# EDGAR Filing Document

**Accession Number:** 0001569187
**File Stem:** 0001569187-26-000067
**Filing Date:** 2026-5
**Character Count:** 110909
**Document Hash:** 11d1450c4b7bce84604c204b0e3b486b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001569187-26-000067.hdr.sgml**: 20260504

**ACCESSION NUMBER**: 0001569187-26-000067

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 59

**CONFORMED PERIOD OF REPORT**: 20260504

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260504

**DATE AS OF CHANGE**: 20260504

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AH Realty Trust, 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:** 26937439

**BUSINESS ADDRESS:**
- **STREET 1:** 4605 COLUMBUS STREET
- **CITY:** VIRGINIA BEACH
- **STATE:** VA
- **ZIP:** 23462
- **BUSINESS PHONE:** 757-366-4000

**MAIL ADDRESS:**
- **STREET 1:** 4605 COLUMBUS STREET
- **CITY:** VIRGINIA BEACH
- **STATE:** VA
- **ZIP:** 23462

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Armada Hoffler Properties, Inc.
- **DATE OF NAME CHANGE:** 20130208

?xml version='1.0' encoding='ASCII'? ahh-20260504

**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): May 4, 2026

**AH REALTY TRUST, INC.**

(Exact name of registrant as specified in its charter)

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

---

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| | | | |
|:---|:---|:---|:---|
| **4605 Columbus St.** | **4605 Columbus St.** | **4605 Columbus St.** | |
| **Virginia Beach** | **,** | **Virginia** | **23462** |
| (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** 

**222 Central Park Avenue, Suite 1000**

**Virginia Beach, Virginia**

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

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

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

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

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

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

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

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

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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 May 4, 2026, AH Realty Trust, Inc. (the "Company") issued a press release announcing its financial position as of March 31, 2026, results of operations for the three months ended March 31, 2026, and other related information. Also on May 4, 2026, the Company made available on its website at ir.ahrealtytrust.com/financials/quarterly-results certain supplemental information concerning the Company's financial results and operations for the three months ended March 31, 2026. 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.

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| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 99.1 | <u>[Press Release, dated](ahrt2026q1ex991earningsrel.htm)[May 4](ahrt2026q1ex991earningsrel.htm)[, 2026, issued by](ahrt2026q1ex991earningsrel.htm)[AH Realty Tr](ahrt2026q1ex991earningsrel.htm)[ust](ahrt2026q1ex991earningsrel.htm)[, Inc., providing its financial position as of](ahrt2026q1ex991earningsrel.htm)[March](ahrt2026q1ex991earningsrel.htm)[31, 202](ahrt2026q1ex991earningsrel.htm)[6](ahrt2026q1ex991earningsrel.htm)[and results of operations for the three months ended](ahrt2026q1ex991earningsrel.htm)[March 31](ahrt2026q1ex991earningsrel.htm)[, 2025.](ahrt2026q1ex991earningsrel.htm)</u> |
| 99.2 | <u>[A](q12026supplemental.htm)[H Realty Trust](q12026supplemental.htm)[, Inc. F](q12026supplemental.htm)[irst](q12026supplemental.htm)[Quarter 202](q12026supplemental.htm)[6](q12026supplemental.htm)[Supplemental Information](q12026supplemental.htm)[.](q12026supplemental.htm)</u> |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |

---

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**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.

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| | | |
|:---|:---|:---|
| | **AH REALTY TRUST, INC.** | **AH REALTY TRUST, INC.** |
| Date: May 4, 2026 | By: | /s/ Matthew T. Barnes-Smith |
|  |  | Matthew T. Barnes-Smith |
|  |  | Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![image.jpg](image.jpg) | PRESS RELEASE |

---

**AH REALTY TRUST REPORTS FIRST QUARTER 2026 RESULTS**

**GAAP Net Loss of $0.33 Per Diluted Share for the First Quarter**

**FFO, As Adjusted of $0.15 Per Diluted Share for the First Quarter** 

**Office Same Store NOI Growth of 0.7% (Cash)**

**Positive Office New Lease Spreads of 9.6% (GAAP) and 7.2% (Cash)**

**Retail Same Store NOI Growth of 2.2% (Cash)**

**Positive Retail Renewal Spreads of 10.7% (GAAP) and 4.5% (Cash)**

VIRGINIA BEACH, VA, May 4, 2026 – AH Realty Trust (NYSE: AHRT) today announced its results for the quarter ended March 31, 2026 and provided an update on current events and earnings guidance.

**First Quarter and Recent Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 16, 2026, we announced a fundamental business restructuring to eliminate complexity, strengthen the balance sheet, and relentlessly focus on operating a streamlined real estate platform. The restructuring includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exiting the multifamily property sector to unlock embedded value, reduce leverage, and sharpen focus on retail and office properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Divesting construction and real estate financing businesses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Launching AH Realty Trust, effective March 2, 2026, a new corporate identity that reflects the fundamental restructuring of the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As part of its ongoing governance enhancements supporting the Company's strategic transformation, AH Realty Trust advanced its board refreshment process by nominating Theodore Bigman and Lori Wittman as independent directors; Dennis Gartman and George Allen will retire from the Board following the 2026 Annual Meeting and F. Blair Wimbush was appointed Chair of the Nominating and Corporate Governance Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On March 13, 2026, we entered into a binding purchase and sale agreement to sell an 11-asset multifamily portfolio for $562.0 million in cash, subject to certain adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On March 27, 2026, we sold the Peachtree and North Creek real estate financing investments for an aggregate purchase price of $63.8 million and used the proceeds to pay down our debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Through April 2, 2026, we repurchased 4.2 million shares of common stock for a total of $24.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 30, 2026, we fully realized $17.2 million for The Allure at Edinburgh real estate financing investment and used the proceeds to pay down our debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 30, 2026, we completed the sale of the construction business for $2.4 million.

"In the first quarter of 2026, we delivered solid operating results driven by strong performance in our retail and office portfolios, exceeding our internal expectations," said Shawn Tibbetts, Chairman, President and Chief Executive Officer. "As a result of the performance of the retail, and mixed use office portfolio, our visibility into the coming quarters and the transformational actions taken to date, we are raising full-year 2026 FFO, As Adjusted guidance to $0.51 to $0.55 per diluted share, underscoring the progress we are making to simplify AH Realty Trust into a more focused real estate platform centered on disciplined operations and long term shareholder value creation."

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss attributable to common stockholders and OP Unitholders of $33.3 million, or $0.33 per diluted share, compared to net loss attributable to common stockholders and OP Unitholders of $7.2 million, or $0.07 per diluted share, for the three months ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Funds from operations attributable to common stockholders and OP Unitholders ("FFO") of $20.6 million, or $0.20 per diluted share, compared to $17.2 million, or $0.17 per diluted share, for the three months ended March 31, 2025. See "Non-GAAP Financial Measures."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FFO, As Adjusted from operations attributable to common stockholders and OP Unitholders ("FFO, As Adjusted") of $15.1 million, or $0.15 per diluted share, compared to $14.6 million, or $0.14 per diluted share, for the three months ended March 31, 2025. See "Non-GAAP Financial Measures."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of March 31, 2026, weighted average stabilized portfolio leased occupancy was 95.4%. Retail leased occupancy was 94.8% and office leased occupancy was 96.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of March 31, 2026, weighted average stabilized portfolio economic occupancy was 90.1%. Retail economic occupancy was 92.5% and office economic occupancy was 87.7%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Positive spreads on renewals across retail segment at 10.7% (GAAP) and 4.5% (Cash). No renewals in office segment for the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed 20 commercial lease renewals and 11 new commercial leases during the first quarter for an aggregate of 130,667 net rentable square feet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same Store Net Operating Income ("NOI") increased 2.2% for the retail segment and 0.7% for the office segment on a cash basis compared to the quarter ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the first quarter of 2026, unrealized losses on non-designated interest rate derivatives that negatively affected FFO were $2.1 million. As of March 31, 2026, the value of the Company's entire interest rate derivative portfolio, net of unrealized losses, was $6.5 million.

**Financial Results**

Net loss attributable to common stockholders and OP Unitholders for the first quarter of 2026 was $33.3 million compared to net loss attributable to common stockholders and OP Unitholders of $7.2 million for the first quarter of 2025. The period-over-period change was primarily driven by impairment of notes receivable (included in loss from discontinued operations) of $29.2 million taken in the first quarter of 2026 as a result of transferring our real estate financing investments to held for sale.

FFO attributable to common stockholders and OP Unitholders for the first quarter of 2026 was $20.6 million compared to $17.2 million for the first quarter of 2025. The period-over-period increase in FFO was primarily due to decreased general contracting and real estate services gross profit and decreased real estate financing gross profit, partially offset by decreased general and administrative expenses. FFO, As Adjusted attributable to common stockholders and OP Unitholders for the first quarter of 2026 increased to $15.1 million compared to $14.6 million for the first quarter of 2025. The year-over-year increase in FFO, As Adjusted was primarily due to decreased general and administrative expenses, decreased interest expense, and increased change in fair value of derivatives.

**Operating Performance**

At the end of the first quarter of 2026, the Company's retail and office weighted average stabilized operating property portfolio leased occupancy were 94.8% and 96.0%, respectively, and weighted average stabilized portfolio economic occupancy were 92.5% and 87.7%.

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Interest income from real estate financing investments was $2.3 million for the three months ended March 31, 2026, and was reported in income from discontinued operations.

**Balance Sheet and Financing Activity**

As of March 31, 2026, the Company had $1.5 billion of total debt outstanding, including $211.0 million outstanding under its revolving credit facility. Total debt outstanding excludes GAAP adjustments and deferred financing costs. As of March 31, 2026, the Company's debt was 98% fixed or economically hedged after considering interest rate swaps.

**Outlook**

The Company raised its 2026 full-year FFO, As Adjusted guidance range to $0.51 to $0.55 per diluted share. The following table updates the Company's assumptions underpinning its full-year guidance. The Company's executive management will provide further details regarding its 2026 earnings guidance during tomorrow's webcast and conference call.

