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][38] - The overall portfolio occupancy at the end of Q4 stood at 96%, slightly increasing compared to the prior quarter [42] - The company achieved same-store NOI growth of $1.3 million at 3.6% on a GAAP basis [41] Business Line Data and Key Metrics Changes - The retail segment achieved an 11.1% GAAP releasing spread, while the office segment achieved an 18.7% GAAP releasing spread [39] - The multi-family portfolio reported a combined trade-out spread of negative 0.8% for the quarter, with renewal spreads remaining strong at 4.7% [40] - The construction management segment posted $2.1 million of gross profit, with expectations to return closer to historical levels in the short term [42] Market Data and Key Metrics Changes - The office assets in mixed-use environments commanded around a 15% premium above competing central business districts [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 operated 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 and financial strength [9] - The strategy includes recycling stabilized assets 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 actively managing challenges related to construction delivery delays and increased interest expenses [46] - Management remains confident in the long-term value of the portfolio and the potential for redevelopment opportunities [36] Other Important Information - The company disposed of two non-core retail assets at a blended cap rate in the low 6% range, achieving an $82 million aggregate sales price [15] - The company successfully executed a $109 million common equity offering to reduce leverage and position for future growth [19] - The company has hedged 100% of its variable rate debt exposure to ensure stability in interest expenses [44] Q&A Session Summary Question: What does the market look like going forward on the Mez side? - Management noted inquiries about financing deals and the pressure in the lending market has created a gap that needs to be filled [52][54] Question: Any new investments need to be a loan to own rather than just a straight loan? - Management indicated that all options are possible, but the focus is on risk-adjusted returns [57][58] Question: Can you talk about the occupancy of your apartment assets in the home market? - Management attributed lower occupancy to price point issues and new developments in the broader market, but expressed confidence in maintaining market rents [59][60] Question: Can you comment on the dilution from recent equity raises and asset sales? - Management stated that the equity raise in September resulted in roughly 5 cents worth of dilution [62][65] Question: How is the company thinking about the longer-term play with T. Rowe headquarters? - Management is monitoring the market and believes it is not the right time to sell the asset at a discount [66][68] Question: Can you provide details on Southgates First occupancy decline? - Management explained the decline was related to specific tenants and expressed optimism about backfill negotiations [73][74] Question: Do you have any active properties that you are marketing on the retail side? - Management mentioned receiving unsolicited activity for retail properties and is open to capital recycling opportunities [80][81]

FINANCIAL PACKAGE SUPPLEMENTAL CORPORATE PROFILE Armada Hoffler (NYSE: AHH) is a vertically integrated, self-managed real estate investment trust ("REIT") with over four decades of experience developing, building, acquiring, and managing high-quality retail, office, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. The Company also provides general construction and development services to third-party clients, in addition to developing and building properties to ...

