Armada Hoffler Properties Reinstates Cash Dividend on Common Shares

Rhea-AI Summary

Armada Hoffler Properties (NYSE: AHH) has declared a cash dividend of $0.11 per common share for Q3 2020, payable on October 8, 2020, to stockholders on record as of September 30, 2020. This decision comes as monthly rent collections approach pre-COVID levels, marking a cautious return to dividend payments after a suspension earlier this year due to the pandemic. The Board also declared a cash dividend of $0.421875 per share for its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, payable on October 15, 2020.

Positive

• Dividend of $0.11 reinstated, indicating recovery and confidence in cash flow.
• Monthly rent collection rates nearing pre-COVID levels suggest operational resilience.

Negative

• None.

VIRGINIA BEACH, Va., July 30, 2020 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (NYSE: AHH) announced that its Board of Directors declared a cash dividend of $0.11 per common share and Operating Partnership unit for the third quarter of 2020. The third quarter dividend will be paid in cash on October 8, 2020 to stockholders of record on September 30, 2020.

“Given the uncertainty surrounding the pandemic in April, we prudently and proactively suspended dividends on common stock,” said Louis Haddad, President and Chief Executive Officer. “Although we are far from sounding the all-clear, with our monthly rent collection rates approaching pre-COVID levels, we believe that now is the right time to reinstate the dividend at a reasonable level with room for future growth. We appreciate the Board’s confidence in our management team, our diversified business model, and our future prospects. We look forward to our August 4th earnings call and intend to provide additional clarity on the remainder of the year at that time.”

The Company also announced that its Board of Directors declared a cash dividend of $0.421875 per share on its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock payable on October 15, 2020, to stockholders of record on October 1, 2020.

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 the AHH dividend amount for Q3 2020?

The dividend amount for Q3 2020 is $0.11 per common share.

When will the AHH dividend be paid?

The dividend will be paid on October 8, 2020.

Who is eligible to receive the AHH dividend?

Stockholders of record as of September 30, 2020, are eligible to receive the dividend.

What is the date for the preferred stock dividend payment?

The preferred stock dividend will be paid on October 15, 2020.