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| | | |
|:---|:---|:---|
| **Full-year 2026 Guidance** <sup>[1][2]</sup> | **Expected Ranges** | **Expected Ranges** |
| | **Low** | **High** |
| RETAIL NOI | $68.5M | $70.0M |
| OFFICE NOI | $58.5M | $60.0M |
| EQUITY METHOD INVESTMENT ("EMI") PROPERTY INCOME<sup>(3)</sup> | $3.4M | $3.9M |
| ACQUISITION NOI | $0.0M | $0.0M |
| **TOTAL COMMERCIAL NOI** | **$130.4M** | **$133.9M** |
| G&A EXPENSES | -$19.7M | -$18.7M |
| INTEREST EXPENSE | -$57.2M | -$54.2M |
| OTHER NOI<sup>(4)</sup> | $8.9M | $9.9M |
| PREFERRED STOCK DIVIDENDS | -$11.5M | -$11.5M |
| **FUNDS FROM OPERATIONS, AS ADJUSTED ("FFO, AS ADJUSTED")** | **$50.7M** | **$54.7M** |
| **FFO, AS ADJUSTED PER DILUTED SHARE** | **$0.51** | **$0.55** |

---

<sup>[1]</sup> Ranges exclude certain items per the Company's FFO, As Adjusted definition. FFO, As Adjusted is a forward-looking, non-GAAP measure that presents the Company's projected Funds From Operations as adjusted for certain items that the Company believes are not indicative of its ongoing operating performance, including: (i) estimated income and expenses related to the general contracting and real estate services business; (ii) estimated income and expenses associated with assets held for sale or under LOI; and (iii) estimates of certain non-recurring transaction costs. The Company presents FFO, As Adjusted to provide investors with a supplemental measure of the Company's anticipated operating performance following the completion of its announced strategic initiatives, but investors are cautioned against placing undue reliance on the Company's presentation of FFO, As Adjusted. See "Non-GAAP Financial Measures." The Company does not provide a reconciliation for its guidance range of FFO, As Adjusted or FFO, As Adjusted per diluted share to net income or net income per diluted share, the most directly comparable forward-looking GAAP financial measures, 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 FFO, As Adjusted and FFO, As Adjusted 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:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disposition of the general contracting and real estate services business in 2Q26

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disposition of the Multifamily Portfolio, with the exception of Smith's Landing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exit of the remaining Real Estate Financing Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retail Same-Store NOI Cash, growth of 1.50% and Office Same-Store NOI, Cash Growth of 1.95%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debt Paydowns of approximately $700M

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Includes Share Repurchases of $24.1M for 4.2M shares through April 2, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Acquisitions in 2026, capital redirected toward Share Repurchases

<sup>[3]</sup> Includes T. Rowe Price Global HQ. EMI property income is reflected as the property's NOI less interest expense, times the Company's ownership percentage (50%).

<sup>[4]</sup> Other income includes NOI from Smith's Landing and NOI from parking income.

**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 AHRealtyTrust.com.

**Webcast and Conference Call**

The Company will host a webcast and conference call on Tuesday, May 5, 2026 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, AHRealtyTrust.com. To participate in the call, please dial (+1) 800 715 9871 (toll-free dial-in number) or (+1) 646 307 1963 (toll dial-in number). The conference ID is 7079783. A telephonic replay will be available shortly after the conclusion of the call through Thursday, June 4, 2026. This replay may be accessed by dialing (+1) 800 770 2030 and providing passcode 7079783#.

**About AH Realty Trust**

AH Realty Trust (NYSE: AHRT) is a vertically integrated, self-managed real estate investment trust with over four decades of experience managing high-quality properties located primarily in the Mid-Atlantic &nbsp;&nbsp;&nbsp;&nbsp;and Southeastern United States. Our focus is to deliver long-term, sustainable shareholder value by consistently investing in and operating the highest quality assets, maintaining a robust and resilient balance sheet, and fostering a dynamic, highly skilled team. Founded in 1979 by Daniel A. Hoffler, AH Realty Trust has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information visit AHRealtyTrust.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, 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, 2025, 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.

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**Non-GAAP Financial Measures**

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

FFO is a supplemental non-GAAP financial measure. The Company uses FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the Company's operational performance. Specifically, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared period-over-period, captures trends in occupancy rates, rental rates, and operating costs. We also believe 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 FFO, As Adjusted is a more useful performance measure that excludes income or loss from discontinued operations related to general contracting and real estate services, multifamily, and real estate financing. Other equity REITs may not calculate FFO, As Adjusted in the same manner as we do, and, accordingly, our FFO, As Adjusted may not be comparable to such other REITs' FFO, As Adjusted.

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. Segment expenses include rental expenses and real estate taxes for our property segments. 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 retail and office real estate 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 FFO, As Adjusted, a reconciliation of net income calculated in accordance with GAAP to NOI, NOI Cash Basis, FFO, and FFO, As Adjusted has been included further in this release.

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AH Realty Trust

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

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| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| | **(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 | $1773240 | $1801279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for development | 5683 | 5683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction in progress | 21530 | 13028 |
|  | 1800453 | 1819990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (412226) | (410565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net real estate investments | 1388227 | 1409425 |
| &nbsp;&nbsp;&nbsp;Real estate investments held for sale, net | 23223 | 4800 |
| &nbsp;&nbsp;&nbsp;Assets of discontinued operations | 705981 | 800536 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 28545 | 40743 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 2013 | 1622 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 63184 | 64747 |
| &nbsp;&nbsp;&nbsp;Notes receivable, net |  |  |
| &nbsp;&nbsp;&nbsp;Equity method investments | 48177 | 47926 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 22551 | 22610 |
| &nbsp;&nbsp;&nbsp;Finance lease right-of-use assets | 77212 | 77539 |
| &nbsp;&nbsp;&nbsp;Acquired lease intangible assets | 73108 | 76408 |
| &nbsp;&nbsp;&nbsp;Other assets | 45591 | 50154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $2477812 | $2596510 |
| &nbsp;&nbsp;&nbsp;**<u>LIABILITIES AND EQUITY</u>** |  |  |
| &nbsp;&nbsp;&nbsp;Indebtedness, net | $1245288 | $1283987 |
| &nbsp;&nbsp;&nbsp;Liabilities related to assets held for sale | 8387 |  |
| &nbsp;&nbsp;&nbsp;Liabilities of discontinued operations | 281633 | 286502 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 34493 | 36810 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 31153 | 31198 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities | 85038 | 84835 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 31640 | 43986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 1717632 | 1767318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity** | 760180 | 829192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Equity** | $2477812 | $2596510 |

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AH Realty Trust

CONDENSED CONSOLIDATED INCOME STATEMENTS

(in thousands, except per share amounts)

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| | **(Unaudited)** | **(Unaudited)** |
| &nbsp;&nbsp;&nbsp;**Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental revenues | $52317 | $50182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 52317 | 50182 |
| &nbsp;&nbsp;&nbsp;**Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental expenses | 12857 | 11369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes | 4735 | 4717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 18241 | 19030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 4716 | 7155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition, development, and other pursuit costs |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 40549 | 42325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on real estate dispositions, net | (141) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | 11627 | 7857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 62 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (13782) | (12437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in income (loss) of unconsolidated real estate entities | 243 | (1415) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivatives and other | 1344 | (749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | 13 | (89) |
| &nbsp;&nbsp;&nbsp;**Loss from continuing operations** | (493) | (6604) |
| &nbsp;&nbsp;&nbsp;**Discontinued operations** |  |  |
| &nbsp;&nbsp;&nbsp;(Loss) income from discontinued operations | (29526) | 2451 |
| &nbsp;&nbsp;&nbsp;Income tax provision from discontinued operations | (363) | (190) |
| &nbsp;&nbsp;&nbsp;**(Loss) income from discontinued operations, net of taxes** | **(29889)** | **2261** |
| &nbsp;&nbsp;&nbsp;**Net loss** | **(30382)** | **(4343)** |
| &nbsp;&nbsp;&nbsp;Net (income) loss attributable to noncontrolling interests in investment entities | (22) | 3 |
| &nbsp;&nbsp;&nbsp;Preferred stock dividends | (2887) | (2887) |
| **Net loss attributable to common stockholders and OP Unitholders** | $**(33291)** | $**(7227)** |

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AH Realty Trust

RECONCILIATION OF NET LOSS TO FFO & FFO, AS ADJUSTED

(in thousands, except per share amounts)

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| | | |
|:---|:---|:---|
| | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** |
| | **2026** | **2025** |
| | **(Unaudited)** | **(Unaudited)** |
| **Net loss attributable to common stockholders and OP Unitholders** | $(33291) | $(7227) |
| Depreciation and amortization, net<sup>(1)</sup> | 24660 | 24400 |
| Impairment of real estate assets<sup>(2)</sup> | 29229 |  |
| **FFO attributable to common stockholders and OP Unitholders** | $20598 | $17173 |
| FFO attributable to general contracting and real estate services | 569 | (1615) |
| FFO attributable to multifamily | (3405) | 799 |
| FFO attributable to real estate financing | (2652) | (1793) |
| **FFO, As Adjusted available to common stockholders and OP Unitholders** | $15110 | $14564 |
| **Net loss attributable to common stockholders and OP Unitholders per diluted share and unit** | $(0.33) | $(0.07) |
| **FFO attributable to common stockholders and OP Unitholders per diluted share and unit** | $0.20 | $0.17 |
| **FFO, As Adjusted attributable to common stockholders and OP Unitholders per diluted share and unit** | $0.15 | $0.14 |
| Weighted-average common shares and units - diluted | 102027 | 101570 |

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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 months ended March 31, 2026 and 2025 excludes $0.2 million and $0.2 million, respectively, of depreciation attributable to our partners. |
| (2) Impairment recognized for the three months ended March 31, 2026 represents impairment of notes receivable secured by the Solis Peachtree, Solis North Creek, and Solis Kennesaw real estate financing investments. |

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AH Realty Trust

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

(in thousands) (unaudited)

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| | | |
|:---|:---|:---|
| | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** |
| | **2026** | **2025** |
| <u>Retail Same Store</u> <sup>(1)</sup> |  |  |
| Same Store NOI, Cash Basis | $16177 | $15829 |
| &nbsp;&nbsp;GAAP Adjustments <sup>(2)</sup> | 1392 | 1167 |
| Same Store NOI | 17569 | 16996 |
| &nbsp;&nbsp;Non-Same Store NOI <sup>(3)</sup> | (28) | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment NOI | 17541 | 17336 |
| <u>Office Same Store</u> <sup>(4)</sup> |  |  |
| Same Store NOI, Cash Basis | 12630 | 12545 |
| &nbsp;&nbsp;GAAP Adjustments <sup>(2)</sup> | 2170 | 2017 |
| Same Store NOI | 14800 | 14562 |
| &nbsp;&nbsp;Non-Same Store NOI <sup>(3)</sup> | (175) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment NOI | 14625 | 14645 |
| Other NOI | 2559 | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Property NOI** | 34725 | 34096 |
| Depreciation and amortization | (18241) | (19030) |
| General and administrative expenses | (4716) | (7155) |
| Acquisition, development, and other pursuit costs |  | (54) |
| Loss on real estate dispositions, net | (141) |  |
| Interest income | 62 | 229 |
| Interest expense | (13782) | (12437) |
| Equity income (loss) of unconsolidated real estate entities | 243 | (1415) |
| Change in fair value of derivatives and other | 1344 | (749) |
| Other income (expense), net | 13 | (89) |
| Loss from continuing operations | (493) | (6604) |
| Discontinued operations |  |  |
| (Loss) income from discontinued operations | (29526) | 2451 |
| Income tax provision from discontinued operations | (363) | (190) |
| (Loss) income from discontinued operations, net of taxes | (29889) | 2261 |
| Net loss | (30382) | (4343) |
| Net (income) loss attributable to noncontrolling interests in investment entities | (22) | 3 |
| Preferred stock dividends | (2887) | (2887) |
| **Net loss attributable to common stockholders and OP Unitholders** | $(33291) | $(7227) |

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| |
|:---|
| (1) Retail same-store portfolio for the three months ended March 31, 2026 and March 31, 2025 excludes Allied \| Harbor Point Retail, Liberty Retail, Point Street Retail, The Edison Retail, and Chronicle Mill Retail due to being classified as held for sale, Southern Post Retail, 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. |

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(3) Includes expenses associated with the Company's in-house asset management division. <br> (4) Office same-store portfolio for the three months ended March 31, 2026 and 2025 excludes Chronicle Mill Office due to being classified as held for sale and Southern Post Office.

