AHRT

EX-99.1

2 ahrt2026q2ex991earningsrel.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

AH REALTY TRUST REPORTS SECOND QUARTER 2026 RESULTS

GAAP Net Loss of $0.25 Per Diluted Share for the Second Quarter

FFO, As Adjusted of $0.14 Per Diluted Share for the Second Quarter

Raised Full Year 2026 FFO, As Adjusted Guidance to $0.53 to $0.57 Per Diluted Share

Office Same Store NOI Growth of 8.3% (Cash)

Positive Office New Lease Spreads of 20.5% (GAAP) and 9.5% (Cash)

Retail Same Store NOI Growth of 2.9% (Cash)

Positive Retail Renewal Spreads of 11.5% (GAAP) and 8.7% (Cash)

VIRGINIA BEACH, VA, August 3, 2026 – AH Realty Trust (NYSE: AHRT) today announced its results for the quarter ended June 30, 2026 and provided an update on current events and earnings guidance.

Second Quarter and Recent Highlights:

•Raised full-year 2026 FFO, as Adjusted by 6% from original guidance to $0.53 to $0.57 per diluted share, driven by continued NOI growth across the retail and mixed-use office portfolio, sooner than anticipated debt paydowns from closing the Multifamily Portfolio Sale First Closing sooner than anticipated, and the accretive impact of the Company's share repurchase activity. Portfolio performance was highlighted by:

◦Better than anticipated office leasing activity and spreads

◦Sooner than expected retail tenant openings and rent commencements

◦Higher than anticipated percentage rent from retail tenants

◦OpEx savings resulting from successful real estate tax appeals

◦Lower than anticipated bad debt

•As part of its ongoing governance enhancements supporting the Company’s strategic transformation, the Company advanced its board refreshment process by electing Theodore Bigman and Lori Wittman as independent directors at the Company’s 2026 Annual Meeting of Stockholders (the “2026 Annual Meeting”); Following the 2026 Annual Meeting, Dennis Gartman and George Allen retired from the board and each of Mr. Bigman and Ms. Wittman were appointed to the board’s Audit Committee. Additionally, F. Blair Wimbush was appointed Chair of the board's Nominating and Corporate Governance Committee and was appointed to the board's Compensation Committee.

•On May 20, 2026, the Company completed the sale of nine multifamily properties and six of the retail and office components of the properties, for aggregate gross proceeds of $485.0 million, generating a net gain on sale of $18.8 million, after transaction costs and escrow amounts (the "Multifamily Portfolio Sale First Closing"). Using these proceeds, the Company repaid $265.5 million of secured debt and $195.0 million of unsecured debt on the revolving credit facility, reducing our Net Debt to Total Adjusted EBITDAre leverage metric to 7.1x. Two multifamily properties remain under contract for $77.0 million.

"This has been the most consequential and productive quarter in AH Realty Trust's history," said Shawn Tibbetts, Chairman, President and Chief Executive Officer. "In a matter of months, we fundamentally transformed this company, closing $485 million in multifamily sales, redeploying approximately $460 million of those proceeds directly to debt paydown, and expanding our share repurchase

authorization to $100 million, actions that have rebuilt the foundation of this company. Most importantly, we have done so while operating our retail and mixed-use office portfolio with efficiency and excellence. Given the continued strength of our portfolio, the transformational actions we have completed, and our visibility into the coming quarters, we are raising our full-year 2026 FFO, As Adjusted guidance range to $0.53 to $0.57 per diluted share, underscoring the progress we are making to simplify AH Realty Trust into a more focused real estate platform centered on disciplined capital allocation and long term shareholder value creation."

Second Quarter and Recent Highlights Continued:

•On April 30, 2026, the Company fully realized $17.2 million for The Allure at Edinburgh real estate financing investment and used the proceeds to pay down debt.

•On April 30, 2026, the Company completed the sale of the general contracting and real estate services business for total economic consideration of $2.4 million, further advancing our strategic plan to simplify the business and focus on core retail and office operations.

•During the quarter ended June 30, 2026, the Company repurchased 2.0 million shares of common stock for $12.4 million, bringing the total for the year to 5.6 million for a total of $33.2 million.

•Net loss attributable to common stockholders and OP Unitholders of $24.2 million, or $0.25 per diluted share, compared to net income attributable to common stockholders and OP Unitholders of $3.9 million, or $0.04 per diluted share, for the three months ended June 30, 2025.

•Funds from operations attributable to common stockholders and OP Unitholders ("FFO") of $15.4 million, or $0.16 per diluted share, compared to $19.0 million, or $0.19 per diluted share, for the three mon

EX-99.1

2 ahrt2026q1ex991earningsrel.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

AH REALTY TRUST REPORTS FIRST QUARTER 2026 RESULTS

GAAP Net Loss of $0.33 Per Diluted Share for the First Quarter

FFO, As Adjusted of $0.15 Per Diluted Share for the First Quarter

Office Same Store NOI Growth of 0.7% (Cash)

Positive Office New Lease Spreads of 9.6% (GAAP) and 7.2% (Cash)

Retail Same Store NOI Growth of 2.2% (Cash)

Positive Retail Renewal Spreads of 10.7% (GAAP) and 4.5% (Cash)

VIRGINIA BEACH, VA, May 4, 2026 – AH Realty Trust (NYSE: AHRT) today announced its results for the quarter ended March 31, 2026 and provided an update on current events and earnings guidance.

First Quarter and Recent Highlights:

•On February 16, 2026, we announced a fundamental business restructuring to eliminate complexity, strengthen the balance sheet, and relentlessly focus on operating a streamlined real estate platform. The restructuring includes:

•Exiting the multifamily property sector to unlock embedded value, reduce leverage, and sharpen focus on retail and office properties;

•Divesting construction and real estate financing businesses; and

•Launching AH Realty Trust, effective March 2, 2026, a new corporate identity that reflects the fundamental restructuring of the business.

•As part of its ongoing governance enhancements supporting the Company’s strategic transformation, AH Realty Trust advanced its board refreshment process by nominating Theodore Bigman and Lori Wittman as independent directors; Dennis Gartman and George Allen will retire from the Board following the 2026 Annual Meeting and F. Blair Wimbush was appointed Chair of the Nominating and Corporate Governance Committee.

•On March 13, 2026, we entered into a binding purchase and sale agreement to sell an 11-asset multifamily portfolio for $562.0 million in cash, subject to certain adjustments.

•On March 27, 2026, we sold the Peachtree and North Creek real estate financing investments for an aggregate purchase price of $63.8 million and used the proceeds to pay down our debt.

•Through April 2, 2026, we repurchased 4.2 million shares of common stock for a total of $24.1 million

•On April 30, 2026, we fully realized $17.2 million for The Allure at Edinburgh real estate financing investment and used the proceeds to pay down our debt.

•On April 30, 2026, we completed the sale of the construction business for $2.4 million.

"In the first quarter of 2026, we delivered solid operating results driven by strong performance in our retail and office portfolios, exceeding our internal expectations," said Shawn Tibbetts, Chairman, President and Chief Executive Officer. "As a result of the performance of the retail, and mixed use office portfolio, our visibility into the coming quarters and the transformational actions taken to date, we are raising full-year 2026 FFO, As Adjusted guidance to $0.51 to $0.55 per diluted share, underscoring the progress we are making to simplify AH Realty Trust into a more focused real estate platform centered on disciplined operations and long term shareholder value creation."

•Net loss attributable to common stockholders and OP Unitholders of $33.3 million, or $0.33 per diluted share, compared to net loss attributable to common stockholders and OP Unitholders of $7.2 million, or $0.07 per diluted share, for the three months ended March 31, 2025.

•Funds from operations attributable to common stockholders and OP Unitholders ("FFO") of $20.6 million, or $0.20 per diluted share, compared to $17.2 million, or $0.17 per diluted share, for the three months ended March 31, 2025. See "Non-GAAP Financial Measures."

•FFO, As Adjusted from operations attributable to common stockholders and OP Unitholders ("FFO, As Adjusted") of $15.1 million, or $0.15 per diluted share, compared to $14.6 million, or $0.14 per diluted share, for the three months ended March 31, 2025. See "Non-GAAP Financial Measures."

•As of March 31, 2026, weighted average stabilized portfolio leased occupancy was 95.4%. Retail leased occupancy was 94.8% and office leased occupancy was 96.0%.

•As of March 31, 2026, weighted average stabilized portfolio economic occupancy was 90.1%. Retail economic occupancy was 92.5% and office economic occupancy was 87.7%.

•Positive spreads on renewals across retail segment at 10.7% (GAAP) and 4.5% (Cash). No renewals in office segment for the quarter.

•Executed 20 commercial lease renewals and 11 new commercial leases during the first quarter for an aggregate of 130,667 net rentable square feet.

•Same Store Net Operating Income ("NOI") increased 2.2% for the retail segment and 0.7% for the office segment on a cash basis compared to the quarter ended March 31, 2025.

•During the first quarter of 2026, unrealized losses on non-designated interest rate derivatives that negatively affected FFO were $2.1 million. As of March 31, 2026, the value of the Company’s entire interest rate derivative portfolio, net of unrealized losses, w

EX-99.1

2 ahh2025q4ex991earningsrele.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

ARMADA HOFFLER REPORTS FOURTH QUARTER 2025 RESULTS

GAAP Net Loss of $0.01 Per Diluted Share for the Fourth Quarter

and $0.08 per Diluted Share for the Full Year

Normalized FFO of $0.29 Per Diluted Share for the Fourth Quarter

and $1.08 per Diluted Share for the Full Year

Office Same Store NOI Growth of 10.4% (GAAP)

Positive Office Renewal Spreads of 9.1% (GAAP) and 2.5% (Cash)

Positive Retail Renewal Spreads of 15.3% (GAAP) and 10.1% (Cash)

VIRGINIA BEACH, VA, February 17, 2026 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended December 31, 2025 and provided an update on current events and earnings guidance.

Fourth Quarter and Recent Highlights:

•Net loss attributable to common stockholders and OP Unitholders of $1.0 million, or $0.01 per diluted share, compared to net income attributable to common stockholders and OP Unitholders of $26.1 million, or $0.26 per diluted share, for the three months ended December 31, 2024.

•Funds from operations attributable to common stockholders and OP Unitholders ("FFO") of $23.1 million, or $0.23 per diluted share, compared to $29.7 million, or $0.29 per diluted share, for the three months ended December 31, 2024. See "Non-GAAP Financial Measures."

•Normalized funds from operations attributable to common stockholders and OP Unitholders ("Normalized FFO") of $29.5 million, or $0.29 per diluted share, compared to $27.8 million, or $0.27 per diluted share, for the three months ended December 31, 2024. See "Non-GAAP Financial Measures."

•As of December 31, 2025, weighted average stabilized portfolio occupancy was 95.3%. Retail occupancy was 94.9%, office occupancy was 96.4%, and multifamily occupancy was 94.6%.

