Armada Hoffler Properties Announces Acquisition of Two Grocery Anchored Retail Centers in Maryland

Armada Hoffler Properties, Inc. (NYSE:AHH) today announced that it has closed on the previously announced acquisitions of Perry Hall Marketplace and Stone House Square, two grocery anchored retail centers located in Maryland, for an aggregate of $20.2 million of cash, net of $15.2 million of proceeds from the sale of the Sentara Williamsburg office building, and 415,500 shares of common stock.

Together, these acquisitions add over 185,000 square feet to the Company’s portfolio and further expand the Company’s geographic footprint in Maryland. The properties have a combined occupancy of approximately 90%.

Perry Hall Marketplace is a 74,000 square foot Safeway-anchored shopping center located in Perry Hall and Stone House Square is a 112,000 square foot retail center located in Hagerstown. Stone House Square is anchored by Weis Markets and shadow-anchored by a Lowe’s Home Improvement Store.

These centers are located in strong markets as is evidenced by average household income, within a three mile radius, in excess of $90,000 and $55,000 for Perry Hall Marketplace and Stone House Square, respectively. In addition, market retail occupancy rates are approximately 95% across both markets.

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.