**Contact:**

Chelsea Forrest

AH Realty Trust

Executive Vice President of Investor Relations and Administration

Email: Chelsea.Forrest@AHRealtyTrust.com

Phone: (757) 612-4248

## Exhibit 99.2

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1Q26 SUPPLEMENTAL FINANCIAL PACKAGE

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2 **TABLE OF CONTENTS** SECTION PAGE SECTION PAGE FORWARD-LOOKING STATEMENTS ...................................................... 3 SAME STORE NOI BY SEGMENT ............................................................ 21 CORPORATE PROFILE ............................................................................. 4 RENTAL REVENUE DISAGGREGATION ................................................. 22 HIGHLIGHTS ............................................................................................. 5 STABILIZED PORTFOLIO SUMMARY ..................................................... 23 2026 OUTLOOK: CONTINUED OPERATIONS ........................................ 6 RETAIL PORTFOLIO ................................................................................. 24 2026 OUTLOOK ASSUMPTIONS ............................................................ 7 OFFICE PORTFOLIO ................................................................................. 25 SUMMARY INFORMATION ...................................................................... 8 TOP 20 TENANTS BY ABR ...................................................................... 26 SUMMARY INCOME STATEMENT ......................................................... 9 LEASE SUMMARY .................................................................................... 27 SUMMARY BALANCE SHEET ................................................................. 10 LEASE EXPIRATIONS ............................................................................... 28 FFO & AFFO ............................................................................................... 11 REDEVELOPMENT .................................................................................... 29 FFO, AS ADJUSTED .................................................................................. 12 NET INCOME & NOI BY SEGMENT ......................................................... 30 NET ASSET VALUE COMPONENT DATA .............................................. 13 ACQUISITIONS & DISPOSITIONS ........................................................... 31 CREDIT PROFILE ....................................................................................... 14 DISCONTINUED OPERATIONS ............................................................... 32 LEVERAGE METRICS ................................................................................ 15 DISCONTINUED OPERATIONS, CONT. .................................................. 33 DEBT MANAGEMENT .............................................................................. 16 APPENDIX - DEFINITIONS ....................................................................... 35 OUTSTANDING DEBT ............................................................................... 17 APPENDIX - PROPERTY PORTFOLIO ..................................................... 39 HEDGING ACTIVITY ................................................................................. 18 APPENDIX - RECONCILIATION OF DEBT & EBITDAre ......................... 42 CAPITALIZATION & FINANCIAL RATIOS .............................................. 19 APPENDIX - RECONCILIATION OF NET INCOME TO TOTAL ADJUSTED EBITDAre ............................................................................... 43 PORTFOLIO PROFILE ............................................................................... 20 APPENDIX - CAPITAL EXPENDITURES ................................................. 44

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3 This Supplemental Financial Package should be read in conjunction with the unaudited condensed consolidated financial statements appearing in the Company's press release dated May 4, 2026, which has been furnished as Exhibit 99.1 to the Company's Form 8-K furnished with the Securities and Exchange Commission ("SEC") on May 4, 2026. 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, 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, 2025, 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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4 BOARD OF DIRECTORS Shawn J. Tibbetts, Chairman 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 Louis S. Haddad, Director Daniel A. Hoffler, Director F. Blair Wimbush, Independent Director CORPORATE OFFICERS Shawn J. Tibbetts, Chairman, President and Chief Executive Officer Matthew T. Barnes-Smith, Chief Financial Officer and Treasurer 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 Jefferies LLC Jonathan Petersen (212) 284-1705 jpetersen@jefferies.com ANALYST COVERAGE AH Realty Trust (NYSE: AHRT) is a vertically integrated, self-managed real estate investment trust ("REIT") with over four decades of experience managing high-quality properties located primarily in the Mid-Atlantic and Southeastern United States. The Company's focus is to deliver long-term, sustainable shareholder value by consistently investing in and operating the highest-quality assets, maintaining a robust and resilient balance sheet, and fostering a dynamic, highly skilled team. Founded in 1979 by Daniel A. Hoffler, AH Realty Trust has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information, visit AHRealtyTrust.com. CORPORATE PROFILE CREDIT RATING Rating: BBB Agency: Morningstar DBRS Stifel Simon Yarmak (443) 224-1345 yarmaks@stifel.com

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5 HIGHLIGHTS $0.14 First Quarter Dividend Declared $0.15 First Quarter FFO, As Adjusted Per Diluted Share $0.19 First Quarter AFFO Per Diluted Share $562M Multifamily Portfolio Purchase Price Under PSA 3.7M First Quarter Shares Repurchased +14.4% First Quarter Retail New Lease Spread, Cash +2.2% Retail Same Store NOI, Cash Increase 1Q26 vs 1Q25 +0.7% Office Same Store NOI, Cash Increase 1Q26 vs 1Q25 +7.2% First Quarter Office New Lease Spread, Cash

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6 2026 REVISED OUTLOOK: CONTINUED OPERATIONS LOW HIGH RETAIL NOI $68.5M $70.0M OFFICE NOI $58.5M $60.0M EQUITY METHOD INVESTMENT ("EMI") PROPERTY INCOME(1) $3.4M $3.9M ACQUISITION NOI $0.0M $0.0M TOTAL COMMERCIAL NOI $130.4M $133.9M G&A EXPENSES -$19.7M -$18.7M INTEREST EXPENSE -$57.2M -$54.2M OTHER NOI(2) $8.9M $9.9M PREFERRED STOCK DIVIDENDS -$11.5M -$11.5M FUNDS FROM OPERATIONS AS ADJUSTED ("FFO, AS ADJUSTED")(3) $50.7M $54.7M FFO, AS ADJUSTED PER DILUTED SHARE $0.51 $0.55 1. Includes T. Rowe Price Global HQ. EMI property income is reflected as the property's NOI less interest expense, times the Company's ownership percentage (50%). 2. Other income includes NOI from Smith's Landing and NOI from parking income. 3. See slide 12 for a reconciliation of funds from operations ("FFO") as defined by Nareit to FFO, As Adjusted for the current period. FFO, As Adjusted is a forward-looking, non-GAAP measure that presents the Company's projected Funds From Operations as adjusted for certain items that the Company believes are not indicative of its ongoing operating performance, including: (i) estimated income and expenses related to the GCRES business; (ii) estimated income and expenses associated with assets held for sale or under LOI; and (iii) estimates of certain non-recurring transaction costs. The Company presents FFO, As Adjusted to provide investors with a supplemental measure of the Company's anticipated operating performance following the completion of its announced strategic initiatives, but investors are cautioned against placing undue reliance on the Company's presentation of FFO, As Adjusted.

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7 1. Refer to slide 32, Discontinued Operations, for management's expectations on timing of multifamily dispositions. 2. Solis Peachtree Corners and Solis North Creek were sold on March 27, 2026. Refer to slide 33 for management's expectations on timing of real estate financing exits. 3. Assumed debt paydowns are derived from the expected sales proceeds of Multifamily and Real Estate Financing assets under PSA or being actively marketed based on valuations underwritten by commercial brokerages. Also includes the impact of expected borrowings on the Company's line of credit. The Company can provide no assurances that the proceeds ultimately received by the Company will not be different than anticipated, and such difference could be material. 2026 REVISED OUTLOOK ASSUMPTIONS • Disposition of the General Contracting and Real Estate Services ("GCRES") business in 2Q26 • Disposition of the Multifamily Portfolio, with the exception of Smith's Landing (1) • Realization of The Allure at Edinburgh in 2Q26 • Exit of the remaining Real Estate Financing Portfolio (2) • Retail Same-Store NOI Cash, growth of 1.50% and Office Same-Store NOI, Cash growth of 1.95% • Secured Debt Paydowns of ~$300M as a result of the Multifamily Disposition (3) • Net Unsecured Debt Paydowns of ~$400M (3) • Includes Share Repurchases of $24.1M for 4.2M shares through April 2, 2026 • No Acquisitions in 2026, capital redirected toward Share Repurchases

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8(1) See appendix for definitions. (2) Excludes GAAP adjustments. (3) Total occupancy weighted by annualized rent. SUMMARY INFORMATION $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) OPERATIONAL METRICS 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Net (Loss) Income Attributable to Common Stockholders and OP Unitholders ($33,291) ($647) ($3,575) $3,907 Net (Loss) Income per Diluted Share Attributable to Common Stockholders and OP Unitholders ($0.33) ($0.01) ($0.04) $0.04 FFO Attributable to Common Stockholders and OP Unitholders 20,598 23,143 20,170 18,971 FFO per Diluted Share Attributable to Common Stockholders and OP Unitholders $0.20 $0.23 $0.20 $0.19 FFO, As Adjusted Attributable to Common Stockholders and OP Unitholders 15,110 22,862 16,968 13,088 FFO, As Adjusted per Diluted Shares Attributable to Common Stockholders and OP Unitholders $0.15 $0.22 $0.17 $0.13 Net Debt / Total Adjusted EBITDAre 8.3x 8.1x 7.9x 7.7x Fixed Charge Coverage Ratio(1) 2.0x 2.2x 2.2x 2.2x CAPITALIZATION Common Shares Outstanding 76,553 80,167 80,155 80,160 Operating Partnership Units Outstanding 24,757 23,521 23,521 23,507 Common Shares and Operating Partnership Units Outstanding 101,310 103,688 103,676 103,667 Market Price per Common Share as of Last Trading Day of Quarter $5.50 $6.62 $7.01 $6.87 Common Equity Capitalization 557,205 686,415 726,769 712,192 Preferred Equity Capitalization 171,085 171,085 171,085 171,085 Total Equity Capitalization 728,290 857,500 880,229 883,277 Total Debt(2) 1,492,742 1,526,584 1,487,257 1,448,237 Total Capitalization $2,221,032 $2,384,084 $2,367,486 $2,331,514 STABILIZED PORTFOLIO ECONOMIC OCCUPANCY(1) Retail 92.5 % 93.3 % 92.1 % 91.4 % Office 87.7 % 90.4 % 88.1 % 89.9 % Weighted Average(3) 90.1 % 91.8 % 90.1 % 90.7 % STABILIZED PORTFOLIO LEASED OCCUPANCY(1) Retail 94.8 % 94.9 % 96.0 % 94.2 % Office 96.0 % 96.4 % 96.5 % 96.3 % Weighted Average(3) 95.4 % 95.6 % 96.2 % 95.2 % STABILIZED PORTFOLIO Retail Portfolio Net Operating Income $17,066 $18,099 $18,194 $17,912 Number of Properties 42 46 46 46 Net Rentable Square Feet 3,840k 3,823k 3,823k 3,823k Office Portfolio Net Operating Income $14,297 $18,044 $16,137 $14,947 Number of Properties 13 14 14 14 Net Rentable Square Feet 2,321k 2,337k 2,337k 2,337k

