%31.44%24.24%42.65%44.25%25.63%27.88%60.76%52.74%
Depreciation & Amortization25.97M30.39M38.22M44.26M69.88M74.08M97.43M90.96M91.52M91.36M
D&A / Revenue %8.58%15.72%14.86%11.54%23.1%15.72%14.6%12.84%32.09%28.09%
Operating Income
39.8M▲ 0%
32.02M▼ 19.5%
42.64M▲ 33.1%
48.74M▲ 14.3%
59.15M▲ 21.4%
134.41M▲ 127.2%
73.59M▼ 45.3%
106.54M▲ 44.8%
81.76M▼ 23.3%
80.19M▲ 0%
Operating Margin %13.15%16.57%16.58%12.71%19.55%28.53%11.03%15.04%28.67%24.65%
Interest Expense17.44M19.09M31.34M31.04M33.91M39.68M53.6M78.97M85.31M4M
Interest Coverage2.76x2.23x2.01x2.18x1.73x3.52x1.25x1.53x0.99x-
Non-Operating Income-8.29M-10.53M-20.47M-18.97M534K-5.08M6.79M-14.3M-2.39M-6.29M
Pretax Income
30.65M▲ 0%
23.46M▼ 23.4%
31.77M▲ 35.4%
36.68M▲ 15.5%
24.71M▼ 32.6%
99.81M▲ 303.9%
8.99M▼ 91.0%
41.88M▲ 365.7%
-1.15M▼ 102.8%
5.49M▲ 0%
Pretax Margin %10.12%12.14%12.35%9.56%8.17%21.18%1.35%5.91%-0.4%1.69%
Income Tax725K-29K-491K-283K-742K-145K1.33M-614K0-375K
Effective Tax Rate %2.37%-0.12%-1.55%-0.77%-3%-0.15%14.78%-1.47%0%-6.83%
Net Income
21.05M▲ 0%
17.2M▼ 18.3%
24.05M▲ 39.8%
29.15M▲ 21.2%
21.89M▼ 24.9%
74.75M▲ 241.4%
8.29M▼ 88.9%
35.65M▲ 330.1%
5.6M▼ 84.3%
-22.31M▲ 0%
Net Margin %6.95%8.9%9.35%7.6%7.24%15.87%1.24%5.03%1.96%-6.86%
Net Income Growth %-25.03%-18.26%39.82%21.2%-24.9%241.44%-88.91%330.13%-84.28%-218.86%
Funds From Operations (FFO)
47.02M▲ 0%
47.6M▲ 1.2%
62.27M▲ 30.8%
73.41M▲ 17.9%
91.77M▲ 25.0%
148.83M▲ 62.2%
105.71M▼ 29.0%
126.61M▲ 19.8%
97.13M▼ 23.3%
69.05M▲ 0%
FFO Margin %15.53%24.62%24.21%19.14%30.33%31.59%15.85%17.87%34.06%21.23%
FFO Growth %-8.74%1.23%30.82%17.89%25.01%62.18%-28.97%19.76%-23.29%-172.52%
FFO per Share1.111.001.171.281.512.201.561.790.950.68
FFO Payout Ratio %92.76%106.93%98.77%64.85%63.98%48.76%76.05%9.12%77.45%49.81%
EPS (Diluted)
0.29▲ 0%
0.36▲ 24.1%
0.41▲ 13.9%
0.38▼ 7.3%
0.17▼ 55.3%
0.94▲ 452.9%
-0.05▼ 105.3%
0.34▲ 780.0%
-0.13▼ 138.2%
-0.22▲ 0%
EPS Growth %-61.33%24.14%13.89%-7.32%-55.26%452.94%-105.32%780%-138.24%-1542.61%
EPS (Basic)0.290.360.410.380.120.94-0.040.24-0.12-
Diluted Shares Outstanding42.42M47.51M53.12M57.33M60.65M67.58M67.69M70.66M101.92M102.03M