Financial Performance - GAAP net income for Q4 2024 was $26.1 million, or $0.26 per diluted share, compared to a net loss of $23.9 million, or $0.27 per diluted share in Q4 2023[4]. - Net income attributable to common stockholders for the three months ended December 31, 2024, was $26,140,000, compared to a loss of $23,938,000 in the same period of 2023[30]. - Net income for Q4 2024 was $29,036, compared to a net loss of $21,062 in Q4 2023, marking a significant turnaround[34]. - Normalized FFO for Q4 2024 was $27.8 million, or $0.27 per diluted share, slightly down from $27.9 million, or $0.31 per diluted share in Q4 2023[6]. - Normalized FFO for the year ended December 31, 2024, was $118,893,000, an increase from $110,467,000 in 2023, reflecting a growth of about 7.3%[32]. - Operating income for the year ended December 31, 2024, was $106,543,000, compared to $73,587,000 in 2023, indicating an increase of about 44.8%[30]. - Cash and cash equivalents increased significantly to $70,642,000 as of December 31, 2024, compared to $27,920,000 in 2023, marking a growth of approximately 153%[27]. - Total revenues for the year ended December 31, 2024, increased to $708,470,000, up from $667,158,000 in 2023, representing a growth of approximately 6.2%[29]. Debt and Assets - Total debt outstanding as of December 31, 2024, was $1,297.5 million, with 94% fixed or economically hedged[11]. - Indebtedness, net, decreased to $1,295,559,000 in 2024 from $1,396,965,000 in 2023, representing a reduction of approximately 7.2%[27]. - Total assets decreased to $2,512,863,000 as of December 31, 2024, from $2,562,898,000 in 2023, indicating a decline of about 2%[28]. Revenue and NOI Growth - Rental revenues for the year ended December 31, 2024, were $256,697,000, up from $238,924,000 in 2023, reflecting an increase of about 7.4%[29]. - General contracting and real estate services revenues for the year ended December 31, 2024, rose to $433,177,000, compared to $413,131,000 in 2023, a growth of approximately 4.9%[29]. - Office same store NOI growth was 12.3% on a GAAP basis compared to Q4 2023[7]. - Total Property NOI for the year ended December 31, 2024, was $170,979, an increase of 6.0% compared to $160,063 in 2023[34]. - Retail Same Store NOI on a cash basis for Q4 2024 was $16,344, up 1.8% from $16,050 in Q4 2023[34]. - Office Same Store NOI for Q4 2024 was $13,896, reflecting a 12.3% increase from $12,369 in Q4 2023[34]. - Multifamily Same Store NOI for the year ended December 31, 2024, was $31,355, a decrease of 1.6% from $31,864 in 2023[34]. Leasing and Dispositions - The company executed 21 lease renewals and 23 new leases, totaling approximately 315,000 net rentable square feet in Q4 2024[4]. - The company completed the disposition of retail properties for gross proceeds of $82.0 million, resulting in a net gain of $21.3 million[7]. - The company reported a gain on real estate dispositions of $21,305,000 for the year ended December 31, 2024, compared to a gain of $738,000 in 2023[30]. - Positive retail renewal spreads were 11.1% (GAAP) and 2.9% (Cash), while office renewal spreads were 18.7% (GAAP) and 3.5% (Cash)[4]. Guidance and Future Outlook - The company introduced 2025 full-year Normalized FFO guidance in the range of $1.00 to $1.10 per diluted share[12]. - The company reported a construction backlog of $123.8 million as of December 31, 2024[9]. Interest Income and Expense - Interest income from real estate financing investments was $4.0 million for Q4 2024[10]. - Interest income for the year increased to $2,519, compared to $927 in 2023[34]. - Interest expense for the year was $72,377, an increase from $54,144 in 2023[34]. - General contracting and real estate services gross profit for the year was $13,875, up from $13,418 in 2023[34].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35908 ARMADA HOFFLER PROPERTIES, INC. (Exact name of registrant as specified in its charter) Maryland 46-1214914 (State or other jurisd ...

Armada Hoffler Properties, Inc. (NYSE:AHH) Q3 2024 Earnings Conference Call November 4, 2024 8:30 AM ET Company Participants Chelsea Forrest - Vice President of Investor Relations Louis Haddad - CEO Matthew Barnes-Smith - CFO Shawn Tibbetts - President and COO Conference Call Participants Rob Stevenson - Strand Andrew Berger - Bank of America Peter Abramowitz - Jefferies Operator Good morning, ladies and gentlemen, and welcome to the Armada Hoffler Third Quarter 2024 Earnings Conference Call. At this time, ...

