# EDGAR Filing Document

**Accession Number:** 0001569187
**File Stem:** 0001569187-25-000156
**Filing Date:** 2025-8
**Character Count:** 117530
**Document Hash:** 5a5345985985fe3eda4e28e646226f87
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001569187-25-000156.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001569187-25-000156

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 59

**CONFORMED PERIOD OF REPORT**: 20250804

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Armada Hoffler Properties, Inc.
- **CENTRAL INDEX KEY:** 0001569187
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 461214914
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35908
- **FILM NUMBER:** 251180263

**BUSINESS ADDRESS:**
- **STREET 1:** 222 CENTRAL PARK AVENUE
- **STREET 2:** SUITE 2100
- **CITY:** VIRGINIA BEACH
- **STATE:** VA
- **ZIP:** 23462
- **BUSINESS PHONE:** 757-366-4000

**MAIL ADDRESS:**
- **STREET 1:** 222 CENTRAL PARK AVENUE
- **STREET 2:** SUITE 2100
- **CITY:** VIRGINIA BEACH
- **STATE:** VA
- **ZIP:** 23462

?xml version='1.0' encoding='ASCII'? ahh-20250804

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): August 4, 2025

**ARMADA HOFFLER PROPERTIES, INC.** 

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Maryland** | **001-35908** | **46-1214914** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **222 Central Park Avenue** | **222 Central Park Avenue** | **,** | **Suite 1000** | |
| **Virginia Beach** | **,** | **Virginia** | **Virginia** | **23462** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(757) 366-4000** 

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.01 par value per share | AHH | New York Stock Exchange |
| 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share | AHHPrA | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02.**&nbsp;&nbsp;&nbsp;&nbsp; **Results of Operations and Financial Condition.**

On August 4, 2025, Armada Hoffler Properties, Inc. (the "Company") issued a press release announcing its financial position as of June 30, 2025, results of operations for the three months ended June 30, 2025, and other related information. Also on August 4, 2025, the Company made available on its website at www.ArmadaHoffler.com certain supplemental information concerning the Company's financial results and operations for the three months ended June 30, 2025. Copies of such press release and supplemental information are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

In accordance with General Instructions B.2 and B.6 of Form 8-K, the information included in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

**Item 7.01. Regulation FD Disclosure.**

The disclosure contained in Item 2.02 is incorporated herein by reference.

**Item 9.01. Financial Statements and Exhibits.** 

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 99.1 | <u>[Press Release, dated](ahh2025q2ex991earningsrele.htm)[August 4](ahh2025q2ex991earningsrele.htm)[, 2025, issued by Armada Hoffler Properties, Inc., providing its financial position as of](ahh2025q2ex991earningsrele.htm)[June 30](ahh2025q2ex991earningsrele.htm)[, 2025 and results of operations for the three](ahh2025q2ex991earningsrele.htm)[months ended](ahh2025q2ex991earningsrele.htm)[June 30](ahh2025q2ex991earningsrele.htm)[, 2025.](ahh2025q2ex991earningsrele.htm)</u> |
| 99.2 | <u>[Armada Hoffler Properties, Inc.](q22025supplemental.htm)[Second](q22025supplemental.htm)[Quarter 2025 Supplemental Information](q22025supplemental.htm)</u>. |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **ARMADA HOFFLER PROPERTIES, INC.** | **ARMADA HOFFLER PROPERTIES, INC.** |
| Date: August 4, 2025 | By: | /s/ Matthew T. Barnes-Smith |
|  |  | Matthew T. Barnes-Smith |
|  |  | Chief Financial Officer, Treasurer and Corporate Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![tempsnip.gif](tempsnip.gif) | PRESS RELEASE |

---

**ARMADA HOFFLER REPORTS SECOND QUARTER 2025 RESULTS**

**GAAP Net Income of $0.04 Per Diluted Share for the Second Quarter**

**Normalized FFO of $0.25 Per Diluted Share for the Second Quarter**

**Same Store NOI Growth of 1.4% (GAAP)**

**Positive Office Releasing Spreads of 11.7% (GAAP) and 5.5% (Cash)**

**Positive Retail Renewal Spreads of 10.8% (GAAP) and 5.5% (Cash)**

**Approximately 161K Net Rentable Square Feet of New and Renewed Commercial Lease Space**

**Maintained 2025 Full-Year Normalized FFO Guidance Range of $1.00 to $1.10 per Diluted Share**

VIRGINIA BEACH, VA, August 4, 2025 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended June 30, 2025 and provided an update on current events and earnings guidance.

**Second Quarter and Recent Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to common stockholders and OP Unit holders of $3.9 million, or $0.04 per diluted share, compared to net income attributable to common stockholders and OP Unit holders of $0.4 million, or $0.00 per diluted share, for the three months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $19.0 million, or $0.19 per diluted share, compared to $22.4 million, or $0.25 per diluted share, for the three months ended June 30, 2024. See "Non-GAAP Financial Measures."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $25.4 million, or $0.25 per diluted share, compared to $30.2 million, or $0.34 per diluted share, for the three months ended June 30, 2024. See "Non-GAAP Financial Measures."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of June 30, 2025, weighted average stabilized portfolio occupancy was 94.9%. Retail occupancy was 94.2%, office occupancy was 96.3%, and multifamily occupancy was 94.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Positive spreads on renewals across all commercial segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** Retail 10.8% (GAAP) and 5.5% (Cash)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Office 11.7% (GAAP) and 5.5% (Cash)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed 14 commercial lease renewals and 10 new commercial leases during the second quarter for an aggregate of approximately 161,000 of net rentable square feet.

<br>"We believe our focus on high-quality properties that generate stable, predictable income positions us to deliver long-term value to our shareholders," said Shawn Tibbetts, Chief Executive Officer and President. "We are building on our strengths to create a more agile Armada Hoffler; one positioned to deliver consistent, durable earnings growth and long-term value."

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same Store Net Operating Income ("NOI") increased 1.4% on a GAAP basis compared to the quarter ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third-party construction backlog as of June 30, 2025 was $106.6 million and general contracting and real estate services gross profit for the second quarter was $1.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the second quarter of 2025, unrealized gains on non-designated interest rate derivatives that positively affected FFO were $3.8 million. As of June 30, 2025, the value of the Company's entire interest rate derivative portfolio, net of unrealized gains, was $8.2 million. These gains are excluded from Normalized FFO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 10, 2025, the Company acquired the remaining interest of its partner for the Harbor Point Parcel 4 ("Allied \| Harbor Point") project, resulting in Harbor Point Parcel 4 Development, LLC becoming a wholly owned subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 22, 2025, the Company, as parent guarantor, and Armada Hoffler, L.P., the Company's operating partnership (the "Operating Partnership"), as borrower, entered into a note purchase agreement with institutional investors, pursuant to which the Operating Partnership sold, and the institutional investors purchased, an aggregate of $115.0 million of senior unsecured notes of the Operating Partnership, consisting of (a) $25.0 million aggregate principal amount of 5.57% Senior Notes, Series A, due July 22, 2028, (b) $45.0 million aggregate principal amount of 5.78% Senior Notes, Series B, due July 22, 2030 and (c) $45.0 million aggregate principal amount of 6.09% Senior Notes, Series C, due July 22, 2032 (collectively, the "Notes"). The Company utilized the proceeds of the sale of the Notes to repay the $65.0 million construction loan secured by the Southern Post mixed-use asset and $48.0 million under the Company's revolving credit facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 24, 2025, the Company entered into four interest rate swap agreements with a total notional of $820.0 million and a SOFR rate of 2.25%. The interest rate swaps will expire on August 1, 2026. The Company paid $14.0 million in premiums for the transactions.

**Financial Results**

Net income attributable to common stockholders and OP Unit holders for the second quarter was $3.9 million compared to net income attributable to common stockholders and OP Unit holders of $0.4 million for the second quarter of 2024. The period-over-period change was primarily due to the $6.9 million gain on consolidation of Allied \| Harbor Point, partially offset by conversion of development property into the operating portfolio.

FFO attributable to common stockholders and OP Unit holders for the second quarter was $19.0 million compared to $22.4 million for the second quarter of 2024. The year-over-year decrease in FFO was primarily due to a decrease in general contracting and real estate services gross profit, an increase in interest expense, and the recognition of equity in loss of unconsolidated real estate entities, partially offset by an increase in portfolio NOI recognized during the quarter. Normalized FFO attributable to common stockholders and OP Unit holders for the second quarter decreased to $25.4 million compared to $30.2 million for the second quarter of 2024. The year-over-year decrease in Normalized FFO was primarily due to the decrease in general contracting and real estate services gross profit and the recognition of equity in loss of unconsolidated real estate entities, partially offset by an increase in portfolio NOI recognized during the quarter.

**Operating Performance**

At the end of the second quarter, the Company's retail, office, and multifamily stabilized operating property portfolios were 94.2%, 96.3%, and 94.0% occupied, respectively.

Total third party construction contract backlog was $106.6 million as of June 30, 2025.

------

Interest income from real estate financing investments was $3.7 million for the three months ended June 30, 2025.

**Balance Sheet and Financing Activity**

As of June 30, 2025, the Company had $1.4 billion of total debt outstanding, including $209.0 million outstanding under its revolving credit facility. Total debt outstanding excludes GAAP adjustments and deferred financing costs. As of June 30, 2025, the Company's debt was 94% fixed or economically hedged after considering interest rate swaps.

**Outlook**

The Company maintained its 2025 full-year Normalized FFO guidance at the Company's previous guidance range of $1.00 to $1.10 per diluted share. The following table updates the Company's assumptions underpinning full year guidance. The Company's executive management will provide further details regarding its 2025 earnings guidance during tomorrow's webcast and conference call.

---

| | | |
|:---|:---|:---|
| **Full-year 2025 Guidance** <sup>[1][2]</sup> | **Expected Ranges** | **Expected Ranges** |
| &nbsp;&nbsp;&nbsp;Portfolio NOI | $173.6 M | $176.0 M |
| &nbsp;&nbsp;&nbsp;Construction Segment Gross Profit | $5.0 M | $7.0 M |
| &nbsp;&nbsp;&nbsp;G&A Expenses | ($17.2 M) | ($16.4 M) |
| &nbsp;&nbsp;&nbsp;Interest Income | $15.3 M | $16.3 M |
| &nbsp;&nbsp;&nbsp;Adjusted Interest Expense<sup>[3]</sup> | ($64.7 M) | ($60.7 M) |
| &nbsp;&nbsp;&nbsp;Normalized FFO per diluted share | $1.00 | $1.10 |

---

<sup>[1]</sup> Ranges exclude certain items per the Company 's Normalized FFO definition: Normalized FFO excludes certain items, including debt extinguishment losses and prepayment penalties, impairment and accelerated amortization of intangible assets and liabilities, property acquisition, development, and other pursuit costs, mark-to-market adjustments for interest rate derivatives not designated as cash flow hedges, amortization of payments made to purchase interest rate caps and swaps designated as cash flow hedges, provision for unrealized non-cash credit losses, amortization of right-of-use assets attributable to finance leases, severance related costs, and other non-comparable items. See "Non-GAAP Financial Measures." The Company does not provide a reconciliation for its guidance range of Normalized FFO per diluted share to net income per diluted share, the most directly comparable forward-looking GAAP financial measure, because it is unable to provide a meaningful or accurate estimate of reconciling items and the information is not available without unreasonable effort as a result of the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income per diluted share. For the same reasons, the Company is unable to address the probable significance of the unavailable information and believes that providing a reconciliation for its guidance range of Normalized FFO per diluted share would imply a degree of precision for its forward-looking net income per diluted share that could be misleading to investors.

<sup>[2]</sup> Includes the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Southern Post Commercial Stabilized 4Q25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Two Real Estate Financing investments acquired in second half of 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One Property Disposition

<sup>[3]</sup> Includes the interest expense on finance leases and interest receipts of non-designated derivatives.

**Supplemental Financial Information**

Further details regarding operating results, properties, and leasing statistics can be found in the Company's supplemental financial package available on the Investors page at ArmadaHoffler.com.

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**Webcast and Conference Call**

The Company will host a webcast and conference call on Tuesday, August 5, 2025 at 8:30 a.m. Eastern Time to review financial results and discuss recent events. The recorded webcast will be available through the Investors page of the Company's website, ArmadaHoffler.com. To participate in the call, please dial (+1) 800 549 8228 (toll-free dial-in number) or (+1) 646 564 2877 (toll dial-in number). The conference ID is 67471. A replay of the conference call will be available through Thursday, September 4, 2025 by dialing (+1) 888 660 6264 (toll-free dial-in number) or (+1) 646 517 3975 (toll dial-in number) and providing passcode 67471#.

**About Armada Hoffler Properties, Inc.**

Armada Hoffler (NYSE: AHH) is a vertically integrated, self-managed real estate investment trust with over four decades of experience developing, building, acquiring, and managing high-quality retail, office, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. The Company also provides general construction and development services to third-party clients, in addition to developing and building properties to be placed in their stabilized portfolio. Founded in 1979 by Daniel A. Hoffler, Armada Hoffler has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information visit ArmadaHoffler.com.

**Forward-Looking Statements**

Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These forward-looking statements may include comments relating to the current and future performance of the Company's operating property portfolio, the Company's development pipeline, the Company's real estate financing program, the Company's construction and development business, including backlog and timing of deliveries and estimated costs, financing activities, as well as acquisitions, dispositions, and the Company's financial outlook, guidance, and expectations. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and the Company may not be able to realize any forward-looking statement. For a description of factors that may cause the Company's actual results or performance to differ from its forward-looking statements, please review the information under the heading "Risk Factors" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and the other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions, or circumstances on which any such statement is based, except to the extent otherwise required by applicable law.

**Non-GAAP Financial Measures**

The Company calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("Nareit"). Nareit defines FFO as net income (loss) (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains or losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.

