ARMADA HOFFLER PROPERTIES COMMENTS ON COVID-19 & PROVIDES UPDATE ON FULL-YEAR 2020 GUIDANCE

VIRGINIA BEACH, Va., April 02, 2020 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (AHH: NYSE) today issued the following statement regarding the ongoing COVID-19 pandemic.

“As our country continues to manage through the coronavirus pandemic, our thoughts and prayers are with those directly impacted by the virus. On behalf of the entire Armada Hoffler family, we wish you good health and well-being,” said Louis Haddad, President and Chief Executive Officer. “And to the brave heroes of this time – the healthcare professionals, first responders, necessity retail employees, and delivery personnel – that are putting themselves at risk each day in order to provide the rest of us with essential goods and services, please accept our sincere thanks. At Armada Hoffler, our priority is the health, safety, and well-being of our team members, tenants, and residents. Thank you to our loyal and dedicated team of professionals that continue to ensure that each of our office buildings, apartment communities, shopping centers, and construction job sites remain safe places to live and work.”

Because of the uncertainty surrounding the impacts of the COVID-19 pandemic, the Company announced today that it has withdrawn its full-year 2020 Guidance that was previously issued on February 6, 2020.

Mr. Haddad continued, “The impact of the COVID-19 pandemic on the global economy and our business remains uncertain and is evolving rapidly. However, our diversified business model was designed to withstand periods of economic disruption. While we remain in close contact with our retail tenants in order to help them navigate through these unchartered waters, our office and multifamily properties continue to meet expectations. Third-party construction backlog remains near an all-time high and each of our job sites remain open and active while operating in accordance with local guidelines. As previously announced, we’ve proactively deferred certain development projects in order to provide us with additional balance sheet flexibility. The diversity of our platform combined with the experience of our executive management team – one that has managed this Company for over four decades through four previous recessions – provides stability in a period of uncertainty. We look forward to providing further updates as conditions warrant.”