ARMADA HOFFLER PROPERTIES PROVIDES DEVELOPMENT PIPELINE UPDATE

VIRGINIA BEACH, Va., March 19, 2020 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (AHH: NYSE) today provided an update on the projects currently under development.

The Company announced that it will be deferring the previously announced Chronicle Mill, Southern Post, and Ten Tryon development projects until economic conditions stabilize. Each of these projects had previously been scheduled to commence during the second quarter of 2020.

The Company also announced that both Summit Place and Wills Wharf remain on schedule for delivery in 2020 as previously disclosed with sufficient construction loan commitments to fund the remaining estimated costs to complete.

“Our Company was built to withstand uncertainty and volatility,” said Louis Haddad, President and CEO of Armada Hoffler Properties. “The flexibility afforded by our diversified business model allows us to quickly adapt to changing market conditions. Therefore, we will be deferring several of our development projects until economic conditions normalize, thereby alleviating any near-term need for additional capital. As a result, we have indefinitely suspended all capital markets activity through our ATM program. With ample construction loan commitments in hand, we look forward to delivering both Wills Wharf and Summit Place this year as scheduled.”

Mr. Haddad continued, “While it’s impossible to predict how long current conditions will last, the fundamentals of our business remain strong. As this Company’s largest shareholder, management is committed to prudent and conservative capital allocation in order to maximize value for all shareholders. The impact of the coronavirus pandemic on the global economy and our business remains uncertain and is evolving rapidly, and we intend to provide additional updates to our shareholders as conditions merit.”  

Management expects to provide an update on its outlook and guidance for 2020 in conjunction with the release of its first quarter earnings on April 30.

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.