# EDGAR Filing Document

**Accession Number:** 0001569187
**File Stem:** 0001569187-26-000008
**Filing Date:** 2026-2
**Character Count:** 129321
**Document Hash:** e6879012b3bd2b6f7c184d00c8c8b718
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001569187-26-000008.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001569187-26-000008

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 71

**CONFORMED PERIOD OF REPORT**: 20260217

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35908
- **FILM NUMBER:** 26635890

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

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

?xml version='1.0' encoding='ASCII'? ahh-20260217

**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): February 17, 2026

**ARMADA HOFFLER PROPERTIES, INC.** 

(Exact name of registrant as specified in its charter)

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

---

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

---

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

**Not Applicable**

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

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

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

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

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

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

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

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

---

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

Emerging growth company ☐

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

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

On February 17, 2026, Armada Hoffler Properties, Inc. (the "Company") issued a press release announcing its financial position as of December 31, 2025, results of operations for the three months ended December 31, 2025, and other related information. Also on February 17, 2026, the Company made available on its website at www.ArmadaHoffler.com certain supplemental information concerning the Company's financial results and operations for the three months ended December 31, 2025. Copies of such press release and supplemental information are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

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

**Item 7.01. Regulation FD Disclosure.**

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

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

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 99.1 | <u>[Press Release, dated February 16, 2026, issued by Armada Hoffler Properties, Inc., providing its financial position as of December 31, 2025 and results of operations for the three months ended December 31, 2025.](ahh2025q4ex991earningsrele.htm)</u> |
| 99.2 | <u>[Armada Hoffler Properties, Inc. Fourth Quarter 2025 Supplemental Information](q42025supplemental.htm)</u>. |
| 99.3 | <u>[Armada Hoffler Properties, Inc. 202](a2026guidancedeck.htm)[6](a2026guidancedeck.htm)[Guidance Presentation](a2026guidancedeck.htm)</u> |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |

---

------

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| | **ARMADA HOFFLER PROPERTIES, INC.** | **ARMADA HOFFLER PROPERTIES, INC.** |
| Date: February 17, 2026 | By: | /s/ Matthew T. Barnes-Smith |
|  |  | Matthew T. Barnes-Smith |
|  |  | Chief Financial Officer, Treasurer and Corporate Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

---

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

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**ARMADA HOFFLER REPORTS FOURTH QUARTER 2025 RESULTS**

**GAAP Net Loss of $0.01 Per Diluted Share for the Fourth Quarter**

**and $0.08 per Diluted Share for the Full Year**

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

**and $1.08 per Diluted Share for the Full Year**

**Office Same Store NOI Growth of 10.4% (GAAP)**

**Positive Office Renewal Spreads of 9.1% (GAAP) and 2.5% (Cash)**

**Positive Retail Renewal Spreads of 15.3% (GAAP) and 10.1% (Cash)**

VIRGINIA BEACH, VA, February 17, 2026 – Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended December 31, 2025 and provided an update on current events and earnings guidance.

**Fourth Quarter and Recent Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss attributable to common stockholders and OP Unitholders of $1.0 million, or $0.01 per diluted share, compared to net income attributable to common stockholders and OP Unitholders of $26.1 million, or $0.26 per diluted share, for the three months ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Funds from operations attributable to common stockholders and OP Unitholders ("FFO") of $23.1 million, or $0.23 per diluted share, compared to $29.7 million, or $0.29 per diluted share, for the three months ended December 31, 2024. See "Non-GAAP Financial Measures."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Normalized funds from operations attributable to common stockholders and OP Unitholders ("Normalized FFO") of $29.5 million, or $0.29 per diluted share, compared to $27.8 million, or $0.27 per diluted share, for the three months ended December 31, 2024. See "Non-GAAP Financial Measures."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of December 31, 2025, weighted average stabilized portfolio occupancy was 95.3%. Retail occupancy was 94.9%, office occupancy was 96.4%, and multifamily occupancy was 94.6%.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** Retail 15.3% (GAAP) and 10.1% (Cash)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Office 9.1% (GAAP) and 2.5% (Cash)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the fourth quarter of 2025, two new retail leases at Columbus Village II in Town Center of Virginia Beach opened for business - Trader Joes with a 14,000-square-foot lease and Golf Galaxy with a 19,000-square-foot lease. As of December 31, 2025, Columbus Village II is at 95.3% occupancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same Store Net Operating Income ("NOI") increased 6.3% on a GAAP basis compared to the quarter ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the fourth quarter of 2025, unrealized losses on non-designated interest rate derivatives that negatively affected FFO were $4.9 million. As of December 31, 2025, the value of the Company's entire interest rate derivative portfolio, net of unrealized losses, was $7.9 million. These losses are excluded from Normalized FFO.

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 10, 2025, the Company acquired Solis Gainesville II. The consideration for such acquisition included the repayment of the Company's outstanding $26.9 million preferred equity investment in the project.

**Financial Results**

Net loss attributable to common stockholders and OP Unit holders for the fourth quarter was $1.0 million compared to net income attributable to common stockholders and OP Unit holders of $26.1 million for the fourth quarter of 2024. The period-over-period change was primarily driven by gains on the dispositions of Nexton Square and Market at Mill Creek in the fourth quarter of 2024.

FFO attributable to common stockholders and OP Unit holders for the fourth quarter of 2025 was $23.1 million compared to $29.7 million for the fourth quarter of 2024. The period-over-period decrease in FFO was primarily due to a decrease in the unrealized gains of derivatives and an increase in portfolio NOI, partially offset by an increase in interest expense due to less capitalized interest in 2025 due to properties coming out of development. Normalized FFO attributable to common stockholders and OP Unit holders for the fourth quarter increased to $29.5 million compared to $27.8 million for the fourth quarter of 2024. The year-over-year increase in Normalized FFO was primarily due to an increase in portfolio NOI, partially offset by an increase in interest expense due to less capitalized interest in 2025 due to properties coming out of development.

Net loss attributable to common stockholders and OP Unit holders for the full year was $7.9 million compared to net income of $30.9 million for the year ended December 31, 2024. FFO attributable to common stockholders and OP Unit holders for the full year decreased to $79.4 million compared to $99.8 million for the year ended December 31, 2024. Normalized FFO attributable to common stockholders and OP Unit holders for the full year decreased to $110.1 million compared to $118.9 million for the year ended December 31, 2024. The year-over-year changes were positively impacted by higher property NOI and positive releasing spreads, lower capitalized interest due to properties coming out of development, and the impairment of development costs related to undeveloped land under predevelopment in 2024. The year-over-year changes were negatively impacted by lower interest income due to decreased rates on real estate financing investments, the gains on the dispositions of Nexton Square and Market at Mill Creek in 2024, and a decrease in fair value of undesignated derivatives in the current year.

**Operating Performance**

At the end of the fourth quarter, the Company's retail, office, and multifamily stabilized operating property portfolios were 94.9%, 96.4%, and 94.6% occupied, respectively.

Interest income from real estate financing investments was $3.6 million for the three months ended December 31, 2025.

**Balance Sheet and Financing Activity**

As of December 31, 2025, the Company had $1.5 billion of total debt outstanding, including $241.0 million outstanding under its revolving credit facility. Total debt outstanding excludes GAAP adjustments and deferred financing costs. As of December 31, 2025, the Company's debt was 96% fixed or economically hedged after considering interest rate swaps.

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**Supplemental Financial Information**

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

**Webcast and Conference Call**

The Company will host a webcast and conference call on Tuesday, February 17, 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, ArmadaHoffler.com. To participate in the call, please dial (+1) 800 549 8228 (toll-free dial-in number) or (+1) 646 564 2877 (toll dial-in number). The conference ID is 89782. A telephonic replay will be available shortly after the conclusion of the call through Thursday, March, 19, 2026. This replay may be accessed by dialing (+1) 888 660 6264 (toll-free dial-in number) or (+1) 646 517 3975 (toll dial-in number) and providing passcode 89782 #.

**About Armada Hoffler Properties, Inc.**

Armada Hoffler (NYSE: AHH) is a vertically integrated, self-managed real estate investment trust with over four decades of experience 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, Armada Hoffler has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information visit ArmadaHoffler.com.

**Forward-Looking Statements**

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

**Non-GAAP Financial Measures**

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

FFO is a supplemental non-GAAP financial measure. The Company uses FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the Company's operational performance. Specifically, in excluding real estate related

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depreciation and amortization and gains and losses from property dispositions, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared period-over-period, captures trends in occupancy rates, rental rates, and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the Company's operating performance with that of other REITs.

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

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

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

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

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ARMADA HOFFLER PROPERTIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

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| | | |
|:---|:---|:---|
| | **December 31,<br>2025** | **December 31,<br>2024** |
| | **(UNAUDITED)** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>ASSETS</u>** | | |
| &nbsp;&nbsp;&nbsp;Real estate investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income producing property | $2524525 | $2171970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for development | 5683 | 5683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction in progress | 17053 | 17515 |
|  | 2547261 | 2195168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (521189) | (450419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net real estate investments | 2026072 | 1744749 |
| &nbsp;&nbsp;&nbsp;Assets held for sale, net | 34760 | 134370 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 49158 | 32000 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 3229 | 1581 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 66176 | 52843 |
| &nbsp;&nbsp;&nbsp;Notes receivable, net | 128674 | 132565 |
| &nbsp;&nbsp;&nbsp;Equity method investments | 47926 | 158151 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 22610 | 22841 |
| &nbsp;&nbsp;&nbsp;Finance lease right-of-use assets | 87473 | 88986 |
| &nbsp;&nbsp;&nbsp;Acquired lease intangible assets | 77606 | 89739 |
| &nbsp;&nbsp;&nbsp;Other assets | 52517 | 55038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $2596201 | $2512863 |
| &nbsp;&nbsp;&nbsp;**<u>LIABILITIES AND EQUITY</u>** |  |  |
| &nbsp;&nbsp;&nbsp;Indebtedness, net | $1526158 | $1295559 |
| &nbsp;&nbsp;&nbsp;Liabilities of discontinued operations held for sale, net  | $30599 | $114124 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 40182 | 35083 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 31198 | 31365 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities | 93477 | 92646 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 45704 | 54418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 1767318 | 1623195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity** | 828883 | 889668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Equity** | $2596201 | $2512863 |

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ARMADA HOFFLER PROPERTIES, INC.