AHH Balance Sheet

Armada Hoffler Properties, Inc. (AHH) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets1.04B1.27B1.8B1.92B1.94B2.24B2.56B2.51B2.6B2.48B
Asset Growth %6.17%21.31%42.64%6.21%1.1%15.7%14.3%-1.95%3.32%4.71%
Real Estate & Other Assets-1.02B-1.24B25.68M43.32M1.48B1.67B1.87B1.79B-2.07B-1.44B
PP&E (Net)829.24M984.82M1.43B56.3M70.48M69.23M113.65M111.83M110.08M99.76M
Investment Securities1000K1000K01000K1000K1000K1000K1000K1000K1000K
Total Current Assets145.84M200.19M276.71M254.16M313.65M328.77M329.42M364.87M115.33M91.73M
Cash & Equivalents19.96M21.25M39.23M41M35.25M48.14M27.92M70.64M49.15M28.55M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets12.29M152.25M177.37M144.86M85.95M3.73M2.25M24.17M-128.67M0
Intangible Assets29.88M29.18M68.7M58.15M62.04M103.87M109.14M89.74M77.61M73.11M
Total Liabilities622.84M809.49M1.15B1.16B1.16B1.34B1.76B1.62B1.77B1.72B
Total Debt517.27M694.24M1.02B1.02B1.01B1.21B1.79B1.42B1.65B1.36B
Net Debt497.31M672.99M978.4M982.46M975.26M1.17B1.77B1.35B1.6B1.33B
Long-Term Debt439.59M679.31M958.26M943.84M917.56M1.07B1.4B1.16B1.53B1.16B
Short-Term Borrowings00020M15.14M67.13M273.13M140.28M392.47M0
Capital Lease Obligations0059.38M59.61M77.81M78.15M123.4M124.01M124.67M668.08M
Total Current Liabilities66.22M69.05M35.28M79.81M124.25M157.6M200.68M323.99M424.05M0
Accounts Payable62.63M66.01M17.8M73.72M60.76M120.31M159.33M143.34M40.18M0
Deferred Revenue3.59M3.04M06.09M4.88M17.52M21.41M5.87M9.36M0
Other Liabilities156.18M101.44M96.54M67.84M27.34M23.34M23.92M20.22M19.17M356.15M
Total Equity
613.88M▲ 0%
637.91M▲ 3.9%
655.45M▲ 2.7%
990.4M▲ 51.1%
779.82M▼ 21.3%
904.01M▲ 15.9%
805.18M▼ 10.9%
889.67M▲ 10.5%
828.88M▼ 6.8%
760.18M▲ 0%
Equity Growth %11.65%3.91%2.75%51.1%-21.26%15.93%-10.93%10.49%-6.83%-14.58%
Shareholders Equity420.28M455.89M408.58M756.8M555.35M647.45M572.62M670.64M627.78M760.18M
Minority Interest193.59M182.02M246.87M233.6M224.47M256.56M232.56M219.03M201.42M0
Common Stock449K500K563K591K630K677K668K797K805K0
Additional Paid-in Capital287.41M357.35M455.68M472.75M525.03M587.88M580.69M714.64M724.67M0
Retained Earnings-61.17M-82.7M0-112.36M-141.36M-126.88M-184.72M-218.62M-269.48M0
Preferred Stock0182.02M63.25M171.09M171.09M171.09M171.09M171.09M171.09M0
Return on Assets (ROA)2.08%1.49%1.57%1.57%1.14%3.58%0.34%1.4%0.22%-0.87%
Return on Equity (ROE)3.62%2.75%3.72%3.54%2.47%8.88%0.97%4.21%0.65%-2.71%
Debt / Assets49.59%54.86%56.38%53.39%52.14%54.12%69.98%56.49%63.59%54.95%
Debt / Equity0.84x1.09x1.55x1.03x1.30x1.34x2.23x1.60x1.99x1.99x
Net Debt / EBITDA7.56x10.78x12.10x10.56x7.56x5.59x10.32x6.83x9.24x9.24x
Book Value per Share14.4713.4312.3417.2812.8613.3811.8912.598.137.45

