# EDGAR Filing Document

**Accession Number:** 0001569187
**File Stem:** 0001569187-25-000176
**Filing Date:** 2025-11
**Character Count:** 122595
**Document Hash:** c5f4014776e37a666f4499278d3a85f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001569187-25-000176.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001569187-25-000176

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 59

**CONFORMED PERIOD OF REPORT**: 20251103

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**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:** 251444025

**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-20251103

**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): November 3, 2025

**ARMADA HOFFLER PROPERTIES, INC.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **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:

---

| | | |
|:---|:---|:---|
| **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 November 3, 2025, Armada Hoffler Properties, Inc. (the "Company") issued a press release announcing its financial position as of September 30, 2025, results of operations for the three months ended September 30, 2025, and other related information. Also on November 3, 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 September 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](ahh2025q3ex991earningsrele.htm)[November 3](ahh2025q3ex991earningsrele.htm)[, 2025, issued by Armada Hoffler Properties, Inc., providing its financial position as of](ahh2025q3ex991earningsrele.htm)[September](ahh2025q3ex991earningsrele.htm)[30, 2025 and results of operations for the three months ended](ahh2025q3ex991earningsrele.htm)[Se](ahh2025q3ex991earningsrele.htm)[ptember](ahh2025q3ex991earningsrele.htm)[30, 2025.](ahh2025q3ex991earningsrele.htm)</u> |
| 99.2 | <u>[Armada Hoffler Properties, Inc.](q32025supplemental.htm)[Thir](q32025supplemental.htm)[d](q32025supplemental.htm)[Quarter 2025 Supplemental Information](q32025supplemental.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: November 3, 2025 | By: | /s/ Matthew T. Barnes-Smith |
|  |  | Matthew T. Barnes-Smith |
|  |  | Chief Financial Officer, Treasurer and Corporate Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

---

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

---

**ARMADA HOFFLER REPORTS THIRD QUARTER 2025 RESULTS**

**GAAP Net Loss of $0.04 Per Diluted Share for the Third Quarter**

**Normalized FFO of $0.29 Per Diluted Share for the Third Quarter**

**Positive Commercial Releasing Spreads of 6.0% (GAAP) and 6.6% (Cash)**

**Approximately 270K Net Rentable Square Feet of New and Renewed Commercial Lease Space**

**Maintained 2025 Full-Year Normalized FFO Guidance Range of $1.03 to $1.07 per Diluted Share**

VIRGINIA BEACH, VA, November 3, 2025 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended September 30, 2025 and provided an update on current events and earnings guidance.

**Third Quarter and Recent Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss attributable to common stockholders and OP Unit holders of $3.6 million, or $0.04 per diluted share, compared to net loss attributable to common stockholders and OP Unit holders of $10.4 million, or $0.11 per diluted share, for the three months ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $20.2 million, or $0.20 per diluted share, compared to $12.7 million, or $0.14 per diluted share, for the three months ended September 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 $29.6 million, or $0.29 per diluted share, compared to $31.4 million, or $0.35 per diluted share, for the three months ended September 30, 2024. See "Non-GAAP Financial Measures."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of September 30, 2025, weighted average stabilized portfolio occupancy was 95.7%. Retail occupancy was 96.0%, office occupancy was 96.5%, and multifamily occupancy was 94.2%.

&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 5.7% (GAAP) and 6.5% (Cash)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Office 21.6% (GAAP) and 8.9% (Cash)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Multifamily 2.3% (GAAP and Cash)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed 25 commercial lease renewals and 7 new commercial leases during the third quarter for an aggregate of approximately 270,000 of net rentable square feet.

<br>"Our third quarter results highlight the consistency and strength of our portfolio," said Shawn Tibbetts, President and Chief Executive Officer. "Property-level income continues to outperform our 2025 guidance, contributing to beating consensus for the quarter. We are simplifying the business, driving operational excellence, and leveraging data-driven insights to enhance performance across the platform. With a disciplined approach to capital allocation and a focus on recurring property-level earnings, we are strengthening the balance sheet and positioning Armada Hoffler for sustainable growth and long-term value creation."

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same Store Net Operating Income ("NOI") increased 1.0% on a GAAP basis compared to the quarter ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third-party construction backlog as of September 30, 2025 was $83.9 million and general contracting and real estate services gross profit for the third quarter was $2.1 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the third quarter of 2025, unrealized losses on non-designated interest rate derivatives that negatively affected FFO were $8.1 million. As of September 30, 2025, the value of the Company's entire interest rate derivative portfolio, net of unrealized losses, was $13.4 million. These losses are excluded from Normalized FFO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 22, 2025, the Company, entered into a note purchase agreement with institutional investors, in the aggregate amount of $115.0 million of senior unsecured notes of the Operating Partnership, consisting of notes with 3, 5, and 7 year maturities and interest rates of 5.57%, 5.78%, and 6.09%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 16, 2025, the Company announced that its Board of Directors unanimously appointed Shawn J. Tibbetts as Chairman of the Board, effective January 1, 2026. This appointment represents the final step in the succession plan initiated in 2024. Mr. Tibbetts will continue to serve as President and Chief Executive Officer, and Louis S. Haddad will continue to serve as director on the Company's Board of Directors.

**Financial Results**

Net loss attributable to common stockholders and OP Unit holders for the third quarter was $3.6 million compared to $10.4 million for the third quarter of 2024. The year-over-year change was primarily due to a decrease in unrealized losses reflected in change in fair value of derivatives as well as a decrease in salaries and compensation due to the severance paid in the third quarter of 2024, partially offset by a decrease in construction gross profit due to the close-out of contracts and an increase in interest expense.

FFO attributable to common stockholders and OP Unit holders for the third quarter was $20.2 million compared to $12.7 million for the third quarter of 2024. The year-over-year increase in FFO was primarily due to a decrease in unrealized losses reflected in change in fair value of derivatives as well as a decrease in salaries and compensation due to the severance paid in the third quarter of 2024, partially offset by a decrease in construction gross profit due to the close-out of contracts and an increase in interest expense. Normalized FFO attributable to common stockholders and OP Unit holders for the third quarter decreased to $29.6 million compared to $31.4 million for the third 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 an increase in interest expense.

**Operating Performance**

At the end of the third quarter, the Company's retail, office, and multifamily stabilized operating property portfolios were 96.0%, 96.5%, and 94.2% occupied, respectively.

Total third party construction contract backlog was $83.9 million as of September 30, 2025.

Interest income from real estate financing investments was $3.9 million for the three months ended September 30, 2025.

------

**Balance Sheet and Financing Activity**

As of September 30, 2025, the Company had $1.5 billion of total debt outstanding, including $200.0 million outstanding under its revolving credit facility. Total debt outstanding excludes GAAP adjustments and deferred financing costs. As of September 30, 2025, the Company's debt was 100% fixed or economically hedged after considering interest rate swaps.

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 issue price for the Notes was 100% of the aggregate principal amount thereof. 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.

**Outlook**

The Company narrowed its 2025 full-year Normalized FFO guidance from the Company's previous guidance range to $1.03 to $1.07 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.

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| | | |
|:---|:---|:---|
| **Full-year 2025 Guidance** <sup>[1][2]</sup> | **Expected Ranges** | **Expected Ranges** |
| &nbsp;&nbsp;&nbsp;Portfolio NOI | $174.1 M | $175.5 M |
| &nbsp;&nbsp;&nbsp;Construction Segment Gross Profit | $5.5 M | $6.5 M |
| &nbsp;&nbsp;&nbsp;G&A Expenses | ($17.2 M) | ($16.4 M) |
| &nbsp;&nbsp;&nbsp;Interest Income | $15.8 M | $16.2 M |
| &nbsp;&nbsp;&nbsp;Adjusted Interest Expense<sup>[3]</sup> | ($63.7 M) | ($61.7 M) |
| &nbsp;&nbsp;&nbsp;Normalized FFO per diluted share | $1.03 | $1.07 |

---

<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 Retail - Stabilized in 4Q25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Southern Post Office - Stabilized in 2H26

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allied Multifamily - Stabilized 1H26

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquisition of one Real Estate Financing asset in 4Q25

------

<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.

**Webcast and Conference Call**

The Company will host a webcast and conference call on Tuesday, November 4, 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 93777. A replay of the conference call will be available through Thursday, December 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 93777#.

