Armada Hoffler Properties Inc. reported a GAAP net loss of $3.6 million, or $0.04 per diluted share, for the third quarter of 2025. Normalized funds from operations (FFO) were $0.29 per diluted share. Same store net operating income (NOI) increased by 1.0% compared to the same quarter in 2024. The company reported positive commercial releasing spreads of 6.0% on a GAAP basis and 6.6% on a cash basis, with approximately 270,000 net rentable square feet of new and renewed commercial lease space. As of September 30, 2025, retail, office, and multifamily stabilized property portfolios were 96.0%, 96.5%, and 94.2% occupied, respectively. The third-party construction contract backlog stood at $83.9 million, and interest income from real estate financing investments was $3.9 million for the quarter. The company maintained its 2025 full-year normalized FFO guidance range of $1.03 to $1.07 per diluted share. Total debt outstanding as of September 30, 2025, was $1.5 billion.