CONDENSED CONSOLIDATED INCOME STATEMENTS

(in thousands, except per share amounts)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| &nbsp;&nbsp;&nbsp;**Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental revenues | $71952 | $62953 | $269624 | $256697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 3650 | 4390 | 15577 | 17371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 75602 | 67343 | 285201 | 274068 |
| &nbsp;&nbsp;&nbsp;**Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental expenses | 17700 | 16066 | 66925 | 62410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes | 6425 | 5313 | 25100 | 23308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 23554 | 25226 | 91522 | 90829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 4453 | 4441 | 20341 | 19287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition, development, and other pursuit costs | 9 |  | 93 | 5530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment charges | 23 |  | 373 | 1494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 52164 | 51046 | 204354 | 202858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on real estate dispositions, net |  | 21305 |  | 21305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | 23438 | 37602 | 80847 | 92515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (23211) | (18376) | (85309) | (78965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in income (loss) of unconsolidated real estate entities | 57 | 245 | (2140) | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Loss) gain on consolidation of real estate entities | (269) |  | 6646 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  | (134) | (69) | (247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivatives and other | 256 | 7273 | (1522) | 14251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized credit loss release (provision) | 124 | (103) | 437 | (156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (expense) income, net | (13) | (45) | (57) | 209 |
| &nbsp;&nbsp;&nbsp;Income (loss) before taxes from continuing operations | 382 | 26462 | (1167) | 27852 |
| &nbsp;&nbsp;&nbsp;Income tax benefit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Income (loss) from continuing operations** | 382 | 26462 | (1167) | 27852 |
| &nbsp;&nbsp;&nbsp;**Discontinued operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Income from discontinued operations | 1580 | 2080 | 4580 | 14028 |
| &nbsp;&nbsp;&nbsp;Income tax benefit from discontinued operations |  | 494 | 185 | 614 |
| &nbsp;&nbsp;&nbsp;Income from discontinued operations, net of taxes | 1580 | 2574 | 4765 | 14642 |
| &nbsp;&nbsp;&nbsp;Net income  | 1962 | 29036 | 3598 | 42494 |
| &nbsp;&nbsp;&nbsp;Net (income) loss attributable to noncontrolling interests in investment entities | (32) | (9) | 99 | (43) |
| &nbsp;&nbsp;&nbsp;Preferred stock dividends | (2887) | (2887) | (11548) | (11548) |
| Net (loss) income attributable to common stockholders and OP Unitholders | $(957) | $26140 | $(7851) | $30903 |

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ARMADA HOFFLER PROPERTIES, INC.

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

(in thousands, except per share amounts)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>December 31,** | **Three Months Ended <br>December 31,** | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **Net (loss) income attributable to common stockholders and OP Unitholders** | $(957) | $26140 | $(7851) | $30903 |
| Depreciation and amortization, net<sup>(1)</sup> | 23767 | 24899 | 93541 | 88754 |
| Loss (gain) on consolidation of real estate entities | 269 |  | (6646) |  |
| Gain on operating real estate dispositions, net <sup>(2)</sup> |  | (21305) |  | (21305) |
| Impairment of real estate assets | 23 |  | 373 | 1494 |
| **FFO attributable to common stockholders and OP Unitholders** | $23102 | $29734 | $79417 | $99846 |
| Acquisition, development, and other pursuit costs | 167 | 1 | 517 | 5531 |
| Accelerated amortization of intangible assets and liabilities |  |  | (169) | (5) |
| Loss on extinguishment of debt |  | 134 | 69 | 247 |
| Unrealized credit loss (release) provision | (124) | 103 | (437) | 156 |
| Amortization of right-of-use assets - finance leases | 395 | 394 | 1580 | 1578 |
| Decrease (increase) in fair value of derivatives not designated as cash flow hedges | 4929 | (2497) | 22496 | 9612 |
| Stock compensation normalization | 523 |  | 3299 |  |
| Amortization of interest rate derivatives on designated cash flow hedges | 381 | (32) | 1530 | 422 |
| Severance related costs | 117 |  | 1801 | 1506 |
| **Normalized FFO available to common stockholders and OP Unitholders** | $29490 | $27837 | $110103 | $118893 |
| **Net (loss) income attributable to common stockholders and OP Unitholders per diluted share and unit** | $(0.01) | $0.26 | $(0.08) | $0.33 |
| **FFO attributable to common stockholders and OP Unitholders per diluted share and unit** | $0.23 | $0.29 | $0.78 | $1.08 |
| **Normalized FFO attributable to common stockholders and OP Unitholders per diluted share and unit** | $0.29 | $0.27 | $1.08 | $1.29 |
| Weighted-average common shares and units - diluted | 102116 | 101361 | 101920 | 92326 |

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________________________________________

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| |
|:---|
| (1) The adjustment for depreciation and amortization excludes amortization of above and below-market ground lease assets. The adjustment for depreciation and amortization for the three and twelve months ended December 31, 2025 excludes $0.3 million and $1.0 million, respectively, of depreciation attributable to our partners. The adjustment for depreciation and amortization for the three and twelve months ended December 31, 2024 excludes $0.2 million and $0.9 million, respectively, of depreciation attributable to our partners. |
| (2) Accounts for the double-issuance of stock compensation due to a modification in the structure of executive compensation grants, removing the impact of grants in the current year that are related to the prior year's performance. New grants are now issued in the year in which performance relates. Adjustment also removes impact of a one-time acceleration of 100% of stock compensation awarded to our former Chief Executive Officer in relation to prior year performance and the special award granted in June 2025. This adjustment accounts for the duplicate expense, but does not adjust for the double issuance of shares. This adjustment also specifically excludes the impact of the special awards granted in June 2025 to a select group of employees, including our executive officers. |

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ARMADA HOFFLER PROPERTIES, INC.

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

(in thousands) (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>December 31,** | **Three Months Ended <br>December 31,** | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| <u>Retail Same Store</u> <sup>(1)</sup> |  |  |  |  |
| Same Store NOI, Cash Basis | $16902 | $16343 | $66460 | $66919 |
| &nbsp;&nbsp;GAAP Adjustments <sup>(2)</sup> | (1455) | (1034) | (5313) | (4065) |
| Same Store NOI | 18357 | 17377 | 71773 | 70984 |
| &nbsp;&nbsp;Non-Same Store NOI <sup>(3)</sup> | 370 | 1910 | 2002 | 5313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment NOI | 18727 | 19287 | 73775 | 76297 |
| <u>Office Same Store</u> <sup>(4)</sup> |  |  |  |  |
| Same Store NOI, Cash Basis | 13666 | 11713 | 53607 | 50132 |
| &nbsp;&nbsp;GAAP Adjustments <sup>(2)</sup> | (1672) | (2183) | (8000) | (7812) |
| Same Store NOI | 15338 | 13896 | 61607 | 57944 |
| &nbsp;&nbsp;Non-Same Store NOI <sup>(3)</sup> | 3632 | (696) | 4942 | 3748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment NOI | 18970 | 13200 | 66549 | 61692 |
| <u>Multifamily Same Store</u> <sup>(5)</sup> |  |  |  |  |
| Same Store NOI, Cash Basis | 7835 | 7804 | 30774 | 30787 |
| &nbsp;&nbsp;GAAP Adjustments <sup>(2)</sup> | (231) | (209) | (877) | (834) |
| Same Store NOI | 8066 | 8013 | 31651 | 31621 |
| &nbsp;&nbsp;Non-Same Store NOI <sup>(3)</sup> | 2064 | 1074 | 5624 | 2621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment NOI | 10130 | 9087 | 37275 | 34242 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Property NOI** | 47827 | 41574 | 177599 | 172231 |
| Real estate financing gross profit | 1361 | 2274 | 6829 | 9489 |
| Interest income <sup>(6)</sup> | 79 | 351 | 746 | 1294 |
| Depreciation and amortization | (23554) | (25226) | (91522) | (90829) |
| General and administrative expenses | (4453) | (4441) | (20341) | (19287) |
| Acquisition, development, and other pursuit costs | (9) |  | (93) | (5530) |
| Impairment charges | (23) |  | (373) | (1494) |
| Gain on real estate dispositions, net |  | 21305 |  | 21305 |
| Interest expense <sup>(7)</sup> | (21001) | (16611) | (77307) | (72377) |
| Equity in Income (Loss) of Unconsolidated Real Estate Entities | 57 | 245 | (2140) | 245 |
| (Loss) gain on consolidation of real estate entities | (269) |  | 6646 |  |
| Loss on extinguishment of debt |  | (134) | (69) | (247) |
| Change in fair value of derivatives and other | 256 | 7273 | (1522) | 14251 |
| Unrealized credit loss release (provision) | 124 | (103) | 437 | (156) |
| Other (expense) income, net | (13) | (45) | (57) | 209 |
| Income (loss) from continuing operations | 382 | 26462 | (1167) | 27852 |
| Discontinued operations |  |  |  |  |
| Income from discontinued operations | 1580 | 2080 | 4580 | 14028 |
| Income tax benefit from discontinued operations |  | 494 | 185 | 614 |
| Income from discontinued operations, net of taxes | 1580 | 2574 | 4765 | 14642 |
| Net income  | 1962 | 29036 | 3598 | 42494 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Net (income) loss attributable to noncontrolling interests in investment entities | (32) | (9) | 99 | (43) |
| Preferred stock dividends | (2887) | (2887) | (11548) | (11548) |
| **Net (loss) income attributable to common stockholders and OP Unitholders** | $(957) | $26140 | $(7851) | $30903 |

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________________________________________

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| |
|:---|
| (1) Retail same-store portfolio for the three months and year ended December 31, 2025 and 2024 excludes Southern Post Retail, Allied \| Harbor Point Retail, and Columbus Village II due to redevelopment, as well as Market at Mill Creek and Nexton Square which were sold in December 2024. |
| (2) GAAP Adjustments include adjustments for the net effects of straight-line rental revenues, the amortization of lease incentives and above/below market rents, the net effects of straight-line rental expenses, and ground rent expenses for finance leases. |
| (3) Includes expenses associated with the Company's in-house asset management division. |
| (4) Office same-store portfolio for the three months and year ended December 31, 2025 and 2024 excludes Southern Post Office and Allied \| Harbor Point Office Garage. |
| (5) Multifamily same-store portfolio for the three months and year ended December 31, 2025 and 2024 excludes Chandler Residences, The Allied \| Harbor Point, and Greenside Apartments. |
| (6) Excludes real estate financing segment interest income. |
| (7) Excludes real estate financing segment interest expense. |

---

**Contact:**

Chelsea Forrest

Armada Hoffler

Vice President of Corporate Communications and Investor Relations

Email: CForrest@ArmadaHoffler.com

Phone: (757) 612-4248

## Exhibit 99.2

![](q42025supplemental001.jpg)

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![](q42025supplemental002.jpg)

2 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 Armada Hoffler (NYSE: AHH) 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, Armada Hoffler has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information, visit ArmadaHoffler.com. CORPORATE PROFILE CREDIT RATING Rating: BBB Agency: Morningstar DBRS Stifel Simon Yarmak (443) 224-1345 yarmaks@stifel.com

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![](q42025supplemental003.jpg)

3 HIGHLIGHTS $0.78 Full Year FFO Per Diluted Share $1.08 Full Year Normalized FFO Per Diluted Share 95.3% Wtd. Avg. Stabilized Portfolio Occupancy as of December 31, 2025 59% ABR in Mixed-Use Communities 859K Square Feet of New and Renewed Commercial Space for the Full Year of 2025 14.0% Fourth Quarter Commercial New and Renewed Lease Spread Increase, GAAP 7.7% Commercial Same Store NOI, GAAP Increase 4Q2025 vs 4Q2024 8.9% Commercial Same Store NOI, Cash Increase 4Q2025 vs 4Q2024 8.3% Fourth Quarter Commercial New and Renewed Lease Spread Increase, Cash

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![](q42025supplemental004.jpg)

