Armada Hoffler Properties Announces Commencement of Public Offering of Common Stock
06 Janvier 2022 - 10:02PM
Armada Hoffler Properties, Inc. (NYSE: AHH) today announced that it
has commenced an underwritten public offering of 3,500,000 shares
of its common stock. The Company also has granted the underwriter a
30-day option to purchase up to an additional 525,000 shares of its
common stock.
The Company intends to use the net proceeds from
the offering, together with approximately $28.6 million of net
proceeds from recent sales under its at-the-market continuous
equity offering program and borrowings under its credit facility,
to pay the cash portion of the purchase price for the previously
announced acquisition of a 79% interest and an additional 11%
economic interest in the property known as the Exelon Building, a
mixed-use property located in Baltimore’s Harbor Point, which is
comprised of a 23-story, 444,000 square foot Class A office
building that serves as the regional headquarters for Exelon
Corporation, as well as a multifamily component comprised of 103
units, 750 parking spaces and 38,500 square feet of retail space.
The Company intends to use any remaining net proceeds (i) to repay
outstanding indebtedness, including amounts outstanding under the
Company’s unsecured revolving credit facility, and/or (ii) for
general corporate purposes and working capital, including
development, redevelopment, construction and other commitments. The
acquisition of the Exelon Building is expected to be accretive to
funds from operations per share immediately upon closing, which is
expected to take place in the first quarter of 2022. This offering
is not conditioned on the successful completion of the acquisition
of the Exelon Building.
BofA Securities is serving as the sole
book-running manager for the offering.
Copies of the preliminary prospectus supplement
and accompanying prospectus related to these securities may be
obtained from: BofA Securities, Inc., NC1-004-03-43, 200 North
College Street, 3rd Floor, Charlotte, NC 28255-0001, Attn:
Prospectus Department, or by e-mailing
dg.prospectus_requests@bofa.com.
The offering is being made pursuant to a shelf
registration statement on Form S-3, which became automatically
effective upon filing with the Securities and Exchange Commission
on March 9, 2020. A prospectus supplement relating to the offering
will be filed with the Securities and Exchange Commission.
Prospective investors should read the prospectus forming a part of
that registration statement and the prospectus supplement related
to the offering and the other documents that the Company has filed
with the SEC for more complete information about the Company and
this offering. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy any of these
securities, nor shall there be any sale of these securities in any
state or other 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 other jurisdiction.
About Armada Hoffler Properties,
Inc.Armada Hoffler Properties, Inc. is a full service real
estate company with extensive experience developing, building,
owning and managing high-quality, institutional-grade office,
retail and multifamily properties in attractive markets primarily
throughout the Mid-Atlantic and Southeastern United States. The
Company has elected to be taxed as a real estate investment trust
(REIT) for U.S. federal income tax purposes.
Forward-Looking
StatementsCertain 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 statement. These statements
relate to the Company’s offering of common stock and the
anticipated use of the net proceeds, including the proposed
acquisition of the Exelon Building. No assurance can be given that
the offering will be completed on the terms described, or at all,
that the net proceeds from the offering will be used as indicated
or that the Company will consummate the acquisition of the Exelon
Building on the timeline or terms anticipated or at all. 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” in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2020, and those
set forth in other documents filed by the Company from time to time
with the Securities and Exchange Commission.
Contact:Michael P. O’HaraArmada Hoffler
Properties, Inc.Chief Financial Officer, Treasurer and Corporate
SecretaryEmail: MOHara@ArmadaHoffler.comPhone: (757) 366-6684
Armada Hoffler Properties (NYSE:AHH)
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