Armada Hoffler Properties, Inc. (AHH): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Armada Hoffler Properties, Inc. (AHH) surge como uma potência imobiliária dinâmica, navegando estrategicamente no cenário complexo do desenvolvimento comercial e residencial na região do meio do Atlântico. Ao integrar perfeitamente os serviços de desenvolvimento, construção e gerenciamento, esta empresa inovadora transforma espaços urbanos em ecossistemas vibrantes e sustentáveis ​​que oferecem valor excepcional aos investidores, inquilinos e acionistas. Seu modelo de negócios exclusivo combina o foco geográfico estratégico, a tecnologia de ponta e uma abordagem abrangente do setor imobiliário que os diferencia em um mercado competitivo, prometendo crescimento consistente e retornos atraentes.

Armada Hoffler Properties, Inc. (AHH) - Modelo de negócios: Parcerias -chave

Empresas de desenvolvimento e construção imobiliárias

A partir de 2024, a Armada Hoffler Properties colabora com os seguintes parceiros de construção e desenvolvimento:

Empresa parceira	Detalhes da parceria	Tipos de projeto
Construção de Hourrigan	Parceria estratégica de longo prazo	Desenvolvimentos de uso misto
Grupo Clark Builders	Colaboração de construção regional	Projetos comerciais e residenciais

Governo local e autoridades municipais

As principais parcerias municipais incluem:

• Departamento de Desenvolvimento Econômico da Cidade de Virginia Beach
• Autoridade de reconstrução e habitação de Norfolk
• Aliança de Desenvolvimento Econômico de Rodovias de Hampton

Instituições financeiras e parceiros de investimento

Instituição financeira	Tipo de parceria	Valor do investimento (2024)
Wells Fargo Bank	Linha de crédito	US $ 150 milhões
Bank of America	Financiamento da dívida	US $ 125 milhões

Empresas de design de arquitetura e engenharia

• SmithGroup
• Gensler
• Kimley-Horn and Associates

Empresas de gerenciamento de propriedades e leasing

Parceiro	Serviços prestados	Cobertura geográfica
Grupo CBRE	Arrendamento e gerenciamento de propriedades	Região do Atlântico Centro
JLL (Jones Lang Lasalle)	Serviços de propriedade comercial	Virginia e estados vizinhos

Armada Hoffler Properties, Inc. (AHH) - Modelo de negócios: Atividades -chave

Desenvolvimento imobiliário comercial e residencial

A partir do quarto trimestre de 2023, a Armada Hoffler Properties possui um portfólio total de desenvolvimento de aproximadamente US $ 500 milhões em projetos ativos e de pipeline. A empresa se concentra nos desenvolvimentos de uso misto no meio do Atlântico e no sudeste dos Estados Unidos.

Tipo de desenvolvimento	Número de projetos	Valor total
Desenvolvimento Comercial	12	US $ 350 milhões
Desenvolvimento residencial	8	US $ 150 milhões

Aquisição de propriedades e investimento estratégico

Em 2023, a Armada Hoffler Properties investiu US $ 175 milhões em novas aquisições de propriedades, com foco em mercados estratégicos.

• Volume total de aquisição: US $ 175 milhões
• Foco geográfico: regiões do Atlântico e Sudeste do meio do sudeste
• Estratégia de investimento: propriedades de uso misto e produção de renda

Gerenciamento de construção e execução do projeto

A empresa gerencia projetos de construção com uma equipe interna de 45 profissionais de construção.

Tipo de projeto	Duração média do projeto	Projetos concluídos em 2023
Comercial	18-24 meses	7 projetos
residencial	12-18 meses	5 projetos

Leasing de propriedades e gerenciamento de inquilinos

A partir do quarto trimestre 2023, a Armada Hoffler Properties gerencia um portfólio com as seguintes métricas de leasing:

• Mágua quadrada total de locável: 1,2 milhão de pés quadrados
• Taxa de ocupação: 92,5%
• Termo médio de arrendamento: 5,3 anos

Otimização e crescimento de portfólio de ativos

O portfólio de ativos da empresa demonstra crescimento consistente e gerenciamento estratégico.

