{"id":927,"date":"2020-11-19T05:23:54","date_gmt":"2020-11-19T11:23:54","guid":{"rendered":"https:\/\/1reason.com\/re\/armada-hoffler-properties-recaptures-two-prime-sites-for-redevelopment\/927\/"},"modified":"2020-11-19T23:23:54","modified_gmt":"2020-11-20T05:23:54","slug":"armada-hoffler-properties-recaptures-two-prime-sites-for-redevelopment","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/armada-hoffler-properties-recaptures-two-prime-sites-for-redevelopment\/927\/","title":{"rendered":"Armada Hoffler Properties Recaptures Two Prime Sites for Redevelopment"},"content":{"rendered":"
Following the tenant\u2019s default, the Company terminated its two leases with Regal Cinemas for the freestanding locations in Virginia Beach and Harrisonburg, the only cinema leases in Armada Hoffler Properties\u2019 portfolio. <\/p>\n

The Town Center of Virginia Beach is Armada Hoffler Properties\u2019 ongoing multi-phased, mixed-use, public-private partnership with the City of Virginia Beach. The 3-acre parcel formerly occupied by Regal Cinemas is strategically situated within the 17-block development in the middle of over one million square feet of commercial office and retail space, 750 apartment units, 175 residential condos, 400 hotel rooms, 25 restaurants, two performing arts theaters, and five parking garages offering 4,400 free spaces.<\/p>\n

The Harrisonburg Regal site is located in the heart of the area\u2019s commercial corridor on University Boulevard within a half-mile walk of the campus of James Madison University. The existing 49,000 square foot building sits on nearly 10 acres currently used primarily for surface parking.<\/p>\n

\u201cOur advantage as a diversified, vertically-integrated, and development-focused firm is our ability to quickly respond to changing market conditions and identify opportunities in the face of adversity,\u201d said Louis Haddad, President & CEO of Armada Hoffler Properties. \u201cWe would have been pleased to see these two leases through to their contractual expirations. However, following Regal\u2019s default and recent decision to indefinitely suspend all operations, we regained full control over two prime pieces of real estate, thereby accelerating our long-term goal of redevelopment. As we\u2019ve discussed on previous earnings calls, our focus and specialty is on creative mixed-use development and we envision both sites to feature a major multifamily component amongst other uses. We look forward to unlocking the full potential of both properties and as a result, maximizing value for both their respective communities and our shareholders.\u201d<\/p>\n

About Armada <\/strong>Hoffler<\/strong> Properties, Inc.<\/strong>
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<\/a>.<\/p>\n

Forward-Looking Statements<\/strong>
Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities LitigationReform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actualresults or performance to differ from those projected in the forward-looking statements. When used, the words “anticipate,””believe,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “result,” and similar expressions, whichdo not relate solely to historical matters, are intended to identify forward-looking statements. Forwarding-looking statements mayinclude, but are not limited to, comments relating to the Company\u2019s development pipeline, the timing of future dividend payments, if any, the Company\u2019s construction anddevelopment businesses, including backlog, timing of deliveries and estimated costs, and the Company\u2019s expectations andprojections, including estimated rent collections, the estimated construction segment gross profit range, projected mezzanine loan interest income andexpected financing activities such as issuances under the Company\u2019s at-the-market equity offering program. The Company\u2019s actualfuture results and trends may differ materially from expectations depending on a variety of factors discussed in the Company\u2019s filingswith theSecurities and Exchange Commission (the \u201cSEC\u201d). These factors include, without limitation: (a) the impact of the coronavirus(COVID-19) pandemic on macroeconomic conditions and economic conditions in the markets in which the Company operates,including, among others: (i) disruptions in, or a lack of access to, the capital markets or disruptions in the Company\u2019s ability toborrow amounts subject to existing construction loan commitments; (ii) adverse impacts to the Company\u2019s tenants\u2019 and other thirdparties\u2019 businesses and financial condition that adversely affect the ability and willingness of the Company\u2019s tenants and other thirdparties to satisfy their rent and other obligations to the Company, including deferred rent; (iii) the ability and willingness of theCompany\u2019s tenants to renew their leases with the Company upon expiration of the leases or to re-lease the Company\u2019s properties onthe same or better terms in the event of nonrenewal or early termination of existing leases; and (iv) federal, state and localgovernment initiatives to mitigate the impact of the COVID-19 pandemic, including additional restrictions on business activities,shelter-in-place orders and other restrictions, and the timing and amount of economic stimulus or other initiatives; (b) theCompany\u2019s ability to continue construction on development and construction projects, in each case on the timeframes and on termscurrently anticipated; (c) the Company\u2019s ability to accurately assess and predict the impact of the COVID-19 pandemic on the amount and timing of rent collections, resultsof operations, financial condition, acquisition and disposition activities and growth opportunities; (d) the Company\u2019s ability tomaintain compliance with the covenants under its existing debt agreements or to obtain modifications to such covenants from theapplicable lenders; and (e) the information under the heading \u201cRisk Factors\u201d included in the Company\u2019s Annual Report on Form 10-Kfor the year endedDecember 31, 2019and in other filings the Company makes from time to time with theSEC, including theCompany\u2019s Current Report on Form 8-K filed with the SEC on April 2, 2020.<\/p>\n

Contact:<\/strong>
Michael P. O\u2019Hara
Armada Hoffler Properties, Inc.
Chief Financial Officer, Treasurer, and Secretary
Email: MOHara@ArmadaHoffler.com<\/a>
Phone: (757) 366-6684<\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

\n

Company Terminates Its Two Leases With Regal Cinemas Upon Tenant Default<\/p>\n

VIRGINIA BEACH, Va., Oct. 26, 2020 (GLOBE NEWSWIRE) — Armada Hoffler Properties, Inc. (NYSE: AHH) announced today that it has reclaimed two prime sites for redevelopment \u2013 3 acres within the Company\u2019s flagship development, the Town Center of Virginia Beach and nearly 10 acres adjacent to James Madison University in Harrisonburg, Virginia.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/927"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=927"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/927\/revisions"}],"predecessor-version":[{"id":1433,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/927\/revisions\/1433"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}