Armada Hoffler Properties (NYSE:AHH) will be offering a new issue of preferred with a fixed coupon.
The company has no other preferred or baby bond issues outstanding at this time.
The issue will be typical for a REIT preferred, meaning perpetual, cumulative but non qualified. The issue will be unrated. The optional redemption period will begin in 2024.
The permanent ticker for the issue will be AHH-A, although it will trade initially on the OTC Grey market under a yet to be announced temporary ticker symbol.
We are not very familiar with this company and have no real opinion on the new shares–at least until we see the coupon announced.