4(1) See appendix for definitions. (2) Excludes GAAP adjustments. (3) Total occupancy weighted by annualized rent. (4) Excludes Greenside Apartments for the quarters 12/31/2025 and 9/30/2025 due to the impact of one-time significant disruptive events. SUMMARY INFORMATION $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) OPERATIONAL METRICS 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Net (Loss) Income per Diluted Share Attributable to Common Stockholders and OP ($957) ($3,575) $3,907 ($7,227) Net (Loss) Income per Diluted Share Attributable to Common Stockholders and OP ($0.01) ($0.04) $0.04 ($0.07) Normalized FFO Attributable to Common Stockholders and OP Unitholders 29,490 29,614 25,390 25,608 Normalized FFO per Diluted Share Attributable to Common Stockholders and OP Unitholders $0.29 $0.29 $0.25 $0.25 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.5x 5.5x 5.2x 5.4x Fixed Charge Coverage Ratio(1) 2.2x 2.2x 2.2x 2.5x CAPITALIZATION Common Shares Outstanding 80,176 80,155 80,160 80,156 Operating Partnership Units Outstanding 23,521 23,521 23,507 21,942 Common Shares and Operating Partnership Units Outstanding 103,697 103,676 103,667 102,098 Market Price per Common Share as of Last Trading Day of Quarter $6.62 $7.01 $6.87 $7.51 Common Equity Capitalization 686,474 726,769 712,192 766,756 Preferred Equity Capitalization 171,085 171,085 171,085 171,085 Total Equity Capitalization 857,559 880,229 883,277 937,841 Total Debt(2) 1,526,584 1,487,257 1,448,237 1,321,436 Total Capitalization $2,384,143 $2,367,486 $2,331,514 $2,259,277 STABILIZED PORTFOLIO OCCUPANCY(1) Retail 94.9 % 96.0 % 94.2 % 94.5 % Office 96.4 % 96.5 % 96.3 % 97.5 % Multifamily 94.6 % 94.2 % 94.0 % 95.0 % Weighted Average(3) 95.3 % 95.7 % 94.9 % 95.7 % STABILIZED PORTFOLIO Commercial Retail Portfolio Net Operating Income $18,099 $18,194 $17,912 $17,583 Number of Properties 46 46 46 46 Net Rentable Square Feet 3,823k 3,823k 3,823k 3,823k Office Portfolio Net Operating Income $18,044 $16,137 $14,947 $14,886 Number of Properties 14 14 14 14 Net Rentable Square Feet 2,337k 2,337k 2,337k 2,338k Multifamily Multifamily Portfolio(4) Net Operating Income $8,563 $7,955 $9,145 $8,523 Number of Properties 11 11 12 11 Units 2,406 2,406 2,631 2,492

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![](q42025supplemental005.jpg)

5 Three Months Ended Year Ended 12/31/2025 12/31/2024 12/31/2025 12/31/2024 (Unaudited) (Unaudited) Revenues Rental revenues $71,952 $62,953 $269,624 $256,697 Interest income 3,650 4,390 15,577 17,371 Total revenues 75,602 67,343 285,201 274,068 Expenses Rental expenses 17,700 16,066 66,925 62,410 Real estate taxes 6,425 5,313 25,100 23,308 Depreciation and amortization 23,554 25,226 91,522 90,829 General and administrative expenses 4,453 4,441 20,341 19,287 Acquisition, development, and other pursuit costs 9 — 93 5,530 Impairment charges 23 — 373 1,494 Total expenses 52,164 51,046 204,354 202,858 Gain on real estate dispositions, net — 21,305 — 21,305 Operating income 23,438 37,602 80,847 92,515 Interest expense (23,211) (18,376) (85,309) (78,965) Equity in income (loss) of unconsolidated real estate entities 57 245 (2,140) 245 (Loss) gain on consolidation of real estate entities (269) — 6,646 — Loss on extinguishment of debt — (134) (69) (247) Change in fair value of derivatives and other 256 7,273 (1,522) 14,251 Unrealized credit loss release (provision) 124 (103) 437 (156) Other (expense) income, net (13) (45) (57) 209 Income (loss) from continuing operations $382 $26,462 ($1,167) $27,852 Discontinued operations Income from discontinued operations 1,580 2,080 4,580 14,028 Income tax benefit from discontinued operations — 494 185 614 Income from discontinued operations, net of taxes 1,580 2,574 4,765 14,642 Net income 1,962 29,036 3,598 42,494 Net loss (income) attributable to noncontrolling interests: (32) (9) 99 (43) Preferred stock dividends (2,887) (2,887) (11,548) (11,548) Net (Loss) Income Attributable to AHH and OP Unitholders ($957) $26,140 ($7,851) $30,903 Net (Loss) Income per Diluted Share and Unit Attributable to AHH and OP Unitholders ($0.01) $0.26 ($0.08) $0.33 Weighted Average Shares & OP Units - Diluted(1) 102,100 101,361 101,904 92,326 SUMMARY INCOME STATEMENT $ IN THOUSANDS, EXCEPT PER SHARE (1) Represents the weighted average number of common shares and OP Units outstanding during the respective periods presented excluding potentially dilutive impact of Preferred Stock.

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![](q42025supplemental006.jpg)

6 SUMMARY BALANCE SHEET $ IN THOUSANDS As Of 12/31/2025 12/31/2024 (Unaudited) Assets Real estate investments: Income producing property $2,524,525 $2,171,970 Held for development 5,683 5,683 Construction in progress 17,053 17,515 Accumulated depreciation (521,189) (450,419) Net real estate investments 2,026,072 1,744,749 Assets held for sale, net 34,760 134,370 Cash and cash equivalents 49,158 32,000 Restricted cash 3,229 1,581 Accounts receivable, net 66,176 52,843 Notes receivable, net 128,674 132,565 Equity method investments 47,926 158,151 Operating lease right-of-use assets 22,610 22,841 Finance lease right-of-use assets 87,473 88,986 Acquired lease intangible assets 77,606 89,739 Other assets 52,517 55,038 Total Assets $2,596,201 $2,512,863 Liabilities and Equity Indebtedness, net $1,526,158 $1,295,559 Liabilities of discontinued operations held for sale, net 30,599 114,124 Accounts payable and accrued liabilities 40,182 35,083 Operating lease liabilities 31,198 31,365 Finance lease liabilities 93,477 92,646 Other liabilities 45,704 54,418 Total Liabilities 1,767,318 1,623,195 Total Equity 828,883 889,668 Total Liabilities and Equity $2,596,201 $2,512,863

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![](q42025supplemental007.jpg)

7 FFO, NORMALIZED FFO, & AFFO(1) $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) Year Ended (Unaudited) 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2025 12/31/2024 Funds From Operations Net (Loss) Income Attributable to AHH and OP Unitholders ($957) ($3,575) $3,907 ($7,227) ($7,851) $30,903 Net (Loss) Income per Diluted Share ($0.01) ($0.04) $0.04 ($0.07) ($0.08) $0.33 Depreciation and Amortization(2) 23,767 23,395 21,979 24,400 93,541 88,754 Net Gain (Loss) on Consolidation of Real Estate Entities 269 — (6,915) — (6,646) — Gain on Dispositions of Operating Real Estate(3) — — — — — (21,305) Impairment of Real Estate Assets 23 350 — — 373 1,494 (4) FFO $23,102 $20,170 $18,971 $17,173 $79,417 $99,846 FFO per Diluted Share $0.23 $0.20 $0.19 $0.17 $0.78 $1.08 Normalized FFO Acquisition, Development, and Other Pursuit Costs 167 10 286 54 517 5,531 (4) Loss on Extinguishment of Debt — 69 — — 69 247 Non-Cash GAAP Adjustments 271 269 186 248 974 1,729 Severance-Related Costs 117 91 1,580 13 1,801 1,506 Decrease in Fair Value of Derivatives 4,929 8,095 3,845 5,627 22,496 9,612 Stock Compensation Normalization 523 527 139 2,110 3,299 — Amortization of Interest Rate Derivatives on Designated Cash Flow Hedges 381 383 383 383 1,530 422 Normalized FFO $29,490 $29,614 $25,390 $25,608 $110,103 $118,893 Normalized FFO per Diluted Share $0.29 $0.29 $0.25 $0.25 $1.08 $1.29 Adjusted FFO Non-Cash Stock Compensation 855 804 1,225 1,354 4,238 4,887 Tenant Improvements, Leasing Commissions, Lease Incentives(5) (3,702) (4,420) (2,486) (2,458) (13,067) (14,783) Property-Related Capital Expenditures(5) (7,181) (4,715) (3,398) (3,048) (18,342) (17,100) Non-Cash Interest Expense(6) 2,377 1,899 2,187 2,058 8,521 7,692 Cash Ground Rent Payment - Finance Lease (1,005) (972) (995) (998) (3,970) (3,932) GAAP Adjustments (3,078) (3,135) (3,514) (2,163) (11,890) (9,383) AFFO $17,756 $19,075 $18,409 $20,353 $75,593 $86,274 AFFO per Diluted Share $0.17 $0.19 $0.18 $0.20 $0.74 $0.93 Non-Cash Notes Receivable Interest Income (3,571) (3,851) (3,477) (3,932) (14,831) (16,843) AFFO less Non-Cash Notes Receivable Interest Income $14,185 $15,224 $14,932 $16,421 $60,762 $69,431 AFFO less Non-Cash Notes Receivable Interest Income per Diluted Share $0.14 $0.15 $0.15 $0.16 $0.60 $0.75 Weighted Average Common Shares Outstanding 80,153 80,155 80,154 79,992 80,114 70,662 Weighted Average Operating Partnership Units Outstanding 21,947 21,938 22,132 21,578 21,790 21,664 Total Weighted Average Common Shares and OP Units Outstanding(7)(8) 102,100 102,093 102,286 101,570 101,904 92,326 (1) See definitions in appendix. (2) Adjusted for the depreciation and amortization attributable to noncontrolling interests in consolidated investments and depreciation and amortization attributable to unconsolidated investments. (3) Excludes gain/loss attributable to noncontrolling interests in consolidated investments and the disposition of non-operating parcels. (4) Due to the write off of development costs related to an undeveloped land parcel in predevelopment. (5) Excludes development, redevelopment, and first-generation space. (6) Includes non-cash interest expense relating to indebtedness and interest expense on finance leases. (7) Represents the weighted average number of common shares and OP Units outstanding during the respective periods presented excluding any potentially dilutive impact of Preferred Stock. (8) Excludes unvested performance-based LTIP Units that are not considered participating securities.