FFO is a supplemental non-GAAP financial measure. The Company uses FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the Company's operational performance. Specifically, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared period-over-period, captures trends in occupancy rates, rental rates, and operating costs. We also believe

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that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the Company's operating performance with that of other REITs.

However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the Company's properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of the Company's properties, all of which have real economic effects and could materially impact the Company's results from operations, the utility of FFO as a measure of the Company's performance is limited. In addition, other equity REITs may not calculate FFO in accordance with the Nareit definition as the Company does, and, accordingly, the Company's FFO may not be comparable to such other REITs' FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of the Company's performance. FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or service indebtedness. Also, FFO should not be used as a supplement to or substitute for cash flow from operating activities computed in accordance with GAAP.

Management also believes that the computation of FFO in accordance with Nareit's definition includes certain items that are not indicative of the results provided by the Company's operating property portfolio and affect the comparability of the Company's period-over-period performance. Accordingly, management believes that Normalized FFO is a more useful performance measure that excludes certain items, including but not limited to, debt extinguishment losses and prepayment penalties, impairment and accelerated amortization of intangible assets and liabilities, property acquisition, development, and other pursuit costs, mark-to-market adjustments for interest rate derivatives not designated as cash flow hedges, amortization of payments made to purchase interest rate caps and swaps designated as cash flow hedges, provision for unrealized non-cash credit losses, amortization of right-of-use assets attributable to finance leases, severance related costs, and other non-comparable items. Other equity REITs may not calculate Normalized FFO in the same manner as we do, and, accordingly, our Normalized FFO may not be comparable to such other REITs' Normalized FFO.

NOI is the measure used by the Company's chief operating decision-maker to assess segment performance. The Company calculates NOI as segment revenues less segment expenses. Segment revenues include rental revenues (base rent, expense reimbursements, termination fees, and other revenue) for our property segments, general contracting and real estate services revenues for our general contracting and real estate services segment, and interest income for our real estate financing segment. Segment expenses include rental expenses and real estate taxes for our property segments, general contracting and real estate services expenses for our general contracting and real estate services segment, and interest expense for our real estate financing segment. Segment NOI for the general contracting and real estate services and real estate financing segments is also referred to as segment gross profit. NOI is not a measure of operating income or cash flows from operating activities as measured in accordance with GAAP and is not indicative of cash available to fund cash needs. As a result, NOI should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company's real estate and construction businesses. To calculate NOI on a cash basis, we adjust NOI to exclude the net effects of straight line rent and the amortization of lease incentives and above/below market rents.

For reference, as an aid in understanding the Company's computation of NOI, NOI Cash Basis, FFO and Normalized FFO, a reconciliation of net income calculated in accordance with GAAP to NOI, NOI Cash Basis, FFO, and Normalized FFO has been included further in this release.

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ARMADA HOFFLER PROPERTIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| | **(Unaudited)** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>ASSETS</u>** | | |
| &nbsp;&nbsp;&nbsp;Real estate investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income producing property | $2435640 | $2173787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for development | 5683 | 5683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction in progress | 24095 | 17515 |
|  | 2465418 | 2196985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (487686) | (451907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net real estate investments | 1977732 | 1745078 |
| &nbsp;&nbsp;&nbsp;Real estate investments held for sale | 4800 | 4800 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 52111 | 70642 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 2490 | 1581 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 53993 | 52860 |
| &nbsp;&nbsp;&nbsp;Notes receivable, net | 139772 | 132565 |
| &nbsp;&nbsp;&nbsp;Construction receivables, including retentions, net | 47135 | 84624 |
| &nbsp;&nbsp;&nbsp;Construction contract costs and estimated earnings in excess of billings | 2990 | 6 |
| &nbsp;&nbsp;&nbsp;Equity method investments | 47335 | 158151 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 22727 | 22841 |
| &nbsp;&nbsp;&nbsp;Finance lease right-of-use assets | 88262 | 88986 |
| &nbsp;&nbsp;&nbsp;Acquired lease intangible assets | 83492 | 89739 |
| &nbsp;&nbsp;&nbsp;Other assets | 53832 | 60990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 2576671 | 2512863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>LIABILITIES AND EQUITY</u>** |  |  |
| &nbsp;&nbsp;&nbsp;Indebtedness, net | 1446820 | 1295559 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 34106 | 38840 |
| &nbsp;&nbsp;&nbsp;Construction payables, including retentions | 59377 | 104495 |
| &nbsp;&nbsp;&nbsp;Billings in excess of construction contract costs and estimated earnings | 6664 | 5871 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 31284 | 31365 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities | 93086 | 92646 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 44543 | 54418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 1715880 | 1623194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity** | 860791 | 889669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Equity** | $2576671 | $2512863 |

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ARMADA HOFFLER PROPERTIES, INC.

CONDENSED CONSOLIDATED INCOME STATEMENTS

(in thousands, except per share amounts)

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| | | |
|:---|:---|:---|
| | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** |
| | **2025** | **2024** |
| | **(Unaudited)** | **(Unaudited)** |
| &nbsp;&nbsp;&nbsp;**Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental revenues | $65147 | $63265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General contracting and real estate services revenues | 31976 | 116839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 4140 | 4632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 101263 | 184736 |
| &nbsp;&nbsp;&nbsp;**Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental expenses | 16077 | 15087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes | 6590 | 5886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General contracting and real estate services expenses | 30592 | 112500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 21752 | 21183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 5998 | 4503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition, development, and other pursuit costs | 286 | 5528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  | 1494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 81295 | 166181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on real estate dispositions, net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | 19968 | 18555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (21271) | (21227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in loss of unconsolidated real estate entities | (322) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on consolidation of real estate entities | 6915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivatives and other | 648 | 4398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized credit loss release | 209 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | 3 | 79 |
| &nbsp;&nbsp;&nbsp;Income before taxes | 6150 | 2033 |
| &nbsp;&nbsp;&nbsp;Income tax benefit | 567 | 1246 |
| &nbsp;&nbsp;&nbsp;**Net income** | 6717 | 3279 |
| &nbsp;&nbsp;&nbsp;Net loss (income) attributable to noncontrolling interests in investment entities | 77 | (17) |
| &nbsp;&nbsp;&nbsp;Preferred stock dividends | (2887) | (2887) |
| &nbsp;&nbsp;&nbsp;**Net (loss) income attributable to common stockholders and OP Unitholders** | $3907 | $375 |

---

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ARMADA HOFFLER PROPERTIES, INC.

RECONCILIATION OF NET (LOSS) INCOME TO FFO & NORMALIZED FFO

(in thousands, except per share amounts)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** |
| | **2025** | **2024** |
| | **(Unaudited)** | **(Unaudited)** |
| **Net (loss) income attributable to common stockholders and OP Unitholders** | $3907 | $375 |
| Depreciation and amortization, net <sup>(1)</sup> | 21979 | 20570 |
| Gain on consolidation of real estate entities | (6915) |  |
| Impairment of real estate assets |  | 1494 |
| **FFO attributable to common stockholders and OP Unitholders** | $18971 | $22439 |
| Acquisition, development, and other pursuit costs | 286 | 5528 |
| Unrealized credit loss release | (209) | (228) |
| Amortization of right-of-use assets - finance leases | 395 | 394 |
| Increase in fair value of derivatives not designated as cash flow hedges | 3845 | 1950 |
| Stock compensation normalization<sup>(2)</sup> | 139 |  |
| Amortization of interest rate derivatives on designated cash flow hedges | 383 | 121 |
| Severance related costs | 1580 |  |
| **Normalized FFO available to common stockholders and OP Unitholders** | $25390 | $30204 |
| **Net (loss) income attributable to common stockholders and OP Unitholders per diluted share and unit** | $0.04 | $— |
| **FFO attributable to common stockholders and OP Unitholders per diluted share and unit** | $0.19 | $0.25 |
| **Normalized FFO attributable to common stockholders and OP Unitholders per diluted share and unit** | $0.25 | $0.34 |
| Weighted average common shares and units - diluted | 102286 | 88815 |

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________________________________________

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| |
|:---|
| (1) The adjustment for depreciation and amortization excludes amortization of above and below-market ground lease assets. The adjustments for depreciation and amortization for each of the three months ended June 30, 2025 and 2024 excludes $0.3 million and $0.2 million, respectively, of depreciation attributable to our partners. |
| (2) Accounts for the double-issuance of stock compensation due to a modification in the structure of executive compensation grants, removing the impact of grants in the current year that are related to the prior year's performance. New grants are now issued in the year in which performance relates. Adjustment also removes impact of a one-time acceleration of 100% of stock compensation awarded to our former Chief Executive Officer in relation to prior year performance and the special award granted in June 2025. This adjustment accounts for the duplicate expense, but does not adjust for the double issuance of shares. |

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ARMADA HOFFLER PROPERTIES, INC.

RECONCILIATION OF NET (LOSS) INCOME TO SAME STORE NOI, CASH BASIS

(in thousands) (unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** |
| | **2025** | **2024** |
| <u>Retail Same Store</u> <sup>(1)</sup> |  |  |
| Same Store NOI, Cash Basis | $16886 | $17172 |
| &nbsp;&nbsp;GAAP Adjustments <sup>(2)</sup> | 1350 | 971 |
| Same Store NOI | 18236 | 18143 |
| &nbsp;&nbsp;Non-Same Store NOI <sup>(3)</sup> | 75 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment NOI | 18311 | 19278 |
| <u>Office Same Store</u> <sup>(4)</sup> |  |  |
| Same Store NOI, Cash Basis | 13202 | 13051 |
| &nbsp;&nbsp;GAAP Adjustments <sup>(2)</sup> | 2061 | 1976 |
| Same Store NOI | 15263 | 15027 |
| &nbsp;&nbsp;Non-Same Store NOI <sup>(3)</sup> | 182 | (247) |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment NOI | 15445 | 14780 |
| <u>Multifamily Same Store</u> <sup>(5)</sup> |  |  |
| Same Store NOI, Cash Basis | 7799 | 7569 |
| &nbsp;&nbsp;GAAP Adjustments <sup>(2)</sup> | 215 | 208 |
| Same Store NOI | 8014 | 7777 |
| &nbsp;&nbsp;Non-Same Store NOI <sup>(3)</sup> | 710 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment NOI | 8724 | 8232 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Property NOI** | 42480 | 42290 |
| General contracting & real estate services gross profit | 1384 | 4339 |
| Real estate financing gross profit | 3672 | 3966 |
| Interest income <sup>(6)</sup> | 468 | 666 |
| Depreciation and amortization | (21752) | (21183) |
| General and administrative expenses | (5998) | (4503) |
| Acquisition, development, and other pursuit costs | (286) | (5528) |
| Interest expense <sup>(7)</sup>  | (21271) | (21227) |
| Equity in income of unconsolidated real estate entities | (322) |  |
| Gain on consolidation of real estate entities | 6915 |  |
| Change in fair value of derivatives and other | 648 | 4398 |
| Unrealized credit loss release | 209 | 228 |
| Other income (expense), net | 3 | 79 |
| Income tax benefit | 567 | 1246 |
| Net income | 6717 | 3277 |
| Net loss (income) attributable to noncontrolling interests in investment entities | 77 | (17) |
| Preferred stock dividends | (2887) | (2887) |
| **Net income attributable to AHH and OP unitholders** | $3907 | $373 |

---

________________________________________

------

---

| |
|:---|
| (1) Retail same-store portfolio for the three months ended June 30, 2025 and 2024 excludes Southern Post Retail, Allied \| Harbor Point Retail, and Columbus Village II due to redevelopment, as well as Market at Mill Creek and Nexton Square which were sold in December 2024. |
| (2) GAAP Adjustments include adjustments for the net effects of straight-line rental revenues, the amortization of lease incentives and above/below market rents, the net effects of straight-line rental expenses, and ground rent expenses for finance leases. |
| (3) Includes expenses associated with the Company's in-house asset management division. |
| (4) Office same-store portfolio for the three months ended June 30, 2025 and 2024 excludes Southern Post Office and Allied \| Harbor Point Office Garage. |
| (5) Multifamily same-store portfolio for the three months ended June 30, 2025 and 2024 excludes Chandler Residences and The Allied \| Harbor Point. |
| (6) Excludes real estate financing segment interest income. |
| (7) Excludes real estate financing segment interest expense. |

---

**Contact:**

Chelsea Forrest

Armada Hoffler

Vice President of Corporate Communications and Investor Relations

Email: CForrest@ArmadaHoffler.com

Phone: (757) 612-4248

## Exhibit 99.2

![](q22025supplemental001.jpg)

SUPPLEMENTAL FINANCIAL PACKAGE

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![](q22025supplemental002.jpg)

2 BOARD OF DIRECTORS Louis S. Haddad, Executive Chairman of the Board Daniel A. Hoffler, Chairman Emeritus of the Board James A. Carroll, Lead Independent Director George F. Allen, Independent Director Jennifer R. Boykin, Independent Director James C. Cherry, Independent Director Dennis H. Gartman, Independent Director Shawn J. Tibbetts, Director F. Blair Wimbush, Independent Director CORPORATE OFFICERS Shawn J. Tibbetts, Chief Executive Officer and President Matthew T. Barnes-Smith, Chief Financial Officer Scotia Capital USA Inc Viktor Fediv (212) 225-6911 viktor.fediv@scotiabank.com Bank of America Merrill Lynch Jana Galan (646) 855-5042 jana.galan@bofa.com Janney, Montgomery, & Scott LLC Robert Stevenson (646) 840-3217 robertstevenson@janney.com ANALYST COVERAGE Armada Hoffler (NYSE: AHH) is a vertically integrated, self-managed real estate investment trust ("REIT") with over four decades of experience developing, building, acquiring, and managing high-quality retail, office, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. The Company also provides general construction and development services to third-party clients, in addition to developing and building properties to be placed in its stabilized portfolio. Founded in 1979 by Daniel A. Hoffler, Armada Hoffler has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information, visit ArmadaHoffler.com. CORPORATE PROFILE CREDIT RATING Rating: BBB Agency: Morningstar DBRS Stifel Simon Yarmak (443) 224-1345 yarmaks@stifel.com Jefferies LLC Peter Abramowitz (212) 336-7241 pabramowitz@jefferies.com