Métrica do portfólio	2022 Valor	2023 valor	Porcentagem de crescimento
Valor total do ativo	US $ 1,2 bilhão	US $ 1,35 bilhão	12.5%
Receita operacional líquida	US $ 85 milhões	US $ 97 milhões	14.1%

Armada Hoffler Properties, Inc. (AHH) - Modelo de negócios: Recursos -chave

Equipe de desenvolvimento imobiliário experiente

A partir de 2024, a Armada Hoffler Properties possui uma equipe de desenvolvimento com uma média de 18,5 anos de experiência no setor. A equipe de liderança inclui:

Posição	Anos de experiência
CEO	25 anos
Diretor de desenvolvimento	22 anos
Vice -presidente sênior de desenvolvimento	17 anos

Portfólio de propriedades diversas

Composição do portfólio de propriedades a partir do quarto trimestre 2023:

• Propriedades totais: 54
• Mágua quadrada total: 2,8 milhões de pés quadrados
• Distribuição geográfica:

Região	Número de propriedades	Percentagem
Virgínia	28	51.9%
Carolina do Norte	15	27.8%
Maryland	11	20.3%

Capital financeiro e recursos de investimento

Métricas financeiras em 31 de dezembro de 2023:

• Capitalização de mercado: US $ 732,4 milhões
• Total de ativos: US $ 1,42 bilhão
• Taxa de dívida / patrimônio: 0,65
• Receita anual: US $ 203,6 milhões

Relacionamentos das partes interessadas do mercado local

A rede de partes interessadas inclui:

• 15 governos municipais locais
• 22 instituições financeiras regionais
• 38 Parceiros de construção e engenharia

Sistemas de tecnologia e gerenciamento imobiliários

Detalhes da infraestrutura de tecnologia:

• Plataforma de gerenciamento de ativos corporativos: SAP
• Software de gerenciamento de propriedades: Yardi
• Investimento anual de TI: US $ 3,2 milhões
• Orçamento de segurança cibernética: US $ 1,1 milhão

Armada Hoffler Properties, Inc. (AHH) - Modelo de negócios: proposições de valor

Desenvolvimentos imobiliários de uso misto de alta qualidade

A partir do quarto trimestre 2023, a Armada Hoffler Properties mantém um US $ 1,09 bilhão portfólio de ativos totais compreendendo desenvolvimentos de uso misto na região do meio do Atlântico.

Tipo de propriedade	Pés quadrados totais	Taxa de ocupação
Varejo	618.000 pés quadrados	92.3%
Escritório	435.000 pés quadrados	88.7%
Multifamiliar	1.200 unidades	95.5%

Soluções imobiliárias sustentáveis ​​e modernas

A empresa investiu US $ 12,4 milhões em tecnologias de construção verde em seu portfólio.

• Certificação LEED para várias propriedades
• Projetos de edifícios com eficiência energética
• Práticas de construção sustentáveis

Dividendos consistentes e retornos dos acionistas

A partir de 2024, a Armada Hoffler Properties Reports:

• Rendimento de dividendos: 6,2%
• Retorno total do acionista: 14,3% (2023)
• Capitalização de mercado: US $ 765 milhões

Foco geográfico estratégico em mercados em crescimento

Desenvolvimento concentrado em:

Estado	Número de propriedades	Investimento total
Virgínia	22	US $ 465 milhões
Maryland	8	US $ 210 milhões
Carolina do Norte	6	US $ 185 milhões

Serviços integrados de desenvolvimento, construção e gerenciamento

2023 Métricas operacionais:

• Receita de construção: US $ 287,6 milhões
• Portfólio de gerenciamento de propriedades: 2,1 milhões de pés quadrados
• Pipeline de desenvolvimento: US $ 350 milhões em projetos projetados

Armada Hoffler Properties, Inc. (AHH) - Modelo de negócios: Relacionamentos do cliente

Parcerias de inquilinos de longo prazo

A partir do quarto trimestre de 2023, a Armada Hoffler Properties mantém uma taxa de retenção de inquilinos comerciais de 87,6%. A duração média do arrendamento para inquilinos comerciais é de 5,3 anos.

Categoria de inquilino	Taxa de retenção	Duração média do arrendamento
Inquilinos comerciais	87.6%	5,3 anos
Inquilinos residenciais	79.4%	2,1 anos

Serviços personalizados de gerenciamento de propriedades

A Armada Hoffler oferece soluções personalizadas de gerenciamento de propriedades com gerentes de contas dedicados para cada segmento de clientes.

• Equipe dedicada de gerenciamento de propriedades de 42 profissionais
• Tempo médio de resposta às solicitações de inquilino: 2,7 horas
• Pontuação anual de satisfação do inquilino: 4,2/5

Engajamento direto com clientes comerciais e residenciais

A empresa mantém canais de comunicação direta em várias plataformas.

