Armada Hoffler Properties (AHH) Prices Upsized 9M Share Offering

Armada Hoffler (NYSE: AHH) today announced that it has priced an underwritten public offering of 9,000,000 shares of its common stock for total gross proceeds (before underwriters’ discounts and commissions and offering expenses) of approximately $94.5 million.

The offering is expected to close on September 27, 2024, subject to customary closing conditions. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,350,000 shares at the public offering price, less the underwriting commissions.

The Company intends to use the net proceeds from the offering to repay (A) the loan secured by Chronicle Mill, (B) the loan secured by Premier, (C) the loan secured by Market at Mill Creek and (D) amounts outstanding under the Company’s revolving credit facility, with any remaining net proceeds being used for general corporate purposes and working capital.

Jefferies, BofA Securities and Barclays are serving as the joint book-running managers for the offering. Scotiabank and Stifel are serving as additional book-running managers for this offering. Janney Montgomery Scott and Regions Securities LLC are serving as co-managers for the offering.

Copies of the final prospectus supplement and accompanying prospectus related to these securities may be obtained, when available, from: (i) Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at [email protected], (ii) BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, Email: [email protected] and (iii) Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: (888) 603-5847.

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 February 28, 2023. A preliminary prospectus supplement relating to the offering was filed with the Securities and Exchange Commission, and a final prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission. Prospective investors should read the prospectus forming a part of that registration statement, the preliminary prospectus supplement related to the offering, the final prospectus supplement related to the offering, when available, and the other documents that the Company has filed with the Securities and Exchange Commission for more complete information about the Company and the 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.

You May Also Be Interested In

• DBV Technologies refreshes ATM program with $150M ADS offering
• Boxabl completes SPAC merger, begins trading on Nasdaq at $3.5B value
• Chevron signed an agreement with Iraq's Basra Oil Company to advance commercial negotiations for West Qurna 2