Armada Hoffler Properties, Inc. (AHH) 10-Year Financial Performance & Capital Metrics

AHH • • REIT / Real Estate

Real EstateDiversified REITsMulti-Property Diversified REITsRegional Diversified Property Owners

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 $708M +6.2%
FFO $127M +19.8%
FFO/Share 1.24 -20.8%
FFO Payout 9.12% -88.0%
FFO per Share 1.24 -20.8%
NOI Margin 28.72% +1.6%
FFO Margin 17.87% +12.8%
ROE 4.21% +333.8%
ROA 1.4% +307.2%
Debt/Assets 56.49% -19.3%
Net Debt/EBITDA 6.83 -33.8%
Book Value/Share 8.70 -26.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FFO growing 9.3% TTM
✓Sustainable FFO payout ratio of 9.1%
✓Trading at only 0.8x book value

✗Weaknesses

✗Weak 3Y average ROE of 4.7%
✗Low NOI margin of 28.7%
✗Shares diluted 51.1% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y15.47%

5Y22.46%

3Y32.8%

TTM-39.94%

Profit (Net Income) CAGR

10Y10.82%

5Y2.15%

3Y17.64%

TTM957.99%

EPS CAGR

10Y-3.97%

5Y-10.16%

3Y25.99%

TTM251.42%

ROCE

10Y Avg3.94%

5Y Avg4.17%

3Y Avg4.96%

Latest4.68%

Peer Comparison

Regional Diversified Property Owners

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MDRRMedalist Diversified REIT, Inc.	14.09M	12.67	521.19	-5.23%	-21.2%	-8.56%	6.34%	2.38
UEUrban Edge Properties	2.35B	18.66	31.10	6.73%	24.12%	8.16%	6.52%	1.24
AHHArmada Hoffler Properties, Inc.	565.08M	7.05	29.38	6.19%	5.7%	3.07%	19.82%	1.60
ALEXAlexander & Baldwin, Inc.	1.51B	20.83	25.10	13.31%	33.62%	7.25%	3.12%	0.47
ESRTEmpire State Realty Trust, Inc.	1.08B	6.40	22.86	3.19%	5.81%	2.5%	24.09%	1.39
AATAmerican Assets Trust, Inc.	1.14B	18.69	19.88	3.78%	14.58%	5.75%	11.98%	1.81
MKZRMacKenzie Realty Capital, Inc.	8.07M	4.36	-0.23	40.19%	-130.46%	-24.47%		1.47
FVRFrontView REIT, Inc.	354.9M	16.39	-11.15	24.14%	-4.13%	-0.54%	5.78%	0.54