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![](q42025supplemental008.jpg)

8 NET ASSET VALUE COMPONENT DATA (1) Excludes expenses associated with the Company's in-house asset management division of $1 million for the 3 months ended 12/31/2025. (2) Includes leases for spaces occupied by the Company, which are eliminated for GAAP purposes. (3) Representative of costs incurred to date. (4) Includes quantifiable undeveloped land opportunities. (5) Excludes all portfolio related assets and liabilities. (6) Includes cash of $1.8 million from discontinued operations. (7) Excludes GAAP adjustments. $ AND SHARES/UNITS IN THOUSANDS Stabilized Portfolio NOI (Cash) Three Months Ended 12/31/2025 Retail Office(2) Multifamily Total Stabilized Portfolio Portfolio NOI(1) $17,640 $17,716 $10,156 $45,512 Equity Method Investment NOI (19) 2,237 236 2,454 Non-Stabilized Properties NOI (627) (926) (1,567) (3,120) Signed Leases Not Yet Occupied or in Free Rent Period 664 1,159 — 1,823 Stabilized Portfolio NOI $17,658 $20,186 $8,825 $46,669 Intra-Quarter Transactions Net Acquisitions — — 542 542 Annualized $70,632 $80,744 $37,468 $188,844 Non-Stabilized Portfolio(3) As of 12/31/2025 Projects Under Redevelopment or Impacted by Significant Disruptive Events $90,396 Properties in Lease Up 308,892 Development Opportunities(4) 1,800 Total Non-Stabilized Portfolio $401,088 Net Assets of Discontinued Operations As of 12/31/2025 Assets held for sale, net $29,960 Liabilities of discontinued operations held for sale, net (30,599) ($639) Non-Property Assets(5) As of 12/31/2025 Corporate Real Estate Financing Total Cash and Restricted Cash(6) $25,904 $— $25,904 Accounts Receivable, Net 5,416 — 5,416 Real Estate Financing Investments — 130,588 130,588 Other Assets / Costs in Excess of Earnings 13,283 — 13,283 Total Non-Property Assets $44,603 $130,588 $175,191 Liabilities(5) As of 12/31/2025 Corporate and Property Real Estate Financing Total Mortgages and Notes Payable(7) $1,433,507 $93,077 $1,526,584 Accounts Payable and Accrued Liabilities 40,059 — 40,059 Other Liabilities(6) 45,704 — 45,704 Total Liabilities $1,519,270 $93,077 $1,612,347 Preferred Equity Liquidation Value Series A Cumulative Redeemable Perpetual Preferred Stock $171,085 Common Equity As of 12/31/2025 Total Common Shares Outstanding 80,176 Total OP Units Outstanding 23,521 Total Common Shares & OP Units Outstanding 103,697

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9 CREDIT PROFILE $ IN THOUSANDS Net Debt to Adjusted EBITDAre 5.4x 5.5x 6.2x 6.5x 6.6x 6.4x 5.9x 5.8x 5.4x 5.2x 5.5x 5.5x 6.6x 7.1x 7.1x 7.5x 7.4x 7.5x 7.2x 7.2x 7.1x 7.7x 7.9x 8.1x Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre Net Debt / Total Adjusted EBITDAre Q1 2 023 Q2 2023 Q3 2023 Q4 2023 Q1 2 024 Q2 2024 Q3 2024 Q4 2024 Q1 2 025 Q2 2025 Q3 2025 Q4 2025 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x Total Debt Secured Debt Unsecured Debt % Fixed/Hedged Q1 2 02 3 Q2 2 02 3 Q3 2 02 3 Q4 2 02 3 Q1 2 02 4 Q2 2 02 4 Q3 2 02 4 Q4 2 02 4 Q1 2 02 5 Q2 2 02 5 Q3 2 02 5 Q4 2 02 5 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 —% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% AFFO Payout Ratio Total Dividend AFFO AFFO Payout Ratio AFFO less Non-Cash Notes Receivable Interest Income Payout Ratio Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 0 5,000 10,000 15,000 20,000 25,000 —% 50% 100% 150% Weighted Average Years to Maturity - Debt 4.4 4.6 4.2 3.9 3.7 3.6 3.5 3.3 3.3 3.0 2.8 2.5 Weighted Average Years to Maturity Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 0 1 2 3 4 5 6

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10 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 12/31/2025 Stabilized Portfolio Adjusted EBITDAre $43,301 Stabilized Portfolio Debt $951,595 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.5 x Total Adjusted EBITDAre $45,592 Net Debt(2) $1,474,197 Net Debt/Total Adjusted EBITDAre(1) 8.1 x Net Debt + Preferred $1,645,282 Net Debt + Preferred /Total Adjusted EBITDAre 9.0 x 0.0 x 1.0 x 2.0 x 3.0 x 4.0 x 5.0 x 6.0 x 7.0 x 8.0 x 9.0 x 10.0 x 5.5x 8.1x 9.0x Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre Net Debt/Total Adjusted EBITDAre (1) Net Debt + Preferred / Total Adjusted EBITDAre

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11 DEBT MANAGEMENT $ IN THOUSANDS AS OF DECEMBER 31, 2025 Total Debt Composition Weighted Average % of Debt Interest Rate Maturity Variable vs. Fixed-Rate Debt Variable-Rate Debt(1)(2) 3.7 % 5.3 % 1.2 Yrs Fixed-Rate Debt(3)(4) 96.3 % 4.2 % 2.5 Yrs Secured vs. Unsecured Debt Unsecured Debt(2) 61.3 % 4.4 % 1.9 Yrs Secured Debt(2) 38.7 % 3.8 % 3.5 Yrs Portfolio Weighted Average(2) 4.2 % 2.5 Yrs (1) Excludes debt subject to interest rate swap locks. (2) Represents the weighted average interest rate of the portfolio, inclusive of the effect of interest rate derivatives. (3) Includes debt subject to interest rate swap locks. (4) Excludes GAAP adjustments. Portfolio Weighted Average Interest Rate 3.9% 4.0% 4.2% 4.0% 4.4% 4.6% 4.5% 4.4% 4.2% 4.4% 4.3% 4.2% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 .0% .5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0%

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12 OUTSTANDING DEBT $ IN THOUSANDS (1) Excludes extension options. (2) On February 13, 2026, the Company executed a 60-day extension on this loan. (3) Includes debt subject to interest rate swap locks. (4) Subject to a rate floor. Debt Maturities & Principal Payments Debt Stated Rate Effective Rate as of 12/31/2025 Maturity Date (1) 2026 2027 2028 2029 2030 Thereafter Outstanding as of 12/31/2025 Secured Debt - Stabilized Encore Apartments & 4525 Main Street 2.93 % 2.93 % Apr-2026 (2) 50,840 — — — — — 50,840 Thames Street Wharf SOFR+ 1.30 % 2.34 % (3) Sep-2026 65,028 — — — — — 65,028 Constellation Energy Building SOFR+ 1.50 % 5.31 % (4) Nov-2026 175,000 — — — — — 175,000 The Everly SOFR+ 1.50 % 5.20 % (4) Mar-2027 (5)(6) 2,000 28,000 — — — — 30,000 Liberty SOFR+ 1.50 % 4.93 % (3) Sep-2027 382 19,515 — — — — 19,897 Greenbrier Square 3.74 % 3.74 % Oct-2027 415 18,370 — — — — 18,785 Lexington Square 4.50 % 4.50 % Sep-2028 335 351 12,287 — — — 12,973 Red Mill North 4.73 % 4.73 % Dec-2028 133 140 3,442 — — — 3,715 Premier Apartments and Retail 5.53 % 5.53 % Dec-2029 — — — 29,415 — — 29,415 Smith's Landing 4.05 % 4.05 % Jun-2035 1,081 1,126 1,172 1,222 1,273 6,674 12,548 The Edison 5.30 % 5.30 % Dec-2044 450 474 500 527 556 11,840 14,347 The Cosmopolitan 3.35 % 3.35 % Jul-2051 968 1,001 1,035 1,071 1,107 33,342 38,524 Total - Secured Stabilized Debt 296,632 68,977 18,436 32,235 2,936 51,856 471,072 Secured Debt - Unstabilized The Allied \| Harbor Point SOFR+ 2.00 % 4.25 % (3) Jun-2027 (6) — 90,000 — — — — 90,000 Greenside Apartments 3.17 % 3.17 % Dec-2029 834 861 889 26,928 — — 29,512 Total - Secured Unstabilized Debt 834 90,861 889 26,928 — — 119,512 Total - Secured Debt 297,466 159,838 19,325 59,163 2,936 51,856 590,584 Unsecured Debt TD Unsecured Term Loan SOFR+ 1.35%-1.90% 5.35 % May-2026 95,000 — — — — — 95,000 Senior Unsecured Revolving Credit Facility SOFR+ 1.30%-1.85% 5.30 % Jan-2027 (7) — 241,000 — — — — 241,000 M&T Unsecured Term Loan SOFR+ 1.25%-1.80% 5.25 % Mar-2027 (6) — 35,000 — — — — 35,000 M&T Unsecured Term Loan (Fixed) SOFR+ 1.25%-1.80% 5.05 % (3) Mar-2027 (6) — 100,000 — — — — 100,000 Senior Unsecured Term Loan SOFR+ 1.25%-1.80% 5.25 % Jan-2028 — — 271,000 — — — 271,000 Senior Unsecured Term Loan (Fixed) SOFR+ 1.25%-1.80% 4.98 % (3) Jan-2028 — — 79,000 — — — 79,000 Senior Notes, Series A 5.57 % 5.57 % Jul-2028 — — 25,000 — — — 25,000 Senior Notes, Series B 5.78 % 5.78 % Jul-2030 — — — — 45,000 — 45,000 Senior Notes, Series C 6.09 % 6.09 % Jul-2032 — — — — — 45,000 45,000 Total - Unsecured Debt 95,000 376,000 375,000 — 45,000 45,000 936,000 Total Principal Balances $392,466 $535,838 $394,325 $59,163 $47,936 $96,856 $1,526,584 Other Notes Payable 6,107 Unamortized GAAP Adjustments (6,533) Indebtedness, Net $1,526,158 (5) On December 19, 2025, the Company extended the maturity date on the loan secured by The Everly by three months to March 19, 2026. On February 2, 2026, the Company executed a 1-year loan extension to March 17, 2027 and made a partial repayment of $2 million. (6) Does not reflect one 12-month extension option. (7) Does not reflect two six-month extension options.

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13 (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 Year Ended Accounting Treatment(5) Statement of Comprehensive Income Location 12/31/2025 12/31/2024 12/31/2025 12/31/2024 Designated Hedges Interest Expense $627 $956 $2,916 $7,685 Non-Designated Hedges Change in Fair Value of Derivatives and Other 5,177 4,776 20,974 23,863 Total Realized Gains on Interest Rate Derivatives $5,804 $5,732 $23,890 $31,548 Designated Hedges Unrealized Cash Flow Hedge Gains (Losses)(6) $7 $3,134 $(1,310) $4,322 Non-Designated Hedges Change in Fair Value of Derivatives and Other (4,921) 2,497 (22,496) $(9,612) Total Unrealized (Losses) Gains on Interest Rate Derivatives $(4,914) $5,631 $(23,806) $(5,290) Total Realized and Unrealized Gains on Interest Rate Derivatives $890 $11,363 $84 $26,258 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) $679,584 Fixed-Rate and Hedge Debt $1,469,584 Total Debt(3) $1,526,584 % Fixed or Hedged 96.3 % 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 DECEMBER 31, 2025 (5) The Company only enters into interest rate derivatives to hedge its exposure to interest rate risk from floating rate debt. The Company may elect to designate an interest rate derivative as a cash flow hedge under US GAAP if certain criteria are met, which allows for reporting of realized gains (losses) net of the hedge item (interest expense). All income statement activity for derivatives that are not designated as cash flow hedges is reported within Change in fair value of derivatives and other in the Company's Statement of Comprehensive Income. (6) Unrealized cash flow hedge gains (losses) is a component of comprehensive income (loss) and is excluded from net income (loss).

