February 9, 2023
Armada Hoffler CEO Says Investment Grade Rating “Many Years in the Making”
By Sarah Borchersen-Keto
Lou Haddad, president and CEO of Armada Hoffler Properties, Inc. (NYSE: AHH), said the REIT’s new BBB investment grade rating from DBRS Morningstar has been “many years in the making,” and reflects the company’s healthy assets, stable balance sheet, and dominant market position.
Based in Virginia Beach, Virginia, Armada Hoffler focuses on high-quality office, retail, and multifamily properties located primarily in the mid-Atlantic and Southeast. Armada Hoffler was founded over 40 years ago and went public in 2013.
Haddad said the credit rating will allow the REIT to access the private placement bond market, giving it the ability to sell longer dated paper, typically seven to 10 years. “That adds an awful lot to our stability versus the bank debt that we relied upon in the past,” he said.
Read the full article on NAREIT.