Shawn J. Tibbetts, Chairman, President & CEO

Shawn J. Tibbetts became CEO of Armada Hoffler Properties in early 2025 and assumed the role of Chairman of the Board in January 2026, leading the company's rebranding to AH Realty Trust, Inc.. He joined the company in 2019, previously serving as President and Chief Operating Officer. As President and COO, he was instrumental in growing the company's portfolio net operating income by 45% and overseeing transactions valued at over $1.2 billion. He is currently leading the strategic transformation of the company to focus on retail and office properties, including the exit of its multifamily and fee income businesses like construction.

Matthew T. Barnes-Smith, Chief Financial Officer

Matthew T. Barnes-Smith was appointed Chief Financial Officer in 2023. He joined Armada Hoffler Properties in 2018, following a career at PricewaterhouseCoopers.

Daniel A. Hoffler, Founder & Executive Chairman Emeritus

Daniel A. Hoffler founded Armada Hoffler (the predecessor to AH Realty Trust) in 1979. He built the company’s vertically integrated real estate platform from its origins in development and construction into a diversified, publicly traded REIT. Mr. Hoffler led the company’s initial public offering in 2013. He previously held leadership roles at Eastern International and has served on the board of directors for AH Realty Trust, Inc. and Armada Hoffler LP. He has a documented history of purchasing company shares on the open market.

Louis S. Haddad, Executive Chairman of the Board

Louis S. Haddad served as President and Chief Executive Officer of Armada Hoffler Properties since 1999, prior to the company's 2013 IPO. He joined the firm in 1985 as a construction superintendent and was instrumental in scaling the company’s construction and development arms, and in 1996, was promoted to president of Armada Hoffler Holding Company. He transitioned to Executive Chairman of the Board in spring 2025. Mr. Haddad co-founded the Lou & Mary Haddad Foundation, a philanthropic organization, and is active with various youth and medical charities. He also has a well-documented track record of purchasing shares on the open market.

Russell A. Kirk, Vice Chairman

Russell A. Kirk joined Armada Hoffler in 1982. He holds the title of Vice Chairman and also serves as a Director.

The key risks for AH Realty Trust (AHRT) are primarily related to its ongoing strategic transformation, financial performance, and market-specific challenges:

1. Execution Risk of Strategic Transformation: AH Realty Trust is undergoing a significant strategic shift, divesting multifamily assets and non-core operations to focus on a pure-play commercial REIT model, concentrating on office and retail properties. There is an execution risk that the planned asset sales, such as 11 of 14 multifamily assets currently under a Letter of Intent (LOI), may not materialize as expected or at anticipated pricing, potentially hindering the company's ability to reduce debt as planned. This strategic pivot, while intended to de-risk the company long-term, introduces short-term dilution of Funds From Operations (FFO) per share due to asset sales.

2. Declining Revenue and Earnings Growth & Unstable Dividend: The company faces a major risk of declining revenue and earnings, with forecasts indicating an average annual earnings decline of 31% for the foreseeable future. Additionally, its interest payments are not well covered by current earnings, which stands at a 1.0x net interest cover. This financial pressure contributes to an unstable dividend-paying track record, with the dividend experiencing annual drops of over 20% in the past and not being fully covered by Adjusted Funds From Operations (AFFO) during this transitional year.

3. Office Market Headwinds: Despite maintaining high overall office occupancy, AH Realty Trust is experiencing specific vacancies in key markets like Durham and Baltimore. These localized office headwinds are expected to weigh on the company's growth in the short term, impacting the performance of a significant portion of its re-focused portfolio.

• Impact of Remote and Hybrid Work Models: The widespread adoption and continued prevalence of remote and hybrid work arrangements represent a significant emerging threat to Armada Hoffler Properties' office property portfolio. This trend fundamentally alters the demand for traditional office space, potentially leading to increased vacancies, downward pressure on rental rates, and the need for costly property reconfigurations or repositioning.
• Evolving Retail Landscape and E-commerce Growth: The ongoing growth of e-commerce and the associated evolution of consumer shopping habits pose an emerging threat to Armada Hoffler Properties' retail properties. This trend can reduce foot traffic in physical stores, impact tenant demand, and necessitate adjustments in property strategy, such as focusing on experiential retail, necessity-based services, or incorporating omnichannel fulfillment capabilities, to remain competitive.

AH Realty Trust (NYSE: AHRT), formerly known as Armada Hoffler Properties, Inc., is expected to drive future revenue growth over the next 2-3 years through a focused strategic realignment, strong performance in its core property segments, and targeted expansion initiatives.

Here are 3-5 expected drivers of future revenue growth for AH Realty Trust:

1. Strategic Focus on High-Quality Retail and Office Properties: AH Realty Trust has undergone a significant strategic shift, divesting from its multifamily and construction businesses to concentrate exclusively on its "core competencies" in high-quality retail and office assets. This refined focus allows the company to optimize resources, leverage its expertise in developing and managing these property types, and target specific regions like the Mid-Atlantic and Southeastern United States where "demographic trends and population growth support sustained retail and office demand."

2. Strong Occupancy Rates and Positive Leasing Spreads: The company's existing portfolio of retail and office properties has demonstrated robust performance, including high occupancy rates (94.9% for retail and 96.4% for office in Q4 2025). Furthermore, retail lease renewals in the fourth quarter of 2025 showed a "10.1% spread on a cash basis." Maintaining and enhancing these strong occupancy levels and achieving positive rental growth on new and renewed leases will be a key driver of increased rental income.

3. Targeted Acquisitions and Development Projects: AH Realty Trust plans to expand its asset base through "selective acquisitions" and "targeted development projects" within its core retail and office segments. The company has allocated capital for retail acquisitions and continues to pursue development opportunities, including "ground-up mixed-use communities" and "adaptive repositioning of underperforming assets." These strategic investments in high-growth markets are designed to add new income-generating properties to its portfolio.