•Positive spreads on renewals across all commercial segments:

◦Retail 15.3% (GAAP) and 10.1% (Cash)

◦Office 9.1% (GAAP) and 2.5% (Cash)

•During the fourth quarter of 2025, two new retail leases at Columbus Village II in Town Center of Virginia Beach opened for business - Trader Joes with a 14,000-square-foot lease and Golf Galaxy with a 19,000-square-foot lease. As of December 31, 2025, Columbus Village II is at 95.3% occupancy.

•Same Store Net Operating Income ("NOI") increased 6.3% on a GAAP basis compared to the quarter ended December 31, 2024.

•During the fourth quarter of 2025, unrealized losses on non-designated interest rate derivatives that negatively affected FFO were $4.9 million. As of December 31, 2025, the value of the Company’s entire interest rate derivative portfolio, net of unrealized losses, was $7.9 million. These losses are excluded from Normalized FFO.

•On October 16, 2025, the Company announced that its Board of Directors unanimously appointed Shawn J. Tibbetts as Chairman of the Board, effective January 1, 2026. This appointment represents the final step in the succession plan initiated in 2024. Mr. Tibbetts continues to serve as the President and Chief Executive Officer.

•On December 10, 2025, the Company acquired Solis Gainesville II. The consideration for such acquisition included the repayment of the Company's outstanding $26.9 million preferred equity investment in the project.

Financial Results

Net loss attributable to common stockholders and OP Unit holders for the fourth quarter was $1.0 million compared to net income attributable to common stockholders and OP Unit holders of $26.1 million for the fourth quarter of 2024. The period-over-period change was primarily driven by gains on the dispositions of Nexton Square and Market at Mill Creek in the fourth quarter of 2024.

FFO attributable to common stockholders and OP Unit holders for the fourth quarter of 2025 was $23.1 million compared to $29.7 million for the fourth quarter of 2024. The period-over-period decrease in FFO was primarily due to a decrease in the unrealized gains of derivatives and an increase in portfolio NOI, partially offset by an increase in interest expense due to less capitalized interest in 2025 due to properties coming out of development. Normalized FFO attributable to common stockholders and OP Unit holders for the fourth quarter increased to $29.5 million compared to $27.8 million for the fourth quarter of 2024. The year-over-year increase in Normalized FFO was primarily due to an increase in portfolio NOI, partially offset by an increase in interest expense due to less capitalized interest in 2025 due to properties coming out of development.

Net loss attributable to common stockholders and OP Unit holders for the full year was $7.9 million compared to net income of $30.9 million for the year ended December 31, 2024. FFO attributable to common stockholders and OP Unit holders for the full year decreased to $79.4 million compared to $99.8 million for the year ended December 31, 2024. Normalized FFO attributable to common stockholders and OP Unit holders for the full year decreased to $110.1 million compared

EX-99.1

2 ahh2025q3ex991earningsrele.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

ARMADA HOFFLER REPORTS THIRD QUARTER 2025 RESULTS

GAAP Net Loss of $0.04 Per Diluted Share for the Third Quarter

Normalized FFO of $0.29 Per Diluted Share for the Third Quarter

Positive Commercial Releasing Spreads of 6.0% (GAAP) and 6.6% (Cash)

Approximately 270K Net Rentable Square Feet of New and Renewed Commercial Lease Space

Maintained 2025 Full-Year Normalized FFO Guidance Range of $1.03 to $1.07 per Diluted Share

VIRGINIA BEACH, VA, November 3, 2025 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended September 30, 2025 and provided an update on current events and earnings guidance.

Third Quarter and Recent Highlights:

•Net loss attributable to common stockholders and OP Unit holders of $3.6 million, or $0.04 per diluted share, compared to net loss attributable to common stockholders and OP Unit holders of $10.4 million, or $0.11 per diluted share, for the three months ended September 30, 2024.

•Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $20.2 million, or $0.20 per diluted share, compared to $12.7 million, or $0.14 per diluted share, for the three months ended September 30, 2024. See "Non-GAAP Financial Measures."

•Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $29.6 million, or $0.29 per diluted share, compared to $31.4 million, or $0.35 per diluted share, for the three months ended September 30, 2024. See "Non-GAAP Financial Measures."

•As of September 30, 2025, weighted average stabilized portfolio occupancy was 95.7%. Retail occupancy was 96.0%, office occupancy was 96.5%, and multifamily occupancy was 94.2%.

•Positive spreads on renewals across all commercial segments:

◦Retail 5.7% (GAAP) and 6.5% (Cash)

◦Office 21.6% (GAAP) and 8.9% (Cash)

◦Multifamily 2.3% (GAAP and Cash)

•Executed 25 commercial lease renewals and 7 new commercial leases during the third quarter for an aggregate of approximately 270,000 of net rentable square feet.

“Our third quarter results highlight the consistency and strength of our portfolio,” said Shawn Tibbetts, President and Chief Executive Officer. “Property-level income continues to outperform our 2025 guidance, contributing to beating consensus for the quarter. We are simplifying the business, driving operational excellence, and leveraging data-driven insights to enhance performance across the platform. With a disciplined approach to capital allocation and a focus on recurring property-level earnings, we are strengthening the balance sheet and positioning Armada Hoffler for sustainable growth and long-term value creation.”

•Same Store Net Operating Income ("NOI") increased 1.0% on a GAAP basis compared to the quarter ended September 30, 2024.

•Third-party construction backlog as of September 30, 2025 was $83.9 million and general contracting and real estate services gross profit for the third quarter was $2.1 million.

•During the third quarter of 2025, unrealized losses on non-designated interest rate derivatives that negatively affected FFO were $8.1 million. As of September 30, 2025, the value of the Company’s entire interest rate derivative portfolio, net of unrealized losses, was $13.4 million. These losses are excluded from Normalized FFO.

•On July 22, 2025, the Company, entered into a note purchase agreement with institutional investors, in the aggregate amount of $115.0 million of senior unsecured notes of the Operating Partnership, consisting of notes with 3, 5, and 7 year maturities and interest rates of 5.57%, 5.78%, and 6.09%, respectively.

•On October 16, 2025, the Company announced that its Board of Directors unanimously appointed Shawn J. Tibbetts as Chairman of the Board, effective January 1, 2026. This appointment represents the final step in the succession plan initiated in 2024. Mr. Tibbetts will continue to serve as President and Chief Executive Officer, and Louis S. Haddad will continue to serve as director on the Company's Board of Directors.

Financial Results

Net loss attributable to common stockholders and OP Unit holders for the third quarter was $3.6 million compared to $10.4 million for the third quarter of 2024. The year-over-year change was primarily due to a decrease in unrealized losses reflected in change in fair value of derivatives as well as a decrease in salaries and compensation due to the severance paid in the third quarter of 2024, partially offset by a decrease in construction gross profit due to the close-out of contracts and an increase in interest expense.

FFO attributable to common stockholders and OP Unit holders for the third quarter was $20.2 million compared to $12.7 million for the third quarter of 2024. The year-over-year increase in FFO was primarily due to a decrease in unrealized losses reflected in change in fair value of derivatives as well as a decre

EX-99.1

2 ahh2025q2ex991earningsrele.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

ARMADA HOFFLER REPORTS SECOND QUARTER 2025 RESULTS

GAAP Net Income of $0.04 Per Diluted Share for the Second Quarter

Normalized FFO of $0.25 Per Diluted Share for the Second Quarter

Same Store NOI Growth of 1.4% (GAAP)

Positive Office Releasing Spreads of 11.7% (GAAP) and 5.5% (Cash)

Positive Retail Renewal Spreads of 10.8% (GAAP) and 5.5% (Cash)

Approximately 161K Net Rentable Square Feet of New and Renewed Commercial Lease Space

Maintained 2025 Full-Year Normalized FFO Guidance Range of $1.00 to $1.10 per Diluted Share

VIRGINIA BEACH, VA, August 4, 2025 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended June 30, 2025 and provided an update on current events and earnings guidance.

Second Quarter and Recent Highlights:

•Net income attributable to common stockholders and OP Unit holders of $3.9 million, or $0.04 per diluted share, compared to net income attributable to common stockholders and OP Unit holders of $0.4 million, or $0.00 per diluted share, for the three months ended June 30, 2024.

•Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $19.0 million, or $0.19 per diluted share, compared to $22.4 million, or $0.25 per diluted share, for the three months ended June 30, 2024. See "Non-GAAP Financial Measures."

•Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $25.4 million, or $0.25 per diluted share, compared to $30.2 million, or $0.34 per diluted share, for the three months ended June 30, 2024. See "Non-GAAP Financial Measures."

•As of June 30, 2025, weighted average stabilized portfolio occupancy was 94.9%. Retail occupancy was 94.2%, office occupancy was 96.3%, and multifamily occupancy was 94.0%.

•Positive spreads on renewals across all commercial segments:

◦Retail 10.8% (GAAP) and 5.5% (Cash)

◦Office 11.7% (GAAP) and 5.5% (Cash)

•Executed 14 commercial lease renewals and 10 new commercial leases during the second quarter for an aggregate of approximately 161,000 of net rentable square feet.

“We believe our focus on high-quality properties that generate stable, predictable income positions us to deliver long-term value to our shareholders,” said Shawn Tibbetts, Chief Executive Officer and President. “We are building on our strengths to create a more agile Armada Hoffler; one positioned to deliver consistent, durable earnings growth and long-term value.”

•Same Store Net Operating Income ("NOI") increased 1.4% on a GAAP basis compared to the quarter ended June 30, 2024.

•Third-party construction backlog as of June 30, 2025 was $106.6 million and general contracting and real estate services gross profit for the second quarter was $1.4 million.

•During the second quarter of 2025, unrealized gains on non-designated interest rate derivatives that positively affected FFO were $3.8 million. As of June 30, 2025, the value of the Company’s entire interest rate derivative portfolio, net of unrealized gains, was $8.2 million. These gains are excluded from Normalized FFO.

•On June 10, 2025, the Company acquired the remaining interest of its partner for the Harbor Point Parcel 4 (“Allied | Harbor Point”) project, resulting in Harbor Point Parcel 4 Development, LLC becoming a wholly owned subsidiary of the Company.

•On July 22, 2025, the Company, as parent guarantor, and Armada Hoffler, L.P., the Company’s operating partnership (the “Operating Partnership”), as borrower, entered into a note purchase agreement with institutional investors, pursuant to which the Operating Partnership sold, and the institutional investors purchased, an aggregate of $115.0 million of senior unsecured notes of the Operating Partnership, consisting of (a) $25.0 million aggregate principal amount of 5.57% Senior Notes, Series A, due July 22, 2028, (b) $45.0 million aggregate principal amount of 5.78% Senior Notes, Series B, due July 22, 2030 and (c) $45.0 million aggregate principal amount of 6.09% Senior Notes, Series C, due July 22, 2032 (collectively, the “Notes”). The Company utilized the proceeds of the sale of the Notes to repay the $65.0 million construction loan secured by the Southern Post mixed-use asset and $48.0 million under the Company’s revolving credit facility.

