Armada Hoffler Properties, Inc.

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 26, 2026

AHRT$6.38-1.2%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Schedule III—Consolidated Real Estate Investments and Accumulated Depreciation

December 31, 2025

Initial Cost · Cost Capitalized · Gross Carrying Amount · Year of
Building and · Subsequent to · Building and · Accumulated · Net Carrying · Construction/
Encumbrances · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Amount(1) · Acquisition
Retail
249 Central Park Retail		271		—		5,668		271		5,668		5,939		3,519		2,420		2004
4525 Main Street Retail		108		—		5,159		108		5,159		5,267		2,340		2,927		2014
4621 Columbus Retail		54		—		16,276		54		16,276		16,330		8,525		7,805		2002
Broad Creek Shopping Center		—		—		10,533		—		10,533		10,533		6,298		4,235		1997/2001
Broadmoor Plaza		2,410		9,010		2,620		2,410		11,630		14,040		5,026		9,013		1980/2016
Brooks Crossing Retail		117		—		2,605		117		2,605		2,722		724		1,998		2016
Chronicle Mill Retail		43		16		1,665		43		1,681		1,724		157		1,567		2021
Columbus Village		7,630		10,135		8,907		7,630		19,042		26,672		7,942		18,729		1980/2015
Columbus Village II		8,852		10,922		10,010		8,852		20,932		29,784		6,653		23,131		1995/2016
Commerce Street Retail		118		—		3,440		118		3,440		3,558		2,338		1,220		2008
Constellation Retail		1,692		3,199		106		1,692		3,305		4,997		438		4,559		2016/2022
Delray Plaza		—		27,151		2,296		—		29,447		29,447		4,683		24,764		2021
Dimmock Square		5,100		13,126		2,483		5,100		15,609		20,709		4,988		15,721		1998/2014
Fountain Plaza Retail		425		—		8,713		425		8,713		9,138		5,160		3,978		2004
Greenbrier Square	18,785		8,549		21,170		697		8,549		21,867		30,416		3,186		27,230		2017/2021
Greentree Shopping Center		1,103		—		4,402		1,103		4,402		5,505		2,039		3,467		2014
Hanbury Village		2,565		—		16,878		2,565		16,878		19,443		9,564		9,879		2006
Harbor Point Parcel 4 Retail	4,263		1,124		11,157		(1,088)		1,124		10,069		11,193		190		11,003		2025
Harrisonburg Regal		1,554		—		4,148		1,554		4,148		5,702		2,841		2,861		1999
Lexington Square	12,972		3,035		20,581		588		3,035		21,169		24,204		5,476		18,728		2017/2018
Liberty Retail	3,996		3,007		8,312		1,740		3,007		10,052		13,059		9,155		3,904		2013/2014
Marketplace at Hilltop		2,023		19,886		1,553		2,023		21,439		23,462		4,229		19,233		2000/2019
North Hampton Market		7,250		10,210		1,461		7,250		11,671		18,921		4,264		14,657		2004/2016
North Pointe Center		1,276		—		24,034		1,276		24,034		25,310		14,410		10,900		1998
One City Center Retail		437		468		140		437		608		1,045		463		581		2019
Overlook Village		6,328		20,101		1,433		6,328		21,534		27,863		3,279		24,583		1990/2021
Parkway Centre		1,372		7,864		279		1,372		8,143		9,515		1,981		7,535		2017/2018
Parkway Marketplace		1,150		—		4,638		1,150		4,638		5,788		2,855		2,933		1998
Patterson Place		15,060		20,180		2,595		15,060		22,775		37,835		6,649		31,186		2004/2016
Pembroke Square		14,513		9,290		617		14,513		9,907		24,420		2,251		22,169		1966 & 2015/2022
Perry Hall Marketplace		3,240		8,316		780		3,240		9,096		12,336		3,674		8,661		2001/2015
Point Street Retail		—		8,295		277		—		8,572		8,572		1,566		7,006		2018/2019
Premier Retail	9,707		319		—		16,275		319		16,275		16,594		4,038		12,556		2018
Providence Plaza Retail		4,771		6,102		1,537		4,771		7,639		12,410		2,535		9,875		2007/2015
Red Mill Commons	3,715		44,252		30,348		8,690		44,252		39,038		83,290		13,413		69,877		2000/2019