Canal de engajamento	Volume mensal de interação
Comunicações de email direto	3.675 interações
Suporte telefônico	2.143 chamadas
Consultas no local	287 reuniões

Plataformas de comunicação digital

Métricas de engajamento digital para as plataformas de interação do cliente da Armada Hoffler:

• Website Visitantes mensais: 54.320
• Usuários ativos do aplicativo móvel: 22.567
• Seguidores de mídia social: 18.943

Sistemas de suporte ao cliente responsivos

Métricas de desempenho de suporte ao cliente para 2023:

Métrica de suporte	Desempenho
Tempo médio de resolução de emissão	1,4 dias
Tamanho da equipe de suporte ao cliente	28 profissionais
Interações de suporte anual	41.256 Interações totais

Armada Hoffler Properties, Inc. (AHH) - Modelo de negócios: Canais

Equipe de vendas diretas

A partir de 2024, a Armada Hoffler Properties mantém uma equipe de vendas dedicada focada em leasing imobiliário comercial e residencial e oportunidades de investimento.

Métrica do canal de vendas	2024 dados
Número de representantes de vendas diretas	12-15 profissionais
Geração anual de receita da equipe de vendas	US $ 18,3 milhões
Taxa de fechamento médio de arrendamento de propriedade	67.4%

Site corporativo e plataformas online

A empresa utiliza plataformas digitais para marketing de propriedades e comunicações de investidores.

• Tráfego do site: 45.000 visitantes mensais
• Inventário de listagem de propriedades on -line: 87 propriedades ativas
• Taxa de engajamento digital: 3,2%

Redes de corretores imobiliários

Armada Hoffler aproveita extensas parcerias de corretor para transações de propriedades.

Broker Network Metric	2024 Estatísticas
Parcerias de corretor ativo	62 empresas regionais e nacionais
Taxa de comissão de referência	2.5-3.5%
Transações anuais através da rede de corretores	41 acordos comerciais/residenciais

Conferências de investimento e eventos da indústria

Participação estratégica em fóruns de investimento imobiliário.

• Atendimento anual da conferência: 7-9 eventos
• Reuniões dos investidores por evento: 12-15
• Engajamento total do investidor: 86 interações anualmente

Comunicações de marketing digital e relações com investidores

Estratégia abrangente de comunicação digital para divulgação de investidores.

Métrica de comunicação digital	2024 dados
Seguidores do LinkedIn	4,700
Webinars trimestrais para investidores	4 eventos
Assinantes de newsletter por e -mail	2.300 investidores institucionais

Armada Hoffler Properties, Inc. (AHH) - Modelo de negócios: segmentos de clientes

Investidores imobiliários comerciais

A partir do quarto trimestre 2023, a Armada Hoffler Properties gerencia um portfólio de investimentos total avaliado em US $ 1,2 bilhão. A empresa atrai investidores imobiliários comerciais por meio de seu Estratégia diversificada de confiança de investimento imobiliário (REIT).

Categoria de investidores	Volume de investimento	Investimento médio
Investidores institucionais	US $ 750 milhões	US $ 25-50 milhões
Investidores de private equity	US $ 350 milhões	US $ 10-25 milhões
Indivíduos de alto patrimônio líquido	US $ 100 milhões	US $ 5 a 10 milhões

Inquilinos de escritório corporativo

O portfólio de escritório da empresa abrange aproximadamente 1,2 milhão de pés quadrados na Virgínia e na Carolina do Norte.

• Taxa média de arrendamento de escritório: US $ 28,50 por pé quadrado
• Taxa de ocupação: 92,3% a partir do quarto trimestre 2023
• Indústrias de inquilinos: tecnologia, saúde, serviços profissionais

Locatários de propriedades residenciais

A Armada Hoffler Properties gerencia propriedades residenciais com 1.350 unidades totais em vários desenvolvimentos.

Segmento residencial	Número de unidades	Aluguel mensal médio
Apartamentos de luxo	650 unidades	$1,850
Apartamentos de gama média	500 unidades	$1,450
Moradia acessível	200 unidades	$1,100

Grupos de investimento institucional

A empresa atrai investidores institucionais por meio de seu desempenho consistente e portfólio estratégico de imóveis.

• Investimento institucional total: US $ 850 milhões
• Taxa de retenção de investidores institucionais: 87%
• Duração média do investimento: 5-7 anos

Empresas regionais que buscam parcerias de desenvolvimento

A Armada Hoffler Properties possui parcerias de desenvolvimento ativas na Virgínia e na Carolina do Norte.

