[Form 4] Armada Hoffler Properties, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Eric E. Apperson, President of Construction at Armada Hoffler Properties, Inc. (AHH), reported insider dispositions on 08/15/2025. He sold 48,837.262 shares of common stock at a weighted-average price of $7.1237, leaving him with 10,647.552 shares beneficially owned following the transaction. The filing also reports dispositions of 255,124 Common Units of Armada Hoffler, L.P. and 30,864 Time-Based LTIP Units, each reflected as convertible or redeemable into shares of the Company under the partnership agreement. The sale was reported on Form 4 and signed by an attorney-in-fact on 08/19/2025. Footnotes state the share price is a weighted average for multiple trades at prices between $7.115 and $7.170, and describe conversion/redemption mechanics for Common Units and Time-Based LTIP Units.

Positive

• None.

Negative

• Insider sale: Reporting Person disposed of 48,837.262 common shares on 08/15/2025 at a weighted-average price of $7.1237.
• Reduced direct ownership: Beneficial ownership of common stock decreased to 10,647.552 shares following the reported disposition.

Insights

Corporate Governance Expert

TL;DR: Insider sold a substantial block of shares and partnership units, reducing direct beneficial ownership to 10,647.552 shares.

The Form 4 documents a onetime disposition by a named officer rather than an acquisition. The filing provides clear disclosure of the number of shares sold, weighted-average sale price range, and remaining holdings. The report also clarifies that Common Units and Time-Based LTIP Units are convertible or redeemable into common stock under the partnership agreement, with the LTIP units subject to vesting-conversion restrictions. For governance review, the filing meets Rule 16 reporting requirements and supplies standard explanatory footnotes; no additional governance events or changes in officer role are disclosed.

Securities Analyst

TL;DR: Officer dispositions of 48,837.262 shares at ~$7.12 reduce his direct stake, while partnership units remain disclosed separately.

From a market perspective, the filing quantifies the exact number of shares sold and the weighted-average price, which aids transparency. The remaining direct shareholding is small at 10,647.552 shares. The separate reporting of 255,124 Common Units and 30,864 Time-Based LTIP Units is helpful because these units are economically tied to common stock value through conversion or redemption mechanisms. The disclosure does not include any information on planned future transactions or Rule 10b5-1 plans.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Apperson Eric E.

(Last) (First) (Middle)

C/O ARMADA HOFFLER PROPERTIES, INC.

222 CENTRAL PARK AVENUE, SUITE 1000

(Street)

VIRGINIA BEACH VA 23462

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Armada Hoffler Properties, Inc. [ AHH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President of Construction

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/15/2025		S		48,837.262	D	$7.1237(1)	10,647.552	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Units	(2)(3)							(2)(3)	(2)(3)	Common Stock	255,124		255,124	D
Time-Based LTIP Units	(3)(4)							(3)(4)	(3)(4)	Common Stock	30,864		30,864	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $7.115 to $7.170, inclusive. The Reporting Person undertakes to provide to Armada Hoffler Properties, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (1) to this Form 4.

2. 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.

3. 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.

4. Represents Time-Based LTIP Units in the Operating Partnership ("Time-Based LTIP Units"). Under the agreement of limited partnership 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 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.

Remarks:

	/s/ Matthew T. Barnes-Smith, Attorney-in-Fact for Eric E. Apperson	08/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Eric E. Apperson report on Form 4 for AHH?

The Form 4 reports dispositions on 08/15/2025: sale of 48,837.262 common shares at a weighted-average price of $7.1237, leaving 10,647.552 shares beneficially owned.

How many partnership units and LTIP units were reported in the filing?

The filing reports disposition of 255,124 Common Units and 30,864 Time-Based LTIP Units in the Operating Partnership.

What price range was disclosed for the sold shares?

Footnote states the shares were sold at prices ranging from $7.115 to $7.170, with a weighted-average price of $7.1237.

Are the Operating Partnership units convertible to common stock?

Yes. Footnotes explain Common Units are redeemable for cash equal to the market value of one share or, at the Company’s election, convertible into one share of common stock; Time-Based LTIP Units are convertible into Common Units subject to vesting and conversion restrictions.

When was the Form 4 signed and by whom?

The Form 4 was signed on behalf of Eric E. Apperson by Matthew T. Barnes-Smith, Attorney-in-Fact, on 08/19/2025.