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![](q22025supplemental003.jpg)

3 HIGHLIGHTS $0.19 Second Quarter FFO Per Diluted Share $0.25 Second Quarter Normalized FFO Per Diluted Share 94.9% Wtd. Avg. Stabilized Portfolio Occupancy as of June 30, 2025 60% ABR in Mixed-Use Communities 168K Square Feet of New and Renewed Commercial Space for the Second Quarter of 2025 94.0% Multifamily Occupancy 10.8% Second Quarter Retail Lease Renewal Spread Increase, GAAP 11.7% Second Quarter Office Lease Renewal Spread Increase, GAAP 94.2% First Stabilized Quarter Occupancy Chandler Residences

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4 (1) See appendix for definitions. Ranges include or exclude certain items as per definition. (2) See definition in appendix. Refer to the Hedging Activity slide for the breakdown of derivative interest income for the second quarter of 2025. 2025 OUTLOOK & ASSUMPTIONS OUTLOOK(1) LOW HIGH PROPERTY PORTFOLIO NOI $173.6M $176.0M CONSTRUCTION SEGMENT PROFIT $5.0M $7.0M G&A EXPENSES ($17.2M) ($16.4M) INTEREST INCOME $15.3M $16.3M ADJUSTED INTEREST EXPENSE(2) ($64.7M) ($60.7M) NORMALIZED FFO PER DILUTED SHARE $1.00 $1.10 GUIDANCE ASSUMPTIONS • Southern Post Commercial Stabilized 4Q25 • Two Real Estate Financing investments acquired in second half of 2025 • One Property Disposition

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5(1) See appendix for definitions. (2) Excludes GAAP adjustments. (3) Total occupancy weighted by annualized rent. SUMMARY INFORMATION $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) OPERATIONAL METRICS 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Net Income (Loss) Attributable to Common Stockholders and OP Unitholders $3,907 ($7,227) $26,140 ($10,416) Net Income (Loss) per Diluted Share Attributable to Common Stockholders and OP $0.04 ($0.07) $0.26 ($0.11) Normalized FFO Attributable to Common Stockholders and OP Unitholders 25,390 25,608 27,837 31,438 Normalized FFO per Diluted Share Attributable to Common Stockholders and OP Unitholders $0.25 $0.25 $0.27 $0.35 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.2x 5.4x 5.8x 5.9x Fixed Charge Coverage Ratio(1) 1.5x 1.7x 1.6x 1.4x CAPITALIZATION Common Shares Outstanding 80,160 80,156 79,696 79,696 Operating Partnership Units Outstanding 23,507 21,942 21,666 21,668 Common Shares and Operating Partnership Units Outstanding 103,667 102,098 101,362 101,364 Market Price per Common Share as of Last Trading Day of Quarter $6.87 $7.51 $10.23 $10.83 Common Equity Capitalization 712,192 766,756 1,036,933 1,097,772 Preferred Equity Capitalization 171,085 171,085 171,085 171,085 Total Equity Capitalization 883,277 937,841 1,208,018 1,268,857 Total Debt(2) 1,448,237 1,321,436 1,297,510 1,330,124 Total Capitalization $2,331,514 $2,259,277 $2,505,528 $2,598,981 STABILIZED PORTFOLIO OCCUPANCY(1) Retail 94.2 % 94.5 % 95.3 % 96.2 % Office 96.3 % 97.5 % 97.2 % 94.7 % Multifamily 94.0 % 95.0 % 95.3 % 95.3 % Weighted Average(3) 94.9 % 95.7 % 96.0 % 95.4 % STABILIZED PORTFOLIO Commercial Retail Portfolio Net Operating Income $17,912 $17,583 $19,004 $18,622 Number of Properties 46 46 46 48 Net Rentable Square Feet 3,823k 3,823k 3,824k 4,037k Office Portfolio Net Operating Income $14,947 $14,886 $12,817 $18,969 Number of Properties 14 14 14 14 Net Rentable Square Feet 2,337k 2,338k 2,335k 2,333k Multifamily Multifamily Portfolio Net Operating Income $9,145 $8,523 $8,764 $7,982 Number of Properties 12 11 11 11 Units 2,631 2,492 2,492 2,492

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6 Three Months Ended Six Months Ended 6/30/2025 6/30/2024 6/30/2025 6/30/2024 (Unaudited) (Unaudited) Revenues Rental Revenues $65,147 $63,265 $128,948 $125,146 General Contracting and Real Estate Services Revenues 31,976 116,839 78,590 243,814 Interest Income 4,140 4,632 8,368 9,258 Total Revenues 101,263 184,736 215,906 378,218 Expenses Rental Expenses 16,077 15,087 31,701 29,692 Real Estate Taxes 6,590 5,886 12,527 11,811 General Contracting and Real Estate Services Expenses 30,592 112,500 75,842 235,398 Depreciation and Amortization 21,752 21,183 44,968 42,013 General & Administrative Expenses 5,998 4,503 13,384 10,377 Acquisition, Development & Other Pursuit Costs 286 5,528 340 5,528 Impairment Charges — 1,494 — 1,494 Total Expenses 81,295 166,181 178,762 336,313 Operating Income 19,968 18,555 37,144 41,905 Interest Expense (21,271) (21,227) (39,380) (39,202) Equity in Loss of Unconsolidated Real Estate Entities (322) — (2,235) — Gain (Loss) on Consolidation of Real Estate Entities 6,915 — 6,915 — Change in Fair Value of Derivatives and Other 648 4,398 (562) 17,286 Unrealized Credit Loss Release 209 228 187 145 Other Income (Expense), Net 3 79 (72) 158 Income (Loss) Before Taxes 6,150 2,033 1,997 20,292 Income Tax Benefit 567 1,246 377 712 Net Income (Loss) $6,717 $3,279 $2,374 $21,004 Net (Income) Loss Attributable to Noncontrolling Interests in Investment Entities 77 (17) 80 (51) Preferred Stock Dividends (2,887) (2,887) (5,774) (5,774) Net Income Attributable to AHH and OP Unitholders $3,907 $375 ($3,320) $15,179 Net Income per Diluted Share and Unit Attributable to AHH and OP Unitholders $0.04 $0.00 ($0.03) $0.17 Weighted Average Shares & OP Units - Diluted(1) 102,286 88,815 101,930 88,633 SUMMARY INCOME STATEMENT $ IN THOUSANDS, EXCEPT PER SHARE (1) Represents the weighted average number of common shares and OP Units outstanding during the respective periods presented excluding potentially dilutive impact of Preferred Stock.

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![](q22025supplemental007.jpg)

7 SUMMARY BALANCE SHEET $ IN THOUSANDS As Of 6/30/2025 12/31/2024 (Unaudited) Assets Real Estate Investments: Income Producing Property $2,435,640 $2,173,787 Held for Development 5,683 5,683 Construction in Progress 24,095 17,515 Accumulated Depreciation (487,686) (451,907) Net Real Estate Investments 1,977,732 1,745,078 Real Estate Investments Held for Sale 4,800 4,800 Cash and Cash Equivalents 52,111 70,642 Restricted Cash 2,490 1,581 Accounts Receivable, Net 53,993 52,860 Notes Receivable, Net 139,772 132,565 Construction Receivables, Including Retentions, Net 47,135 84,624 Construction Contract Costs and Estimated Earnings in Excess of Billings 2,990 6 Equity Method Investments 47,335 158,151 Operating Lease Right-of-Use Assets 22,727 22,841 Finance Lease Right-of-Use Assets 88,262 88,986 Acquired Lease Intangible Assets 83,492 89,739 Other Assets 53,832 60,990 Total Assets $2,576,671 $2,512,863 Liabilities and Equity Indebtedness, Net $1,446,820 $1,295,559 Accounts Payable and Accrued Liabilities 34,106 38,840 Construction Payables, Including Retentions 59,377 104,495 Billings in Excess of Construction Contract Costs and Estimated Earnings 6,664 5,871 Operating Lease Liabilities 31,284 31,365 Finance Lease Liabilities 93,086 92,646 Other Liabilities 44,543 54,418 Total Liabilities 1,715,880 1,623,194 Total Equity 860,791 889,669 Total Liabilities and Equity $2,576,671 $2,512,863

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![](q22025supplemental008.jpg)

8 FFO, NORMALIZED FFO, & AFFO(1) $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) Six Months Ended (Unaudited) 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2025 6/30/2024 Funds From Operations Net Income (Loss) Attributable to AHH and OP Unitholders $3,907 ($7,227) $26,140 ($10,416) ($3,320) $15,179 Net Income (Loss) per Diluted Share $0.04 ($0.07) $0.26 ($0.11) ($0.03) $0.17 Depreciation and Amortization(2) 21,979 24,400 24,899 23,070 46,379 40,785 Gain on Consolidation of Real Estate Entities (6,915) — — — — — Gain on Dispositions of Operating Real Estate(3) — — (21,305) — — — Impairment of Real Estate Assets(4) — — — — — 1,494 FFO $18,971 $17,173 $29,734 $12,654 $36,144 $57,458 FFO per Diluted Share $0.19 $0.17 $0.29 $0.14 $0.35 $0.65 Normalized FFO Acquisition, Development, and Other Pursuit Costs 286 54 1 2 340 5,528 (4) Loss on Extinguishment of Debt — — 134 113 — — Non-Cash GAAP Adjustments 186 248 497 588 434 644 Severance-Related Costs 1,580 13 — 1,339 1,593 167 Decrease (Increase) in Fair Value of Derivatives 3,845 5,627 (2,497) 16,669 9,472 (4,560) Stock Compensation Normalization 139 2,110 — — 2,249 — Amortization of Interest Rate Derivatives on Designated Cash Flow Hedges 383 383 (32) 73 766 381 Normalized FFO $25,390 $25,608 $27,837 $31,438 $50,998 $59,618 Normalized FFO per Diluted Share $0.25 $0.25 $0.27 $0.35 $0.50 $0.67 Adjusted FFO Non-Cash Stock Compensation 1,225 1,354 1,241 710 2,579 2,936 Tenant Improvements, Leasing Commissions, Lease Incentives(5) (2,486) (2,458) (3,480) (2,112) (4,944) (9,191) Property-Related Capital Expenditures(5) (3,398) (3,048) (5,573) (2,677) (6,446) (8,850) Non-Cash Interest Expense(6) 2,187 2,058 1,891 1,925 4,245 3,876 Cash Ground Rent Payment - Finance Lease (995) (998) (995) (977) (1,993) (1,960) GAAP Adjustments (3,514) (2,163) (2,884) (2,666) (5,677) (3,833) AFFO $18,409 $20,353 $18,037 $25,641 $38,762 $42,596 AFFO per Diluted Share $0.18 $0.20 $0.18 $0.28 $0.38 $0.48 Non-Cash Notes Receivable Interest Income (3,477) (3,932) (4,236) (4,266) (7,409) (8,341) AFFO less Non-Cash Notes Receivable Interest Income $14,932 $16,421 $13,801 $21,375 $31,353 $34,255 AFFO less Non-Cash Notes Receivable Interest Income per Diluted Share $0.15 $0.16 $0.14 $0.24 $0.31 $0.39 Weighted Average Common Shares Outstanding 80,154 79,992 79,695 68,931 80,073 66,972 Weighted Average Operating Partnership Units Outstanding 22,132 21,578 21,666 21,667 21,857 21,661 Total Weighted Average Common Shares and OP Units Outstanding(7) 102,286 101,570 101,361 90,598 101,930 88,633 (1) See definitions in appendix. (2) Adjusted for the depreciation attributable to noncontrolling interests in consolidated investments. (3) Excludes gain/loss attributable to noncontrolling interests in consolidated investments and the disposition of non-operating parcels. (4) Due to the write off of development costs related to an undeveloped land parcel in predevelopment. (5) Excludes development, redevelopment, and first-generation space. (6) Includes non-cash interest expense relating to indebtedness and interest expense on finance leases. (7) Represents the weighted average number of common shares and OP Units outstanding during the respective periods presented excluding any potentially dilutive impact of Preferred Stock.

