Armada Hoffler Properties Announces Further Corporate Governance Enhancements
VIRGINIA BEACH, Va., Feb. 28, 2022 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (NYSE: AHH) (the “Company”) today announced that its Board of Directors unanimously approved and adopted an amendment to the Company’s Bylaws to reduce the requirements necessary for stockholders to submit binding proposals to amend the Company’s Bylaws.
In particular, the amendment to the Company’s Bylaws reduces the ownership thresholds required for stockholders to submit proposed amendments to the Company’s Bylaws to align with the ownership requirements of Rule 14a-8 under Securities Exchange Act of 1934, as amended. Specifically, as a result of the Board’s actions, stockholders may propose binding amendments to the Company’s Bylaws if they have continuously held:
- at least $2,000 in market value of the Company's securities entitled to vote on the proposal for at least three years; or
- at least $15,000 in market value of the Company's securities entitled to vote on the proposal for at least two years; or
- at least $25,000 in market value of the Company's securities entitled to vote on the proposal for at least one year; or
- otherwise as provided in Rule 14a-8.
“The Board continues to periodically assess and enhance our governance policies to ensure transparency and accountability to our shareholders,” said Lou Haddad, the Company’s President and Chief Executive Officer. “In light of our strong interest in best-in-class governance, the Board has decided to align the stockholders ownership requirements with Rule 14a-8.”
About Armada Hoffler Properties, Inc.
Armada Hoffler Properties, Inc. (NYSE: AHH) is a vertically-integrated, self-managed real estate investment trust ("REIT") with over 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.
Michael P. O’Hara
Armada Hoffler Properties, Inc.
Chief Financial Officer and Treasurer
Phone: (757) 366-6684