Here are 1-2 brief analogies for Armada Hoffler Properties (AHH):

1. Like **Federal Realty Investment Trust (FRT)**, but with a more diverse portfolio that also includes standalone office buildings and apartment complexes.

2. A developer and landlord for a mix of properties—like if **Simon Property Group** (mall owner) also built and owned traditional office buildings and apartment complexes.

• Retail Property Leasing: Providing commercial space to retail businesses, typically in shopping centers and mixed-use developments.
• Office Property Leasing: Offering professional workspace for businesses within office buildings and mixed-use developments.
• Multifamily Residential Leasing: Supplying apartment units for residential living in communities and mixed-use properties.
• Construction Services: Providing third-party general contracting and construction management for various real estate projects.

Major Customers of Armada Hoffler Properties (AHH)

Armada Hoffler Properties (AHH) is a self-managed real estate investment trust (REIT) that owns, operates, acquires, and develops a portfolio of high-quality retail centers, office properties, and multifamily communities. As a REIT, its "customers" are primarily its tenants.

The company primarily leases its commercial properties (retail and office) to other companies, and its multifamily properties to individuals. Based on its investor materials, a significant portion of its revenue is derived from major corporate tenants. Therefore, we will list the major customer companies:

• Kroger Co. (KR)
• TJX Companies (TJX)
• Ahold Delhaize (AD.AS - Euronext Amsterdam), representing brands like Food Lion
• Amazon.com, Inc. (AMZN), representing Whole Foods Market
• Target Corp (TGT)
• United Natural Foods, Inc. (UNFI), representing brands like Farm Fresh
• DICK'S Sporting Goods (DKS)

While Armada Hoffler Properties also serves individuals through its multifamily communities, the company highlights its major corporate tenants as significant customers in its portfolio.

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Shawn J. Tibbetts, Chief Executive Officer and President

Shawn J. Tibbetts became Chief Executive Officer of Armada Hoffler on January 1, 2025, succeeding Louis Haddad. He also holds the title of President and is slated to become Chairman of the Board effective January 1, 2026. Mr. Tibbetts joined Armada Hoffler in 2019 as Chief Operating Officer. Prior to his tenure at Armada Hoffler, he served as President and Chief Operations Officer for The Port of Virginia for nine years. Under his leadership at Armada Hoffler, the company's portfolio net operating income grew by 45%, and he oversaw more than $1.2 billion in transactions. He earned his undergraduate degree from James Madison University, an MBA from William & Mary, and completed the Advanced Management Program at Harvard Business School.

Matthew T. Barnes-Smith, Chief Financial Officer, Treasurer and Corporate Secretary

Matthew T. Barnes-Smith serves as the Chief Financial Officer for Armada Hoffler Properties, also holding the titles of Treasurer and Corporate Secretary. He was previously the company's Executive Vice President of Finance. His responsibilities include overseeing financial planning, accounting, strategy, and risk management for the organization. Before joining Armada Hoffler, Mr. Barnes-Smith was the Chief Administration Officer for The Port of Virginia, where he was responsible for financial analytics and reporting, as well as procurement and cost control. He holds a bachelor's degree and a master's degree in Economics and Finance from Oklahoma State University.

Louis S. Haddad, Executive Chairman

Louis S. Haddad currently serves as Executive Chairman of the Board of Directors. He previously held the roles of President and Chief Executive Officer at Armada Hoffler from 1999 to 2024, having joined the company in 1985. Mr. Haddad began his career at Armada Hoffler as an on-site construction superintendent, advancing to President of Armada Hoffler Construction Co. in 1987, and President of Armada Hoffler Holding Co. in 1996. He led Armada Hoffler's initial public offering in 2013, transitioning it into a publicly traded REIT. Mr. Haddad is also a co-founder and benefactor of the Louis & Mary Haddad Foundation, which supports disadvantaged and at-risk children.

Daniel A. Hoffler, Executive Chairman Emeritus

Daniel A. Hoffler founded Armada Hoffler in 1979 in Chesapeake, Virginia. He served as the company's CEO until 2005 and retired as Executive Chairman in 2024, now holding the title of Executive Chairman Emeritus. Mr. Hoffler captained the company's initial public offering and listing on the New York Stock Exchange in 2013. He also served on the corporate board of Shaw Group, a Fortune 500 pipe and steel fabrication company.

William Christopher Harvey, Executive Vice President of Construction

William Christopher Harvey holds the position of Executive Vice President of Construction at Armada Hoffler Properties.

Key Risks to Armada Hoffler Properties (AHH)

1. High Interest Rates and Debt Management: Armada Hoffler Properties faces significant risks due to high interest rates, which could lead to refinancing upcoming debt maturities at potentially worse rates than their current weighted average interest rate of 4.4%. The company is actively working to manage its debt, including deleveraging and shifting towards more fixed-rate, longer-term debt. However, a higher-for-longer interest rate environment poses a continuous challenge to their balance sheet and could impact future dividend sustainability.
2. Economic Sensitivity and Market Downturns: As a real estate investment trust (REIT), Armada Hoffler Properties is highly susceptible to economic fluctuations and market pessimism. A downturn in the economy can negatively impact tenant demand, occupancy rates, and rent growth across its office, retail, and multifamily properties. This sensitivity is amplified by its relatively limited portfolio and tenant exposure compared to larger REITs.
3. Real Estate Development Risks: Given its vertically integrated business model, Armada Hoffler Properties is engaged in extensive real estate development activities. These projects are inherently subject to risks such as unanticipated expenses, construction delays, permitting issues, and other unforeseen contingencies. Any significant issues in their development pipeline could materially and adversely affect the company's financial condition, results of operations, and cash flow.

