September 24, 2020

Armada Hoffler Properties Provides September Rent Collection Update

September rent collections currently at 94%

VIRGINIA BEACH, VA, September 24, 2020 — Armada Hoffler Properties, Inc. (NYSE: AHH) today provided an update on rent collections for September. As of September 22nd, the Company collected 94% of total portfolio rents due for the month; office tenants paid 100%, multifamily tenants paid 95%, and retail tenants paid 90%.

“We are pleased to report continued and sustained improvement in our portfolio rent collections,” said Louis Haddad, President & CEO. “Collections for the month of September are ahead of our prior month’s pace across the portfolio and we anticipate finishing the quarter with over 96% of portfolio rents collected. These results coupled with added liquidity provide us further confidence as we turn our attention to growing our asset base through acquisitions and ground-up development.”

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) July 2020 August 2020 September 22, 2020
Office 100% 100% 100%
Multifamily 99% 97% 95%
Retail 92% 92% 90%
Portfolio 96% 96% 94%
(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.