•On July 24, 2025, the Company entered into four interest rate swap agreements with a total notional of $820.0 million and a SOFR rate of 2.25%. The interest rate swaps will expire on August 1, 2026. The Company paid $14.0 million in premiums for the transactions.

Financial Results

Net income attributable to common stockholders and OP Unit holders for the second quarter was $3.9 million compared to net income attributable to common stockholders and OP Unit holders of $0.4 million for the second quarter of 2024. The period-over-period change was primarily due to the $6.9 million gain on consolidation of Alli

EX-99.1

2 ahh2025q1ex991earningsrele.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

ARMADA HOFFLER REPORTS FIRST QUARTER 2025 RESULTS

GAAP Net Loss of $(0.07) Per Diluted Share for the First Quarter

Normalized FFO of $0.25 Per Diluted Share for the First Quarter

Office Same Store NOI Growth of 9.2% (GAAP)

Positive Office Releasing Spreads of 23.3% (GAAP) and 3.7% (Cash)

Positive Retail Renewal Spreads of 11.0% (GAAP) and 7.4% (Cash)

Approximately 313K Net Rentable Square Feet of New and Renewed Commercial Lease Space

Maintained 2025 Full-Year Normalized FFO Guidance Range of $1.00 to $1.10 per Diluted Share

VIRGINIA BEACH, VA, May 7, 2025 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended March 31, 2025 and provided an update on current events and earnings guidance.

First Quarter and Recent Highlights:

•Net loss attributable to common stockholders and OP Unit holders of $7.2 million, or $0.07 per diluted share, compared to net income attributable to common stockholders and OP Unit holders of $14.8 million, or $0.17 per diluted share, for the three months ended March 31, 2024.

•Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $17.2 million, or $0.17 per diluted share, compared to $35.0 million, or $0.40 per diluted share, for the three months ended March 31, 2024. See "Non-GAAP Financial Measures."

•Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $25.6 million, or $0.25 per diluted share, compared to $29.4 million, or $0.33 per diluted share, for the three months ended March 31, 2024. See "Non-GAAP Financial Measures."

•As of March 31, 2025, weighted average stabilized portfolio occupancy was 95.7%. Retail occupancy was 94.5%, office occupancy was 97.5%, and multifamily occupancy was 95.0%.

•Positive spreads on renewals across all commercial segments:

◦Retail 11.0% (GAAP) and 7.4% (Cash)

◦Office 23.3% (GAAP) and 3.7% (Cash)

•Executed 31 commercial lease renewals and 11 new commercial leases during the first quarter for an aggregate of approximately 313,000 of net rentable square feet.

"Our portfolio continues to deliver a solid performance, reflecting the strength of our assets and disciplined approach to operations," said Shawn Tibbetts, Chief Executive Officer and President. "We are executing our strategy with focus and agility, ensuring we remain well-positioned to create long-term value in today's dynamic environment."

•Office Same Store Net Operating Income ("NOI") increased 9.2% on a GAAP basis compared to the quarter ended March 31, 2024.

•Third-party construction backlog as of March 31, 2025 was $80.4 million and general contracting and real estate services gross profit for the first quarter was $1.4 million.

•During the first quarter of 2024, unrealized gains on non-designated interest rate derivatives that positively affected FFO were $5.6 million. As of March 31, 2025, the value of the Company’s entire interest rate derivative portfolio, net of unrealized gains, was $13.1 million. These losses are excluded from Normalized FFO.

•In January, the Company entered into an interest rate swap agreement with a notional of $150.0 million and a SOFR rate of 2.50%. The Company paid a $4.6 million premium for this transaction.

Financial Results

Net loss attributable to common stockholders and OP Unit holders for the first quarter was $7.2 million compared to net income attributable to common stockholders and OP Unit holders of $14.8 million for the first quarter of 2024. The period-over-period change was primarily due to a decrease in the fair value of undesignated interest rate swap derivatives, a decrease in general contracting and real estate services gross profit, and the recognition of equity in loss of unconsolidated real estate entities, partially offset by an increase in portfolio NOI recognized during the quarter.

FFO attributable to common stockholders and OP Unit holders for the first quarter was $17.2 million compared to $35.0 million for the first quarter of 2024. The year-over-year decrease in FFO was primarily due to a decrease in the fair value of undesignated interest rate swap derivatives, a decrease in general contracting and real estate services gross profit, and the recognition of equity in loss of unconsolidated real estate entities, partially offset by an increase in portfolio NOI recognized during the quarter. Normalized FFO attributable to common stockholders and OP Unit holders for the first quarter decreased to $25.6 million compared to $29.4 million for the first quarter of 2024. The year-over-year decrease in Normalized FFO was primarily due to the decrease in general contracting and real estate services gross profit and the recognition of equity in loss of unconsolidated real estate entities, partially offset by an increase in portfolio NOI recognized during the quarter.

Operating Performance

At the end

EX-99.1

2 ahh2024q4ex991earningsrele.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

ARMADA HOFFLER REPORTS FOURTH QUARTER 2024 RESULTS

GAAP Net Income of $0.26 Per Diluted Share for the Fourth Quarter

and $0.33 per Diluted Share for the Full Year

Normalized FFO of $0.27 Per Diluted Share for the Fourth Quarter

and $1.29 per Diluted Share for the Full Year

Office Same Store NOI Growth of 12.3% (GAAP)

Positive Office Releasing Spreads of 18.7% (GAAP) and 3.5% (Cash)

Positive Retail Renewal Spreads of 11.1% (GAAP) and 2.9% (Cash)

Approximately 315K Net Rentable Square Feet of New and Renewed Commercial Lease Space

Introduced 2025 Full-Year Normalized FFO Guidance Range of $1.00 to $1.10 per Diluted Share

VIRGINIA BEACH, VA, February 19, 2025 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended December 31, 2024 and provided an update on current events and earnings guidance.

Fourth Quarter and Recent Highlights:

•Net income attributable to common stockholders and OP Unit holders of $26.1 million, or $0.26 per diluted share, compared to net loss attributable to common stockholders and OP Unit holders of $23.9 million, or $0.27 per diluted share, for the three months ended December 31, 2023.

•Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $29.7 million, or $0.29 per diluted share, compared to $11.1 million, or $0.13 per diluted share, for the three months ended December 31, 2023. See "Non-GAAP Financial Measures."

•Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $27.8 million, or $0.27 per diluted share, compared to $27.9 million, or $0.31 per diluted share, for the three months ended December 31, 2023. See "Non-GAAP Financial Measures."

•As of December 31, 2024, weighted average stabilized portfolio occupancy was 96.0%. Retail occupancy was 95.3%, office occupancy was 97.2%, and multifamily occupancy was 95.3%.

•Positive spreads on renewals across all segments:

◦Retail 11.1% (GAAP) and 2.9% (Cash)

◦Office 18.7% (GAAP) and 3.5% (Cash)

◦Multifamily 4.7% (GAAP and Cash)

•Executed 21 lease renewals and 23 new leases during the fourth quarter for an aggregate of approximately 315,000 of net rentable square feet.

"We remain committed to our core goal - improving the income stream and balance sheet quality," said Shawn Tibbetts, Chief Executive Officer and President. "Our short-term strategy is centered on positioning the company for sustainable growth while maintaining financial strength in an evolving market."

•Office Same Store Net Operating Income ("NOI") increased 12.3% on a GAAP basis compared to the quarter ended December 31, 2023.

•Third-party construction backlog as of December 31, 2024 was $123.8 million and general contracting and real estate services gross profit for the fourth quarter was $2.1 million.

•During the fourth quarter of 2024, unrealized gains on non-designated interest rate derivatives that positively affected FFO were $2.5 million. As of December 31, 2024, the value of the Company’s entire interest rate derivative portfolio, net of unrealized gains, was $15.9 million. These losses are excluded from Normalized FFO.

•Consistent with the Company's previously announced succession plan, on November 14, 2024, Louis S. Haddad informed our board of directors of his decision to resign from his position as Chief Executive Officer of the Company (“Chief Executive Officer”), effective December 31, 2024. Mr. Haddad remains a director and the Executive Chairman of the Company's board through the Company’s 2025 annual meeting of stockholders, at which Mr. Haddad is expected to be nominated for reelection to the board. Pursuant to the succession plan, the board appointed Shawn J. Tibbetts, the Company’s President and Chief Operating Officer, to the position of Chief Executive Officer effective January 1, 2025. The board appointed Mr. Tibbetts to the board in connection with his promotion to Chief Executive Officer.

•On November 27, 2024, the Company closed on a loan secured by the Premier Retail and Premier Apartments properties, using the $29.4 million in proceeds to pay off the $24.5 million balance of the loan secured by the Southgate Square retail property and pay down the amount outstanding on the credit facility.

•On December 18, 2024, the Company completed the disposition of the Market at Mill Creek and Nexton Square retail properties for gross proceeds of $82.0 million, resulting in a combined net gain on real estate dispositions of $21.3 million. The proceeds were used to pay off the $21.1 million loan secured by the Nexton Square property and pay down the amount outstanding on the credit facility.

•For the year ended December 31, 2024, the Company sold 2,288,541 shares of common stock under the Company's at-the-market program for gross proceeds of $26.5 million.

Financial Results

Net income attributable to common stockh

EX-99.1

2 ahh2024q3ex991earningsrele.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

ARMADA HOFFLER REPORTS THIRD QUARTER 2024 RESULTS

GAAP Net Loss of $10.4 million

Normalized FFO of $0.35 Per Diluted Share

Office Same Store NOI Growth of 6.1% (GAAP)

Positive Office Renewal Spreads of 18.5% (GAAP) and 0.8% (Cash)

Office Occupancy Increased to 94.7%

Positive Retail Renewal Spreads of 13.1% (GAAP) and 7.8% (Cash)

Retail Occupancy Increased to 96.2%

Positive Tradeouts on Multifamily Renewals of 1.8%

Narrowed 2024 Full-Year Normalized FFO Guidance Range of $1.25 to $1.27 Per Diluted Share

VIRGINIA BEACH, VA, November 4, 2024 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended September 30, 2024 and provided an update on current events and earnings guidance.

Third Quarter and Recent Highlights:

•Net loss attributable to common stockholders and OP Unit holders of $10.4 million, or $0.11 per diluted share, compared to net income attributable to common stockholders and OP Unit holders of $5.3 million, or $0.06 per diluted share, for the three months ended September 30, 2023.

•Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $12.7 million, or $0.14 per diluted share, compared to $27.6 million, or $0.31 per diluted share, for the three months ended September 30, 2023. See "Non-GAAP Financial Measures."

•Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $31.4 million, or $0.35 per diluted share, compared to $27.7 million, or $0.31 per diluted share, for the three months ended September 30, 2023. See "Non-GAAP Financial Measures."

