April 22, 2020

Armada Hoffler Provides An Update On Rent Collections For The Month of April

VIRGINIA BEACH, VA, April 22, 2020 — Armada Hoffler Properties, Inc. (NYSE: AHH) today provided an update on rent collections for the month of April.

As of April 20, the Company had collected 77% of total portfolio rents due for the month. Office tenants have paid 99%, multifamily tenants have paid 96%, and retail tenants have paid 56%. Additionally, all third-party construction sites remain active and fully operational in accordance with local guidelines.

“In addition to another anticipated strong month of third-party construction volume, to date we’ve collected over three quarters of April rents across our portfolio,” said Louis Haddad, President and Chief Executive Officer. “Compared to a recent Nareit survey of equity REITs, our collection rates from office, multifamily, and retail tenants have outpaced those of the survey respondents for each property type, a further testament to the strength of our diversified portfolio. Our broad-based platform combined with the experience of executive management and the dedication of our team of professionals provides a high level of stability during this period of uncertainty. We look forward to providing a comprehensive update on the impact of the COVID-19 pandemic on our business in addition to discussing our first quarter financial results during our conference call next week.”

The April rent collection data above is presented by tenant type, which differs from their segment classification for financial reporting purposes.

Recommended Articles

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.