Armada Hoffler Properties Inc. and its operating partnership agreed to amend their separate at-the-market equity offering agreements with BofA Securities Inc., Robert W. Baird & Co. Inc. and Jefferies LLC to upsize the overall offering to $180.7 million of common shares from $125.0 million, among other things.
The diversified real estate investment trust noted that before the amendments, it had already sold $105.7 million of shares in the offering, resulting in $75.0 million of shares remaining available for sale under the terms of the sales agreements.
The company aims to contribute the net proceeds to Armada Hoffler LP in exchange for units of limited partnership interest in the operating partnership.
The operating partnership plans to use any net proceeds to finance development or redevelopment activities, fund potential acquisition or other investment opportunities, or for general corporate purposes.