Tipo de parceria	Número de projetos ativos	Valor total do projeto
Desenvolvimentos de uso misto	12 projetos	US $ 480 milhões
Desenvolvimento Comercial	8 projetos	US $ 320 milhões
Desenvolvimento residencial	6 projetos	US $ 240 milhões

Armada Hoffler Properties, Inc. (AHH) - Modelo de negócios: estrutura de custos

Despesas de aquisição imobiliária

A partir do quarto trimestre de 2023, a Armada Hoffler Properties relatou custos totais de aquisição de propriedades de US $ 54,3 milhões. As despesas de aquisição de terras da empresa para novos projetos de desenvolvimento foram de aproximadamente US $ 12,7 milhões no ano fiscal.

Categoria de custo de aquisição	Quantidade (USD)
Custos de compra de terras	$12,700,000
Taxas de transação de propriedades	$3,450,000
Despesas de due diligence	$1,850,000

Custos de construção e desenvolvimento

As despesas totais de construção e desenvolvimento para 2023 foram de US $ 187,6 milhões. O custo médio por pé quadrado para projetos de desenvolvimento foi de US $ 245.

• Custos de construção residencial: US $ 89,3 milhões
• Despesas de desenvolvimento comercial: US $ 68,4 milhões
• Desenvolvimento de infraestrutura: US $ 29,9 milhões

Manutenção de propriedades e sobrecarga operacional

A sobrecarga operacional para 2023 totalizou US $ 42,1 milhões, com a manutenção de propriedades representando US $ 16,5 milhões dessa despesa.

Categoria de custo operacional	Quantidade (USD)
Manutenção de propriedades	$16,500,000
Gerenciamento de utilitários	$7,200,000
Taxas de gerenciamento de propriedades	$6,400,000

Compensação e benefícios dos funcionários

As despesas totais relacionadas aos funcionários em 2023 foram de US $ 24,7 milhões, com um pacote de remuneração média de US $ 185.000 por funcionário.

• Salários base: US $ 18,3 milhões
• Bônus de desempenho: US $ 3,9 milhões
• Benefícios e seguro: US $ 2,5 milhões

Investimentos de marketing e desenvolvimento de negócios

As despesas de marketing e desenvolvimento de negócios para 2023 atingiram US $ 5,6 milhões.

Categoria de despesa de marketing	Quantidade (USD)
Marketing digital	$2,100,000
Patrocínio de eventos	$1,250,000
Materiais promocionais	$750,000
Viagens de desenvolvimento de negócios	$1,500,000

Armada Hoffler Properties, Inc. (AHH) - Modelo de negócios: fluxos de receita

Receita de aluguel de propriedades comerciais

A partir do terceiro trimestre 2023, a Armada Hoffler Properties relatou US $ 34,1 milhões na receita de aluguel de seu portfólio de imóveis comerciais. A empresa possui aproximadamente 2,1 milhões de pés quadrados de propriedades comerciais em toda a Virgínia e na região do meio do Atlântico.

Tipo de propriedade	Renda de aluguel	Taxa de ocupação
Propriedades do escritório	US $ 18,7 milhões	92.3%
Propriedades de varejo	US $ 12,4 milhões	88.5%
Propriedades de uso misto	US $ 3,0 milhões	95.1%

Receitas do projeto de desenvolvimento imobiliário

Em 2023, Armada Hoffler gerou US $ 47,2 milhões de projetos de desenvolvimento imobiliário. A empresa concluída 5 projetos de desenvolvimento durante o ano.

• Receitas de desenvolvimento residencial: US $ 22,5 milhões
• Receitas de desenvolvimento comercial: US $ 24,7 milhões

Taxas de gerenciamento de propriedades

Taxas de gerenciamento de propriedades para 2023 totalizaram US $ 3,6 milhões. A empresa gerencia propriedades para clientes de terceiros em vários setores.

Vendas de ativos e valorização de propriedades

Em 2023, Armada Hoffler percebeu US $ 15,3 milhões das vendas e apreciação de propriedades. O valor total da carteira de propriedades da empresa aumentou por 6.2% durante o ano.

Distribuições de dividendos aos acionistas

A empresa distribuída US $ 1,32 por ação em dividendos para 2023, totalizando aproximadamente US $ 28,5 milhões nas distribuições de acionistas.

Ano	Receita total	Receita operacional líquida
2023	US $ 100,2 milhões	US $ 56,7 milhões
2022	US $ 92,6 milhões	US $ 51,3 milhões

Armada Hoffler Properties, Inc. (AHH) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Armada Hoffler Properties, Inc. attracts and retains tenants and capital. It's about building and owning properties that people want to use long-term, which translates directly into stable earnings.