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9 Three Months Ended 3/31/2026 3/31/2025 (Unaudited) Revenues Rental revenues $52,317 $50,182 Total revenues 52,317 50,182 Expenses Rental expenses 12,857 11,369 Real estate taxes 4,735 4,717 Depreciation and amortization 18,241 19,030 General and administrative expenses 4,716 7,155 Acquisition, development, and other pursuit costs — 54 Total expenses 40,549 42,325 Loss on real estate dispositions, net (141) — Operating income 11,627 7,857 Interest income 62 229 Interest expense (13,782) (12,437) Equity in income (loss) of unconsolidated real estate entities 243 (1,415) Change in fair value of derivatives and other 1,344 (749) Other income (expense), net 13 (89) Loss from continuing operations ($493) ($6,604) Discontinued operations (Loss) income from discontinued operations (2) (29,526) 2,451 Income tax provision from discontinued operations (363) (190) (Loss) income from discontinued operations, net of taxes ($29,889) $2,261 Net loss (30,382) (4,343) Net loss (income) attributable to noncontrolling interests: (22) 3 Preferred stock dividends (2,887) (2,887) Net Loss Attributable to AHRT and OP Unitholders ($33,291) ($7,227) Net Loss per Diluted Share and Unit Attributable to AHRT and OP Unitholders ($0.33) ($0.07) Weighted Average Shares & OP Units - Diluted(1) 102,027 101,570 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. (2) Includes $29.2 million impairment of notes receivable related to Solis Kennesaw, Solis North Creek, and Solis Peachtree investments in Q1 2026.

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10 SUMMARY BALANCE SHEET $ IN THOUSANDS As Of 3/31/2026 12/31/2025 (Unaudited) Assets Real estate investments: Income producing property $1,773,240 $1,801,279 Held for development 5,683 5,683 Construction in progress 21,530 13,028 Accumulated depreciation (412,226) (410,565) Net real estate investments 1,388,227 1,409,425 Real estate investments held for sale, net 23,223 4,800 Assets of discontinued operations 705,981 800,536 Cash and cash equivalents 28,545 40,743 Restricted cash 2,013 1,622 Accounts receivable, net 63,184 64,747 Equity method investments 48,177 47,926 Operating lease right-of-use assets 22,551 22,610 Finance lease right-of-use assets 77,212 77,539 Acquired lease intangible assets 73,108 76,408 Other assets 45,591 50,154 Total Assets $2,477,812 $2,596,510 Liabilities and Equity Indebtedness, net $1,245,288 $1,283,987 Liabilities related to assets held for sale 8,387 — Liabilities of discontinued operations 281,633 286,502 Accounts payable and accrued liabilities 34,493 36,810 Operating lease liabilities 31,153 31,198 Finance lease liabilities 85,038 84,835 Other liabilities 31,640 43,986 Total Liabilities 1,717,632 1,767,318 Total Equity 760,180 829,192 Total Liabilities and Equity $2,477,812 $2,596,510

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11 FFO & AFFO(1) $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Funds From Operations(1) Net (Loss) Income Attributable to AHRT and OP Unitholders ($33,291) ($647) ($3,575) $3,907 Net (Loss) Income per Diluted Share ($0.33) ($0.01) ($0.04) $0.04 Depreciation and Amortization(2) 24,660 23,767 23,395 21,979 Net Gain (Loss) on Consolidation of Real Estate Entities — — — (6,915) Impairment of Real Estate Assets(3) 29,229 23 350 — FFO $20,598 $23,143 $20,170 $18,971 FFO per Diluted Share $0.20 $0.23 $0.20 $0.19 Adjusted FFO(1) Loss on Extinguishment of Debt — — 69 — Unrealized Credit Loss Provision 1,749 (124) (126) (209) Amortization of Right-of-Use Assets - Finance Leases 391 395 395 395 Decrease in Fair Value of Derivatives Not Designated as Cash Flow Hedges 2,098 4,929 8,095 3,845 Non-Cash Stock Compensation 1,355 855 804 1,225 Property-Related Capital Expenditures(4) (2,450) (7,181) (4,715) (3,398) Non-Cash Interest Expense(5) 2,087 2,758 2,282 2,570 Non-Cash Interest Income (2,255) (3,571) (3,851) (3,477) Cash Ground Rent Payment - Finance Lease (1,001) (1,005) (972) (995) GAAP Adjustments (2,688) (3,078) (3,135) (3,514) AFFO $19,884 $17,121 $19,016 $15,413 AFFO per Diluted Share $0.19 $0.17 $0.19 $0.15 Weighted Average Common Shares Outstanding 79,840 80,153 80,155 80,154 Weighted Average Operating Partnership Units Outstanding 22,187 21,947 21,938 22,132 Total Weighted Average Common Shares and OP Units Outstanding(6)(7) 102,027 102,100 102,093 102,286 (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) Includes Solis Peachtree, Solis North Creek, and Solis Kennesaw. (4) Excludes development, redevelopment, and first-generation space. (5) Includes non-cash interest expense relating to indebtedness and interest expense on finance leases. (6) 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. (7) Excludes 90% of unvested performance-based LTIP Units that are not considered participating securities.

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12 FFO, AS ADJUSTED $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 FFO $20,598 $23,143 $20,170 $18,971 FFO Attributable to General Contracting and Real Estate Services 569 (1,282) (2,240) 1,040 FFO Attributable to Multifamily (3,405) 2,493 636 (5,106) FFO Attributable to Real Estate Financing (2,652) (1,492) (1,598) (1,817) FFO, As Adjusted $15,110 $22,862 $16,968 $13,088 FFO per Diluted Share $0.20 $0.23 $0.20 $0.19 FFO per Diluted Share Attributable to General Contracting and Real Estate Services 0.01 (0.01) (0.02) 0.01 FFO per Diluted Share Attributable to Multifamily (0.03) 0.02 0.01 (0.05) FFO per Diluted Share Attributable to Real Estate Financing (0.03) (0.01) (0.02) (0.02) FFO, As Adjusted per Diluted Share $0.15 $0.22 $0.17 $0.13 Weighted Average Common Shares Outstanding 79,840 80,153 80,155 80,154 Weighted Average Operating Partnership Units Outstanding 22,187 21,947 21,938 22,132 Total Weighted Average Common Shares and OP Units Outstanding(1)(2) 102,027 102,100 102,093 102,286 (1) 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. (2) Excludes 90% of unvested performance-based LTIP Units that are not considered participating securities.

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13 STABILIZED PORTFOLIO NOI (CASH) (1) LIABILITIES Three Months Ended Annualized As of 3/31/2026 3/31/2026 Mortgages and Notes Payable $1,492,742 Retail Mortgages, JV Pro Rata Share 86,552 Stabilized Retail NOI, Cash(2) $17,757 $71,028 Total Debt, including JV Pro Rata Share $1,579,294 Stabilized Retail NOI, Cash under PSA(3) (116) (464) Signed Not Yet Occupied or in Free Rent Period, Retail 430 1,720 Accounts Payable and Accrued Liabilities, Non-Property 6,129 Adjusted Stabilized Retail NOI, Cash $18,071 $72,284 Other Liabilities, Non-Property 6,080 Total Liabilities $1,591,503 Office Stabilized Office NOI, Cash(2) $17,194 $68,776 Stabilized Office NOI, Cash under PSA(3) (60) (240) Signed Not Yet Occupied or in Free Rent Period, Office 1,178 4,712 Adjusted Stabilized Office NOI, Cash $18,312 $73,248 Other NOI, Cash $2,558 $10,232 NON-STABILIZED PORTFOLIO PREFERRED EQUITY As of 3/31/2026 Liquidation Value Properties in Lease Up at Cost(4) $81,510 Series A Cumulative Redeemable Perpetual Preferred Stock $171,085 ASSETS OF DISCONTINUED OPERATIONS OR HELD FOR SALE COMMON EQUITY As of 3/31/2026 As of 3/31/2026 Real Estate Assets under PSA(3) $562,000 Total Common Shares Outstanding 76,553 Multifamily Assets HFS at Net Book Value(3) 104,468 Total Units Outstanding 24,757 Real Estate Financing Investments at Book Value(5) 39,273 Total Common Shares and Units Outstanding 101,310 Net Assets of GCRES at Book Value 2,512 $708,253 NON-PROPERTY ASSETS (1) Excludes $1.1M of expenses associated with the Company's in-house asset management division for the three months ended March 31, 2026.As of 3/31/2026 Cash and Restricted Cash $17,963 (2) Includes $2.1M and less than $(0.1)M of AHRT's JV Pro Rata Share of Cash NOI for T. Rowe Price Global HQ for Office and Retail, respectively.Accounts Receivable, Net 5,367 Other Assets 9,951 (3) Refer to slide 32 for a break-out of real estate assets under PSA and Held for Sale. Total Non-Property Assets $33,281 (4) Refer to slide 41 for the make-up of Non-Stabilized properties. (5) Excludes allowance for current expected credit losses NET ASSET VALUE COMPONENT DATA $ AND SHARES/UNITS IN THOUSANDS

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14 CREDIT PROFILE $ IN THOUSANDS Leverage 7.1x 7.1x 7.5x 7.4x 7.5x 7.2x 7.2x 7.1x 7.7x 7.9x 8.1x 8.3x 8.0x 8.1x 8.5x 8.4x 8.4x 8.1x 8.2x 8.0x 8.7x 8.9x 9.0x 9.2x Net Debt / Total Adjusted EBITDAre Net Debt + Preferred / Total Adjusted EBITDAre Q2 2023 Q3 2023 Q4 2023 Q1 2 024 Q2 2024 Q3 2024 Q4 2024 Q1 2 025 Q2 2025 Q3 2025 Q4 2025 Q1 2 026 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x Total Debt Secured Debt Unsecured Debt % Fixed/Hedged 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 Q4 2 02 5 Q1 2 02 6 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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 0 5,000 10,000 15,000 20,000 25,000 —% 50% 100% 150% Weighted Average Years to Maturity - Debt 4.6 4.2 3.9 3.7 3.6 3.5 3.3 3.3 3.0 2.8 2.5 2.3 Weighted Average Years to Maturity Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 0 1 2 3 4 5 6

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15 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 3/31/2026 Total Adjusted EBITDAre $43,974 Net Debt(2) $1,451,235 Net Debt/Total Adjusted EBITDAre(1) 8.3 x Net Debt + Preferred $1,622,320 Net Debt + Preferred /Total Adjusted EBITDAre 9.2 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 8.3x 9.2x Net Debt/Total Adjusted EBITDAre (1) Net Debt + Preferred / Total Adjusted EBITDAre

