VIRGINIA BEACH, Va., Aug. 25, 2020 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (NYSE: AHH) today provided an update on rent collections for August. As of August 21^st, the Company collected 93% of total portfolio rents due for the month; office tenants paid 100%, multifamily tenants paid 92%, and retail tenants paid 89%.

“As anticipated, we collected over 95% of July rents, and we expect to surpass that mark in August,” said Louis Haddad, President and Chief Executive Officer. “Three weeks into the month, our retail tenant collections are already nearing 90% and we expect to finish August with essentially all of our multifamily rents collected. With our overall rent collection rates approaching pre-COVID levels and after successfully raising nearly $90 million in new capital this month, we look forward to closing on our previously announced acquisitions and resuming development activities.”

Monthly rent collections by tenant type and in the aggregate across the Company’s portfolio are presented in the below table:

About Armada Hoffler Properties, Inc.
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.