Armada Hoffler Properties (AHH) Financials

$6.70 +0.14 (+2.06%)

As of 11:38 AM Eastern

Annual Income Statements for Armada Hoffler Properties

This table shows Armada Hoffler Properties' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	63	-3.26	24
Consolidated Net Income / (Loss)	100	7.66	42
Net Income / (Loss) Continuing Operations	100	8.29	42
Total Pre-Tax Income	100	8.99	42
Total Operating Income	134	74	107
Total Gross Profit	193	211	227
Total Revenue	471	667	708
Operating Revenue	471	667	708
Total Cost of Revenue	278	456	482
Operating Cost of Revenue	278	456	482
Total Operating Expenses	59	137	120
Selling, General & Admin Expense	16	18	20
Research & Development Expense	0.04	0.08	5.53
Depreciation Expense	74	97	91
Other Operating Expenses / (Income)	22	22	23
Impairment Charge	0.42	0.10	1.49
Other Special Charges / (Income)	-53	-0.74	-21
Total Other Income / (Expense), net	-34	-65	-65
Interest Expense	43	58	79
Interest & Investment Income	0.00	0.00	0.25
Other Income / (Expense), net	9.08	-6.79	14
Income Tax Expense	-0.15	1.33	-0.61
Preferred Stock Dividends Declared	12	12	12
Net Income / (Loss) Attributable to Noncontrolling Interest	25	-	6.85
Basic Earnings per Share	$0.94	($0.05)	$0.34
Weighted Average Basic Shares Outstanding	67.58M	67.69M	70.66M
Diluted Earnings per Share	$0.94	($0.05)	$0.34
Weighted Average Diluted Shares Outstanding	67.58M	67.69M	70.66M
Weighted Average Basic & Diluted Shares Outstanding	135.43M	133.59M	79.92M
Cash Dividends to Common per Share	$0.72	$0.78	$0.82

This table shows Armada Hoffler Properties' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	26	8.83	1.82	8.98	4.05	-18	11	0.29	-7.93	21
Consolidated Net Income / (Loss)	42	15	5.42	15	8.42	-21	18	3.28	-7.55	29
Net Income / (Loss) Continuing Operations	29	38	4.71	15	6.94	-18	18	3.17	-5.04	27
Total Pre-Tax Income	43	15	5.61	15	8.73	-21	18	2.03	-6.95	29
Total Operating Income	54	25	20	24	22	7.13	23	19	25	40
Total Gross Profit	47	55	144	53	166	-152	56	57	188	-74
Total Revenue	126	162	144	166	166	191	193	185	188	143
Operating Revenue	126	162	144	166	166	191	193	185	188	143
Total Cost of Revenue	79	106	0.00	113	0.00	343	138	128	0.00	217
Total Operating Expenses	-6.82	27	124	29	144	-159	33	39	163	-114
Selling, General & Admin Expense	3.85	3.51	5.45	4.05	4.29	4.34	5.87	4.50	5.19	4.66
Depreciation Expense	18	19	18	20	22	37	20	21	23	26
Other Operating Expenses / (Income)	5.45	5.36	100	5.63	117	-199	5.93	5.89	134	-122
Total Other Income / (Expense), net	-12	-10	-15	-8.46	-15	-26	-5.01	-17	-29	-14
Interest Expense	12	11	12	14	15	16	18	21	22	19
Other Income / (Expense), net	0.94	1.11	-2.99	5.17	0.55	-9.52	13	4.71	-7.92	4.71
Income Tax Expense	0.18	-0.01	0.19	0.34	0.31	0.50	0.53	-1.25	0.59	-0.49
Preferred Stock Dividends Declared	2.89	2.89	2.89	2.89	2.89	2.89	2.89	2.89	2.89	2.89
Basic Earnings per Share	$0.38	$0.14	$0.03	$0.13	$0.06	($0.27)	$0.17	$0.00	($0.11)	$0.28
Weighted Average Basic Shares Outstanding	67.73M	67.58M	67.79M	67.90M	67.95M	67.69M	66.84M	67.11M	68.93M	70.66M
Diluted Earnings per Share	$0.38	$0.14	$0.03	$0.13	$0.06	($0.27)	$0.17	$0.00	($0.11)	$0.28
Weighted Average Diluted Shares Outstanding	67.73M	67.58M	67.79M	67.90M	67.95M	67.69M	66.84M	67.11M	68.93M	70.66M
Weighted Average Basic & Diluted Shares Outstanding	67.73M	135.43M	67.94M	67.90M	67.40M	133.59M	67.07M	135.75M	79.69M	79.92M