Initial Cost · Cost Capitalized · Gross Carrying Amount · Year of
Building and · Subsequent to · Building and · Accumulated · Net Carrying · Construction/
Encumbrances · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Amount(1) · Acquisition
Sandbridge Commons		4,118			—		7,592			4,118		7,592			11,710		3,555		8,155		2015
South Retail		190		0		8,977	190		8,977		9,167	6,111		3,055		2002
South Square		14,130		12,670		2,311	14,130		14,981		29,111	4,753		24,357		1977/2016
Southern Post Retail		1,235		0		29,331	1,235		29,331		30,566	1,470		29,096		2024
Southgate Square		10,238		25,950		7,684	10,238		33,634		43,872	11,055		32,817		1991/2016
Southshore Shops		1,770		6,509		946	1,770		7,455		9,225	2,315		6,910		2006/2016
Studio 56 Retail		76		0		3,811	76		3,811		3,887	1,705		2,182		2007
The Cosmo Retail		108		0		6,873	108		6,873		6,981	5,339		1,642		2006
The Edison Retail		549		2,662		274	549		2,936		3,485	616		2,869		1919 & 2014/2020
The Interlock Retail		0		66,104		5,179	0		71,284		71,284	4,991		66,293		2021/2023
Two Columbus Retail		7		0		2,645	7		2,645		2,651	1,429		1,222		2009
Tyre Neck Harris Teeter		0		0		3,306	0		3,306		3,306	2,253		1,053		2011
Wendover Village		19,894		22,638		2,306	19,894		24,944		44,838	6,866		37,972		2004/2016-2019
West Retail		138		0		210	138		210		348	127		221		2002
Total retail	$53,437		$202,202			$412,371		$253,601			$202,202		$665,972			$868,174		$209,436	$658,738
Office
249 Central Park Office		442		0		13,437	442		13,437		13,879	8,541		5,337		2014
4525 Main Street Office	28,587	874		0		42,421	874		42,421		43,295	17,273		26,022		2014
4605 Columbus Office		12		0		1,768	12		1,768		1,780	1,649		131		2002
Armada Hoffler Tower Office		1,838		0		75,401	1,838		75,407		77,244	48,629		28,616		2002
Harbor Point Parcel 4 Office Garage		7,709		45,395		379	7,709		45,774		53,483	873		52,610		2025
Brooks Crossing Office		295		0		19,557	295		19,557		19,852	4,448		15,404		2016/2019
Chronicle Mill Office		344		9		975	344		984		1,328	72		1,256		2021
Constellation Office	175,000	19,459		173,745		4,468	19,459		178,213		197,672	18,428		179,244		2016/2022
One City Center Office		2,474		27,733		6,480	2,474		34,212		36,687	6,747		29,940		2019
One Columbus Office		960		10,269		18,623	960		28,892		29,852	18,509		11,343		1984
Providence Plaza Office		5,179		6,239		1,594	5,179		7,833		13,012	2,918		10,094		2007/2015
Southern Post Office		1,271		0		33,861	1,271		33,861		35,132	2,213		32,919		2024
Thames Street Office	65,028	15,861		64,689		5,974	15,861		70,663		86,524	11,260		75,264		2010/2019
The Interlock Office		0		117,864		4,212	0		122,076		122,076	8,353		113,723		2021/2023
Two Columbus Office		47		0		21,929	47		21,929		21,975	11,849		10,126		2009
Wills Wharf Office		0		0		123,664	0		123,664		123,664	22,679		100,985		2020
Total office	$268,615		$56,765			$445,941		$374,742			$56,765		$820,690			$877,455		$184,441		$693,014
Multifamily
1305 Dock Street Apartments		2,165		18,114		577	2,165		18,691		20,856	2,011		18,845		2016/2022
1405 Point Street Apartments	6,107	0		87,374		5,304	0		92,678		92,678	19,179		73,500		2018/2019
Allied \| Harbor Point	85,737	9,623		170,552		-681	9,623		169,870		179,493	4,278		175,215		2025
Chandler Residences		2,507		0		53,900	2,507		53,900		56,407	2,958		53,449		2024
Chronicle Mill Apartments		1,401		534		56,024	1,401		56,558		57,958	6,118		51,840		2021
Encore Apartments	22,253	1,293		0		33,664	1,293		33,664		34,957	11,439		23,519		2014