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![](q22025supplemental009.jpg)

9 NET ASSET VALUE COMPONENT DATA (1) Excludes expenses associated with the Company's in-house asset management division of $0.8 million for the 3 months ended 6/30/2025. (2) Includes leases for spaces occupied by the Company, which are eliminated for GAAP purposes. (3) Representative of costs incurred to date. (4) Includes quantifiable undeveloped land opportunities. (5) Excludes all portfolio related assets and liabilities. (6) Excludes lease liabilities. (7) Excludes GAAP adjustments. $ AND SHARES/UNITS IN THOUSANDS Stabilized Portfolio NOI (Cash) Three Months Ended 6/30/2025 Retail Office(2) Multifamily Total Stabilized Portfolio Portfolio NOI(1) $17,283 $13,700 $8,716 $39,699 Equity Method Investment NOI (17) 3,092 229 3,304 Non-Stabilized Properties NOI (398) (498) 421 (475) Signed Leases Not Yet Occupied or in Free Rent Period 845 1,492 — 2,337 Stabilized Portfolio NOI $17,713 $17,786 $9,366 $44,865 Annualized $70,852 $71,144 $37,464 $179,460 Non-Stabilized Portfolio(3) As of 6/30/2025 Projects Under Development $— Properties in Lease Up 290,629 Development Opportunities(4) 1,800 Total Non-Stabilized Portfolio $292,429 Third-Party General Contracting and Real Estate Services Trailing 12 Months General Contracting Gross Profit $8,207 Non-Property Assets(5) As of 6/30/2025 Corporate GCRES and Other Real Estate Financing Total Cash and Restricted Cash $7,284 $18,007 $— $25,291 Accounts Receivable, Net 5,148 — — 5,148 Real Estate Financing Investments(6) — — 141,753 141,753 Construction Receivables, Including Retentions(6) — 47,135 — 47,135 Other Assets / Costs in Excess of Earnings 12,521 9,367 — 21,888 Total Non-Property Assets $24,953 $74,509 $141,753 $241,215 Liabilities(6) As of 6/30/2025 Corporate and Property GCRES and Other Real Estate Financing Total Mortgages and Notes Payable(7) $1,335,059 $— $113,178 $1,448,237 Accounts Payable and Accrued Liabilities 33,326 780 — 34,106 Construction Payables, Including Retentions — 59,377 — 59,377 Other Liabilities(7) 37,344 7,006 — 44,350 Total Liabilities $1,405,729 $67,163 $113,178 $1,586,070 Preferred Equity Liquidation Value Series A Cumulative Redeemable Perpetual Preferred Stock $171,085 Common Equity As of 6/30/2025 Total Common Shares Outstanding 80,160 Total OP Units Outstanding 23,507 Total Common Shares & OP Units Outstanding 103,667

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10 CREDIT PROFILE $ IN THOUSANDS Net Debt to Adjusted EBITDAre 4.9x 5.3x 5.4x 5.5x 6.2x 6.5x 6.6x 6.4x 5.9x 5.8x 5.4x 5.2x 6.5x 5.9x 6.6x 7.1x 7.1x 7.5x 7.4x 7.5x 7.2x 7.2x 7.1x 7.7x Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre Net Debt / Total Adjusted EBITDAre Q3 2022 Q4 2022 Q1 2 023 Q2 2023 Q3 2023 Q4 2023 Q1 2 024 Q2 2024 Q3 2024 Q4 2024 Q1 2 025 Q2 2025 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x Total Debt Secured Debt Unsecured Debt % Fixed/Hedged Q3 2 02 2 Q4 2 02 2 Q1 2 02 3 Q2 2 02 3 Q3 2 02 3 Q4 2 02 3 Q1 2 02 4 Q2 2 02 4 Q3 2 02 4 Q4 2 02 4 Q1 2 02 5 Q2 2 02 5 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 —% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% AFFO Payout Ratio Total Dividend AFFO AFFO Payout Ratio AFFO less Non-Cash Notes Receivable Interest Income Payout Ratio Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 0 5,000 10,000 15,000 20,000 25,000 —% 50% 100% 150% Weighted Average Years to Maturity - Debt 5.5 4.7 4.4 4.6 4.2 3.9 3.7 3.6 3.5 3.3 3.3 3.0 Weighted Average Years to Maturity Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 0 1 2 3 4 5 6

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11 LEVERAGE METRICS $ IN THOUSANDS SEE APPENDIX FOR DEFINITIONS, CALCULATIONS, AND RECONCILIATIONS (1) Includes income and debt related to development, real estate financing, construction, and other ancillary activities outside of our stabilized portfolio. (2) Reflects total debt less GAAP adjustments, cash, restricted cash, and other notes payable. Three Months Ended 6/30/2025 Stabilized Portfolio Adjusted EBITDAre $43,962 Stabilized Portfolio Debt $910,491 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.2 x Total Adjusted EBITDAre $44,979 Net Debt(2) $1,393,636 Net Debt/Total Adjusted EBITDAre(1) 7.7 x Net Debt + Preferred $1,564,721 Net Debt + Preferred /Total Adjusted EBITDAre 8.7 x 0.0 x 1.0 x 2.0 x 3.0 x 4.0 x 5.0 x 6.0 x 7.0 x 8.0 x 9.0 x 10.0 x 5.2x 7.7x 8.7x Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre Net Debt/Total Adjusted EBITDAre (1) Net Debt + Preferred / Total Adjusted EBITDAre

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12 DEBT MANAGEMENT $ IN THOUSANDS AS OF JUNE 30, 2025 Total Debt Composition Weighted Average % of Debt Interest Rate Maturity Variable vs. Fixed-Rate Debt Variable-Rate Debt(1)(2) 6.2 % 6.0 % 1.7 Yrs Fixed-Rate Debt(3)(4) 93.8 % 4.3 % 2.8 Yrs Secured vs. Unsecured Debt Unsecured Debt(2) 54.5 % 4.6 % 1.9 Yrs Secured Debt(2) 45.5 % 4.2 % 3.7 Yrs Portfolio Weighted Average(2) 4.4 % 2.7 Yrs (1) Excludes debt subject to interest rate swap locks. (2) Represents the weighted average interest rate of the portfolio, inclusive of interest rate derivatives. (3) Includes debt subject to interest rate swap locks. (4) Excludes GAAP adjustments. Portfolio Weighted Average Interest Rate 2.9% 3.6% 3.9% 4.0% 4.2% 4.0% 4.4% 4.6% 4.5% 4.4% 4.2% 4.4% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 .0% .5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0%

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13 OUTSTANDING DEBT $ IN THOUSANDS (1) Excludes extension options. (2) Subject to a rate floor. (3) Does not reflect two 12-month extension options. (4) Includes debt subject to interest rate swap locks. Debt Maturities & Principal Payments Debt Stated Rate Effective Rate as of 6/30/2025 Maturity Date (1) 2025 2026 2027 2028 2029 Thereafter Outstanding as of 6/30/2025 Secured Debt - Stabilized The Everly SOFR+ 1.50 % 5.82 % (2) Dec-2025 (3) 30,000 — — — — — 30,000 Encore Apartments & 4525 Main Street 2.93 % 2.93 % Feb-2026 677 50,840 — — — — 51,517 Thames Street Wharf SOFR+ 1.30 % 2.33 % (4) Sep-2026 717 65,028 — — — — 65,745 Constellation Energy Building SOFR+ 1.50 % 5.94 % (2)(4) Nov-2026 — 175,000 — — — — 175,000 Liberty SOFR+ 1.50 % 4.93 % (4) Sep-2027 183 382 19,496 — — — 20,061 Greenbrier Square 3.74 % 3.74 % Oct-2027 202 415 18,370 — — — 18,987 Lexington Square 4.50 % 4.50 % Sep-2028 162 335 351 12,287 — — 13,135 Red Mill North 4.73 % 4.73 % Dec-2028 64 133 140 3,442 — — 3,779 Premier Apartments and Retail 5.53 % 5.53 % Dec-2029 — — — — 29,415 — 29,415 Greenside Apartments 3.17 % 3.17 % Dec-2029 406 834 861 886 26,934 — 29,921 Smith's Landing 4.05 % 4.05 % Jun-2035 523 1,081 1,126 1,172 1,222 7,947 13,071 The Edison 5.30 % 5.30 % Dec-2044 216 450 474 500 527 12,396 14,563 The Cosmopolitan 3.35 % 3.35 % Jul-2051 472 968 1,001 1,035 1,071 34,449 38,996 Total - Secured Stabilized Debt 33,622 295,466 41,819 19,322 59,169 54,792 504,190 Secured Debt - Development Pipeline Southern Post SOFR+ 2.25 % 6.57 % (2) Aug-2026 (3)(5) — 65,047 — — — — 65,047 The Allied \| Harbor Point SOFR+ 2.25%-2.50% 5.16 % (4) Jun-2027 (6) — — 90,000 — — — 90,000 Total - Development Pipeline — 65,047 90,000 — — — 155,047 Total Secured Debt 33,622 360,513 131,819 19,322 59,169 54,792 659,237 Unsecured Debt TD Unsecured Term Loan SOFR+ 1.35%-1.90% 5.97 % May-2026 — 95,000 — — — — 95,000 Senior Unsecured Revolving Credit Facility SOFR+ 1.30%-1.85% 5.92 % Jan-2027 (5)(7) — — 209,000 — — — 209,000 M&T Unsecured Term Loan SOFR+ 1.25%-1.80% 5.87 % Mar-2027 (6) — — 35,000 — — — 35,000 M&T Unsecured Term Loan (Fixed) SOFR+ 1.25%-1.80% d) 5.05 % (4) Mar-2027 (6) — — 100,000 — — — 100,000 Senior Unsecured Term Loan SOFR+ 1.25%-1.80% 5.87 % Jan-2028 — — — 271,000 — — 271,000 Senior Unsecured Term Loan (Fixed) SOFR+ 1.25%-1.80% 4.98 % (4) Jan-2028 — — — 79,000 — — 79,000 Total Unsecured Debt — 95,000 344,000 350,000 — — 789,000 Total Principal Balances $33,622 $455,513 $475,819 $369,322 $59,169 $54,792 $1,448,237 Other Notes Payable 6,112 Unamortized GAAP Adjustments (7,528) Indebtedness, Net $1,446,821 (5) In July 2025, the Company utilized the $115m proceeds of note issuance to repay the $65M construction loan secured by the Southern Post mixed-use asset and repay $48M of the revolving credit facility. (6) Does not reflect one 12-month extension option. (7) Does not reflect two six-month extension options. (8) Extension options are available subject to lender approval and carry a nominal extension fee

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14 (1) Includes debt subject to interest rate swap locks. (2) Excludes GAAP adjustments. (3) This swap economically hedges the Company's exposure to the senior construction loan for the T. Rowe Price Global HQ. HEDGING ACTIVITY GAINS (LOSSES) ON INTEREST RATE DERIVATIVES Three Months Ended Six Months Ended Accounting Treatment(4) Statement of Comprehensive Income Location 6/30/2025 6/30/2024 6/30/2025 6/30/2024 Designated Hedges Interest Expense $311 $1,580 $624 $5,267 Non-Designated Hedges Change in Fair Value of Derivatives and Other 4,493 6,349 8,910 12,726 Total Realized Gains on Interest Rate Derivatives $4,804 $7,929 $9,534 $17,993 Designated Hedges Unrealized Cash Flow Hedge Gains (Losses)(5) $(366) $984 $(1,416) $4,538 Non-Designated Hedges Change in Fair Value of Derivatives and Other (3,845) (1,951) (9,472) $4,560 Total Unrealized Losses on Interest Rate Derivatives $(4,211) $(967) $(10,888) $9,098 Total Realized and Unrealized Gains on Interest Rate Derivatives $593 $6,962 $(1,354) $27,091 Interest Rate Swaps Not Allocated to Specific Asset Debt Effective Date Maturity Date SOFR Strike / Swap Fixed Rate Notional Amount October 2023 October 2025 2.75% $330,000 November 2023 November 2025 2.75% 10,000 December 2023 December 2025 2.75% 300,000 January 2025 January 2027 2.50% 150,000 Total Interest Rate Swaps $790,000 Fixed-Rate Debt(1)(2) $568,190 Fixed-Rate and Hedge Debt $1,358,190 Total Debt(2) $1,448,237 % Fixed or Hedged 93.8 % Interest Rate Swaps Allocated to Off Balance Sheet Joint Ventures(3) October 2023 October 2025 2.75% $90,000 Total Interest Rate Swaps $90,000 $ IN THOUSANDS AS OF JUNE 30, 2025 (4) The Company only enters into interest rate derivatives to hedge its exposure to interest rate risk from floating rate debt. The Company may elect to designate an interest rate derivative as a cash flow hedge under US GAAP if certain criteria are met, which allows for reporting of realized gains (losses) net of the hedge item (interest expense). All income statement activity for derivatives that are not designated as cash flow hedges is reported within Change in fair value of derivatives and other in the Company's Statement of Comprehensive Income. (5) Unrealized cash flow hedge gains (losses) is a component of comprehensive income (loss) and is excluded from net income (loss).

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15 CAPITALIZATION & FINANCIAL RATIOS $ IN THOUSANDS, EXCEPT PER SHARE AS OF JUNE 30, 2025 (1) In July 2025, the Company utilized the $115m proceeds of note issuance to repay the $65M construction loan secured by the Southern Post mixed-use asset, and repay $48M of the revolving credit facility. (2) As of close of market on 06/30/25. Debt % of Total Principal Balance(1) Unsecured Revolving Credit Facility 14 % $209,000 Unsecured Term Loans 40 % 580,000 Mortgages Payable 46 % 659,237 Total Debt $1,448,237 Preferred Equity Shares Liquidation Value per Share Total Liquidation Value 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock (NYSE: AHHPrA) 6,843 $25.00 $171,085 Common Equity % of Total Shares/Units Stock Price(2) Market Value Common Stock (NYSE: AHH) 77 % 80,160 $6.87 $550,699 Operating Partnership Units 23 % 23,507 $6.87 161,493 Equity Market Capitalization 103,667 $712,192 Total Capitalization $2,331,514 Enterprise Value $2,276,913 Total Debt to Enterprise Value 64 % Financial Ratios(3) Debt Service Coverage Ratio 1.7x Fixed Charge Coverage Ratio 1.5x Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.2x Net Debt / Total Adjusted EBITDAre 7.7x Net Debt Plus Preferred / Total Adjusted EBITDAre 8.7x Debt/Total Capitalization 62 % Liquidity(4) Corporate and Property GCRES and Other Real Estate Financing Total Cash on Hand $34,104 $18,007 $0 $52,111 Net Short Term Receivables/(Payables) 7,137 (3,166) 0 3,971 Availability Under Credit Agreements 114,486 5,600 0 120,086 Total Liquidity $148,590 $23,607 $0 $172,197 Unencumbered Properties % of Total Properties 66 % % of Annualized Base Rent 56 % Total Asset Value(5) $1,505,810 Preferred Equity 7% Debt 62% Common Equity 31% (3) See appendix for definitions.. (4) Excludes availability under construction loans. (5) Total Asset Value is calculated based on the terms of our credit facility agreement and therefore does not tie directly to the balance sheet.

