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“Our third quarter results highlight the consistency and strength of our portfolio,” said Shawn Tibbetts, President and Chief Executive Officer. “Property-level income continues to outperform our 2025 guidance, contributing to beating consensus for the quarter. We are simplifying the business, driving operational excellence, and leveraging data-driven insights to enhance performance across the platform. With a disciplined approach to capital allocation and a focus on recurring property-level earnings, we are strengthening the balance sheet and positioning Armada Hoffler for sustainable growth and long-term value creation.”

•On October 16, 2025, the Company announced that its Board of Directors unanimously appointed Shawn J. Tibbetts as Chairman of the Board, effective January 1, 2026. This appointment represents the final step in the succession plan initiated in 2024. Mr. Tibbetts will continue to serve as President and Chief Executive Officer, and Louis S. Haddad will continue to serve as director on the Company's Board of Directors.

Net loss attributable to common stockholders and OP Unit holders for the third quarter was $3.6 million compared to $10.4 million for the third quarter of 2024. The year-over-year change was primarily due to a decrease in unrealized losses reflected in change in fair value of derivatives as well as a decrease in salaries and compensation due to the severance paid in the third quarter of 2024, partially offset by a decrease in construction gross profit due to the close-out of contracts and an increase in interest expense.

FFO attributable to common stockholders and OP Unit holders for the third quarter was $20.2 million compared to $12.7 million for the third quarter of 2024. The year-over-year increase in FFO was primarily due to a decrease in unrealized losses reflected in change in fair value of derivatives as well as a decrease in salaries and compensation due to the severance paid in the third quarter of 2024, partially offset by a decrease in construction gross profit due to the close-out of contracts and an increase in interest expense. Normalized FFO attributable to common stockholders and OP Unit holders for the third quarter decreased to $29.6 million compared to $31.4 million for the third quarter of 2024. The year-over-year decrease in Normalized FFO was primarily due to the decrease in general contracting and real estate services gross profit and an increase in interest expense.

On July 22, 2025, the Company, as parent guarantor, and Armada Hoffler, L.P., the Company’s operating partnership (the “Operating Partnership”), as borrower, entered into a note purchase agreement with institutional investors, pursuant to which the Operating Partnership sold, and the institutional investors purchased, an aggregate of $115.0 million of senior unsecured notes of the Operating Partnership, consisting of (a) $25.0 million aggregate principal amount of 5.57% Senior Notes, Series A, due July 22, 2028, (b) $45.0 million aggregate principal amount of 5.78% Senior Notes, Series B, due July 22, 2030 and (c) $45.0 million aggregate principal amount of 6.09% Senior Notes, Series C, due July 22, 2032 (collectively, the “Notes”). The issue price for the Notes was 100% of the aggregate principal amount thereof. The Company utilized the proceeds of the sale of the Notes to repay the $65.0 million construction loan secured by the Southern Post mixed-use asset and $48.0 million under the Company’s revolving credit facility.

[1] Ranges exclude certain items per the Company ’s Normalized FFO definition: Normalized FFO excludes certain items, including debt extinguishment losses and prepayment penalties, impairment and accelerated amortization of intangible assets and liabilities, property acquisition, development, and other pursuit costs, mark-to-market adjustments for interest rate derivatives not designated as cash flow hedges, amortization of payments made to purchase interest rate caps and swaps designated as cash flow hedges, provision for unrealized non-cash credit losses, amortization of right-of-use assets attributable to finance leases, severance related costs, and other non-comparable items. See "Non-GAAP Financial Measures." The Company does not provide a reconciliation for its guidance range of Normalized FFO per diluted share to net income per diluted share, the most directly comparable forward-looking GAAP financial measure, because it is unable to provide a meaningful or accurate estimate of reconciling items and the information is not available without unreasonable effort as a result of the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income per diluted share. For the same reasons, the Company is unable to address the probable significance of the unavailable information and believes that providing a reconciliation for its guidance range of Normalized FFO per diluted share would imply a degree of precision for its forward-looking net income per diluted share that could be misleading to investors.

The Company will host a webcast and conference call on Tuesday, November 4, 2025 at 8:30 a.m. Eastern Time to review financial results and discuss recent events. The recorded webcast will be available through the Investors page of the Company’s website, ArmadaHoffler.com. To participate in the call, please dial (+1) 800 549 8228 (toll-free dial-in number) or (+1) 646 564 2877 (toll dial-in number). The conference ID is 93777. A replay of the conference call will be available through Thursday, December 4, 2025 by dialing (+1) 888 660 6264 (toll-free dial-in number) or (+1) 646 517 3975 (toll dial-in number) and providing passcode 93777#.

