Baird served as the lead book-running manager on this offering.
AboutArmada Hoffler Properties, Inc. (“Armada” or the “Company”) (NYSE: AHH) recently completed a follow-on offering of 5,750,000 shares of common stock at a price of $9.05 per share, generating gross proceeds of approximately $52.0 million. The Company intends to use the net proceeds from the offering to repay a portion of the indebtedness borrowed under its revolving credit facility, which was incurred to fund its development activities.
Armada, founded in 1979, 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 throughout the Mid-Atlantic United States. As of June 30, 2014, the Company’s operating property portfolio was comprised of seven office properties and fifteen retail properties aggregating over 2.0 million sqft, as well as two multifamily properties with 626 apartment units. Additionally, the Company had five office properties and three retail properties aggregating over 600,000 sqft, as well as 686 apartment units under development. Armada is headquartered in Virginia Beach, Virginia.
For additional information about this transaction, please contact:
- September 2014
- Armada Hoffler Properties, Inc.
- Real Estate
- Target Location
- North America