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	252.44M	258.38M	302.77M	193.32M	257.2M	383.63M	302.53M	471.13M	667.16M	708.47M
Revenue Growth %	0.5%	0.02%	0.17%	-0.36%	0.33%	0.49%	-0.21%	0.56%	0.42%	0.06%
Property Operating Expenses	192.33M	184.91M	222.54M	112.23M	150.83M	266.57M	156.45M	299.96M	478.57M	505.02M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	31.55M	44.88M	47.76M	51.34M	67.33M	73.72M	86.94M	36.76M	115M	96.91M
G&A Expenses	8.4M	9.55M	10.44M	11.43M	12.39M	12.9M	14.61M	15.69M	18.12M	20.23M
EBITDA+	49.74M	258.97M	301.53M	196.9M	269.73M	374.88M	129.03M	208.5M	171.01M	197.5M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	23.15M	232.29M	269.82M	164.88M	206.62M	326.14M	69.88M	74.08M	97.43M	90.96M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	26.58M	26.68M	31.72M	32.02M	63.11M	48.74M	59.15M	134.41M	73.59M	106.54M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	13.33M	16.47M	17.44M	19.09M	31.34M	31.04M	33.91M	39.68M	57.81M	78.97M
Interest Coverage	1.99x	1.62x	1.82x	1.68x	2.01x	1.57x	1.74x	3.39x	1.27x	1.35x
Non-Operating Income	-17.9M	-32.88M	-16.37M	-10.53M	-20.47M	-18.97M	534K	-5.08M	6.79M	-14.3M
Pretax Income+	31.15M	43.1M	30.65M	23.46M	31.77M	36.68M	24.71M	99.81M	8.99M	41.88M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-34K	343K	725K	-29K	-491K	-283K	-742K	-145K	1.33M	-614K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	31.18M	42.76M	21.05M	17.2M	32.05M	29.15M	21.89M	74.75M	8.29M	35.65M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.44%	0.37%	-0.51%	-0.18%	0.86%	-0.09%	-0.25%	2.41%	-0.89%	3.3%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.79%	4.06%	0.06%	-0.37%	0.31%	0.49%	-0.74%	0.62%	-0.29%	0.2%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.75	0.85	0.50	0.36	0.41	0.38	0.12	0.72	-0.05	0.24
EPS Growth %	1.08%	0.13%	-0.41%	-0.28%	0.14%	-0.07%	-0.68%	5%	-1.07%	5.98%
EPS (Basic)	1.04	1.14	0.50	0.36	0.41	0.38	0.12	0.72	-0.05	0.34
Diluted Shares Outstanding	30.08M	37.49M	42.09M	47.79M	53.12M	57.33M	83.65M	88.34M	67.69M	102.3M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	689.55M	982.47M	1.04B	1.27B	1.8B	1.92B	1.94B	2.24B	2.56B	2.51B
Asset Growth %	0.17%	0.42%	0.06%	0.21%	0.43%	0.06%	0.01%	0.16%	0.14%	-0.02%
Real Estate & Other Assets+	534.65M	-956.48M	-1.02B	-1.24B	25.68M	43.32M	1.48B	1.67B	1.87B	1.79B
PP&E (Net)	3.5M	768.05M	829.24M	984.82M	1.43B	56.3M	70.48M	69.23M	113.65M	111.83M