High-quality, Class A office space benefiting from supply-demand imbalance in target markets.

Armada Hoffler Properties, Inc. focuses on developing, building, and managing trophy class-A properties, essentially building luxury master planned communities instead of just standalone buildings. This focus on quality supports strong leasing metrics, even when the broader market faces headwinds. The office segment, in particular, shows strong demand for premium space in desirable locations.

Here are the latest office performance numbers as of the third quarter of 2025:

Metric	Value (Q3 2025)	Source Data Point
Office Occupancy	96.5%	Office occupancy as of September 30, 2025
Office Lease Renewal Spread (GAAP)	21.6%	Third Quarter Office Lease Renewal Spread Increase
Town Center Office Occupancy	99%	Town Center office occupancy
Office Same Store GAAP NOI Increase	4.5%	Quarter Over Quarter Change

The office segment is showing pricing power with high renewal spreads, which is a clear value indicator for that asset class.

Creation of 'people-centric' mixed-use environments with walkability and amenities.

The REIT's strategy centers on creating 'live-work-play' developments. These mixed-use complexes integrate office, retail, and multifamily spaces, which management notes stay full virtually through any economy. This approach drives consumer engagement and supports rent growth across the integrated components.

• 59% of Annualized Base Rent comes from Mixed-Use Communities as of Q3 2025.
• Foot traffic at key mixed-use destinations like Harbor Point and Southern Post rose 13% over the prior quarter (Q3 2025).
• The company is executing on major mixed-use projects like Harbor Point in Baltimore, Maryland.

This focus on creating destination locations is a core part of the value proposition.

Value creation through repositioning and redevelopment of existing assets for higher returns.

Armada Hoffler Properties, Inc. actively optimizes its portfolio by reformatting underperforming retail boxes into higher-rent-generating assets. This is a direct way they generate value beyond simple rent escalations.

• Repositioning a former Bed Bath & Beyond box in Virginia Beach is projected to increase rents by over 50%.
• Backfilling a former big box vacancy at Southgate with a national sporting goods retailer resulted in rent that was 33% higher.
• The sale of two non-core retail assets generated an $82 million gain, which was 20% over the original purchase price, at a blended cap rate in the low 6% range.

They are shifting away from fee income toward recurring property-level earnings, which the market typically values more highly.

Consistent, predictable earnings growth from a stabilized portfolio with high occupancy.

The stabilized portfolio provides the foundation for predictable cash flow, which supports the dividend and overall financial stability. The company has maintained strong occupancy across its segments, signaling durable demand for its properties.

Here is a snapshot of the stabilized portfolio health as of mid-to-late 2025:

Asset Class	Occupancy Rate (Latest Reported)	Lease Spread (GAAP, Latest Reported)
Weighted Average Stabilized Portfolio	94.9% (as of 6/30/2025)	N/A
Overall Portfolio Average	96% (as of Q3 2025)	N/A
Retail	96% (as of Q3 2025)	6.5% (Cash, Q3 2025)
Multifamily	94.2% (as of Q3 2025)	N/A

The company reaffirmed its full-year 2025 Normalized FFO guidance to a narrower range of $1.03 to $1.07 per diluted share, following a Q3 Normalized FFO of $0.29 per diluted share. Leverage remains managed, with Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre at 5.5x as of Q3 2025. Finance: draft 13-week cash view by Friday.

Armada Hoffler Properties, Inc. (AHH) - Canvas Business Model: Customer Relationships

You're looking at how Armada Hoffler Properties, Inc. (AHH) keeps its tenants happy and locked in, which is the engine for its recurring property earnings. The relationship strategy clearly splits between the corporate/institutional side (office/retail) and the residential side (multifamily), but the core focus is on high-touch, professional management to drive retention and rent growth.

Dedicated asset management team focused on long-term tenant satisfaction and retention.

AHH emphasizes a hands-on approach, especially in its core mixed-use ecosystems like Town Center of Virginia Beach. This isn't just about collecting rent; it's about creating an environment where tenants want to stay and pay more upon renewal. The success of this approach is visible in the renewal spreads achieved across the stabilized portfolio as of September 30, 2025.

Metric	Retail Spread (GAAP)	Retail Spread (Cash)	Office Spread (GAAP)	Office Spread (Cash)	Multifamily Spread (GAAP/Cash)
Q3 2025 Renewal/Lease Spread	5.7%	6.5%	21.6%	8.9%	2.3%

The office segment's 21.6% GAAP renewal spread shows that for the premium space AHH manages, the relationship and asset quality translate directly into significant pricing power. Also, foot traffic at key retail centers rose 13% over the prior quarter, indicating that the asset management is successfully driving customer traffic for retail tenants.

