Armada Hoffler adds industry veteran to board

VIRGINIA BEACH - Armada Hoffler Properties, Inc. (NYSE: NYSE:AHH) has expanded its Board of Directors with the appointment of Jennifer Boykin, a seasoned leader with a history of spearheading significant industrial transformations. The company announced today that Boykin, known for her strategic vision and leadership, will join the board to help guide the real estate investment trust through the industry’s dynamic landscape. According to InvestingPro data, Armada Hoffler, with a market capitalization of $925 million, maintains a GOOD financial health score and has consistently raised its dividend for four consecutive years, currently offering an attractive 8.9% yield.

Boykin’s career is marked by her transformative role as Executive Vice President at Huntington Ingalls (NYSE:HII) Industries and President of its largest division, Newport News Shipbuilding (HII-NNS). There, she led a major shift toward digital shipbuilding, replacing traditional methods with advanced digital tools. Her leadership also resulted in the negotiation of a historic 2-ship aircraft carrier contract, the first in three decades.

Her extensive background includes pivotal roles in constructing the USS John C. Stennis and USS Harry S. Truman aircraft carriers. Boykin’s commitment to leadership development and continuous improvement has been a constant throughout her career, which includes various high-level positions such as Vice President of Engineering and Vice President of Quality Assurance and Process Excellence.

A staunch advocate for STEM education and workforce development, Boykin has served on several influential boards, contributing her expertise to the Virginia Business Council, the Commonwealth of Virginia’s Growth and Opportunity (SO:FTCE11B) Board, and the Women’s Initiative Network Board at Old Dominion University.

With a B.S. in marine engineering from the U.S. Merchant Marine Academy and an M.S. in engineering management from The George Washington University School of Engineering, Boykin’s academic credentials are complemented by significant recognition. Her accolades include the 2021 Kings Pointer of the Year and the 2023 Jack Flannigan Award from the Marine Machinery Association.

Armada Hoffler, a company with over four decades in the real estate sector, specializes in developing, acquiring, and managing high-quality properties across the Mid-Atlantic and Southeastern United States. The addition of Boykin to the Board of Directors is expected to enhance the company’s strategic direction and contribute to its sustainable growth. InvestingPro analysis reveals the company trades at modest valuation multiples, with liquid assets exceeding short-term obligations. For deeper insights into Armada Hoffler’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers, covering over 1,400 US equities with expert analysis and actionable intelligence.

This announcement is based on a press release statement from Armada Hoffler Properties, Inc.

In other recent news, Armada Hoffler Properties, Inc. has announced several significant developments. The company amended its operating partnership agreement to include new terms for Performance LTIP Units, which are designed to vest based on performance conditions. These units can convert into Common Units, redeemable for cash or shares of the company’s common stock. As part of this amendment, executives Shawn J. Tibbetts and Matthew T. Barnes-Smith were granted Time-Based and Performance LTIP Units, valued at $850,000 and $325,000 respectively for Tibbetts, and $750,000 and $300,000 respectively for Barnes-Smith. These awards are contingent on the company’s total shareholder return relative to a peer group of real estate investment trusts.

Additionally, Armada Hoffler expanded its Board of Directors and appointed Shawn J. Tibbetts as a new director, effective January 1, 2025. This appointment coincides with Tibbetts’ transition to Chief Executive Officer on the same date. The board’s size increased from nine to ten directors, and Tibbetts will serve until the 2025 annual meeting of stockholders. The company stated that there were no arrangements or understandings with other persons concerning Tibbetts’ selection as a director. These updates reflect Armada Hoffler’s ongoing strategy to align leadership incentives with shareholder interests and prepare for future growth.

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