•Narrowed the Company's previous guidance range for 2024 full-year Normalized FFO of $1.25 to $1.27 per diluted share.

•As of September 30, 2024, weighted average stabilized portfolio occupancy was 95.4%. Retail occupancy was 96.2%, office occupancy was 94.7%, and multifamily occupancy was 95.3%.

•Positive spreads on renewals across all segments:

◦Retail 13.1% (GAAP) and 7.8% (Cash)

◦Office 18.5% (GAAP) and 0.8% (Cash)

◦Multifamily 1.8% (GAAP and Cash)

""This quarter’s results, including our 95.4% stabilized portfolio wide occupancy, underscore our best-in-class portfolio, featuring minimal commercial lease maturities for the next few years, that continues to provide long term value," said Louis Haddad, Chief Executive Officer. "The Company is moving toward a stronger balance sheet, higher emphasis on property NOI and less reliance on fee income over time and I look forward to supporting Shawn and the rest of the management team as Executive Chair.”

•Executed 28 lease renewals and 9 new leases during the third quarter for an aggregate of 273,212 of net rentable square feet.

•Office Same Store Net Operating Income ("NOI") increased 6.1% on a GAAP basis compared to the quarter ended September 30, 2023.

•Third-party construction backlog as of September 30, 2024 was $193.1 million and construction gross profit for the third quarter was $3.4 million.

•During the third quarter of 2024, unrealized losses on non-designated interest rate derivatives that negatively affected FFO were $16.7 million. As of September 30, 2024, the value of the Company’s entire interest rate derivative portfolio, net of unrealized losses, was $11.1 million. These losses are excluded from Normalized FFO.

•In July, realized $25.8 million in cash upon full redemption of the Solis City Park II preferred equity investment.

•Raised $108.7 million of gross proceeds in an underwritten public offering of 10.35 million shares of the Company's common stock at a public offering price of $10.50 per share. Net proceeds, after deducting the underwriting discount and offering expenses, totaled $103.4 million.

Financial Results

Net loss attributable to common stockholders and OP Unit holders for the third quarter decreased to $10.4 million compared to net income attributable to common stockholders and OP Unit holders of $5.3 million for the third quarter of 2023. The period-over-period change was primarily due to a decrease in the fair value of undesignated interest rate swap derivatives as well as higher interest expense, partially offset by an increase in portfolio NOI and general contracting gross profit recognized during the quarter.

FFO attributable to common stockholders and OP Unit holders for the third quarter was $12.7 million compared to $27.6 million for the third quarter of 2023. The period-over-period decrease in FFO was primarily due to a decrease in the fair value of undesignated interest rate swap derivatives, as well as higher interest expense, partially offset by an increase in portfolio NOI, interest income, and general contracting gross profit recognized during the quarter. Normalized FFO attributable to common stockholders and OP Unit holders for the third quarter increased to $31.4 million compared to $27.7 million for the third quarter of

EX-99.1

2 ahh2024q2ex991earningsrele.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

ARMADA HOFFLER REPORTS SECOND QUARTER 2024 RESULTS

GAAP Net Income of $0.4 million

Normalized FFO of $0.34 Per Diluted Share

Office Same Store NOI Growth of 9.0% (GAAP) and 7.7% (Cash);

Positive Office Renewal Spreads of 24.3% (GAAP) and 4.4% (Cash)

Office Occupancy Increased to 94.3%

Positive Renewal Spreads on Retail Leases of 5.8% (GAAP) and 2.9% (Cash)

Positive Tradeouts on Multifamily Renewals of 4.3%

Maintained 2024 Full-Year Normalized FFO Guidance Range of $1.21 to $1.27 Per Diluted Share

VIRGINIA BEACH, VA, August 7, 2024 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended June 30, 2024 and provided an update on current events and earnings guidance.

Second Quarter and Recent Highlights:

•Net income attributable to common stockholders and OP Unit holders of $0.4 million, or $0.00 per diluted share, compared to $11.7 million, or $0.13 per diluted share, for the three months ended June 30, 2023.

•Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $22.4 million, or $0.25 per diluted share, compared to $31.4 million, or $0.35 per diluted share, for the three months ended June 30, 2023. See "Non-GAAP Financial Measures."

•Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $30.2 million, or $0.34 per diluted share, compared to $28.3 million, or $0.32 per diluted share, for the three months ended June 30, 2023. See "Non-GAAP Financial Measures."

•Maintained the Company's previous guidance range for 2024 full-year Normalized FFO of $1.21 to $1.27 per diluted share.

•As of June 30, 2024, weighted average stabilized portfolio occupancy was 94.9%. Retail occupancy was 95.4%, office occupancy was 94.3%, and multifamily occupancy was 94.9%.

•Positive spreads on renewals across all segments:

◦Retail 5.8% (GAAP) and 2.9% (Cash)

◦Office 24.3% (GAAP) and 4.4% (Cash)

◦Multifamily 4.3% (GAAP and Cash)

"This quarter’s results, including our 94.9% portfolio wide occupancy, underscore our commitment to delivering superior value and achieving long-term growth, reinforcing the strength and resilience of our portfolio," said Louis Haddad, Chief Executive Officer. "Our focus on managing high-quality real estate assets and strategic investments have proven to be a cornerstone of our success."

•Executed 23 lease renewals and 9 new leases during the second quarter for an aggregate of 248,714 of net rentable square feet.

•Same Store NOI increased 0.6% on a GAAP basis and 1.8% on a cash basis compared to the quarter ended June 30, 2023.

•Third-party construction backlog as of June 30, 2024 was $302.9 million and construction gross profit for the second quarter was $4.3 million.

•During the second quarter of 2024, unrealized losses on non-designated interest rate derivatives that negatively affected FFO were $2.0 million. As of June 30, 2024, the value of the Company’s entire interest rate derivative portfolio, net of unrealized losses, was $32.5 million. These losses are excluded from normalized FFO.

•In July, realized $25.8 million in cash upon full redemption of the Solis City Park II preferred equity investment.

Financial Results

Net income attributable to common stockholders and OP Unit holders for the second quarter decreased to $0.4 million compared to $11.7 million for the second quarter of 2023. The period-over-period change was primarily due to acquisition, development, and other pursuit costs and impairment of real estate assets related to an undeveloped land parcel in predevelopment located in Charlotte, North Carolina as well as higher interest expense, partially offset by an increase in portfolio NOI and general contracting gross profit and positive income tax benefits recognized during the quarter.

FFO attributable to common stockholders and OP Unit holders for the second quarter was $22.4 million compared to $31.4 million for the second quarter of 2023. The period-over-period increase in FFO and Normalized FFO was due to acquisition, development, and other pursuit costs and impairment of real estate assets related to an undeveloped land parcel in predevelopment located in Charlotte, North Carolina, as well as higher interest expense, partially offset by an increase in portfolio NOI, interest income, and general contracting gross profit, as well as positive income tax benefits recognized during the quarter. Normalized FFO attributable to common stockholders and OP Unit holders for the second quarter increased to $30.2 million compared to $28.3 million for the second quarter of 2023. The period-over-period increase in Normalized FFO was due to increases in portfolio NOI, interest income, and general contracting gross profit as well as positive income tax benefits recognized during the quarter, partially offset by higher interest expense.

Operating Performance

A

EX-99.1

2 ahh2024q1ex991earningsrele.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

ARMADA HOFFLER REPORTS FIRST QUARTER 2024 RESULTS

Net Income of $0.17 Per Diluted Share

Normalized FFO of $0.33 Per Diluted Share

Multifamily Same Store NOI Growth of 2.6% (GAAP) and 2.5% (Cash)

Positive Renewal Spreads on Commercial Leases of 11.5% (GAAP) and 3.7% (Cash)

Maintained 2024 Full-Year Normalized FFO Guidance Range of $1.21 to $1.27 Per Diluted Share

VIRGINIA BEACH, VA, May 9, 2024 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended March 31, 2024 and provided an update on current events and earnings guidance.

First Quarter and Recent Highlights:

•Net income attributable to common stockholders and OP Unit holders of $14.8 million, or $0.17 per diluted share, compared to $2.4 million, or $0.03 per diluted share, for the three months ended March 31, 2023.

•Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $35.0 million, or $0.40 per diluted share, compared to $20.6 million, or $0.23 per diluted share, for the three months ended March 31, 2023. See "Non-GAAP Financial Measures."

•Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $29.4 million, or $0.33 per diluted share, compared to $26.5 million, or $0.30 per diluted share, for the three months ended March 31, 2023. See "Non-GAAP Financial Measures."

•Maintained the Company's previous guidance range for 2024 full-year Normalized FFO of $1.21 to $1.27 per diluted share.

•As of March 31, 2024, weighted average portfolio occupancy was 94.7%. Retail occupancy was 95.4%, office occupancy was 93.6%, and multifamily occupancy was 95.1%.

•First quarter commercial lease renewal spreads increased 11.5% on a GAAP basis and 3.7% on a cash basis.

•Executed 21 lease renewals and 3 new leases during the first quarter for an aggregate of 115,549 of net rentable square feet.

"We continue to see our portfolio produce robust operating metrics, above our peer set, maintaining confidence in our guidance," said Louis Haddad, Chief Executive Officer. "Our strong start to 2024 is highlighted by our 95% portfolio occupancy, positive releasing spreads, and ongoing focus on strategic capital allocation. Demand remains strong for our premier locations and mixed-use projects that are the preferred destination for today's consumers, tenants, office workers, and corporate leaders envisioning the future success of their enterprises.”

•Same Store NOI increased 0.4% on a GAAP basis and 0.8% on a cash basis compared to the quarter ended March 31, 2023.

•Third-party construction backlog as of March 31, 2024 was $343.4 million and construction gross profit for the first quarter was $4.1 million.

•Announced the appointment of F. Blair Wimbush to the Company’s Board of Directors.

•During the first quarter of 2024, unrealized gains on non-designated interest rate derivatives that positively affected FFO were $6.5 million. As of March 31, 2024, the value of the Company’s entire interest rate derivative portfolio, net of unrealized gains, was $35.0 million. These gains are excluded from normalized FFO.

Financial Results

Net income attributable to common stockholders and OP Unit holders for the first quarter increased to $14.8 million compared to $2.4 million for the first quarter of 2023. The period-over-period change was primarily due to an increase in property net operating income, primarily as a result of acquisitions and positive releasing spreads, as well as higher general contracting gross profit, higher interest income, and unrealized gains on derivatives not designated as cash flow hedges.

FFO attributable to common stockholders and OP Unit holders for the first quarter increased to $35.0 million compared to $20.6 million for the first quarter of 2023. Normalized FFO attributable to common stockholders and OP Unit holders for the first quarter increased to $29.4 million compared to $26.5 million for the first quarter of 2023. The period-over-period increases in FFO and Normalized FFO were due to an increase in property net operating income primarily as a result of acquisitions and positive releasing spreads, as well as higher general contracting gross profit and higher interest income.

