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F O R W A R D L O O K I N G S T A T E M E N T S / O T H E R I N F O R M A T I O N

Armada Hoffler

Armada Hoffler Properties ("AHH"," the "Company," "we," or "us") has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the "SEC") with respect to which this communication relates. Before you invest, you should read the prospectus in that registration statement and the prospectus supplement, when available, for any potential offering and the other documents we have filed or will file with the SEC for more complete information about us or such offering. You may get these documents for free by visiting EDGAR on the SEC website at http://www.sec.gov. Alternatively, by contacting us at InvestorRelations@ArmadaHoffler.com or any underwriter or any dealer participating in any such offering, we or such underwriter or dealer will arrange to send you the prospectus and related prospectus supplement (when available) if you request it. This presentation has been prepared solely for informational purposes and does not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Certain matters within this presentation 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 statements. When used, the words "anticipate," "believe," "expect," "intend," "may," "might," "plan," "seeks," "estimate," "project," "should," "will," "result," and similar expressions, which do not relate solely to historical matters, are intended to identify forward-looking statements. The forwarding-looking statements include, but are not limited to, comments relating to the Company's development pipeline, the Company's construction and development businesses, including backlog, timing of deliveries and estimated costs, and expected financing activities. The Company's actual future results and trends may differ materially from expectations depending on a variety of factors discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"). These factors include, without limitation: (a) the impact of the coronavirus (COVID-19) pandemic on macroeconomic conditions and economic conditions in the markets in which the Company operates, including, among others: (i) disruptions in, or a lack of access to, the capital markets or disruptions in the Company's ability to borrow amounts subject to existing construction loan commitments; (ii) adverse impacts to the Company's tenants' and other third parties' businesses and financial condition that adversely affect the ability and willingness of the Company's tenants and other third parties to satisfy their rent and other obligations to the Company, including deferred rent; (iii) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration of the leases or to re-lease the Company's properties on the same or better terms in the event of nonrenewal or early termination of existing leases; and (iv) federal, state and local government initiatives to mitigate the impact of the COVID-19 pandemic, including additional restrictions on business activities, shelter-in-place orders and other restrictions, and the timing and amount of economic stimulus or other initiatives; (b) the Company's ability to continue construction on development and construction projects, in each case on the timeframes and on terms currently anticipated; (c) the Company's ability to accurately assess and predict the impact of the COVID-19 pandemic on its results of operations, financial condition, dividend policy, acquisition and disposition activities and growth opportunities; (d) the Company's ability to maintain compliance with the covenants under its existing debt agreements or to obtain modifications to such covenants from the applicable lenders; and (e) the information under the heading "Risk Factors" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 and in other filings the Company makes from time to time with the SEC, including the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020.

All information within this presentation is as of September 30, 2020 unless otherwise noted.

Use of Non-GAAP Financial Measures and other Definitions

This presentation contains certain financial measures not calculated and presented in accordance with generally accepted accounting principles in the U.S. ("GAAP") and other terms that have particular definitions when used by us. The definitions and calculations of these non-GAAP financial measures and other terms may differ from those used by other real estate investment trusts and, accordingly, may not be comparable. Please refer to the definitions and calculations of these terms and reconciliations to the most directly comparable GAAP measures included later in this presentation.

CORPORATE OVERVIEW

3

As of 9/30/20 unless otherwise noted

Armada Hoffler is a vertically integrated, self-managed REIT based in Virginia Beach, VA with 40+ years

of experience developing, acquiring and managing high-quality,institutional-grade properties

~$1.0B

EQUITY MARKET CAP(1)

~3.7M

RETAIL RSF

~1.6M

OFFICE RSF

2,344

MULTIFAMILY UNITS(2)

1,183

STUDENT HOUSING BEDS

~95%

CORE OCCUPANCY

~14%

MANAGEMENT / BOARD

OWNERSHIP

  • Founded in 1979 by Daniel A. Hoffler, Armada Hoffler operates three complementary business segments - Asset Management, Property
    Development & Construction
  • Owns 55 high-quality properties across the Mid-Atlantic & Southeast
  • Development focuses on high-occupancy, superior tenant quality & consistent cash flow
  • Provides general contracting & construction services across property types
  • Significant experience with large-scale projects and public / private partnerships

Harbor Point

Town Center

Baltimore, MD

Virginia Beach, VA

  1. Based on AHH closing stock price of $10.88 as of November 10, 2020.
  2. Includes Residences at Annapolis Junction and Edison Apartments which were acquired subsequent to 9/30/20.

