Revenue: As of FY2025 Q4, the actual value is USD 75.6 M.EPS: As of FY2025 Q4, the actual value is USD -0.01.EBIT: As of FY2025 Q4, the actual value is USD 43 M.<h4>Operational Metrics</h4>For the full year 2025, Funds From Operations (FFO) per diluted share was $0.78, and Normalized FFO per diluted share was $1.08. The weighted average stabilized portfolio occupancy stood at 95.3% as of December 31, 2025. During the fourth quarter of 2025, Armada Hoffler Properties, Inc. achieved a 14.0% GAAP increase and an 8.3% cash increase in commercial new and renewed lease spreads. Commercial Same Store Net Operating Income (NOI) saw a GAAP increase of 7.7% and a cash increase of 8.9% for Q4 2025 compared to Q4 2024.Net (Loss) Income per Diluted Share Attributable to Common Stockholders and OP for the three months ended December 31, 2025, was - $0.01, compared to - $0.04 for September 30, 2025, $0.04 for June 30, 2025, and - $0.07 for March 31, 2025. Normalized FFO per Diluted Share Attributable to Common Stockholders and OP Unitholders was $0.29 for the three months ended December 31, 2025, consistent with the prior quarter, and up from $0.25 for June 30, 2025, and March 31, 2025.<h4>Segment Revenue</h4>Total revenues for the three months ended December 31, 2025, increased to $75,602 thousand from $67,343 thousand in the same period of 2024. For the full year 2025, total revenues grew to $285,201 thousand from $274,068 thousand in 2024. Rental revenues specifically rose to $71,952 thousand for the three months ended December 31, 2025, from $62,953 thousand in the prior year period, and to $269,624 thousand for the full year 2025, up from $256,697 thousand in 2024.<h4>Operating Profit and Net Income</h4>Operating income for the three months ended December 31, 2025, was $23,438 thousand, a decrease from $37,602 thousand in the same period of 2024. The full-year operating income for 2025 was $80,847 thousand, down from $92,515 thousand in 2024. Net income for the three months ended December 31, 2025, was $1,962 thousand, a significant decrease from $29,036 thousand in the comparable 2024 period. For the full year, net income was $3,598 thousand in 2025, compared to $42,494 thousand in 2024. Net (Loss) Income Attributable to Armada Hoffler Properties, Inc. and OP Unitholders for the three months ended December 31, 2025, was - $957 thousand, compared to $26,140 thousand in the prior year period, and - $7,851 thousand for the full year 2025, compared to $30,903 thousand in 2024.<h4>Funds From Operations (FFO) and Adjusted FFO (AFFO)</h4>FFO for the three months ended December 31, 2025, was $23,102 thousand, and for the full year 2025, it was $79,417 thousand. Normalized FFO for the three months ended December 31, 2025, was $29,490 thousand, and for the full year 2025, it was $110,103 thousand, a decrease from $118,893 thousand in 2024. AFFO for the three months ended December 31, 2025, was $17,756 thousand, and for the full year 2025, it was $75,593 thousand, down from $86,274 thousand in 2024. For the year ended December 31, 2025, NAREIT FFO was $79.4 million, or $0.78 per diluted share. Pro Forma FFO for the year ended December 31, 2025, was $54.5 million, or $0.53 per diluted share, after adjustments for GCRES, Multifamily, and Real Estate Financing.<h4>Balance Sheet and Capitalization</h4>As of December 31, 2025, total assets were $2,596,201 thousand, up from $2,512,863 thousand as of December 31, 2024. Total debt was $1,526,584 thousand as of December 31, 2025, an increase from $1,295,559 thousand in 2024. Total equity capitalization was $857,559 thousand as of December 31, 2025, decreasing from $880,229 thousand at September 30, 2025, and $937,841 thousand at March 31, 2025. The total capitalization was $2,384,143 thousand as of December 31, 2025.<h4>Debt Metrics</h4>As of December 31, 2025, the Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre was 5.5x. Net Debt / Total Adjusted EBITDAre was 8.1x, and Net Debt + Preferred / Total Adjusted EBITDAre was 9.0x. The company’s debt was 65% fixed or hedged. The weighted average years to maturity for debt was 2.5 years as of December 31, 2025. The total debt to enterprise value was 65%. Present Net Debt/EBITDA stands at 8.1x, and Net Debt + Pref/EBITDA at 9.0x.<h4>Liquidity</h4>Total liquidity, including cash on hand and availability under credit agreements, was $127,433 thousand as of December 31, 2025.<h4>Segment Performance (Three Months Ended December 31, 2025)</h4><ul><li>Retail Real Estate: Rental revenues were $25,399 thousand, and segment net operating income was $18,774 thousand.</li><li>Office Real Estate: Rental revenues were $28,832 thousand, and segment net operating income was $19,005 thousand.</li><li>Multifamily Real Estate: Rental revenues were $17,721 thousand, and segment net operating income was $10,146 thousand.</li><li>Real Estate Financing: Interest income was $3,571 thousand, and segment net operating income was $1,361 thousand.</li></ul><h4>Development and Redevelopment</h4>As of December 31, 2025, consolidated development projects included Southern Post (mixed-use) with an estimated cost of $132,600 thousand and The Allied | Harbor Point (mixed-use) with an estimated cost of $242,100 thousand. Redevelopment projects included Columbus Village II, Town Center of Virginia Beach, Pembroke Square, and Broad Creek Shopping Center, with total estimated costs of $17,975 thousand.<h4>Outlook / Guidance</h4>Armada Hoffler Properties, Inc. anticipates 2026 Retail NOI to be between $68.5 million and $70.0 million, Office NOI to range from $58.5 million to $60.0 million, and Equity Method Investment (EMI) Property Income between $3.4 million and $3.9 million. The company projects Pro Forma Funds From Operations (FFO) of $52.1 million to $56.1 million, translating to Pro Forma FFO per diluted share of $0.50 to $0.54 for 2026. Strategic initiatives include disposing of the General Contracting and Real Estate Services (GCRES) business and most of its Multifamily Portfolio in 2026, alongside acquiring approximately $50 million of Retail Properties.

Armada Hoffler Properties | 8-K: FY2025 Q4 Revenue: USD 75.6 M