Operating Performance

At the end of the first quarter, the Company’s retail, office, and multifamily stabilized operating property portfolios were 95.4%, 93.6%, and 95.1% occupied, respectively.

Total construction contract backlog was $343.4 million as of March 31, 2024.

Interest income from real estate financing investments was $4.0 million for the three months ended March 31, 2024.

Balance Sheet and Financing Activity

As of March 31, 2024, the Company had $1.4 billion of total debt outstanding, including $289 million outstanding under its revolving credit facility. Total debt outstanding excludes GAAP adjustments and deferred financing costs

EX-99.1

2 q4_2023ex991earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

ARMADA HOFFLER REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS

Net Loss of $0.27 per Diluted Share for the Fourth Quarter

and $0.05 per Diluted Share for the Full Year

Normalized FFO of $0.31 per Diluted Share for the Fourth Quarter

and $1.24 per Diluted Share for the Full Year

Announced 5% Increase in the Quarterly Cash Dividend on Common Stock

Dividends Declared During the Year Represent a 7.6% Year-Over-Year Increase

Introduced 2024 Full-Year Normalized FFO Guidance Range of $1.21 to $1.27 per Diluted Share

VIRGINIA BEACH, VA, February 22, 2024 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter and year ended December 31, 2023 and provided an update on current events.

Highlights include:

•Net loss attributable to common stockholders and OP Unitholders of $23.9 million and $4.5 million for the three months and year ended December 31, 2023, respectively, or $0.27 and $0.05 per diluted share, respectively.

•Funds from operations attributable to common stockholders and OP Unitholders ("FFO") of $11.1 million and $90.7 million for the three months and year ended December 31, 2023, respectively, or $0.13 and $1.02 per diluted share, respectively. See "Non-GAAP Financial Measures."

•Normalized funds from operations attributable to common stockholders and OP Unitholders ("Normalized FFO") of $27.9 million and $110.5 million for the three months and year ended December 31, 2023, or $0.31 and $1.24 per diluted share, respectively. See "Non-GAAP Financial Measures."

•Investment grade credit rating of BBB reaffirmed by Morningstar DBRS.

•Announced that the Board of Directors declared a cash dividend of $0.205 per common share, representing a 5% increase over the prior quarter's dividend.

•Dividends declared during the year ended December 31, 2023 of $0.775 per share, representing a 7.6% year-over-year increase.

•Introduced 2024 full-year Normalized FFO guidance of $1.21 to $1.27 per diluted share.

"As we reflect on our performance throughout the fourth quarter and the year, I am proud of our team's dedication and resilience, which has translated into exceptional results,” said Louis Haddad, Chief Executive Officer. “Best in market properties in healthy markets give us the ability to continue adding to earnings and dividends. We remain steadfast in our commitment to delivering value for our stakeholders and seizing opportunities for strategic expansion."

1

•As part of the Company's leadership succession planning initiatives, appointed Shawn Tibbetts to President, in addition to his existing role as Chief Operating Officer. The Company's Board of Directors also endorses founder and current Chairman Dan Hoffler's intent to relinquish his role as Board Chairman in June 2024, whose role is expected to be assumed by Louis Haddad. Pending the shareholders’ vote at the 2024 Annual Meeting of Stockholders, Hoffler will continue to serve as a member of the Board of Directors as Chairman Emeritus.

•Fourth quarter commercial lease renewal spreads increased 11.3% on a GAAP basis and 0.4% on a cash basis.

•Executed 16 lease renewals and 8 new leases during the fourth quarter for an aggregate of 204,966 of net rentable square feet.

•Property segment net operating income ("NOI") of $39.3 million for the fourth quarter of 2023, which represents a 4.2% increase compared to $37.7 million for the fourth quarter of 2022.

•Property segment NOI of $160.1 million for the year ended December 31, 2023, which represents a 9.3% increase compared to $146.5 million for the year ended December 31, 2022.

•Same Store NOI for the fourth quarter of 2023 decreased 6.0% on a GAAP basis and increased less than 0.1% on a cash basis compared to the fourth quarter of 2022.

•Same Store NOI for the year ended December 31, 2023 increased 0.9% on a GAAP basis and 2.3% on a cash basis compared to the year ended December 31, 2022.

•For the year ended December 31, 2023, the Company repurchased 1,204,838 shares of common stock for a total of $12.6 million.

•Third-party construction backlog as of December 31, 2023 was $472.2 million and construction gross profit for the fourth quarter was $3.5 million.

•Weighted average stabilized portfolio occupancy was 96.1% as of December 31, 2023. Retail occupancy was 97.4%, office occupancy was 95.3%, and multifamily occupancy was 95.5%.

•During the fourth quarter of 2023, unrealized losses on non-designated interest rate derivatives that negatively affected FFO were $16.2 million. As of December 31, 2023, the value of the Company’s entire interest rate derivative portfolio, net of unrealized losses, was $28.9 million.

Financial Results

Net (loss) income attributable to common stockholders and OP Unitholders for the fourth quarter was a net loss of $23.9 million compared to net income of $11.5 million for the fourth quarter of 2022. FFO attributable to common stockhol

EX-99.1

2 ahh2023q3ex991earningsrele.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

ARMADA HOFFLER REPORTS THIRD QUARTER 2023 RESULTS

Net Income of $0.06 Per Diluted Share

Normalized FFO of $0.31 Per Diluted Share

Same Store NOI Growth of 4.4% (GAAP) and 5.9% (Cash)

Positive Renewal Spreads on Commercial Leases of 14.5% (GAAP) and 4.9% (Cash)

Maintained 2023 Full-Year Normalized FFO Guidance Range of $1.23 to $1.27 Per Diluted Share

VIRGINIA BEACH, VA, November 2, 2023 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended September 30, 2023 and provided an update on current events.

Third Quarter and Recent Highlights:

•Net income attributable to common stockholders and OP Unit holders of $5.3 million, or $0.06 per diluted share, compared to $33.9 million, or $0.38 per diluted share, for the three months ended September 30, 2022.

•Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $27.6 million, or $0.31 per diluted share, compared to $22.7 million, or $0.26 per diluted share, for the three months ended September 30, 2022. See "Non-GAAP Financial Measures."

•Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $27.7 million, or $0.31 per diluted share, compared to $25.8 million, or $0.29 per diluted share, for the three months ended September 30, 2022. See "Non-GAAP Financial Measures."

•Maintained the Company's previous guidance range for 2023 full-year Normalized FFO of $1.23 to $1.27 per diluted share.

•Maintained a 97% weighted average portfolio occupancy as of September 30, 2023. Retail occupancy was 98%, office occupancy was 96%, and multifamily occupancy was 96%.

•Third quarter commercial lease renewal spreads increased 14.5% on a GAAP basis and 4.9% on a cash basis.

•Same Store NOI increased 4.4% on a GAAP basis and 5.9% on a cash basis compared to the quarter ended September 30, 2022:

◦Retail Same Store NOI increased 6.6% on a GAAP basis and 6.4% on a cash basis.

◦Office Same Store NOI increased 2.3% on a GAAP basis and 8.1% on a cash basis.

◦Multifamily Same Store NOI increased 3.1% on a GAAP basis and 2.2% on a cash basis.

•Third-party construction backlog as of September 30, 2023 was $513.6 million and construction gross profit for the third quarter was $3.3 million.

“Our vertically integrated business model continues to prove advantageous in most any economic climate and our best-in-market properties yielded impressive results for yet another quarter,” said Louis Haddad, President & CEO of Armada Hoffler. “Our ability to execute among several lines of business gives us an ability to preserve earnings growth while making the right real estate decisions for the long-term. We fully intend to continue adding to earnings and dividends in 2024 as we anticipate the market will eventually recognize superior out-performance in the commercial real estate sector.”

Financial Results

Net income attributable to common stockholders and OP Unit holders for the third quarter decreased to $5.3 million compared to $33.9 million for the third quarter of 2022. The period-over-period change was primarily due to gains recognized on dispositions in the third quarter of 2022. The decrease was partially offset by an increase in property net operating income primarily due to acquisitions, positive releasing spreads, same store NOI growth, and higher general contracting gross profit.

FFO attributable to common stockholders and OP Unit holders for the third quarter increased to $27.6 million compared to $22.7 million for the third quarter of 2022. Normalized FFO attributable to common stockholders and OP Unit holders for the third quarter increased to $27.7 million compared to $25.8 million for the third quarter of 2022. The period-over-period increases in FFO and Normalized FFO were due to an increase in property net operating income primarily due to acquisitions, positive releasing spreads, same store NOI growth, and higher general contracting gross profit, partially offset by higher interest expense.

Operating Performance

At the end of the third quarter, the Company’s retail, office, and multifamily stabilized operating property portfolios were 98.1%, 96.1%, and 96.0% occupied, respectively.

Total construction contract backlog was $513.6 million as of September 30, 2023.

Interest income from real estate financing investments was $3.5 million for the three months ended September 30, 2023.

Balance Sheet and Financing Activity

As of September 30, 2023, the Company had $1.3 billion of total debt outstanding, including $200 million outstanding under its revolving credit facility. Total debt outstanding excludes GAAP adjustments and deferred financing costs. Approximately 74% of the Company’s debt had fixed interest rates or was subject to interest rate swaps as of September 30, 2023. The Company’s debt was 95% fixed or economically hedged as of September 30,

EX-99.1

2 ahh2023q2ex991earningsrele.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

ARMADA HOFFLER REPORTS SECOND QUARTER 2023 RESULTS

Net Income of $0.13 Per Diluted Share

Normalized FFO of $0.32 Per Diluted Share

Completed the Off-Market, Mixed-Use Acquisition of The Interlock in Atlanta's West Midtown

Announced $50 Million Common and Preferred Stock Repurchase Program

Maintained 2023 Full-Year Normalized FFO Guidance Range of $1.23 to $1.27 Per Diluted Share

VIRGINIA BEACH, VA, August 3, 2023 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended June 30, 2023 and provided an update on current events.

Second Quarter and Recent Highlights:

•Net income attributable to common stockholders and OP Unit holders of $11.7 million, or $0.13 per diluted share, compared to $27.8 million, or $0.31 per diluted share, for the three months ended June 30, 2022.

•Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $31.4 million, or $0.35 per diluted share, compared to $27.0 million, or $0.31 per diluted share, for the three months ended June 30, 2022. See "Non-GAAP Financial Measures."

•Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $28.3 million, or $0.32 per diluted share, compared to $26.2 million, or $0.30 per diluted share, for the three months ended June 30, 2022.

•Maintained the Company's previous guidance range for 2023 full-year Normalized FFO of $1.23 to $1.27 per diluted share.

•Completed the previously announced $215 million acquisition of The Interlock, a 311,000 square foot Class A commercial mixed-use asset in Atlanta's West Midtown anchored by Georgia Tech.

•Announced the authorization of the repurchase of up to $50 million of the Company's shares of common stock and Series A preferred stock under a newly established share repurchase program.