This table details how cash moves in and out of Armada Hoffler Properties' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Change in Cash & Equivalents	11	-22	42
Net Cash From Operating Activities	117	93	112
Net Cash From Continuing Operating Activities	117	93	112
Net Income / (Loss) Continuing Operations	100	7.66	42
Consolidated Net Income / (Loss)	100	7.66	42
Depreciation Expense	55	63	68
Amortization Expense	25	39	25
Non-Cash Adjustments To Reconcile Net Income	-51	-6.53	-38
Changes in Operating Assets and Liabilities, net	-12	-10	15
Net Cash From Investing Activities	-33	-237	-27
Net Cash From Continuing Investing Activities	-33	-237	-27
Purchase of Property, Plant & Equipment	252	0.25	59
Acquisitions	-63	-70	-16
Purchase of Investments	-120	-40	0.00
Sale and/or Maturity of Investments	36	7.95	43
Other Investing Activities, net	-139	-136	-113
Net Cash From Financing Activities	-72	122	-43
Net Cash From Continuing Financing Activities	-72	122	-43
Repayment of Debt	-732	-184	-356
Repurchase of Common Equity	0.00	-13	0.00
Payment of Dividends	-78	-82	-85
Issuance of Debt	679	403	269
Issuance of Common Equity	65	-0.21	129
Other Financing Activities, net	-5.56	-1.82	-1.77
Cash Interest Paid	30	45	72
Cash Income Taxes Paid	-0.00	0.03	-1.15

This table details how cash moves in and out of Armada Hoffler Properties' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-17	-7.70	-15	-0.34	-1.09	-4.84	14	-22	24	26
Net Cash From Operating Activities	28	39	13	27	38	15	46	17	27	21
Net Cash From Continuing Operating Activities	28	39	13	27	38	15	46	17	27	21
Net Income / (Loss) Continuing Operations	42	15	5.42	15	8.42	-21	18	3.28	-7.55	29
Consolidated Net Income / (Loss)	42	15	5.42	15	8.42	-21	18	3.28	-7.55	29
Depreciation Expense	13	14	14	15	17	17	16	16	18	18
Amortization Expense	6.61	6.79	6.60	6.16	6.33	20	5.73	5.54	5.81	7.67
Non-Cash Adjustments To Reconcile Net Income	-33	-0.70	0.84	-0.97	-3.28	-3.12	-5.71	0.65	4.58	-38
Changes in Operating Assets and Liabilities, net	-1.57	4.18	-14	-7.81	8.87	2.69	13	-8.33	6.14	3.74
Net Cash From Investing Activities	104	-51	-51	-52	-74	-60	-41	-12	-14	41
Net Cash From Continuing Investing Activities	104	-51	-51	-52	-74	-60	-41	-12	-14	41
Purchase of Property, Plant & Equipment	-	0.78	-	-	0.27	-	-	-	-	59
Acquisitions	-11	-11	-21	-9.29	-23	-16	-10	-0.43	-2.72	-2.58
Sale and/or Maturity of Investments	1.69	23	0.00	-	3.16	4.79	7.50	5.51	20	10
Other Investing Activities, net	-137	-37	-30	-34	-37	-34	-38	-17	-32	-25
Net Cash From Financing Activities	-149	4.50	23	24	35	40	8.16	-27	11	-35
Net Cash From Continuing Financing Activities	-149	4.50	23	24	35	40	8.16	-27	11	-35
Repayment of Debt	-293	-162	-2.42	-138	-25	-18	-12	32	-308	-67
Payment of Dividends	-23	-20	-20	-20	-21	-21	-20	-21	-21	-22
Issuance of Debt	167	187	47	183	81	92	42	-	-	54
Issuance of Common Equity	-	-	-0.15	-	-0.06	-0.00	-0.01	4.26	125	-0.05
Other Financing Activities, net	-0.13	-0.75	-1.11	-0.59	-0.12	-	-1.10	-	-0.23	-0.45

This table presents Armada Hoffler Properties' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Total Assets	2,242	2,563	2,513
Total Current Assets	91	76	125
Cash & Equivalents	48	28	71
Restricted Cash	3.73	2.25	1.58
Accounts Receivable	39	46	53
Plant, Property, & Equipment, net	-330	-393	-452
Accumulated Depreciation	330	393	452
Total Noncurrent Assets	2,481	2,880	2,840
Long-Term Investments	72	142	163
Noncurrent Note & Lease Receivables	253	311	306
Intangible Assets	104	109	90
Other Noncurrent Operating Assets	2,053	2,318	2,281
Total Liabilities & Shareholders' Equity	2,242	2,563	2,513
Total Liabilities	1,338	1,758	1,623
Total Current Liabilities	27	31	39
Accounts Payable	27	31	39
Total Noncurrent Liabilities	1,311	1,727	1,584
Long-Term Debt	1,068	1,397	1,296
Capital Lease Obligations	46	92	93
Other Noncurrent Operating Liabilities	197	238	196
Total Equity & Noncontrolling Interests	904	805	890
Total Preferred & Common Equity	647	573	671
Preferred Stock	171	171	171
Total Common Equity	476	402	500
Common Stock	589	581	715
Accumulated Other Comprehensive Income / (Loss)	15	4.91	2.74
Other Equity Adjustments	-127	-185	-219
Noncontrolling Interest	257	233	219