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14 CAPITALIZATION & FINANCIAL RATIOS $ IN THOUSANDS, EXCEPT PER SHARE AS OF DECEMBER 31, 2025 (1) As of close of market on 12/31/25. (2) Includes LTIP Units (3) See appendix for definitions. (4) Excludes availability under construction loans. Debt % of Total Principal Balance Unsecured Revolving Credit Facility 16 % $241,000 Unsecured Term Loans 38 % 580,000 Mortgages Payable 39 % 590,584 Senior Notes 7 % 115,000 Total Debt $1,526,584 Preferred Equity Shares Liquidation Value per Share Total Liquidation Value 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock (NYSE: AHHPrA) 6,843 $25.00 $171,085 Common Equity % of Total Shares/Units Stock Price(1) Market Value Common Stock (NYSE: AHH) 77 % 80,176 $6.62 $530,765 Operating Partnership Units (2) 23 % 23,521 $6.62 155,709 Equity Market Capitalization $103,697 $686,474 Total Capitalization $2,384,143 Enterprise Value $2,331,756 Total Debt to Enterprise Value 65 % Financial Ratios(3) Debt Service Coverage Ratio 2.5x Fixed Charge Coverage Ratio 2.2x Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.5x Net Debt / Total Adjusted EBITDAre 8.1x Net Debt Plus Preferred / Total Adjusted EBITDAre 9.0x Debt/Total Capitalization 64 % Liquidity(4)(6) Corporate and Property Real Estate Financing Total Cash on Hand $49,158 $— $49,158 Net Short Term Receivables/(Payables) 25,994 — 25,994 Availability Under Credit Agreements 52,281 — 52,281 Total Liquidity $127,433 $— $127,433 Unencumbered Properties % of Total Properties 69 % % of Annualized Base Rent 58 % Total Unencumbered Asset Value(5) $1,647,135 Preferred Equity 7% Debt 64% Common Equity 29% (5) Total Asset Value is calculated based on the terms of our credit facility agreement and therefore does not tie directly to the balance sheet. (6) Discontinued operations liquidity is net zero.

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15 PORTFOLIO PROFILE(1) Multifamily Tradeout % of Portfolio ABR Expiring for Top 20 Tenants 4.0% —% —% 4.0% 8.0% 10.0% 7.0% 13.0% 12.0% 6.0% 6.0% 2.0% 3.0% 25.0% Retail Office Ava ila ble M-T-M 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafte r Commercial Weighted Average Lease Term Remaining (Years) 7.37 7.38 7.29 7.22 7.08 6.99 6.84 7.07 6.93 7.08 7.07 6.87 6.70 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 0 2 4 6 8 10 New Renewal 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 (10.0)% (8.0)% (6.0)% (4.0)% (2.0)% —% 2.0% 4.0% 6.0% 8.0% —% 1.0% 1.0% 1.0% 3.0% 2.0% 1.0% 1.0% 1.0% —% 5.0% 19.0% Retail Office 20 25 20 26 20 27 20 28 20 29 20 30 20 31 20 32 20 33 20 34 20 35 The rea fte r —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% (1) Reflects stabilized properties only. Refer to appendix for definitions. (2) Reflects commercial lease expirations by Net Rentable Square Footage, see appendix for definitions. Commercial Weighted Average Lease Term Remaining (Years)

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16 (1) Excludes expenses associated with the Company's in-house asset management division of $1.0M and $0.5M for the three months ended 12/31/2025 & 12/31/2024, respectively, and $3.5M and $3.0M for the years ended 12/31/2025 & 12/31/2024, respectively. SAME STORE NOI BY SEGMENT $ IN THOUSANDS (RECONCILIATION TO GAAP LOCATED IN APPENDIX) Three Months Ended Year Ended 12/31/2025 12/31/2024 $ Change % Change 12/31/2025 12/31/2024 $ Change % Change Retail Rental Revenues $24,418 $23,400 $1,018 4.4 % $96,307 $94,858 $1,449 1.5 % Rental Expenses(1) 3,886 4,123 (237) (5.7) % 15,611 15,457 154 1.0 % Real Estate Taxes 2,175 1,900 275 14.5 % 8,923 8,417 506 6.0 % Same Store NOI 18,357 17,377 980 5.6 % 71,773 70,984 789 1.1 % GAAP Adjustments (1,455) (1,034) (421) (5,313) (4,065) (1,248) Net Operating Income, Cash 16,902 16,343 559 3.4 % 66,460 66,919 (459) (0.7) % Office Rental Revenues $24,494 $22,024 $2,470 11.2 % $95,459 $90,269 $5,190 5.7 % Rental Expenses(1) 6,838 6,037 801 13.3 % 24,888 23,672 1,216 5.1 % Real Estate Taxes 2,318 2,091 227 10.9 % 8,964 8,653 311 3.6 % Same Store NOI 15,338 13,896 1,442 10.4 % 61,607 57,944 3,663 6.3 % GAAP Adjustments (1,672) (2,183) 511 (8,000) (7,812) (188) Net Operating Income, Cash 13,666 11,713 1,953 16.7 % 53,607 50,132 3,475 6.9 % Multifamily Rental Revenues $13,525 $13,242 $283 2.1 % $53,320 $52,553 $767 1.5 % Rental Expenses(1) 4,240 4,059 181 4.5 % 16,826 16,182 644 4.0 % Real Estate Taxes 1,219 1,170 49 4.2 % 4,843 4,750 93 2.0 % Same Store NOI 8,066 8,013 53 0.7 % 31,651 31,621 30 0.1 % GAAP Adjustments (231) (209) (22) (877) (834) (43) Net Operating Income, Cash 7,835 7,804 31 0.4 % 30,774 30,787 (13) — % Same Store NOI $41,761 $39,286 $2,475 6.3 % $165,031 $160,549 $4,482 2.8 % GAAP Adjustments (3,358) (3,426) 0 68 (14,190) (12,711) 0 (1,479) Same Store Portfolio NOI, Cash Basis $38,403 $35,860 $2,543 7.1 % $150,841 $147,838 $3,003 2.0 %

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17 STABILIZED PORTFOLIO SUMMARY AS OF DECEMBER 31, 2025 SEE APPENDIX FOR FULL LIST OF PROPERTIES (1) See appendix for definitions and portfolio detail. COMMERCIAL PORTFOLIO Retail Properties # of Properties Net Rentable SF(1) Average Age Occupancy(1) ABR(1) ABR per Occupied SF Town Center of Virginia Beach 13 549,317 14 97.7 % $14,610,704 $27.23 Harbor Point - Baltimore Waterfront 2 57,096 8 70.9 % 1,329,481 32.83 Grocery Anchored 14 1,320,155 16 96.1 % 20,780,333 16.38 Southeast Sunbelt 10 945,090 17 96.2 % 20,855,023 22.94 Mid-Atlantic 7 951,715 18 91.8 % 16,687,243 19.11 Stabilized Retail Total 46 3,823,373 16 94.9 % $74,262,784 $20.47 Office Properties # of Properties Net Rentable SF(1) Average Age Occupancy(1) ABR(1) ABR per Occupied SF Town Center of Virginia Beach 6 807,517 23 98.2 % $24,248,680 $30.57 Harbor Point - Baltimore Waterfront 3 1,043,339 10 97.9 % 33,821,130 33.13 Southeast Sunbelt 4 387,693 8 87.5 % 12,268,120 36.17 Mid-Atlantic 1 98,061 6 100.0 % 2,043,004 20.83 Stabilized Office Total 14 2,336,610 14 96.4 % $72,380,934 $32.15 MULTIFAMILY PORTFOLIO Multifamily Properties # of Properties Units Average Age Occupancy(1) AQR(1) Monthly AQR per Occupied Unit Town Center of Virginia Beach 3 759 8 93.8 % $18,362,304 $2,149 Harbor Point - Baltimore Waterfront 2 392 8 95.2 % 12,103,012 2,704 Southeast Sunbelt 3 598 2 93.1 % 13,710,167 2,051 Mid-Atlantic 3 657 13 96.3 % 13,672,928 1,800 Stabilized Multifamily Total 11 2,406 8 94.6 % $57,848,411 $2,119

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18 MIXED-USE V. NON-MIXED-USE(1) $ IN THOUSANDS AS OF DECEMBER 31, 2025 Three Months Ended Year Ended 12/31/2025 12/31/2024 $ Change % Change 12/31/2025 12/31/2024 $ Change % Change Mixed Use Rental Revenues $38,518 $35,599 $2,919 8.2 % $150,819 $145,919 $4,900 3.4 % Rental Expenses (2) 10,624 9,825 799 8.1 % 40,162 38,677 1,485 3.8 % Real Estate Taxes 3,454 3,242 212 6.5 % 13,668 13,317 351 2.6 % Mixed Use NOI 24,440 22,532 1,908 8.5 % 96,989 93,925 3,064 3.3 % GAAP Adjustments (2,368) (2,548) 180 (10,461) (6,295) (4,166) Mixed Use NOI, Cash $22,072 $19,984 $2,088 10.4 % $86,528 $87,630 $(1,102) (1.3) % Mixed Use Occupancy 95.2 % 96.4 % Non-Mixed Use Rental Revenues $23,919 $23,067 $852 3.7 % $94,267 $91,761 $2,506 2.7 % Rental Expenses (2) 4,340 4,393 (53) (1.2) % 17,168 16,633 535 3.2 % Real Estate Taxes 2,258 1,919 339 17.7 % 9,062 8,503 559 6.6 % Non-Mixed Use NOI 17,321 16,755 566 3.4 % 68,037 66,625 1,412 2.1 % GAAP Adjustments (982) (877) (958) (3,661) (3,462) (199) Non-Mixed Use NOI, Cash $16,339 $15,878 $(392) (2.5) % $64,376 $63,163 $1,213 1.9 % Non-Mixed Use Occupancy 95.6 % 95.2 % (1) Same store properties only. (2) Excludes expenses associated with the Company's in-house asset management division of $1.0M and $0.5M for the three months ended 12/31/2025 & 12/31/2024, respectively, and $3.5M and $3.0M for the years ended 12/31/2025 & 12/31/2024, respectively.