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16 DEBT MANAGEMENT AS OF MARCH 31, 2026 Total Debt Composition Weighted Average % of Debt Interest Rate Maturity Variable vs. Fixed-Rate Debt Variable-Rate Debt(1)(2) 1.7 % 5.3 % 1.0 Yrs Fixed-Rate Debt(3)(4) 98.3 % 4.2 % 2.3 Yrs Secured vs. Unsecured Debt Unsecured Debt(2) 60.7 % 4.4 % 1.6 Yrs Secured Debt(2) 39.3 % 3.8 % 3.3 Yrs Portfolio Weighted Average(2) 4.2 % 2.3 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 4.0% 4.2% 4.0% 4.4% 4.6% 4.5% 4.4% 4.2% 4.4% 4.3% 4.2% 4.2% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 .0% .5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0%

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17 OUTSTANDING DEBT $ IN THOUSANDS (1) Excludes extension options. (2) Includes debt subject to interest rate swap locks. (3) Subject to a rate floor. Constellation Energy Building's loan may be subject to curtailment in connection with release of the multifamily collateral portion of the building (1305 Dock Street). Debt Maturities & Principal Payments Debt Stated Rate Eff. Rate as of 3/31/2026 Maturity Date (1) 2026 2027 2028 2029 2030 Thereafter Outstanding as of 3/31/2026 Debt Attrib. to Assets under PSA Debt. Attrib. to Assets HFS Secured Debt - Continuing Operations Thames Street Wharf SOFR+ 1.30 % 2.34 % (2) Sep-2026 64,669 — — — — — 64,669 — — Constellation Energy Building SOFR+ 1.50 % 5.28 % (3) Nov-2026 175,000 — — — — — 175,000 — — Greenbrier Square 3.74 % Oct-2027 312 18,370 — — — — 18,682 — — Lexington Square 4.50 % Sep-2028 253 351 12,287 — — — 12,891 — — Red Mill North 4.73 % Dec-2028 100 140 3,442 — — — 3,682 — — Smith's Landing 4.05 % Jun-2035 813 1,126 1,172 1,222 1,273 6,674 12,280 — — Total - Secured Debt - Continuing Operations 241,147 19,987 16,901 1,222 1,273 6,674 287,204 — — Secured Debt - Forecasted Payoffs Encore Apartments & 4525 Main Street 2.93 % Apr-2026 (4) 50,497 — — — — — 50,497 50,497 — The Everly SOFR+ 1.50 % 5.16 % (5) Mar-2027 — 28,000 — — — — 28,000 — 28,000 The Allied \| Harbor Point SOFR+ 2.00 % 4.25 % (2) Jun-2027 (6) — 90,000 — — — — 90,000 90,000 — Liberty SOFR+ 1.50 % 4.93 % (2) Sep-2027 285 19,516 — — — — 19,801 19,801 — Premier Apartments and Retail 5.53 % Dec-2029 — — — 29,415 — — 29,415 29,415 — Greenside Apartments 3.17 % Dec-2029 625 861 889 26,928 — — 29,303 29,303 — The Edison 5.30 % Dec-2044 340 474 500 527 556 11,840 14,237 14,237 — The Cosmopolitan 3.35 % Jul-2051 729 1,001 1,035 1,071 1,107 33,342 38,285 38,285 — Total - Secured Debt - Forecasted Payoffs 52,476 139,852 2,424 57,941 1,663 45,182 299,538 271,538 28,000 Total - Secured Debt $293,623 $159,839 $19,325 $59,163 $2,936 $51,856 $586,742 $271,538 $28,000 Unsecured Debt TD Unsecured Term Loan SOFR+ 1.35%-1.90% 5.31 % May-2026 (7) 95,000 — — — — — 95,000 Senior Unsecured Revolving Credit Facility SOFR+ 1.30%-1.85% 5.26 % Jan-2027 (8) — 211,000 — — — — 211,000 M&T Unsecured Term Loan SOFR+ 1.25%-1.80% 5.21 % Mar-2027 (6) — 35,000 — — — — 35,000 M&T Unsecured Term Loan (Fixed) SOFR+ 1.25%-1.80% 5.05 % (2) Mar-2027 (6) — 100,000 — — — — 100,000 Senior Unsecured Term Loan SOFR+ 1.25%-1.80% 5.21 % Jan-2028 — — 271,000 — — — 271,000 Senior Unsecured Term Loan (Fixed) SOFR+ 1.25%-1.80% 4.98 % (2) Jan-2028 — — 79,000 — — — 79,000 Senior Notes, Series A 5.57 % Jul-2028 — — 25,000 — — — 25,000 Senior Notes, Series B 5.78 % Jul-2030 — — — — 45,000 — 45,000 Senior Notes, Series C 6.09 % Jul-2032 — — — — — 45,000 45,000 Total - Unsecured Debt 95,000 346,000 375,000 — 45,000 45,000 906,000 Total Principal Balances $388,623 $505,839 $394,325 $59,163 $47,936 $96,856 $1,492,742 Other Notes Payable 6,103 Unamortized GAAP Adjustments (4,451) Loans reclassified to liabilities related to assets held for sale, net or liabilities of discontinued operations (249,106) Indebtedness, Net $1,245,288 (4) Effective April 10, 2026, the Company executed a 45-day extension on this loan. (5) Subject to a rate floor. (6) Does not reflect one 12-month extension option. (7) The Company has a term sheet for a 12-month extension, which is expected to close in May 2026. (8) Does not reflect two six-month extension options.

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18 (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 Accounting Treatment(5) Statement of Comprehensive Income Location 3/31/2026 3/31/2025 Designated Hedges Interest Expense $474 $313 Non-Designated Hedges Change in Fair Value of Derivatives and Other 3,442 4,486 Total Realized Gains on Interest Rate Derivatives $3,916 $4,799 Designated Hedges Unrealized Cash Flow Hedge Gains (Losses)(6) $641 $(1,050) Non-Designated Hedges Change in Fair Value of Derivatives and Other (1,655) (5,627) Non-Designated Hedges Income (Loss) from Discontinued Operations (443) 392 Total Unrealized Losses on Interest Rate Derivatives $(1,457) $(6,285) Total Realized and Unrealized Gains (Losses) on Interest Rate Derivatives $2,459 $(1,486) 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% $640,000 January 2025 January 2027 2.50% 150,000 Total Interest Rate Swaps 790,000 Fixed-Rate Debt(2)(3) 677,742 Fixed-Rate and Hedge Debt 1,467,742 Total Debt(3) $1,492,742 % Fixed or Hedged 98.3 % 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 MARCH 31, 2026 (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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19 CAPITALIZATION & FINANCIAL RATIOS $ IN THOUSANDS, EXCEPT PER SHARE AS OF MARCH 31, 2026 (1) Includes debt related to held for sale assets and discontinued operations. Refer to slide 17, Outstanding Debt, for details. (2) During the three months ended March 31, 2026, we repurchased 3.7M shares of common stock. (3) As of close of market on March 31, 2026 (4) Includes 3.4M LTIP Units (5) See appendix for definitions. Debt % of Total Principal Balance Unsecured Revolving Credit Facility 14 % $211,000 Unsecured Term Loans 39 % 580,000 Mortgages Payable(1) 39 % 586,742 Senior Notes 8 % 115,000 Total Debt $1,492,742 Preferred Equity Shares Liquidation Value per Share Total Liquidation Value 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock (NYSE: AHRT-PrA) 6,843 $25.00 $171,085 Common Equity % of Total Shares/Units(2) Stock Price(3) Market Value Common Stock (NYSE: AHRT) 76 % 76,553 $5.50 $421,039 Operating Partnership Units (4) 24 % 24,757 $5.50 $136,165 Equity Market Capitalization 101,310 $557,204 Total Capitalization $2,221,032 Enterprise Value $2,190,474 Total Debt to Enterprise Value 68 % Financial Ratios(5) Debt Service Coverage Ratio 2.3x Fixed Charge Coverage Ratio 2.0x Net Debt / Total Adjusted EBITDAre 8.3x Net Debt Plus Preferred / Total Adjusted EBITDAre 9.2x Debt/Total Capitalization 67 % Liquidity Cash on Hand(7) $41,507 Net Short Term Receivables/(Payables)(7) 20,079 Availability Under Credit Agreements 80,324 Total Liquidity $141,910 Unencumbered Properties % of Total Properties 70 % % of Annualized Base Rent 57 % Total Unencumbered Asset Value(6) $1,643,873 Preferred Equity 8% Debt 67% Common Equity 25% (6) Total Asset Value is calculated based on the terms of our credit facility agreement and therefore does not tie directly to the balance sheet. (7) Includes discontinued operations.

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20 PORTFOLIO PROFILE(1) 4.0% —% 3.0% 8.0% 8.0% 11.0% 12.0% 10.0% 7.0% 3.0% 3.0% 11.0% 11.0% 8.0% Retail Office Ava ila ble M-T-M 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Thereafte r Weighted Average Lease Term Remaining (Years) (1) Reflects stabilized properties only. Refer to appendix for definitions. (2) Reflects lease expirations by Net Rentable Square Footage, see appendix for definitions. (3) Negative new lease cash spreads in Q2 23 for office and 1Q 24 and 3Q 24 for retail. (4) No new leases In 1Q 24, 2Q 25, and 3Q 25, or renewals in 1Q 26 for office. 5.4 5.9 5.3 5.8 5.7 5.6 5.6 5.5 5.6 5.6 5.6 5.6 7.7 8.8 7.9 8.4 8.2 8.3 8.1 8.5 8.4 8.1 7.9 7.7 Retail Office 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 0.0 2.0 4.0 6.0 8.0 10.0 Lease Expirations(2) Renewal Cash Spreads Retail Office 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% New Lease Cash Spreads(3)(4) Retail Office 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 % 10.0% 20.0% 30.0% 40.0% 50.0%

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21 (1) Excludes expenses associated with the Company's in-house asset management division of $1.1M and $0.7M for the three months ended 3/31/2026 & 3/31/2025.r SAME STORE NOI BY SEGMENT $ IN THOUSANDS Three Months Ended 3/31/2026 3/31/2025 $ Change % Change Retail Rental Revenues $22,951 $22,582 $369 1.6 % Rental Expenses(1) 4,461 4,500 (39) (0.9) % Real Estate Taxes 2,313 2,253 60 2.7 % Same Store NOI, Cash 16,177 15,829 348 2.2 % Office Rental Revenues 21,676 20,823 853 4.1 % Rental Expenses(1) 6,882 6,109 773 12.7 % Real Estate Taxes 2,164 2,169 (5) (0.2) % Same Store NOI, Cash 12,630 12,545 85 0.7 % Same Store NOI, Cash 28,807 28,374 433 1.5 % GAAP Adjustments 3,562 3,184 378 Termination Fees 12 96 (84) Non-Same Store NOI (215) 327 (542) Other NOI 2,559 2,115 444 Total Property Portfolio NOI $34,725 $34,096 $629 1.8 %