This table presents Armada Hoffler Properties' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	2,188	2,232	2,471	2,533	2,601	2,570	2,561
Total Current Assets	95	75	78	79	87	66	97
Cash & Equivalents	55	34	34	33	42	20	44
Restricted Cash	4.87	2.62	2.04	2.34	1.93	1.39	1.87
Accounts Receivable	35	38	41	44	43	44	51
Plant, Property, & Equipment, net	-316	-344	-359	-376	-409	-425	-444
Accumulated Depreciation	316	344	359	376	409	425	444
Total Noncurrent Assets	2,409	2,501	2,753	2,831	2,923	2,929	2,908
Long-Term Investments	64	93	102	126	152	153	155
Noncurrent Note & Lease Receivables	236	245	247	264	320	320	313
Intangible Assets	103	100	131	127	105	101	98
Other Noncurrent Operating Assets	2,005	2,063	2,272	2,314	2,345	2,355	2,341
Total Liabilities & Shareholders' Equity	2,188	2,232	2,471	2,533	2,601	2,570	2,561
Total Liabilities	1,277	1,358	1,589	1,666	1,798	1,781	1,680
Total Current Liabilities	24	19	24	32	33	40	45
Accounts Payable	24	19	24	32	33	40	45
Total Noncurrent Liabilities	1,252	1,339	1,565	1,635	1,765	1,741	1,635
Long-Term Debt	1,042	1,113	1,265	1,322	1,428	1,419	1,328
Capital Lease Obligations	46	47	93	93	92	92	92
Other Noncurrent Operating Liabilities	164	179	207	220	245	230	214
Total Equity & Noncontrolling Interests	911	874	882	867	803	789	881
Total Preferred & Common Equity	653	635	632	621	571	563	664
Preferred Stock	171	171	171	171	171	171	171
Total Common Equity	482	464	461	450	400	392	493
Common Stock	589	589	590	590	583	588	715
Accumulated Other Comprehensive Income / (Loss)	15	12	13	11	4.87	4.56	1.00
Other Equity Adjustments	-123	-138	-142	-152	-187	-201	-223
Noncontrolling Interest	258	239	250	246	231	227	218

This table displays calculated financial ratios and metrics derived from Armada Hoffler Properties' official financial filings.