Investment Securities	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	136.47M	139.33M	145.84M	200.19M	276.71M	254.16M	313.65M	328.77M	329.42M	364.87M
Cash & Equivalents	26.99M	21.94M	19.96M	21.25M	39.23M	41M	35.25M	48.14M	27.92M	70.64M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	2.82M	3.25M	12.29M	152.25M	177.37M	157.57M	85.95M	3.73M	2.25M	24.17M
Intangible Assets	18.42M	38.85M	29.88M	29.18M	68.7M	58.15M	0	0	0	89.74M
Total Liabilities	463.83M	633.49M	622.84M	809.49M	1.15B	1.16B	1.16B	1.34B	1.76B	1.62B
Total Debt+	377.59M	522.18M	517.27M	694.24M	1.02B	1.02B	1.01B	1.21B	1.79B	1.42B
Net Debt	350.6M	500.24M	497.31M	672.99M	978.4M	982.46M	975.26M	1.17B	1.77B	1.35B
Long-Term Debt	377.59M	476.97M	439.59M	679.31M	958.26M	943.84M	917.56M	1.07B	1.4B	1.16B
Short-Term Borrowings	0	0	0	0	0	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	5.87M	15.54M	13.83M	12.68M	59.38M	59.61M	77.81M	78.15M	123.4M	124.01M
Total Current Liabilities+	60.76M	72.1M	66.22M	69.05M	35.28M	79.81M	124.25M	157.6M	200.68M	323.99M
Accounts Payable	58.54M	61.93M	62.63M	66.01M	17.8M	73.72M	60.76M	120.31M	159.33M	143.34M
Deferred Revenue	2.22M	10.17M	3.59M	3.04M	0	6.09M	4.88M	17.52M	21.41M	5.87M
Other Liabilities	72.14M	135.99M	156.18M	101.44M	96.54M	67.84M	27.34M	23.34M	23.92M	20.22M
Total Equity+	401.89M	549.81M	613.88M	637.91M	655.45M	990.4M	779.82M	904.01M	805.18M	889.67M
Equity Growth %	0.23%	0.37%	0.12%	0.04%	0.03%	0.51%	-0.21%	0.16%	-0.11%	0.1%
Shareholders Equity	225.72M	348.98M	420.28M	455.89M	408.58M	756.8M	555.35M	647.45M	572.62M	670.64M
Minority Interest	176.17M	200.84M	193.59M	182.02M	246.87M	233.6M	224.47M	256.56M	232.56M	219.03M
Common Stock	300K	374K	449K	500K	563K	591K	630K	677K	668K	797K
Additional Paid-in Capital	102.91M	197.11M	287.41M	357.35M	455.68M	472.75M	525.03M	587.88M	580.69M	714.64M
Retained Earnings	-53.01M	-49.34M	-61.17M	-82.7M	0	-112.36M	-141.36M	-126.88M	-184.72M	-218.62M
Preferred Stock	176.17M	0	0	182.02M	63.25M	171.09M	171.09M	171.09M	171.09M	171.09M
Return on Assets (ROA)	0.05%	0.05%	0.02%	0.01%	0.02%	0.02%	0.01%	0.04%	0%	0.01%
Return on Equity (ROE)	0.09%	0.09%	0.04%	0.03%	0.05%	0.04%	0.02%	0.09%	0.01%	0.04%
Debt / Assets	0.55%	0.53%	0.5%	0.55%	0.56%	0.53%	0.52%	0.54%	0.7%	0.56%
Debt / Equity	0.94x	0.95x	0.84x	1.09x	1.55x	1.03x	1.30x	1.34x	2.23x	1.60x
Net Debt / EBITDA	7.05x	1.93x	1.65x	3.42x	3.63x	2.62x	7.56x	5.59x	10.32x	6.83x
Book Value per Share	13.36	14.67	14.58	13.35	12.34	17.28	9.32	10.23	11.89	8.70