AHH Cash Flow Statement

Armada Hoffler Properties, Inc. (AHH) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations58.02M56.09M67.73M91.18M91.18M116.86M93.31M112.02M62.87M62.87M
Operating CF Growth %-2.93%-3.33%20.76%34.62%0.01%28.16%-20.15%20.05%-43.88%-115.18%
Operating CF / Revenue %19.16%29.01%26.33%23.77%30.14%24.8%13.99%15.81%22.04%19.33%
Net Income29.93M23.49M32.26M36.96M25.45M99.95M8.29M42.49M542K-22.31M
Depreciation & Amortization25.97M30.39M38.22M44.26M52.57M55.66M64.81M68.28M91.74M31.99M
Stock-Based Compensation1.32M1.28M1.61M2.38M2.23M3.27M3.68M5.1M01.07M
Other Non-Cash Items11.73M7.85M14.5M11.37M14.41M-39.11M40.89M-8.79M-6.21M56.98M
Working Capital Changes-2.45M-9.79M-13.76M-3.79M-7.61M-2.92M-24.35M4.93M-23.2M2.12M
Cash from Investing-102.43M-240.56M-295.06M-26.23M-57.63M-33.24M-237.27M-26.7M-125.29M-103.77M
Acquisitions (Net)-1.18M-10.42M-535K-1.08M-11.61M-62.87M-70.05M0-37.99M-4.71M
Purchase of Investments-1.18M-10.42M-535K0-11.61M-62.87M-70.05M-93.43M-38.8M-23.6M
Sale of Investments12.56M35.84M55.47M0127.62M288.12M022.83M450K6.57M
Other Investing-100.07M-219.72M-329.74M-25.15M-146.54M-178.53M-97.17M74.25M-2.69M-70.15M
Cash from Financing41.84M185.61M246.86M-58.1M-43.54M-72.19M122.25M-43.26M58.18M59.13M
Dividends Paid-43.62M-50.9M-61.5M-47.6M-58.71M-72.58M-80.4M-83.89M-75.22M-51.56M
Common Dividends-43.62M-50.9M-61.5M-47.6M-58.71M-72.58M-80.4M-11.55M0-34.4M
Debt Issuance (Net)1000K1000K1000K-1000K-1000K-1000K1000K-1000K1000K3M
Share Repurchases000000-12.84M0-149K-145K
Other Financing-7.85M-4.46M-5.92M-8.91M-10.55M46.32M-6.21M-4.8M-70.16M-5.85M
Net Change in Cash
-2.28M▲ 0%
1.14M▲ 149.8%
19.53M▲ 1620.5%
6.85M▼ 64.9%
-9.99M▼ 245.8%
11.42M▲ 214.4%
-21.7M▼ 290.0%
42.06M▲ 293.8%
18.86M▼ 55.2%
3.81M▲ 0%
Exchange Rate Effect0000000023.1M-15.61M
Cash at Beginning25.19M22.92M24.05M43.58M50.43M40.44M51.87M30.17M33.52M0
Cash at End22.92M24.05M43.58M50.43M40.44M51.87M30.17M72.22M52.38M0
Free Cash Flow
45.77M▲ 0%
44.36M▼ 3.1%
48.01M▲ 8.2%
91.18M▲ 89.9%
75.69M▼ 17.0%
99.77M▲ 31.8%
93.31M▼ 6.5%
112.02M▲ 20.0%
16.62M▼ 85.2%
41.7M▲ 0%
FCF Growth %-13.77%-3.06%8.21%89.92%-16.99%31.82%-6.47%20.05%-85.17%-46.57%
FCF / Revenue %15.12%22.95%18.67%23.77%25.02%21.18%13.99%15.81%5.83%12.82%

AHH Key Ratios

Armada Hoffler Properties, Inc. (AHH) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share1.1111.171.281.512.21.561.790.950.68
FFO Payout Ratio92.76%106.93%98.77%64.85%63.98%48.76%76.05%9.12%77.45%49.81%
NOI Margin26.5%41.94%41.36%30.51%48.29%36.33%28.27%28.72%67.74%31.3%
Net Debt / EBITDA7.56x10.78x12.10x10.56x7.56x5.59x10.32x6.83x9.24x9.24x
Debt / Assets49.59%54.86%56.38%53.39%52.14%54.12%69.98%56.49%63.59%54.95%
Interest Coverage2.76x2.23x2.01x2.18x1.73x3.52x1.25x1.53x0.99x-
Book Value / Share14.4713.4312.3417.2812.8613.3811.8912.598.137.45
Revenue Growth17.18%-36.15%33.04%49.16%-21.14%55.73%41.61%6.19%-59.74%-48.34%

AHH SEC Filings & Documents

Armada Hoffler Properties, Inc. (AHH) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 4, 2026·SEC

Material company update

Mar 16, 2026·SEC

Material company update

Feb 19, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 26, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Feb 29, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 7, 2025·SEC

FY 2025

May 9, 2025·SEC

AHH Frequently Asked Questions

Armada Hoffler Properties, Inc. (AHH) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Armada Hoffler Properties, Inc. (AHH) reported $325.3M in revenue for fiscal year 2025. This represents a 150% increase from $130.2M in 2011.

Armada Hoffler Properties, Inc. (AHH) saw revenue decline by 59.7% over the past year.

Armada Hoffler Properties, Inc. (AHH) reported a net loss of $22.3M for fiscal year 2025.

Dividend & Returns

Yes, Armada Hoffler Properties, Inc. (AHH) pays a dividend with a yield of 11.42%. This makes it attractive for income-focused investors.

Armada Hoffler Properties, Inc. (AHH) has a return on equity (ROE) of 0.7%. This is below average, suggesting room for improvement.

Industry Metrics

Armada Hoffler Properties, Inc. (AHH) generated Funds From Operations (FFO) of $69.1M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Armada Hoffler Properties, Inc. (AHH) offers a 11.42% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More AHH

Armada Hoffler Properties, Inc. (AHH) financial analysis — history, returns, DCA and operating performance tools

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Dividend History

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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