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Armada Hoffler reported a Q3 2024 net loss of $10.4 million, with Normalized FFO of $0.35 per share, alongside strong portfolio occupancy and strategic balance sheet improvements [Third Quarter and Recent Highlights](index=1&type=section&id=Third%20Quarter%20and%20Recent%20Highlights) Armada Hoffler reported a GAAP net loss of $10.4 million for Q3 2024, with Normalized FFO of $0.35 per diluted share, achieving strong occupancy and positive renewal spreads - Net loss attributable to common stockholders and OP Unit holders of **$10.4 million** for Q3 2024, compared to net income of **$5.3 million** for Q3 2023[2](index=2&type=chunk) - Normalized FFO of **$31.4 million**, or **$0.35 per diluted share**, for Q3 2024, compared to **$27.7 million**, or **$0.31 per diluted share**, for Q3 2023[3](index=3&type=chunk) Key Operating Metrics (Q3 2024) | Metric | Value | | :-------------------------------- | :------ | | Weighted Average Stabilized Portfolio Occupancy | 95.4% | | Retail Occupancy | 96.2% | | Office Occupancy | 94.7% | | Multifamily Occupancy | 95.3% | Renewal Spreads (Q3 2024) | Segment | GAAP | Cash | | :-------- | :--- | :--- | | Retail | 13.1% | 7.8% | | Office | 18.5% | 0.8% | | Multifamily | 1.8% | 1.8% | - Office Same Store Net Operating Income (NOI) increased **6.1%** on a GAAP basis compared to Q3 2023[6](index=6&type=chunk) - Third-party construction backlog as of September 30, 2024, was **$193.1 million**[6](index=6&type=chunk) - Raised **$108.7 million** of gross proceeds in an underwritten public offering of **10.35 million shares** of common stock at **$10.50 per share**[8](index=8&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Louis Haddad highlighted the company's strong portfolio occupancy and minimal commercial lease maturities, emphasizing a strategic shift towards a stronger balance sheet and property NOI - CEO Louis Haddad stated, "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"[4](index=4&type=chunk) - The Company is moving toward a stronger balance sheet, higher emphasis on property NOI and less reliance on fee income over time[4](index=4&type=chunk) [Financial Results Overview](index=2&type=section&id=Financial%20Results%20Overview) The company experienced a net loss in Q3 2024 due to derivative fair value changes and higher interest expense, despite an increase in Normalized FFO driven by portfolio NOI and construction gross profit [Net Loss Analysis](index=2&type=section&id=Net%20Loss%20Analysis) The company reported a net loss of $10.4 million for Q3 2024, primarily due to decreased fair value of interest rate swap derivatives and higher interest expense, partially offset by increased NOI - Net loss attributable to common stockholders and OP Unit holders for Q3 2024 decreased to **$10.4 million** compared to net income of **$5.3 million** for Q3 2023[9](index=9&type=chunk) - The period-over-period change was primarily due to a decrease in the fair value of undesignated interest rate swap derivatives and higher interest expense[9](index=9&type=chunk) - The negative change was partially offset by an increase in portfolio NOI and general contracting gross profit[9](index=9&type=chunk) [FFO and Normalized FFO Performance](index=2&type=section&id=FFO%20and%20Normalized%20FFO%20Performance) FFO decreased to $12.7 million in Q3 2024, while Normalized FFO increased to $31.4 million, driven by higher portfolio NOI, interest income, and general contracting gross profit - FFO attributable to common stockholders and OP Unit holders for Q3 2024 was **$12.7 million**, down from **$27.6 million** for Q3 2023[10](index=10&type=chunk) - Normalized FFO attributable to common stockholders and OP Unit holders for Q3 2024 increased to **$31.4 million**, up from **$27.7 million** for Q3 2023[10](index=10&type=chunk) - The increase in Normalized FFO was due to increases in portfolio NOI, interest income, and general contracting gross profit, partially offset by higher interest expense[10](index=10&type=chunk) [Operating Performance Details](index=2&type=section&id=Operating%20Performance%20Details) Q3 2024 saw high portfolio occupancy across all segments, significant leasing activity, a substantial construction backlog, and notable real estate financing income [Portfolio Occupancy](index=2&type=section&id=Portfolio%20Occupancy) As