Armada Hoffler Properties Reaffirms Commitment to Best-in-Class Governance
February 24 2020 - 6:00AM
Armada Hoffler Properties, Inc. (NYSE: AHH) today announced that
its Board of Directors has reaffirmed the Company’s commitment to
leadership in corporate governance practices by waiving the option
to classify its Board under provisions of the Maryland Unsolicited
Takeover Act, or MUTA, unless approved by a majority of common
shares outstanding.
MUTA contains statutory provisions that allow a
board, without stockholder approval, to elect to classify into
three classes with staggered three-year terms. By adopting this
resolution, the Board of Directors has waived this option. On
February 20, 2020, the Company filed Articles Supplementary to its
charter with the Maryland State Department of Assessments and
Taxation making this change effective.
Louis Haddad, President & CEO noted, “The Board
of Director’s decision to opt of out of MUTA is the result of the
Board’s regular review of our corporate governance policies and
procedures. The Board believes this change to our corporate
governance is consistent with our objective of maintaining
best-in-class governance and delivering value to our
shareholders.”
About Armada Hoffler Properties,
Inc.
Armada Hoffler Properties, Inc. (NYSE: AHH) is a
vertically-integrated, self-managed real estate investment trust
(“REIT”) with four decades of experience developing, building,
acquiring, and managing high-quality, institutional-grade office,
retail, and multifamily properties located primarily in the
Mid-Atlantic and Southeastern United States. In addition to
developing and building properties for its own account, the Company
also provides development and general contracting construction
services to third-party clients. Founded in 1979 by Daniel A.
Hoffler, the Company has elected to be taxed as a REIT for U.S.
federal income tax purposes. For more information, visit
ArmadaHoffler.com.
Contact: Michael P. O’Hara Armada Hoffler
Properties, Inc. Chief Financial Officer, Treasurer, and Secretary
Email: MOHara@ArmadaHoffler.com Phone: (757) 366-6684
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