James A. Carroll - Sep 15, 2025 Form 4 Insider Report for Armada Hoffler Properties, Inc. (AHH)

Role: Director
Signature: /s/ Matthew T. Barnes-Smith, as Attorney-in-Fact for James A. Carroll
Stock symbol: AHH
Transactions as of: Sep 15, 2025
Transactions value $: $5,155
Form type: 4
Date filed: 9/17/2025, 05:48 PM
Previous filing: Jul 9, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Carroll James A	Director	C/O ARMADA HOFFLER PROPERTIES, INC., 222 CENTRAL PARK AVENUE, SUITE 1000, VIRGINIA BEACH	/s/ Matthew T. Barnes-Smith, as Attorney-in-Fact for James A. Carroll	2025-09-17	0001575997

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AHH	Common Stock	Award	$5.15K	+704	+1.73%	$7.32	41.3K	Sep 15, 2025	Direct	F1

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						4.65K	Sep 15, 2025	Common Stock	4.65K		Direct	F2, F3
holding	AHH	Time-Based LTIP Units						12.9K	Sep 15, 2025	Common Stock	12.9K		Direct	F3, F4

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

Explanation of Responses:

Id	Content
F1	These shares were issued to the director in lieu of a portion of his cash retainer.
F2	Represents common units of limited partnership interest ("Common Units") in Armada Hoffler, L.P. (the "Operating Partnership"), the operating partnership of the Armada Hoffler Properties, Inc. (the "Company"), and of which the Company is the general partner. All Common Units reflected in this report may be tendered for redemption by the holder.
F3	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.
F4	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.