Real estate firm Armada Hoffler Properties Inc. made filing with regulators to raise up to $201.3 million from initial public offering.
Armada, a developer of retail and multifamily properties based in Virginia, is set to make itself as a retail estate investment trust (REIT) once the IPO is completed. It is also planning its stock to be listed on the New York Stock Exchange under the "AHH" symbol with Baird listed as the sole underwriter to the IPO.
Firms with huge real estate assets are seeking for a REIT structure which helps them decrease tax burden on their rental income. Shareholders are also eyeing for big gains as REITs are needed for the distribution of at least 80% of their profits as dividends.
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