On June 20, 2016, Anthony P. Nero, the President of Development of Armada Hoffler Properties, Inc. informed the Company of his decision to retire effective December 31, 2016. The Company does not intend to appoint a successor to the office of President of Development, and all responsibilities associated with that role will be reallocated to other members of the Company's management. Mr. Nero will continue to serve in his current position until his retirement in order to facilitate an orderly transition of his responsibilities to other members of management.