**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.

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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 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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| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>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 | $2441965 | $2173787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for development | 5683 | 5683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction in progress | 27890 | 17515 |
|  | 2475538 | 2196985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (504419) | (451907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net real estate investments | 1971119 | 1745078 |
| &nbsp;&nbsp;&nbsp;Real estate investments held for sale | 4800 | 4800 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 46511 | 70642 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 3313 | 1581 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 58274 | 52860 |
| &nbsp;&nbsp;&nbsp;Notes receivable, net | 152288 | 132565 |
| &nbsp;&nbsp;&nbsp;Construction receivables, including retentions, net | 34587 | 84624 |
| &nbsp;&nbsp;&nbsp;Construction contract costs and estimated earnings in excess of billings | 2638 | 6 |
| &nbsp;&nbsp;&nbsp;Equity method investments | 47880 | 158151 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 22669 | 22841 |
| &nbsp;&nbsp;&nbsp;Finance lease right-of-use assets | 87868 | 88986 |
| &nbsp;&nbsp;&nbsp;Acquired lease intangible assets | 80181 | 89739 |
| &nbsp;&nbsp;&nbsp;Other assets | 65007 | 60990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $2577135 | $2512863 |
| &nbsp;&nbsp;&nbsp;**<u>LIABILITIES AND EQUITY</u>** |  |  |
| &nbsp;&nbsp;&nbsp;Indebtedness, net | $1485657 | $1295559 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 41295 | 38840 |
| &nbsp;&nbsp;&nbsp;Construction payables, including retentions | 39658 | 104495 |
| &nbsp;&nbsp;&nbsp;Billings in excess of construction contract costs and estimated earnings | 5755 | 5871 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 31242 | 31365 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities | 93280 | 92646 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 36609 | 54418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 1733496 | 1623194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity** | 843639 | 889669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Equity** | $2577135 | $2512863 |

---

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ARMADA HOFFLER PROPERTIES, INC.

CONDENSED CONSOLIDATED INCOME STATEMENTS

(in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Nine Months Ended**<br>**September 30,** | **Nine Months Ended**<br>**September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| &nbsp;&nbsp;&nbsp;**Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental revenues | $68724 | $68598 | $197672 | $193744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General contracting and real estate services revenues | 23192 | 114353 | 101782 | 358167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 4166 | 4701 | 12534 | 13959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 96082 | 187652 | 311988 | 565870 |
| &nbsp;&nbsp;&nbsp;**Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental expenses | 17622 | 16652 | 49323 | 46344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes | 6148 | 6184 | 18675 | 17995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General contracting and real estate services expenses | 21128 | 110987 | 96970 | 346385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 23113 | 23684 | 68081 | 65697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 4447 | 5187 | 17831 | 15564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition, development, and other pursuit costs | 10 | 2 | 350 | 5530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment charges | 350 |  | 350 | 1494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 72818 | 162696 | 251580 | 499009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | 23264 | 24956 | 60408 | 66861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (22718) | (21387) | (62098) | (60589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in Income (Loss) of Unconsolidated Real Estate Entities | 38 |  | (2197) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on consolidation of real estate entities |  |  | 6915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | (69) | (113) | (69) | (113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivatives and other | (1216) | (10308) | (1778) | 6978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized credit loss release (provision) | 126 | (198) | 313 | (53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | 28 | 96 | (44) | 254 |
| &nbsp;&nbsp;&nbsp;(Loss) income before taxes | (547) | (6954) | 1450 | 13338 |
| &nbsp;&nbsp;&nbsp;Income tax (provision) benefit | (192) | (592) | 185 | 120 |
| &nbsp;&nbsp;&nbsp;**Net (loss) income** | (739) | (7546) | 1635 | 13458 |
| &nbsp;&nbsp;&nbsp;Net loss (income) attributable to noncontrolling interests in investment entities | 51 | 17 | 131 | (34) |
| &nbsp;&nbsp;&nbsp;Preferred stock dividends | (2887) | (2887) | (8661) | (8661) |
| &nbsp;&nbsp;&nbsp;**Net (loss) income attributable to common stockholders and OP Unitholders** | $(3575) | $(10416) | $(6895) | $4763 |

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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>September 30,** | **Three Months Ended <br>September 30,** | **Nine Months Ended**<br>**September 30,** | **Nine Months Ended**<br>**September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **Net (loss) income attributable to common stockholders and OP Unitholders** | $(3575) | $(10416) | $(6895) | $4763 |
| Depreciation and amortization, net<sup>(1)</sup> | 23395 | 23070 | 69774 | 63855 |
| Impairment of real estate assets | 350 |  | 350 | 1494 |
| **FFO attributable to common stockholders and OP Unitholders** | $20170 | $12654 | $56314 | $70112 |
| Acquisition, development, and other pursuit costs | 10 | 2 | 350 | 5530 |
| Accelerated amortization of intangible assets and liabilities |  | (5) | (169) | (5) |
| Loss on extinguishment of debt | 69 | 113 | 69 | 113 |
| Unrealized credit loss (release) provision | (126) | 198 | (313) | 53 |
| Amortization of right-of-use assets - finance leases | 395 | 395 | 1185 | 1184 |
| Decrease in fair value of derivatives not designated as cash flow hedges | 8095 | 16669 | 17567 | 12109 |
| Stock compensation normalization | 527 |  | 2776 |  |
| Amortization of interest rate derivatives on designated cash flow hedges | 383 | 73 | 1149 | 454 |
| Severance related costs | 91 | 1339 | 1684 | 1506 |
| **Normalized FFO available to common stockholders and OP Unitholders** | $29614 | $31438 | $80612 | $91056 |
| **Net (loss) income attributable to common stockholders and OP Unitholders per diluted share and unit** | $(0.04) | $(0.11) | $(0.07) | $0.05 |
| **FFO attributable to common stockholders and OP Unitholders per diluted share and unit** | $0.20 | $0.14 | $0.55 | $0.79 |
| **Normalized FFO attributable to common stockholders and OP Unitholders per diluted share and unit** | $0.29 | $0.35 | $0.79 | $1.02 |
| Weighted-average common shares and units - diluted | 102093 | 90598 | 101839 | 89293 |

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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 adjustment for depreciation and amortization for the three and nine months ended September 30, 2025 excludes $0.2 million and $0.7 million, respectively, of depreciation attributable to our partners. The adjustment for depreciation and amortization for the three and nine months ended September 30, 2024 excludes $0.2 million and $0.7 million, respectively, of depreciation attributable to our partners. The adjustment for depreciation and amortization for the three and nine months ended September 30, 2025 includes $0.8 million and $3.6 million, respectively, of depreciation attributable to unconsolidated investments. |
| (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. This adjustment also specifically excludes the impact of the special awards granted in June 2025 to a select group of employees, including our executive officers. |

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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>September 30,** | **Three Months Ended <br>September 30,** | **Nine Months Ended**<br>**September 30,** | **Nine Months Ended**<br>**September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| <u>Retail Same Store</u> <sup>(1)</sup> |  |  |  |  |
| Same Store NOI, Cash Basis | $16200 | $16611 | $49593 | $52228 |
| &nbsp;&nbsp;GAAP Adjustments <sup>(2)</sup> | (1309) | (1059) | (3822) | (1377) |
| Same Store NOI | 17509 | 17670 | 53415 | 53605 |
| &nbsp;&nbsp;Non-Same Store NOI <sup>(3)</sup> | 1199 | 921 | 1586 | 2901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment NOI | 18708 | 18591 | 55001 | 56506 |
| <u>Office Same Store</u> <sup>(4)</sup> |  |  |  |  |
| Same Store NOI, Cash Basis | 13443 | 12869 | 39941 | 39112 |
| &nbsp;&nbsp;GAAP Adjustments <sup>(2)</sup> | (2409) | (2296) | (6328) | (4936) |
| Same Store NOI | 15852 | 15165 | 46269 | 44048 |
| &nbsp;&nbsp;Non-Same Store NOI <sup>(3)</sup> | 1009 | 3952 | 1275 | 3981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment NOI | 16861 | 19117 | 47544 | 48029 |
| <u>Multifamily Same Store</u> <sup>(5)</sup> |  |  |  |  |
| Same Store NOI, Cash Basis | 7323 | 7434 | 22969 | 23590 |
| &nbsp;&nbsp;GAAP Adjustments <sup>(2)</sup> | (216) | (209) | (624) | (18) |
| Same Store NOI | 7539 | 7643 | 23593 | 23608 |
| &nbsp;&nbsp;Non-Same Store NOI <sup>(3)</sup> | 1846 | 411 | 3536 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment NOI | 9385 | 8054 | 27129 | 24870 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Property NOI** | 44954 | 45762 | 129674 | 129405 |
| General contracting & real estate services gross profit | 2064 | 3366 | 4812 | 11782 |
| Real estate financing gross profit | 1700 | 2348 | 5468 | 7215 |
| Interest income <sup>(6)</sup> | 315 | 565 | 1274 | 1775 |
| Depreciation and amortization | 23113 | 23684 | 68081 | 65697 |
| General and administrative expenses | 4447 | 5187 | 17831 | 15564 |
| Acquisition, development, and other pursuit costs | 10 | 2 | 350 | 5530 |
| Impairment charges | 350 |  | 350 | 1494 |
| Interest expense | (22718) | (21387) | (62098) | (60589) |
| Equity in Income (Loss) of Unconsolidated Real Estate Entities | 38 |  | (2197) |  |
| Gain on consolidation of real estate entities |  |  | 6915 |  |
| Loss on extinguishment of debt | (69) | (113) | (69) | (113) |
| Change in fair value of derivatives and other | (1216) | (10308) | (1778) | 6978 |
| Unrealized credit loss release (provision) | 126 | (198) | 313 | (53) |
| Other income (expense), net | 28 | 96 | (44) | 254 |
| Income tax (provision) benefit | (192) | (592) | 185 | 120 |
| Net (loss) income | (739) | (7546) | 1635 | 13458 |
| Net loss (income) attributable to noncontrolling interests in investment entities | 51 | 17 | 131 | (34) |
| Preferred stock dividends | (2887) | (2887) | (8661) | (8661) |
| **Net (loss) income attributable to common stockholders and OP Unitholders** | $(3575) | $(10416) | $(6895) | $4763 |