of Q3 2024, the company's stabilized operating property portfolios maintained high occupancy rates across retail (96.2%), office (94.7%), and multifamily (95.3%) segments Stabilized Operating Property Portfolio Occupancy (Q3 2024) | Segment | Occupancy | | :-------- | :-------- | | Retail | 96.2% | | Office | 94.7% | | Multifamily | 95.3% | [Leasing Activity and Same Store NOI](index=2&type=section&id=Leasing%20Activity%20and%20Same%20Store%20NOI) During Q3 2024, Armada Hoffler executed 28 lease renewals and 9 new leases, totaling 273,212 net rentable square feet, with Office Same Store NOI increasing by 6.1% on a GAAP basis - Executed **28 lease renewals** and **9 new leases** during Q3 2024 for an aggregate of **273,212 net rentable square feet**[6](index=6&type=chunk) - Office Same Store Net Operating Income (NOI) increased **6.1%** on a GAAP basis compared to Q3 2023[6](index=6&type=chunk) [Construction Segment Performance](index=2&type=section&id=Construction%20Segment%20Performance) The third-party construction backlog stood at $193.1 million as of September 30, 2024, generating $3.4 million in construction gross profit for the quarter - Total construction contract backlog was **$193.1 million** as of September 30, 2024[11](index=11&type=chunk) - Construction gross profit for Q3 2024 was **$3.4 million**[6](index=6&type=chunk) [Real Estate Financing Income](index=2&type=section&id=Real%20Estate%20Financing%20Income) Interest income from real estate financing investments for the three months ended September 30, 2024, was $4.1 million - Interest income from real estate financing investments was **$4.1 million** for the three months ended September 30, 2024[11](index=11&type=chunk) [Balance Sheet and Financing Activities](index=3&type=section&id=Balance%20Sheet%20and%20Financing%20Activities) As of Q3 2024, the company maintained approximately 89% of its $1,330.1 million total debt at fixed rates or hedged, while successfully raising $108.7 million in a public equity offering [Debt Structure and Hedging](index=3&type=section&id=Debt%20Structure%20and%20Hedging) As of September 30, 2024, total debt outstanding was $1,330.1 million, with approximately 89% either fixed-rate or economically hedged through interest rate swaps - As of September 30, 2024, the Company had **$1,330.1 million** of total debt outstanding, including **$164.0 million** outstanding under its revolving credit facility[13](index=13&type=chunk) - Approximately **89%** of the Company's debt had fixed interest rates or was subject to interest rate swaps as of September 30, 2024[13](index=13&type=chunk) [Equity Offerings](index=3&type=section&id=Equity%20Offerings) During Q3 2024, the company raised $22.1 million gross proceeds via its ATM program and $108.7 million from a public offering of 10.35 million shares At-the-Market (ATM) Equity Offering (Q3 2024) | Metric | Value | | :-------------------- | :------------ | | Shares Issued | 1,886,112 | | Total Gross Proceeds | $22.1 million | | Average Gross Price Per Share | $11.71 | Public Offering (September 27, 2024) | Metric | Value | | :-------------------- | :------------ | | Gross Proceeds | $108.7 million | | Shares Offered | 10.35 million | | Public Offering Price | $10.50 per share | | Net Proceeds | $103.4 million | [Outlook and Guidance](index=3&type=section&id=Outlook%20and%20Guidance) The company narrowed its 2024 full-year Normalized FFO guidance range to $1.25 to $1.27 per diluted share, based on specific assumptions for portfolio NOI, construction gross profit, and interest expenses [2024 Full-Year Normalized FFO Guidance](index=3&type=section&id=2024%20Full-Year%20Normalized%20FFO%20Guidance) The company narrowed its 2024 full-year Normalized FFO guidance range to $1.25 to $1.27 per diluted share - The Company narrowed its 2024 full-year Normalized FFO guidance range to **$1.25 to $1.27 per diluted share**[16](index=16&type=chunk) [Key Guidance Assumptions](index=3&type=section&id=Key%20Guidance%20Assumptions) The updated guidance is based on assumptions including expected portfolio NOI between $171.0 million and $172.2 million, construction gross profit of $12.3 million to $13.5 million, and initial project deliveries in Q1 2025 Full-Year 2024 Guidance Assumptions | Metric | Expected Range | | :-------------------------------- | :------------- | | Portfolio