March 16, 2020

Armada Hoffler Properties Agrees To Sell Seven Retail Assets For $106.5 Million

As part of Armada Hoffler Properties’ (AHH: NYSE) previously announced asset recycling program, Armada Hoffler Properties announced today that it has entered into a definitive agreement with an institutional buyer to sell a portfolio of seven retail assets comprising over 630,000 square feet for $106.5 million. Management intends to use approximately $45 million of the proceeds from the sale to pay down debt and the remaining proceeds to consummate previously identified asset acquisitions.

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At Armada Hoffler, our goal remains the safety and well-being of our employees, their families and all of our stakeholder groups.  In response to the ongoing COVID-19 pandemic, our offices have pivoted to a phased-in approach consisting of remote work and in office work. We are working every day to remain consistent with guidelines and protocol issued by the state authorities. Implementation of contingency plans for unseen circumstances such as this, allow our employees to conduct business as usual, regardless of office location. We are committed to providing the same support to our partners and tenants as well as continued communication for our investors. We have always been dedicated to the communities around us and devoted to do our part to keep them safe. We will continue to monitor the situation as it progresses and provide updates as needed.