AH Realty Trust, Inc.

Listed Company

AHRTCIK 0001569187NYSEAcceleratedReal EstateMarylandFY ends Dec 31

Period

FY 2025

Revenue

$285.20M

Net Income

$5.60M

Total Assets

$2.60B

Equity

$627.78M

Shares Out

80.18M

Op. Cash Flow

$64.25M

Business

Armada Hoffler Properties, Inc. is a vertically integrated, self-managed real estate investment trust that acquires, owns, develops, manages, and finances commercial and multifamily real estate. The company offers property ownership and operations, development and construction services, third-party asset management, and real estate financing including mezzanine and preferred equity investments. Its business is organized across property operating segments—retail, office, and multifamily—as well as construction, development, and a taxable REIT subsidiary that provides services. Armada Hoffler operates primarily in Mid-Atlantic and Southeastern U.S. markets through direct ownership, joint ventures, and third-party contracts.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental revenues	270	257	239	219	192
Interest income	16	17	15	17	18
Total revenues	285	274	254	471	303
Rental expenses	67	62	56	51	46
Real estate taxes	25	23	22	22	22
Depreciation and amortization	92	91	97	74	69
General and administrative expenses	20	19	17	16	15
Acquisition, development, and other pursuit costs	93,000	6	84,000	37,000	112,000
Impairment charges	373,000	2	102,000	416,000	21
Total expenses	204	203	194	390	262
Gain on real estate dispositions, net	0	21	738,000	53	19
Operating income	81	93	61	134	59
Interest expense	−85	−79	−58	−40	—
Equity in (loss) income of unconsolidated real estate entities	−2	245,000	0	0	0
Gain on consolidation of real estate entities	7	0	0	—	—
Loss on extinguishment of debt	−69,000	−247,000	0	−3	−4
Change in fair value of derivatives and other	−2	14	−6	9	2
Unrealized credit loss release (provision)	437,000	−156,000	−574,000	−626,000	792,000
Other (expense) income, net	−57,000	209,000	31,000	378,000	302,000
(Loss) income from continuing operations	−1	28	−4	—	—
Income before taxes	5	14	13	—	—
Income tax (provision) benefit from discontinued operations	482,000	614,000	−1	—	—
Income from discontinued operations, net of taxes	5	15	11	—	—
Net income	4	42	8	100	25
Investment entities	99,000	−43,000	−605,000	−6	5,000
Operating Partnership	2	−7	1	−19	−4
Net income attributable to Armada Hoffler Properties, Inc.	6	36	8	75	22
Preferred stock dividends	−12	−12	−12	−12	−12
Net (loss) income attributable to common stockholders	−6	24	−3	63	10
Net (loss) income attributable to common stockholders from continuing operations per share (basic) (in dollars per share)	−0.14	0.13	−0.21	—	—
Net (loss) income attributable to common stockholders from continuing operations per share (diluted) (in dollars per share)	−0.14	0.13	−0.21	—	—
Net income attributable to common stockholders from discontinued operations per share (basic) (in dollars per share)	0.06	0.21	0.17	—	—
Net income attributable to common stockholders from discontinued operations per share (diluted) (in dollars per share)	0.06	0.21	0.17	—	—
Net (loss) income attributable to common stockholders per share (basic) (in dollars per share)	−0.07	0.34	−0.05	0.94	0.17
Net (loss) income attributable to common stockholders per share (diluted) (in dollars per share)	−0.07	0.34	−0.05	0.94	0.17
Weighted-average common shares outstanding (basic) (in shares)	80	71	68	68	61
Weighted-average common shares outstanding (diluted) (in shares)	80	71	68	68	61
Unrealized cash flow hedge (losses) gains	−1	4	7	20	4
Realized cash flow hedge gains reclassified to net income	−1	−7	−20	−800,000	8
Comprehensive income (loss)	1	40	−6	119	37
Comprehensive income (loss) attributable to Armada Hoffler Properties, Inc.	4	33	−1	89	31

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Income producing property	2,525	2,172	2,093	1,884	1,659
Held for development	6	6	12	6	6
Construction in progress	17	18	102	53	73
Gross real estate investments	2,547	2,195	2,207	1,944	1,737
Accumulated depreciation	−521	−450	−393	−330	−286
Net real estate investments	2,026	1,745	1,814	1,614	1,452
Real estate investments held for sale	5	5	0	0	81
Assets of discontinued operations	30	132	—	—	—
Cash and cash equivalents	49	32	20	47	35
Restricted cash	3	2	2	4	5
Accounts receivable, net	66	53	46	39	30
Notes receivable, net	129	133	94	136	126
Equity method investments	48	158	142	72	13
Operating lease right-of-use assets	23	23	23	23	23
Finance lease right-of-use assets	87	89	91	46	47
Acquired lease intangible assets	78	90	109	104	62
Other assets	53	53	88	85	46
Total Assets	2,597	2,513	2,563	2,242	1,938
Indebtedness, net	1,526	1,296	1,397	1,068	918
Accounts payable and accrued liabilities	40	35	31	27	30
Operating lease liabilities	31	31	32	32	32
Finance lease liabilities	93	93	92	46	46
Other liabilities	46	54	57	54	56
Liabilities of discontinued operations	31	114	—	0	41
Total Liabilities	1,767	1,623	1,758	1,338	1,158
Preferred stock, $0.01 par value, 100,000,000 shares authorized: 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, 9,980,000 shares authorized, 6,843,418 shares issued and outstanding as of December 31, 2025 and 2024	171	171	171	171	171
Common stock, $0.01 par value, 500,000,000 shares authorized; 80,166,778 and 79,695,938 shares issued and outstanding as of December 31, 2025 and 2024, respectively	805,000	797,000	668,000	677,000	630,000
Additional paid-in capital	725	715	581	588	525
Distributions in excess of earnings	−269	−219	−185	−127	−141
Accumulated other comprehensive income	703,000	3	5	15	−33,000
Total stockholders equity	628	671	573	647	555
Noncontrolling interests in investment entities	9	9	10	24	629,000
Noncontrolling interests in Operating Partnership	193	210	223	233	224
Total Equity	829	890	805	904	780
Total Liabilities and Equity	2,597	2,513	2,563	2,242	1,938