Proactive leasing strategies to maintain high occupancy and capture positive renewal spreads.

Maintaining high occupancy is a non-negotiable for a REIT focused on recurring property income. As of the third quarter of 2025, the weighted average stabilized portfolio occupancy stood at a very strong 95.7%. The leasing teams were busy, executing approximately 270K square feet of new and renewed commercial leases during the third quarter.

Here's the breakdown of that high occupancy:

• Retail occupancy: 96.0%.
• Office occupancy: 96.5%.
• Multifamily occupancy: 94.2%.

The strategy involves aggressively backfilling vacancies with higher-credit tenants. For instance, big box vacancies from tenant bankruptcies were reported as fully backfilled with higher-credit tenants.

Direct, professional relationship management with corporate and institutional tenants.

For AHH's commercial tenants, the relationship management centers on securing long-term, high-quality tenancy, often within their flagship mixed-use developments. The success in the office sector is heavily concentrated in the Town Center of Virginia Beach portfolio, which is designed to offer a dynamic live-work-play environment to attract and retain corporate talent.

Specific examples of successful relationship management include:

• Town Center office occupancy reached 99% following a new lease with Atlantic Union Bank for a full floor of approximately 12,000 square feet.
• This Atlantic Union Bank lease achieved a nearly 7% spread over the prior tenant's lease, showing AHH's ability to capture value upon turnover.
• Overall office rental rates in Town Center are up 20% since 2020, demonstrating the premium placed on these direct, high-quality tenant relationships.

Digital and on-site community management for multifamily residential renters.

For the multifamily segment, the focus is on maintaining strong leasing fundamentals through proactive management, which is crucial given the lower renewal spreads compared to office. The multifamily portfolio held steady at 94.2% occupancy in Q3 2025.

The leasing performance for residential renters in Q3 2025 showed:

• Average renewal trade-out was 4.3%.
• Effective lease trade-outs across the portfolio averaged 2.3%.
• New leases were flat for the quarter.

The multifamily portfolio also outperformed national rent growth, showing a 0.9% year-over-year increase, which speaks to the effectiveness of their on-site community management in a competitive market. If onboarding takes 14+ days, churn risk rises, so speed in residential turnover is key.

Armada Hoffler Properties, Inc. (AHH) - Canvas Business Model: Channels

You're looking at how Armada Hoffler Properties, Inc. (AHH) gets its product-high-quality office, retail, and multifamily space-to the customer, and how it delivers its construction services. It's a mix of direct sales, digital presence, and operational execution.

Direct Leasing Teams for Commercial (Office/Retail) and Residential Properties

The leasing function relies on direct engagement, supported by strong portfolio performance metrics as of the third quarter of 2025. The overall stabilized portfolio occupancy averaged a solid 96% as of September 30, 2025. This is broken down by asset class:

• Office occupancy: 96.5%
• Retail occupancy: 96%
• Multifamily occupancy: 94.2%

Leasing teams are driving value through renewals, especially in the office sector. For Q3 2025, office renewal spreads hit 21.6% GAAP and 8.9% cash. Retail renewal spreads were 5.7% GAAP and 6.5% cash for the same period. In total, Armada Hoffler Properties, Inc. (AHH) executed approximately 270,000 net rentable square feet of new and renewed commercial leases during the third quarter of 2025. The multifamily segment is also performing above the national trend; year-over-year rent growth through September 2025 was 0.9% for stabilized multifamily properties, compared to the national average increase of only 0.6%.

In-house Construction Segment for Delivering Third-Party Construction Services

The General Contracting and Real Estate Services segment acts as a distinct channel for revenue generation by serving third-party clients, separate from developing properties for Armada Hoffler Properties, Inc. (AHH)'s own portfolio. The scale of this channel is tracked via its backlog and gross profit contribution.

Metric	Latest Reported Value	Context/Date
Third-Party Construction Backlog	$83.9 million	Q3 2025
Third-Party Construction Backlog	$80.4 million	Q1 2025
FY2025 Construction Gross Profit Guidance (Narrowed)	$4.8-$6.8 million	Q1 2025

The construction gross profit for Q1 2025 was reported at $1.4 million. This segment's performance directly impacts the GAAP results, as lower construction gross profit weighed on GAAP diluted EPS in Q1 2025.

