Armada Hoffler Acquires 5 Shopping Centers for $105M

TL;DR

AHH just bought 5 grocery-anchored centers for $105M to boost cash flow.

AI Summary

On September 25, 2024, Armada Hoffler Properties, Inc. filed an 8-K report detailing the completion of its previously announced acquisition of a portfolio of five grocery-anchored shopping centers for approximately $105 million. The acquisition is expected to enhance the company's portfolio and generate stable cash flows.

Why It Matters

This acquisition expands Armada Hoffler's real estate portfolio with income-generating assets, potentially increasing its revenue and market presence.

Risk Assessment

Risk Level: medium — The acquisition involves a significant financial commitment and integration risks, which could impact the company's financial performance.

Key Numbers

• $105M — Acquisition Cost (Price paid for the portfolio of five grocery-anchored shopping centers.)

Key Players & Entities

• Armada Hoffler Properties, Inc. (company) — Registrant
• September 25, 2024 (date) — Date of earliest event reported
• $105 million (dollar_amount) — Acquisition price

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share AHH New York Stock
• $10.50 — Stock"), at a public offering price of $10.50. Pursuant to the terms of the Underwrit

Filing Documents

• ahh-20240925.htm (8-K) — 34KB
• ex11september2024commonsto.htm (EX-1.1) — 259KB
• ex512024offeringopinion.htm (EX-5.1) — 13KB
• image_1.jpg (GRAPHIC) — 7KB
• 0001569187-24-000132.txt ( ) — 537KB
• ahh-20240925.xsd (EX-101.SCH) — 2KB
• ahh-20240925_def.xml (EX-101.DEF) — 16KB
• ahh-20240925_lab.xml (EX-101.LAB) — 28KB
• ahh-20240925_pre.xml (EX-101.PRE) — 16KB
• ahh-20240925_htm.xml (XML) — 4KB

01 Other Events

Item 8.01 Other Events. On September 25, 2024, Armada Hoffler Properties, Inc. (the "Company") and Armada Hoffler, L.P. entered into an underwriting agreement (the "Underwriting Agreement") with Jefferies LLC, BofA Securities, Inc. and Barclays Capital Inc., as representatives of the underwriters named therein (the "Underwriters"). Pursuant to the terms and conditions of the Underwriting Agreement, the Company agreed to sell 9,000,000 shares of its common stock, $0.01 par value per share ("Common Stock"), at a public offering price of $10.50. Pursuant to the terms of the Underwriting Agreement, the Company granted the Underwriters a 30-day option to purchase up to an additional 1,350,000 shares of Common Stock, which was exercised in full on September 26, 2024. The Common Stock was offered and sold pursuant to a prospectus supplement, dated September 25, 2024, and a base prospectus, dated February 28, 2024, relating to the Company's effective shelf registration statement on Form S-3 (File No. 333-270080). The closing of the offering occurred on September 27, 2024. Louis S. Haddad, the Company's Chief Executive Officer and the Executive Chairman of its Board of Directors (the "Board"), Daniel A. Hoffler, the Chairman Emeritus of the Board, and A. Russell Kirk, F. Blair Wimbush, James C. Cherry, James A. Carroll and George F. Allen, each of whom is a member of the Board, purchased 95,238, 95,238, 95,238, 9,523, 4,761, 2,857 and 952, respectively, shares of Common Stock in the offering at the public offering price. A copy of the Underwriting Agreement is filed herewith as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated herein by reference. The summary set forth above is qualified in its entirety by reference to Exhibit 1.1.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 1.1 Underwriting Agreement, dated September 25, 2024, by and among Armada Hoffler Properties, Inc., Armada Hoffler, L.P. and Jefferies LLC, BofA Securities, Inc. and Barclays Securities Inc., as representatives of the underwriters named therein. 5.1 Opinion of Morrison & Foerster LLP regarding the legality of shares. 23.1 Consent of Morrison & Foerster LLP (included in Exhibit 5.1). 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ARMADA HOFFLER PROPERTIES, INC. Date: September 27, 2024 By: /s/ Matthew Barnes-Smith Matthew Barnes-Smith Chief Financial Officer, Treasurer, and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR