Financial Data and Key Metrics Changes - Armada Hoffler reported normalized FFO of $0.25 per diluted share for Q1 2025, slightly above expectations [23] - Net operating income for Q1 was $42.2 million, representing a 2% year-over-year increase [23] - FFO attributable to common shareholders was $17.2 million or $0.17 per diluted share [23] - AFFO totaled $20.4 million or $0.20 per diluted share [24] - The company maintained a net debt to total adjusted EBITDA ratio of 7.1 times at quarter end [26] Business Line Data and Key Metrics Changes - Office segment same-store NOI increased by 9.2% on a GAAP basis and 6.3% on a cash basis, with occupancy at 97.5% [24] - Multifamily leasing reported a blended growth rate of 2.6% for the quarter, with renewal spreads at 5.4% [25] - Retail performance remained steady, with grocery-anchored centers achieving high occupancy levels above 95% [26] Market Data and Key Metrics Changes - The company noted strong demand for well-located retail space, particularly in mixed-use environments [26] - Multifamily fundamentals remained solid, with occupancy rates above 95% across all segments [11] - The company observed signs of supply absorption in key Sunbelt markets like Atlanta and Charlotte [11] Company Strategy and Development Direction - The company is shifting its strategy away from reliance on fee income, focusing on driving higher quality property-level earnings [8] - A strategic decision was made to reset the quarterly dividend to $0.14 per share to align with operating property cash flow [10] - The company is evaluating redevelopment opportunities within its existing portfolio to unlock incremental value [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged external factors like tariffs and macroeconomic uncertainty but emphasized a disciplined approach to managing costs [8] - The company reaffirmed its full-year 2025 normalized FFO guidance of $1 to $1.1 per diluted share despite headwinds in the construction segment [31] - Management expressed confidence in the company's ability to deliver value through a proactive posture and strategic decision-making [9] Other Important Information - The company is focused on maintaining liquidity and has completed a hedging transaction to mitigate interest rate exposure [26] - General and administrative expenses are projected to decrease by 13% year-over-year [29] - The recent addition of Jennifer Boykin to the board of directors is expected to bring valuable insights and leadership experience [20] Q&A Session Summary Question: Impact of macroeconomic uncertainty on leasing - Management indicated that macroeconomic factors have not significantly affected leasing activity, with strong execution of new and renewal leases [35] Question: Future portfolio composition and mixed-use communities - Management expressed a preference for mixed-use communities and indicated that while acquisition and disposition may be challenging in the short term, they remain open to opportunities [39] Question: Tenant watch list and potential risks - Management identified a few tenants of concern but noted that 85% of the affected spaces are already under lease or LOI with higher rents [51] Question: Multifamily segment impact from local financing cuts - Management has not seen a significant impact from local financing cuts and believes demand remains strong due to increased traffic from local employers [55] Question: Upcoming lease expirations and renewals - Management highlighted the Office Depot lease as a potential concern but noted they have backfill options identified [62]

Core Viewpoint - Armada Hoffler Properties reported quarterly funds from operations (FFO) of $0.25 per share, missing the Zacks Consensus Estimate of $0.26 per share, and down from $0.33 per share a year ago, indicating a -3.85% surprise [1] Financial Performance - The company posted revenues of $63.8 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 0.74%, compared to $61.88 million in the same quarter last year [2] - Over the last four quarters, Armada Hoffler Properties has exceeded consensus FFO estimates two times and topped consensus revenue estimates three times [2] Stock Performance - Armada Hoffler Properties shares have declined approximately 32.3% since the beginning of the year, while the S&P 500 has decreased by -4.7% [3] - The current consensus FFO estimate for the upcoming quarter is $0.27 on revenues of $63.74 million, and for the current fiscal year, it is $1.06 on revenues of $255.97 million [7] Industry Outlook - The REIT and Equity Trust - Residential industry, to which Armada Hoffler Properties belongs, is currently ranked in the bottom 39% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Financial Highlights - First Quarter Funds From Operations (FFO) was $0.17 per diluted share[5] - First Quarter Normalized FFO was $0.25 per diluted share[5] - Weighted Average Portfolio Occupancy as of March 31, 2025, was 95.7%[5] - Average Base Rent (ABR) in Mixed-Use Communities was 58.0%[5] - Multifamily Occupancy was 95.0%[5] - First Quarter Retail Lease Renewal Spread Increase, GAAP, was 11.0%[5] - First Quarter Office Lease Renewal Spread Increase, GAAP, was 23.3%[5] - Net Operating Income (NOI) to be Added by the End of 2025 By Delivery of Development Pipeline is approximately $4.5 million[5] 2025 Outlook - Property Portfolio NOI is projected to be between $172.2 million and $175.8 million[7] - Construction Segment Profit is expected to range from $4.8 million to $6.8 million[7] - Normalized FFO per Diluted Share is guided to be between $1.00 and $1.10[7] Debt and Leverage - As of March 31, 2025, Fixed-Rate Debt accounted for 100.0% of the total debt portfolio, with a weighted average interest rate of 4.2% and a maturity of 3.0 years[27] - Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre was 5.4x[26] - Net Debt/Total Adjusted EBITDAre was 7.1x[26]