•Maintained a 97% weighted average portfolio occupancy as of June 30, 2023. Multifamily occupancy was 96%, office occupancy was 96%, and retail occupancy was 98%.

•Second quarter commercial lease renewal spreads increased 8.9% on a GAAP basis and 7.3% on a cash basis.

•Same Store NOI increased 4.8% on a GAAP basis and 2.9% on a cash basis compared to the quarter ended June 30, 2022:

◦Multifamily Same Store NOI increased 4.3% on a GAAP basis and 3.6% on a cash basis.

◦Office Same Store NOI increased 1.3% on a GAAP basis and 2.0% on a cash basis.

◦Retail Same Store NOI increased 7.5% on a GAAP basis and 3.1% on a cash basis.

•Committed an aggregate of $75 million of new investments across three ground-up multifamily development projects located in the Atlanta and Coastal Virginia markets.

•Third-party construction backlog as of June 30, 2023 was $593 million and construction gross profit for the second quarter was $3.5 million.

•Commemorated the topping out of T. Rowe Price's new global headquarters building in Harbor Point, with completion anticipated in the third quarter of 2024.

“For years, we have been describing the advantages of our business model. Vertical integration of the development process, asset class diversification, mixed-use environments, and best-in-class properties, are all important factors in our platform as well as our value proposition,” said Louis Haddad, President & CEO of Armada Hoffler. “This approach to real estate, 44 years in the making, has produced substantial growth over the last 10 years. Since Armada Hoffler's IPO in 2013, we have increased our asset base over five times, expanded our market cap nearly four times, doubled our earnings per share, and perhaps most importantly to investors, outperformed the REIT index on a total shareholder return basis over the same period.”

Financial Results

Net income attributable to common stockholders and OP Unit holders for the second quarter decreased to $11.7 million compared to $27.8 million for the second quarter of 2022. The period-over-period change was primarily due to gains recognized on dispositions in the second quarter of 2022. The decrease was partially offset by an increase in property operating income due to acquisitions and developments and higher general contracting gross profit.

FFO attributable to common stockholders and OP Unit holders for the second quarter increased to $31.4 million compared to $27.0 million for the second quarter of 2022. Normalized FFO attributable to common stockholders and OP Unit holders for the second quarter increased to $28.3 million compared to $26.2 million for the second quarter of 2022. The period-over-period increases in FFO and Normalized FFO were due to an increase in property operating income due to acquisitions and developments and higher general contracting gross profit. These increases were partially offset by higher interest expense.

Operating Performance

At the end of the second quarter, the Company’s office, retail, and multifamily stabilized operating property portfol

EX-99.1

2 ahh2023q1ex991earningsrele.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

ARMADA HOFFLER REPORTS FIRST QUARTER 2023 RESULTS

Net Income of $0.03 Per Diluted Share

Normalized FFO of $0.30 Per Diluted Share

Announced 3% Increase in the Quarterly Cash Dividend on Common Stock

Announced major off market, mixed-use acquisition of The Interlock in West Midtown, Atlanta

Maintained 2023 Full-Year Normalized FFO Guidance Range of $1.23 to $1.27 Per Diluted Share

Same Store net operating income ("NOI") increased 4.3% on a GAAP basis and 5.3% on a cash basis

VIRGINIA BEACH, VA, May 9, 2023 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended March 31, 2023 and provided an update on current events.

First Quarter and Recent Highlights:

•Net income attributable to common stockholders and OP Unit holders of $2.4 million, or $0.03 per diluted share, compared to $9.3 million, or $0.11 per diluted share, for the three months ended March 31, 2022.

•Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $20.6 million, or $0.23 per diluted share, compared to $27.6 million, or $0.31 per diluted share, for the three months ended March 31, 2022. See "Non-GAAP Financial Measures."

•Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $26.5 million, or $0.30 per diluted share, compared to $24.5 million, or $0.28 per diluted share, for the three months ended March 31, 2022.

•Maintained 2023 full-year Normalized FFO guidance of $1.23 to $1.27 per diluted share at the Company's previous guidance range.

•Maintained 97% portfolio occupancy as of March 31, 2023. Office occupancy remained at 97%, retail occupancy remained at 98%, and multifamily occupancy remained at 96%.

•Positive renewal spreads during the first quarter in both the office and retail segments:

◦Lease rates on first quarter office lease renewals increased 10.9% on a GAAP basis and 1.7% on a cash basis.

◦Lease rates on first quarter retail lease renewals increased 10.1% on a GAAP basis and 6.8% on a cash basis.

•Same Store NOI increased 4.3% on a GAAP basis and 5.3% on a cash basis compared to the quarter ended March 31, 2022:

◦Office Same Store NOI increased 2.1% on a GAAP basis and 0.8% on a cash basis.

◦Retail Same Store NOI increased 4.9% on a GAAP basis and 7.3% on a cash basis.

◦Multifamily Same Store NOI increased 5.1% on a GAAP and 5.4% on a cash basis.

•Announced the $215 million acquisition of the Interlock in West Midtown Atlanta, which the Company anticipates completing in the second quarter, subject to customary closing conditions. The Company

anticipates financing the transaction with $100 million of new fixed-rated financing in addition to the conversion of its existing mezzanine loan into equity and the issuance of OP Units to the sponsor developer.

•Announced that the Board of Directors declared a cash dividend of $0.195 per common share, representing a 3% increase over the prior quarter's dividend.

“We continue to see our best in class properties, located in desirable markets, yield impressive results in most any economic climate,” said Louis Haddad, President & CEO of Armada Hoffler. “With the acquisition of the immediately accretive Interlock asset in Atlanta’s West Midtown, we expect further growth with a concentration of investment in some of Atlanta’s premier markets, thus complementing our existing dominant position at Baltimore’s Harbor Point and Virginia Beach’s Town Center. With substantial growth in same-store sales and releasing spreads leading the way, while maintaining occupancy of 97%, the board has confidently raised the dividend beyond pre-pandemic levels."

Financial Results

Net income attributable to common stockholders and OP Unit holders for the first quarter decreased to $2.4 million compared to $9.3 million for the first quarter of 2022. The period-over-period decrease was primarily due to changes in the fair value of interest rate derivatives, and an increase in interest expense. The decrease was partially offset by an increase in property operating income due to acquisitions and developments, higher construction segment gross profit, decrease in unrealized credit loss provision, and higher interest income on the Company's real estate financing portfolio.

FFO attributable to common stockholders and OP Unit holders for the first quarter decreased to $20.6 million compared to $27.6 million for the first quarter of 2022. Normalized FFO attributable to common stockholders and OP Unit holders for the first quarter increased to $26.5 million compared to $24.5 million for the first quarter of 2022. The period-over-period decreases in FFO and Normalized FFO were due to an increase in interest expense. These decreases were partially offset by higher property operating income resulting primarily from leasing activity and property acquisitions, and an increase in general c

EX-99.1

2 q4_2022ex991earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

ARMADA HOFFLER REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS

Net Income of $0.13 per Diluted Share for the Fourth Quarter

and $0.94 per Diluted Share for the Full Year

Normalized FFO of $0.35 per Diluted Share for the Fourth Quarter

and $1.22 per Diluted Share for the Full Year, Representing a 13% Year-Over-Year Increase

Earns BBB Investment Grade Credit Rating

Introduces 2023 Full-Year Normalized FFO Guidance Range of $1.23 to $1.27 per Diluted Share

VIRGINIA BEACH, VA, February 14, 2023 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter and year ended December 31, 2022 and provided an update on current events.

Highlights include:

•Net income attributable to common stockholders and OP Unit holders of $11.5 million, or $0.13 per diluted share, for the quarter ended December 31, 2022 compared to $0.4 million, or less than $0.01 per diluted share, for the quarter ended December 31, 2021. Net income attributable to common stockholders and OP Unit holders of $82.5 million, or $0.93 per diluted share, for the year ended December 31, 2022 compared to $13.9 million, or $0.17 per diluted share, for the year ended December 31, 2021. See “Non-GAAP Financial Measures.”

•Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $29.4 million, or $0.33 per diluted share, for the quarter ended December 31, 2022 compared to $19.9 million, or $0.24 per diluted share, for the quarter ended December 31, 2021. FFO of $106.6 million, or $1.21 per diluted share, for the year ended December 31, 2022 compared to $85.4 million, or $1.05 per diluted share, for the year ended December 31, 2021, representing a 15% year-over-year increase. See “Non-GAAP Financial Measures.”

•Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $30.6 million, or $0.35 per diluted share, for the quarter ended December 31, 2022 compared to $22.0 million, or $0.27 per diluted share, for the quarter ended December 31, 2021. Normalized FFO of $107.2 million, or $1.22 per diluted share, for the year ended December 31, 2022 compared to Normalized FFO of $87.6 million, or $1.08 per diluted share, for the year ended December 31, 2021, representing a 13% year-over-year increase.

•Introduced 2023 full-year Normalized FFO guidance of $1.23 to $1.27 per diluted share, with the mid-point of the range representing a moderate increase over 2022 actual results.

•Awarded an investment grade credit rating of BBB with a stable trend from DBRS Morningstar.

•Maintained 97% portfolio occupancy as of December 31, 2022. Office occupancy remained at 97%, retail occupancy remained at 98%, and multifamily occupancy remained at 96%.

•Positive renewal spreads during the fourth quarter across all segments:

1

◦Lease rates on fourth quarter office lease renewals increased 6.1% on a GAAP basis and 1.9% on a cash basis.

◦Lease rates on fourth quarter retail lease renewals increased 10.3% on a GAAP basis and 5.4% on a cash basis.

•Same Store Net Operating Income ("NOI") increased 5.2% on a GAAP basis and 5.9% on a cash basis compared to the quarter ended December 31, 2021:

◦Office Same Store NOI increased 3.1% on a GAAP basis and 4.0% on a cash basis.

◦Retail Same Store NOI increased 6.3% on a GAAP basis and 7.1% on a cash basis.

◦Multifamily Same Store NOI increased 4.6% on a GAAP basis and 5.0% on a cash basis.

•Same Store NOI increased 5.6% on a GAAP basis and 6.7% on a cash basis compared to the year ended December 31, 2021:

◦Office Same Store NOI decreased 0.3% on a GAAP basis and increased 1.5% on a cash basis.

◦Retail Same Store NOI increased 6.6% on a GAAP basis and 7.6% on a cash basis.

◦Multifamily Same Store NOI increased 9.9% on a GAAP basis and 10.2% on a cash basis.

•Executed a new 46,000 square foot lease with Morgan Stanley at Thames Street Wharf that expands the tenant's space to over 240,000 square feet and extends the lease term to 2035.

•Delivered Chronicle Mill, a 238-unit market rate apartment project in the Charlotte suburb of Belmont, North Carolina. As of December 31, 2022, Chronicle Mill was already 93% leased.