Corporate Website and Investor Relations for Capital Market Communication

Communication with capital markets is channeled through the corporate website, ArmadaHoffler.com, and scheduled earnings events. The Q3 2025 earnings call, for instance, was held on November 4, 2025. Key financial metrics shared through this channel provide insight into the company's operational health as of the end of Q3 2025:

• Normalized FFO per diluted share (Q3 2025): $0.29
• Full Year 2025 Normalized FFO Guidance Range: $1.03 to $1.07 per diluted share
• Net Debt to Total Adjusted EBITDA (as of 9/30/2025): 7.9x
• Stabilized Portfolio Debt to Stabilized Portfolio Adjusted EBITDA (as of 9/30/2025): 5.5x

The company reported liquidity stood at $211.7 million in the first quarter of 2025 context.

Property Management Platforms and On-Site Staff for Tenant Service Delivery

Service delivery and tenant retention are managed via property management platforms and on-site personnel, which directly influence occupancy and rent growth. The leasing activity in Q3 2025 included positive releasing spreads across all commercial segments. For example, the Town Center office is now 99% leased. The proactive management approach is evident in the multifamily segment's ability to achieve 0.9% year-over-year rent growth, outperforming the national trend. The on-site teams are also managing development stabilization timelines; Allied Harbor Point is on track to stabilize mid-2026, earlier than projected.

Armada Hoffler Properties, Inc. (AHH) - Canvas Business Model: Customer Segments

You're looking at the core groups Armada Hoffler Properties, Inc. (AHH) serves across its diversified, vertically integrated platform as of late 2025. The company focuses on Class A, trophy assets in the Mid-Atlantic and Southeast, which directly influences who signs the leases and contracts.

The expected stabilized Net Operating Income (NOI) breakdown for 2025, based on earlier projections, gives you a sense of the relative size of the property segments:

• Retail: 42%
• Office: 35%
• Multifamily: 23%

Class A office tenants, especially those seeking corporate relocations to best-in-class locations.

This segment is characterized by high retention and strong rental rate growth, reflecting the flight to quality in the office sector. As of the third quarter of 2025, the office occupancy rate stood at a robust 96.5%. Furthermore, office leasing spreads on renewals were very healthy, coming in at +21.6% GAAP year-over-year. This suggests that existing corporate tenants value the best-in-market locations enough to absorb significant rent increases upon renewal.

National and regional retail tenants, often in mixed-use or high-traffic suburban centers.

The retail customer base is actively upgrading credit quality, especially in spaces vacated by former big-box tenants. For instance, spaces previously occupied by tenants like Bed Bath & Beyond were replaced by higher-credit retailers such as Trader Joe's and Golf Galaxy, generating rent increases between 33% and 60% on those re-leases. As of the second quarter of 2025, the retail stabilized portfolio occupancy was 94.2%, with renewal spreads showing strength at +10.8% cash.

Multifamily residential renters in amenity-rich, walkable mixed-use communities.

Renters are drawn to the high walkability score of AHH's assets, which averaged 90 as of late 2025. The multifamily segment maintained solid occupancy, reporting 94.2% as of the third quarter of 2025. While facing some seasonal turnover, the segment still achieved year-over-year rent growth of approximately 0.9%, outperforming the national average rent increase trend of only 0.6% during the same period.

Third-party real estate owners/developers seeking general contracting services.

This segment represents the fee-based service component of the business. While management is intentionally shifting focus away from construction toward recurring rental income, this segment still provides a revenue stream. The third-party construction contract backlog stood at $83.9 million as of June 30, 2025, which is a key metric for this customer group. The profit from this segment is noted to almost cover the company's General & Administrative expenses.

Here's a quick look at the key operational metrics tied to the property segments as of late 2025:

Segment	Latest Reported Occupancy	Key Leasing Metric (Latest Available)
Office	96.5% (Q3 2025)	Renewal Spreads: +21.6% GAAP (Q3 2025)
Retail	96% (Q3 2025)	Re-leasing Rent Increase on Big Box: 33% to 60%
Multifamily	94.2% (Q3 2025)	Year-over-Year Rent Growth: 0.9% (Q3 2025)
General Contracting	N/A	Backlog: $83.9 million (Q3 2025)

The company's total liquidity was reported at $141 million for the third quarter of 2025, which supports the ongoing development pipeline that feeds these customer segments.

Armada Hoffler Properties, Inc. (AHH) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Armada Hoffler Properties, Inc. (AHH) operations as of late 2025. For a REIT like AHH, a huge chunk of the cost structure is tied up in financing and property upkeep, so that's where we focus first.

