vs
Side-by-side financial comparison of Armada Hoffler Properties, Inc. (AHH) and Alexandria Real Estate Equities (ARE). Click either name above to swap in a different company.
Alexandria Real Estate Equities is the larger business by last-quarter revenue ($754.4M vs $75.6M, roughly 10.0× Armada Hoffler Properties, Inc.). Armada Hoffler Properties, Inc. runs the higher net margin — 3.1% vs -143.3%, a 146.4% gap on every dollar of revenue. On growth, Armada Hoffler Properties, Inc. posted the faster year-over-year revenue change (0.8% vs -4.4%). Over the past eight quarters, Alexandria Real Estate Equities's revenue compounded faster (-1.0% CAGR vs -22.8%).
Armada Hoffler Properties, Inc. is a publicly traded U.S. real estate investment trust operating across the Mid-Atlantic and Southeast regions. It develops, owns, and manages a diversified portfolio of office, retail, and multifamily residential properties, and also offers construction and development services for third-party clients.
Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® urban office real estate investment trust (REIT), is the first, longest-tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, technology, and agtech campuses in AAA innovation cluster locations, with a total market capitalization of $31.9 billion as of December 31, 2020, and an asset base in North America of 49.7 million square feet (SF). The asset base in North America includes 31.9...
AHH vs ARE — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $75.6M | $754.4M |
| Net Profit | $2.4M | $-1.1B |
| Gross Margin | — | — |
| Operating Margin | 31.0% | — |
| Net Margin | 3.1% | -143.3% |
| Revenue YoY | 0.8% | -4.4% |
| Net Profit YoY | -89.8% | -1636.5% |
| EPS (diluted) | $0.00 | $-6.35 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.6M | $754.4M | ||
| Q3 25 | $23.2M | $751.9M | ||
| Q2 25 | $32.0M | $762.0M | ||
| Q1 25 | $46.6M | $758.2M | ||
| Q4 24 | $75.0M | $788.9M | ||
| Q3 24 | $114.4M | $791.6M | ||
| Q2 24 | $116.8M | $766.7M | ||
| Q1 24 | $127.0M | $769.1M |
| Q4 25 | $2.4M | $-1.1B | ||
| Q3 25 | $80.0K | $-232.8M | ||
| Q2 25 | $5.9M | $-107.0M | ||
| Q1 25 | $-2.8M | $-8.9M | ||
| Q4 24 | $23.4M | $-62.2M | ||
| Q3 24 | $-5.0M | $167.9M | ||
| Q2 24 | $3.2M | $46.7M | ||
| Q1 24 | $14.1M | $170.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 45.0% | — | ||
| Q2 24 | 41.8% | — | ||
| Q1 24 | 37.9% | — |
| Q4 25 | 31.0% | — | ||
| Q3 25 | 91.5% | — | ||
| Q2 25 | 63.9% | — | ||
| Q1 25 | 33.8% | — | ||
| Q4 24 | 50.1% | — | ||
| Q3 24 | 19.0% | — | ||
| Q2 24 | 11.9% | — | ||
| Q1 24 | 15.1% | — |
| Q4 25 | 3.1% | -143.3% | ||
| Q3 25 | 0.3% | -31.0% | ||
| Q2 25 | 18.6% | -14.0% | ||
| Q1 25 | -6.0% | -1.2% | ||
| Q4 24 | 31.2% | -7.9% | ||
| Q3 24 | -4.4% | 21.2% | ||
| Q2 24 | 2.7% | 6.1% | ||
| Q1 24 | 11.1% | 22.2% |
| Q4 25 | $0.00 | $-6.35 | ||
| Q3 25 | $-0.04 | $-1.38 | ||
| Q2 25 | $0.04 | $-0.64 | ||
| Q1 25 | $-0.07 | $-0.07 | ||
| Q4 24 | $0.28 | $-0.38 | ||
| Q3 24 | $-0.11 | $0.96 | ||
| Q2 24 | $0.00 | $0.25 | ||
| Q1 24 | $0.17 | $0.97 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.1M | $549.1M |
| Total DebtLower is stronger | $1.5B | $12.4B |
| Stockholders' EquityBook value | $627.8M | $15.5B |
| Total Assets | $2.6B | $34.1B |
| Debt / EquityLower = less leverage | 2.43× | 0.80× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.1M | $549.1M | ||
| Q3 25 | $46.5M | $579.5M | ||
| Q2 25 | $52.1M | $520.5M | ||
| Q1 25 | $45.7M | $476.4M | ||
| Q4 24 | $31.9M | $552.1M | ||
| Q3 24 | $43.9M | $562.6M | ||
| Q2 24 | $20.3M | $561.0M | ||
| Q1 24 | $41.9M | $722.2M |
| Q4 25 | $1.5B | $12.4B | ||
| Q3 25 | $1.5B | $13.6B | ||
| Q2 25 | $1.4B | $13.3B | ||
| Q1 25 | $1.3B | $13.1B | ||
| Q4 24 | $1.3B | $12.2B | ||
| Q3 24 | $1.3B | $12.7B | ||
| Q2 24 | $1.4B | $12.4B | ||
| Q1 24 | $1.4B | $12.2B |
| Q4 25 | $627.8M | $15.5B | ||
| Q3 25 | $638.8M | $16.6B | ||
| Q2 25 | $652.0M | $17.2B | ||
| Q1 25 | $657.4M | $17.5B | ||
| Q4 24 | $670.6M | $17.9B | ||
| Q3 24 | $663.9M | $18.2B | ||
| Q2 24 | $562.7M | $18.3B | ||
| Q1 24 | $571.4M | $18.4B |
| Q4 25 | $2.6B | $34.1B | ||
| Q3 25 | $2.6B | $37.4B | ||
| Q2 25 | $2.6B | $37.6B | ||
| Q1 25 | $2.5B | $37.6B | ||
| Q4 24 | $2.5B | $37.5B | ||
| Q3 24 | $2.6B | $38.5B | ||
| Q2 24 | $2.6B | $37.8B | ||
| Q1 24 | $2.6B | $37.7B |
| Q4 25 | 2.43× | 0.80× | ||
| Q3 25 | 2.33× | 0.82× | ||
| Q2 25 | 2.22× | 0.77× | ||
| Q1 25 | 2.01× | 0.75× | ||
| Q4 24 | 1.93× | 0.68× | ||
| Q3 24 | 2.00× | 0.70× | ||
| Q2 24 | 2.52× | 0.68× | ||
| Q1 24 | 2.50× | 0.66× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $312.4M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $312.4M | ||
| Q3 25 | $26.3M | $433.5M | ||
| Q2 25 | $11.1M | $460.2M | ||
| Q1 25 | $107.0K | $207.9M | ||
| Q4 24 | $20.8M | $274.2M | ||
| Q3 24 | $27.3M | $477.4M | ||
| Q2 24 | $17.4M | $411.8M | ||
| Q1 24 | $46.5M | $341.2M |
| Q4 25 | — | — | ||
| Q3 25 | 328.63× | — | ||
| Q2 25 | 1.87× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.89× | — | ||
| Q3 24 | — | 2.84× | ||
| Q2 24 | 5.48× | 8.82× | ||
| Q1 24 | 3.30× | 2.00× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
ARE
| Reportable Segment Aggregation Before Other Operating Segment | $707.2M | 94% |
| Other | $21.7M | 3% |