NOI | $171.0 M - $172.2 M | | Construction Segment Gross Profit | $12.3 M - $13.5 M | | G&A Expenses | ($18.7 M) - ($18.5 M) | | Interest Income | $18.2 M - $18.4 M | | Adjusted Interest Expense | ($55.6 M) - ($54.8 M) | - Guidance includes assumptions for Southern Post delivery schedule update and initial delivery of the T. Rowe Price Global HQ and Allied | Harbor Point in the first quarter of 2025[17](index=17&type=chunk) [Company Information](index=4&type=section&id=Company%20Information) Armada Hoffler is a vertically integrated REIT with over four decades of experience in developing, building, acquiring, and managing high-quality retail, office, and multifamily properties primarily in the Mid-Atlantic and Southeastern US [About Armada Hoffler Properties, Inc.](index=4&type=section&id=About%20Armada%20Hoffler%20Properties%2C%20Inc.) Armada Hoffler (NYSE: AHH) is a vertically integrated, self-managed REIT with over four decades of experience in developing, building, acquiring, and managing high-quality retail, office, and multifamily properties - Armada Hoffler (NYSE: AHH) is a vertically integrated, self-managed real estate investment trust (REIT)[20](index=20&type=chunk) - The company has over four decades of experience developing, building, acquiring, and managing high-quality retail, office, and multifamily properties primarily in the Mid-Atlantic and Southeastern United States[20](index=20&type=chunk) - Armada Hoffler also provides general construction and development services to third-party clients[20](index=20&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section serves as a disclaimer regarding forward-looking statements, noting that actual results may differ due to known and unknown risks and uncertainties, advising review of SEC filings - Forward-looking statements may involve known and unknown risks, uncertainties, and other factors that may cause actual results or performance to differ from projections[21](index=21&type=chunk) - Investors should review information under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and other SEC filings[21](index=21&type=chunk) - The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement[21](index=21&type=chunk) [Non-GAAP Financial Measures Definitions](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20Definitions) This section defines key non-GAAP financial metrics like FFO, Normalized FFO, and NOI, explaining their calculation, purpose, and limitations for financial analysis [Funds From Operations (FFO)](index=4&type=section&id=Funds%20From%20Operations%20%28FFO%29) FFO is a Nareit-defined non-GAAP measure, excluding real estate depreciation/amortization and gains/losses from property sales, used to track occupancy, rental rates, and operating costs, despite certain limitations - FFO is calculated in accordance with Nareit standards, defined as net income (loss) (GAAP) excluding depreciation and amortization related to real estate, gains or losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets[22](index=22&type=chunk) - FFO is used as a supplemental performance measure to capture trends in occupancy rates, rental rates, and operating costs[23](index=23&type=chunk) - Limitations of FFO include excluding changes in property value and capital expenditures, and it may not be comparable to other REITs' FFO[24](index=24&type=chunk) [Normalized Funds From Operations (Normalized FFO)](index=5&type=section&id=Normalized%20Funds%20From%20Operations%20%28Normalized%20FFO%29) Normalized FFO is a management-preferred performance measure that adjusts Nareit FFO by excluding items not indicative of operating property portfolio results, such as derivative mark-to-market adjustments and severance costs - Normalized FFO is a more useful performance measure that excludes certain items from FFO not indicative of the results provided by the Company's operating property portfolio[25](index=25&type=chunk) - Exclusions include debt extinguishment losses, impairment and accelerated amortization of intangible assets, property acquisition/development costs, mark-to-market adjustments for interest rate derivatives not designated as cash flow hedges, and severance related costs[25](index=25&type=chunk) [Net Operating Income (NOI)](index=5&type=section&id=Net%20Operating%20Income%20%28NOI%29) NOI is a supplemental