Armada Hoffler (NYSE: AHH) is a vertically integrated, self-managed real estate investment trust 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 be placed in their stabilized portfolio. Founded in 1979 by Daniel A. Hoffler, Armada Hoffler has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information visit ArmadaHoffler.com.

Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These forward-looking statements may include comments relating to the current and future performance of the Company’s operating property portfolio, the Company’s development pipeline, the Company's real estate financing program, the Company’s construction and development business, including backlog and timing of deliveries and estimated costs, financing activities, as well as acquisitions, dispositions, and the Company’s financial outlook, guidance, and expectations. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and the Company may not be able to realize any forward-looking statement. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and the other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions, or circumstances on which any such statement is based, except to the extent otherwise required by applicable law.

The Company calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("Nareit"). Nareit defines FFO as net income (loss) (calculated in accordance with 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 and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.

FFO is a supplemental non-GAAP financial measure. The Company uses FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the Company’s operational performance. Specifically, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared period-over-period, captures trends in occupancy rates, rental rates, and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the Company’s operating performance with that of other REITs.

However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the Company’s properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of the Company’s properties, all of which have real economic effects and could materially impact the Company’s results from operations, the utility of FFO as a measure of the Company’s performance is limited. In addition, other equity REITs may not calculate FFO in accordance with the Nareit definition as the Company does, and, accordingly, the Company’s FFO may not be comparable to such other REITs’ FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of the Company’s performance. FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or service indebtedness. Also, FFO should not be used as a supplement to or substitute for cash flow from operating activities computed in accordance with GAAP.

Management also believes that the computation of FFO in accordance with Nareit’s definition includes certain items that are not indicative of the results provided by the Company’s operating property portfolio and affect the comparability of the Company’s period-over-period performance. Accordingly, management believes that Normalized FFO is a more useful performance measure that excludes certain items, including but not limited to, debt extinguishment losses and prepayment penalties, impairment and accelerated amortization of intangible assets and liabilities, property acquisition, development, and other pursuit costs, mark-to-market adjustments for interest rate derivatives not designated as cash flow hedges, amortization of payments made to purchase interest rate caps and swaps designated as cash flow hedges, provision for unrealized non-cash credit losses, amortization of right-of-use assets attributable to finance leases, severance related costs, and other non-comparable items. Other equity REITs may not calculate Normalized FFO in the same manner as we do, and, accordingly, our Normalized FFO may not be comparable to such other REITs' Normalized FFO.

NOI is the measure used by the Company’s chief operating decision-maker to assess segment performance. The Company calculates NOI as segment revenues less segment expenses. Segment revenues include rental revenues (base rent, expense reimbursements, termination fees, and other revenue) for our property segments, general contracting and real estate services revenues for our general contracting and real estate services segment, and interest income for our real estate financing segment. Segment expenses include rental expenses and real estate taxes for our property segments, general contracting and real estate services expenses for our general contracting and real estate services segment, and interest expense for our real estate financing segment. Segment NOI for the general contracting and real estate services and real estate financing segments is also referred to as segment gross profit. NOI is not a measure of operating income or cash flows from operating activities as measured in accordance with GAAP and is not indicative of cash available to fund cash needs. As a result, NOI should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s real estate and construction businesses. To calculate NOI on a cash basis, we adjust NOI to exclude the net effects of straight line rent and the amortization of lease incentives and above/below market rents.


	September 30, 2025		December 31, 2024
	(UNAUDITED)
ASSETS
Real estate investments:
Income producing property	$	2,441,965	$	2,173,787
Held for development	5,683		5,683
Construction in progress	27,890		17,515
	2,475,538		2,196,985
Accumulated depreciation	(504,419)		(451,907)
Net real estate investments	1,971,119		1,745,078
Real estate investments held for sale	4,800		4,800
Cash and cash equivalents	46,511		70,642
Restricted cash	3,313		1,581
Accounts receivable, net	58,274		52,860
Notes receivable, net	152,288		132,565
Construction receivables, including retentions, net	34,587		84,624
Construction contract costs and estimated earnings in excess of billings	2,638		6
Equity method investments	47,880		158,151
Operating lease right-of-use assets	22,669		22,841
Finance lease right-of-use assets	87,868		88,986
Acquired lease intangible assets	80,181		89,739
Other assets	65,007		60,990
Total Assets	$	2,577,135	$	2,512,863
LIABILITIES AND EQUITY
Indebtedness, net	$	1,485,657	$	1,295,559