The clear emerging threats for Armada Hoffler Properties (AHH) include:

• The pervasive shift to remote and hybrid work models: This trend fundamentally alters the demand for traditional office space, directly impacting AHH's office portfolio. As companies reduce their physical footprint, redesign offices for collaborative rather than individual work, or adopt "hub-and-spoke" models, AHH faces potential challenges with higher vacancy rates, declining rental income, and pressure on asset valuations for its traditional office properties. This is analogous to how new digital consumption models disrupted traditional physical media distribution.

• The rapid rise of institutional-backed "build-to-rent" single-family home communities: This emerging housing model offers a compelling alternative to traditional multifamily apartments, especially for renters seeking more space, privacy, or a yard without the responsibilities of homeownership. As institutional investors increasingly develop or acquire large portfolios of single-family homes for rent, it creates a new competitive segment within the rental market that could draw potential tenants away from AHH's multifamily properties. This mirrors how a new service model can disrupt an established one by offering a different value proposition.

Armada Hoffler Properties (AHH) operates primarily in the Mid-Atlantic and Southeastern United States, focusing on developing, building, owning, and managing high-quality multifamily, office, retail, and mixed-use properties.

The addressable market sizes for their main products and services in the U.S. region are as follows:

• Multifamily Real Estate: The U.S. multifamily market size was valued at USD 265 billion in 2022 and is expected to reach USD 466 billion in 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 7.31% between 2023 and 2030.
• Office Real Estate: The U.S. office real estate market size is estimated at USD 369.58 billion in 2025 and is projected to reach USD 436.81 billion by 2030, with a CAGR of 3.40% during that period.
• Retail Real Estate: null
• Mixed-Use Real Estate: null

Armada Hoffler Properties (AHH) is expected to drive future revenue growth over the next two to three years through several key initiatives and market advantages:

1. Sustained High Occupancy and Positive Leasing Spreads Across Core Segments: Armada Hoffler has consistently demonstrated strong occupancy rates across its diversified portfolio, including retail, office, and multifamily properties. For example, in Q3 2025, overall portfolio occupancy averaged 96%, with office at 96.5%, retail at 96%, and multifamily at 94.2%. The company has also achieved positive leasing spreads on renewals and new leases, indicating its ability to command higher rents for its properties. In Q3 2025, retail renewal spreads averaged 6.5% on a cash basis, and office achieved 8.9% on a cash basis. This continued strong demand and effective property management are anticipated to drive recurring property-level income growth.
2. Strategic Shift Towards Recurring Property-Level Earnings: The company is undergoing a strategic shift, deemphasizing reliance on fee income from its construction business in favor of higher-quality, recurring property-level earnings. This reorientation aims to create a more stable and predictable revenue stream, allowing the company to focus on optimizing the performance and value of its owned real estate assets. This is reflected in their 2025 normalized FFO guidance, which emphasizes this shift.
3. Expansion of Multifamily Portfolio Through Acquisitions and Development: Armada Hoffler has actively expanded its multifamily portfolio, notably through a common equity offering that enabled the acquisition of approximately 900 multifamily units across four high-quality assets, representing a substantial 37% increase in its multifamily door count. Additionally, the company has a development pipeline with projects like Allied Harbor Point, which is on track to stabilize by mid-2026, contributing to future revenue once operational. This expansion directly increases the number of income-producing units.
4. High-Return Redevelopment Projects and Value Creation Initiatives: Armada Hoffler is prioritizing high-return redevelopment projects and actively pursuing opportunities to reposition and redevelop properties within its existing portfolio. This focus on enhancing property value through proactive renewals, backfills of vacated spaces with higher-credit tenants, and targeted reconfigurations, particularly in high-demand urban and suburban properties, is expected to lead to increased rental income and improved profit margins.

• On June 15, 2023, Armada Hoffler Properties authorized a $50.0 million share repurchase program for common stock and Series A Preferred Stock.
• The company did not repurchase any shares of common stock or Series A Preferred Stock under this program during the nine months ended September 30, 2025.
• The share repurchase program does not have an expiration date and may be suspended or discontinued at any time.

• On September 25, 2024, Armada Hoffler priced a public offering of 9,000,000 shares of its common stock, anticipating approximately $94.5 million in gross proceeds.
• Underwriters were granted a 30-day option to purchase up to an additional 1,350,000 shares in connection with the September 2024 offering.
• As of June 30, 2025, the company's shares outstanding were approximately 102.3 million, an increase from 68.9 million as of September 30, 2024.

• On July 22, 2025, Armada Hoffler entered into a note purchase agreement with institutional investors for an aggregate of $115.0 million in senior unsecured notes of its operating partnership.
• These notes have maturities of 3, 5, and 7 years, with interest rates of 5.57%, 5.78%, and 6.09%, respectively.

• Capital expenditures were reported as $15.2 million for the first quarter of 2025, $11.3 million for the fourth quarter of 2024, and $11.4 million for the third quarter of 2024.
• Negative net cash flows from investing activities, including capital expenditures and acquisitions, amounted to $21.5 million in the first quarter of 2025.
• The primary focus of capital expenditures aligns with the company's mission to develop, build, acquire, and manage high-quality office, retail, and multifamily properties.