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________________________________________

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| |
|:---|
| (1) Retail same-store portfolio for the three and nine months ended September 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 and nine months ended September 30, 2025 and 2024 excludes Southern Post Office and Allied \| Harbor Point Office Garage. |
| (5) Multifamily same-store portfolio for the three and nine months ended September 30, 2025 and 2024 excludes Chandler Residences, The Allied \| Harbor Point, and Greenside Apartments. |
| (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

![](q32025supplemental001.jpg)

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![](q32025supplemental002.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, President and Chief Executive Officer 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 Jonathan Petersen (212) 284-1705 jpetersen@jefferies.com

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![](q32025supplemental003.jpg)

3 HIGHLIGHTS $0.20 Third Quarter FFO Per Diluted Share $0.29 Third Quarter Normalized FFO Per Diluted Share 95.7% Wtd. Avg. Stabilized Portfolio Occupancy as of September 30, 2025 59% ABR in Mixed-Use Communities 270K Square Feet of New and Renewed Commercial Space for the Third Quarter of 2025 1.0% Total Same Store GAAP NOI Increase Quarter Over Quarter Change 5.7% Third Quarter Retail Lease Renewal Spread Increase, GAAP 21.6% Third Quarter Office Lease Renewal Spread Increase, GAAP 4.5% Office Same Store GAAP NOI Increase Quarter Over Quarter Change

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![](q32025supplemental004.jpg)

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 third quarter of 2025. 2025 OUTLOOK & ASSUMPTIONS OUTLOOK(1) LOW HIGH PROPERTY PORTFOLIO NOI $174.1M $175.5M CONSTRUCTION SEGMENT PROFIT $5.5M $6.5M G&A EXPENSES ($17.2M) ($16.4M) INTEREST INCOME $15.8M $16.2M ADJUSTED INTEREST EXPENSE(2) ($63.7M) ($61.7M) NORMALIZED FFO PER DILUTED SHARE $1.03 $1.07 GUIDANCE ASSUMPTIONS • Southern Post Office - Stabilized in 2H26 • Southern Post Retail - Stabilized in 4Q25 • Allied Multifamily - Stabilized 1H26 • Acquisition of one Real Estate Financing asset in 4Q25

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![](q32025supplemental005.jpg)

5(1) See appendix for definitions. (2) Excludes GAAP adjustments. (3) Total occupancy weighted by annualized rent. (4) Updated in the current quarter to exclude Greenside Apartments due to the impact of significant disruptive events. SUMMARY INFORMATION $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) OPERATIONAL METRICS 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Net (Loss) Income Attributable to Common Stockholders and OP Unitholders ($3,575) $3,907 ($7,227) $26,140 Net (Loss) Income per Diluted Share Attributable to Common Stockholders and OP ($0.04) $0.04 ($0.07) $0.26 Normalized FFO Attributable to Common Stockholders and OP Unitholders 29,614 25,390 25,608 27,837 Normalized FFO per Diluted Share Attributable to Common Stockholders and OP Unitholders $0.29 $0.25 $0.25 $0.27 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.5x 5.2x 5.4x 5.8x Fixed Charge Coverage Ratio(1) 2.2x 2.2x 2.5x 2.4x CAPITALIZATION Common Shares Outstanding 80,155 80,160 80,156 79,696 Operating Partnership Units Outstanding 23,521 23,507 21,942 21,666 Common Shares and Operating Partnership Units Outstanding 103,676 103,667 102,098 101,362 Market Price per Common Share as of Last Trading Day of Quarter $7.01 $6.87 $7.51 $10.23 Common Equity Capitalization 709,144 712,192 766,756 1,036,933 Preferred Equity Capitalization 171,085 171,085 171,085 171,085 Total Equity Capitalization 880,229 883,277 937,841 1,208,018 Total Debt(2) 1,487,257 1,448,237 1,321,436 1,297,510 Total Capitalization $2,367,486 $2,331,514 $2,259,277 $2,505,528 STABILIZED PORTFOLIO OCCUPANCY(1) Retail 96.0 % 94.2 % 94.5 % 95.3 % Office 96.5 % 96.3 % 97.5 % 97.2 % Multifamily 94.2 % 94.0 % 95.0 % 95.3 % Weighted Average(3) 95.7 % 94.9 % 95.7 % 96.0 % STABILIZED PORTFOLIO Commercial Retail Portfolio Net Operating Income $18,194 $17,912 $17,583 $19,004 Number of Properties 46 46 46 46 Net Rentable Square Feet 3,823k 3,823k 3,823k 3,824k Office Portfolio Net Operating Income $16,137 $14,947 $14,886 $12,817 Number of Properties 14 14 14 14 Net Rentable Square Feet 2,337k 2,337k 2,338k 2,335k Multifamily Multifamily Portfolio(4) Net Operating Income $7,955 $9,145 $8,523 $8,764 Number of Properties 11 12 11 11 Units 2,406 2,631 2,492 2,492

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![](q32025supplemental006.jpg)

6 Three Months Ended Nine Months Ended 9/30/2025 9/30/2024 9/30/2025 9/30/2024 (Unaudited) (Unaudited) Revenues Rental Revenues $68,724 $68,598 $197,672 $193,744 General Contracting and Real Estate Services Revenues 23,192 114,353 101,782 358,167 Interest Income 4,166 4,701 12,534 13,959 Total Revenues 96,082 187,652 311,988 565,870 Expenses Rental Expenses 17,622 16,652 49,323 46,344 Real Estate Taxes 6,148 6,184 18,675 17,995 General Contracting and Real Estate Services Expenses 21,128 110,987 96,970 346,385 Depreciation and Amortization 23,113 23,684 68,081 65,697 General & Administrative Expenses 4,447 5,187 17,831 15,564 Acquisition, Development & Other Pursuit Costs 10 2 350 5,530 Impairment Charges 350 — 350 1,494 Total Expenses 72,818 162,696 251,580 499,009 Operating Income 23,264 24,956 60,408 66,861 Interest Expense (22,718) (21,387) (62,098) (60,589) Equity in Income (Loss) of Unconsolidated Real Estate Entities 38 — (2,197) — Gain on Consolidation of Real Estate Entities — — 6,915 — Loss on Extinguishment of Debt (69) (113) (69) (113) Change in Fair Value of Derivatives and Other (1,216) (10,308) (1,778) 6,978 Unrealized Credit Loss Release (Provision) 126 (198) 313 (53) Other Income (Expense), Net 28 96 (44) 254 (Loss) Income Before Taxes (547) (6,954) 1,450 13,338 Income Tax (Provision) Benefit (192) (592) 185 120 Net (Loss) Income ($739) ($7,546) $1,635 $13,458 Net Loss (Income) Attributable to Noncontrolling Interests in Investment Entities 51 17 131 (34) Preferred Stock Dividends (2,887) (2,887) (8,661) (8,661) Net (Loss) Income Attributable to AHH and OP Unitholders ($3,575) ($10,416) ($6,895) $4,763 Net (Loss) Income per Diluted Share and Unit Attributable to AHH and OP Unitholders ($0.04) ($0.11) ($0.07) $0.05 Weighted Average Shares & OP Units - Diluted(1) 102,093 90,598 101,839 89,293 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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![](q32025supplemental007.jpg)

7 SUMMARY BALANCE SHEET $ IN THOUSANDS As Of 9/30/2025 12/31/2024 (Unaudited) Assets Real Estate Investments: Income Producing Property $2,441,965 $2,173,787 Held for Development 5,683 5,683 Construction in Progress 27,890 17,515 Accumulated Depreciation (504,419) (451,907) Net Real Estate Investments 1,971,119 1,745,078 Real Estate Investments Held for Sale 4,800 4,800 Cash and Cash Equivalents 46,511 70,642 Restricted Cash 3,313 1,581 Accounts Receivable, Net 58,274 52,860 Notes Receivable, Net 152,288 132,565 Construction Receivables, Including Retentions, Net 34,587 84,624 Construction Contract Costs and Estimated Earnings in Excess of Billings 2,638 6 Equity Method Investments 47,880 158,151 Operating Lease Right-of-Use Assets 22,669 22,841 Finance Lease Right-of-Use Assets 87,868 88,986 Acquired Lease Intangible Assets 80,181 89,739 Other Assets 65,007 60,990 Total Assets $2,577,135 $2,512,863 Liabilities and Equity Indebtedness, Net $1,485,657 $1,295,559 Accounts Payable and Accrued Liabilities 41,295 38,840 Construction Payables, Including Retentions 39,658 104,495 Billings in Excess of Construction Contract Costs and Estimated Earnings 5,755 5,871 Operating Lease Liabilities 31,242 31,365 Finance Lease Liabilities 93,280 92,646 Other Liabilities 36,609 54,418 Total Liabilities 1,733,496 1,623,194 Total Equity 843,639 889,669 Total Liabilities and Equity $2,577,135 $2,512,863

