Transaction Details

Footnotes

Shares purchased pursuant to a broker-sponsored dividend reinvestment program. | The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.58 to $6.65, 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 purchased at each separate price within the range set forth in footnote (2) to this Form 4. | Represents Time-Based LTIP Units ("Time-Based LTIP Units") in Armada Hoffler, L.P. (the "Operating Partnership"), the operating partnership of the Company, and of which the Company is the general partner. 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 of limited partnership interest in the Operating Partnership ("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. | 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.