May 19, 2020
Armada Hoffler Properties Provides Update on Monthly Rent Collections
May Rent Collections Ahead of April’s Pace
VIRGINIA BEACH, Va., May 19, 2020 (GLOBE NEWSWIRE) — Armada Hoffler Properties, Inc. (NYSE: AHH) today provided an update on April and May rent collections.
As of May 15, the Company had collected 78% of total portfolio rents due for the month of May, which is ahead of the Company’s April collection rate at the same point last month. To date, the Company has collected 82% of April monthly rents across its operating property portfolio.
April and May rent collections by tenant type and in the aggregate across the Company’s entire portfolio are presented in the table below:
| Rent Collected as a % of Monthly Billings(1) | ||
| Tenant Type(2) | April 2020 | May 2020 |
| Office | 100% | 99% |
| Multifamily | 97% | 95% |
| Retail | 64% | 59% |
| Portfolio | 82% | 78% |
| (1) As of May 15, 2020. (2) May differ from financial reporting segment groupings for tenants in mixed-use properties. |
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“The strength and resiliency of our diversified portfolio are evident in our rent collections for April and May,” said Louis Haddad, President and Chief Executive Officer. “Collections for May are ahead of where we were at this time last month and with the Mid-Atlantic and Southeastern U.S. states beginning to reopen, we are cautiously optimistic that we’ll not only maintain this positive momentum through the end of the month, but also carry it into June. We look forward to what we hope is the beginning of a broader economic recovery.”