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![](q32025supplemental008.jpg)

8 FFO, NORMALIZED FFO, & AFFO(1) $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) Nine Months Ended (Unaudited) 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2025 9/30/2024 Funds From Operations Net (Loss) Income Attributable to AHH and OP Unitholders ($3,575) $3,907 ($7,227) $26,140 ($6,895) $4,763 Net (Loss) Income per Diluted Share ($0.04) $0.04 ($0.07) $0.26 ($0.07) $0.05 Depreciation and Amortization(2) 23,395 21,979 24,400 24,899 69,774 63,855 Gain on Consolidation of Real Estate Entities — (6,915) — — (6,915) — Gain on Dispositions of Operating Real Estate(3) — — — (21,305) — — Impairment of Real Estate Assets 350 — — — 350 1,494 (4) FFO $20,170 $18,971 $17,173 $29,734 $56,314 $70,112 FFO per Diluted Share $0.20 $0.19 $0.17 $0.29 $0.55 $0.79 Normalized FFO Acquisition, Development, and Other Pursuit Costs 10 286 54 1 350 5,530 (4) Loss on Extinguishment of Debt 69 — — 134 69 113 Non-Cash GAAP Adjustments 269 186 248 497 703 1,232 Severance-Related Costs 91 1,580 13 — 1,684 1,506 Decrease (Increase) in Fair Value of Derivatives 8,095 3,845 5,627 (2,497) 17,567 12,109 Stock Compensation Normalization 527 139 2,110 — 2,776 — Amortization of Interest Rate Derivatives on Designated Cash Flow Hedges 383 383 383 (32) 1,149 454 Normalized FFO $29,614 $25,390 $25,608 $27,837 $80,612 $91,056 Normalized FFO per Diluted Share $0.29 $0.25 $0.25 $0.27 $0.79 $1.02 Adjusted FFO Non-Cash Stock Compensation 804 1,225 1,354 1,241 3,383 3,646 Tenant Improvements, Leasing Commissions, Lease Incentives(5) (4,420) (2,486) (2,458) (3,480) (9,364) (11,303) Property-Related Capital Expenditures(5) (4,715) (3,398) (3,048) (5,573) (11,161) (11,527) Non-Cash Interest Expense(6) 1,899 2,187 2,058 1,891 6,144 5,801 Cash Ground Rent Payment - Finance Lease (972) (995) (998) (995) (2,965) (2,937) GAAP Adjustments (3,135) (3,514) (2,163) (2,884) (8,812) (6,499) AFFO $19,075 $18,409 $20,353 $18,037 $57,837 $68,237 AFFO per Diluted Share $0.19 $0.18 $0.20 $0.18 $0.57 $0.76 Non-Cash Notes Receivable Interest Income (3,851) (3,477) (3,932) (4,236) (11,260) (12,607) AFFO less Non-Cash Notes Receivable Interest Income $15,224 $14,932 $16,421 $13,801 $46,577 $55,630 AFFO less Non-Cash Notes Receivable Interest Income per Diluted Share $0.15 $0.15 $0.16 $0.14 $0.46 $0.62 Weighted Average Common Shares Outstanding 80,155 80,154 79,992 79,695 80,101 67,630 Weighted Average Operating Partnership Units Outstanding 21,938 22,132 21,578 21,666 21,738 21,663 Total Weighted Average Common Shares and OP Units Outstanding(7)(8) 102,093 102,286 101,570 101,361 101,838 89,293 (1) See definitions in appendix. (2) Adjusted for the depreciation and amortization attributable to noncontrolling interests in consolidated investments and depreciation and amortization attributable to unconsolidated 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. (8) Excludes unvested performance-based LTIP Units that are not considered participating securities.

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9 NET ASSET VALUE COMPONENT DATA (1) Excludes expenses associated with the Company's in-house asset management division of $1 million for the 3 months ended 9/30/2025. (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 GAAP adjustments. $ AND SHARES/UNITS IN THOUSANDS Stabilized Portfolio NOI (Cash) Three Months Ended 9/30/2025 Retail Office(2) Multifamily Total Stabilized Portfolio Portfolio NOI(1) $17,767 $14,830 $9,420 $42,017 Equity Method Investment NOI (29) 2,275 — 2,246 Non-Stabilized Properties NOI (514) (724) (1,430) (2,668) Signed Leases Not Yet Occupied or in Free Rent Period 945 1,777 — 2,722 Stabilized Portfolio NOI $18,169 $18,158 $7,990 $44,317 Annualized $72,676 $72,632 $31,960 $177,268 Non-Stabilized Portfolio(3) As of 9/30/2025 Projects Under Redevelopment or Impacted by Significant Disruptive Events $87,091 Properties in Lease Up 300,622 Development Opportunities(4) 1,800 Total Non-Stabilized Portfolio $389,513 Third-Party General Contracting and Real Estate Services Trailing 12 Months General Contracting Gross Profit $6,905 Non-Property Assets(5) As of 9/30/2025 Corporate GCRES and Other Real Estate Financing Total Cash and Restricted Cash $10,410 $13,398 $— $23,808 Accounts Receivable, Net 6,379 — — 6,379 Real Estate Financing Investments — — 154,326 154,326 Construction Receivables, Including Retentions — 34,587 — 34,587 Other Assets / Costs in Excess of Earnings 18,173 8,307 — 26,480 Total Non-Property Assets $34,962 $56,292 $154,326 $245,580 Liabilities(5) As of 9/30/2025 Corporate and Property GCRES and Other Real Estate Financing Total Mortgages and Notes Payable(6) $1,365,357 $— $121,900 $1,487,257 Accounts Payable and Accrued Liabilities 40,451 845 — 41,296 Construction Payables, Including Retentions — 39,658 — 39,658 Other Liabilities(6) 30,844 5,755 — 36,599 Total Liabilities $1,436,652 $46,258 $121,900 $1,604,810 Preferred Equity Liquidation Value Series A Cumulative Redeemable Perpetual Preferred Stock $171,085 Common Equity As of 9/30/2025 Total Common Shares Outstanding 80,155 Total OP Units Outstanding 23,521 Total Common Shares & OP Units Outstanding 103,676