Accounts payable and accrued liabilities	41,295		38,840
Construction payables, including retentions	39,658		104,495
Billings in excess of construction contract costs and estimated earnings	5,755		5,871
Operating lease liabilities	31,242		31,365
Finance lease liabilities	93,280		92,646
Other liabilities	36,609		54,418
Total Liabilities	1,733,496		1,623,194












Total Equity	843,639		889,669
Total Liabilities and Equity	$	2,577,135	$	2,512,863


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Unaudited)
Revenues
Rental revenues	$	68,724	$	68,598	$	197,672	$	193,744
General contracting and real estate services revenues	23,192		114,353		101,782		358,167
Interest income	4,166		4,701		12,534		13,959
Total revenues	96,082		187,652		311,988		565,870

Expenses
Rental expenses	17,622		16,652		49,323		46,344
Real estate taxes	6,148		6,184		18,675		17,995
General contracting and real estate services expenses	21,128		110,987		96,970		346,385
Depreciation and amortization	23,113		23,684		68,081		65,697
General and administrative expenses	4,447		5,187		17,831		15,564
Acquisition, development, and other pursuit costs	10		2		350		5,530
Impairment charges	350		—		350		1,494
Total expenses	72,818		162,696		251,580		499,009

Operating income	23,264		24,956		60,408		66,861
Interest expense	(22,718)		(21,387)		(62,098)		(60,589)
Equity in Income (Loss) of Unconsolidated Real Estate Entities	38		—		(2,197)		—
Gain on consolidation of real estate entities	—		—		6,915		—
Loss on extinguishment of debt	(69)		(113)		(69)		(113)
Change in fair value of derivatives and other	(1,216)		(10,308)		(1,778)		6,978
Unrealized credit loss release (provision)	126		(198)		313		(53)
Other income (expense), net	28		96		(44)		254
(Loss) income before taxes	(547)		(6,954)		1,450		13,338
Income tax (provision) benefit	(192)		(592)		185		120
Net (loss) income	(739)		(7,546)		1,635		13,458
Net loss (income) attributable to noncontrolling interests in investment entities	51		17		131		(34)
Preferred stock dividends	(2,887)		(2,887)		(8,661)		(8,661)
Net (loss) income attributable to common stockholders and OP Unitholders	$	(3,575)	$	(10,416)	$	(6,895)	$	4,763


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Unaudited)
Net (loss) income attributable to common stockholders and OP Unitholders	$	(3,575)	$	(10,416)	$	(6,895)	$	4,763
Depreciation and amortization, net(1)	23,395		23,070		69,774		63,855


Impairment of real estate assets	350		—		350		1,494
FFO attributable to common stockholders and OP Unitholders	$	20,170	$	12,654	$	56,314	$	70,112
Acquisition, development, and other pursuit costs	10		2		350		5,530
Accelerated amortization of intangible assets and liabilities	—		(5)		(169)		(5)
Loss on extinguishment of debt	69		113		69		113
Unrealized credit loss (release) provision	(126)		198		(313)		53
Amortization of right-of-use assets - finance leases	395		395		1,185		1,184
Decrease in fair value of derivatives not designated as cash flow hedges	8,095		16,669		17,567		12,109
Stock compensation normalization	527		—		2,776		—
Amortization of interest rate derivatives on designated cash flow hedges	383		73		1,149		454
Severance related costs	91		1,339		1,684		1,506
Normalized FFO available to common stockholders and OP Unitholders	$	29,614	$	31,438	$	80,612	$	91,056
Net (loss) income attributable to common stockholders and OP Unitholders per diluted share and unit	$	(0.04)	$	(0.11)	$	(0.07)	$	0.05
FFO attributable to common stockholders and OP Unitholders per diluted share and unit	$	0.20	$	0.14	$	0.55	$	0.79
Normalized FFO attributable to common stockholders and OP Unitholders per diluted share and unit	$	0.29	$	0.35	$	0.79	$	1.02
Weighted-average common shares and units - diluted	102,093		90,598		101,839		89,293