RECENT DEVELOPMENTS

4

RESIDENCES AT

ANNAPOLIS JUNCTION

11/2/20

Off-market acquisition of 416 luxury apartments in Annapolis Junction, MD

REDEVELOPMENT OPPORTUNITY

10/26/20

Recaptured two prime redevelopment

sites, formerly Regal Cinemas

3 acres in Town Center of Virginia Beach

10 acres adjacent to James Madison University

EDISON APARTMENTS

SOLIS GAINESVILLE

10/5/20

9/9/20

Off-market acquisition of 174

Announced development of $52M

contemporary apartments in Richmond, VA

multifamily development in Gainesville, GA

PORTFOLIO OVERVIEW

As of 9/30/20

RETAIL

OFFICE

~3.7M RSF

~1.3M RSF

~$34.9M ABR

~$59.5M ABR

96.7% OCCUPIED

94.2% OCCUPIED

DEVELOPMENT

MULTIFAMILY

MIXED-USE

Solis Gainesville

Southern Post

223 units

138 units

40,000 sf retail

Chronicle Mill

95,000 sf office

238 units

Ten Tryon

OFFICE

180,000 sf office

Wills Wharf

40,000 sf retail

325,000 sf

MULTIFAMILY

STUDENT HOUSING

2,344 UNITS(1)

1,183 BEDS

~$32.9M AQR

~$14.9M AQR

98.6% OCCUPIED

91.4% OCCUPANCY

5

MID-ATLANTIC & SOUTHEAST FOCUS

(1) Unit count includes Residences at Annapolis Junction or Edison Apartments which were acquired subsequent to 9/30/20.

EVOLVING PORTFOLIO - GAAP NOI

6

3 Q 2 0 ( 1 ) ( 2 )

23%

42%

29%

6%

F U T U R E P O R T O L I O W I T H

A N N O U N C E D D E V E L O P M E N T

S TA B I L I Z E D ( 1 )

35% 28%

7%

30%

Multifamily

Office

Retail

Entertainment and

Mixed-Use Retail

  1. Excludes all 3Q impact and future opportunity of 2 Regal properties which were terminated in October 2020.
  2. Excludes Residences at Annapolis Junction or Edison Apartments which were acquired subsequent to 9/30/20.

DEVELOPMENT AND REDEVELOPMENT PIPELINE

7

Schedule(1)

Property

Estimated

(1)

% Leased or

Construction

Initial

Stabilized

Estimated

Loan

Cost to

AHH Ownership %

Anchor Tenants

Projects

Type

LOI

Start

Occupancy

Operation(2)

Cost(1)

Commitment

Date

Under Development

Solis Gainesville

Multifamily

223 units

-

3Q20

2Q22

3Q23

$52,000

$31,000

$8,000

95%

NA

Gainesville, GA

Total Projects Under Development

$52,000

$31,000

$8,000

Delivered Not Stabilized

Premier Retail (Town Center Phase VI)

Retail

39,000 sf

76%

4Q16

3Q18

4Q21

$18,000

$8,000

$16,000

100%

Williams-Sonoma, Pottery Barn

Virginia Beach, VA

Summit Place (Meeting Street)

Multifamily

357 beds

98%

3Q17

3Q20

4Q20

56,000

35,000

56,000

90%

NA

Charleston, SC

Wills Wharf

Office

325,000 sf

53%

3Q18

2Q20

2Q22

120,000

76,000

106,000

100%

Canopy by Hilton, EY

Baltimore, MD

Total Projects Delivered Not Stabilized

$194,000

$119,000

$178,000

Predevelopment or On Hold

Chronicle Mill

238 units /

(3)