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation of buildings and tenant improvements	72	68	63	55	52
Amortization of leasing costs, in-place lease intangibles, and right-of-use assets	19	23	34	20	17
Accrued straight-line rental revenue	−10	−8	−6	−6	−5
Amortization of leasing incentives and above or below-market rents	−2	−2	−2	−1	−1
Accrued straight-line ground rent expense	−14,000	28,000	64,000	119,000	236,000
Adjustment for uncollectible lease accounts	3	2	4	515,000	945,000
Noncash acquisition, development, and other pursuit costs	0	6	0	0	—
Noncash stock compensation	7	5	4	3	2
Noncash interest expense	6	4	7	7	3
Gain on consolidation of real estate entities	−7	0	0	—	—
Change in fair value of derivatives and other	22	10	14	−9	−2
Adjustment for receipts on off-market interest rate derivatives	−24	−23	−8	0	0
Property assets	−10	−11	−7	−12	−4
Property liabilities	2	13	16	3	7
Interest receivable	−15	−12	−14	−5	−2
Net cash provided by operating activities of continuing operations	64	82	102	—	—
Development of real estate investments	−11	−30	−59	−76	−49
Tenant and building improvements	−46	−30	−24	−17	−15
Acquisitions of real estate investments, net of cash received	−34	0	−8	−120	−74
Dispositions of real estate investments, net of selling costs	0	59	246,000	252	85
Notes receivable issuances	−22	−48	−48	−38	−31
Notes receivable paydowns	450,000	21	0	36	42
Payments to purchase off-market interest rate derivatives	−19	0	−31	0	0
Receipts on off-market interest rate derivatives	24	23	8	0	0
Leasing costs	−8	−5	−4	−8	−5
Leasing incentives	−10,000	0	−20,000	−51,000	−688,000
Contributions to equity method investments	−7	−16	−70	−63	—
Net cash used for investing activities of continuing operations	−121	−27	−237	—	—
(Costs)/proceeds from issuance of common stock, net	−134,000	129	−208,000	65	52
Common shares tendered for tax withholding	−1	−2	−1	−774,000	−553,000
Repurchase and retirement of common stock, net	0	0	−13	0	0
Debt issuances, credit facility, and construction loan borrowings	371	269	403	679	162
Debt and credit facility repayments, including principal amortization	−165	−258	−181	−724	−188
Debt issuance costs	−3	−2	−3	−8	−3
Cash paid on extinguishment of debt	−69	−96	0	0	−3
Acquisition of non-controlling interest in consolidated real estate investments	−4	0	0	−5	−804,000
Redemption of operating partnership units	−15,000	−205,000	−705,000	−130,000	−3
Distributions to noncontrolling interests	−701,000	−810,000	−2	−6	0
Dividends and distributions	−75	−84	−80	−73	−59
Net cash provided by (used for) financing activities of continuing operations	53	−43	122	−72	−44
Net cash flows (used in) provided by operating activities of discontinued operations	−14	30	−9	—	—
Net cash flows used in investing activities of discontinued operations	0	−175,000	−278,000	—	—
Net change in cash and cash equivalents of discontinued operations	−14	30	−9	—	—
Net (decrease) increase in cash, cash equivalents, and restricted cash	−18	42	−22	11	−10
Cash paid for interest	73	72	45	30	29
Cash (paid) refunded for income taxes	−1	−1	33,000	−1,000	4,000
(Decrease) increase in dividends and distributions payable	−6	3	153,000	—	—
Decrease in accrued capital improvements and development costs	−12	−115,000	−5	110,000	15
Issuance of operating partnership units for acquisitions	0	0	12	0	0
Operating Partnership units redeemed for common shares	3	767,000	514,000	132,000	411,000
Debt assumed at fair value in conjunction with real estate purchases	0	0	106	156	20
Note receivable redeemed in conjunction with real estate purchase	27	0	90	0	0
Equity method investment redeemed due to consolidation	115	0	0	—	—
Notes receivable redeemed for acquisition of non-controlling interests	13	0	0	—	—
Parcel consideration for acquisition of non-controlling interests	17	0	0	—	—
Acquisitions of noncontrolling interests	0	0	13	0	0
Other liability satisfied in connection with a real estate disposal	0	0	750,000	0	0
Recognition of finance lease right-of-use assets	0	0	48	0	24
Recognition of finance lease liabilities	0	0	47	0	28
Adjustment to finance lease ROU assets	0	0	2	0	0
Adjustment to finance lease liabilities	0	0	2	0	0

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