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 Guida ...

Core Insights - Armada Hoffler Properties, Inc. reported a GAAP net loss of $7.2 million, or $0.07 per diluted share, for the first quarter of 2025, a decline from a net income of $14.8 million, or $0.17 per diluted share, in the same period of 2024 [3][5][29] - The company maintained its full-year 2025 Normalized FFO guidance range of $1.00 to $1.10 per diluted share [1][9] Financial Performance - Normalized FFO for the first quarter was $25.6 million, or $0.25 per diluted share, down from $29.4 million, or $0.33 per diluted share, in the first quarter of 2024 [6][29] - Total revenues for the first quarter were $114.6 million, compared to $193.5 million in the same quarter of 2024 [27] - The decrease in FFO and revenues was primarily attributed to a decline in general contracting and real estate services gross profit and unrealized losses on interest rate derivatives [6][27] Operating Metrics - The weighted average stabilized portfolio occupancy was 95.7%, with retail occupancy at 94.5%, office occupancy at 97.5%, and multifamily occupancy at 95.0% [3][7] - Office Same Store NOI increased by 9.2% on a GAAP basis compared to the same quarter in 2024 [3][6] - The company executed 31 commercial lease renewals and 11 new commercial leases, totaling approximately 313,000 net rentable square feet [3][6] Construction and Backlog - The third-party construction backlog as of March 31, 2025, was $80.4 million, with general contracting and real estate services gross profit for the first quarter reported at $1.4 million [3][7] Balance Sheet - As of March 31, 2025, total debt outstanding was $1.3 billion, with $166 million under the revolving credit facility [8] - The company's debt was 100% fixed or economically hedged after considering interest rate swaps [8] Outlook - The company provided guidance for full-year 2025, projecting portfolio NOI between $172.2 million and $175.8 million, with construction segment gross profit expected between $4.8 million and $6.8 million [10][9]

Core Viewpoint - Armada Hoffler has reached an agreement to acquire full ownership of Allied | Harbor Point, a 312-unit multifamily asset in Baltimore, aligning with its strategy to simplify operations and enhance long-term value [1][2][3] Acquisition Details - The agreement involves Armada Hoffler acquiring the minority interest from its joint venture partner, Beatty Development Group, transitioning to sole ownership [2] - The acquisition is expected to close in June, pending customary closing conditions [2] Strategic Intent - The CEO of Armada Hoffler emphasized the commitment to streamline operations and focus on wholly owned assets in prime mixed-use environments [3] - Full ownership of the Allied | Harbor Point asset is expected to enhance portfolio quality and provide 100% control and flexibility for future operations [3] Property Highlights - Allied | Harbor Point has shown strong demand since its opening in early 2025, featuring a landscaped rooftop terrace and waterfront views, making it a valuable addition to Armada Hoffler's portfolio [3] Company Overview - Armada Hoffler is a self-managed real estate investment trust (REIT) with over 40 years of experience in developing, acquiring, and managing high-quality properties primarily in the Mid-Atlantic and Southeastern United States [4] - The company also provides development and general contracting services to third-party clients, having been founded in 1979 [4]

Company Performance - LXP Industrial reported quarterly funds from operations (FFO) of $0.16 per share, matching the Zacks Consensus Estimate and remaining unchanged from the previous year [1] - The company posted revenues of $88.86 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 4.14% and up from $86.25 million a year ago [2] - Over the last four quarters, LXP Industrial has not surpassed consensus FFO estimates, but it has topped revenue estimates three times [2][1] Stock Outlook - The immediate price movement of LXP Industrial's stock will largely depend on management's commentary during the earnings call and future FFO expectations [3][4] - LXP Industrial shares have declined approximately 2.8% since the beginning of the year, while the S&P 500 has decreased by 5.3% [3] - The current consensus FFO estimate for the upcoming quarter is $0.16 on revenues of $85.95 million, and for the current fiscal year, it is $0.63 on revenues of $345.85 million [7] Industry Context - The REIT and Equity Trust - Residential industry, to which LXP Industrial belongs, is currently ranked in the bottom 42% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in estimate revisions, which can impact LXP Industrial's performance [5][6]

