Armada Hoffler Announces Commencement of Public Offering of Preferred Stock

Globe Newswire 10-Jun-2019 4:12 PM

VIRGINIA BEACH, Va., June 10, 2019 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (NYSE:AHH) (the "Company") announced today that it has commenced an underwritten public offering of its newly designated Series A Cumulative Redeemable Perpetual Preferred Stock (the "Series A Preferred Stock"). The Company expects to grant the underwriters a 30-day option to purchase additional shares of Series A Preferred Stock. The Company intends to apply to list the shares of Series A Preferred Stock on the New York Stock Exchange under the symbol "AHHPrA."

The Company intends to use the net proceeds from the offering to fund a portion of the purchase price of the previously announced pending acquisition of Thames Street Wharf, a 263,426 square foot office building located in the Harbor Point neighborhood of Baltimore, Maryland. The balance of the net proceeds, if any, may be used to repay a portion of the outstanding borrowings under the Company's unsecured revolving credit facility and/or for general corporate purposes.

Jefferies and Stifel are acting as joint book-running managers for the offering.

The offering is being made pursuant to a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission on May 5, 2017. A prospectus supplement will be filed by the Company with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Copies of the preliminary prospectus supplement and related prospectus relating to the offering may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, New York 10022, or by email: Prospectus_Department@Jefferies.com, or by telephone: (877) 547-6340; and from Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, or by telephone at 415-364-2720 or by email at syndprospectus@stifel.com.

Forward-Looking Statements

Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties, and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statements. These statements relate to the Company's offering of preferred stock, the anticipated use of the net proceeds therefrom and the pending acquisition of Thames Street Wharf. No assurance can be given that the offering will be completed on the terms described, or at all, or that the net proceeds from the offering will be used as indicated. Completion of the offering on the terms described, and the application of net proceeds, are subject to numerous conditions, many of which are beyond the control of the Company, including market conditions, general economic conditions and other factors, including those set forth under the heading "Risk Factors" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018, and the other documents filed by the Company with the Securities and Exchange Commission from time to time.

About Armada Hoffler Properties, Inc.

Armada Hoffler Properties, Inc. (NYSE:AHH) is a vertically-integrated, self-managed real estate investment trust ("REIT") with four decades of experience developing, building, acquiring, and managing high-quality, institutional-grade office, retail, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. In addition to developing and building properties for its own account, the Company also provides development and general contracting construction services to third-party clients. Founded in 1979 by Daniel A. Hoffler, the Company has elected to be taxed as a REIT for U.S. federal income tax purposes.

Contact:

Michael P. O'Hara
Armada Hoffler Properties, Inc.
Chief Financial Officer, Treasurer, and Secretary
Email: MOHara@ArmadaHoffler.com
Phone: (757) 366-6684