Metric	2022	2023	2024
Growth Metrics	-	-	-
Revenue Growth	55.73%	41.61%	6.19%
EBITDA Growth	66.52%	-24.26%	26.55%
EBIT Growth	129.85%	-53.44%	81.14%
NOPAT Growth	120.93%	-53.41%	72.39%
Net Income Growth	292.67%	-92.33%	454.53%
EPS Growth	452.94%	-105.32%	780.00%
Operating Cash Flow Growth	28.16%	-20.15%	20.05%
Free Cash Flow Firm Growth	-238.24%	-50.27%	214.02%
Invested Capital Growth	14.77%	11.97%	-3.73%
Revenue Q/Q Growth	18.44%	4.59%	-6.40%
EBITDA Q/Q Growth	-0.55%	-6.68%	20.13%
EBIT Q/Q Growth	-2.95%	-29.58%	63.02%
NOPAT Q/Q Growth	-2.80%	-29.78%	108.72%
Net Income Q/Q Growth	12.74%	-82.29%	658.84%
EPS Q/Q Growth	17.50%	-113.89%	261.90%
Operating Cash Flow Q/Q Growth	16.59%	-20.16%	5.44%
Free Cash Flow Firm Q/Q Growth	-266.35%	-4.58%	159.64%
Invested Capital Q/Q Growth	1.07%	0.03%	-2.77%
Profitability Metrics	-	-	-
Gross Margin	41.01%	31.63%	32.01%
EBITDA Margin	47.40%	25.35%	30.21%
Operating Margin	28.53%	11.03%	15.04%
EBIT Margin	30.46%	10.01%	17.08%
Profit (Net Income) Margin	21.22%	1.15%	6.00%
Tax Burden Percent	100.15%	85.22%	101.47%
Interest Burden Percent	69.56%	13.46%	34.61%
Effective Tax Rate	-0.15%	14.78%	-1.47%
Return on Invested Capital (ROIC)	7.59%	3.12%	5.19%
ROIC Less NNEP Spread (ROIC-NNEP)	3.87%	-1.65%	-0.12%
Return on Net Nonoperating Assets (RNNOA)	4.28%	-2.23%	-0.18%
Return on Equity (ROE)	11.87%	0.90%	5.01%
Cash Return on Invested Capital (CROIC)	-6.16%	-8.18%	8.99%
Operating Return on Assets (OROA)	6.86%	2.78%	4.77%
Return on Assets (ROA)	4.78%	0.32%	1.67%
Return on Common Equity (ROCE)	6.07%	0.46%	2.67%
Return on Equity Simple (ROE_SIMPLE)	15.44%	1.34%	6.34%
Net Operating Profit after Tax (NOPAT)	135	63	108
NOPAT Margin	28.57%	9.40%	15.26%
Net Nonoperating Expense Percent (NNEP)	3.72%	4.77%	5.31%
Return On Investment Capital (ROIC_SIMPLE)	6.67%	2.73%	4.75%
Cost of Revenue to Revenue	58.99%	68.37%	67.99%
SG&A Expenses to Revenue	3.33%	2.72%	2.85%
R&D to Revenue	0.01%	0.01%	0.78%
Operating Expenses to Revenue	12.48%	20.60%	16.97%
Earnings before Interest and Taxes (EBIT)	143	67	121
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	223	169	214
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	1.42	1.93	1.63
Price to Tangible Book Value (P/TBV)	1.81	2.64	1.99
Price to Revenue (P/Rev)	1.43	1.16	1.15
Price to Earnings (P/E)	10.68	0.00	33.83
Dividend Yield	7.22%	6.76%	8.02%
Earnings Yield	9.36%	0.00%	2.96%
Enterprise Value to Invested Capital (EV/IC)	1.10	1.18	1.15
Enterprise Value to Revenue (EV/Rev)	4.44	3.74	3.33
Enterprise Value to EBITDA (EV/EBITDA)	9.37	14.74	11.02
Enterprise Value to EBIT (EV/EBIT)	14.59	37.32	19.49
Enterprise Value to NOPAT (EV/NOPAT)	15.55	39.76	21.82
Enterprise Value to Operating Cash Flow (EV/OCF)	17.92	26.72	21.05
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	12.60
Leverage & Solvency	-	-	-
Debt to Equity	1.23	1.85	1.56
Long-Term Debt to Equity	1.23	1.85	1.56
Financial Leverage	1.11	1.35	1.46
Leverage Ratio	2.48	2.81	2.99
Compound Leverage Factor	1.73	0.38	1.04
Debt to Total Capital	55.22%	64.90%	60.94%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	55.22%	64.90%	60.94%
Preferred Equity to Total Capital	8.47%	7.46%	7.51%
Noncontrolling Interests to Total Capital	12.71%	10.14%	9.62%
Common Equity to Total Capital	23.60%	17.50%	21.93%
Debt to EBITDA	4.99	8.80	6.49
Net Debt to EBITDA	4.44	7.78	5.39
Long-Term Debt to EBITDA	4.99	8.80	6.49
Debt to NOPAT	8.28	23.74	12.84
Net Debt to NOPAT	7.36	21.00	10.67
Long-Term Debt to NOPAT	8.28	23.74	12.84
Altman Z-Score	0.76	0.63	0.78
Noncontrolling Interest Sharing Ratio	48.89%	48.64%	46.83%
Liquidity Ratios	-	-	-
Current Ratio	3.39	2.44	3.22
Quick Ratio	3.25	2.37	3.18
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-109	-164	187
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-2.54	-2.84	2.36
Operating Cash Flow to Interest Expense	2.71	1.61	1.41
Operating Cash Flow Less CapEx to Interest Expense	8.57	1.62	2.15
Efficiency Ratios	-	-	-
Asset Turnover	0.23	0.28	0.28
Accounts Receivable Turnover	13.70	15.75	14.40
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00
Accounts Payable Turnover	9.85	15.76	13.79
Days Sales Outstanding (DSO)	26.64	23.17	25.34
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	37.06	23.16	26.47
Cash Conversion Cycle (CCC)	-10.42	0.02	-1.13
Capital & Investment Metrics	-	-	-
Invested Capital	1,895	2,122	2,043
Invested Capital Turnover	0.27	0.33	0.34
Increase / (Decrease) in Invested Capital	244	227	-79
Enterprise Value (EV)	2,094	2,493	2,358
Market Capitalization	675	773	815
Book Value per Share	$7.03	$5.96	$6.27
Tangible Book Value per Share	$5.50	$4.34	$5.14
Total Capital	2,019	2,294	2,278
Total Debt	1,115	1,489	1,388
Total Long-Term Debt	1,115	1,489	1,388
Net Debt	991	1,317	1,153
Capital Expenditures (CapEx)	-252	-0.25	-59
Debt-free, Cash-free Net Working Capital (DFCFNWC)	12	14	14
Debt-free Net Working Capital (DFNWC)	64	45	86
Net Working Capital (NWC)	64	45	86
Net Nonoperating Expense (NNE)	35	55	66
Net Nonoperating Obligations (NNO)	991	1,317	1,153
Total Depreciation and Amortization (D&A)	80	102	93
Debt-free, Cash-free Net Working Capital to Revenue	2.62%	2.17%	1.98%
Debt-free Net Working Capital to Revenue	13.63%	6.69%	12.17%
Net Working Capital to Revenue	13.63%	6.69%	12.17%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.94	($0.05)	$0.34
Adjusted Weighted Average Basic Shares Outstanding	67.58M	67.69M	70.66M
Adjusted Diluted Earnings per Share	$0.94	($0.05)	$0.34
Adjusted Weighted Average Diluted Shares Outstanding	67.58M	67.69M	70.66M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	135.43M	133.59M	79.92M
Normalized Net Operating Profit after Tax (NOPAT)	57	62	61
Normalized NOPAT Margin	12.09%	9.32%	8.57%
Pre Tax Income Margin	21.18%	1.35%	5.91%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	3.33	1.16	1.53
NOPAT to Interest Expense	3.13	1.08	1.36
EBIT Less CapEx to Interest Expense	9.19	1.16	2.27
NOPAT Less CapEx to Interest Expense	8.99	1.09	2.10
Payout Ratios	-	-	-
Dividend Payout Ratio	78.37%	1,069.49%	199.33%
Augmented Payout Ratio	78.37%	1,234.28%	199.33%