Core Insights - Pearl Gray is a proprietary investment fund and independent market research firm specializing in systematic analysis, focusing primarily on Bonds, Investment Funds, and REITs, with a primary emphasis on the Financials and Real Estate sectors [1] Group 1 - The mission of Pearl Gray is to discover actionable total return ideas at the intersection of rigorous academic theories, practical experience, and common sense [1] - The firm emphasizes that its published content is independent analysis and does not constitute financial advice [1][2] - Analysts at Pearl Gray disclose that they have no stock, option, or similar derivative positions in any of the companies mentioned, nor do they plan to initiate any such positions within the next 72 hours [1] Group 2 - The content provided by Pearl Gray on platforms like Seeking Alpha is intended to set the tone for discussions among subscribers rather than serve as financial advice [2] - Seeking Alpha clarifies that past performance is not indicative of future results and that no recommendations are made regarding the suitability of investments for particular investors [3]

Financial Performance - Net income attributable to common stockholders and OP Unitholders for the year ended December 31, 2024, was $30.9 million, or $0.33 per diluted share[26]. - Funds from operations (FFO) for the same period was $99.8 million, or $1.08 per diluted share, while normalized FFO was $118.9 million, or $1.29 per diluted share[26]. - Dividends declared during the year were $0.82 per share, reflecting a 5.8% year-over-year increase[26]. - Same Store net operating income (NOI) increased by 1.9% on a GAAP basis compared to the year ended December 31, 2023[26]. - Property segment NOI for the year ended December 31, 2024, was $171.0 million, representing a 6.8% increase from $160.1 million in 2023[26]. Occupancy and Leasing - Weighted average stabilized portfolio occupancy as of December 31, 2024, was 96.0%, with retail occupancy at 95.3%, office occupancy at 97.2%, and multifamily occupancy at 95.3%[26]. - Executed 93 lease renewals and 44 new leases during the year for a total of 952,019 net rentable square feet[26]. - The total net rentable square footage for retail and office properties is 3,824,446 square feet with an overall occupancy rate of 95.3%[33]. - The total net rentable square footage for office properties is 2,335,063 square feet with an occupancy rate of 97.2%[34]. - The multifamily segment has a total of 2,492 units with an occupancy rate of 95.3% and an average quarterly rent (AQR) of $2,015.30[34]. Property Dispositions and Acquisitions - 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 net gain of $21.3 million[28]. - The company anticipates completing the sale of a property classified as held-for-sale for $4.8 million in 2025[76]. - The company has entered into tax protection agreements that may limit its ability to sell certain properties, potentially impacting strategic decisions[170]. Development and Construction - The company has a development pipeline including Southern Post Retail (42,000 sf) and Southern Post Office (95,000 sf), both expected to stabilize in 2026[49]. - The T. Rowe Price Global HQ project has an estimated project cost of $277.9 million, with a current equity commitment of $52.9 million[57]. - The company faces significant risks related to maintaining safe construction project sites, which could adversely affect financial condition and profitability[187]. Debt and Financial Risks - As of December 31, 2024, the total debt of the company was approximately $1.3 billion, which may expose the company to risks of default under its debt obligations[111]. - Rising interest rates could increase interest expenses and adversely affect cash flow and the ability to service debt obligations[116]. - The company may incur significant losses related to real estate financing investments, which could materially affect its financial condition and results of operations[132]. Market and Economic Conditions - Economic downturns could lead to increased tenant bankruptcies and defaults, resulting in higher vacancy rates and negatively impacting cash flow[104]. - The company may face challenges in renewing leases or leasing vacant space, which could adversely affect its financial condition and cash flow[122]. - The consumer price index rose by approximately 3% in 2024, following a similar increase in 2023, indicating inflationary pressures on operating expenses[136]. Environmental and Regulatory Risks - Environmental liabilities could significantly impact the company's financial condition, including potential costs for remediation of hazardous substances and compliance with environmental laws[83]. - The company is subject to ongoing assessments for compliance with the Americans With Disabilities Act (ADA), which may result in additional costs for necessary modifications[82]. - The presence of hazardous materials in properties could lead to significant remediation costs and liability for adverse health effects[172]. Corporate Governance and Ownership - As of December 31, 2024, Daniel Hoffler and affiliates owned approximately 9.6% of the outstanding shares, allowing them to influence corporate decisions[192]. - The company has provisions in its charter that restrict stock ownership to prevent hostile takeovers, limiting ownership to 9.8%[197]. - The board of directors has the authority to increase the number of authorized shares without stockholder approval, which could affect control dynamics[198]. Employee and Operational Considerations - The company has 148 employees as of December 31, 2024, and is committed to providing a safe and inclusive work environment[95]. - The company invests heavily in employee development through training programs and a comprehensive total rewards program, which includes market-competitive pay and healthcare benefits[96]. - The company may face challenges in integrating new acquisitions or developed properties into existing operations, which could affect its overall performance[132]. Cybersecurity and Technology Risks - Cybersecurity incidents could negatively impact the company's business operations and reputation, given its reliance on technology for sensitive information[146]. - The company has experienced cybersecurity incidents in the past but has not faced any material incidents, although future incidents are expected to continue[148]. Tax and REIT Compliance - The company must ensure that at least 75% of its assets consist of cash, government securities, and qualified real estate assets to maintain REIT status[215]. - Failure to maintain REIT qualification could lead to significant tax consequences, reducing funds available for distribution to stockholders[212]. - Changes to U.S. federal income tax laws could adversely impact the company's business and financial results[217].