________________________________________


(1) The adjustment for depreciation and amortization excludes amortization of above and below-market ground lease assets. The adjustment for depreciation and amortization for the three and nine months ended September 30, 2025 excludes $0.2 million and $0.7 million, respectively, of depreciation attributable to our partners. The adjustment for depreciation and amortization for the three and nine months ended September 30, 2024 excludes $0.2 million and $0.7 million, respectively, of depreciation attributable to our partners. The adjustment for depreciation and amortization for the three and nine months ended September 30, 2025 includes $0.8 million and $3.6 million, respectively, of depreciation attributable to unconsolidated investments.
(2) Accounts for the double-issuance of stock compensation due to a modification in the structure of executive compensation grants, removing the impact of grants in the current year that are related to the prior year's performance. New grants are now issued in the year in which performance relates. Adjustment also removes impact of a one-time acceleration of 100% of stock compensation awarded to our former Chief Executive Officer in relation to prior year performance and the special award granted in June 2025. This adjustment accounts for the duplicate expense, but does not adjust for the double issuance of shares. This adjustment also specifically excludes the impact of the special awards granted in June 2025 to a select group of employees, including our executive officers.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Retail Same Store (1)
Same Store NOI, Cash Basis	$	16,200	$	16,611	$	49,593	$	52,228
GAAP Adjustments (2)	(1,309)		(1,059)		(3,822)		(1,377)
Same Store NOI	17,509		17,670		53,415		53,605
Non-Same Store NOI (3)	1,199		921		1,586		2,901
Segment NOI	18,708		18,591		55,001		56,506

Office Same Store (4)
Same Store NOI, Cash Basis	13,443		12,869		39,941		39,112
GAAP Adjustments (2)	(2,409)		(2,296)		(6,328)		(4,936)
Same Store NOI	15,852		15,165		46,269		44,048
Non-Same Store NOI (3)	1,009		3,952		1,275		3,981
Segment NOI	16,861		19,117		47,544		48,029

Multifamily Same Store (5)
Same Store NOI, Cash Basis	7,323		7,434		22,969		23,590
GAAP Adjustments (2)	(216)		(209)		(624)		(18)
Same Store NOI	7,539		7,643		23,593		23,608
Non-Same Store NOI (3)	1,846		411		3,536		1,262
Segment NOI	9,385		8,054		27,129		24,870


Total Property NOI	44,954		45,762		129,674		129,405

General contracting & real estate services gross profit	2,064		3,366		4,812		11,782
Real estate financing gross profit	1,700		2,348		5,468		7,215
Interest income (6)	315		565		1,274		1,775
Depreciation and amortization	23,113		23,684		68,081		65,697
General and administrative expenses	4,447		5,187		17,831		15,564
Acquisition, development, and other pursuit costs	10		2		350		5,530
Impairment charges	350		—		350		1,494

Interest expense	(22,718)		(21,387)		(62,098)		(60,589)
Equity in Income (Loss) of Unconsolidated Real Estate Entities	38		—		(2,197)		—
Gain on consolidation of real estate entities	—		—		6,915		—
Loss on extinguishment of debt	(69)		(113)		(69)		(113)
Change in fair value of derivatives and other	(1,216)		(10,308)		(1,778)		6,978
Unrealized credit loss release (provision)	126		(198)		313		(53)
Other income (expense), net	28		96		(44)		254
Income tax (provision) benefit	(192)		(592)		185		120
Net (loss) income	(739)		(7,546)		1,635		13,458

Net loss (income) attributable to noncontrolling interests in investment entities	51		17		131		(34)
Preferred stock dividends	(2,887)		(2,887)		(8,661)		(8,661)
Net (loss) income attributable to common stockholders and OP Unitholders	$	(3,575)	$	(10,416)	$	(6,895)	$	4,763


(1) Retail same-store portfolio for the three and nine months ended September 30, 2025 and 2024 excludes Southern Post Retail, Allied \| Harbor Point Retail, and Columbus Village II due to redevelopment, as well as Market at Mill Creek and Nexton Square which were sold in December 2024.
(2) GAAP Adjustments include adjustments for the net effects of straight-line rental revenues, the amortization of lease incentives and above/below market rents, the net effects of straight-line rental expenses, and ground rent expenses for finance leases.
(3) Includes expenses associated with the Company's in-house asset management division.
(4) Office same-store portfolio for the three and nine months ended September 30, 2025 and 2024 excludes Southern Post Office and Allied \| Harbor Point Office Garage.
(5) Multifamily same-store portfolio for the three and nine months ended September 30, 2025 and 2024 excludes Chandler Residences, The Allied \| Harbor Point, and Greenside Apartments.
(6) Excludes real estate financing segment interest income.
(7) Excludes real estate financing segment interest expense.


Full-year 2025 Guidance [1][2]	Expected Ranges
Portfolio NOI	$174.1	M	$175.5	M
Construction Segment Gross Profit	$5.5	M	$6.5	M
G&A Expenses	($17.2	M)	($16.4	M)
Interest Income	$15.8	M	$16.2	M
Adjusted Interest Expense[3]	($63.7	M)	($61.7	M)
Normalized FFO per diluted share	$1.03		$1.07


						PRESS RELEASE