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10 CREDIT PROFILE $ IN THOUSANDS Net Debt to Adjusted EBITDAre 5.3x 5.4x 5.5x 6.2x 6.5x 6.6x 6.4x 5.9x 5.8x 5.4x 5.2x 5.5x 5.9x 6.6x 7.1x 7.1x 7.5x 7.4x 7.5x 7.2x 7.2x 7.1x 7.7x 7.9x Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre Net Debt / Total Adjusted EBITDAre 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 Q3 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 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 Q3 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 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 0 5,000 10,000 15,000 20,000 25,000 —% 50% 100% 150% Weighted Average Years to Maturity - Debt 4.7 4.4 4.6 4.2 3.9 3.7 3.6 3.5 3.3 3.3 3.0 2.8 Weighted Average Years to Maturity Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 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 9/30/2025 Stabilized Portfolio Adjusted EBITDAre $42,340 Stabilized Portfolio Debt $926,537 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.5 x Total Adjusted EBITDAre $45,342 Net Debt(2) $1,437,433 Net Debt/Total Adjusted EBITDAre(1) 7.9 x Net Debt + Preferred $1,608,518 Net Debt + Preferred /Total Adjusted EBITDAre 8.9 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 5.5x 7.9x 8.9x 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 SEPTEMBER 30, 2025 Total Debt Composition Weighted Average % of Debt Interest Rate Maturity Variable vs. Fixed-Rate Debt Variable-Rate Debt(1)(2) — % N/A N/A Fixed-Rate Debt(3)(4) 100.0 % 4.3 % 2.8 Yrs Secured vs. Unsecured Debt Unsecured Debt(2) 60.2 % 4.5 % 2.1 Yrs Secured Debt(2) 39.8 % 3.9 % 3.7 Yrs Portfolio Weighted Average(2) 4.3 % 2.8 Yrs (1) Excludes debt subject to interest rate swap locks. (2) Represents the weighted average interest rate of the portfolio, inclusive of the effect of interest rate derivatives. (3) Includes debt subject to interest rate swap locks. (4) Excludes GAAP adjustments. Portfolio Weighted Average Interest Rate 3.6% 3.9% 4.0% 4.2% 4.0% 4.4% 4.6% 4.5% 4.4% 4.2% 4.4% 4.3% Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 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 9/30/2025 Maturity Date (1) 2025 2026 2027 2028 2029 Thereafter Outstanding as of 9/30/2025 Secured Debt - Stabilized The Everly SOFR+ 1.50 % 5.63 % (2) Dec-2025 (3) 30,000 — — — — — 30,000 Encore Apartments & 4525 Main Street 2.93 % 2.93 % Feb-2026 340 50,840 — — — — 51,180 Thames Street Wharf SOFR+ 1.30 % 2.33 % (4) Sep-2026 358 65,028 — — — — 65,386 Constellation Energy Building SOFR+ 1.50 % 5.74 % (2)(4) Nov-2026 — 175,000 — — — — 175,000 Liberty SOFR+ 1.50 % 4.93 % (4) Sep-2027 93 382 19,495 — — — 19,970 Greenbrier Square 3.74 % 3.74 % Oct-2027 101 415 18,370 — — — 18,886 Lexington Square 4.50 % 4.50 % Sep-2028 81 335 351 12,287 — — 13,054 Red Mill North 4.73 % 4.73 % Dec-2028 32 133 140 3,442 — — 3,747 Premier Apartments and Retail 5.53 % 5.53 % Dec-2029 — — — — 29,285 — 29,285 Smith's Landing 4.05 % 4.05 % Jun-2035 264 1,081 1,126 1,172 1,222 7,947 12,812 The Edison 5.30 % 5.30 % Dec-2044 109 450 474 500 527 12,396 14,456 The Cosmopolitan 3.35 % 3.35 % Jul-2051 237 968 1,001 1,035 1,071 34,449 38,761 Total - Secured Stabilized Debt 31,615 294,632 40,957 18,436 32,105 54,792 472,537 Secured Debt - Unstabilized The Allied \| Harbor Point SOFR+ 2.00 % 4.71 % (4) Jun-2027 (5) — — 90,000 — — — 90,000 Greenside Apartments 3.17 % 3.17 % Dec-2029 205 834 861 886 26,934 — 29,720 Total - Secured Unstabilized Debt 205 834 90,861 886 26,934 — 119,720 Total - Secured Debt 31,820 295,466 131,818 19,322 59,039 54,792 592,257 Unsecured Debt TD Unsecured Term Loan SOFR+ 1.35%-1.90% 5.78 % May-2026 — 95,000 — — — — 95,000 Senior Unsecured Revolving Credit Facility SOFR+ 1.30%-1.85% 5.73 % Jan-2027 (6) — — 200,000 — — — 200,000 M&T Unsecured Term Loan SOFR+ 1.25%-1.80% 5.68 % Mar-2027 (5) — — 35,000 — — — 35,000 M&T Unsecured Term Loan (Fixed) SOFR+ 1.25%-1.80% 5.05 % (4) Mar-2027 (5) — — 100,000 — — — 100,000 Senior Unsecured Term Loan SOFR+ 1.25%-1.80% 5.68 % 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 Senior Notes, Series A 5.57 % 5.57 % Jul-2028 — — — 25,000 — — 25,000 Senior Notes, Series B 5.78 % 5.78 % Jul-2030 — — — — — 45,000 45,000 Senior Notes, Series C 6.09 % 6.09 % Jul-2032 — — — — — 45,000 45,000 Total - Unsecured Debt — 95,000 335,000 375,000 — 90,000 895,000 Total Principal Balances $31,820 $390,466 $466,818 $394,322 $59,039 $144,792 $1,487,257 Other Notes Payable 6,109 Unamortized GAAP Adjustments (7,709) Indebtedness, Net $1,485,657 (5) Does not reflect one 12-month extension option. (6) Does not reflect two six-month extension options.

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14 (1) Excludes derivatives maturing within 90 days. (2) Includes debt subject to interest rate swap locks. (3) Excludes GAAP adjustments. (4) 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 Nine Months Ended Accounting Treatment(5) Statement of Comprehensive Income Location 9/30/2025 9/30/2024 9/30/2025 9/30/2024 Designated Hedges Interest Expense $776 $1,462 $2,347 $6,729 Non-Designated Change in Fair Value of Derivatives and Other 6,887 6,361 15,797 19,087 Total Realized Gains on Interest Rate Derivatives $7,663 $7,823 $18,144 $25,816 Designated Hedges Unrealized Cash Flow Hedge Gains $99 $(3,350) $(1,317) $1,188 Non-Designated Change in Fair Value of Derivatives and Other (8,103) (16,669) (17,575) $(12,109) Total Unrealized Losses on Interest Rate Derivatives $(8,004) $(20,019) $(18,892) $(10,921) Total Realized and Unrealized Losses on Interest Rate Derivatives $(341) $(12,196) $(748) $14,895 Interest Rate Swaps Not Allocated to Specific Asset Debt Effective Date Maturity Date(1) SOFR Strike / Swap Fixed Rate Notional Amount August 2025 August 2026 2.25% 730,000 January 2025 January 2027 2.50% 150,000 Total Interest Rate Swaps $880,000 Fixed-Rate Debt(2)(3) $681,257 Fixed-Rate and Hedge Debt $1,561,257 Total Debt(3) $1,487,257 % Fixed or Hedged 100% Interest Rate Swaps Allocated to Off Balance Sheet Joint Ventures(4) August 2025 August 2026 2.25% $90,000 Total Interest Rate Swaps $90,000 $ IN THOUSANDS AS OF SEPTEMBER 30, 2025 (5) 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. (6) 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 SEPTEMBER 30, 2025 (1) As of close of market on 09/30/25. (2) See appendix for definitions.. (3) Excludes availability under construction loans. (4) Total Asset Value is calculated based on the terms of our credit facility agreement and therefore does not tie directly to the balance sheet. Debt % of Total Principal Balance Unsecured Revolving Credit Facility 13 % $200,000 Unsecured Term Loans 39 % 580,000 Mortgages Payable 40 % 592,257 Senior Notes 8 % 115,000 Total Debt $1,487,257 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(1) Market Value Common Stock (NYSE: AHH) 77 % 80,155 $7.01 $561,887 Operating Partnership Units 23 % 23,521 $7.01 164,882 Equity Market Capitalization $103,676 $726,769 Total Capitalization $2,385,111 Enterprise Value $2,335,287 Total Debt to Enterprise Value 64 % Financial Ratios(2) Debt Service Coverage Ratio 2.6x Fixed Charge Coverage Ratio 2.2x Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.5x Net Debt / Total Adjusted EBITDAre 7.9x Net Debt Plus Preferred / Total Adjusted EBITDAre 8.9x Debt/Total Capitalization 62 % Liquidity(3) Corporate and Property GCRES and Other Real Estate Financing Total Cash on Hand $33,113 $13,398 $— $46,511 Net Short Term Receivables/(Payables) 7,550 1,240 — 8,790 Availability Under Credit Agreements 85,781 — — 85,781 Total Liquidity $126,444 $14,638 $— $141,082 Unencumbered Properties % of Total Properties 70 % % of Annualized Base Rent 61 % Total Unencumbered Asset Value(4) $1,634,634 Preferred Equity 7% Debt 63% Common Equity 29%

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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 Ava ila ble M-T-M 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafte r Commercial Weighted Average Lease Term Remaining (Years) 7.37 7.38 7.29 7.22 7.08 6.99 6.84 7.07 6.93 7.08 7.07 6.87 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 0 2 4 6 8 10 New Renewal 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 (10.0)% (8.0)% (6.0)% (4.0)% (2.0)% —% 2.0% 4.0% 6.0% 8.0% —% 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% \* Reflects stabilized properties only. Refer to appendix for definitions. \*\* Reflects commercial lease expirations by Net Rentable Square Footage, see appendix for definitions.

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17 (1) Excludes expenses associated with the Company's in-house asset management division of $1.0M and $0.9M for the three months ended 9/30/2025 & 9/30/2024, respectively, and $2.6M and $2.4M for the nine months ended 9/30/2025 & 9/30/2024, respectively. SAME STORE NOI BY SEGMENT $ IN THOUSANDS (RECONCILIATION TO GAAP LOCATED IN APPENDIX) Three Months Ended Nine Months Ended 9/30/2025 9/30/2024 $ Change % Change 9/30/2025 9/30/2024 $ Change % Change Retail Rental Revenues $23,653 $23,861 $(208) (0.9) % $71,888 $71,456 $432 0.6 % Rental Expenses(1) 3,838 4,008 (170) (4.2) % 11,724 11,334 390 3.4 % Real Estate Taxes 2,306 2,183 123 5.6 % 6,749 6,517 232 3.6 % Same Store NOI 17,509 17,670 (161) (0.9) % 53,415 53,605 (190) (0.4) % GAAP Adjustments (1,309) (1,059) (250) (3,822) (1,377) (2,445) Net Operating Income, Cash 16,200 16,611 (411) (2.5) % 49,593 52,228 (2,635) (5.0) % Office Rental Revenues $24,257 $23,599 $658 2.8 % $70,966 $68,246 $2,720 4.0 % Rental Expenses(1) 6,312 6,153 159 2.6 % 18,050 17,636 414 2.3 % Real Estate Taxes 2,093 2,281 (188) (8.2) % 6,647 6,562 85 1.3 % Same Store NOI 15,852 15,165 687 4.5 % 46,269 44,048 2,221 5.0 % GAAP Adjustments (2,409) (2,296) (113) (6,328) (4,936) (1,392) Net Operating Income, Cash 13,443 12,869 574 4.5 % 39,941 39,112 829 2.1 % Multifamily Rental Revenues $13,282 $13,155 $127 1.0 % $39,794 $39,311 $483 1.2 % Rental Expenses(1) 4,535 4,326 209 4.8 % 12,578 12,122 456 3.8 % Real Estate Taxes 1,208 1,186 22 1.9 % 3,623 3,581 42 1.2 % Same Store NOI 7,539 7,643 (104) (1.4) % 23,593 23,608 (15) (0.1) % GAAP Adjustments (216) (209) (7) (624) (18) (606) Net Operating Income, Cash 7,323 7,434 (111) (1.5) % 22,969 23,590 (621) (2.6) % Same Store NOI $40,900 $40,478 $422 1.0 % $123,277 $121,261 $2,016 1.7 % GAAP Adjustments (3,934) (3,564) (370) (10,774) (6,331) (4,443) Same Store Portfolio NOI, Cash Basis $36,966 $36,914 $52 0.1 % $112,503 $114,930 $(2,427) (2.1) %

