Armada Hoffler Properties Announces Pricing of Public Offering of Common Stock
07 Januar 2022 - 01:36PM
Armada Hoffler Properties, Inc. (NYSE: AHH) today announced that it
has priced an underwritten public offering of 3,500,000 shares of
its common stock for total gross proceeds (before underwriter’s
discounts and commissions and offering expenses) of approximately
$51.6 million.
The offering is expected to close on January 11,
2022, subject to customary closing conditions. The Company has
granted the underwriter a 30-day option to purchase up to an
additional 525,000 shares.
The Company intends to use the net proceeds from
the offering, together with approximately $28.6 million of net
proceeds from recent sales under its at-the-market continuous
equity offering program and borrowings under its credit facility,
to pay the cash portion of the purchase price for the previously
announced acquisition of a 79% interest and an additional 11%
economic interest in the property known as the Exelon Building, a
mixed-use property located in Baltimore’s Harbor Point, which is
comprised of a 23-story, 444,000 square foot Class A office
building that serves as the regional headquarters for Exelon
Corporation, as well as a multifamily component comprised of 103
units, 750 parking spaces and 38,500 square feet of retail space.
The Company intends to use any remaining net proceeds (i) to repay
outstanding indebtedness, including amounts outstanding under the
Company’s unsecured revolving credit facility, and/or (ii) for
general corporate purposes and working capital, including
development, redevelopment, construction and other commitments. The
acquisition of the Exelon Building is expected to be accretive to
funds from operations per share immediately upon closing, which is
expected to take place in the first quarter of 2022. This offering
is not conditioned on the successful completion of the acquisition
of the Exelon Building.
BofA Securities is serving as the sole
book-running manager for the offering.
Copies of the final prospectus supplement and
accompanying prospectus related to these securities may be
obtained, when available, from: BofA Securities, Inc.,
NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC
28255-0001, Attn: Prospectus Department, or by e-mailing
dg.prospectus_requests@bofa.com.
The offering is being made pursuant to a shelf
registration statement on Form S-3, which became automatically
effective upon filing with the Securities and Exchange Commission
on March 9, 2020, A preliminary prospectus supplement relating to
the offering was filed with the Securities and Exchange Commission.
Prospective investors should read the prospectus forming a part of
that registration statement and the prospectus supplement related
to the offering and the other documents that the Company has filed
with the SEC for more complete information about the Company and
this offering. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy any of these
securities, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or other jurisdiction.
About Armada Hoffler Properties,
Inc.Armada Hoffler Properties, Inc. is a full service real
estate company with extensive experience developing, building,
owning and managing high-quality, institutional-grade office,
retail and multifamily properties in attractive markets primarily
throughout the Mid-Atlantic and Southeastern United States. The
Company has elected to be taxed as a real estate investment trust
(REIT) for U.S. federal income tax purposes.
Forward-Looking
StatementsCertain matters within this press release are
discussed using forward-looking language as specified in the
Private Securities Litigation Reform Act of 1995, and, as such, may
involve known and unknown risks, uncertainties and other factors
that may cause the actual results or performance to differ from
those projected in the forward-looking statement. For example, the
fact that the offering has priced may imply that the offering will
close, but the closing is subject to conditions customary in
transactions of this type and may be delayed or may not occur at
all. In addition, the fact that the underwriter has an option to
purchase additional shares may imply that this option will be
exercised. However, the underwriter is not under any obligation to
exercise this option, or any portion of it, and may not do so. No
assurance can be given that the Company will consummate the
acquisition of the Exelon Building on the timeline or terms
anticipated or at all. Investors should not place undue reliance
upon forward-looking statements. Completion of the offering on the
terms described and the application of net proceeds are subject to
numerous conditions, many of which are beyond the control of the
Company, including, market conditions, general economic conditions
and other factors, including those set forth under the heading
“Risk Factors” in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2020, and those set forth in other
documents filed by the Company from time to time with the
Securities and Exchange Commission.
Contact:Michael P. O’HaraArmada Hoffler
Properties, Inc.Chief Financial Officer, Treasurer and Corporate
SecretaryEmail: MOHara@ArmadaHoffler.comPhone: (757) 366-6684
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