This table displays calculated financial ratios and metrics derived from Armada Hoffler Properties' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	88.27%	83.00%	81.84%	59.79%	31.49%	18.11%	34.20%	11.33%	13.04%	-25.35%
EBITDA Growth	145.23%	-2.60%	-7.71%	-17.70%	-37.56%	-26.19%	51.83%	-10.36%	-11.77%	105.10%
EBIT Growth	326.93%	-14.51%	-20.29%	-29.44%	-58.40%	-109.30%	109.28%	-19.65%	-25.56%	1,958.84%
NOPAT Growth	341.72%	-18.41%	10.46%	-39.51%	-59.98%	-79.69%	15.32%	28.71%	-18.93%	708.83%
Net Income Growth	446.84%	348.38%	-55.87%	-51.62%	-80.12%	-244.85%	227.21%	-77.97%	-189.59%	237.86%
EPS Growth	533.33%	0.00%	-72.73%	-58.06%	-84.21%	-292.86%	466.67%	-100.00%	-283.33%	203.70%
Operating Cash Flow Growth	-2.53%	75.72%	-57.31%	38.24%	35.78%	-61.07%	256.08%	-36.53%	-27.74%	38.47%
Free Cash Flow Firm Growth	90.87%	-554.70%	147.16%	45.43%	-1,086.03%	-1.19%	-295.72%	103.99%	116.81%	153.84%
Invested Capital Growth	4.04%	14.77%	-4.16%	6.78%	13.14%	11.97%	11.70%	1.22%	-0.96%	-3.73%
Revenue Q/Q Growth	21.58%	28.10%	-10.86%	15.10%	0.04%	15.07%	1.28%	-4.52%	1.58%	-24.01%
EBITDA Q/Q Growth	22.46%	-38.17%	-17.66%	32.03%	-7.09%	-26.92%	76.02%	-22.05%	-8.55%	69.89%
EBIT Q/Q Growth	34.09%	-53.34%	-32.40%	66.83%	-20.94%	-110.43%	1,087.41%	-35.95%	-26.75%	160.54%
NOPAT Q/Q Growth	40.08%	-54.37%	-20.01%	18.30%	-7.33%	-76.84%	354.16%	32.03%	-41.63%	131.09%
Net Income Q/Q Growth	37.71%	-65.68%	-62.75%	174.78%	-43.41%	-350.05%	184.16%	-81.50%	-330.13%	484.79%
EPS Q/Q Growth	22.58%	-63.16%	-78.57%	333.33%	-53.85%	-550.00%	162.96%	-100.00%	0.00%	354.55%
Operating Cash Flow Q/Q Growth	40.53%	38.52%	-66.17%	109.93%	38.03%	-60.28%	209.41%	-62.58%	57.16%	-23.90%
Free Cash Flow Firm Q/Q Growth	90.61%	-1,057.24%	146.64%	-207.63%	-104.15%	1.27%	9.79%	102.20%	759.27%	216.24%
Invested Capital Q/Q Growth	-4.72%	1.07%	0.49%	10.34%	0.96%	0.03%	0.24%	-0.02%	-1.21%	-2.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.43%	34.27%	100.00%	32.06%	100.00%	-79.75%	28.93%	30.94%	100.00%	-51.91%
EBITDA Margin	59.23%	28.59%	26.40%	30.29%	28.13%	17.86%	29.87%	24.39%	21.96%	49.08%
Operating Margin	42.83%	15.19%	14.11%	14.33%	13.46%	3.73%	12.07%	10.04%	13.30%	27.83%
EBIT Margin	43.58%	15.87%	12.04%	17.45%	13.79%	-1.25%	18.77%	12.59%	9.08%	31.13%
Profit (Net Income) Margin	33.56%	8.99%	3.76%	8.97%	5.07%	-11.03%	9.16%	1.78%	-4.02%	20.36%
Tax Burden Percent	99.57%	100.03%	96.65%	97.79%	96.45%	102.41%	97.08%	161.29%	108.51%	101.73%
Interest Burden Percent	77.34%	56.63%	32.30%	52.58%	38.16%	861.26%	50.28%	8.74%	-40.82%	64.30%
Effective Tax Rate	0.43%	-0.03%	3.35%	2.21%	3.55%	0.00%	2.92%	-61.29%	0.00%	-1.73%
Return on Invested Capital (ROIC)	9.23%	4.04%	3.76%	4.12%	4.14%	0.87%	4.16%	5.63%	3.34%	9.63%
ROIC Less NNEP Spread (ROIC-NNEP)	8.08%	2.96%	2.43%	3.39%	2.96%	-1.39%	3.74%	3.55%	1.32%	8.71%
Return on Net Nonoperating Assets (RNNOA)	9.65%	3.27%	3.00%	4.41%	3.70%	-1.88%	5.26%	5.43%	1.86%	12.70%
Return on Equity (ROE)	18.88%	7.31%	6.76%	8.53%	7.84%	-1.01%	9.42%	11.07%	5.20%	22.33%
Cash Return on Invested Capital (CROIC)	3.57%	-6.16%	11.28%	-0.58%	-7.86%	-8.18%	-7.55%	2.13%	3.42%	8.99%
Operating Return on Assets (OROA)	8.31%	3.58%	2.88%	4.41%	3.73%	-0.35%	5.57%	3.67%	2.70%	8.69%
Return on Assets (ROA)	6.40%	2.03%	0.90%	2.27%	1.37%	-3.06%	2.72%	0.52%	-1.20%	5.68%
Return on Common Equity (ROCE)	9.54%	3.74%	3.54%	4.46%	4.11%	-0.52%	4.86%	5.65%	2.80%	11.87%
Return on Equity Simple (ROE_SIMPLE)	13.58%	0.00%	14.67%	12.22%	6.97%	0.00%	3.50%	1.49%	-1.15%	0.00%
Net Operating Profit after Tax (NOPAT)	54	25	20	23	22	4.99	23	30	17	40
NOPAT Margin	42.65%	15.19%	13.63%	14.01%	12.98%	2.61%	11.72%	16.20%	9.31%	28.31%
Net Nonoperating Expense Percent (NNEP)	1.15%	1.08%	1.33%	0.73%	1.18%	2.26%	0.42%	2.08%	2.02%	0.92%
Return On Investment Capital (ROIC_SIMPLE)	-	1.22%	-	-	-	0.22%	-	-	-	1.77%