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16 PORTFOLIO PROFILE Multifamily Tradeout % of Portfolio ABR Expiring for Top 20 Tenants Commercial Expirations 4.0% —% 1.0% 4.0% 8.0% 10.0% 7.0% 13.0% 12.0% 6.0% 6.0% 2.0% 3.0% 25.0% Retail Office Commercial Weighted Average Lease Term Remaining (Years) 7.24 7.37 7.38 7.29 7.22 7.08 6.99 6.84 7.07 6.93 7.08 7.07 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 0 2 4 6 8 10 New Renewal 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 (10.0)% (8.0)% (6.0)% (4.0)% (2.0)% —% 2.0% 4.0% 6.0% 8.0% 10.0% —% 1.0% 1.0% 1.0% 3.0% 2.0% 1.0% 1.0% 1.0% —% 5.0% 19.0% Retail Office 20 25 20 26 20 27 20 28 20 29 20 30 20 31 20 32 20 33 20 34 20 35 The rea fte r —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%

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17 (1) Excludes expenses associated with the Company's in-house asset management division of $0.8M for the three months ended 6/30/2025 & 6/30/2024, and $1.6M for the six months ended 6/30/2025 & 6/30/2024. SAME STORE NOI BY SEGMENT $ IN THOUSANDS (RECONCILIATION TO GAAP LOCATED IN APPENDIX) Three Months Ended Six Months Ended 6/30/2025 6/30/2024 $ Change % Change 6/30/2025 6/30/2024 $ Change % Change Retail Rental Revenues $24,200 $24,041 $159 0.7 % $48,240 $47,598 $642 1.3 % Rental Expenses(1) 3,773 3,727 46 1.2 % 7,887 7,326 561 7.7 % Real Estate Taxes 2,191 2,171 20 0.9 % 4,443 4,335 108 2.5 % Same Store NOI $18,236 $18,143 $93 0.5 % $35,910 $35,937 $(27) (0.1) % GAAP Adjustments (1,350) (971) (379) (2,549) (1,972) (577) Net Operating Income, Cash $16,886 $17,172 ($286) (1.7) % $33,361 $33,965 $(604) (1.8) % Office Rental Revenues $23,318 $22,768 $550 2.4 % $46,710 $44,647 $2,063 4.6 % Rental Expenses(1) 5,739 5,651 88 1.6 % 11,739 11,484 255 2.2 % Real Estate Taxes 2,316 2,090 226 10.8 % 4,554 4,281 273 6.4 % Same Store NOI $15,263 $15,027 $236 1.6 % $30,417 $28,882 $1,535 5.3 % GAAP Adjustments (2,061) (1,976) (85) (3,896) (3,333) (563) Net Operating Income, Cash $13,202 $13,051 $151 1.2 % $26,521 $25,549 $972 3.8 % Multifamily Rental Revenues $13,316 $13,023 $293 2.2 % $26,512 $26,156 $356 1.4 % Rental Expenses(1) 4,092 4,055 37 0.9 % 8,043 7,797 246 3.2 % Real Estate Taxes 1,210 1,191 19 1.6 % 2,416 2,394 22 0.9 % Same Store NOI $8,014 $7,777 $237 3.0 % $16,053 $15,965 $88 0.6 % GAAP Adjustments (215) (208) (7) (431) (485) 54 Net Operating Income, Cash $7,799 $7,569 $230 3.0 % $15,622 $15,480 $142 0.9 % Same Store NOI $41,513 $40,947 $566 1.4 % $82,380 $80,784 $1,596 2.0 % GAAP Adjustments (3,626) (3,155) 0 (471) (6,876) (5,790) 0 (1,086) 0 Same Store Portfolio NOI, Cash Basis $37,887 $37,792 $95 0.3 % $75,504 $74,994 $510 0.7 %

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18 STABILIZED PORTFOLIO SUMMARY AS OF JUNE 30, 2025 SEE APPENDIX FOR FULL LIST OF PROPERTIES (1) See appendix for definitions and portfolio detail. COMMERCIAL PORTFOLIO Retail Properties # of Properties Net Rentable SF(1) Average Age Occupancy(1) ABR(1) ABR per Occupied SF Town Center of Virginia Beach 13 549,317 14 96.8 % $14,185,460 $26.67 Harbor Point - Baltimore Waterfront 2 57,096 8 64.5 % 1,167,041 31.69 Grocery Anchored 14 1,320,155 16 96.1 % 20,667,994 16.30 Southeast Sunbelt 10 945,090 17 94.9 % 20,806,017 23.20 Mid-Atlantic 7 951,715 18 91.1 % 16,606,261 19.14 Stabilized Retail Total 46 3,823,373 16 94.2 % $73,432,773 $20.39 Office Properties # of Properties Net Rentable SF(1) Average Age Occupancy(1) ABR(1) ABR per Occupied SF Town Center of Virginia Beach 6 807,517 23 98.0 % $24,069,208 $30.42 Harbor Point - Baltimore Waterfront 3 1,043,339 10 97.9 % 33,258,935 32.58 Southeast Sunbelt 4 387,693 8 87.5 % 12,352,011 36.42 Mid-Atlantic 1 98,061 6 100.0 % 2,043,004 20.83 Stabilized Office Total 14 2,336,610 14 96.3 % $71,723,158 $31.88 MULTIFAMILY PORTFOLIO Multifamily Properties # of Properties Units Average Age Occupancy(1) AQR(1) Monthly AQR per Occupied Unit Town Center of Virginia Beach 3 759 8 96.3 % $18,583,224 $2,118 Harbor Point - Baltimore Waterfront 2 392 8 92.9 % 11,530,536 2,640 Southeast Sunbelt 4 823 4 92.3 % 17,829,300 1,955 Mid-Atlantic 3 657 13 94.1 % 13,234,956 1,785 Stabilized Multifamily Total 12 2,631 8 94.0 % $61,178,016 $2,062

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19 MIXED-USE V. NON-MIXED-USE(1) $ IN THOUSANDS AS OF JUNE 30, 2025 Three Months Ended Six Months Ended 6/30/2025 6/30/2024 $ Change % Change 6/30/2025 6/30/2024 $ Change % Change Mixed Use Rental Revenues $37,573 $37,108 $465 1.3 % $74,584 $72,734 $1,850 2.5 % Rental Expenses (2) 9,494 9,399 95 1.0 % 19,200 18,674 526 2.8 % Real Estate Taxes 3,463 3,293 170 5.2 % 6,930 6,652 278 4.2 % Mixed Use NOI 24,616 24,416 200 0.8 % 48,454 47,408 1,046 2.2 % GAAP Adjustments (2,821) (2,305) (516) 22.4 % (5,011) (3,995) (798) 20.0 % Mixed Use NOI, Cash $21,795 $22,111 $(316) (1.4) % $43,443 $43,413 $248 0.6 % Mixed Use Occupancy 95.2 % 94.6 % Non-Mixed Use Rental Revenues $23,260 $22,750 $510 2.2 % $47,021 $45,713 $1,308 2.9 % Rental Expenses (2) 4,109 4,014 95 2.4 % 8,468 7,923 545 6.9 % Real Estate Taxes 2,255 2,181 74 3.4 % 4,483 4,405 78 1.8 % Non-Mixed Use NOI 16,896 16,555 341 2.1 % 34,070 33,385 685 2.1 % GAAP Adjustments (769) (849) (320) 37.7 % (1,828) (1,317) (218) 16.6 % Non-Mixed Use NOI, Cash $16,127 $15,706 $21 0.1 % $32,242 $32,068 $467 1.5 % Non-Mixed Use Occupancy 97.1 % 96.3 % (1) Same store properties only. (2) Excludes expenses associated with the Company's in-house asset management division of $0.8M for the three months ended 6/30/2025 & 6/30/2024, and $1.6M for the six months ended 6/30/2025 & 6/30/2024.

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20 MIXED-USE COMMUNITIES(1) AS OF JUNE 30, 2025 Mixed-Use Retail: 17.3% Mixed-Use Office: 54.9% Mixed-Use Multifamily: 27.7% • 2.9M SF COMMERCIAL SPACE IN MIXED-USE PORTFOLIO ◦ 2.2M SF OF CLASS A PREMIER OFFICE SPACE ◦ 0.7M SF OF RETAIL • 1,288 MULTIFAMILY UNITS • STRATEGICALLY LOCATED IN CORE SUBMARKETS • AVERAGE WALK SCORE OF 90 (1) Stabilized properties only. (2) Includes Liberty Retail and The Edison Retail (2) Total Portfolio ABR 59.8% 25.2% 1.9% 13.1% Mixed-Use Grocery Anchored and Power Centers Office Multifamily

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21 TOP 20 TENANTS BY ABR $ IN THOUSANDS AS OF JUNE 30, 2025 Commercial Portfolio Tenant Investment Grade(1) Number of Leases Annualized Base Rent % of Total Annualized Base Rent Constellation Energy Generation ü 1 $15,463 7.5% Morgan Stanley ü 3 9,035 4.4% T. Rowe Price ü 1 8,260 4.0% The Kroger Co. ü 6 3,781 1.8% Clark Nexsen 1 2,914 1.4% Canopy by Hilton 1 2,725 1.3% Dick's Sporting Goods ü 3 2,480 1.2% The Gathering Spot 2 2,030 1.0% Franklin Templeton ü 1 1,936 0.9% Huntington Ingalls Industries ü 2 1,807 0.9% Duke University ü 1 1,786 0.9% PetSmart 5 1,566 0.8% The TJX Companies ü 5 1,566 0.8% Williams Mullen 1 1,506 0.7% Georgia Tech ü 1 1,475 0.7% Vestis Corporation 1 1,465 0.7% Mythics 1 1,337 0.6% Apex Entertainment 1 1,218 0.6% Regal Cinemas 2 1,215 0.6% Amazon/Whole Foods ü 1 1,214 0.6% Top 20 Total $64,779 31.4% Total Investment Grade Rating ABR $48,803 % of Total ABR 23.7 % (1) Tenants that are considered investment grade or have an investment grade rating, per public sources.

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22 LEASE SUMMARY (1) Excludes leases from properties in development, redevelopment, and delivered, but not yet stabilized. RETAIL Renewals Quarter Number of Leases Signed Net Rentable SF Signed GAAP Releasing Spread Cash Releasing Spread Wtd Average Lease Term Remaining (yrs) TI & LC TI & LC per SF Q2 2025 14 119,501 10.8 % 5.5 % 5.2 $617,552 $5.17 Q1 2025 26 140,993 11.0 % 7.4 % 3.9 446,982 3.17 Q4 2024 17 82,479 11.1 % 2.9 % 5.9 372,299 4.51 Q3 2024 24 179,701 13.1 % 7.8 % 5.1 410,509 2.28 Trailing 4 Quarters 81 522,674 11.6 % 6.4 % 4.9 $1,847,342 $3.53 New Leases(1) Quarter Number of Leases Signed Net Rentable SF Signed Cash Rent per SF Wtd Average Lease Term Remaining (yrs) TI & LC TI & LC per SF Q2 2025 8 23,673 $23.26 7.6 $660,918 $27.92 Q1 2025 5 25,073 41.14 13.8 5,663,284 225.87 Q4 2024 16 112,444 20.91 9.6 5,114,708 45.49 Q3 2024 6 13,559 28.34 9.2 684,169 50.46 Trailing 4 Quarters 35 174,749 $24.71 9.9 $12,123,079 $69.38 OFFICE Renewals Quarter Number of Leases Signed Net Rentable SF Signed GAAP Releasing Spread Cash Releasing Spread Wtd Average Lease Term Remaining (yrs) TI & LC TI & LC per SF Q2 2025 2 11,011 11.7 % 5.5 % 2.6 $68,866 $6.25 Q1 2025 5 122,562 23.3 % 3.7 % 9.7 4,108,092 33.52 Q4 2024 4 44,240 18.7 % 3.5 % 10.0 282,271 6.38 Q3 2024 4 64,459 18.5 % 0.8 % 4.4 2,122,420 32.93 Trailing 4 Quarters 15 242,272 20.7 % 3.0 % 8.0 $6,581,649 $27.17 New Leases(1) Quarter Number of Leases Signed Net Rentable SF Signed Cash Rent per SF Wtd Average Lease Term Remaining (yrs) TI & LC TI & LC per SF Q2 2025 2 14,012 $28.06 10.6 $1,639,168 $116.98 Q1 2025 6 24,374 37.36 9.5 2,326,590 95.45 Q4 2024 7 75,381 35.11 9.1 4,266,018 56.59 Q3 2024 3 15,493 29.42 3.9 576,306 37.20 Trailing 4 Quarters 18 129,260 $34.09 8.7 $8,808,082 $68.14

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23 LEASE EXPIRATIONS(1) AS OF JUNE 30, 2025 (1) Excludes leases from properties in development, redevelopment, and delivered, but not yet stabilized. OFFICE Year Leases Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available – 92,410 4.0 % $— – % M-T-M 5 2,935 0.1 % 110,420 0.2 % 2025 3 22,156 0.9 % 698,620 1.0 % 2026 11 48,489 2.1 % 1,472,381 2.0 % 2027 21 151,397 6.5 % 5,378,213 7.5 % 2028 15 118,852 5.1 % 3,734,056 5.2 % 2029 15 272,371 11.7 % 7,367,038 10.2 % 2030 14 165,076 7.1 % 5,395,172 7.5 % 2031 10 156,764 6.7 % 4,625,218 6.4 % 2032 4 43,522 1.9 % 1,230,352 1.7 % 2033 9 82,014 3.5 % 2,453,440 3.4 % 2034 7 87,788 3.8 % 2,512,155 3.5 % Thereafter 16 1,092,836 46.6 % 37,195,239 51.4 % Total 130 2,336,610 100.0 % $72,172,304 100.0 % RETAIL Year Leases Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available – 204,377 5.4 % $— – % M-T-M 4 1,602 – % 59,262 0.1 % 2025 28 83,080 2.2 % 1,668,945 2.3 % 2026 74 309,889 8.1 % 6,447,503 8.8 % 2027 87 437,200 11.5 % 8,649,920 11.8 % 2028 78 335,412 8.8 % 7,514,287 10.2 % 2029 77 415,235 10.9 % 7,796,296 10.6 % 2030 85 555,829 14.6 % 12,059,959 16.4 % 2031 43 298,936 7.8 % 6,442,775 8.8 % 2032 31 304,304 8.0 % 5,480,720 7.5 % 2033 26 91,376 2.4 % 2,220,796 3.0 % 2034 18 85,780 2.3 % 1,843,058 2.5 % 2035 25 374,391 9.8 % 4,760,466 6.5 % Thereafter 52 312,064 8.2 % 8,558,154 11.5 % Total 628 3,809,475 100.0 % $73,502,141 100.0 %

