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Armada Hoffler Properties, Inc. (AHH) 鈥� Form 4 insider filing

Director Louis S. Haddad reported two equity transactions dated 18 June 2025:

• Grant of 7,938 restricted common shares (Transaction Code A) issued at $0.00. These shares will vest at the 2026 annual meeting.
• Surrender of 867 common shares (Transaction Code F) at $6.94 per share to satisfy tax-withholding obligations tied to previously vested restricted stock.

After the transactions, Mr. Haddad directly owns 295,781 common shares and 5,000 shares of 6.75 % Series A preferred stock. He also holds 2,108,918 common units of Armada Hoffler, L.P., each exchangeable鈥攁t the company鈥檚 election鈥攊nto cash or one AHH common share; these units have no expiration date and were issued more than one year ago, meaning they are currently redeemable.

No open-market purchases or discretionary sales occurred; the only disposition was the tax-withholding share surrender. The net change to direct common-share ownership is an increase of 7,071 shares.

The filing is routine executive compensation disclosure and does not signal any strategic shift or performance update for AHH.

Armada Hoffler Properties, Inc. (AHH) 鈥� Form 4 filing reports that Director James C. Cherry received an equity award on 06/18/2025.

• 7,938 Time-Based LTIP Units in the operating partnership were acquired; these units are convertible into common units after a two-year holding period and will vest at the 2026 annual meeting.
• Post-transaction beneficial ownership stands at 52,342 common shares, 12,000 Series A preferred shares, and 17,564 LTIP Units (including previously held units).
• No common or preferred shares were sold; the filing reflects an incentive grant rather than open-market activity.

The award suggests ongoing alignment of director incentives with shareholder value, but the relatively modest size limits immediate financial impact.

Armada Hoffler Properties (AHH) Form 4: Director Dennis H. Gartman received 7,938 restricted common shares on 06/18/2025 at a stated price of $0.

The award will vest in full at the 2026 Annual Meeting, increasing his direct holding to 44,603 shares. This is routine board compensation with negligible dilution and no cash impact, intended to align the director鈥檚 interests with shareholders rather than signal a change in sentiment or fundamentals.

Form 4 Overview 鈥� Armada Hoffler Properties, Inc. (AHH)

The filing reports insider activity by Daniel A. Hoffler, a director of the company, on 18-Jun-2025. Mr. Hoffler acquired 7,938 Time-Based LTIP Units in the operating partnership, increasing his derivative exposure to 24,743 units. These LTIP Units will vest at the 2026 Annual Meeting and, once vested and past the two-year holding requirement, can convert one-for-one into common partnership units that are ultimately redeemable for AHH common stock or cash.

Post-transaction ownership

• Common Stock: 266,647 shares (direct)
• 6.75% Series A Preferred: 4,000 shares (direct)
• Common Units: 4,976,439 (direct) and 279 (indirect via limited partnership)
• Time-Based LTIP Units: 24,743 (direct) 鈥� no expiration date

Key structural details

• LTIP Units were renamed 鈥淭ime-Based LTIP Units鈥� under the February 13 2025 amendment to the operating partnership agreement.
• Each Time-Based LTIP Unit converts to a common partnership unit at the holder鈥檚 election after vesting; the partnership unit is then redeemable for cash or one share of AHH common stock.
• No common stock was bought or sold; the transaction strictly involves derivative equity tied to long-term incentive compensation.

Investor takeaways

The acquisition signals continued alignment between a key insider and common shareholders, but the transaction鈥檚 size (鈮�0.2% of Mr. Hoffler鈥檚 total partnership units) is unlikely to be material to AHH鈥檚 capital structure or near-term valuation.

Form 4 Filing: Insider Trading Activity at Armada Hoffler Properties

Director Jennifer R. Boykin received a grant of 7,938 Time-Based LTIP Units in Armada Hoffler's Operating Partnership on June 18, 2025. These units represent a form of equity compensation with the following key terms:

• The LTIP Units will fully vest at the 2026 Annual Meeting of Stockholders
• After vesting and a two-year holding period, units are convertible to Common Units at holder's option
• Common Units can be redeemed for either cash equal to market value of common stock or, at company's election, exchanged for common stock on a 1:1 basis
• The grant was priced at $0 as compensation
• Following this transaction, Boykin directly owns 9,637 derivative securities

This equity grant aligns the director's interests with shareholders through long-term ownership requirements and demonstrates the company's commitment to performance-based compensation.