Cost of Revenue to Revenue	62.57%	65.73%	0.00%	67.94%	0.00%	179.75%	71.07%	69.06%	0.00%	151.91%
SG&A Expenses to Revenue	3.05%	2.17%	3.78%	2.44%	2.58%	2.27%	3.04%	2.44%	2.76%	3.27%
R&D to Revenue	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	2.99%	0.00%	0.00%
Operating Expenses to Revenue	-5.40%	16.88%	85.89%	17.73%	86.54%	-83.48%	16.86%	20.89%	86.70%	-79.74%
Earnings before Interest and Taxes (EBIT)	55	26	17	29	23	-2.39	36	23	17	44
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	75	46	38	50	47	34	58	45	41	70
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.29	1.42	1.58	1.60	1.44	1.93	1.70	1.90	1.49	1.63
Price to Tangible Book Value (P/TBV)	1.64	1.81	2.01	2.24	2.01	2.64	2.31	2.56	1.86	1.99
Price to Revenue (P/Rev)	1.56	1.43	1.36	1.23	1.02	1.16	0.95	1.01	0.97	1.15
Price to Earnings (P/E)	11.38	10.68	12.63	16.18	27.37	0.00	111.70	0.00	0.00	33.83
Dividend Yield	7.62%	7.22%	6.85%	7.04%	8.07%	6.76%	7.74%	7.21%	7.48%	8.02%
Earnings Yield	8.78%	9.36%	7.92%	6.18%	3.65%	0.00%	0.90%	0.00%	0.00%	2.96%
Enterprise Value to Invested Capital (EV/IC)	1.07	1.10	1.14	1.13	1.09	1.18	1.13	1.17	1.12	1.15
Enterprise Value to Revenue (EV/Rev)	5.07	4.44	4.05	3.98	3.64	3.74	3.36	3.37	3.10	3.33
Enterprise Value to EBITDA (EV/EBITDA)	8.97	9.37	9.87	11.36	12.80	14.74	12.75	13.50	13.15	11.02
Enterprise Value to EBIT (EV/EBIT)	13.63	14.59	15.62	18.73	24.45	37.32	28.08	30.96	31.57	19.49
Enterprise Value to NOPAT (EV/NOPAT)	14.55	15.55	15.87	19.55	25.97	39.76	34.08	35.11	45.24	21.82
Enterprise Value to Operating Cash Flow (EV/OCF)	20.11	17.92	21.87	22.24	19.84	26.72	19.00	21.23	22.06	21.05
Enterprise Value to Free Cash Flow (EV/FCFF)	30.68	0.00	9.89	0.00	0.00	0.00	0.00	55.01	32.50	12.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.19	1.23	1.33	1.54	1.63	1.85	1.89	1.91	1.61	1.56
Long-Term Debt to Equity	1.19	1.23	1.33	1.54	1.63	1.85	1.89	1.91	1.61	1.56
Financial Leverage	1.19	1.11	1.23	1.30	1.25	1.35	1.40	1.53	1.42	1.46
Leverage Ratio	2.49	2.48	2.57	2.68	2.66	2.81	2.88	3.02	2.91	2.99
Compound Leverage Factor	1.93	1.41	0.83	1.41	1.01	24.21	1.45	0.26	-1.19	1.93
Debt to Total Capital	54.43%	55.22%	57.03%	60.63%	62.02%	64.90%	65.45%	65.69%	61.71%	60.94%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	54.43%	55.22%	57.03%	60.63%	62.02%	64.90%	65.45%	65.69%	61.71%	60.94%
Preferred Equity to Total Capital	8.56%	8.47%	8.41%	7.64%	7.50%	7.46%	7.36%	7.44%	7.43%	7.51%
Noncontrolling Interests to Total Capital	12.91%	12.71%	11.76%	11.15%	10.77%	10.14%	9.96%	9.85%	9.45%	9.62%
Common Equity to Total Capital	24.10%	23.60%	22.79%	20.58%	19.72%	17.50%	17.23%	17.02%	21.41%	21.93%
Debt to EBITDA	4.84	4.99	5.27	6.49	7.81	8.80	8.05	8.23	7.97	6.49
Net Debt to EBITDA	4.29	4.44	4.68	5.82	6.92	7.78	7.01	7.28	6.84	5.39
Long-Term Debt to EBITDA	4.84	4.99	5.27	6.49	7.81	8.80	8.05	8.23	7.97	6.49
Debt to NOPAT	7.86	8.28	8.47	11.16	15.85	23.74	21.51	21.41	27.42	12.84
Net Debt to NOPAT	6.96	7.36	7.53	10.02	14.05	21.00	18.74	18.94	23.54	10.67
Long-Term Debt to NOPAT	7.86	8.28	8.47	11.16	15.85	23.74	21.51	21.41	27.42	12.84
Altman Z-Score	0.60	0.58	0.62	0.59	0.54	0.54	0.57	0.58	0.60	0.68
Noncontrolling Interest Sharing Ratio	49.46%	48.89%	47.62%	47.75%	47.59%	48.64%	48.47%	48.98%	46.08%	46.83%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.91	3.39	3.92	3.20	2.49	2.44	2.62	1.67	2.17	3.22
Quick Ratio	3.71	3.25	3.78	3.11	2.42	2.37	2.56	1.63	2.13	3.18
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-19	-219	102	-110	-225	-222	-200	4.40	38	119
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-1.52	-19.22	8.32	-8.08	-14.55	-13.50	-11.14	0.21	1.76	6.46
Operating Cash Flow to Interest Expense	2.23	3.38	1.06	2.01	2.45	0.91	2.59	0.82	1.27	1.12
Operating Cash Flow Less CapEx to Interest Expense	2.23	3.45	1.06	2.01	2.47	0.91	2.59	0.82	1.27	4.29
