VIRGINIA BEACH, Va., Jan. 10, 2025 (GLOBE NEWSWIRE) -- Armada Hoffler (NYSE: AHH) announced that Morningstar has upgraded its outlook to stable and confirmed its BBB credit rating.
"We are pleased that Morningstar has upgraded our outlook to stable and reiterated our BBB credit rating," said Shawn Tibbetts, Chief Executive Officer and President of Armada Hoffler. "This reflects the quality, stability and strategic execution that define Armada Hoffler's operations. Furthermore, it demonstrates the dedication of our team and our commitment to delivering value to our shareholders."
In its analysis of the Company, Morningstar, a globally recognized credit rating agency, cited several factors supporting the rating confirmation. According to Morningstar, "the Stable trend reflects the [company's] improving leverage profile and the more diversified real estate portfolio following the completion and delivery of Allied, leading to an improvement in the Diversification business risk assessment factor. Allied is a mixed-use, 312-unit multifamily, retail, and parking garage asset under development in Baltimore, scheduled to be completed in Q1 2025 and stabilized by Q3 2026. Upon stabilization, the asset is expected to be a top asset in the portfolio by net operating income (NOI) contribution and increase geographical and asset type diversification. The enhanced business risk assessment factor allows greater financial flexibility within the respective credit rating category. The improving leverage profile is largely the result of a $103.5 million net proceed equity raise in September 2024 with funds used to repay debt."
More information regarding Armada Hoffler's credit rating assignment can be found in the Morningstar press release dated January 9, 2025.
About Armada Hoffler
Armada Hoffler (NYSE: AHH) is a vertically integrated, self-managed real estate investment trust ("REIT") with over four decades of experience developing, building, acquiring, and managing high-quality office, retail, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. We also provide general construction and development services to third-party clients, in addition to developing and building properties to be placed in our stabilized portfolio. Founded in 1979 by Daniel A. Hoffler, Armada Hoffler has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information visit ArmadaHoffler.com.
Contact:
Chelsea Forrest
Armada Hoffler
Vice President of Corporate Communications and Investor Relations
Email: CForrest@ArmadaHoffler.com
Phone: (757) 612-4248
