Armada Hoffler Properties, Inc. (NYSE: AHH) announced today that it has
entered into an agreement to acquire Dimmock Square, a retail power
center located in Colonial Heights, Virginia. The acquisition of Dimmock
Square will add over 100,000 square feet of 100% occupied retail space
to the Company’s operating property portfolio.
Current tenants of Dimmock Square include Best Buy, Pier 1, Old Navy,
Dress Barn and Shoe Carnival among others. The center also includes a
separately-owned 117,000 square foot Target store and is strategically
situated between the 900,000 square foot Southpark Mall and a Walmart
Supercenter.
The agreement provides that the Company will acquire a 100% interest in
Dimmock Square in exchange for approximately 990,000 units of limited
partnership interest in the Company’s operating partnership and
approximately $10 million of cash.
The acquisition is expected to be accretive to annual FFO per diluted
share and is expected to close in the third quarter of 2014.
“This acquisition is an outstanding addition to our portfolio,
representing a best-in-class power center located at the intersection of
main-and-main, in a contiguous market, the heart of our geographic sweet
spot,” commented Louis Haddad, Chief Executive Officer. “This
opportunity was born out of deep and longstanding relationships and we
will continue to pursue such strategic and opportunistic acquisitions.”
The closing of this acquisition is subject to the satisfaction of
certain closing conditions.
Forward-Looking Statements
Certain matters within this press release are discussed using
forward-looking language as specified in the Private Securities
Litigation Reform Act of 1995, and, as such, may involve known and
unknown risks, uncertainties and other factors that may cause the actual
results or performance to differ from those projected in the
forward-looking statement. These forward-looking statements may include
comments relating to, among other things, the impact of the acquisition
of Dimmock Square on the Company’s FFO per diluted share, the
satisfaction of conditions to closing and the expected timing of the
closing of the acquisition. For a description of factors that may cause
the Company's actual results or performance to differ from its
forward-looking statements, please review the information under the
heading “Risk Factors” included in the Company's Annual Report on Form
10-K for the year ended December 31, 2013, and other documents filed by
the Company with the Securities and Exchange Commission.
About Armada Hoffler Properties, Inc.
Armada Hoffler Properties, Inc. is a full service real estate company
with extensive experience developing, building, owning and managing
high-quality, institutional-grade office, retail and multifamily
properties in attractive markets throughout the Mid-Atlantic United
States. The Company has elected to be taxed as a real estate investment
trust (REIT) for U.S. federal income tax purposes.
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