measure used by management to assess segment performance, calculated as segment revenues less expenses, aiding in understanding core real estate and construction operations - NOI is the measure used by the Company's chief operating decision-maker to assess segment performance, calculated as segment revenues less segment expenses[26](index=26&type=chunk) - Segment revenues include rental revenues, general contracting and real estate services revenues, and interest income[26](index=26&type=chunk) - NOI is considered an appropriate supplemental measure to net income as it assists in understanding the core operations of the Company's real estate and construction businesses[26](index=26&type=chunk) - To calculate NOI on a cash basis, adjustments are made to exclude the net effects of straight line rent and the amortization of lease incentives and above/below market rents[26](index=26&type=chunk) [Condensed Consolidated Financial Statements](index=6&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The condensed financial statements for Q3 2024 reflect a net loss despite increased revenues, alongside stable assets, decreased liabilities, and increased equity [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows total assets of **$2,561.1 million** as of September 30, 2024, with a decrease in total liabilities and an increase in total equity Condensed Consolidated Balance Sheets (dollars in thousands) | Metric | September 30, 2024 | December 31, 2023 | | :----------------------------------------- | :------------------- | :------------------ | | Total Assets | $2,561,139 | $2,562,898 | | Net Real Estate Investments | $1,812,673 | $1,814,118 | | Cash and Cash Equivalents | $43,852 | $27,920 | | Total Liabilities | $1,679,647 | $1,757,720 | | Indebtedness, net | $1,327,971 | $1,396,965 | | Total Equity | $881,492 | $805,178 | [Condensed Consolidated Income Statements](index=7&type=section&id=Condensed%20Consolidated%20Income%20Statements) For Q3 2024, total revenues increased to **$187.7 million**, but the company reported a net loss of **$7.5 million** due to derivative fair value changes and higher interest expense Condensed Consolidated Income Statements (in thousands) | Metric | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | | :---------------------------------------------------------------- | :------------------------------ | :------------------------------ | | Total Revenues | $187,652 | $166,011 | | Rental Revenues | $68,598 | $62,913 | | General Contracting and Real Estate Services Revenues | $114,353 | $99,408 | | Total Expenses | $162,696 | $143,896 | | Operating Income | $24,956 | $22,342 | | Interest Expense | ($21,387) | ($15,444) | | Change in Fair Value of Derivatives and Other | ($10,308) | $2,466 | | Net (Loss) Income | ($7,546) | $8,423 | | Net (Loss) Income Attributable to Common Stockholders and OP Unitholders | ($10,416) | $5,343 | [FFO and Normalized FFO Reconciliation](index=8&type=section&id=FFO%20and%20Normalized%20FFO%20Reconciliation) FFO decreased to **$12.7 million** ($0.14 per diluted share) in Q3 2024, while Normalized FFO increased to **$31.4 million** ($0.35 per diluted share) after specific adjustments FFO and Normalized FFO Reconciliation (in thousands, except per share amounts) | Metric | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | | :---------------------------------------------------------------------------------------------------- | :------------------------------ | :------------------------------ | | Net (Loss) Income Attributable to Common Stockholders and OP Unitholders | ($10,416) | $5,343 | | FFO Attributable to Common Stockholders and OP Unitholders | $12,654 | $27,582 | | Normalized FFO Available to Common Stockholders and OP Unitholders | $31,438 | $27,735 | | Net (Loss) Income Attributable to Common Stockholders and OP Unitholders per diluted share and unit | ($0.1) | $0.06 | | FFO Attributable to Common Stockholders and OP Unitholders per diluted share and unit | $0.14 | $0.31 | | Normalized FFO Attributable to Common Stockholders and OP Unitholders per diluted share and unit | $0.35 | $0.31 | | Weighted Average Common Shares and Units - diluted | 90,598 | 89,589 | [Net Operating Income (NOI) Reconciliation](index=9&type=section&id=Net%20Operating%20Income%20%28NOI%29%20Reconciliation) Total Property NOI increased