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.19	0.23	0.24	0.25	0.27	0.28	0.30	0.29	0.30	0.28
Accounts Receivable Turnover	12.06	13.70	15.68	16.24	16.11	15.75	17.62	17.18	15.90	14.40
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	7.98	9.85	11.26	12.64	7.84	15.76	22.70	19.07	15.93	13.79
Days Sales Outstanding (DSO)	30.27	26.64	23.27	22.48	22.66	23.17	20.72	21.25	22.96	25.34
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	45.72	37.06	32.42	28.87	46.58	23.16	16.08	19.14	22.92	26.47
Cash Conversion Cycle (CCC)	-15.45	-10.42	-9.15	-6.39	-23.92	0.02	4.64	2.11	0.04	-1.13
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,875	1,895	1,904	2,101	2,121	2,122	2,127	2,127	2,101	2,043
Invested Capital Turnover	0.22	0.27	0.28	0.29	0.32	0.33	0.36	0.35	0.36	0.34
Increase / (Decrease) in Invested Capital	73	244	-83	133	246	227	223	26	-20	-79
Enterprise Value (EV)	2,015	2,094	2,172	2,378	2,319	2,493	2,408	2,479	2,343	2,358
Market Capitalization	622	675	731	738	648	773	682	744	735	815
Book Value per Share	$7.11	$7.03	$6.85	$6.79	$6.62	$5.96	$5.99	$5.84	$7.26	$6.27
Tangible Book Value per Share	$5.59	$5.50	$5.37	$4.85	$4.75	$4.34	$4.42	$4.33	$5.82	$5.14
Total Capital	1,999	2,019	2,034	2,240	2,282	2,294	2,323	2,301	2,302	2,278
Total Debt	1,088	1,115	1,160	1,358	1,415	1,489	1,520	1,511	1,420	1,388
Total Long-Term Debt	1,088	1,115	1,160	1,358	1,415	1,489	1,520	1,511	1,420	1,388
Net Debt	964	991	1,030	1,219	1,255	1,317	1,324	1,337	1,219	1,153
Capital Expenditures (CapEx)	0.00	-0.78	0.00	0.00	-0.27	0.00	0.00	0.00	0.00	-59
Debt-free, Cash-free Net Working Capital (DFCFNWC)	11	12	19	17	12	14	9.90	4.63	6.61	14
Debt-free Net Working Capital (DFNWC)	71	64	56	53	47	45	54	26	52	86
Net Working Capital (NWC)	71	64	56	53	47	45	54	26	52	86
Net Nonoperating Expense (NNE)	11	10	14	8.37	13	26	4.94	27	25	11
Net Nonoperating Obligations (NNO)	964	991	1,030	1,219	1,255	1,317	1,324	1,337	1,219	1,153
Total Depreciation and Amortization (D&A)	20	21	21	21	24	37	21	22	24	26
Debt-free, Cash-free Net Working Capital to Revenue	2.79%	2.62%	3.57%	2.87%	1.91%	2.17%	1.38%	0.63%	0.87%	1.98%
Debt-free Net Working Capital to Revenue	17.77%	13.63%	10.37%	8.91%	7.40%	6.69%	7.50%	3.58%	6.91%	12.17%
Net Working Capital to Revenue	17.77%	13.63%	10.37%	8.91%	7.40%	6.69%	7.50%	3.58%	6.91%	12.17%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.38	$0.14	$0.03	$0.13	$0.06	($0.27)	$0.17	$0.00	($0.11)	$0.28
Adjusted Weighted Average Basic Shares Outstanding	67.73M	67.58M	67.79M	67.90M	67.95M	67.69M	66.84M	67.11M	68.93M	70.66M
Adjusted Diluted Earnings per Share	$0.38	$0.14	$0.03	$0.13	$0.06	($0.27)	$0.17	$0.00	($0.11)	$0.28
Adjusted Weighted Average Diluted Shares Outstanding	67.73M	67.58M	67.79M	67.90M	67.95M	67.69M	66.84M	67.11M	68.93M	70.66M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	67.73M	135.43M	67.94M	67.95M	67.40M	133.59M	67.07M	135.75M	79.69M	79.92M
Normalized Net Operating Profit after Tax (NOPAT)	20	17	20	23	21	4.99	23	14	17	28
Normalized NOPAT Margin	15.89%	10.67%	13.70%	13.71%	12.85%	2.61%	11.72%	7.60%	9.31%	19.48%
Pre Tax Income Margin	33.70%	8.99%	3.89%	9.17%	5.26%	-10.77%	9.44%	1.10%	-3.71%	20.02%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.41	2.25	1.41	2.12	1.48	-0.15	2.02	1.10	0.79	2.40
NOPAT to Interest Expense	4.32	2.15	1.60	1.71	1.40	0.30	1.26	1.41	0.81	2.18
EBIT Less CapEx to Interest Expense	4.41	2.32	1.41	2.12	1.50	-0.15	2.02	1.10	0.79	5.56
NOPAT Less CapEx to Interest Expense	4.32	2.22	1.60	1.71	1.41	0.30	1.26	1.41	0.81	5.35
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	83.99%	78.37%	87.46%	108.23%	186.97%	1,069.49%	411.76%	996.01%	-1,103.68%	199.33%
Augmented Payout Ratio	83.99%	78.37%	87.46%	108.23%	186.97%	1,234.28%	411.76%	1,146.97%	-1,103.68%	199.33%