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18 STABILIZED PORTFOLIO SUMMARY AS OF SEPTEMBER 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 97.4 % $14,547,937 $27.19 Harbor Point - Baltimore Waterfront 2 57,096 8 64.5 % 1,197,010 32.51 Grocery Anchored 14 1,320,155 16 97.0 % 20,776,434 16.23 Southeast Sunbelt 10 945,090 17 96.3 % 20,859,502 22.91 Mid-Atlantic 7 951,715 18 95.3 % 16,731,245 18.45 Stabilized Retail Total 46 3,823,373 16 96.0 % $74,112,128 $20.20 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 98.7 % $24,500,001 $30.75 Harbor Point - Baltimore Waterfront 3 1,043,339 10 97.9 % 33,272,879 32.59 Southeast Sunbelt 4 387,693 8 87.5 % 12,209,241 35.99 Mid-Atlantic 1 98,061 6 100.0 % 2,043,004 20.83 Stabilized Office Total 14 2,336,610 14 96.5 % $72,025,125 $31.94 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 95.5 % $18,839,884 $2,166 Harbor Point - Baltimore Waterfront 2 392 8 94.1 % 11,866,778 2,680 Southeast Sunbelt 3 598 2 93.3 % 13,675,734 2,042 Mid-Atlantic 3 657 13 93.6 % 13,090,096 1,774 Stabilized Multifamily Total 11 2,406 8 94.2 % $57,472,492 $2,113

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19 MIXED-USE V. NON-MIXED-USE(1) $ IN THOUSANDS AS OF SEPTEMBER 30, 2025 Three Months Ended Nine Months Ended 9/30/2025 9/30/2024 $ Change % Change 9/30/2025 9/30/2024 $ Change % Change Mixed Use Rental Revenues $37,849 $37,603 $246 0.7 % $112,301 $110,320 $1,981 1.8 % Rental Expenses (2) 10,325 10,170 155 1.5 % 29,524 28,852 672 2.3 % Real Estate Taxes 3,285 3,471 (186) (5.4) % 10,215 10,077 138 1.4 % Mixed Use NOI 24,239 23,962 277 1.2 % 72,562 71,391 1,171 1.6 % GAAP Adjustments (3,082) (2,705) (377) (8,092) (3,746) (4,346) Mixed Use NOI, Cash $21,157 $21,257 $(100) (0.5) % $64,470 $67,645 $(3,175) (4.7) % Mixed Use Occupancy 95.4 % 94.7 % Non-Mixed Use Rental Revenues $23,343 $23,012 $331 1.4 % $70,347 $68,693 $1,654 2.4 % Rental Expenses (2) 4,360 4,317 43 1.0 % 12,828 12,240 588 4.8 % Real Estate Taxes 2,322 2,179 143 6.6 % 6,804 6,583 221 3.4 % Non-Mixed Use NOI 16,661 16,516 145 0.9 % 50,715 49,870 845 1.7 % GAAP Adjustments (852) (858) (245) (2,680) (2,585) (95) Non-Mixed Use NOI, Cash $15,809 $15,658 $(100) (0.6) % $48,035 $47,285 $750 1.6 % Non-Mixed Use Occupancy 96.0 % 95.1 % (1) Same store properties only. (2) Excludes expenses associated with the Company's in-house asset management division of $1.0M and $0.9M for the three months ended 9/30/2025 & 9/30/2024, respectively, and $2.6M and $2.4M for the nine months ended 9/30/2025 & 9/30/2024, respectively.

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20 MIXED-USE COMMUNITIES(1) AS OF SEPTEMBER 30, 2025 Mixed-Use Retail: 17.3% Mixed-Use Office: 54.6% Mixed-Use Multifamily: 28.1% • 2.9M SF COMMERCIAL SPACE IN MIXED-USE PORTFOLIO ◦ 2.2M SF OF CLASS A PREMIER OFFICE SPACE ◦ 0.7M SF OF RETAIL • 1,151 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 61.2% 25.8% 1.9% 11.0% Mixed-Use Grocery Anchored and Power Centers Office Multifamily

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21 TOP 20 TENANTS BY ABR $ IN THOUSANDS AS OF SEPTEMBER 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 7.6% Morgan Stanley ü 3 9,035 4.4% T. Rowe Price ü 1 7,900 3.9% The Kroger Co. ü 6 3,781 1.9% 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 1.0% 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 0.7% 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 $64,419 31.7% Total Investment Grade Rating ABR $48,443 % of Total ABR 23.8 % (1) Includes tenants that either hold a publicly available investment grade credit rating or are considered credit quality consistent with investment grade companies based on managements assessment..

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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 Q3 2025 24 237,025 5.7 % 6.5 % 6.9 $993,025 $4.19 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 Trailing 4 Quarters 81 579,998 9.1 % 6.1 % 5.7 $2,429,858 $4.19 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 Q3 2025 7 29,692 $24.64 9.0 $1,726,197 $58.14 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 Trailing 4 Quarters 36 190,882 $24.44 9.8 $13,165,107 $68.97 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 Q3 2025 1 3,039 21.6 % 8.9 % 5.0 $83,852 $27.59 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 Trailing 4 Quarters 12 180,852 21.5 % 3.9 % 9.3 $4,543,081 $25.12 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 Q3 2025 0 — $— 0.0 $— $— 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 Trailing 4 Quarters 15 113,767 $34.72 9.4 $8,231,776 $72.36

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23 LEASE EXPIRATIONS(1) AS OF SEPTEMBER 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 – 81,728 3.5 % $— – % M-T-M 4 1,312 0.1 % 66,120 0.1 % 2025 2 19,117 0.8 % 598,824 0.8 % 2026 11 48,489 2.1 % 1,473,282 2.0 % 2027 21 151,397 6.5 % 5,380,270 7.5 % 2028 15 118,852 5.1 % 3,768,531 5.2 % 2029 15 272,371 11.7 % 7,397,204 10.3 % 2030 15 168,115 7.2 % 5,351,600 7.4 % 2031 10 151,776 6.5 % 4,515,217 6.3 % 2032 4 43,522 1.9 % 1,239,126 1.7 % 2033 9 82,014 3.5 % 2,539,927 3.5 % 2034 7 99,783 4.3 % 2,867,745 4.0 % 2035 3 287,583 12.3 % 9,190,091 12.8 % Thereafter 15 810,551 34.5 % 27,637,188 38.4 % Total 131 2,336,610 100.0 % $72,025,125 100.0 % RETAIL Year Leases Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available – 164,211 4.3 % $— – % M-T-M 5 1,602 – % 59,262 0.1 % 2025 17 84,319 2.2 % 983,750 1.3 % 2026 63 253,362 6.6 % 5,454,670 7.3 % 2027 86 411,100 10.7 % 8,293,840 11.2 % 2028 81 366,212 9.5 % 7,914,520 10.7 % 2029 76 413,465 10.8 % 7,777,627 10.5 % 2030 88 558,722 14.6 % 11,827,603 15.9 % 2031 51 350,071 9.1 % 7,550,854 10.2 % 2032 32 306,254 8.0 % 5,585,087 7.5 % 2033 27 94,513 2.5 % 2,335,402 3.1 % 2034 18 85,780 2.2 % 1,844,193 2.5 % 2035 25 377,314 9.8 % 4,865,450 6.6 % Thereafter 63 369,102 9.7 % 9,732,867 13.1 % Total 632 3,836,027 100.0 % $74,225,125 100.0 %