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22 (1) Other Rental Income primarily includes parking income, percentage rent, and bad debt adjustments. RENTAL REVENUE DISAGGREGATION $ IN THOUSANDS Three Months Ended 3/31/2026 Retail Office Other Total Base Rent $18,472 $16,370 $1,437 $36,279 Expense Reimbursements 5,405 5,526 26 10,957 Termination Fees 12 — — 12 Other Rental Income(1) (264) 25 2,437 2,198 Rental Revenues, Cash $23,625 $21,921 $3,900 $49,446 Straight-Line Rent 620 1,824 — 2,444 Above (Below) Market Lease Amortization 267 206 — 473 Lease Incentives (15) (31) — (46) Total Rental Revenues $24,497 $23,920 $3,900 $52,317

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23 STABILIZED PORTFOLIO SUMMARY AS OF MARCH 31, 2026 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 Leased Occupancy(1) Economic Occupancy(1) ABR(1) ABR per Occupied SF Town Center of Virginia Beach 13 641,378 15 95.4 % 93.2 % $16,036,189 $26.21 Harbor Point - Baltimore Waterfront 1 38,464 10 47.9 % 37.5 % 685,900 37.25 Grocery Anchored 14 1,320,155 17 96.1 % 95.6 % 20,727,580 16.34 Southeast Sunbelt 8 893,253 19 95.6 % 90.0 % 19,444,747 22.78 Mid-Atlantic 6 946,365 22 93.8 % 93.2 % 17,182,714 19.36 Stabilized Retail Total 42 3,839,615 17 94.8 % 92.5 % $74,077,130 $20.35 Office Properties # of Properties Net Rentable SF(1) Average Age Leased Occupancy(1) Economic Occupancy(1) ABR(1) ABR per Occupied SF Town Center of Virginia Beach 6 806,394 24 98.4 % 92.8 % $22,862,981 $28.80 Harbor Point - Baltimore Waterfront 3 1,034,921 11 97.0 % 88.2 % 33,749,464 33.62 Southeast Sunbelt 3 381,761 10 87.3 % 74.8 % 12,421,907 37.27 Mid-Atlantic 1 98,061 7 100.0 % 100.0 % 2,043,004 20.83 Stabilized Office Total 13 2,321,137 16 96.0 % 87.7 % $71,077,356 $31.89

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24 RETAIL PORTFOLIO AS OF MARCH 31, 2026 39.8% 25.2% 20.4% 10.2% 3.4% 1.0% Community Center Lifestyle Center Neighborhood Center Power Center Strip/Convenience Street Retail 48 Number of Retail Properties(2) 4.0M Net Rentable Square Footage Retail Properties(2) (1) Retail classifications are reflective of ICSC's U.S Shopping-Centers Classifications, with the exception of Street Retail. Street Retail includes Chronicle Mill Retail, Liberty Retail, and The Edison Retail. (2) Includes stabilized and unstabilized properties. Also includes 5 retail properties under PSA, as detailed on slide 32. PERCENTAGE OF NOI BY RETAIL CLASSIFICATION (1)

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25 (1) Mixed-Use consists of Town Center of Virginia Beach, Harbor Point – Baltimore Waterfront, One City Center, The Interlock, and Southern Post (2) Includes stabilized and unstabilized properties. Also includes 1 office property under PSA, as detailed on slide 32. OFFICE PORTFOLIO AS OF MARCH 31, 2026 94.8% 5.2% Mixed Use Non Mixed Use 15 Number of Office Properties(2) 2.4M Net Rentable Square Footage Office Properties(2) Mixed Use vs. Non-Mixed Use by ABR(1)

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26 TOP 20 TENANTS BY ABR $ IN THOUSANDS AS OF MARCH 31, 2026 Tenant Investment Grade(1) Number of Leases Annualized Base Rent % of Total Annualized Base Rent Constellation Energy Generation ü 1 $15,924 11.0% Morgan Stanley ü 3 9,213 6.3% T. Rowe Price(2) ü 1 7,900 5.4% The Kroger Co. ü 6 3,781 2.6% Clark Nexsen 1 2,484 1.7% Dick's Sporting Goods ü 3 2,480 1.7% The Gathering Spot 2 2,030 1.4% Duke University ü 1 1,830 1.3% Huntington Ingalls Industries ü 1 1,704 1.2% Franklin Templeton ü 1 1,652 1.1% PetSmart 5 1,566 1.1% The TJX Companies ü 5 1,566 1.1% Vestis Corporation 1 1,506 1.0% Georgia Tech ü 1 1,475 1.0% Mythics 1 1,364 0.9% Apex Entertainment 1 1,340 0.9% Pindrop 1 1,243 0.9% Regal Cinemas 2 1,215 0.8% Amazon/Whole Foods ü 1 1,214 0.8% Ross Dress for Less 3 1,211 0.8% Top 20 Total $62,698 43.0% Total Investment Grade Rating ABR $48,739 % of Total ABR 33.6 % (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 management's assessment. (2) Represents the Company's 50% share of ABR.

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27 LEASE SUMMARY (1) Excludes leases from properties in development, redevelopment, and delivered, but not yet stabilized. (2) Spreads on new leases are not calculated for 1st generation space or where the previous tenant was in occupancy more than 3 years prior to release execution RETAIL Renewals Quarter Number of Leases Signed Net Rentable SF Signed GAAP Releasing Spread Cash Releasing Spread Wtd Average Lease Term (yrs) TI & LC TI & LC per SF Q1 2026 20 88,099 10.7 % 4.5 % 4.9 $201,536 $2.29 Q4 2025 18 72,179 15.3 % 10.1 % 4.9 257,722 3.57 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 Trailing 4 Quarters 76 516,804 9.4 % 6.5 % 5.9 $2,069,835 $4.01 New Leases(1) Quarter Number of Leases Signed Net Rentable SF Signed GAAP Releasing Spread(2) Cash Releasing Spread(2) Wtd Average Lease Term (yrs) TI & LC TI & LC per SF Q1 2026 7 22,242 18.3 % 14.4 % 9.5 $1,742,293 $78.33 Q4 2025 5 13,358 10.5 % 9.4 % 9.0 803,722 60.17 Q3 2025 7 29,692 46.4 % 47.3 % 9.0 1,726,197 58.14 Q2 2025 8 23,673 20.6 % 16.6 % 7.6 660,918 27.92 Trailing 4 Quarters 27 88,965 28.5 % 26.6 % 8.8 $4,933,130 $55.45 OFFICE Renewals Quarter Number of Leases Signed Net Rentable SF Signed GAAP Releasing Spread Cash Releasing Spread Wtd Average Lease Term (yrs) TI & LC TI & LC per SF Q1 2026 0 — — % — % 0.0 $— $— Q4 2025 3 16,241 9.1 % 2.5 % 4.8 87,296 5.38 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 Trailing 4 Quarters 6 30,291 11.4 % 4.3 % 4.0 $240,014 $7.92 New Leases(1) Quarter Number of Leases Signed Net Rentable SF Signed GAAP Releasing Spread(2) Cash Releasing Spread(2) Wtd Average Lease Term (yrs) TI & LC TI & LC per SF Q1 2026 4 20,326 9.6 % 7.2 % 7.3 $1,570,017 $77.24 Q4 2025 2 5,776 — % 0.2 % 8.0 85,298 14.77 Q3 2025 0 — — % — % 0.0 — — Q2 2025 2 14,012 — % — % 10.6 1,639,168 116.98 Trailing 4 Quarters 8 40,114 — % 0.1 % 8.6 $3,294,483 $82.13

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28 LEASE EXPIRATIONS(1) AS OF MARCH 31, 2026 (1) Excludes leases from properties in development, redevelopment, delivered, but not yet stabilized, and Held-for-Sale. OFFICE Year Leases Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available – 92,142 4.0 % $— – % M-T-M 4 1,312 0.1 % 66,120 0.1 % 2026 8 53,722 2.3 % 1,120,758 1.6 % 2027 20 144,500 6.2 % 5,294,409 7.4 % 2028 16 120,564 5.2 % 3,838,195 5.4 % 2029 16 268,493 11.6 % 7,638,932 10.7 % 2030 15 168,115 7.2 % 5,627,113 7.9 % 2031 11 151,776 6.5 % 4,591,479 6.5 % 2032 6 58,051 2.5 % 1,715,356 2.4 % 2033 9 80,858 3.5 % 2,523,373 3.6 % 2034 7 99,783 4.3 % 2,892,481 4.1 % 2035 3 293,189 12.6 % 8,345,722 11.7 % 2036 7 506,651 21.8 % 18,405,693 25.9 % Thereafter 17 281,981 12.2 % 9,017,725 12.7 % Total 139 2,321,137 100.0 % $71,077,356 100.0 % RETAIL Year Leases Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available – 199,267 5.2 % $— – % M-T-M 5 1,602 – % 59,262 0.1 % 2026 28 145,278 3.8 % 2,236,291 3.0 % 2027 77 349,436 9.1 % 7,122,404 9.6 % 2028 84 370,369 9.6 % 8,063,857 10.9 % 2029 73 404,647 10.5 % 7,562,803 10.2 % 2030 95 573,584 14.9 % 12,139,897 16.4 % 2031 75 473,077 12.3 % 10,569,286 14.3 % 2032 36 356,719 9.3 % 6,365,431 8.6 % 2033 28 93,776 2.4 % 2,307,471 3.1 % 2034 16 80,818 2.1 % 1,672,988 2.3 % 2035 24 384,356 10.0 % 5,242,822 7.1 % 2036 20 197,102 5.1 % 5,155,640 7.0 % Thereafter 24 209,584 5.7 % 5,578,978 7.4 % Total 585 3,839,615 100.0 % $74,077,130 100.0 %

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29 REDEVELOPMENT Projects Description Projected Date of Completion(1) Estimated Cost(1) Town Center of Virginia Beach TI Allowances for space previously occupied by the Company in Armada Hoffler Tower. 4Q26 $3,300 $3,300 $ IN THOUSANDS AS OF MARCH 31, 2026 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 Pembroke Square Outparcel creation and development in the existing parking field Providence Plaza Densification of surface parking and optimization of the day/night use of the structured parking deck Broad Creek Shopping Center Outparcel creation and development in the existing parking field 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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30 NET INCOME & NOI BY SEGMENT $ IN THOUSANDS For the Three Months Ended March 31 2026 Retail Real Estate Office Real Estate Other (1) Total Revenues Rental revenues $24,497 $23,920 $3,900 $52,317 Total revenues 24,497 23,920 3,900 52,317 Expenses Rental expenses (2) 4,622 7,173 1,062 12,857 Real estate taxes 2,334 2,122 279 4,735 Total segment operating expenses 6,956 9,295 1,341 17,592 Segment net operating income 17,541 14,625 2,559 34,725 Depreciation and amortization (7,957) (8,903) (1,381) (18,241) General and administrative expenses — — (4,716) (4,716) (Loss) gain on real estate dispositions, net — — (141) (141) Interest income 8 — 54 62 Interest expense (3) (5,851) (5,982) (1,949) (13,782) Equity in (loss) income of unconsolidated real estate entities (6) 249 — 243 Change in fair value of derivatives and other 765 579 — 1,344 Other (expense) Income 1 4 8 13 Income (loss) from continuing operations 4,501 572 (5,566) (493) Discontinued operations(4) Income (loss) from discontinued operations — — (29,526) (29,526) Income tax benefit (provision) from discontinued operations — — (363) (363) Income from discontinued operations — — (29,889) (29,889) Net income (loss) $4,501 $572 ($35,455) ($30,382) (1) Other consists of items not directly related to the Company's retail and office real estate operations activities. General and administrative expenses include corporate personnel salaries and benefits, bank charges, accounting and legal fees, and other corporate office costs. (2) 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. (3) Interest expense 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 relevant segments based on property classification. (4) As of March 31, 2026, the segments previously reported as general contracting and real estate services, multifamily, and real estate financing are now presented as discontinued operations. Income from discontinued operations excludes revenue and expenses related to intercompany construction contracts.