Frequently Asked Questions About Armada Hoffler Properties' Financials

When does Armada Hoffler Properties's financial year end?

According to the most recent income statement we have on file, Armada Hoffler Properties' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Armada Hoffler Properties' net income changed over the last 2 years?

Armada Hoffler Properties' net income appears to be on a downward trend, with a most recent value of $42.49 million in 2024, falling from $99.95 million in 2022. The previous period was $7.66 million in 2023.

What is Armada Hoffler Properties's operating income?

Armada Hoffler Properties's total operating income in 2024 was $106.54 million, based on the following breakdown:

Total Gross Profit: $226.76 million
Total Operating Expenses: $120.22 million

How has Armada Hoffler Properties revenue changed over the last 2 years?

Over the last 2 years, Armada Hoffler Properties' total revenue changed from $471.13 million in 2022 to $708.47 million in 2024, a change of 50.4%.

How much debt does Armada Hoffler Properties have?

Armada Hoffler Properties' total liabilities were at $1.62 billion at the end of 2024, a 7.7% decrease from 2023, and a 21.3% increase since 2022.

How much cash does Armada Hoffler Properties have?

In the past 2 years, Armada Hoffler Properties' cash and equivalents has ranged from $27.92 million in 2023 to $70.64 million in 2024, and is currently $70.64 million as of their latest financial filing in 2024.

How has Armada Hoffler Properties' book value per share changed over the last 2 years?

Over the last 2 years, Armada Hoffler Properties' book value per share changed from 7.03 in 2022 to 6.27 in 2024, a change of -10.9%.

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This page (NYSE:AHH) was last updated on 4/17/2025 by MarketBeat.com Staff

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Armada Hoffler Properties (AHH) Financials

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Armada Hoffler Properties (AHH) Financials

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