Director F. Blair Wimbush of Armada Hoffler Properties reported the acquisition of 7,938 Time-Based LTIP Units on June 18, 2025. These units represent indirect ownership in the company through its Operating Partnership, Armada Hoffler, L.P.

Key details of the transaction:

• The LTIP Units were granted at $0 cost and will fully vest at the 2026 Annual Meeting of Stockholders
• After a two-year holding period, these units can be converted to Common Units
• Common Units are redeemable for either cash equal to market value of common stock or, at company's election, one share of common stock
• Following the transaction, Wimbush directly owns 23,471.631 shares of Common Stock and 12,919 Time-Based LTIP Units

This equity-based compensation aligns the director's interests with shareholders and represents a long-term commitment to the company's performance.

UBS AG, London Branch will issue $180,000 of senior unsecured Return Optimization Securities (ROS) linked to the common stock of CrowdStrike Holdings, Inc. The notes trade on 25 Jun 2025, settle on 27 Jun 2025 (T+2) and mature on 31 Dec 2026, giving an 18-month tenor.

• Upside: Investors receive 2.0脳 any positive underlying return, capped at a 53.89 % maximum gain (maximum payment of $15.389 per $10 Security).
• Principal protection: None. A zero return yields only the $10 principal; a negative return reduces repayment dollar-for-dollar, potentially to $0.
• Reference levels: Initial level $494.09; final level observed 28 Dec 2026.
• Estimated initial value: $9.494, about 5.1 % below the $10 issue price, reflecting UBS鈥檚 funding spread and embedded fees.
• Economics: Underwriting discount $0.20 (2 %) per Security; net proceeds $9.80 to UBS.

Secondary market trades will settle T+1 under SEC Rule 15c6-1. Early sale may not realize the multiplier benefit, and liquidity depends on UBS as market-maker. Investors face market risk in CrowdStrike shares and credit risk of UBS AG. The notes are not FDIC-insured and have not been approved by any regulator.

Identifiers: CUSIP 90309J560, ISIN US90309J5609. Read the ROS prospectus supplement, product supplement and risk factors before investing.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is marketing Autocallable Phoenix Securities linked to Apple Inc. (AAPL) common stock and maturing in July 2026. Each $1,000 note may pay a quarterly contingent coupon of 3.125% (12.5% annualized) if AAPL鈥檚 closing price on an interim or final valuation date is at least 85% of the initial share price (the coupon barrier). Any missed coupons are recaptured on the next valuation date that meets the barrier, but are forfeited if the barrier is never reached thereafter.

The notes are automatically redeemed (at $1,000 plus the coupon) on any interim valuation date when AAPL closes at or above the initial price. If not called and AAPL is 鈮� 85% of the initial price on the final valuation date, investors receive full principal plus the final coupon. If AAPL closes below the 85% final barrier, principal is reduced by the percentage decline beyond a 15% buffer, exposing investors to significant downside and potential total loss.

Key structural terms include: no dividend participation, no exchange listing, credit exposure to Citigroup Global Markets Holdings Inc. and Citigroup Inc., and an estimated value of $936 at pricing (below the $1,000 issue price). The underwriting fee is $10 per note; CGMI and placement agents may also benefit from hedging activity. The securities target yield-seeking investors willing to accept issuer credit risk, Apple share volatility, and limited liquidity in exchange for elevated, contingent income.

Armada Hoffler Properties, Inc. (AHH) 鈥� Form 4 insider activity

Director Dennis H. Gartman reported an acquisition of 1,964 common shares on 06/16/2025. The shares were issued in lieu of his cash retainer, effectively representing stock-based compensation rather than an open-market purchase. The filing lists a reference price of $7.00 per share, placing the notional value of the grant at roughly $13,748. Following the transaction, Gartman鈥檚 direct holdings increased to 36,665 shares. No derivative securities were involved, and the transaction was not made under a Rule 10b5-1 plan. The report was signed by attorney-in-fact Matthew T. Barnes-Smith on 06/18/2025.

Given the modest size and routine nature of this director compensation grant, the event is unlikely to materially affect AHH鈥檚 valuation, but it does incrementally align director incentives with shareholder interests.