Financial Data and Key Metrics Changes - The company reported a normalized FFO of $0.27 per diluted share and an FFO of $0.29 per diluted share for Q4 2024, with a full-year FFO of $1.02 and normalized FFO of $1.29 per diluted share [10][37] - The overall portfolio occupancy at the end of Q4 stood at 96%, slightly increasing compared to the prior quarter [42] - The company provided a normalized FFO guidance range of $1 to $1.10 per diluted share for 2025, reflecting challenges such as construction delivery delays and increased interest expenses [46] Business Line Data and Key Metrics Changes - The retail segment achieved an 11.1% GAAP spread, while the office segment achieved an 18.7% GAAP spread, with all three segments posting positive releasing spreads [39] - The multi-family portfolio reported a combined trade-out spread of negative 0.8% for Q4, but year-to-date stabilized trade-outs have shown improvements with a combined trade-out of positive 0.6% [40] - The construction management segment posted $2.1 million of gross profit, with expectations for this segment's performance to return closer to historical levels in the short term [42] Market Data and Key Metrics Changes - The office assets in mixed-use environments are commanding around a 15% premium above competing central business districts in the region [22] - The retail portfolio had a strong performance with 95% occupancy, executing new leases covering approximately 195,000 square feet [27] - The multi-family portfolio continues to operate well at 95.3% occupancy, with rent growth in markets such as Baltimore and Virginia Beach [33] Company Strategy and Development Direction - The company remains committed to improving income streams and balance sheet quality, focusing on sustainable growth while maintaining financial strength [9] - The strategy includes recycling stabilized assets where value has been maximized and capitalizing on better long-term opportunities [14] - The company is focused on strengthening its balance sheet by reducing leverage and enhancing financial flexibility [18] Management's Comments on Operating Environment and Future Outlook - Management expects 2025 to be the trough year for earnings, with anticipated growth in 2026 and beyond as developments stabilize [90] - The company is committed to refining its business model and pursuing redevelopment opportunities that add significant value [35] - Management acknowledges challenges in the current cost of capital but remains confident in the long-term value of the portfolio [44] Other Important Information - The company disposed of two non-core retail assets at a blended cap rate in the low 6% range, achieving an aggregate sales price of $82 million, representing more than a 20% profit spread over cost [15] - The T. Rowe Price global headquarters is nearing completion, expected to bring 2,500 employees to the community [16] Q&A Session Summary Question: What does the market look like going forward on the Mez side? - Management is receiving inquiries about financing deals and is monitoring the lending market closely, but is not prepared to execute new investments at this time [52][54] Question: Can you comment on the dilution from recent equity raises and asset sales? - The equity raise in September resulted in roughly 5 cents worth of dilution per share after debt repayment [62][65] Question: How is the releasing process going for Southgate First with declining occupancy? - Management is actively negotiating with potential backfill tenants for closed stores and anticipates positive releasing activity [73][75] Question: Are there any active properties being marketed for capital recycling? - Management has received unsolicited interest in retail properties and is evaluating potential disposals based on quality and strategic alignment [80][84] Question: Can you provide details on the trajectory of FFO throughout 2025? - Management expects 2025 to be the trough year, with growth anticipated in 2026 as developments stabilize and operational efficiencies improve [90][92]