Armada Hoffler Properties, Inc. — Director's Dealing 2025

Mar 27, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Armada Hoffler Properties, Inc. (AHH)
CIK: 0001569187
Period of Report: 2025-03-25

Reporting Person: KIRK A RUSSELL (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-03-25	Common Stock	P	50000	$7.726	Acquired	119430	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	49320.62	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Units	$		Common Stock (1235394)	1235394	Direct
Common Units	$		Common Stock (39347)	39347	Indirect
Common Units	$		Common Stock (91)	91	Indirect
Time-Based LTIP Units	$		Common Stock (9626)	9626	Direct

Footnotes

F1: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $7.698 to $7.737, inclusive. The Reporting Person undertakes to provide to Armada Hoffler Properties, Inc. (the "Company"), any security holder of Armada Hoffler Properties, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (1) to this Form 4.

F2: The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

F3: Represents common units of limited partnership interest ("Common Units") in Armada Hoffler, L.P. (the "Operating Partnership"), the operating partnership of the Company, and of which the Company is the general partner. All Common Units reflected in this report were issued more than one year prior to the date hereof and, therefore, may be tendered for redemption by the holder.

F4: Each Common Unit is redeemable for cash equal to the then-current market value of one share of the Company's common stock or, at the election of the Company, one share of the Company's common stock. Common Units have no expiration date.

F5: Represents Mr. Kirk's pecuniary interest in Common Units held by a limited partnership.

F6: Represents Time-Based LTIP Units in the Operating Partnership ("Time-Based LTIP Units"). Under the limited partnership agreement of the Operating Partnership (the "OP Agreement") and subject to conditions set forth in the OP Agreement, following the date on which the Time-Based LTIP Units vest, Time-Based LTIP Units are convertible into Common Units in the Operating Partnership at the holder's option. Under the award agreement pursuant to which the Time-Based LTIP Units were granted to the reporting person, except in connection with a Change of Control (as defined in the OP Agreement), the Time-Based LTIP Units may not be converted to Common Units until two years following the date of grant. Time-Based LTIP Units have no expiration date.