•Reinvested $26.5 million of disposition proceeds to acquire Pembroke Square, a 100% leased grocery-anchored retail property located adjacent to the Town Center of Virginia Beach, at a 7.7% cap rate on in-place net operating income.

•Closed on a new $100 million unsecured term loan, with an option to expand to $200 million, subject to certain conditions, that matures in January 2027 and bears interest at term SOFR plus margin, with an effective fixed rate of 4.80% after considering the effect of interest rate swaps. The proceeds were used to repay mortgage debt secured by Wills Wharf and certain retail assets at the Town Center of Virginia Beach.

•Entered into an additional interest rate swap agreement cove

EX-99.1

2 ahh2022q3ex991earningsrele.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

ARMADA HOFFLER PROPERTIES REPORTS THIRD QUARTER 2022 RESULTS

Net Income of $0.38 Per Diluted Share

Normalized FFO of $0.29 Per Diluted Share

Raised 2022 Full-Year Normalized FFO Guidance Range to $1.18 to $1.20 Per Diluted Share

Executed 78,000 SF of New Office Leases at Harbor Point and Town Center

Retail Occupancy Reached an All-Time High of 98%

Rental Rates on New Apartment Leases Increased Nearly 9%

VIRGINIA BEACH, VA, November 8, 2022 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended September 30, 2022 and provided an update on current events.

Third Quarter and Recent Highlights:

•Net income attributable to common stockholders and OP Unit holders of $33.9 million, or $0.38 per diluted share, compared to $4.9 million, or $0.06 per diluted share, for the three months ended September 30, 2021.

•Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $22.7 million, or $0.26 per diluted share, compared to $21.9 million, or $0.27 per diluted share, for the three months ended September 30, 2021. See "Non-GAAP Financial Measures."

•Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $25.8 million, or $0.29 per diluted share, compared to $21.6 million, or $0.26 per diluted share, for the three months ended September 30, 2021.

•Raised 2022 full-year Normalized FFO guidance to $1.18 to $1.20 per diluted share from the Company's previous guidance range of $1.16 to $1.20 per diluted share. This represents a 11% increase over 2021 results.

•Portfolio wide occupancy exceeded 97% for the third consecutive quarter. Retail occupancy reached an all-time high of 98%.

•Executed a new 60,000 square foot lease with Franklin Templeton at Wills Wharf, bringing the building to 91% leased.

•Executed a new 18,000 square foot office lease with Old Dominion University at the Town Center of Virginia Beach for ODU’s Institute of Data Science and Coastal Virginia Center for Cyber Innovation.

•Subsequent to the end of the third quarter, executed a new 46,000 square foot lease with Morgan Stanley at Thames Street Wharf that expands the tenant’s space to over 240,000 square feet and extends their lease term to 2035.

•Same Store net operating income ("NOI") increased 3.0% on a GAAP basis and 2.7% on a cash basis compared to the quarter ended September 30, 2021.

◦Commercial same store NOI increased 2.0% on a GAAP basis and 1.4% on a cash basis.

◦Multifamily same store NOI increased 6.5% on a GAAP and 7.0% on a cash basis.

•Positive GAAP releasing spreads during the third quarter of 10.7% for retail lease renewals and 3.3% for office lease renewals.

•Multifamily lease rates increased 7.6% during the third quarter of 2022. Rental rates on new lease trade outs increased 8.8% and rental rates on lease renewals increased 6.3%.

•Amended and restated the existing $355 million unsecured credit facility, increased the borrowing capacity of the Company’s unsecured credit facility to $550 million, with an option to expand to $1.0 billion, and extended to the terms of the revolving line of credit and term loan components to 2027 and 2028, respectively.

•Closed on the $150 million sale of The Residences at Annapolis Junction at a 4.15% cap rate.

“After raising our guidance for a 3rd consecutive quarter, our new mid-point of $1.19 per share represents an 11% increase over full year 2021 earnings, which is complemented by the 18% increase in the dividend this year,” said Louis Haddad, President & CEO. “This is wholly consistent with the data included in our initial guidance presentation from earlier this year, where we projected that NOI would, over the next few years, increase by 45% over 2021 levels as our development projects stabilize. With two multifamily development deliveries this year, a large mixed-use development enter service next year, and the 2024 deliveries of the T. Rowe Price global headquarters and 300 more luxury apartment units, we are right on track with that forecast.”

Financial Results

Net income attributable to common stockholders and OP Unit holders for the third quarter increased to $33.9 million compared to $4.9 million for the third quarter of 2021. The period-over-period change was primarily due to gains recognized on dispositions, increased property operating income due to acquisitions, developments, and improved same-store performance, increased general contracting gross profit, and changes in the fair value of interest rate derivatives. The increase was partially offset by an increase in interest expense, an increase in loss on extinguishment of debt, and a decrease in unrealized credit loss release.

FFO attributable to common stockholders and OP Unit holders for the third quarter increased to $22.7 million compared to $21.9 million for the third quarter of 2021. Normalized

EX-99.1

2 ahh2022q2ex991earningsrele.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

ARMADA HOFFLER PROPERTIES REPORTS SECOND QUARTER 2022 RESULTS

Net Income of $0.31 Per Diluted Share

Normalized FFO of $0.30 Per Diluted Share

Raised 2022 Full-Year Normalized FFO Guidance Range to $1.16 to $1.20 Per Diluted Share

Increased Third Quarter Cash Dividend on Common Shares By 12%

VIRGINIA BEACH, VA, August 4, 2022 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended June 30, 2022 and provided an update on current events.

Second Quarter and Recent Highlights:

•Net income attributable to common stockholders and OP Unit holders of $27.8 million, or $0.31 per diluted share, compared to $5.6 million, or $0.07 per diluted share, for the three months ended June 30, 2021.

•Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $27.0 million, or $0.31 per diluted share, compared to $22.9 million, or $0.28 per diluted share, for the three months ended June 30, 2021. See "Non-GAAP Financial Measures."

•Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $26.2 million, or $0.30 per diluted share, compared to $23.4 million, or $0.29 per diluted share, for the three months ended June 30, 2021.

•Raised 2022 full-year Normalized FFO guidance to $1.16 to $1.20 per diluted share from the Company's previous guidance range of $1.15 to $1.19 per diluted share. This represents a 10% increase over 2021 results.

•Announced a third quarter cash dividend of $0.19 per common share, a 12% increase over the prior quarter's dividend.

•Stabilized operating property portfolio occupancy increased to 97.3% as of June 30, 2022. Office occupancy was 97.9%, retail occupancy was 97.1%, and multifamily occupancy was 97.2%.

•Same Store net operating income ("NOI") increased 6.0% on a GAAP basis and 7.4% on a cash basis compared to the quarter ended June 30, 2021.

◦Multifamily same store NOI increased 12.5% on a GAAP and cash basis.

◦Commercial same store NOI increased 4.1% on a GAAP basis and 5.8% on a cash basis.

•Third-party construction backlog totaling $541 million, highest in the Company's history

•Positive releasing spreads during the second quarter of 13.1% on a GAAP basis and 3.0% on a cash basis for office and 9.9% on a GAAP basis and 3.5% on a cash basis for retail.

•Achieved an 8.1% increase in rental rates on apartment trade outs across the multifamily segment.

•Completed $177 million of sales of noncore assets at a blended 4.1% exit cap rate.

◦The Residences at Annapolis Junction in Baltimore for $150 million, 4.15% cash cap rate.

◦Two outparcels at North Pointe in Durham, North Carolina for $24 million, 4.0% cash cap rate.

◦Two outparcels at Sandbridge Commons in Virginia Beach for $3 million, 4.5% cash cap rate.

•Appointed Dennis H. Gartman, renowned investor, economist, and longtime publisher of “The Gartman Letter,” as a member of our board of directors. He is the sixth independent member.

•Executed a new office lease with Franklin Templeton for 60,000 square feet at the Company’s Wills Wharf office building in Baltimore’s Harbor Point neighborhood. The investment management firm has agreed to lease the entire fifth floor and a portion of the fourth floor of Wills Wharf and will bring the building to 91% occupancy.

"We believe the types of assets we own will outperform the competitive set through most any business cycle. High-quality facilities in mixed-use environments located in desirable sub-markets stand the test of time," said Louis Haddad, President & CEO. "When you have premium properties amongst limited peer competition, you have the ability to move rents in a positive direction through virtually any macro-economic backdrop."

Financial Results

Net income attributable to common stockholders and OP Unit holders for the second quarter increased to $27.8 million compared to $5.6 million for the second quarter of 2021. The period-over-period change was primarily due to an increase in property operating income due to acquisitions, gains recognized on dispositions, developments and improved same-store performance, increased general contracting gross profit, and changes in the fair value of interest rate derivatives. The increase was partially offset by a decrease in interest income on our mezzanine loan portfolio, a decrease in income tax benefit, an increase in interest expense, and an increase in loss on extinguishment of debt.

FFO attributable to common stockholders and OP Unit holders for the second quarter increased to $27.0 million compared to $22.9 million for the second quarter of 2021. Normalized FFO attributable to common stockholders and OP Unit holders for the second quarter increased to $26.2 million compared to $23.4 million for the second quarter of 2021. The period-over-period changes in FFO and Normalized FFO were due to higher property operating income

EX-99.1

2 ahh2022q1ex991earningsrele.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

ARMADA HOFFLER PROPERTIES REPORTS FIRST QUARTER 2022 RESULTS

Net Income of $0.11 Per Diluted Share

Normalized FFO of $0.28 Per Diluted Share

Raised 2022 Full-Year Normalized FFO Guidance Range to $1.15 to $1.19 Per Diluted Share

VIRGINIA BEACH, VA, May 3, 2022 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended March 31, 2022 and provided an update on current events.

First Quarter and Recent Highlights:

•Net income attributable to common stockholders and OP Unit holders of $9.3 million, or $0.11 per diluted share, compared to $3.1 million, or $0.04 per diluted share, for the three months ended March 31, 2021.

•Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $27.6 million, or $0.31 per diluted share, compared to $20.8 million, or $0.26 per diluted share, for the three months ended March 31, 2021. See "Non-GAAP Financial Measures."

•Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $24.5 million, or $0.28 per diluted share, compared to $20.6 million, or $0.26 per diluted share, for the three months ended March 31, 2021.

•Raised 2022 full-year Normalized FFO guidance to $1.15 to $1.19 per diluted share from the Company's previous guidance range of $1.11 to $1.15 per diluted share.

•Stabilized operating property portfolio occupancy increased to 97.1% as of March 31, 2022. Office occupancy was 97.3%, retail occupancy was 96.7%, and multifamily occupancy was 97.3%.

•Same Store net operating income ("NOI") increased 7.3% on a GAAP basis and 9.4% on a cash basis compared to the quarter ended March 31, 2021.

◦Multifamily same store NOI increased 15.3% on a GAAP basis and 15.2% on a cash basis.

◦Commercial same store NOI increased 4.3% on a GAAP basis and 7.3% on a cash basis.

