VIRGINIA BEACH, Va., Sept. 25, 2024 (GLOBE NEWSWIRE) — Armada Hoffler (NYSE: AHH) at present introduced that it has priced an underwritten public providing of 9,000,000 shares of its frequent inventory for whole gross proceeds (earlier than underwriters’ reductions and commissions and providing bills) of roughly $94.5 million.
The providing is anticipated to shut on September 27, 2024, topic to customary closing situations. The Firm has granted the underwriters a 30-day choice to buy as much as an extra 1,350,000 shares on the public providing value, much less the underwriting commissions.
The Firm intends to make use of the web proceeds from the providing to repay (A) the mortgage secured by Chronicle Mill, (B) the mortgage secured by Premier, (C) the mortgage secured by Market at Mill Creek and (D) quantities excellent beneath the Firm’s revolving credit score facility, with any remaining web proceeds getting used for basic company functions and dealing capital.
Jefferies, BofA Securities and Barclays are serving because the joint book-running managers for the providing. Scotiabank and Stifel are serving as further book-running managers for this providing. Janney Montgomery Scott and Areas Securities LLC are serving as co-managers for the providing.
Copies of the ultimate prospectus complement and accompanying prospectus associated to those securities could also be obtained, when obtainable, from: (i) Jefferies LLC, Consideration: Fairness Syndicate Prospectus Division, 520 Madison Avenue, New York, NY 10022, by phone at (877) 821-7388, or by e mail at Prospectus_Department@Jefferies.com, (ii) BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Avenue, Charlotte, NC 28255-0001, Attn: Prospectus Division, E-mail: dg.prospectus_requests@bofa.com and (iii) Barclays Capital Inc., c/o Broadridge Monetary Options (NYSE:), 1155 Lengthy Island Avenue, Edgewood, New York 11717, phone: (888) 603-5847.
The providing is being made pursuant to a shelf registration assertion on Type S-3, which turned robotically efficient upon submitting with the Securities and Change Fee on February 28, 2023. A preliminary prospectus complement regarding the providing was filed with the Securities and Change Fee, and a ultimate prospectus complement regarding the providing might be filed with the Securities and Change Fee. Potential traders ought to learn the prospectus forming part of that registration assertion, the preliminary prospectus complement associated to the providing, the ultimate prospectus complement associated to the providing, when obtainable, and the opposite paperwork that the Firm has filed with the Securities and Change Fee for extra full details about the Firm and the providing. This press launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase any of those securities, nor shall there be any sale of those securities in any state or different jurisdiction wherein such provide, solicitation or sale could be illegal previous to registration or qualification beneath the securities legal guidelines of any such state or different jurisdiction.
About Armada Hoffler
Armada Hoffler (NYSE: AHH) is a vertically built-in, self-managed actual property funding belief (REIT) with over 4 many years of expertise growing, constructing, buying, and managing high-quality multifamily, workplace, and retail properties situated primarily within the Mid-Atlantic and Southeastern United States. The Firm additionally gives basic building and improvement providers to third-party purchasers, along with growing and constructing properties to be positioned of their stabilized portfolio. Based in 1979 by Daniel A. Hoffler, Armada Hoffler has elected to be taxed as a REIT for U.S. federal earnings tax functions.
Ahead-Trying Statements
Sure issues inside this press launch are mentioned utilizing forward-looking language as specified within the Personal Securities Litigation Reform Act of 1995, and, as such, could contain recognized and unknown dangers, uncertainties and different components which will trigger the precise outcomes or efficiency to vary from these projected within the forward-looking assertion. For instance, the truth that the providing has priced could suggest that the providing will shut, however the closing is topic to situations customary in transactions of this sort and could also be delayed or could not happen in any respect. As well as, the truth that the underwriters have an choice to buy further shares could suggest that this selection might be exercised. Nevertheless, the underwriters will not be beneath any obligation to train this selection, or any portion of it, and will not achieve this. Buyers mustn’t place undue reliance upon forward-looking statements. Completion of the providing on the phrases described and the appliance of web proceeds are topic to quite a few situations, a lot of that are past the management of the Firm, together with, market situations, basic financial situations and different components, together with these set forth beneath the heading Danger Elements within the Firm’s Annual Report on Type 10-Ok for the 12 months ended December 31, 2023, and people set forth in different paperwork filed by the Firm every so often with the Securities and Change Fee.
Contact:Chelsea D. ForrestArmada HofflerVice President of Company Communications and Investor RelationsEmail: CForrest@armadahoffler.comPhone: (757) 612.4248
Supply: Armada Hoffler Properties (NYSE:), Inc.