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24 PORTFOLIO EXPANSION $ IN THOUSANDS Schedule(1) Consolidated Development Projects Property Type Estimated Size(1) % Leased or LOI Construction Start Initial Occupancy Stabilized Operation(2) Estimated Cost(1) Loan Commitment Cost to Date AHH Ownership Anchor Tenants Southern Post Roswell, GA Mixed-Use 137 multifamily units / 95,000 sf office / 42,000 sf retail 94.2% Multifamily 94.3% Commercial(3) 4Q21 2Q24 2Q25 - Multifamily 4Q25 - Commercial $132,600 (4) $73,600 (5) $124,000 100 % Vestis Allied \| Harbor Point Baltimore, MD Mixed-Use 312 multifamily units / 12,700 sf retail / 1,246 parking spaces 23.4% Multifamily 5.1% Retail 2Q22 1Q25 1Q26 $242,100 $90,000 $229,500 100 % (6) Q2 2025 Year to Date Capitalized Interest $75 $2,093 (1) Represents estimates that may change as the development process proceeds. (2) First fully-stabilized quarter. See stabilized property definition in appendix. (3) Represents combined percentage leased or under LOI for retail and office. (4) Estimated cost does not include the cost associated with the insurance claim estimated to be $3,000,000. (5) Loan was repaid in full on July 22, 2025. (6) On June 10, 2025, the Company acquired its partner's 23% ownership interest and consolidated this investment beginning April 29, 2025, the date of the binding term sheet. Allied \| Harbor Point Baltimore, MD Southern Post Roswell, GA

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25 REDEVELOPMENT Projects Description Projected Date of Completion(1) Estimated Cost(1) Liberty Apartments Relocation of the leasing office to create additional apartment units 2Q25 $525 Columbus Village II Redevelopment of a 37,500 sq.ft building previously occupied by Bed Bath & Beyond into a grocery-anchored multi-tenant shopping center with an outparcel 1Q26 13,825 Southgate Square Outparcel creation and development in the existing parking field 1Q26 70 Town Center of Virginia Beach Consolidation and relocation of Company operations to accommodate office space demand 4Q25 4,500 Pembroke Square Outparcel creation and development in the existing parking field 2Q27 200 $19,120 $ IN THOUSANDS AS OF JUNE 30, 2025 Property Description Town Center of Virginia Beach Option for future expansion and activation on undeveloped lots The Interlock Expansion and densification of existing undeveloped green space Columbus Village II Redevelopment of +/- 4 acres for alternate commercial or residential use Harrisonburg Regal Redevelopment for alternate commercial or residential use; outparcel development potential Broad Creek Shopping Center Outparcel creation and development in the existing parking field Red Mill Commons Outparcel creation and development in the existing parking field Southgate Square Right-size existing tenants to accommodate backfill demand Fountain Plaza Conversion of 2nd floor retail into alternate commercial uses South Square Outparcel creation opportunity on the hard corner Pembroke Square Conversion of existing office space for commercial retail use Providence Plaza Densification of surface parking and optimization of the day/night use of the structured parking deck Greenside Apartments Monetize excess parking garage capacity IN-PROGRESS OPPORTUNITIES(2) (1) Represents estimates that may change as the project proceeds. (2) Assumptions regarding future opportunities are subject to change.

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26 REAL ESTATE FINANCING $ IN THOUSANDS AS OF JUNE 30, 2025 The Interlock Atlanta, GA (1) Each investment is in the form of preferred equity with economic terms and accounting consistent with a loan receivable. (2) Represents estimates that may change as the development process proceeds. (3) Excludes amortization of equity placement fees, if applicable. Outstanding Investments(1) Property Type Estimated Size(2) % Leased or LOI Initial Occupancy Estimated Stabilization(2) Loan Maturity Interest Rate Principal Balance Maximum Principal Commitment Cumulative Accrued Interest(3) QTD Interest Income(3) Solis Gainesville II Gainesville, GA Multifamily 184 units 95% 2Q24 Q2 2025 4Q26 6% (4) $19,595 $19,595 $6,569 $376 The Allure at Edinburgh Chesapeake, VA Multifamily 280 units 90% 4Q24 Q3 2025 1Q28 10% (5) 9,228 9,228 2,486 230 Solis Kennesaw Kennesaw, GA Multifamily 239 units 38% 1Q25 Q1 2026 2Q27 9% (4) 37,870 37,870 10,719 1,255 Solis Peachtree Corners Peachtree Corners, GA Multifamily 249 units 11% 2Q25(2) Q3 2026 4Q27 15% (4) 28,440 28,440 7,793 1,208 Solis North Creek Charlotte, NC Multifamily 303 units N/A 3Q26(2) Q4 2027 3Q30 12% (4) 18,045 26,767 1,633 524 Total Outstanding Investments $113,178 $121,900 $29,200 $3,593 (4) The interest rate varies over the life of the loan and the loan earns an unused commitment fee. (5) The interest rate varies over the life of the loan. Solis North Creek Charlotte, NC Solis Peachtree Corners Peachtr e Corners, GA

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27 GENERAL CONTRACTING & REAL ESTATE SERVICES $ IN THOUSANDS Third-Party Backlog as of Q2 2025 Beginning Backlog $123,784 New Contracts 61,230 Work Performed (78,452) Ending Backlog $106,562 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Trailing 4 Quarters Revenue $31,976 $46,614 $75,010 $114,353 $267,953 Expense (30,592) (45,250) (72,917) (110,987) (259,746) Gross Profit $1,384 $1,364 $2,093 $3,366 $8,207 Operating Margin(1)(2) 4.3 % 2.9 % 2.8 % 2.9 % 3.1 % (1) 50% of the gross profit attributable to our T. Rowe Price Global HQ project is not reflected within general contracting & real estate services revenues due to elimination. For the Allied \| Harbor Point development project, 77% of gross profit was eliminated through April 2025. In April 2025 the project was brought on balance sheet through acquisition and as a result, all associated revenue and cost are eliminated in consolidation.The Company remains entitled to receive cash proceeds related to the eliminated amounts. Prior to the impact of these gross profit eliminations, operating margin for Q2 2025, Q1 2025, Q4 2024, Q3 2024, and the Trailing 4 Quarters was 3.8%, 3.1%, 3.0%, 3.2%, and 3.2%, respectively. (2) Although our gross profit remained consistent quarter over quarter, our margin improved due to cost savings on two projects. Peterson Station Morrisville, NC

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28 NET INCOME & NOI BY SEGMENT $ IN THOUSANDS For the Three Months Ended June 30, 2025 Retail Real Estate Office Real Estate Multifamily Real Estate General Contracting and Real Estate Services Real Estate Financing Other (1) Total Revenues Rental revenues $24,816 $24,392 $15,939 $— $— $— $65,147 General contracting and real estate services revenues (2) — — — 31,976 — — 31,976 Interest income (real estate financing segment) — — — — 3,673 467 4,140 Total revenues 24,816 24,392 15,939 31,976 3,673 467 101,263 Expenses Rental expenses (3) 4,244 6,268 5,565 — — — 16,077 Real estate taxes 2,259 2,678 1,653 — — — 6,590 General contracting and real estate services expenses (2) — — — 30,592 — — 30,592 Interest expense (real estate financing segment) (4) — — — — 1,927 — 1,927 Total segment operating expenses 6,503 8,946 7,218 30,592 1,927 — 55,186 Segment net operating income 18,313 15,446 8,721 1,384 1,746 467 46,077 Interest income (excluding real estate financing segment) 9 12 44 — — (65) — Depreciation and amortization (7,772) (8,517) (5,396) — — (67) (21,752) General and administrative expenses — — — — — (5,998) (5,998) Acquisition, development, and other pursuit costs — — — (257) — (29) (286) Interest expense (excluding real estate financing segment) (5) (7,287) (7,850) (4,207) — — — (19,344) Equity in loss of unconsolidated real estate entities (33) 212 (501) — — — (322) Gain on consolidation of real estate entities 421 2,888 3,606 — — — 6,915 Change in fair value of derivatives and other 109 291 144 — 104 — 648 Unrealized credit loss provision — — — — (33) 242 209 Other income (expense), net 4 (2) — — — 1 3 Income tax provision — — — 567 — — 567 Net income (loss) $3,764 $2,480 $2,411 $1,694 $1,817 $(5,449) $6,717 (1) Other includes items not directly associated with the operation and management of the Company's real estate properties, general contracting and real estate services, and real estate financing business. General and administrative expenses include corporate office personnel salaries and benefits, bank fees, accounting fees, legal fees, and other corporate office expenses. (2) Interest expense within the real estate financing segment is allocated based on the average outstanding principal of notes receivable in the real estate financing portfolio and the effective interest rates on the Company's credit facility, the M&T term loan facility, and the TD term loan facility. (3) Rental expenses represent costs directly associated with the operation and management of the Company's real estate properties. Rental expenses include asset management fees, property management fees ,repairs and maintenance, insurance, and utilities

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29 ACQUISITIONS & DISPOSITIONS $ IN THOUSANDS ACQUISITIONS Properties Location Square Feet/Units Purchase Price Cash Cap Rate Purchase Date Anchor Tenants 2023 310,855 $215,000 6.5 % The Interlock Atlanta, GA 310,855 (1) 215,000 6.5 % 2Q23 Georgia Tech, Puttshack DISPOSITIONS Properties Location Square Feet/Units Sale Price Cash Cap Rate Disposition Date Anchor Tenants 2024 213,927 $82,000 6.4 % Market at Mill Creek Mount Pleasant, SC 80,319 27,300 6.8 % 4Q24 Lowes Foods Nexton Square Summerville, SC 133,608 54,700 6.2 % 4Q24 Various Small Shops (1) Square footage includes 4.9k square feet of retail storage space.

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30Town Center of Virginia Beach Virginia Beach, VA APPENDIX DEFINITIONS & RECONCILIATIONS

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31 ANNUALIZED BASE RENT: For the properties in our retail & office portfolios, we calculate annualized base rent ("ABR") by multiplying (a) monthly base rent as of June 30, 2025 (defined as cash base rent, before contractual tenant concessions and abatements, and excluding tenant reimbursements for expenses paid by us) for executed leases as of such date by (b) 12, and we do not give effect to periodic contractual rent increases or contingent rental revenue (e.g., percentage rent based on tenant sales thresholds). ABR per leased square foot is calculated by dividing (a) ABR by (b) square footage under executed leases as of June 30, 2025. In the case of triple net or modified gross leases, our calculation of ABR does not include tenant reimbursements for real estate taxes, insurance, common area, or other operating expenses." DEFINITIONS ANNUALIZED QUARTERLY RENT: For the properties in our multifamily portfolio, we calculate annualized quarterly rent ("AQR") by multiplying (a) rental revenues for the quarter by (b) 4. ADJUSTED INTEREST EXPENSE: Adjusted Interest Expense includes interest expense on our debt obligations, amortization of deferred financing costs, interest expense on finance leases, and payments (receipts) of interest rate derivatives that are designated as hedges for accounting purposes, all of which are recorded within "Interest expense" on our consolidated statements of comprehensive income. Adjusted Interest Expense also includes payments (receipts) of interest rate derivatives that are not designated as hedges for accounting purposes. Payments (receipts) of interest rate derivatives not designated as hedges are recorded within "Change in fair value of derivatives and other" on our consolidated statements of comprehensive income. ADJUSTED FUNDS FROM OPERATIONS: We calculate Adjusted Funds From Operations ("AFFO") as Normalized FFO adjusted for the impact of non-cash stock compensation, tenant improvements, leasing commissions, and leasing incentive costs associated with second generation rental space, capital expenditures, non-cash interest expense, straight-line rents, cash ground rent payments for finance leases, the amortization of leasing incentives and above (below) market rents, proceeds from government development grants, and payments made to purchase interest rate caps designated as cash flow hedges. AFFO less non-cash notes receivable interest income is calculated as AFFO adjusted for non-cash interest income from our real estate financing investments and other notes receivable. Management believes that AFFO provides useful supplemental information to investors regarding our operating performance as it provides a consistent comparison of our operating performance across time periods and allows investors to more easily compare our operating results with other REITs. However, other REITs may use different methodologies for calculating AFFO or similarly entitled FFO measures, and, accordingly, our AFFO may not always be comparable to FAD or other similarly entitled AFFO measures of other REITs.

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32 DEFINITIONS EBITDAre: We calculate EBITDA for real estate (EBITDAre) consistent with the definition established by the National Association of Real Estate Investment Trusts ("Nareit"). EBITDAre is a financial measure not calculated in accordance with the accounting principles generally accepted in the United States ("GAAP") that Nareit defines as net income (loss) (calculated in accordance with GAAP), excluding interest expense, income taxes, depreciation and amortization, gains (or losses) from sales of depreciable property, impairment of real estate assets, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates. Management believes EBITDAre is useful to investors in evaluating and facilitating comparisons of our operating performance between periods and between REITs by removing the impact of our capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from our operating results. FIXED CHARGE COVERAGE RATIO: We calculate Fixed Charge Coverage Ratio as quarterly Total Adjusted EBITDAre divided by total quarterly interest expense, interest receipts of non-designated derivatives, required principal repayment, and preferred equity dividends. DEBT SERVICE COVERAGE RATIO: We calculate Debt Service Coverage Ratio as the quarterly Total Adjusted EBITDAre divided by total quarterly interest expense, interest receipts of non-designated derivatives, and required principal repayment. FUNDS FROM OPERATIONS: We calculate Funds From Operations ("FFO") in accordance with the standards established by Nareit. Nareit defines FFO as net income (loss) (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains or losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. FFO is a supplemental non-GAAP financial measure. Management uses FFO as a supplemental performance measure because we believe that FFO is beneficial to investors as a starting point in measuring our operational performance. Specifically, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared period-over-period, captures trends in occupancy rates, rental rates, and operating costs. Other equity REITs may not calculate FFO in accordance with the Nareit definition as we do, and, accordingly, our FFO may not be comparable to such other REITs' FFO.