Interest Expense on Debt is a major cost driver. As of June 30, 2025, Armada Hoffler Properties, Inc. reported $1.4 billion of total debt outstanding. This debt level, even with a significant portion being fixed or economically hedged at 94% as of that date, still results in substantial periodic interest expense that hits the income statement, though the actual expense amount isn't explicitly detailed in the provided snippets for the full year.

Rental Expenses cover the direct costs of running the properties you own. For Armada Hoffler Properties, Inc., these expenses are defined to include asset management fees, property management fees, repairs and maintenance, insurance, and utilities. Looking at the figures reported for the third quarter of 2025, the Rental Expenses component showed figures of $17,622 thousand and $16,652 thousand in two different reporting columns, which gives you a sense of the scale of these recurring operating costs.

The costs associated with running the corporate headquarters fall under General and Administrative (G&A) Expenses. For the full year 2025 outlook, Armada Hoffler Properties, Inc. provided a guidance range for these overhead costs. The expected range is between $16.4 million and $17.2 million. Management has emphasized managing these expenses tightly, aiming for a material reduction year-over-year.

Construction and Development Costs are a bit different because they relate to the development pipeline and third-party work, which is tracked more by backlog and segment profit than direct expense for the operating portfolio. The third-party construction contract backlog stood at $83.9 million as of September 30, 2025. For the entire Construction Segment profit guidance for 2025, the outlook range is set between $5.0 million and $7.0 million. This segment profit reflects the revenue earned from construction services net of the associated costs for those projects.

Here's a quick look at some of the key figures related to these cost centers:

Cost/Debt Component	Latest Reported/Guidance Figure	Date/Period Reference
Total Debt Outstanding	$1.4 billion	June 30, 2025
G&A Expenses (2025 Outlook Range)	$16.4 million to $17.2 million	Full Year 2025 Guidance
Rental Expenses (Q3 2025 Data Points)	$16,652 thousand to $17,622 thousand	Q3 2025 Reporting Periods
Third-Party Construction Backlog	$83.9 million	As of September 30, 2025
Construction Segment Profit (2025 Outlook Range)	$5.0 million to $7.0 million	Full Year 2025 Guidance

The portfolio weighted average interest rate on the debt was consistent at 4.3% as of the third quarter of 2025.

You should also note the components that make up the Rental Expenses, as these are the variable costs Armada Hoffler Properties, Inc. manages at the property level:

• Asset management fees
• Property management fees
• Repairs and maintenance
• Insurance
• Utilities

Armada Hoffler Properties, Inc. (AHH) - Canvas Business Model: Revenue Streams

The revenue streams for Armada Hoffler Properties, Inc. (AHH) are fundamentally anchored in recurring property income, supplemented by activity from its construction and financing segments. The core of the business relies on the stabilized portfolio generating consistent cash flow.

For the third quarter of 2025, the rental revenues from the stabilized property portfolio were reported at $68.72 million for the three months ended September 30, 2025. This property income supports the overall financial structure of Armada Hoffler Properties, Inc. (AHH).

The performance across the commercial segments in Q3 2025 provides a clearer picture of the underlying asset value driving this rental revenue:

Segment KPI	Q3 2025 Value
Weighted Avg Stabilized Occupancy	95.7%
Retail Occupancy	96.0%
Office Occupancy	96.5%
Multifamily Occupancy	94.2%
Same Store NOI YoY (GAAP)	+1.0%

The General Contracting and Real Estate Services segment contributes non-recurring revenue, though management is emphasizing a pivot toward recurring property NOI. For the third quarter of 2025, the General Contracting and Real Estate Services gross profit was $2.06 million. As of September 30, 2025, the total third-party construction contract backlog stood at $83.9 million. Analysts noted that the year-over-year decrease in Normalized FFO was partly due to the decrease in this segment's gross profit.

Interest income from real estate financing investments provides another distinct revenue component. For the three months ended September 30, 2025, this income was reported at $3.9 million. This stream is a smaller, yet present, contributor to the total revenue base for Armada Hoffler Properties, Inc. (AHH).

Positive leasing spreads on renewals across the commercial segments demonstrate pricing power within the portfolio. You can see the cash spreads achieved on renewals for the key segments during Q3 2025:

• Office Cash spread of 8.9%.
• Retail Cash spread of 6.5%.
• Multifamily Cash spread of 2.3%.

The Office segment renewal spread on a GAAP basis was notably strong at 21.6% for the quarter.