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	33.09M	59.77M	58.02M	56.09M	67.73M	91.18M	91.18M	116.86M	93.31M	112.02M
Operating CF Growth %	0.05%	0.81%	-0.03%	-0.03%	0.21%	0.35%	0%	0.28%	-0.2%	0.2%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	31.18M	42.76M	29.93M	23.49M	32.26M	36.96M	25.45M	99.95M	8.29M	42.49M
Depreciation & Amortization	18.68M	23.45M	25.97M	30.39M	38.22M	44.26M	52.57M	55.66M	64.81M	68.28M
Stock-Based Compensation	931K	1.08M	1.32M	1.28M	1.61M	2.38M	2.23M	3.27M	3.68M	5.1M
Other Non-Cash Items	4.58M	12.05M	11.73M	7.85M	14.5M	11.37M	14.41M	-39.11M	40.89M	-8.79M
Working Capital Changes	-4.81M	9.38M	-2.45M	-9.79M	-13.76M	-3.79M	-7.61M	-2.92M	-24.35M	4.93M
Cash from Investing+	-56.38M	-226.46M	-102.43M	-240.56M	-295.06M	-26.23M	-57.63M	-33.24M	-237.27M	-26.7M
Acquisitions (Net)	0	-8.82M	-1.18M	-10.42M	-535K	-1.08M	-11.61M	-62.87M	-70.05M	0
Purchase of Investments	-121.16M	-118.18M	-1.18M	-10.42M	-535K	0	-11.61M	-62.87M	-70.05M	-93.43M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	0	1000K
Other Investing	-56.38M	-217.64M	-100.07M	-219.72M	-329.74M	-25.15M	-146.54M	-178.53M	-97.17M	74.25M
Cash from Financing+	24.4M	161.64M	41.84M	185.61M	246.86M	-58.1M	-43.54M	-72.19M	122.25M	-43.26M
Dividends Paid	-27.02M	-33.84M	-43.62M	-50.9M	-61.5M	-47.6M	-58.71M	-72.58M	-80.4M	-83.89M
Common Dividends	-27.02M	-33.84M	-43.62M	-50.9M	-61.5M	-47.6M	-58.71M	-72.58M	-80.4M	-11.55M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K	1000K	-1000K
Share Repurchases	0	0	0	0	0	0	0	0	-12.84M	0
Other Financing	-2.56M	-3.31M	-7.85M	-4.46M	-5.92M	-8.91M	-10.55M	46.32M	-6.21M	-4.8M
Net Change in Cash+	1.11M	-5.05M	-2.28M	1.14M	19.53M	6.85M	-9.99M	11.42M	-21.7M	42.06M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	25.88M	26.99M	25.19M	22.92M	24.05M	43.58M	50.43M	40.44M	51.87M	30.17M
Cash at End	26.99M	21.94M	22.92M	24.05M	43.58M	50.43M	40.44M	51.87M	30.17M	72.22M
Free Cash Flow+	24.25M	53.07M	45.77M	44.36M	48.01M	91.18M	75.69M	99.77M	93.31M	112.02M
FCF Growth %	-0.23%	1.19%	-0.14%	-0.03%	0.08%	0.9%	-0.17%	0.32%	-0.06%	0.2%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	1.81	7.34	6.91	3.81	4.49	6.2	1.1	1.68	1.56	1.24
FFO Payout Ratio	49.73%	12.3%	15%	27.95%	25.77%	13.4%	63.98%	48.76%	76.05%	9.12%
NOI Margin	23.81%	28.44%	26.5%	41.94%	41.36%	30.51%	48.29%	36.33%	28.27%	28.72%
Net Debt / EBITDA	7.05x	1.93x	1.65x	3.42x	3.63x	2.62x	7.56x	5.59x	10.32x	6.83x
Debt / Assets	54.76%	53.15%	49.59%	54.86%	56.38%	53.39%	52.14%	54.12%	69.98%	56.49%
Interest Coverage	1.99x	1.62x	1.82x	1.68x	2.01x	1.57x	1.74x	3.39x	1.27x	1.35x
Book Value / Share	13.36	14.67	14.58	13.35	12.34	17.28	9.32	10.23	11.89	8.7
Revenue Growth	50.2%	2.35%	17.18%	-36.15%	33.04%	49.16%	-21.14%	55.73%	41.61%	6.19%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
General Contracting And Real Estate Services	-	-	-	76.36M	105.86M	-	-	234.86M	413.13M	433.18M
General Contracting And Real Estate Services Growth	-	-	-	-	38.63%	-	-	-	75.91%	4.85%
Retail Real Estate	32.06M	56.51M	63.11M	-	-	-	-	-	-	103.44M
Retail Real Estate Growth	-	76.24%	11.68%	-	-	-	-	-	-	-
Office Real Estate	31.53M	20.93M	19.21M	-	-	-	-	-	-	95.01M
Office Real Estate Growth	-	-33.63%	-8.23%	-	-	-	-	-	-	-
Multifamily Residential Real Estate	-	-	-	-	-	-	-	-	-	58.26M
Multifamily Residential Real Estate Growth	-	-	-	-	-	-	-	-	-	-
General Contracting And Real Estate Services	171.27M	159.03M	194.03M	-	-	217.15M	91.94M	-	-	-
General Contracting And Real Estate Services Growth	-	-7.15%	22.01%	-	-	-	-57.66%	-	-	-
Multifamily	-	21.91M	26.42M	-	-	-	-	-	-	-
Multifamily Growth	-	-	20.56%	-	-	-	-	-	-	-
Multi Family	17.57M	-	-	-	-	-	-	-	-	-
Multi Family Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Armada Hoffler Properties, Inc. (AHH) has a price-to-earnings (P/E) ratio of 29.4x. This suggests investors expect higher future growth.

Growth & Financials

Armada Hoffler Properties, Inc. (AHH) reported $454.6M in revenue for fiscal year 2024. This represents a 249% increase from $130.2M in 2011.

Armada Hoffler Properties, Inc. (AHH) grew revenue by 6.2% over the past year. This is steady growth.

Yes, Armada Hoffler Properties, Inc. (AHH) is profitable, generating $25.9M in net income for fiscal year 2024 (5.0% net margin).

Dividend & Returns

Yes, Armada Hoffler Properties, Inc. (AHH) pays a dividend with a yield of 1.60%. This makes it attractive for income-focused investors.

Armada Hoffler Properties, Inc. (AHH) has a return on equity (ROE) of 4.2%. This is below average, suggesting room for improvement.

Industry Metrics

Armada Hoffler Properties, Inc. (AHH) generated Funds From Operations (FFO) of $123.9M in the trailing twelve months. FFO is the primary profitability metric for REITs.

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