Multifamily

-

TBD

TBD

TBD

TBD

TBD

$5,000

85%

NA

Belmont, NC

10,000 sf

Southern Post

138 units /

(4)

Mixed-use

-

TBD

TBD

TBD

TBD

TBD

10,000

100%

TBD

Roswell, GA

137,000 sf

Ten Tryon

Mixed-use

220,000 sf

38%

TBD

TBD

TBD

TBD

TBD

9,000

(3)

Publix, Fortune 100 office tenant

Charlotte, NC

80%

$24,000

Property

% Leased or

Out of

Construction

Anticipated

Restabilized

Estimated

Cost to Date

Projected

Redevelopment

Type

LOI

Service

Start

Completion

Operation(2)

Cost(1)

ROI

The Cosmopolitan

Multifamily

96%

0 units

1Q18

4Q20

4Q20

$13,000

$13,000

9%

Virginia Beach, VA

Apex Entertainment Building

(Former Dick's Sporting Goods)

Mixed-use

100%

84,000 sf

1Q20

4Q20

1Q21

$8,000

$6,300

7%

Virginia Beach, VA

Columbus Village II Regal Site

Mixed-use

3 acres of mixed-use opportunity

Virginia Beach, VA

Anticipate 250 multifamily units and 30,000 square feet of mixed-use retail

Harrisonburg Regal Site

Mixed-use

10 acres of mixed-use opportunity

Harrisonburg, VA

Anticipate 200 multifamily units and 50,000 square feet of mixed-use retail

Total Projects Under Redevelopment

$21,000

$19,300

8%

  1. Represents estimates that may change as the development and redevelopment process proceeds.
  2. First fully-stabilized quarter. See same store definition on page 32.
  3. Majority interest in joint venture with preferred return.
  4. Acquired remaining 20% ownership subsequent to quarter end.

Solis Gainesville

8

$52M 223

total development cost

multifamily units

Located an hour north of Atlanta, GA, Solis Gainesville will be a $52 million multifamily development joint-venture with our partners, Terwilliger Pappas. This 223-unit development is expected to commence construction during the third quarter of 2020 with delivery beginning by the end of 2021.

Chronicle Mill

9

Chronicle Mill is a 117-year-old mill with a vision of revitalization into a mixed-use project. Located just outside of Charlotte, North Carolina, the project will include 238 apartment units and 10,000 square feet of retail space. A portion of the site is expected to be simultaneously developed into townhomes by another developer.

Belmont, NC

239

10,000

location

apartment units

square feet of retail

Ten Tryon

North Tryon

The North Tryon Vision Plan centers on creating a district that will attract, retain and strengthen creative industries, innovative arts and cultural and educational institutions. Together, these forces will advance the economy and jobs of the future. Strategically positioned in the heart of Charlotte, North Tryon will connect the thriving core of Uptown to the countless opportunities of the North End and Applied Innovation Corridor, as well as link together the unique and diverse First and Fourth Wards.

10

175,000

square feet of Class A office space

Fortune 100 Tenant

54,000 square feet of office under LOI

Publix

30,000 square feet street-level under LOI

Southern Post - Roswell

11

Roswell Town Center is a mixed-use project expected to total 270,000 square feet. The center will include 41,000 square feet of retail, 95,000 square feet of office and 138 multifamily units.

