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Side-by-side financial comparison of Armada Hoffler Properties, Inc. (AHH) and Terreno Realty Corp (TRNO). Click either name above to swap in a different company.
Terreno Realty Corp is the larger business by last-quarter revenue ($137.5M vs $75.6M, roughly 1.8× Armada Hoffler Properties, Inc.). Terreno Realty Corp runs the higher net margin — 115.1% vs 3.1%, a 111.9% gap on every dollar of revenue. On growth, Terreno Realty Corp posted the faster year-over-year revenue change (32.6% vs 0.8%). Over the past eight quarters, Terreno Realty Corp's revenue compounded faster (27.2% 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.
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
AHH vs TRNO — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $75.6M | $137.5M |
| Net Profit | $2.4M | $158.2M |
| Gross Margin | — | — |
| Operating Margin | 31.0% | — |
| Net Margin | 3.1% | 115.1% |
| Revenue YoY | 0.8% | 32.6% |
| Net Profit YoY | -89.8% | 107.9% |
| EPS (diluted) | $0.00 | $1.54 |
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 | $137.5M | ||
| Q3 25 | $23.2M | $116.2M | ||
| Q2 25 | $32.0M | $112.2M | ||
| Q1 25 | $46.6M | $110.4M | ||
| Q4 24 | $75.0M | $103.7M | ||
| Q3 24 | $114.4M | $99.6M | ||
| Q2 24 | $116.8M | $94.2M | ||
| Q1 24 | $127.0M | $85.0M |
| Q4 25 | $2.4M | $158.2M | ||
| Q3 25 | $80.0K | $103.4M | ||
| Q2 25 | $5.9M | $93.3M | ||
| Q1 25 | $-2.8M | $48.1M | ||
| Q4 24 | $23.4M | $76.1M | ||
| Q3 24 | $-5.0M | $36.6M | ||
| Q2 24 | $3.2M | $35.7M | ||
| Q1 24 | $14.1M | $36.1M |
| 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% | 115.1% | ||
| Q3 25 | 0.3% | 88.9% | ||
| Q2 25 | 18.6% | 83.1% | ||
| Q1 25 | -6.0% | 43.6% | ||
| Q4 24 | 31.2% | 73.4% | ||
| Q3 24 | -4.4% | 36.8% | ||
| Q2 24 | 2.7% | 37.9% | ||
| Q1 24 | 11.1% | 42.4% |
| Q4 25 | $0.00 | $1.54 | ||
| Q3 25 | $-0.04 | $1.00 | ||
| Q2 25 | $0.04 | $0.90 | ||
| Q1 25 | $-0.07 | $0.47 | ||
| Q4 24 | $0.28 | $0.78 | ||
| Q3 24 | $-0.11 | $0.37 | ||
| Q2 24 | $0.00 | $0.37 | ||
| Q1 24 | $0.17 | $0.40 |
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 | $25.0M |
| Total DebtLower is stronger | $1.5B | $943.3M |
| Stockholders' EquityBook value | $627.8M | $4.1B |
| Total Assets | $2.6B | $5.4B |
| Debt / EquityLower = less leverage | 2.43× | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.1M | $25.0M | ||
| Q3 25 | $46.5M | $26.2M | ||
| Q2 25 | $52.1M | $128.4M | ||
| Q1 25 | $45.7M | $156.5M | ||
| Q4 24 | $31.9M | $18.1M | ||
| Q3 24 | $43.9M | $243.7M | ||
| Q2 24 | $20.3M | $182.0M | ||
| Q1 24 | $41.9M | $649.6M |
| Q4 25 | $1.5B | $943.3M | ||
| Q3 25 | $1.5B | $1.0B | ||
| Q2 25 | $1.4B | $742.4M | ||
| Q1 25 | $1.3B | $741.9M | ||
| Q4 24 | $1.3B | $823.4M | ||
| Q3 24 | $1.3B | $672.2M | ||
| Q2 24 | $1.4B | $772.0M | ||
| Q1 24 | $1.4B | $771.8M |
| Q4 25 | $627.8M | $4.1B | ||
| Q3 25 | $638.8M | $4.0B | ||
| Q2 25 | $652.0M | $3.9B | ||
| Q1 25 | $657.4M | $3.9B | ||
| Q4 24 | $670.6M | $3.7B | ||
| Q3 24 | $663.9M | $3.6B | ||
| Q2 24 | $562.7M | $3.4B | ||
| Q1 24 | $571.4M | $3.4B |
| Q4 25 | $2.6B | $5.4B | ||
| Q3 25 | $2.6B | $5.3B | ||
| Q2 25 | $2.6B | $5.0B | ||
| Q1 25 | $2.5B | $4.9B | ||
| Q4 24 | $2.5B | $4.8B | ||
| Q3 24 | $2.6B | $4.6B | ||
| Q2 24 | $2.6B | $4.5B | ||
| Q1 24 | $2.6B | $4.4B |
| Q4 25 | 2.43× | 0.23× | ||
| Q3 25 | 2.33× | 0.26× | ||
| Q2 25 | 2.22× | 0.19× | ||
| Q1 25 | 2.01× | 0.19× | ||
| Q4 24 | 1.93× | 0.22× | ||
| Q3 24 | 2.00× | 0.19× | ||
| Q2 24 | 2.52× | 0.22× | ||
| Q1 24 | 2.50× | 0.22× |
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 | — | $70.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 0.44× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $70.3M | ||
| Q3 25 | $26.3M | $79.5M | ||
| Q2 25 | $11.1M | $60.6M | ||
| Q1 25 | $107.0K | $61.4M | ||
| Q4 24 | $20.8M | $51.3M | ||
| Q3 24 | $27.3M | $70.0M | ||
| Q2 24 | $17.4M | $64.3M | ||
| Q1 24 | $46.5M | $47.0M |
| Q4 25 | — | 0.44× | ||
| Q3 25 | 328.63× | 0.77× | ||
| Q2 25 | 1.87× | 0.65× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | 0.89× | 0.67× | ||
| Q3 24 | — | 1.91× | ||
| Q2 24 | 5.48× | 1.80× | ||
| Q1 24 | 3.30× | 1.30× |
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% |
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
