Armada Hoffler Properties Inc. sells 6.9 million shares
Virginia Beach-based Armada Hoffler Properties Inc. has closed public offering of 6.9 million shares of its common stock.
The stock, sold at $13 a share, generated net proceeds of about $85.4 million.
Armada Hoffler intends to use funds from the offering to repay a portion of its outstanding debt under its unsecured revolving credit facility.
Armada Hoffler is a real estate investment trust that develops, builds, owns and manages retail and multifamily properties in markets primarily in the mid-Atlantic and Southeast.