Location

Square Feet

Roswell, GA

270,000

Type

Mixed-use

REDEVELOPMENT OPPORTUNITY

12

C o l u m b u s V i l l a g e I I

F o r m e r R e g a l S i t e

L o c a t e d i n t h e T o w n C e n t e r o f

FORMER

V i r g i n i a B e a c h

3 a c r e s o f m i x e d - u s e o p p o r t u n i t y

2 5 0 m u l t i f a m i l y u n i t s

3 0 , 0 0 0 s f o f m i x e d - u s e r e t a i l

H a r r i s o n b u r g R e g a l

L o c a t e d i n H a r r i s o n b u r g , V A

A d j a c e n t t o J a m e s M a d i s o n

U n i v e r s i t y

1 0 a c r e s o f m i x e d - u s e o p p o r t u n i t y

FORMER

2 0 0 m u l t i f a m i l y u n i t s

5 0 , 0 0 0 s f o f m i x e d - u s e r e t a i l

2020 DISPOSITION/ACQUISITION

13

D I S P O S I T I O N S

Property

Anchor(s)

Sold

Under Contract

Prospective

7 Retail Properties

Harris Teeter/Food Lion

90.0M

Hanbury Walgreens

Walgreens

7.3M

Oakland Marketplace-2020

Kroger

5.8M

Hanbury 7-Eleven-2020

7-Eleven

2.9M

Other Retail Prospects-2021

Various

~$30.0M

Total

$97.3M

$8.7M

~$30.0M

A C Q U I S I T I O N S

Property

Type

Residences at Annapolis Junction

Multifamily

Edison Apartments

Multifamily

Nexton Square

Mixed-Use Retail

Acquisitions 14

THE EDISON

The Edison Apartments, located in downtown Richmond, VA. Built in 1919 as the headquarters for Dominion power, this elegant and historic high rise has been exquisitely transformed into 174 contemporary and unique apartment homes by Armada Hoffler in 2015. It has been named The Edison to reflect its history and charm. Located in the center of Richmond business/financial district.

NEXTON SQUARE

Nexton Square is an open-air lifestyle center under construction in Summerville, SC, in the greater Charleston MSA. Located at the entrance to a new 4,500-acremaster-planned community, Nexton Square serves as the retail gateway to over 10,000 new single-family and multifamily residential units with over 100,000 square feet of existing space and a 35,000 square foot expansion opportunity for local retailers, restaurants, and service providers.

ANNAPOLIS JUNCTION

The Residences at Annapolis Junction Town Center, located approximately two miles from Fort Meade in the Baltimore- Washington corridor next to the commuter rail station, is the multifamily component of a planned 18-acremixed-use, multi- asset development that will feature 17,000 square feet of retail space, a 150-room hotel and 100,000 square feet of office space upon completion of all phases.

MEZZANINE LOAN UPDATE

15

All Mezzanine projects are fully funded, no future cash requirements

$ IN THOUSANDS

Schedule

(1)

Principal

Property

% Leased

Initial

Mezzanine

Mezzanine

Outstanding Investments

Type

Estimated(1)

or LOI

Occupancy

Loan Maturity

Interest Rate

Financing

Interest QTD

Solis Apartments at Interlock

Multifamily

349 units

NA

4Q20

3Q22

13%

$23,000

$847

Atlanta, GA

The Interlock

Mixed-use

300,000 sf

77%

4Q20

3Q22

15%

67,000

2,575

Atlanta, GA

Nexton Square-loan paid off during quarter

380

Total

$90,000

$3,802

Mezzanine Interest Expense

(659)

Net Mezzanine Interest Income

$3,143

9/30/20

Principal

Property

% Leased

Financing

AHH Investment to Acquisitions

Type

Estimated(1)

or LOI

Outstanding

Acquisition Status

Nexton Square-Phase I

Mixed-use

118,000 sf

94%

$

-

Exercised Discounted Purchase Option 9/22/20

Summerville, SC

The Interlock

Delray Plaza (Whole Foods)(2)

Retail

83,000 sf

100%

12,000

Signed LOI to acquire property

Delray Beach, FL

Atlanta, GA

The Residences at Annapolis Junction(2)

Multifamily

416 units

96%

36,000

Acquired 10/30/20

Annapolis Junction, MD

  1. Represents estimates that may change as the development process proceeds
  2. Stopped GAAP recognition of mezzanine income as of 4/1/20

