Armada Hoffler to sell more 6.75% series A cumulative perpetual preferred stock

By James McCandless

San Antonio, Aug. 13 – Armada Hoffler Properties, Inc. plans to price more of its $25-par series A cumulative redeemable perpetual preferred stock with a dividend of 6.75%, according to a 424B5 filing with the Securities and Exchange Commission.

There are 3,243,418 shares of the preferreds outstanding since pricing on June 18, 2019.

BofA Securities, Inc., Raymond James & Associates, Inc. and Jefferies LLC are the bookrunners.

The co-manager is Janney Montgomery Scott LLC.

Dividends are payable on Jan. 15, April 15, July 15 and Oct. 15, starting on Oct. 15, 2020.

The preferreds are redeemable on or after June 18, 2024 at par. Prior to that, the preferreds are redeemable within 120 days after a change of control.

Armada Hoffler plans to use the proceeds to repay outstanding debt, including amounts outstanding under its unsecured revolving credit facility, to fund potential acquisitions and/or for general corporate purposes and working capital, including development, redevelopment, construction and other commitments.

As of Wednesday afternoon, the preferreds (NYSE: AHHPrA) were rising 31 cents to $26.00 on volume of about 200 shares.

Armada Hoffler is a Virginia Beach, Va.-based real estate investment trust.

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