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19 MIXED-USE COMMUNITIES(1) AS OF DECEMBER 31, 2025 Mixed-Use Retail: 17.4% Mixed-Use Office: 54.9% Mixed-Use Multifamily: 27.7% • 2.9M SF COMMERCIAL SPACE IN MIXED-USE PORTFOLIO ◦ 2.2M SF OF CLASS A PREMIER OFFICE SPACE ◦ 0.7M SF OF RETAIL • 1,151 MULTIFAMILY UNITS • STRATEGICALLY LOCATED IN CORE SUBMARKETS • AVERAGE WALK SCORE OF 90(2) (1) Stabilized properties only. (2) Based on average walk score of our 11 mixed-use communities according to walkscore.com. (3) Includes Liberty Retail and The Edison Retail (3) Total Portfolio ABR 61.0% 25.7% 1.9% 11.4% Mixed-Use Grocery Anchored and Power Centers Office Multifamily

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20 TOP 20 TENANTS BY ABR $ IN THOUSANDS AS OF DECEMBER 31, 2025 Commercial Portfolio Tenant Investment Grade(1) Number of Leases Annualized Base Rent % of Total Annualized Base Rent Constellation Energy Generation ü 1 $15,463 7.6% Morgan Stanley ü 3 9,035 4.4% T. Rowe Price(2) ü 1 7,900 3.9% The Kroger Co. ü 6 3,781 1.8% Clark Nexsen 1 2,914 1.4% Canopy by Hilton 1 2,725 1.3% Dick's Sporting Goods ü 3 2,480 1.2% The Gathering Spot 2 2,030 1.0% Franklin Templeton ü 1 1,936 0.9% Huntington Ingalls Industries ü 2 1,807 0.9% Duke University ü 1 1,786 0.9% PetSmart 5 1,566 0.8% The TJX Companies ü 5 1,566 0.8% Williams Mullen 1 1,506 0.7% Georgia Tech ü 1 1,475 0.7% Vestis Corporation 1 1,465 0.7% Mythics 1 1,337 0.7% Apex Entertainment 1 1,218 0.6% Regal Cinemas 2 1,215 0.6% Amazon/Whole Foods ü 1 1,214 0.6% Top 20 Total $64,419 31.5% Total Investment Grade Rating ABR $48,443 % of Total ABR 23.7 % (1) Includes tenants that either hold a publicly available investment grade credit rating or are considered credit quality consistent with investment grade companies based on managements assessment. (2) Represents the Company's 50% share of ABR.

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21 LEASE SUMMARY (1) Excludes leases from properties in development, redevelopment, and delivered, but not yet stabilized. RETAIL Renewals Quarter Number of Leases Signed Net Rentable SF Signed GAAP Releasing Spread Cash Releasing Spread Wtd Average Lease Term Remaining (yrs) TI & LC TI & LC per SF 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 Q1 2025 26 140,993 11.0 % 7.4 % 3.9 446,982 3.17 Trailing 4 Quarters 82 569,698 9.7 % 7.1 % 5.5 $2,315,281 $4.06 New Leases(1) Quarter Number of Leases Signed Net Rentable SF Signed Cash Rent per SF Wtd Average Lease Term Remaining (yrs) TI & LC TI & LC per SF Q4 2025 5 13,358 $23.69 9.0 $803,722 $60.17 Q3 2025 7 29,692 24.64 9.0 1,726,197 58.14 Q2 2025 8 23,673 23.26 7.6 660,918 27.92 Q1 2025 5 25,073 41.14 13.8 5,663,284 225.87 Trailing 4 Quarters 25 91,796 $28.65 10.0 $8,854,121 $96.46 OFFICE Renewals Quarter Number of Leases Signed Net Rentable SF Signed GAAP Releasing Spread Cash Releasing Spread Wtd Average Lease Term Remaining (yrs) TI & LC TI & LC per SF 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 Q1 2025 5 122,562 23.3 % 3.7 % 9.7 4,108,092 33.52 Trailing 4 Quarters 11 152,853 21.0 % 3.8 % 8.6 $4,348,106 $28.45 New Leases(1) Quarter Number of Leases Signed Net Rentable SF Signed Cash Rent per SF Wtd Average Lease Term Remaining (yrs) TI & LC TI & LC per SF Q4 2025 2 5,776 $26.21 8.0 $85,298 $14.77 Q3 2025 0 — — 0.0 — — Q2 2025 2 14,012 28.06 10.6 1,639,168 116.98 Q1 2025 6 24,374 37.36 9.5 2,326,590 95.45 Trailing 4 Quarters 10 44,162 $32.95 9.7 $4,051,056 $91.73

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22 LEASE EXPIRATIONS(1) AS OF DECEMBER 31, 2025 (1) Excludes leases from properties in development, redevelopment, and delivered, but not yet stabilized. (2) Represents leases that expired on 12/31/25. The spaces are available for lease as of 1/1/26. OFFICE Year Leases Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available – 85,249 3.6 % $— – % M-T-M 5 1,312 0.1 % 98,374 0.1 % 2025(2) 1 17,405 0.7 % 554,871 0.8 % 2026 9 40,857 1.7 % 1,214,870 1.7 % 2027 20 144,500 6.2 % 5,198,358 7.2 % 2028 16 120,564 5.2 % 3,821,936 5.3 % 2029 15 272,371 11.7 % 7,449,231 10.3 % 2030 15 168,115 7.2 % 5,377,902 7.4 % 2031 10 151,776 6.5 % 4,532,462 6.3 % 2032 6 58,051 2.5 % 1,699,695 2.3 % 2033 11 86,790 3.7 % 2,695,482 3.7 % 2034 7 99,783 4.3 % 2,867,745 4.0 % 2035 3 293,189 12.5 % 9,190,091 12.7 % Thereafter 16 796,648 34.1 % 27,679,917 38.2 % Total 134 2,336,610 100.0 % $72,380,934 100.0 % RETAIL Year Leases Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available – 196,032 5.1 % $— – % M-T-M 9 16,643 0.4 % 529,444 0.7 % 2025(2) 2 1,320 – % 33,797 – % 2026 57 221,114 5.8 % 4,669,581 6.3 % 2027 82 356,509 9.3 % 7,334,146 9.9 % 2028 81 366,319 9.6 % 7,896,277 10.6 % 2029 76 413,971 10.8 % 7,782,246 10.5 % 2030 95 571,734 15.0 % 12,244,574 16.5 % 2031 60 391,102 10.2 % 8,578,479 11.6 % 2032 36 356,719 9.3 % 6,354,947 8.6 % 2033 27 96,084 2.5 % 2,317,036 3.1 % 2034 18 85,780 2.2 % 1,852,385 2.5 % 2035 25 377,314 9.9 % 4,745,026 6.4 % Thereafter 63 372,732 9.9 % 9,924,846 13.3 % Total 631 3,823,373 100.0 % $74,262,784 100.0 %

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23 PORTFOLIO EXPANSION $ IN THOUSANDS Schedule(1) Consolidated Development Projects Property Type Estimated Size(1) % Leased or LOI Construction Start Initial Occupancy Stabilized Operation(2) Estimated Cost(1) Loan Commitment Cost to Date AHH Ownership Anchor Tenants Southern Post Roswell, GA Mixed-Use 137 multifamily units / 95,000 sf office / 42,000 sf retail 89.1%% Multifamily 69.17% Commercial(3) 4Q21 2Q24 1Q26 - Retail 2H26 - Office 2Q25 - Multifamily $132,600 (4) $— (5) $130,700 100 % Vestis Allied \| Harbor Point Baltimore, MD Mixed-Use 312 multifamily units / 12,700 sf retail / 1,246 parking spaces 71.2% Multifamily 18.29% Retail 2Q22 1Q25 1H26 $242,100 $90,000 $239,400 100 % Q4 2025 Year to Date Capitalized Interest $104 $2,311 (1) Represents estimates that may change as the development process proceeds. (2) First fully-stabilized quarter. See stabilized property definition in appendix. (3) Represents combined percentage leased or under LOI for retail and office. (4) Estimated cost does not include the cost associated with the insurance claim estimated to be $3,000,000. (5) Loan was repaid in full on July 22, 2025. Allied \| Harbor Point Baltimore, MD Southern Post Roswell, GA

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24 REDEVELOPMENT Projects Description Projected Date of Completion(1) Estimated Cost(1) Columbus Village II Redevelopment of a 37,500 sq.ft building previously occupied by Bed Bath & Beyond into a grocery-anchored multi-tenant shopping center with an outparcel 1Q26 13,200 Town Center of Virginia Beach Consolidation and relocation of Company operations to accommodate office space demand 4Q26 4,500 Pembroke Square Outparcel creation and development in the existing parking field 2Q27 200 Broad Creek Shopping Center Outparcel creation and development in the existing parking field 2Q27 75 17,975 $ IN THOUSANDS AS OF DECEMBER 31, 2025 Property Description Town Center of Virginia Beach Option for future expansion and activation on undeveloped lots The Interlock Expansion and densification of existing undeveloped green space Columbus Village II Redevelopment of +/- 4 acres for alternate commercial or residential use Harrisonburg Regal Redevelopment for alternate commercial or residential use; outparcel development potential Red Mill Commons Outparcel creation and development in the existing parking field Southgate Square Right-size existing tenants to accommodate backfill demand Fountain Plaza Conversion of 2nd floor retail into alternate commercial uses South Square Outparcel creation opportunity on the hard corner Pembroke Square Conversion of existing office space for commercial retail use Providence Plaza Densification of surface parking and optimization of the day/night use of the structured parking deck Greenside Apartments Monetize excess parking garage capacity IN-PROGRESS OPPORTUNITIES(2) (1) Represents estimates that may change as the project proceeds. (2) Assumptions regarding future opportunities are subject to change.

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25 REAL ESTATE FINANCING $ IN THOUSANDS AS OF DECEMBER 31, 2025 The Interlock Atlanta, GA (1) Each investment is in the form of preferred equity with economic terms and accounting consistent with a loan receivable. (2) Represents estimates that may change as the development process proceeds. (3) Excludes amortization of equity placement fees, if applicable. Outstanding Investments(1)(6) Property Type Estimated Size(2) % Leased or LOI Initial Occupancy Estimated Stabilization(2) Loan Maturity Interest Rate Principal Balance Maximum Principal Commitment Cumulative Accrued Interest(3) QTD Interest Income(3) The Allure at Edinburgh Chesapeake, VA Multifamily 280 units 99% 4Q24 Q3 2025 1Q28 10% (4) 9,228 9,228 2,451 182 Solis Kennesaw Kennesaw, GA Multifamily 239 units 72% 1Q25 Q2 2026 2Q27 9% (5) 37,870 37,870 12,766 1,041 Solis Peachtree Corners Peachtree Corners, GA Multifamily 249 units 46% 2Q25(2) Q3 2026 4Q27 9% (5) 28,440 28,440 10,176 1,030 Solis North Creek Charlotte, NC Multifamily 303 units —% 2Q26(2) Q4 2027 3Q30 12% (5) 26,767 26,767 3,272 873 Total Outstanding Investments $102,304 $102,305 $28,664 $3,126 (4) The interest rate varies over the life of the loan. (5) The interest rate varies over the life of the loan and the loan earns an unused commitment fee. (6) On December 10 2025, Gainesville II was acquired and can be viewed in the Acquisitions table on page 27. Solis North Creek Charlotte, NC Solis Peachtree Corners Peachtr e Corners, GA