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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 90.5% Multifamily 72.09% Commercial(3) 4Q21 2Q24 4Q25 - Retail 2H26 - Office 2Q25 - Multifamily $132,600 (4) $— (5) $126,600 100 % Vestis Allied \| Harbor Point Baltimore, MD Mixed-Use 312 multifamily units / 12,700 sf retail / 1,246 parking spaces 67.6% Multifamily 18.29% Retail 2Q22 1Q25 1H26 $242,100 $90,000 $235,200 100 % Q3 2025 Year to Date Capitalized Interest $115 $2,208 (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. 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) Southgate Square Outparcel creation and development in the existing parking field 4Q25 70 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 13,200 Town Center of Virginia Beach Consolidation and relocation of Company operations to accommodate office space demand 4Q26 4,500 Pembroke Square Outparcel creation and development in the existing parking field 2Q27 200 Broad Creek Shopping Center Outparcel creation and development in the existing parking field 2Q27 75 18,045 $ IN THOUSANDS AS OF SEPTEMBER 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 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 SEPTEMBER 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 90% 2Q24 Q2 2025 4Q26 6% (4) $19,595 $19,595 $6,949 $380 The Allure at Edinburgh Chesapeake, VA Multifamily 280 units 98% 4Q24 Q3 2025 1Q28 10% (5) 9,228 9,228 2,719 232 Solis Kennesaw Kennesaw, GA Multifamily 239 units 55% 1Q25 Q1 2026 2Q27 9% (4) 37,870 37,870 11,724 1,041 Solis Peachtree Corners Peachtree Corners, GA Multifamily 249 units 28% 2Q25(2) Q3 2026 4Q27 15% (4) 28,440 28,440 9,146 1,353 Solis North Creek Charlotte, NC Multifamily 303 units —% 3Q26(2) Q4 2027 3Q30 12% (4) 26,767 26,767 2,399 767 Total Outstanding Investments $121,900 $121,900 $32,937 $3,773 (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 Q3 2025 Beginning Backlog $90,521 New Contracts 935 Work Performed (7,564) Ending Backlog $83,892 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Trailing 4 Quarters Revenue $23,192 $31,976 $46,614 $75,010 $176,792 Expense (21,128) (30,592) (45,250) (72,917) (169,887) Gross Profit $2,064 $1,384 $1,364 $2,093 $6,905 Operating Margin(1)(2) 8.9 % 4.3 % 2.9 % 2.8 % 3.9 % (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 in consolidation. 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 consolidation 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 Q3 2025, Q2 2025, Q1 2025, Q4 2024, and the Trailing 4 Quarters was 8.9%, 3.8%, 3.1%, 3.0%, and 3.9%, respectively. (2) The operating margin percentage in the current quarter is higher than typical levels due to the recognition of cost savings on a third-party project completed during the quarter. Peterson Station Morrisville, NC

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28 NET INCOME & NOI BY SEGMENT $ IN THOUSANDS For the Three Months Ended September 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 $25,427 $26,025 $17,272 $— $— $— $68,724 General contracting and real estate services revenues (2) — — — 23,192 — — 23,192 Interest income (real estate financing segment) — — — — 3,851 315 4,166 Total revenues 25,427 26,025 17,272 23,192 3,851 315 96,082 Expenses Rental expenses (3) 4,347 6,917 6,358 — — — 17,622 Real estate taxes 2,374 2,248 1,526 — — — 6,148 General contracting and real estate services expenses (2) — — — 21,128 — — 21,128 Interest expense (real estate financing segment) (4) — — — — 2,151 — 2,151 Total segment operating expenses 6,721 9,165 7,884 21,128 2,151 — 47,049 Segment net operating income 18,706 16,860 9,388 2,064 1,700 315 49,033 Interest income (excluding real estate financing segment) 9 — 21 — — (30) — Depreciation and amortization (7,714) (9,099) (5,778) — — (522) (23,113) General and administrative expenses — — — — — (4,447) (4,447) Acquisition, development, and other pursuit costs — — — (10) — — (10) Impairment charges — 29 (55) (100) — (224) (350) Interest expense (excluding real estate financing segment) (5) (6,878) (8,217) (5,472) — — — (20,567) Equity in loss of unconsolidated real estate entities 4 34 — — — — 38 Loss on extinguishment of debt 17 (36) (50) — — — (69) Change in fair value of derivatives and other (557) (361) (69) — (229) — (1,216) Unrealized credit loss release — — — — 127 (1) 126 Other income (expense), net (5) 1 (14) — — 46 28 Income tax provision — — — (192) — — (192) Net income (loss) $3,582 $(789) $(2,029) $1,762 $1,598 $(4,863) $(739) (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) General contracting and real estate services revenues exclude revenue related to intercompany construction contracts and general contracting and real estate services expenses exclude expenses related to intercompany construction contracts. (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. (4) 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. (5) Interest expense (excluding real estate financing segment) is allocated by first allocating secured debt to the relevant properties. Unsecured debt is then allocated using the total value of unencumbered income producing property, and allocating to the retail, office, and multifamily segments based on property classification.

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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 September 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 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 September 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 less 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 less 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 or assignment 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 officers. 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 and assignment 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, including short term 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 SEPTEMBER 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 % 683,284 25.95 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 % 2,041,746 32.82 Barnes & Noble, CAVA, Shake Shack, Five Below, Ulta Commerce Street Retail Virginia Beach, VA 100% 2008 19,173 100.0 % 896,323 46.75 Yard House Fountain Plaza Retail Virginia Beach, VA 100% 2004 35,961 94.4 % 1,179,738 34.76 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 % 1,346,171 36.34 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 The Cosmopolitan Retail Virginia Beach, VA 100% 2020 41,872 96.4 % 1,353,084 33.53 Lego, Nike Two Columbus Retail Virginia Beach, VA 100% 2009 13,752 100.0 % 528,507 38.43 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 % $753,066 $29.54 West Elm Point Street Retail Baltimore, MD 100% 2018 18,632 60.8 % 443,944 39.19 solidcore Grocery Anchored Broad Creek Shopping Center(2) Norfolk, VA 100% 2001 121,504 98.8 % $2,230,041 $18.57 Food Lion, PetSmart Broadmoor Plaza South Bend, IN 100% 1980 115,059 83.8 % 1,124,332 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 % 2,814,796 35.38 Whole Foods Greenbrier Square Chesapeake, VA 100% 2017 260,625 100.0 % 2,644,891 10.15 Kroger, Homegoods, Dick's Sporting Goods Greentree Shopping Center Chesapeake, VA 100% 2014 15,719 100.0 % 372,191 23.68 Various Small Shops (grocery shadow) Hanbury Village Chesapeake, VA 100% 2009 98,638 100.0 % 2,061,217 20.90 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 % 2,957,409 13.52 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 % 739,298 20.14 Various Small Shops (grocery shadow) Perry Hall Marketplace Perry Hall, MD 100% 2001 74,251 100.0 % 1,306,156 17.59 Safeway Sandbridge Commons Virginia Beach, VA 100% 2015 69,417 100.0 % 965,532 13.91 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 % $172,042 $66.53 Chronicle Mill Collective North Hampton Market Taylors, SC 100% 2004 114,954 97.7 % 1,593,023 14.18 PetSmart, Hobby Lobby One City Center Retail Durham, NC 100% 2019 22,679 55.7 % 430,167 34.07 Various Small Shops Overlook Village Asheville, NC 100% 1990 151,365 100.0 % 2,434,952 16.09 T.J. Maxx\|Homegoods, Ross Patterson Place Durham, NC 100% 2004 159,842 97.3 % 2,651,535 17.04 PetSmart, DSW, Bob's Discount Furniture, Boot Barn Providence Plaza Retail Charlotte, NC 100% 2008 49,447 100.0 % 1,586,225 32.08 Orange Theory, Edward Jones, Chipotle South Square Durham, NC 100% 2005 109,590 100.0 % 2,117,638 19.32 Ross, Petco, Office Depot The Interlock Retail(2) Atlanta, GA 100% 2021 108,379 94.8 % 5,347,470 52.07 Puttshack, The Gathering Spot Wendover Village Greensboro, NC 100% 2004 176,997 98.3 % 3,616,356 20.78 T.J. Maxx, Petco, Beauty World, Golf Galaxy, Five Below (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 SEPTEMBER 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 % $1,945,347 $18.32 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 94.5 % 2,732,515 24.72 Total Wine, Panera, Chick-Fil-A Red Mill Commons Virginia Beach, VA 100% 2005 373,808 96.6 % 7,297,510 20.21 Homegoods, Walgreens Southgate Square Colonial Heights, VA 100% 2016 260,131 100.0 % 3,568,173 13.72 Burlington, PetSmart, Michaels, T.J. Maxx Southshore Shops Midlothian, VA 100% 2006 40,307 100.0 % 910,094 22.58 Buffalo Wild Wings The Edison Retail Richmond, VA 100% 2014 20,196 — % 59,669 0.00 Stabilized Retail Total 3,823,373 96.0 % $74,112,128 $20.20 (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 % $1,487,750 $25.97 Gather, HDR 4525 Main Street Virginia Beach, VA 100% 2014 208,760 100.0 % 7,076,037 33.90 Clark Nexsen, Mythics 4605 Columbus Office Virginia Beach, VA 100% 2002 19,335 100.0 % 522,045 27.00 Armada Hoffler Armada Hoffler Tower(3) Virginia Beach, VA 100% 2002 298,353 99.1 % 9,446,718 31.96 Troutman Pepper, Williams Mullen, Morgan Stanley, KPMG One Columbus Virginia Beach, VA 100% 1984 129,066 100.0 % 3,552,613 27.53 Truist, HBA, Northwestern Mutual, One Columbus Two Columbus Office Virginia Beach, VA 100% 2009 94,708 91.5 % 2,414,838 27.87 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 % 9,593,410 31.18 Canopy by Hilton, Transamerica, RBC, Franklin Templeton, Stifel, EY Southeast Sunbelt Chronicle Mill Office Belmont, NC 85%(4) 2022 5,932 100.0 % $177,960 $30.00 Action Behavior Centers 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 % 7,562,029 40.22 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 96.5 % $72,025,125 $31.94