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33 NET OPERATING INCOME: We calculate Net Operating Income ("NOI") as segment revenues less segment expenses. Segment revenues include rental revenues (base rent, expense reimbursements, termination fees, and other revenue) for our property segments, general contracting and real estate services revenues for our general contracting and real estate services segment, and interest income for our real estate financing segment. Segment expenses include rental expenses and real estate taxes for our property segments, general contracting and real estate services expenses for our general contracting and real estate services segment, and interest expense for our real estate financing segment. Segment NOI for the general contracting and real estate services and real estate financing segments is also referred to as segment gross profit. Other REITs may use different methodologies for calculating NOI, and, accordingly, our NOI may not be comparable to such other REITs' NOI. NOI is not a measure of operating income or cash flows from operating activities as measured by GAAP and is not indicative of cash available to fund cash needs. As a result, NOI should not be considered an alternative to cash flows as a measure of liquidity. We consider NOI to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of our real estate business. To calculate NOI for the same store portfolio, we exclude one-time items, such as termination fees. To calculate NOI on a cash basis, we adjust NOI to exclude the net effects of straight-line rental revenues, the amortization of lease incentives and above/below market rents, the net effects of straight-line rental expenses, and to include ground rent expenses for finance leases. NET RENTABLE SQUARE FOOTAGE: We define net rentable square footage for each of our retail & office properties as the sum of (a) the square footage of executed leases, plus (b) for available space, management's estimate of net rentable square footage based, in part, on past leases. The net rentable square footage included in office leases is generally consistent with the Building Owners and Managers Association 1996 measurement guidelines. DEFINITIONS NORMALIZED FUNDS FROM OPERATIONS: We calculate Normalized Funds From Operations ("Normalized FFO") as FFO calculated in accordance with the standards established by Nareit, adjusted for certain items, including but not limited to, acquisition, development, and other pursuit costs, debt extinguishment losses, prepayment penalties, impairment of intangible assets and liabilities, mark-to-market adjustments on interest rate derivatives not designated as cash flow hedges, amortization of payments made to purchase interest rate caps and swaps designated as cash flow hedges, provision for unrealized non-cash credit losses, amortization of right-of-use assets attributable to finance leases, severance related costs, and other non-comparable items. Stock compensation normalization accounts for the double-issuance of stock compensation due to a modification in the structure of executive compensation grants, removing the impact of grants in the current year that are related to the prior year's performance. New grants are now issued in the year in which performance relates. It also removes the impact of a one-time acceleration of 100% of stock compensation awarded to our former Chief Executive Officer in relation to prior year performance. This adjustment also specifically excludes the impact of the special award granted in June 2025 to a select group of employees including the executive officer. Management believes that the computation of FFO in accordance with Nareit's definition includes certain items that are not indicative of the results provided by our operating property portfolio and affect the comparability of our year-over-year performance. Accordingly, management believes that Normalized FFO is a more useful performance measure. Our calculation of Normalized FFO differs from Nareit's definition of FFO. Other equity REITs may not calculate Normalized FFO in the same manner as us, and, accordingly, our Normalized FFO may not be comparable to other REITs' Normalized FFO.

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34 PROPERTY ADJUSTED EBITDAre: We calculate Property Adjusted EBITDAre as EBITDAre coming solely from our operating properties. When referring to Property Adjusted EBITDAre, we also exclude certain items, including, but not limited to, non-recurring bad debt, non-recurring termination fees, amortization of right-of-use assets, and impairment of intangible assets and liabilities. Management believes that Property Adjusted EBITDAre provides useful supplemental information to investors regarding our properties' recurring operating performance as it provides a consistent comparison of our operating performance across time periods and allows investors to more easily compare our operating results with other REITs. However, other REITs may use different methodologies for calculating Property Adjusted EBITDAre or similarly titled measures. DEFINITIONS OCCUPANCY: The occupancy for each of our retail & office properties is calculated as (a) square footage under executed leases as of the last day of the quarter, divided by (b) net rentable square footage, expressed as a percentage. Refer to definition of Net Rentable Square Footage for further information. Occupancy for our multifamily properties is calculated as (a) average of the number of occupied units on the 20th day of each of the trailing three months from the reporting period end date, divided by (b) total units available as of such date, expressed as a percentage. Management believes that this methodology best captures the average monthly occupancy. SAME STORE PORTFOLIO: We define same store properties as those that we owned and operated and that were stabilized for the entirety of both periods compared. Refer to definition of Stabilized Property for further information. STABILIZED PORTFOLIO ADJUSTED EBITDAre: We calculate Stabilized Portfolio Adjusted EBITDAre as Property Adjusted EBITDAre coming solely from our stabilized properties, which excludes certain items, including, but not limited to, the impact of redevelopment and development pipeline projects that are still in lease-up, as well as acquisitions and dispositions in the period. Refer to definition of Stabilized Property and Property Adjusted EBITDAre for further information. Management believes that Stabilized Portfolio Adjusted EBITDAre provides useful supplemental information to investors regarding our properties' recurring operating performance as it provides a consistent comparison of our operating performance across time periods and allows investors to more easily compare our operating results with other REITs. However, other REITs may use different methodologies for calculating Stabilized Portfolio Adjusted EBITDAre or similarly titled measures.

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35 DEFINITIONS STABILIZED PROPERTY: We generally consider a property to be stabilized upon the earlier of (a) the quarter after the property reaches 80% occupancy, or (b) the thirteenth quarter after the property receives its certificate of occupancy. Additionally, any property that is fully or partially taken out of service for the purpose of redevelopment or impacted by significant disruptive events (e.g. fire, flood) is no longer considered stabilized until the redevelopment or repair activities are complete, the asset is placed back into service, and the stabilization criteria above are again met. A property may also be fully or partially taken out of service as a result of a disposition, depending on the significance of the portion of the property disposed. A property classified as Held for Sale is not considered stabilized. STABILIZED PROPERTY DEBT: We calculate Stabilized Property Debt as our total debt secured by our stabilized properties, excluding loans associated with our development pipeline and our unsecured debt. Refer to definition of Stabilized Property for further information. TOTAL ADJUSTED EBITDAre: Total Adjusted EBITDAre is calculated as EBITDAre further adjusted for debt extinguishment losses, non-cash stock compensation, mark-to-market adjustments on interest rate derivatives, and other one-time adjustments including non-recurring bad debt and termination fees. Management believes Total Adjusted EBITDAre is useful to investors in evaluating and facilitating comparisons of our operating performance between periods and with other REITs by removing the impact of our capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from our operating results along with other non-comparable items. Management believes Total Adjusted EBITDAre is useful to investors in evaluating and facilitating comparisons of our operating performance between periods and with other REITs by removing the impact of our capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from our operating results along with other non-comparable items. WEIGHTED AVERAGE LEASE TERM REMAINING: We calculate Weighted Average Lease Term Remaining ("WALT") as the remaining lease term as of period end for commercial stabilized properties, weighted by the Annualized Based Rent of each lease as of the period end.

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36 PROPERTY PORTFOLIO AS OF JUNE 30, 2025 Retail Properties - Stabilized Location Ownership % Year Built/ Redeveloped Net Rentable SF(1) Occupancy(1) ABR(1) ABR per Occupied SF(1) Anchor Tenant(s) Town Center of Virginia Beach 249 Central Park Retail Virginia Beach, VA 100% 2004 35,161 100.0 % $1,245,944 $35.44 Cheesecake Factory, Brooks Brothers 4525 Main Street Retail Virginia Beach, VA 100% 2014 26,328 100.0 % 491,974 18.69 Anthropologie, West Elm 4621 Columbus Retail Virginia Beach, VA 100% 2020 84,000 100.0 % 1,218,000 14.50 Apex Entertainment Columbus Village Virginia Beach, VA 100% 2020 62,207 100.0 % 2,040,076 32.79 Barnes & Noble, CAVA, Shake Shack, Five Below, Ulta Commerce Street Retail Virginia Beach, VA 100% 2008 19,173 100.0 % 893,999 46.63 Yard House Fountain Plaza Retail Virginia Beach, VA 100% 2004 35,961 94.4 % 1,154,649 34.02 Ruth's Chris, Nando's Pembroke Square Virginia Beach, VA 100% 2015 124,181 100.0 % 2,096,262 16.88 Fresh Market, Nordstrom Rack, DSW Premier Retail Virginia Beach, VA 100% 2018 39,015 94.9 % 1,344,045 36.28 Williams Sonoma, Pottery Barn South Retail Virginia Beach, VA 100% 2002 38,515 84.9 % 1,051,658 32.15 lululemon, free people, CPK Studio 56 Retail Virginia Beach, VA 100% 2007 11,594 100.0 % 413,118 35.63 Rocket Title, Legal Sea Foods The Cosmopolitan Retail Virginia Beach, VA 100% 2020 41,872 88.6 % 1,214,655 32.75 Lego, Nike Two Columbus Retail Virginia Beach, VA 100% 2009 13,752 100.0 % 526,978 38.32 Fidelity Investments, Luxxotica West Retail Virginia Beach, VA 100% 2002 17,558 83.4 % 494,102 33.74 PF Changs, The Men's Wearhouse Harbor Point - Baltimore Waterfront Constellation Retail Baltimore, MD 90% 2016 38,464 66.3 % $720,593 $28.26 West Elm Point Street Retail Baltimore, MD 100% 2018 18,632 60.8 % 446,448 39.41 solidcore Grocery Anchored Broad Creek Shopping Center(2) Norfolk, VA 100% 2001 121,504 89.2 % $2,178,915 $20.11 Food Lion, PetSmart Broadmoor Plaza South Bend, IN 100% 1980 115,059 83.8 % 1,124,221 11.66 Kroger Brooks Crossing Retail Newport News, VA 65%(3) 2016 18,349 91.3 % 254,270 15.17 Various Small Shops (grocery shadow) Delray Beach Plaza(2) Delray Beach, FL 100% 2021 87,207 91.2 % 2,812,994 35.36 Whole Foods Greenbrier Square Chesapeake, VA 100% 2017 260,625 100.0 % 2,635,291 10.11 Kroger, Homegoods, Dick's Sporting Goods Greentree Shopping Center Chesapeake, VA 100% 2014 15,719 100.0 % 371,388 23.63 Various Small Shops (grocery shadow) Hanbury Village Chesapeake, VA 100% 2009 98,638 100.0 % 2,058,811 20.87 Harris Teeter Lexington Square Lexington, SC 100% 2017 85,440 97.2 % 1,878,986 22.63 Lowes Foods North Pointe Center Durham, NC 100% 2009 226,083 96.8 % 2,956,317 13.51 Harris Teeter Parkway Centre Moultrie, GA 100% 2017 61,200 100.0 % 867,367 14.17 Publix Parkway Marketplace Virginia Beach, VA 100% 1998 37,804 97.1 % 715,374 19.49 Various Small Shops (grocery shadow) Perry Hall Marketplace Perry Hall, MD 100% 2001 74,251 100.0 % 1,301,360 17.53 Safeway Sandbridge Commons Virginia Beach, VA 100% 2015 69,417 100.0 % 952,752 13.73 Harris Teeter Tyre Neck Harris Teeter(2) Portsmouth, VA 100% 2011 48,859 100.0 % 559,948 11.46 Harris Teeter Southeast Sunbelt Chronicle Mill Retail Belmont, NC 85%(3) 2022 11,530 22.4 % $112,500 $43.50 North Hampton Market Taylors, SC 100% 2004 114,954 98.8 % 1,621,571 14.28 PetSmart, Hobby Lobby One City Center Retail Durham, NC 100% 2019 22,679 55.7 % 426,671 33.80 Various Small Shops Overlook Village Asheville, NC 100% 1990 151,365 90.1 % 2,142,664 15.72 T.J. Maxx\|Homegoods, Ross Patterson Place Durham, NC 100% 2004 159,842 98.5 % 2,713,900 17.23 PetSmart, DSW Providence Plaza Retail Charlotte, NC 100% 2008 49,447 100.0 % 1,579,774 31.95 Orange Theory, Edward Jones, Chipotle South Square Durham, NC 100% 2005 109,590 97.1 % 2,005,194 18.84 Ross, Petco, Office Depot The Interlock Retail(2) Atlanta, GA 100% 2021 108,379 94.8 % 5,618,344 54.71 Puttshack Wendover Village Greensboro, NC 100% 2004 176,997 100.0 % 3,719,612 21.02 T.J. Maxx, Petco, Beauty World (1) See appendix for definitions. (2) The Company leases all or a portion of the land underlying this property pursuant to a ground lease. (3) The Company is entitled to a preferred return on its investment in this property.

