Armada Hoffler Properties Provides August Rent Collection Update
August 25 2020 - 6:00AM
Armada Hoffler Properties, Inc. (NYSE: AHH) today provided an
update on rent collections for August. As of August 21st, the
Company collected 93% of total portfolio rents due for the month;
office tenants paid 100%, multifamily tenants paid 92%, and retail
tenants paid 89%.
“As anticipated, we collected over 95% of July rents, and we
expect to surpass that mark in August,” said Louis Haddad,
President and Chief Executive Officer. “Three weeks into the month,
our retail tenant collections are already nearing 90% and we expect
to finish August with essentially all of our multifamily rents
collected. With our overall rent collection rates approaching
pre-COVID levels and after successfully raising nearly $90 million
in new capital this month, we look forward to closing on our
previously announced acquisitions and resuming development
activities.”
Monthly rent collections by tenant type and in the aggregate
across the Company’s portfolio are presented in the below
table:
|
Rent Collected as a % of Monthly Billings |
|
Full Month |
As of |
Tenant Type(1) |
July 2020 |
August 21, 2020 |
Office |
100% |
100% |
Multifamily |
98% |
92% |
Retail |
90% |
89% |
Portfolio |
95% |
93% |
(1) May differ from financial reporting segment groupings for
tenants in mixed-use properties. |
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.
Forward-Looking
StatementsCertain matters within this press release are
discussed using forward-looking language as specified in the
Private Securities Litigation Reform Act of 1995, and, as
such, may involve known and unknown risks, uncertainties and other
factors that may cause the actual results or performance to
differ from those projected in the forward-looking statements. When
used, the words "anticipate," "believe," "expect," "intend,"
"may," "might," "plan," "estimate," "project," "should," "will,"
"result," and similar expressions, which do not relate solely
to historical matters, are intended to identify forward-looking
statements. Forwarding-looking statements may include, but are
not limited to, comments relating to the Company’s development
pipeline, the timing of future dividend payments, if any, the
Company’s construction and development businesses, including
backlog, timing of deliveries and estimated costs, and the
Company’s expectations and projections, including estimated
rent collections, the estimated construction segment gross profit
range, projected mezzanine loan interest income and expected
financing activities such as issuances under the Company’s
at-the-market equity offering program. The Company’s
actual future results and trends may differ materially from
expectations depending on a variety of factors discussed in the
Company’s filings with the Securities and Exchange
Commission (the “SEC”). These factors include, without limitation:
(a) the impact of the coronavirus (COVID-19) pandemic on
macroeconomic conditions and economic conditions in the markets in
which the Company operates, including, among others: (i)
disruptions in, or a lack of access to, the capital markets or
disruptions in the Company’s ability to borrow amounts subject
to existing construction loan commitments; (ii) adverse impacts to
the Company’s tenants’ and other third parties’ businesses and
financial condition that adversely affect the ability and
willingness of the Company’s tenants and other third parties
to satisfy their rent and other obligations to the Company,
including deferred rent; (iii) the ability and willingness of
the Company’s tenants to renew their leases with the Company
upon expiration of the leases or to re-lease the Company’s
properties on the same or better terms in the event of
nonrenewal or early termination of existing leases; and (iv)
federal, state and local government initiatives to mitigate
the impact of the COVID-19 pandemic, including additional
restrictions on business activities, shelter-in-place orders
and other restrictions, and the timing and amount of economic
stimulus or other initiatives; (b) the Company’s ability to
continue construction on development and construction projects, in
each case on the timeframes and on terms currently
anticipated; (c) the Company’s ability to accurately assess and
predict the impact of the COVID-19 pandemic on the amount and
timing of rent collections, results of operations, financial
condition, acquisition and disposition activities and growth
opportunities; (d) the Company’s ability to maintain
compliance with the covenants under its existing debt agreements or
to obtain modifications to such covenants from the applicable
lenders; and (e) the information under the heading “Risk Factors”
included in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2019 and in other filings the
Company makes from time to time with the SEC, including
the Company’s Current Report on Form 8-K filed with the SEC on
April 2, 2020.
Contact:Michael P. O’HaraArmada Hoffler
Properties, Inc.Chief Financial Officer, Treasurer, and
SecretaryEmail: MOHara@ArmadaHoffler.com Phone: (757) 366-6684
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