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31 ACQUISITIONS & DISPOSITIONS $ IN THOUSANDS ACQUISITIONS Properties Location Square Feet/Units Purchase Price Cash Cap Rate Purchase Date Anchor Tenants 2025 184 Units $60,380 4.4 % Solis Gainesville II Gainesville, Georgia 184 Units 60,380 4.4 % 4Q25 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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32 DISCONTINUED OPERATIONS MULTIFAMILY DISPOSITIONS Property Location Units Under PSA Held for Sale Expected Disposition Period Encore Apartments Virginia Beach, VA 286 X 2Q26 Premier Apartments Virginia Beach, VA 131 X 2Q26 The Cosmopolitan Virginia Beach, VA 342 X 2Q26 1305 Dock Street Baltimore, MD 103 X 2Q26 1405 Point Street Baltimore, MD 289 X 2Q26 Allied Apartments Baltimore, MD 312 X 2Q26 Chandler Residences Roswell, GA 137 X 2Q26 Chronicle Mill Belmont, NC 238 X 2Q26 The Everly Gainesville, GA 223 X 4Q26 - 1Q27 Solis Gainesville II Gainesville, GA 184 X 4Q26 - 1Q27 Greenside Apartments Charlotte, NC 225 X 4Q26 Liberty Apartments Newport News, VA 199 X 2Q26 The Edison Richmond, VA 174 X 2Q26 COMMERCIAL PROPERTIES INCLUDED IN MULTIFAMILY SALE Property Location Net Rentable SF Under PSA Held for Sale Expected Disposition Period Point Street Retail Baltimore, MD 18,632 X 2Q26 Allied Retail Baltimore, MD 12,700 X 2Q26 Chronicle Mill Retail Belmont, NC 11,530 X 2Q26 Chronicle Mill Office Belmont, NC 5,932 X 2Q26 Liberty Retail Newport News, VA 25,461 X 2Q26 The Edison Retail Richmond, VA 20,196 X 2Q26

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33 DISCONTINUED OPERATIONS, CONT. REAL ESTATE FINANCING Project Location Multifamily Units Sold Held for Sale Expected Exit Period The Allure at Edinburgh Chesapeake, VA 280 X 2Q26 Solis Kennesaw Kennesaw, GA 239 X 4Q26 - 1Q27 Solis Peachtree Corners Peachtree Corners, GA 249 X 1Q26 Solis North Creek Charlotte, NC 303 X 1Q26 GENERAL CONTRACTING & REAL ESTATE SERVICES The General Contracting & Real Estate Services business was sold on April 30, 2026, for consideration of $2.4 million.

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34 APPENDIX DEFINITIONS & RECONCILIATIONS

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35 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 March 31, 2026 (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 March 31, 2026. 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 ADJUSTED FUNDS FROM OPERATIONS: We calculate Adjusted Funds From Operations ("AFFO") as FFO adjusted for the impact of debt extinguishment losses, provision for unrealized non-cash credit losses, amortization of right-of-use assets attributable to finance leases, mark-to-market adjustments on interest rate derivatives not designated as cash flow hedges, non-cash stock compensation, capital expenditures, non-cash interest expense, non-cash interest income, straight-line rents, cash ground rent payments for finance leases, the amortization of leasing incentives and above (below) market rents, impairment of intangible assets and liabilities, proceeds from government development grants, and payments made to purchase interest rate caps designated as cash flow hedges. 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. 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.

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36 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. ECONOMIC OCCUPANCY: The economic occupancy for each of our retail & office properties is calculated as (a) annualized contractual base rent (net of abatements) for the quarter, divided by (b) annualized base rent, multiplied by (c) leased occupancy, expressed as a percentage. Each of these figures exclude the impact of leases which were signed but not yet occupied as of quarter end. Refer to definition of Annualized Base Rent and Leased Occupancy for further information. FFO, AS ADJUSTED: We calculate FFO, As Adjusted as FFO excluding income or loss from discontinued operations related to general contracting and real estate services, multifamily, and real estate financing.

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37 NET OPERATING INCOME: We calculate Net Operating Income ("NOI") as rental revenues (base rent, expense reimbursements, termination fees, and other revenue) less rental expenses and real estate taxes. 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 LEASED 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. 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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38 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 is 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. 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. 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, preferred dividends, accelerated amortization of intangible assets and liabilities, acquisition, development, and other pursuit costs, unrealized credit loss release or provision, non-controlling interest in investment entities, development/redevelopment net operating income, 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. 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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39 PROPERTY PORTFOLIO AS OF MARCH 31, 2026 Retail Properties - Stabilized Location Year Built/ Redeveloped Net Rentable SF(1) Leased Occupancy(1) Economic Occupancy(1) ABR(1) ABR per Occupied SF(1) Major Tenant(s) Town Center of Virginia Beach 249 Central Park Retail Virginia Beach, VA 2004 35,161 100.0 % 100.0 % $1,303,634 $37.08 The Cheesecake Factory, Brooks Brothers, Keagan's, Three Notch'd Brewing Company 4525 Main Street Retail Virginia Beach, VA 2014 26,328 62.0 % 62.0 % 453,633 27.79 Anthropologie, Tupelo Honey 4621 Columbus Retail Virginia Beach, VA 2020 84,000 100.0 % 100.0 % 1,339,800 15.95 Apex Entertainment Columbus Village Virginia Beach, VA 1996/2020/2025 154,268 99.8 % 99.9 % 3,700,921 24.03 Trader Joe's, Shake Shack, CAVA, Ulta, Five Below, Golf Galaxy, Barnes & Noble, David's Bridal, Regal Cinemas Commerce Street Retail Virginia Beach, VA 2008 19,173 100.0 % 100.0 % 899,818 46.93 Yard House Fountain Plaza Retail Virginia Beach, VA 2004 35,961 75.6 % 75.6 % 988,187 36.33 Ruth's Chris, Bravo!, Nando's Pembroke Square Virginia Beach, VA 2015 124,181 100.0 % 100.0 % 2,096,262 16.88 Target (S), REI (S), Fresh Market, Nordstrom Rack, DSW, Decisions Premier Retail Virginia Beach, VA 2018 39,015 94.9 % 94.9 % 1,349,838 36.44 Pottery Barn, Williams Sonoma, J. Jill, Cantina Laredo, TASTE South Retail Virginia Beach, VA 2002 38,515 84.9 % 84.9 % 1,064,227 32.53 lululemon, Free People, Madewell, CPK Studio 56 Retail Virginia Beach, VA 2007 11,594 100.0 % 100.0 % 415,639 35.85 Legal Sea Foods (dark) The Cosmopolitan Retail Virginia Beach, VA 2020 41,872 96.4 % 70.8 % 1,338,467 33.17 Lego, Abercrombie, Solidcore, Bluemercury, South Moon Under Two Columbus Retail Virginia Beach, VA 2009 13,752 100.0 % 100.0 % 532,919 38.75 Fidelity Investments, Lenscrafters, Muse Paintbar West Retail Virginia Beach, VA 2002 17,558 92.9 % 83.4 % 552,844 33.88 PF Changs, The Men's Wearhouse Harbor Point - Baltimore Waterfront Constellation Retail(2) Baltimore, MD 2016 38,464 47.9 % 37.5 % $685,900 $37.25 honeygrow Grocery Anchored Broad Creek Shopping Center(3) Norfolk, VA 2001 121,504 89.6 % 89.6 % $2,233,253 $20.51 Target (S), Home Depot (S), Food Lion, PetSmart, Chick-fil-A Broadmoor Plaza South Bend, IN 1980 115,059 83.8 % 83.8 % 1,136,362 11.78 Kroger, Staples Brooks Crossing Retail(2)(4) Newport News, VA 2016 18,349 91.3 % 91.3 % 255,832 15.27 Piggly Wiggly (S) Delray Beach Plaza(3) Delray Beach, FL 2021 87,207 91.2 % 91.2 % 2,820,684 35.46 Whole Foods, First Watch, Pet Supplies Plus, Pollo Tropical Greenbrier Square Chesapeake, VA 2017 260,625 100.0 % 100.0 % 2,646,331 10.15 Kroger, Homegoods, Dick's House of Sport, Five Below Greentree Shopping Center Chesapeake, VA 2014 15,719 100.0 % 100.0 % 374,545 23.83 Walmart Neighborhood Market (S) Hanbury Village Chesapeake, VA 2009 98,638 100.0 % 100.0 % 2,089,656 21.19 Harris Teeter, Petco Lexington Square Lexington, SC 2017 85,440 97.2 % 97.2 % 1,878,986 22.63 Lowes Foods, Sola Salon, Hollywood Feed North Pointe Center Durham, NC 2009 226,083 96.8 % 96.8 % 2,967,921 13.57 Costco (S), Home Depot (S), Harris Teeter, Ross, Burlington, PetSmart, Shoe Station, Dollar Tree Parkway Centre Moultrie, GA 2017 61,200 100.0 % 100.0 % 872,231 14.25 Publix, Petsense, Surchero's Parkway Marketplace Virginia Beach, VA 1998 37,804 97.1 % 88.3 % 743,543 20.26 Food Lion (S), O'Reilly Auto Parts Perry Hall Marketplace Perry Hall, MD 2001 74,251 100.0 % 100.0 % 1,180,501 15.90 Safeway Sandbridge Commons Virginia Beach, VA 2015 69,417 100.0 % 100.0 % 967,787 13.94 Harris Teeter Tyre Neck Harris Teeter(3) Portsmouth, VA 2011 48,859 100.0 % 100.0 % 559,948 11.46 Harris Teeter Southeast Sunbelt North Hampton Market Taylors, SC 2004 114,954 98.8 % 96.7 % 1,639,142 $14.43 Target (S), Hobby Lobby, PetSmart, Dollar Tree One City Center Retail Durham, NC 2019 22,679 55.7 % 55.7 % 436,294 34.56 Bulldega Urban Market Overlook Village Asheville, NC 1990 151,365 96.7 % 96.7 % 2,326,855 15.90 T.J. Maxx / Homegoods, Ross, Burlington, Boot Barn, Five Below, Show Carnival Patterson Place Durham, NC 2004 159,842 94.4 % 94.4 % 2,525,446 16.74 Home Depot (S), Kohl's (S), Total Wine, Bob's Discount Furniture, DSW, Boot Barn Providence Plaza Retail Charlotte, NC 2008 49,447 98.7 % 98.7 % 1,583,626 32.43 Chipotle, Orange Theory, Mezzanotte, Aqua-Tots South Square Durham, NC 2005 109,590 98.1 % 98.1 % 2,053,171 19.10 Target (S), Sam's Club (S), Ross, Petco, Office Depot The Interlock Retail(3) Atlanta, GA 2021 108,379 93.4 % 74.8 % 5,293,469 52.31 Puttshack, F1 Arcade, The Gathering Spot Wendover Village Greensboro, NC 2004 176,997 97.6 % 97.6 % 3,586,744 20.76 Costco (S), T.J. Maxx, Golf Galaxy, Petco, Five Below, Beautista, Rooms to Go Kids (1) See appendix for definitions. (S) Shadow anchor located adjacent to the property, but is not part of the owned property. (2) The Company does not have 100% ownership of the property. (3) The Company leases all or a portion of the land underlying this property pursuant to a ground lease. (4) The Company is entitled to a preferred return on its investment in this property.