•Positive releasing spreads during the first quarter of 11.8% on a GAAP basis and 3.5% on a cash basis for retail and 11.3% on a GAAP basis and 2.6% on a cash basis for office.

•Completed the acquisition of the Class A+ mixed-use Exelon Building in Baltimore's Harbor Point . The building features 444,000 square feet of Class A office space, 103 multifamily units, 38,500 square feet of retail space, and 750 parking spaces, which will complement the Company's existing Harbor Point portfolio and development. In conjunction with this acquisition, the Company raised $58 million at $14.45 per share, net of all fees and discounts.

•Amended the Company’s Bylaws to relax the requirements necessary for stockholders to submit binding proposals.

•Appointed Matthew Barnes-Smith as Chief Financial Officer in accordance with the Company’s strategic succession plan. Former CFO, Michael O'Hara was a key contributor to the Company for over 25 years and

will continue with the Company through the end of the year to primarily oversee the Company’s major investments at Harbor Point.

•In April, completed the disposition of two student housing assets in Charleston for $81 million.

•In April, issued its 2021 Sustainability Report that highlights the Company's ongoing commitment to environmental, workplace health and safety, corporate social responsibility, corporate governance, and other sustainability matters over the course of the past year. The 2021 Sustainability Report can be accessed through the Sustainability page of the Company's website, ArmadaHoffler.com/Sustainability.

"Nearly every leasing metric across our portfolio continues to trend upward despite having already been at very robust levels," said Louis Haddad, President & CEO. "With our significant increases in same store NOI, releasing spreads, and apartment trade outs paired with occupancy at over 97%, the trajectory of our portfolio NOI is unmistakable. We are pleased to raise our guidance by nearly 4%."

Financial Results

Net income attributable to common stockholders and OP Unit holders for the first quarter increased to $9.3 million compared to $3.1 million for the first quarter of 2021. The period-over-period change was primarily due to an increase in property operating income due to acquisitions, developments and improved same-store performance, a decrease in impairment charges, and changes in the fair value of interest rate derivatives. The increase was partially offset by a decrease in gains on real estate dispositions, a decrease in general contracting gross profit, a decrease in interest income on our mezzanine loan portfolio, and an increase in interest expense.

FFO attributable to common stockholders and OP Unit holders for the first quarter increased to $27.6 million compared to $20.8 million for the first quarter of 2021. Normalized FFO attributable to common stockholders and OP Unit holders for the first quarter increased to $24.5 million compared to $20.6 million for the first quarter of 2021. The period-over-period changes in FFO and

EX-99.1

2 q4_2021ex991earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

ARMADA HOFFLER PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS

Net Income of less than $0.01 per Diluted Share for the Fourth Quarter

and $0.17 per Diluted Share for the Full Year

Normalized FFO of $0.27 per Diluted Share for the Fourth Quarter

and $1.07 per Diluted Share for the Full Year

Company Introduces 2022 Full-Year Normalized FFO Guidance of $1.11 to $1.15 per Diluted Share

VIRGINIA BEACH, VA, February 10, 2022 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter and year ended December 31, 2021 and provided an update on current events.

Highlights include:

•Net income attributable to common stockholders and OP Unit holders of $0.4 million, or less than $0.01 per diluted share, for the quarter ended December 31, 2021 compared to $1.9 million, or $0.02 per diluted share, for the quarter ended December 31, 2020. Net income attributable to common stockholders and OP Unit holders of $13.9 million, or $0.17 per diluted share, for the year ended December 31, 2021 compared to $29.8 million, or $0.38 per diluted share, for the year ended December 31, 2020.

•Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $19.9 million, or $0.24 per diluted share, for the quarter ended December 31, 2021 compared to $19.5 million, or $0.25 per diluted share, for the quarter ended December 31, 2020. FFO of $85.4 million, or $1.05 per diluted share, for the year ended December 31, 2021 compared to $83.0 million, or $1.06 per diluted share, for the year ended December 31, 2020.

•Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $21.9 million, or $0.27 per diluted share, for the quarter ended December 31, 2021 compared to $19.9 million, or $0.25 per diluted share, for the quarter ended December 31, 2020. Normalized FFO of $87.3 million, or $1.07 per diluted share, for the year ended December 31, 2021 compared to Normalized FFO of $86.2 million, or $1.10 per diluted share, for the year ended December 31, 2020.

•Introduced 2022 full-year Normalized FFO guidance in the range of $1.11 to $1.15 per diluted share, as set forth in the separate presentation that can be found on the Investors page of the Company's website, ArmadaHoffler.com. Executive management of the Company will provide further details regarding its 2022 earnings guidance during today's webcast and conference call.

•Stabilized operating property portfolio occupancy increased to 96.7% as of December 31, 2021. Office occupancy was 96.8%, retail occupancy was 96.0%, and multifamily occupancy was 97.4%.

•Positive releasing spreads on office and retail lease renewals of 8.9% on a GAAP basis and 3.6% on a cash basis during the fourth quarter and 9.0% on a GAAP basis and 4.9% on a cash basis during 2021.

•Same Store Net Operating Income ("NOI") increased 4.7% on a GAAP basis and 7.9% on a cash basis compared to the quarter ended December 31, 2020, and 2.5% on a GAAP basis and 6.3% on a cash basis compared to the year ended December 31, 2020.

1

•Increased quarterly cash dividend from an annualized amount of $0.44 to $0.68 during 2021, representing an increase of 54.5%.

•Completed the disposition of student housing asset Johns Hopkins Village for $75M.

•Commenced construction of a mixed-use development project, Southern Post in Roswell, Georgia in the fourth quarter of 2021.

•Completed the acquisition of Class A+ mixed-use Exelon Building in Baltimore's Harbor Point during the first quarter of 2022. The features a 444,000 square feet of Class A office space, 103 multifamily units, 38,500 square feet of retail space, and 750 parking spaces, which will complement the Company's existing Harbor Point portfolio and development.

"Coming off of a year of outperforming our original guidance by 7%, 2022 is a year where our focus is to continue growing NAV through materially increasing the quality of portfolio NOI, accretive acquisitions, and multifamily development deliveries,” said Lou Haddad, President & CEO. “We anticipate that our activities over the course of 2022 will build a solid case for expansion of our multiple while we continue to ramp earnings and dividends over the next few years."

Financial Results

The fourth quarter changes in net income, FFO and Normalized FFO attributable to common stockholders and OP Unit holders as compared to the fourth quarter of 2020 were positively impacted by higher property operating income due to acquisitions and developments and improved same-store performance and were negatively impacted by lower gross profit on the construction segment due to less third party revenue and higher interest expense. Additionally, the fourth quarter changes in net income and FFO attributable to common stockholders and OP Unit holders as compared to the fourth quarter of 2020 were negatively impacted by

EX-99.1

2 ahh2021q3ex991earningsrele.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

ARMADA HOFFLER PROPERTIES REPORTS THIRD QUARTER 2021 RESULTS

Net Income of $0.06 Per Diluted Share

Normalized FFO of $0.26 Per Diluted Share

Raised 2021 Full-Year Normalized FFO Guidance to $1.05 to $1.07 Per Diluted Share

Increased Fourth Quarter Cash Dividend on Common Shares for the Third Time This Year

VIRGINIA BEACH, VA, November 2, 2021 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended September 30, 2021 and provided an update on current events.

Third Quarter and Recent Highlights:

•Net income attributable to common stockholders and OP Unit holders of $4.9 million, or $0.06 per diluted share, compared to $8.7 million, or $0.11 per diluted share, for the three months ended September 30, 2020.

•Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $21.9 million, or $0.27 per diluted share, compared to $19.2 million, or $0.24 per diluted share, for the three months ended September 30, 2020. See "Non-GAAP Financial Measures."

•Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $21.5 million, or $0.26 per diluted share, compared to $19.0 million, or $0.24 per diluted share, for the three months ended September 30, 2020.

•Raised 2021 full-year Normalized FFO guidance to $1.05 to $1.07 per diluted share from the Company's previous guidance range of $1.02 to $1.06 per diluted share due to higher forecast net operating income ("NOI") from the operating portfolio.

•Announced a fourth quarter cash dividend of $0.17 per common share, resulting in the third quarterly increase this year, a 6.25% increase over the prior quarter's dividend, and a 54.5% cumulative increase year-to-date.

•Stabilized operating property portfolio occupancy increased to 96.4% as of September 30, 2021. Office occupancy was 96.9%, retail occupancy was 95.2%, and multifamily occupancy was 97.4%.

•Positive releasing spreads on retail lease renewals during the third quarter of 13.3% on a GAAP basis and 8.4% on a cash basis.

•Same Store NOI increased 10.5% on a GAAP basis and 8.7% on a cash basis compared to the quarter ended September 30, 2020. Highlights include:

◦Multifamily Same Store NOI increased 19.0% on a GAAP basis and 19.5% on a cash basis compared to the quarter ended September 30, 2020.

◦Retail Same Store NOI increased 15.3% on a GAAP basis and 9.5% on a cash basis compared to the quarter ended September 30, 2020.

•Leased 90,000 square feet of commercial office and retail space since the Company’s previous quarterly update, including 36,000 square feet at Wills Wharf.

•Announced the commencement of construction at mixed-use development project, Southern Post in Roswell, Georgia by the end of 2021.

•Completed the off-market acquisition of Greenbrier Square, a Kroger-anchored retail center in Chesapeake, VA.

•Completed the off-market acquisition of Overlook Village, a 150,000 square foot retail center in Asheville, NC anchored by T.J. Maxx | Homegoods and Ross.

“Leasing activity is at the highest velocity we’ve seen in years, the development pipeline is well-stocked, off-market acquisition opportunities are on the horizon, and property NOI continues to increase.” said Lou Haddad, President & CEO. “All these factors have combined to enable us to again raise our full year guidance. Additionally, as announced in last week's press release, the Board raised the dividend for the third time this year. ”

Financial Results

Net income attributable to common stockholders and OP Unit holders for the third quarter decreased to $4.9 million compared to $8.7 million for the third quarter of 2020. The period-over-period change was primarily due to a decrease in gains on real estate dispositions, a decrease in general contracting gross profit, a decrease in interest income on our mezzanine loan portfolio, and an increase in interest expense. Additionally, we paid more in preferred dividends due to the issuance of additional preferred stock during 2020. These decreases were partially offset by NOI resulting primarily from leasing activity and property acquisitions.

FFO attributable to common stockholders and OP Unit holders for the third quarter increased to $21.9 million compared to $19.2 million for the third quarter of 2020. Normalized FFO attributable to common stockholders and OP Unit holders for the third quarter increased to $21.5 million compared to $19.0 million for the third quarter of 2020. The period-over-period changes in FFO and Normalized FFO were due to NOI resulting primarily from leasing activity and property acquisitions. These increases were partially offset by a decrease in general contracting gross profit, a decrease in interest income on our mezzanine loan portfolio, and an increase in interest expense. Additionally, we paid more in preferred dividends due to the issuance of addi