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38 PROPERTY PORTFOLIO CONT. AS OF SEPTEMBER 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 95.5 % $6,124,984 $1,870 Premier Apartments Virginia Beach, VA 100% 2018 131 95.4 % 3,129,930 2,087 The Cosmopolitan Virginia Beach, VA 100% 2020 342 95.6 % 9,584,970 2,443 Harbor Point - Baltimore Waterfront 1305 Dock Street Baltimore, MD 90% 2016 103 95.1 % $3,028,589 $2,575 1405 Point(2) Baltimore, MD 100% 2018 289 93.8 % 8,838,189 2,718 Southeast Sunbelt (5) Chronicle Mill Belmont, NC 85%(3) 2022 238 97.5 % $5,279,374 $1,896 The Everly Gainesville, GA 100% 2022 223 90.6 % 4,066,128 1,677 Chandler Residences Roswell, GA 100% 2024 137 90.5 % 4,330,232 2,910 Mid-Atlantic Liberty Apartments Newport News, VA 100% 2013 199 94.0 % $4,046,164 $1,803 Smith's Landing(2) Blacksburg, VA 100% 2009 284 94.7 % 5,926,183 1,836 The Edison Richmond, VA 100% 2014 174 91.4 % 3,117,749 1,634 Stabilized Multifamily Total 2,406 94.2 % $57,472,492 $2,113 Properties under Redevelopment or Impacted by Significant Disruptive Events Location Ownership % Year Built / Redeveloped Net Rentable SF (1) /Units Occupancy(1) ABR/AQR (1) ABR per Occupied SF/ Monthly AQR per Occupied Unit Greenside Apartments Charlotte, NC 100% 2018 225 86.7 % $4,521,334 $1,932 Columbus Village II Virginia Beach, VA 100% 1996/2023 91,790 95.3 % 1,606,335 18.37 Equity Method Investments Location Ownership % Year Built/ Redeveloped Net Rentable SF(1) Occupancy(1) ABR(1)(4) ABR per Occupied SF(1) Harbor Point - Baltimore Waterfront T. Rowe Price Baltimore, MD 50% 2025 $553,000 100.0 % $7,900,064 $14.29 Parcel 3 Retail Baltimore, MD 50% 2025 $20,200 — % — — Harbor Point Parcel 3 Total $573,200 96.5 % $7,900,064 $14.29 (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. (4) Represents the Company's 50% share of ABR. (5) Greenside Apartments has been moved out of stabilized in the current quarter due to significant disruptive events.

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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 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Property Net Operating Income $44,954 $42,480 $42,240 $41,574 Property Miscellaneous Expense, Net (87) (124) (266) (146) Non-Recurring Bad Debt Adjustment 152 140 2,166 488 Non-Recurring Termination and Assignment Fee Adjustment (1,862) (142) (153) (96) Amortization of Right-of-Use Assets (395) (396) (395) (395) Accelerated Amortization of Intangible Assets and Liabilities — — (169) — Equity in NOI of Unconsolidated Real Estate Entities(1) 2,246 2,479 1,070 — Property Adjusted EBITDAre $45,008 $44,437 $44,493 $41,425 Disposition — — — (1,260) Development/Redevelopment (2,668) (475) (1,248) (990) Stabilized Portfolio Adjusted EBITDAre $42,340 $43,962 $43,245 $39,175 Construction Gross Profit 2,064 1,384 1,364 2,093 Corporate G&A (4,300) (5,806) (7,153) (4,494) Non-Cash Stock Compensation 1,103 1,364 3,464 1,241 Interest Income 4,135 4,075 4,176 4,569 Other Income (Expense), Net — — 9 2 Total Adjusted EBITDAre $45,342 $44,979 $45,105 $42,586 Stabilized Property Debt 472,537 504,190 510,389 512,266 Add: Unsecured Property Debt 454,000 406,301 419,418 403,417 Stabilized Portfolio Debt $926,537 $910,491 $929,807 $915,683 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.5x 5.2x 5.4x 5.8x Total Debt(2) 1,487,257 1,448,237 1,321,436 1,297,510 Cash (49,824) (54,601) (48,567) (72,223) Net Debt $1,437,433 $1,393,636 $1,272,869 $1,225,287 Net Debt/Total Adjusted EBITDAre 7.9x 7.7x 7.1x 7.2x Preferred 171,085 171,085 171,085 171,085 Net Debt + Preferred $1,608,518 $1,564,721 $1,443,954 $1,396,372 Net Debt + Preferred /Total Adjusted EBITDAre 8.9x 8.7x 8.0x 8.2x

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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 $1,203 $— $376 $365 $1,103 $— $3,047 Office 715 — 2,125 2 1,590 — 4,432 Multifamily — — — 7 1,195 449 1,651 Total Portfolio $1,918 $— $2,501 $374 $3,889 $449 $9,131 Three Months Ended September 30, 2025(1) Nine Months Ended September 30, 2025(1) Leasing Commissions Lease Incentive Tenant Improvements Land Improvements(2) Building Improvements(2) Fixtures & Equipment(2) Total Second Generation Capex Retail $2,399 $10 $1,868 $965 $1,905 $— $7,147 Office 2,377 — 2,710 9 4,272 — 9,367 Multifamily — — — 40 2,933 1,038 4,011 Total Portfolio $4,776 $10 $4,578 $1,014 $9,109 $1,038 $20,526

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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 9/30 Nine Months Ended 9/30 2025 2024 2025 2024 Retail Same Store Rental Revenues $23,653 $23,861 $71,888 $71,456 Property Expenses 6,144 6,191 18,473 17,851 NOI 17,509 17,670 53,415 53,605 Non-Same Store NOI(1) 1,199 921 1,586 2,901 Segment NOI $18,708 $18,591 $55,001 $56,506 Office Same Store Rental Revenues $24,257 $23,599 $70,966 $68,246 Property Expenses 8,405 8,434 24,697 24,198 NOI 15,852 15,165 46,269 44,048 Non-Same Store NOI(1) 1,009 3,952 1,275 3,981 Segment NOI $16,861 $19,117 $47,544 $48,029 Multifamily Same Store Rental Revenues $13,282 $13,155 $39,794 $39,311 Property Expenses 5,743 5,512 16,201 15,703 NOI 7,539 7,643 23,593 23,608 Non-Same Store NOI(1) 1,846 411 3,536 1,262 Segment NOI $9,385 $8,054 $27,129 $24,870 Total Property Portfolio NOI $44,954 $45,762 $129,674 $129,405

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42 Three Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Net (Loss) Income Attributable to Common Stockholders and OP Unitholders ($3,575) $3,907 ($7,227) $26,140 Excluding: Depreciation and Amortization 22,718 21,356 22,821 24,870 Gain on Real Estate Dispositions — — — (21,305) Gain on Consolidation of Real Estate Entities — (6,915) — — Impairment of Real Estate Assets 350 — — — Income Tax Provision 192 (567) 190 (494) Interest Expense 22,718 21,271 18,109 18,376 Interest Expense, Depreciation, & Amortization of Unconsolidated Real Estate Entities(2) 2,208 2,801 2,982 — EBITDAre $44,612 $41,853 $36,875 $47,587 Change in Fair Value of Derivatives and Other 1,216 (648) 1,210 (7,273) Preferred Dividends 2,887 2,887 2,887 2,887 Loss on Extinguishment of Debt 69 — — 134 Non-Recurring Bad Debt Adjustment 152 140 2,166 488 Non-Recurring Termination Fee Adjustment (1,862) (142) (153) (96) Accelerated Amortization of Intangible Assets and Liabilities — — (169) — Acquisition, Development, & Other Pursuit Costs 10 286 54 1 Unrealized Credit Loss (Release) Provision (126) (209) 22 103 Investment Entities (51) (77) (3) 9 Non-Cash Stock Compensation 1,103 1,364 3,464 1,241 Development/Redevelopment (2,668) (475) (1,248) (990) Dispositions — — — (1,260) Total Adjusted EBITDAre $45,342 $44,979 $45,105 $42,831 Construction Gross Profit (2,064) (1,384) (1,364) (2,093) Corporate G&A 4,300 5,806 7,153 4,494 Non-Cash Stock Compensation (1,103) (1,364) (3,464) (1,241) Interest Income (4,135) (4,075) (4,176) (4,569) Other (Expense), Net — — (9) (2) Stabilized Portfolio Adjusted EBITDAre $42,340 $43,962 $43,245 $39,420 Disposition — — — 1,260 Development 2,668 475 1,248 990 Property Adjusted EBITDAre $45,008 $44,437 $44,493 $41,670 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 November 3, 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 November 3, 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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