Armada Hoffler Properties Inc. and its operating partnership on Feb. 26 entered into an at-the-market equity offering sales agreement with Merrill Lynch Pierce Fenner & Smith Inc., Robert W. Baird & Co. Inc. and Jefferies LLC to sell up to $125.0 million of common stock from time to time.
Armada Hoffler will contribute the net proceeds from any sales to its operating partnership in exchange for units of limited partnership interest, and the partnership intends to use the proceeds to fund development or redevelopment, for potential acquisitions and investments, or for general corporate purposes.
The timing of the stock sales will depend on, among other things, market conditions, the trading price of the diversified real estate investment trust's stock, and the company's capital needs.