04:34 PM EDT, 09/25/2024 (MT Newswires) -- Armada Hoffler (AHH) said late Wednesday that it has commenced an offering of 7 million shares and also granted its underwriters an option to purchase up to 1.05 million additional shares.

The real estate investment trust said it plans to use the net proceeds for debt repayment, with any remaining proceeds for general corporate purposes and working capital. Jefferies, BofA Securities and Barclays are the joint book-running managers for the offering.

Shares of the company were down about 5% in after-hours activity.

Price: 11.24, Change: -0.62, Percent Change: -5.23