Initial Cost · Cost Capitalized · Gross Carrying Amount · Year of
Building and · Subsequent to · Building and · Accumulated · Net Carrying · Construction/
Encumbrances · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Amount(1) · Acquisition
Greenside Apartments	29,512	5,711		0		48,798	5,711		48,798		54,509	10,636		43,874		2018
Liberty Apartments	15,902	573		15,121		3,263	573		18,385		18,957	1,154		17,804		2013/2014
Premier Apartments	19,708	647		0		30,144	647		30,144		30,791	6,528		24,262		2018
Smith's Landing Apartments	12,547	0		35,105		7,505	0		42,610		42,610	15,707		26,902		2009/2013
Solis Gainesville II		6,382		52,481		930	6,382		53,412		59,794	0		59,794		2025
The Cosmopolitan Apartments	38,525	877		0		75,215	877		75,215		76,092	38,396		37,696		2006
The Edison Apartments	14,347	2,879		15,911		1,633	2,879		17,544		20,424	4,073		16,351		1919 & 2014/2020
The Everly Apartments	30,000	4,834		0		45,588	4,834		45,588		50,422	4,836		45,586		2020
Total multifamily	$274,639	$38,892			$395,192		$361,865			$38,892		$757,057			$795,949		$127,312		$668,637
Columbus Village II		5,683					5,683				5,683			5,683
Held for development	$—		$5,683			$—		$—			$5,683		$—			$5,683		$—		$5,683
Real estate investments	596,691	303,542		1,253,505		990,208	303,542		2,243,719		2,547,261	521,189		2,026,072

(1)The net carrying amount of real estate for federal income tax purposes was $1,988.0 million as of December 31, 2025.

(2)Borrowing base collateral for the credit facility, M&T term loan facility, and TD term loan facility as of December 31, 2025.

(3)As of December 31, 2025, $5.7 million of this property's land value was included in held for development related to redevelopment plans.

(4)A portion of this property is borrowing base collateral for the credit facility, M&T term loan facility, and TD term loan facility as of December 31, 2025.

(5)Held for development includes Columbus Village II land held for redevelopment, which is borrowing base collateral for the credit facility, M&T term loan facility, and TD term loan facility as of December 31, 2025.

Income producing property is depreciated on a straight-line basis over the following estimated useful lives:

Buildings	39 years
Capital improvements	5—20 years
Equipment	3—7 years
Tenant improvements	Term of the related lease (or estimated useful life, if shorter)

Real Estate · Accumulated
Investments · Depreciation
	December 31,
	2025	2024	2025	2024
Balance at beginning of the year	$2,195,168	$2,205,642	$450,419	$391,814
Construction costs and improvements	52,087	62,438	—	—
Acquisitions	318,579	—	—	—
Dispositions	(16,661)	(66,618)	—	(9,543)
Impairment	(1,703)	(1,494)	(1,508)	—
Reclassifications	(209)	(4,800)	(208)	—
Depreciation	—	—	72,486	68,148
Balance at end of the year	$2,547,261	$2,195,168	$521,189	$450,419

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.