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26 NET INCOME & NOI BY SEGMENT $ IN THOUSANDS For the Three Months Ended December 31, 2025 Retail Real Estate Office Real Estate Multifamily Real Estate Real Estate Financing Other (1) Total Revenues Rental revenues $25,399 $28,832 $17,721 $— $— $71,952 Interest income (real estate financing segment) — — — 3,571 79 3,650 Total revenues 25,399 28,832 17,721 3,571 79 75,602 Expenses Rental expenses (2) 4,394 7,504 5,704 — 98 17,700 Real estate taxes 2,231 2,323 1,871 — — 6,425 Interest expense (real estate financing segment) (3) — — — 2,210 — 2,210 Total segment operating expenses 6,625 9,827 7,575 2,210 98 26,335 Segment net operating income 18,774 19,005 10,146 1,361 (19) 49,267 Interest income (excluding real estate financing segment) 9 — 22 — (31) — Depreciation and amortization (8,084) (9,531) (5,738) — (201) (23,554) General and administrative expenses — — — — (4,453) (4,453) Acquisition, development, and other pursuit costs — — — — (9) (9) Impairment charges — — — — (23) (23) Gain on real estate dispositions, net — — — — — — Interest expense (excluding real estate financing segment) (4) (9,210) (5,767) (6,024) — — (21,001) Equity in (loss) income of unconsolidated real estate entities (39) 5 91 — — 57 Gain on consolidation of real estate entities (6) (103) (160) — — (269) Change in fair value of derivatives and other (102) 316 35 7 — 256 Unrealized credit loss release — — — 124 — 124 Other (expense) Income — — — — (13) (13) Income (loss) from continuing operations 1,342 3,925 (1,628) 1,492 (4,749) 382 Discontinued operations(5) Income (loss) from discontinued operations — — — — 1,580 1,580 Income from discontinued operations — — — — 1,580 1,580 Net income (loss) $1,342 $3,925 ($1,628) $1,492 ($3,169) $1,962 (1) Other consists of items not directly related to the Company's real estate operations or real estate financing 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 within the real estate financing segment is allocated based on the average outstanding principal of notes receivable in the real estate financing portfolio and the effective interest rates on the Company's credit facility, the M&T term loan facility, and the TD term loan facility. (4) Interest expense (excluding real estate financing segment) is allocated by first allocating secured debt to the relevant properties. Unsecured debt is then allocated using the total value of unencumbered income producing property, and allocating to the retail, office, and multifamily segments based on property classification. (5) As of December 31, 2025, the segment previously reported as general contracting and real estate services is now presented as discontinued operations. Income from discontinued operations excludes revenue and expenses related to intercompany construction contracts.

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

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28Town Center of Virginia Beach Virginia Beach, VA APPENDIX DEFINITIONS & RECONCILIATIONS

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

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

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

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

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33 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. STABILIZED PROPERTY DEBT: We calculate Stabilized Property Debt as our total debt secured by our stabilized properties, excluding loans associated with our development pipeline and our unsecured debt. Refer to definition of Stabilized Property for further information. TOTAL ADJUSTED EBITDAre: Total Adjusted EBITDAre is calculated as EBITDAre further adjusted for debt extinguishment losses, non-cash stock compensation, mark-to-market adjustments on interest rate derivatives, and other one-time adjustments including non-recurring bad debt and termination fees. Management believes Total Adjusted EBITDAre is useful to investors in evaluating and facilitating comparisons of our operating performance between periods and with other REITs by removing the impact of our capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from our operating results along with other non-comparable items. Management believes Total Adjusted EBITDAre is useful to investors in evaluating and facilitating comparisons of our operating performance between periods and with other REITs by removing the impact of our capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from our operating results along with other non-comparable items. WEIGHTED AVERAGE LEASE TERM REMAINING: We calculate Weighted Average Lease Term Remaining ("WALT") as the remaining lease term as of period end for commercial stabilized properties, weighted by the Annualized Based Rent of each lease as of the period end.

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34 PROPERTY PORTFOLIO AS OF DECEMBER 31, 2025 Retail Properties - Stabilized Location Ownership % Year Built/ Redeveloped Net Rentable SF(1) Occupancy(1) ABR(1) ABR per Occupied SF(1) Anchor Tenant(s) Town Center of Virginia Beach 249 Central Park Retail Virginia Beach, VA 100% 2004 35,161 100.0 % $1,245,944 $35.44 Cheesecake Factory, Brooks Brothers 4525 Main Street Retail Virginia Beach, VA 100% 2014 26,328 100.0 % 683,284 25.95 Anthropologie, West Elm 4621 Columbus Retail Virginia Beach, VA 100% 2020 84,000 100.0 % 1,218,000 14.50 Apex Entertainment Columbus Village Virginia Beach, VA 100% 2020 62,207 100.0 % 2,055,522 33.04 Barnes & Noble, CAVA, Shake Shack, Five Below, Ulta Commerce Street Retail Virginia Beach, VA 100% 2008 19,173 100.0 % 896,323 46.75 Yard House Fountain Plaza Retail Virginia Beach, VA 100% 2004 35,961 94.4 % 1,179,738 34.76 Ruth's Chris, Nando's Pembroke Square Virginia Beach, VA 100% 2015 124,181 100.0 % 2,096,262 16.88 Fresh Market, Nordstrom Rack, DSW Premier Retail Virginia Beach, VA 100% 2018 39,015 94.9 % 1,348,564 36.41 Williams Sonoma, Pottery Barn South Retail Virginia Beach, VA 100% 2002 38,515 84.9 % 1,055,290 32.26 lululemon, free people, CPK Studio 56 Retail Virginia Beach, VA 100% 2007 11,594 100.0 % 415,639 35.85 Rocket Title The Cosmopolitan Retail Virginia Beach, VA 100% 2020 41,872 100.0 % 1,388,025 33.15 Lego, Nike Two Columbus Retail Virginia Beach, VA 100% 2009 13,752 100.0 % 532,919 38.75 Fidelity Investments, Luxxotica West Retail Virginia Beach, VA 100% 2002 17,558 83.4 % 495,194 33.82 PF Changs, The Men's Wearhouse Harbor Point - Baltimore Waterfront Constellation Retail Baltimore, MD 90% 2016 38,464 66.3 % $791,697 $31.05 West Elm Point Street Retail Baltimore, MD 100% 2018 18,632 80.5 % 537,784 35.84 solidcore Grocery Anchored Broad Creek Shopping Center(2) Norfolk, VA 100% 2001 121,504 89.6 % $2,207,241 $20.28 Food Lion, PetSmart Broadmoor Plaza South Bend, IN 100% 1980 115,059 83.8 % 1,129,674 11.71 Kroger Brooks Crossing Retail Newport News, VA 65%(3) 2016 18,349 91.3 % 255,832 15.27 Various Small Shops (grocery shadow) Delray Beach Plaza(2) Delray Beach, FL 100% 2021 87,207 91.2 % 2,820,684 35.46 Whole Foods Greenbrier Square Chesapeake, VA 100% 2017 260,625 100.0 % 2,644,891 10.15 Kroger, Homegoods, Dick's Sporting Goods Greentree Shopping Center Chesapeake, VA 100% 2014 15,719 100.0 % 374,082 23.80 Various Small Shops (grocery shadow) Hanbury Village Chesapeake, VA 100% 2009 98,638 100.0 % 2,062,304 20.91 Harris Teeter Lexington Square Lexington, SC 100% 2017 85,440 97.2 % 1,878,986 22.63 Lowes Foods North Pointe Center Durham, NC 100% 2009 226,083 96.8 % 2,965,802 13.56 Harris Teeter Parkway Centre Moultrie, GA 100% 2017 61,200 100.0 % 867,367 14.17 Publix Parkway Marketplace Virginia Beach, VA 100% 1998 37,804 94.4 % 740,768 20.75 Various Small Shops (grocery shadow) Perry Hall Marketplace Perry Hall, MD 100% 2001 74,251 100.0 % 1,306,156 17.59 Safeway Sandbridge Commons Virginia Beach, VA 100% 2015 69,417 100.0 % 966,598 13.92 Harris Teeter Tyre Neck Harris Teeter(2) Portsmouth, VA 100% 2011 48,859 100.0 % 559,948 11.46 Harris Teeter Southeast Sunbelt Chronicle Mill Retail Belmont, NC 85%(3) 2022 11,530 22.4 % $172,042 $66.53 Chronicle Mill Collective North Hampton Market Taylors, SC 100% 2004 114,954 97.7 % 1,597,698 14.22 PetSmart, Hobby Lobby One City Center Retail Durham, NC 100% 2019 22,679 55.7 % 431,762 34.20 Various Small Shops Overlook Village Asheville, NC 100% 1990 151,365 100.0 % 2,436,216 16.09 T.J. Maxx\|Homegoods, Ross Patterson Place Durham, NC 100% 2004 159,842 98.4 % 2,717,897 17.27 PetSmart, DSW, Bob's Discount Furniture, Boot Barn Providence Plaza Retail Charlotte, NC 100% 2008 49,447 100.0 % 1,595,867 32.27 Orange Theory, Edward Jones, Chipotle South Square Durham, NC 100% 2005 109,590 100.0 % 2,117,638 19.32 Ross, Petco, Office Depot The Interlock Retail(2) Atlanta, GA 100% 2021 108,379 93.4 % 5,271,998 52.09 Puttshack, The Gathering Spot Wendover Village Greensboro, NC 100% 2004 176,997 98.3 % 3,627,499 20.84 T.J. Maxx, Petco, Beauty World, Golf Galaxy, Five Below (1) See appendix for definitions. (2) The Company leases all or a portion of the land underlying this property pursuant to a ground lease. (3) The Company is entitled to a preferred return on its investment in this property.