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40 PROPERTY PORTFOLIO CONT. AS OF MARCH 31, 2026 Retail Properties - Stabilized Location Year Built/ Redeveloped Net Rentable SF(1) Leased Occupancy(1) Economic Occupancy(1) ABR(1) ABR per Occupied SF(1) Major Tenant(s) Mid-Atlantic Dimmock Square Colonial Heights, VA 1998 106,166 100.0 % 100.0 % $1,953,189 $18.40 Target (S), Best Buy, Old Navy, Five Below, pOpshelf, Shoe Carnival Harrisonburg Regal Harrisonburg, VA 1999 49,000 100.0 % 100.0 % 753,620 15.38 Regal Cinemas Marketplace at Hilltop(2) Virginia Beach, VA 2001 116,953 97.3 % 94.5 % 2,866,300 25.20 Total Wine, Michaels, Chick-Fil-A, Panera Red Mill Commons Virginia Beach, VA 2005 373,808 97.0 % 95.0 % 7,222,301 19.92 Target (S), Walmart (S), Home Depot (S), T.J. Maxx, Homegoods, Five Below, Michaels, Petco, Dollar Tree, Walgreens Southgate Square Colonial Heights, VA 2016 260,131 84.6 % 84.6 % 3,561,233 16.18 Burlington, PetSmart, Michaels, Staples, 7 Brew Southshore Shops Midlothian, VA 2006 40,307 89.1 % 89.1 % 826,071 22.99 Buffalo Wild Wings Stabilized Retail Total 3,839,615 94.8 % 92.5 % $74,077,130 $20.35 (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 38,879 square feet at these three properties at an ABR of $1.1M, or $28.46 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 does not have 100% ownership of the property. (5) The Company is entitled to a preferred return on its investment in this property. Office Properties- Stabilized Location Year Built / Redeveloped Net Rentable SF(1) Leased Occupancy(1) Economic Occupancy(1) ABR(1) ABR per Occupied SF(1) Major Tenant(s) Town Center of Virginia Beach 249 Central Park Office Virginia Beach, VA 2004 57,295 100.0 % 100.0 % $1,493,213 $26.06 Gather, HDR 4525 Main Street Office Virginia Beach, VA 2014 208,760 96.0 % 96.0 % 5,624,521 28.06 Clark Nexsen, Mythics, Kimley-Horn, City of Virginia Beach 4605 Columbus Office(3) Virginia Beach, VA 2002 19,335 100.0 % 100.0 % 537,706 27.81 AH Realty Trust Armada Hoffler Tower(3) Virginia Beach, VA 2002 298,353 99.3 % 91.0 % 8,998,898 30.38 Troutman Pepper, Williams Mullen, Trader Interactive, Morgan Stanley, KPMG, Hourigan, Old Dominion University, Pender & Coward, Cherry Bekaert, Mass Mutual, Mason & Hanger, Strayer University One Columbus Virginia Beach, VA 1984 129,066 100.0 % 88.9 % 3,624,467 28.08 Atlantic Union Bank, Northwestern Mutual, HBA, Movement Mortgage, Truist Two Columbus Office Virginia Beach, VA 2009 93,585 97.7 % 92.6 % 2,584,176 28.27 VHB, Hazen & Sawyer, Insight Global Harbor Point - Baltimore Waterfront Constellation Office(4) Baltimore, MD 2016 444,600 100.0 % 100.0 % $15,946,114 $35.87 Constellation Energy Group Thames Street Wharf(3) Baltimore, MD 2010 263,426 98.8 % 74.0 % 8,362,133 32.13 Morgan Stanley Wills Wharf(2) Baltimore, MD 2020 326,895 91.5 % 80.8 % 9,441,229 31.58 Franklin Templeton, Morgan Stanley, Transamerica, Stifel, EY, RBC, Bright Horizons, Canopy by Hilton Southeast Sunbelt One City Center Office Durham, NC 2019 128,920 71.0 % 71.0 % 2,871,984 $31.36 Duke University, WeWork Providence Plaza Office Charlotte, NC 2008 53,671 100.0 % 100.0 % 1,688,543 31.46 Choate Construction, Cranfill Sumner The Interlock Office(2) Atlanta, GA 2021 199,170 94.4 % 70.8 % 7,861,380 41.81 Georgia Tech, Pindrop, The Gathering Spot, Stream, Directional Capital, Innovien Solutions, Alloy, The HoneyPot Mid-Atlantic Brooks Crossing Office Newport News, VA 2019 98,061 100.0 % 100.0 % $2,043,004 $20.83 Huntington Ingalls Industries Stabilized Office Total 2,321,137 96.0 % 87.7 % $71,077,368 $31.89 (S) Shadow anchor located adjacent to the property, but is not part of the owned property.

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41 PROPERTY PORTFOLIO CONT. AS OF MARCH 31, 2026 Unstabilized Location Ownership % Year Built / Redeveloped Net Rentable SF (1) Leased Occupancy(1) Economic Occupancy(1) ABR (1) ABR per Occupied SF1) Southeast Sunbelt Southern Post Retail Roswell, GA 100% 2024 42,016 93.3 % 73.6 % $1,565,204 $39.92 Southern Post Office Roswell, GA 100% 2024 96,803 83.9 % 17.4 % 1,978,046 24.35 Unstabilized Total 138,819 86.7 % 39.5 % $3,543,250 $29.42 Equity Method Investments Location Ownership % Year Built/ Redeveloped Net Rentable SF (1) Leased Occupancy(1) Economic Occupancy(1) ABR (1)(2) ABR per Occupied SF(1) Harbor Point - Baltimore Waterfront T. Rowe Price Baltimore, MD 50% 2025 553,000 100.0 % 100.0 % $7,900,064 $14.29 Parcel 3 Retail Baltimore, MD 50% 2025 20,200 0.0 % 0.0 % — — Equity Method Investments Total 573,200 96.5 % 96.5 % $7,900,064 $14.29 (1) See appendix for definitions. (2) Represents the Company's 50% share of ABR. .

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42 $ 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 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Property Net Operating Income $34,725 $38,555 $33,496 $34,535 Property Miscellaneous Expense, Net (250) (269) (87) (124) Non-Recurring Bad Debt Adjustment 549 308 152 140 Non-Recurring Termination and Assignment Fee Adjustment (132) (3,380) (1,862) (142) Amortization of Right-of-Use Assets (395) (395) (395) (396) Accelerated Amortization of Intangible Assets and Liabilities 15 — — — Equity in NOI of Unconsolidated Real Estate Entities(1) 2,366 2,454 2,246 2,479 Development/Redevelopment (1,037) (3,132) (2,668) (475) Discontinued Operations - Construction Gross Profit 88 1,767 2,064 1,384 Discontinued Operations - Multifamily NOI 9,289 9,285 11,458 7,945 Discontinued Operations - Real Estate Financing Interest Income 2,255 3,126 3,773 3,593 Corporate G&A (5,050) (4,341) (4,300) (5,806) Non-Cash Stock Compensation 1,355 944 1,103 1,364 Interest Income 188 671 362 482 Other Income (Expense), Net 8 — — — Total Adjusted EBITDAre $43,974 $45,593 $45,342 $44,979 Total Debt(2) 1,492,742 1,526,584 1,487,257 1,448,237 Cash (41,507) (52,379) (49,824) (54,601) Net Debt $1,451,235 $1,474,205 $1,437,433 $1,393,636 Net Debt/Total Adjusted EBITDAre 8.3x 8.1x 7.9x 7.7x Preferred 171,085 171,085 171,085 171,085 Net Debt + Preferred $1,622,320 $1,645,290 $1,608,518 $1,564,721 Net Debt + Preferred /Total Adjusted EBITDAre 9.2x 9.0x 8.9x 8.7x

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43 Three Months Ended 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Net Income (Loss) Attributable to Common Stockholders and OP Unitholders ($33,291) ($647) ($3,575) $3,907 Excluding: Depreciation and Amortization 24,061 23,191 22,718 21,356 Loss on Real Estate Dispositions 141 — 141 — Gain on Consolidation of Real Estate Entities — 269 — (6,915) Impairment of Real Estate Assets 29,229 23 350 — Income Tax (Benefit) Provision 363 (297) 192 (567) Interest Expense 21,226 23,211 22,718 21,271 Interest Expense, Depreciation, & Amortization of Unconsolidated Real Estate Entities 2,123 2,397 2,208 2,801 EBITDAre $43,852 $48,147 $44,612 $41,853 Change in Fair Value of Derivatives and Other (1,788) (256) 1,216 (648) Preferred Dividends 2,887 2,887 2,887 2,887 Loss on Extinguishment of Debt — — 69 — Non-Recurring Bad Debt Adjustment 549 308 152 140 Non-Recurring Termination and Assignment Fee Adjustment (132) (3,380) (1,862) (142) Accelerated Amortization of Intangible Assets and Liabilities 15 — 15 — Acquisition, Development, & Other Pursuit Costs — 167 10 286 Unrealized Credit Loss (Release) Provision (1,749) (124) (126) (209) Investment Entities 22 32 (51) (77) Non-Cash Stock Compensation 1,355 944 1,103 1,364 Development/Redevelopment (1,037) (3,132) (2,668) (475) Total Adjusted EBITDAre $43,974 $45,593 $45,342 $44,979 RECONCILIATION OF NET INCOME TO TOTAL ADJUSTED EBITDAre $ IN THOUSANDS

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44 $ 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 $837 $— $1,621 $303 $500 $— $3,260 Office 314 — 1,022 5 839 — 2,181 Multifamily 18 — — 4 628 171 821 Total Portfolio $1,169 $— $2,643 $312 $1,967 $171 $6,262 Property-Related Capital Expenditures $312 $1,967 $171 $2,450 Three Months Ended March 31, 2026(1)

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