July 21, 2020

ARMADA HOFFLER PROPERTIES PROVIDES MONTHLY RENT COLLECTION UPDATE JULY RENT COLLECTIONS OUTPACE PRIOR THREE MONTHS

VIRGINIA BEACH, VA, July 21, 2020 — Armada Hoffler Properties, Inc. (NYSE: AHH) today provided an update on rent collections for July. As of July 17, the Company had collected 91% of July’s monthly portfolio rents, exceeding the prior month’s collection rate of 87% as of June 19.

 

“Our rent collections continue to trend upward through the first half of July and we anticipate finishing the month with over 95% of our portfolio rents collected,” said Louis Haddad, President and Chief Executive Officer. “Substantially all of our office tenants remain current, and we expect to collect nearly all July multifamily rents consistent with the previous three months. Furthermore, our retail rent collection rates continue to improve now that essentially all of our tenants are open and operating. The strength and resiliency of our retail portfolio are demonstrated by July rent collections of over 80% and deferment agreements now largely in place. We look forward to our August 4th earnings call and intend to provide additional clarity on the remainder of the year at that time.”

 

Monthly rent collections by tenant type and in the aggregate across the Company’s portfolio are presented in the below table:

 

Rent Collected as a % of Monthly Billings
Full Month As of
Tenant Type(1) April 2020 May 2020 June 2020 July 17, 2020
Office 100% 100% 100% 100%
Multifamily 99% 99% 99% 95%
Retail 67% 69% 78% 82%
Portfolio 85% 86% 90% 91%
(1) May differ from financial reporting segment groupings for tenants in mixed-use properties.

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UPDATE AS OF June 1, 2020: 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.