Armada Hoffler Properties (AHH) will raise its quarterly dividend by another 6.7 percent to 16 cents per share in 2021. This follows a dividend hike of 36.4 percent to 15 cents per share announced earlier in 2021. In 2020 the quarterly dividend was suspended by the REIT in the second quarter of 2020 and later reinstated.

The next dividend of $0.16 per share be payable on July 8, 2021 to stockholders of record on June 30, 2021. The ex-dividend date for the next AHH dividend is June 29, 2021. A new annual dividend rate of 64 cents per share for Armada Hoffler Properties yields 4.5% at a stock price of $14.13.

“Although the first quarter was somewhat uneventful in terms of notable developments that would change our near term outlook, substantial progress in leasing together with new growth opportunities provided a basis for the Board’s decision to continue ramping the dividend,” said Louis Haddad, President & CEO. “The management team appreciates their confidence, and we look forward to reporting the quarter’s results tomorrow.”

Armada Hoffler Properties, Inc. is a full service real estate company engaged in developing, building, owning and managing institutional-grade office, retail and multifamily properties in markets across the Mid-Atlantic United States, including Virginia, Maryland, North Carolina and South Carolina. The company was founded in 1979 by Daniel A. Hoffler and has paid a dividend every year since 2015.