GENERAL CONTRACTING AND REAL ESTATE SERVICES

16

2020 Guidance Midpoint

Construction Gross Profit

$7.6M

Third-Party Construction Backlog

As of 09/30/20

$123M

3rd Party Gross Profit⁽¹⁾

Millions

$9

$8

$7

$6

$5 $4 $3 $2 $1 $0

2013

2014

2015

2016

2017

2018⁽²⁾

2019

2020E

Volume

Millions

$300

$250

$200

$150

InternalVolume⁽¹⁾

$100

3rd Party Volume

$50

$0

2013

2014

2015

2016

2017

2018

2019

2020E

  1. No profit recognized on internal volume
  2. Includes $3.4M sale of distribution center

BALANCE SHEET PHILOSOPHY

17

LIQUIDITY

WEIGHTED AVERAGE INTEREST RATE

3Q20

4.5%

2Q20

4.0%

1Q20

3.5%

3.0%

-

50,000

100,000

150,000

200,000

250,000

300,000

Cash

LOC Availability

Construction Loans

2.5%

2.0%

CORE DEBT/CORE EBITDA

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

7.0x

GAAP FIXED CHARGE COVERAGE

6.8x

6.6x

6.5X AVG

6.4x

2.8X

2.9X

2.3X

6.2x

1Q20

2Q20

3Q20

6.0x

5.8x

5.6x

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

COVID-19 OVERALL COLLECTIONS(2)

18

AS OF OCTOBER 27, 2020

$ in Thousands

COLLECTIONS BY SECTOR

OFFICE

MULTIFAMILY

RETAIL

TOTAL

$

%

$

%

$

%

$

%

$ 9,811

100%

$ 10,527

99%

$ 12,030

72%

$

62,368

87%

$ 9,895

100%

$ 12,187

98%

$ 15,259

93%

$

37,341

96%

$ 3,349

100%

$ 4,215

97%

$ 5,190

94%

$

12,754

96%

3 Q 2 0

C O L L E C T I O N S ( 4 )

96%2%

2%

Collected

Outstanding

3 Q 2 0 T O P 2 0

C O L L E C T I O N S ( 1 ) ( 4 )

99%

1%

  1. Excludes 2 Regal leases which were terminated subsequent to 9/30/20.
  2. Data reported relates to rent charges and collections through 10/27/20 and does not correspond to the reporting segment classification of the properties as a whole.
  3. Data from second quarter supplemental package.
  4. As a percentage of 3Q20 rent and recovery charges due.

COVID-19 EFFECT

19

AS OF OCTOBER 27, 2020

$ in Thousands

S I G N I F I C A N T K N O W N T E R M I N A T I O N S

Effective

ABR per

D E F E R R E D R E N T

Tenant

Property

Date

SF Impact

ABR Impact

Leased SF

Bed, Bath, & Beyond

North Point Center

1/31/2021

30,000

$300,000

$10.00

Deferred Rent

Repayment Period

Bed, Bath, & Beyond

Wendover Village

1/31/2021

33,696

404,352

12.00

Outstanding(1)

Regal Cinemas(A)

Columbus Village II

10/20/2020

51,545

995,334

19.31

YTG 2020

2021

2022

Regal Cinemas(A)

Harrisonburg Regal

10/25/2020

49,000

717,850

14.65

$2,500

$700

$1,700

$100

Bi-Lo(A)

Socastee Commons

1/31/2021

46,673

492,400

10.55

Total / Weighted Avg

210,914

$2,909,936

$13.80

Proforma Retail 3Q20 Occupancy Assuming Vacancy of Known Terminations

88.3%

Proforma Total 3Q20 Occupancy Assuming Vacancy of Known Terminations

92.9%

(A) Vacancy of tenant allows the Company to consider redevelopment of this property

Q u a r t e r - O v e r - Q u a r t e r R e n t D e f e r r a l

(1) Includes $0.1M of unsigned deferrals that are under negotiation or with the tenant for execution.

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Armada Hoffler Properties Inc. published this content on 12 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2020 14:28:06 UTC