Armada Hoffler (rebranding as AH Realty Trust) is a self-managed REIT that owns and operates retail and office properties, primarily in the Mid-Atlantic and Southeastern U.S. The company is in the midst of a significant restructuring — exiting its multifamily, construction, and real estate financing businesses to become a pure-play retail and office REIT. Retail is the larger segment, focused on grocery-anchored shopping centers and mixed-use retail assets with key tenants including Kroger, Whole Foods, Dick's Sporting Goods, TJX, and PetSmart. Office is the second core business, consisting of Class A space embedded within mixed-use town centers, primarily at Town Center of Virginia Beach and Harbor Point in Baltimore, with key tenants including Constellation Energy, Morgan Stanley, T. Rowe Price, and Franklin Templeton. Armada Hoffler's core argument is that co-locating retail and office within walkable, amenity-rich communities drives above-market rents across both uses. The company leases space under multi-year contracts with annual rent escalators of 2–3%, and grows NOI through positive re-leasing spreads — roughly 15% in retail and 21% in office in 2025. Post-transformation, management targets a roughly 50/50 retail-office NOI split, with about 94% of NOI from mixed-use properties. Going forward, growth will rely on organic lease-up, roughly $50M of targeted retail acquisitions annually, and selective redevelopment of existing assets rather than ground-up development.