Armada Hoffler Sees 6.3% Same-Store NOI Growth, Q4 Normalized FFO Rises to $0.29
Armada Hoffler Properties posted a GAAP net loss of $0.01 per diluted share in Q4 2025 versus $0.26 a year earlier, while normalized FFO increased to $0.29 from $0.27 per share. Same-store NOI grew 6.3% and occupancy remained above 94% in retail, office, and multifamily with positive renewal spreads.
1. Q4 Financial Results
Armada Hoffler reported a GAAP net loss of $1.0 million, or $0.01 per diluted share, compared to net income of $26.1 million, or $0.26 per share in Q4 2024. FFO fell to $23.1 million ($0.23 per share) from $29.7 million, while normalized FFO climbed to $29.5 million ($0.29) from $27.8 million.
2. Portfolio Occupancy and Renewal Spreads
As of December 31, 2025, the stabilized portfolio was 95.3% occupied, with retail at 94.9%, office at 96.4%, and multifamily at 94.6%. Renewal spreads were positive across segments: retail 15.3% GAAP/10.1% cash and office 9.1% GAAP/2.5% cash.
3. Leasing Highlights
During Q4, two new retail leases at Columbus Village II opened: a 14,000-square-foot Trader Joe’s and a 19,000-square-foot Golf Galaxy, increasing the project’s occupancy to 95.3%.
4. Balance Sheet and Derivative Impact
Total debt stood at $1.5 billion, including a $241 million revolver, with 96% of debt fixed or economically hedged. Unrealized Q4 losses on undesignated interest rate derivatives reached $4.9 million, and the net derivative portfolio value was $7.9 million at year end, excluded from normalized FFO.