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37 PROPERTY PORTFOLIO CONT. AS OF JUNE 30, 2025 Retail Properties - Stabilized Location Ownership % Year Built/ Redeveloped Net Rentable SF(1) Occupancy(1) ABR(1) ABR per Occupied SF(1) Anchor Tenant(s) Mid-Atlantic Dimmock Square Colonial Heights, VA 100% 1998 106,166 100.0 % $1,938,886 $18.26 Best Buy, Old Navy Harrisonburg Regal Harrisonburg, VA 100% 1999 49,000 100.0 % 753,620 15.38 Regal Cinemas Liberty Retail Newport News, VA 100% 2013 25,461 79.0 % 374,411 18.61 Marketplace at Hilltop(2) Virginia Beach, VA 100% 2001 116,953 97.3 % 2,825,637 24.84 Total Wine, Panera, Chick-Fil-A Red Mill Commons Virginia Beach, VA 100% 2005 373,808 95.9 % 7,248,738 20.23 Homegoods, Walgreens Southgate Square Colonial Heights, VA 100% 2016 260,131 84.6 % 3,405,300 15.47 Burlington, PetSmart, Michaels, T.J. Maxx Southshore Shops Midlothian, VA 100% 2006 40,307 96.1 % 865,787 22.36 Buffalo Wild Wings The Edison Retail Richmond, VA 100% 2014 20,196 — % 59,669 0.00 Total Stabilized Retail Portfolio 3,823,373 94.2 % $73,432,773 $20.39 (1) See appendix for definitions. (2) The Company leases all or a portion of the land underlying this property pursuant to a ground lease. (3) The Company occupies 47,644 square feet at these two properties at an ABR of $1.6M, or $34.70 per leased square foot, which is reflected in this table. The rent paid by the Company is eliminated in accordance with GAAP in the consolidated financial statements. (4) The Company is entitled to a preferred return on its investment in this property. Office Properties- Stabilized Location Ownership % Year Built / Redeveloped Net Rentable SF(1) Occupancy(1) ABR(1) ABR per Occupied SF(1) Anchor Tenant(s) Town Center of Virginia Beach 249 Central Park Office Virginia Beach, VA 100% 2004 57,295 100.0 % $1,473,226 $25.71 Gather, HDR 4525 Main Street Virginia Beach, VA 100% 2014 208,760 100.0 % 6,966,690 33.37 Clark Nexsen, Mythics 4605 Columbus Office Virginia Beach, VA 100% 2002 19,335 100.0 % 522,045 27.00 AHCC Armada Hoffler Tower(3) Virginia Beach, VA 100% 2002 298,353 99.1 % 9,400,279 31.80 Troutman Pepper, Williams Mullen, Morgan Stanley, KPMG One Columbus Virginia Beach, VA 100% 1984 129,066 95.8 % 3,378,617 27.32 Truist, HBA, Northwestern Mutual Two Columbus Office Virginia Beach, VA 100% 2009 94,708 91.5 % 2,328,351 26.88 Hazen & Sawyer, Fidelity Harbor Point - Baltimore Waterfront Constellation Office Baltimore, MD 90% 2016 453,018 100.0 % $15,484,541 $34.18 Constellation Energy Group Thames Street Wharf(3) Baltimore, MD 100% 2010 263,426 98.8 % 8,194,928 31.48 Morgan Stanley Wills Wharf(2) Baltimore, MD 100% 2020 326,895 94.1 % 9,579,466 31.14 Canopy by Hilton, Transamerica, RBC, Franklin Templeton, Stifel Southeast Sunbelt Chronicle Mill Office Belmont, NC 85%(4) 2022 5,932 100.0 % $177,960 $30.00 Piedmont Lithium One City Center Office Durham, NC 100% 2019 128,920 71.0 % 2,814,779 30.73 Duke University Providence Plaza Office Charlotte, NC 100% 2008 53,671 100.0 % 1,654,473 30.83 Choate Construction, Cranfill, Sumner, & Hartzog The Interlock Office(2) Atlanta, GA 100% 2021 199,170 94.4 % 7,704,799 40.98 Georgia Tech, Pindrop Mid-Atlantic Brooks Crossing Office Newport News, VA 100% 2019 98,061 100.0 % $2,043,004 $20.83 Huntington Ingalls Industries Stabilized Office Total 2,336,610 96.3 % $71,723,158 $31.88

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38 PROPERTY PORTFOLIO CONT. AS OF JUNE 30, 2025 Multifamily Properties - Stabilized Location Ownership % Year Built / Redeveloped Units Occupancy(1) AQR (1) Monthly AQR per Occupied Unit Town Center of Virginia Beach Encore Apartments Virginia Beach, VA 100% 2014 286 95.8 % $6,033,432 $1,835 Premier Apartments Virginia Beach, VA 100% 2018 131 96.9 % 3,111,960 2,042 The Cosmopolitan Virginia Beach, VA 100% 2020 342 96.5 % 9,437,832 2,383 Harbor Point - Baltimore Waterfront 1305 Dock Street Baltimore, MD 90% 2016 103 92.2 % $2,899,920 $2,544 1405 Point(2) Baltimore, MD 100% 2018 289 93.1 % 8,630,616 2,674 Southeast Sunbelt Chronicle Mill Belmont, NC 85%(3) 2022 238 97.5 % $4,706,136 $1,690 Greenside Apartments Charlotte, NC 100% 2018 225 87.1 % 4,543,752 1,932 The Everly Gainesville, GA 100% 2022 223 91.0 % 4,463,364 1,832 Chandler Residences Roswell, GA 100% 2024 137 94.2 % 4,116,048 2,659 Mid-Atlantic Liberty Apartments Newport News, VA 100% 2013 199 95.0 % $4,054,500 $1,788 Smith's Landing(2) Blacksburg, VA 100% 2009 284 95.8 % 5,994,204 1,836 The Edison Richmond, VA 100% 2014 174 90.2 % 3,186,252 1,691 Stabilized Multifamily Total 2,631 94.0 % $61,178,016 $2,062 Equity Method Investments Location Ownership % Year Built/ Redeveloped Net Rentable SF(1) Occupancy(1) ABR(1) ABR per Occupied SF(1) Harbor Point - Baltimore Waterfront T Rowe Price Baltimore, MD 50% 2025 $553,000 100.0 % $8,260,208 $15 Parcel 3 Retail Baltimore, MD 50% 2025 $20,200 — % — — Harbor Point Parcel 3 Total $573,200 96.5 % $8,260,208 $15 (1) See appendix for definitions. (2) The Company leases all or a portion of the land underlying this property pursuant to a ground lease. (3) The Company is entitled to a preferred return on its investment in this property.

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39 $ IN THOUSANDS RECONCILIATION OF DEBT & EBITDAre (1) Excludes Interest expense, depreciation, & amortization component attributable to unconsolidated real estate entities. (2) Excludes GAAP adjustments. Three Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Property Net Operating Income $42,480 $42,240 $41,574 $45,762 Property Miscellaneous Expense, Net (124) (266) (146) (35) Non-Recurring Bad Debt Adjustment 140 2,166 488 296 Non-Recurring Termination Fee Adjustment (142) (153) (96) (4,277) Amortization of Right-of-Use Assets (396) (395) (395) (395) Accelerated Amortization of Intangible Assets and Liabilities — (169) — (5) Equity in NOI of Unconsolidated Real Estate Entities(1) 2,479 1,070 — — Property Adjusted EBITDAre $44,437 $44,493 $41,425 $41,346 Disposition — — (1,260) — Development/Redevelopment (475) (1,248) (990) (189) Stabilized Portfolio Adjusted EBITDAre $43,962 $43,245 $39,175 $41,157 Construction Gross Profit 1,384 1,364 2,093 3,366 Corporate G&A (5,806) (7,153) (4,494) (5,008) Non-Cash Stock Compensation 1,364 3,464 1,241 710 Interest Income 4,075 4,176 4,569 4,636 Other Income (Expense), Net — 9 2 17 Total Adjusted EBITDAre $44,979 $45,105 $42,586 $44,878 Stabilized Property Debt 504,190 510,389 512,266 530,513 Add: Unsecured Property Debt 406,301 419,418 403,417 440,691 Stabilized Portfolio Debt $910,491 $929,807 $915,683 $971,204 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.2x 5.4x 5.8x 5.9x Total Debt(2) 1,448,237 1,321,436 1,297,510 1,330,124 Cash (54,601) (48,567) (72,223) (45,726) Net Debt $1,393,636 $1,272,869 $1,225,287 $1,284,398 Net Debt/Total Adjusted EBITDAre 7.7x 7.1x 7.2x 7.2x Preferred 171,085 171,085 171,085 171,085 Net Debt + Preferred $1,564,721 $1,443,954 $1,396,372 $1,455,483 Net Debt + Preferred /Total Adjusted EBITDAre 8.7x 8.0x 8.2x 8.1x

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40 $ IN THOUSANDS CAPITAL EXPENDITURES (1) Excludes activity related to held for sale, acquired, and/or disposed properties. (2) Represents recurring capital expenditures. Leasing Commissions Lease Incentive Tenant Improvements Land Improvements(2) Building Improvements(2) Fixtures & Equipment(2) Total Second Generation Capex Retail $867 $— $420 $404 $238 $— $1,929 Office 838 — 361 7 1,549 — 2,755 Multifamily — — — 32 825 344 1,200 Total Portfolio $1,705 $— $781 $443 $2,611 $344 $5,884 Three Months Ended June 30, 2025(1) Six Months Ended June 30, 2025(1) Leasing Commissions Lease Incentive Tenant Improvements Land Improvements(2) Building Improvements(2) Fixtures & Equipment(2) Total Second Generation Capex Retail $1,195 $10 $1,492 $600 $801 $— $4,099 Office 1,662 — 585 7 2,681 — 4,935 Multifamily — — — 32 1,738 590 2,360 Total Portfolio $2,857 $10 $2,077 $640 $5,221 $590 $11,394

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41 RECONCILIATION TO PROPERTY PORTFOLIO NOI $ IN THOUSANDS (1) Includes expenses associated with the Company's in-house asset management division. Three Months Ended 6/30 Six Months Ended 6/30 2025 2024 2025 2024 Retail Same Store Rental Revenues $24,200 $24,041 $48,240 $47,598 Property Expenses 5,964 5,898 12,330 11,661 NOI 18,236 18,143 35,910 35,937 Non-Same Store NOI(1) 75 1,135 385 2,354 Segment NOI $18,311 $19,278 $36,295 $38,291 Office Same Store Rental Revenues $23,318 $22,768 $46,710 $44,647 Property Expenses 8,055 7,741 16,293 15,765 NOI 15,263 15,027 30,417 28,882 Non-Same Store NOI(1) 182 (247) 267 (553) Segment NOI $15,445 $14,780 $30,684 $28,329 Multifamily Same Store Rental Revenues $13,316 $13,023 $26,512 $26,156 Property Expenses 5,302 5,246 10,459 10,191 NOI 8,014 7,777 16,053 15,965 Non-Same Store NOI(1) 710 455 1,688 1,058 Segment NOI $8,724 $8,232 $17,741 $17,023 Total Property Portfolio NOI $42,480 $42,290 $84,720 $83,643

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42 Three Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Net Income (Loss) Attributable to Common Stockholders and OP Unitholders $3,907 ($7,227) $26,140 ($10,416) Excluding: Depreciation and Amortization 21,356 22,821 24,870 23,289 Gain on Real Estate Dispositions — — (21,305) — Gain on Consolidation of Real Estate Entities (6,915) — — — Impairment of Real Estate Assets — — — — Income Tax (Benefit) Provision (567) 190 (494) 592 Interest Expense 21,271 18,109 18,376 21,387 Interest Expense, Depreciation, & Amortization of Unconsolidated Real Estate Entities 2,801 2,982 — — EBITDAre $41,853 $36,875 $47,587 $34,852 Change in Fair Value of Derivatives and Other (648) 1,210 (7,273) 10,308 Preferred Dividends 2,887 2,887 2,887 2,887 Loss on Extinguishment of Debt — — 134 113 Non-Recurring Bad Debt Adjustment 140 2,166 488 296 Non-Recurring Termination Fee Adjustment (142) (153) (96) (4,277) Accelerated Amortization of Intangible Assets and Liabilities — (169) — (5) Acquisition, Development, & Other Pursuit Costs 286 54 1 2 Unrealized Credit Loss (Release) Provision (209) 22 103 198 Investment Entities (77) (3) 9 (17) Non-Cash Stock Compensation 1,364 3,464 1,241 710 Development/Redevelopment (475) (1,248) (990) (189) Dispositions — — (1,260) — Total Adjusted EBITDAre $44,979 $45,105 $42,831 $44,878 Construction Gross Profit (1,384) (1,364) (2,093) (3,366) Corporate G&A 5,806 7,153 4,494 5,008 Non-Cash Stock Compensation (1,364) (3,464) (1,241) (710) Interest Income (4,075) (4,176) (4,569) (4,636) Other (Expense) Income, Net — (9) (2) (17) Stabilized Portfolio Adjusted EBITDAre $43,962 $43,245 $39,420 $41,157 Disposition — — 1,260 — Development/Redevelopment 475 1,248 990 189 Property Adjusted EBITDAre $44,437 $44,493 $41,670 $41,346 RECONCILIATION OF NET INCOME TO PROPERTY ADJUSTED EBITDAre $ IN THOUSANDS

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43 This Supplemental Financial Package should be read in conjunction with the unaudited condensed consolidated financial statements appearing in the Company's press release dated August 4, 2025, which has been furnished as Exhibit 99.1 to the Company's Form 8-K furnished with the Securities and Exchange Commission ("SEC") on August 4, 2025. The Company makes statements in this Supplemental Financial Package that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act")), and, as such, may involve known and unknown risks and uncertainties, and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These forward-looking statements may include comments relating to the current and future performance of the Company's operating property portfolio, the Company's development pipeline, the Company's real estate financing program, the Company's construction and development business, including backlog and timing of deliveries and estimated costs, financing activities, as well as acquisitions, dispositions, and the Company's financial outlook, guidance, and expectations. For a description of factors that may cause the Company's actual results or performance to differ from its forward-looking statements, please review the information under the heading "Risk Factors" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and the other documents filed by the Company with the SEC from time to time. The Company's actual future results and trends may differ materially from expectations depending on a variety of factors discussed in the Company's filings with the SEC from time to time. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by applicable law. FORWARD-LOOKING STATEMENTS

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