to **$45.8 million** in Q3 2024, with Office Same Store NOI (GAAP) increasing, while Retail and Multifamily Same Store NOI saw slight decreases Net Operating Income (NOI) Reconciliation (in thousands) | Metric | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | | :---------------------------------------------------- | :------------------------------ | :------------------------------ | | Retail Same Store NOI, Cash Basis | $17,960 | $18,771 | | Retail Same Store NOI (GAAP) | $19,088 | $20,076 | | Office Same Store NOI, Cash Basis | $12,744 | $12,805 | | Office Same Store NOI (GAAP) | $15,040 | $14,169 | | Multifamily Same Store NOI, Cash Basis | $8,213 | $8,540 | | Multifamily Same Store NOI (GAAP) | $8,422 | $8,742 | | Total Property NOI | $45,762 | $42,290 | | General contracting & real estate services gross profit | $3,366 | $3,313 | | Real estate financing gross profit | $2,348 | $2,768 | - Retail same-store portfolio for the three months ended September 30, 2024 and 2023 excludes Southern Post Retail and Columbus Village II due to redevelopment[36](index=36&type=chunk) - Office same-store portfolio for the three months ended September 30, 2024 and 2023 excludes Southern Post Office[36](index=36&type=chunk) - Multifamily same-store portfolio for the three months ended September 30, 2024 and 2023 excludes Chandler Residences[36](index=36&type=chunk) [Additional Information](index=4&type=section&id=Additional%20Information) This section directs stakeholders to supplemental financial data, details on the Q3 2024 webcast and conference call, and provides investor relations contact information [Supplemental Financial Information](index=4&type=section&id=Supplemental%20Financial%20Information) Further details regarding operating results, properties, and leasing statistics are available in the Company's supplemental financial package on ArmadaHoffler.com - Further details regarding operating results, properties, and leasing statistics can be found in the Company's supplemental financial package available on the Investors page at ArmadaHoffler.com[18](index=18&type=chunk) [Webcast and Conference Call](index=4&type=section&id=Webcast%20and%20Conference%20Call) The company hosted a webcast and conference call on November 5, 2024, at 8:30 a.m. ET to discuss financial results and recent events, with a recorded replay available - The Company hosted a webcast and conference call on Tuesday, November 5, 2024, at 8:30 a.m. Eastern Time to review financial results and discuss recent events[19](index=19&type=chunk) - The recorded webcast will be available through the Investors page of the Company's website, ArmadaHoffler.com[19](index=19&type=chunk) - A replay of the conference call will be available through Wednesday, December 4, 2024[19](index=19&type=chunk) [Contact Information](index=10&type=section&id=Contact%20Information) Contact information for investor relations is provided for Chelsea Forrest, Vice President of Corporate Communications and Investor Relations - Contact: Chelsea Forrest, Vice President of Corporate Communications and Investor Relations[37](index=37&type=chunk) - Email: CForrest@ArmadaHoffler.com[37](index=37&type=chunk) - Phone: (757) 612-4248[37](index=37&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact name of registrant as specified in its charter) Commission File Number: 001-35908 ARMADA HOFFLER PROPERTIES, INC. FORM10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or Maryland 46-1214914 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 222 Central Park Avenue , Suite 2100 Virginia Beach ...

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 P ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35908 ARMADA HOFFLER PROPERTIES, INC. (Exact name of registrant as specified in its charter) Maryland 46-1214914 (State or other jurisdicti ...

Armada Hoffler Properties, Inc. (NYSE:AHH) Q1 2024 Results Conference Call May 9, 2024 8:30 AM ET Company Participants Chelsea Forrest - Director of Corporate Communications and Investor Relations Louis Haddad - Chief Executive Officer Matthew Barnes-Smith - Chief Financial Officer Shawn Tibbetts - President and Chief Operating Officer Conference Call Participants Robert Stevenson - Janney Peter Abramowitz - Jefferies Camille Bonnel - Bank of America Bill Crow - Raymond James Operator Good morning, ladies a ...