Armada Hoffler Properties Adopts Proxy Access Bylaw Amendment

Rhea-AI Summary

Armada Hoffler Properties (NYSE: AHH) announced an amendment to its bylaws to implement a proxy access provision, enhancing corporate governance practices. This allows eligible long-term stockholders, owning at least 3% of outstanding shares for three years, to nominate their director candidates alongside the Board’s nominees. This provision will be available for the first time at the 2022 annual meeting. CEO Louis Haddad emphasized that this initiative aligns with the company’s goal to uphold exemplary governance and provide value to stockholders.

Positive

• Implementation of proxy access could enhance shareholder engagement.
• Allows stockholders to influence Board composition.

Negative

• None.

VIRGINIA BEACH, Va., Feb. 22, 2021 (GLOBE NEWSWIRE) -- 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 adopting an amendment to the Company’s bylaws to implement a “proxy access” provision.

Proxy access enables eligible long-term stockholders to nominate and include their own director nominees in the Company’s proxy materials, along with the candidates nominated by the Company’s Board of Directors. With the adoption of this bylaw amendment, a stockholder, or group of up to 20 stockholders, owning at least 3% of the Company’s outstanding shares of common stock continuously for at least three years, will be able to nominate and include in the Company’s proxy materials eligible director nominees up to the greater of (i) 20% of the number of directors up for election at the Company’s annual meeting of stockholders or (ii) two director nominees, subject to the additional requirements specified in the Company’s bylaws. Proxy access rights will first be available to stockholders in connection with the Company’s 2022 annual meeting.

Louis Haddad, President & CEO noted, “Our Board of Directors regularly reviews our corporate governance policies and believes this change is consistent with our objective of maintaining best-in-class governance and delivering value to our stockholders.”

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

 

FAQ

What is proxy access for Armada Hoffler Properties (AHH)?

Proxy access allows eligible stockholders to nominate their own director candidates in the company's proxy materials.

Who qualifies for proxy access at Armada Hoffler Properties (AHH)?

Stockholders owning at least 3% of outstanding shares for three years can nominate candidates.

When will proxy access be first available for Armada Hoffler Properties (AHH)?

Proxy access will be available at the 2022 annual meeting.

Why did Armada Hoffler Properties (AHH) adopt proxy access?

The amendment aims to enhance corporate governance and engage stockholders more effectively.