Eric E. Apperson - Mar 3, 2025 Form 4 Insider Report for Armada Hoffler Properties, Inc. (AHH)

Role: President of Construction
Signature: /s/ Matthew T. Barnes-Smith, Attorney-in-Fact for Eric E. Apperson
Stock symbol: AHH
Transactions as of: Mar 3, 2025
Transactions value $: -$85,209
Form type: 4
Date filed: 3/5/2025, 04:48 PM
Previous filing: Nov 26, 2024
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AHH	Common Stock	Award	$0	+34.9K	+103.05%	$0.00	68.8K	Mar 3, 2025	Direct	F1
transaction	AHH	Common Stock	Tax liability	-$85.2K	-9.28K	-13.5%	$9.18	59.5K	Mar 3, 2025	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	AHH	Common Units						255K	Mar 3, 2025	Common Stock	255K		Direct	F3, F4
holding	AHH	Time-Based LTIP Units						30.9K	Mar 3, 2025	Common Stock	30.9K		Direct	F4, F5, F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents a grant of restricted shares of common stock, 40% of which vested on the grant date, 20% of which will vest on the first anniversary of the grant date, 20% of which will vest on the second anniversary of the grant date and 20% of which will vest on the third anniversary of the grant date, subject to the executive's continued employment on such dates.
F2	Reflects shares of common stock surrendered to Armada Hoffler Properties, Inc. (the "Company") to satisfy tax withholding obligations in connection with the vesting of restricted shares of common stock.
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	On February 13th, 2025, the agreement of limited partnership of the Operating Partnership (the "OP Agreement") was amended, which amendment renamed existing "LTIP Units" as "Time-Based LTIP Units".
F6	Represents Time-Based LTIP Units in the Operating Partnership ("Time-Based LTIP Units"). Under 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.