Armada Hoffler Properties Collects 96% of October Rents
October 29 2020 - 6:00AM
Armada Hoffler Properties, Inc. (NYSE: AHH) today provided an
update on October rent collections. As of October 27th, the Company
had collected 96% of total portfolio rents due for the month,
including 100% of office rents, 97% of multifamily rents, and 94%
of retail rents.
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 |
Tenant Type(1) |
Three Months Ended September 30, 2020 |
Period October 1 through October 27, 2020 |
Office |
100 |
% |
100% |
Multifamily |
98 |
% |
97% |
Retail |
93 |
% |
94%(2) |
Portfolio |
96 |
% |
96% |
(1) May differ from financial reporting segment groupings for
tenants in mixed-use properties.(2) Excludes rent due from the two
subsequently terminated leases with Regal Cinemas. |
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. 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 Quarterly Reports on Form 10-Q for the quarters
ended March 31, 2020 and June 30, 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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