Armada Hoffler Properties(US:AHH)2025-11-04 13:30Company Overview - Armada Hoffler (AHH) is a vertically integrated REIT focused on developing, building, acquiring, and managing retail, office, and multifamily properties primarily in the Mid-Atlantic and Southeastern United States[3] - The company's credit rating is BBB, as rated by Morningstar DBRS[5] Financial Highlights (Q3 2025) - Third Quarter Funds From Operations (FFO) per diluted share was $0.20[6] - Third Quarter Normalized FFO per diluted share was $0.29[6] - Weighted average stabilized portfolio occupancy was 95.7% as of September 30, 2025[6] - The company saw a 1% total same-store GAAP Net Operating Income (NOI) increase quarter over quarter[6] - Retail lease renewal spread increased by 5.7% (GAAP) in the third quarter[6] - Office lease renewal spread increased significantly by 21.6% (GAAP) in the third quarter[6] - Office same-store GAAP NOI increased by 4.5% quarter over quarter[6] 2025 Outlook - The company projects a property portfolio NOI between $174.1 million and $175.5 million[8] - Construction segment profit is expected to be between $5.5 million and $6.5 million[8] - Adjusted interest expense is projected to be between $63.7 million and $61.7 million[8] - Normalized FFO per diluted share is guided to be between $1.03 and $1.07[8] Capitalization and Leverage - Total capitalization as of September 30, 2025, was approximately $2.37 billion, with total debt of approximately $1.49 billion[11] - Stabilized portfolio debt to stabilized portfolio adjusted EBITDAre was 5.5x[11, 27] - Net Debt to Total Adjusted EBITDAre was 7.9x[27] - Net Debt plus Preferred Equity to Total Adjusted EBITDAre was 8.9x[27] - The company's debt composition is 100% fixed-rate with a weighted average interest rate of 4.3% and a maturity of 2.8 years[28] Portfolio Composition - 59% of the company's Annualized Base Rent (ABR) is derived from mixed-use communities[6] - The company's portfolio is comprised of 70% unencumbered properties, representing 61% of annualized base rent[43] - Total unencumbered asset value is $1.63 billion[43]