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35 PROPERTY PORTFOLIO CONT. AS OF DECEMBER 31, 2025 Retail Properties - Stabilized Location Ownership % Year Built/ Redeveloped Net Rentable SF(1) Occupancy(1) ABR(1) ABR per Occupied SF(1) Anchor Tenant(s) Mid-Atlantic Dimmock Square Colonial Heights, VA 100% 1998 106,166 100.0 % $1,945,347 $18.32 Best Buy, Old Navy Harrisonburg Regal Harrisonburg, VA 100% 1999 49,000 100.0 % 753,620 15.38 Regal Cinemas Liberty Retail Newport News, VA 100% 2013 25,461 79.0 % 361,844 17.98 Marketplace at Hilltop(2) Virginia Beach, VA 100% 2001 116,953 95.9 % 2,805,804 25.02 Total Wine, Panera, Chick-Fil-A Red Mill Commons Virginia Beach, VA 100% 2005 373,808 96.6 % 7,302,851 20.23 Homegoods, Walgreens Southgate Square Colonial Heights, VA 100% 2016 260,131 84.6 % 3,377,837 15.34 Burlington, PetSmart, Michaels, T.J. Maxx Southshore Shops Midlothian, VA 100% 2006 40,307 95.7 % 886,406 22.98 Buffalo Wild Wings The Edison Retail Richmond, VA 100% 2014 20,196 23.3 % 139,940 29.72 Stabilized Retail Total 3,823,373 94.9 % $74,262,784 $20.47 (1) See appendix for definitions. (2) The Company occupies 47,644 square feet at these two properties at an ABR of $1.6M, or $34.70 per leased square foot, which is reflected in this table. The rent paid by the Company is eliminated in accordance with GAAP in the consolidated financial statements. (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. Office Properties- Stabilized Location Ownership % Year Built / Redeveloped Net Rentable SF(1) Occupancy(1) ABR(1) ABR per Occupied SF(1) Anchor Tenant(s) Town Center of Virginia Beach 249 Central Park Office Virginia Beach, VA 100% 2004 57,295 100.0 % $1,493,213 $26.06 Gather, HDR 4525 Main Street Virginia Beach, VA 100% 2014 208,760 96.0 % 6,596,868 32.91 Clark Nexsen, Mythics 4605 Columbus Office Virginia Beach, VA 100% 2002 19,335 100.0 % 522,045 27.00 Armada Hoffler Armada Hoffler Tower(2) Virginia Beach, VA 100% 2002 298,353 99.1 % 9,512,751 32.18 Troutman Pepper, Williams Mullen, Morgan Stanley, KPMG One Columbus Virginia Beach, VA 100% 1984 129,066 100.0 % 3,562,255 27.60 Truist, HBA, Northwestern Mutual, One Columbus Two Columbus Office Virginia Beach, VA 100% 2009 94,708 96.5 % 2,561,548 28.02 Hazen & Sawyer, Fidelity Harbor Point - Baltimore Waterfront Constellation Office Baltimore, MD 90% 2016 453,018 100.0 % $15,946,114 $35.20 Constellation Energy Group Thames Street Wharf(2) Baltimore, MD 100% 2010 263,426 98.8 % 8,209,507 31.54 Morgan Stanley Wills Wharf(3) Baltimore, MD 100% 2020 326,895 94.1 % 9,665,509 31.42 Canopy by Hilton, Transamerica, RBC, Franklin Templeton, Stifel, EY Southeast Sunbelt Chronicle Mill Office Belmont, NC 85%(4) 2022 5,932 100.0 % $177,960 $30.00 Action Behavior Centers One City Center Office Durham, NC 100% 2019 128,920 71.0 % 2,814,779 30.73 Duke University Providence Plaza Office Charlotte, NC 100% 2008 53,671 100.0 % 1,675,231 31.21 Choate Construction, Cranfill, Sumner, & Hartzog The Interlock Office(3) Atlanta, GA 100% 2021 199,170 94.4 % 7,600,150 40.43 Georgia Tech, Pindrop Mid-Atlantic Brooks Crossing Office Newport News, VA 100% 2019 98,061 100.0 % $2,043,004 $20.83 Huntington Ingalls Industries Stabilized Office Total 2,336,610 96.4 % $72,380,934 $32.15

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36 PROPERTY PORTFOLIO CONT. AS OF DECEMBER 31, 2025 Multifamily Properties - Stabilized Location Ownership % Year Built / Redeveloped Units Occupancy(1) AQR (1) Monthly AQR per Occupied Unit(1) Town Center of Virginia Beach Encore Apartments Virginia Beach, VA 100% 2014 286 94.4 % $6,077,041 $1,876 Premier Apartments Virginia Beach, VA 100% 2018 131 91.6 % 3,092,764 2,148 The Cosmopolitan Virginia Beach, VA 100% 2020 342 94.2 % 9,192,499 2,379 Harbor Point - Baltimore Waterfront 1305 Dock Street Baltimore, MD 90% 2016 103 97.1 % $3,165,430 $2,638 1405 Point(2) Baltimore, MD 100% 2018 289 94.5 % 8,937,582 2,728 Southeast Sunbelt Chandler Residences Roswell, GA 100% 2024 137 88.3 % $4,059,612 $2,796 Chronicle Mill Belmont, NC 85%(3) 2022 238 96.2 % 5,201,291 1,893 The Everly Gainesville, GA 100% 2022 223 92.8 % 4,449,264 1,791 Mid-Atlantic Liberty Apartments Newport News, VA 100% 2013 199 95.0 % $4,168,458 $1,838 Smith's Landing(2) Blacksburg, VA 100% 2009 284 100.0 % 6,203,040 1,820 The Edison Richmond, VA 100% 2014 174 92.0 % 3,301,430 1,719 Stabilized Multifamily Total 2,406 94.6 % $57,848,411 $2,119 Properties under Redevelopment or Impacted by Significant Disruptive Events Location Ownership % Year Built / Redeveloped Net Rentable SF (1) / Units Occupancy(1) ABR/AQR (1) ABR per Occupied SF/ Monthly AQR per Occupied Unit(1) Greenside Apartments Charlotte, NC 100% 2018 225 80.4 % $3,671,389 $1,690 Columbus Village II Virginia Beach, VA 100% 1996/2023 91,790 95.3 % 1,435,302 16.41 Equity Method Investments Location Ownership % Year Built/ Redeveloped Net Rentable SF (1) Occupancy(1) ABR (1)(4) ABR per Occupied SF(1) Harbor Point - Baltimore Waterfront T. Rowe Price Baltimore, MD 50% 2025 553,000 100.0 % $7,900,064 $14.29 Parcel 3 Retail Baltimore, MD 50% 2025 20,200 — % — — Equity Method Investments Total 573,200 96.5 % $7,900,064 $14 (1) See appendix for definitions. (2) The Company leases all or a portion of the land underlying this property pursuant to a ground lease. (3) The Company is entitled to a preferred return on its investment in this property. (4) Represents the Company's 50% share of ABR. .

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37 $ 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 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Property Net Operating Income $47,827 $44,954 $42,480 $42,240 Property Miscellaneous Expense, Net (269) (87) (124) (266) Non-Recurring Bad Debt Adjustment 308 152 140 2,166 Non-Recurring Termination and Assignment Fee Adjustment (3,380) (1,862) (142) (153) Amortization of Right-of-Use Assets (395) (395) (396) (395) Accelerated Amortization of Intangible Assets and Liabilities — — — (169) Equity in NOI of Unconsolidated Real Estate Entities(1) 2,454 2,246 2,479 1,070 Property Adjusted EBITDAre $46,545 $45,008 $44,437 $44,493 Acquisition (124) — — — Development/Redevelopment (3,120) (2,668) (475) (1,248) Stabilized Portfolio Adjusted EBITDAre $43,301 $42,340 $43,962 $43,245 Discontinued Operations Gross Profit 1,767 2,064 1,384 1,364 Corporate G&A (4,341) (4,300) (5,806) (7,153) Non-Cash Stock Compensation 944 1,103 1,364 3,464 Interest Income 3,797 4,135 4,075 4,176 Other Income (Expense), Net — — — 9 Total Adjusted EBITDAre $45,592 $45,342 $44,979 $45,105 Stabilized Property Debt 471,072 472,537 504,190 510,389 Add: Unsecured Property Debt 515,523 454,000 406,301 419,418 Stabilized Portfolio Debt $951,595 $926,537 $910,491 $929,807 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.5x 5.5x 5.2x 5.4x Total Debt(2) 1,526,584 1,487,257 1,448,237 1,321,436 Cash (52,387) (49,824) (54,601) (48,567) Net Debt $1,474,197 $1,437,433 $1,393,636 $1,272,869 Net Debt/Total Adjusted EBITDAre 8.1x 7.9x 7.7x 7.1x Preferred 171,085 171,085 171,085 171,085 Net Debt + Preferred $1,645,282 $1,608,518 $1,564,721 $1,443,954 Net Debt + Preferred /Total Adjusted EBITDAre 9.0x 8.9x 8.7x 8.0x

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38 $ IN THOUSANDS CAPITAL EXPENDITURES (1) Excludes activity related to held for sale, acquired, and/or disposed properties. (2) Represents recurring capital expenditures. Leasing Commissions Lease Incentive Tenant Improvements Land Improvements(2) Building Improvements(2) Fixtures & Equipment(2) Total Second Generation Capex Retail $1,339 $— $828 $744 $2,135 $77 $5,124 Office 909 — 626 18 1,839 — 3,391 Multifamily — — — 39 1,956 373 2,368 Total Portfolio $2,249 $— $1,454 $801 $5,930 $450 $10,883 Three Months Ended December 31, 2025(1) Year Ended December 31, 2025(1) Leasing Commissions Lease Incentive Tenant Improvements Land Improvements(2) Building Improvements(2) Fixtures & Equipment(2) Total Second Generation Capex Retail $3,738 $10 $2,696 $1,710 $4,040 $77 $12,271 Office 3,287 — 3,336 26 6,110 — 12,759 Multifamily — — — 79 4,890 1,411 6,379 Total Portfolio $7,025 $10 $6,032 $1,815 $15,040 $1,488 $31,409

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39 RECONCILIATION TO PROPERTY PORTFOLIO NOI $ IN THOUSANDS (1) Includes expenses associated with the Company's in-house asset management division. Three Months Ended 12/31 Year Ended 12/31 2025 2024 2025 2024 Retail Same Store Rental Revenues $24,418 $23,400 $96,307 $94,858 Property Expenses 6,061 6,023 24,534 23,874 NOI 18,357 17,377 71,773 70,984 Non-Same Store NOI(1) 370 1,910 2,002 4,809 Segment NOI $18,727 $19,287 $73,775 $75,793 Office Same Store Rental Revenues $24,494 $22,024 $95,459 $90,269 Property Expenses 9,156 8,128 33,852 32,325 NOI 15,338 13,896 61,607 57,944 Non-Same Store NOI(1) 3,632 (696) 4,942 3,284 Segment NOI $18,970 $13,200 $66,549 $61,228 Multifamily Same Store Rental Revenues $13,525 $13,242 $53,320 $52,553 Property Expenses 5,459 5,229 21,669 20,932 NOI 8,066 8,013 31,651 31,621 Non-Same Store NOI(1) 2,064 1,074 5,624 2,337 Segment NOI $10,130 $9,087 $37,275 $33,958 Total Property Portfolio NOI $47,827 $41,574 $177,599 $170,979

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40 Three Months Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Net Income (Loss) Attributable to Common Stockholders and OP Unitholders ($957) ($3,575) $3,907 ($7,227) Excluding: Depreciation and Amortization 23,191 22,718 21,356 22,821 Gain on Consolidation of Real Estate Entities 269 — (6,915) — Impairment of Real Estate Assets 23 350 — — Income Tax (Benefit) Provision — 192 (567) 190 Interest Expense 23,211 22,718 21,271 18,109 Interest Expense, Depreciation, & Amortization of Unconsolidated Real Estate Entities 2,397 2,208 2,801 2,982 EBITDAre $48,134 $44,612 $41,853 $36,875 Change in Fair Value of Derivatives and Other (256) 1,216 (648) 1,210 Preferred Dividends 2,887 2,887 2,887 2,887 Loss on Extinguishment of Debt — 69 — — Non-Recurring Bad Debt Adjustment 308 152 140 2,166 Non-Recurring Termination Fee Adjustment (3,380) (1,862) (142) (153) Accelerated Amortization of Intangible Assets and Liabilities — — — (169) Acquisition, Development, & Other Pursuit Costs 167 10 286 54 Unrealized Credit Loss (Release) Provision (124) (126) (209) 22 Investment Entities 32 (51) (77) (3) Non-Cash Stock Compensation 944 1,103 1,364 3,464 Development/Redevelopment (3,120) (2,668) (475) (1,248) Total Adjusted EBITDAre $45,592 $45,342 $44,979 $45,105 Discontinued Operations Gross Profit (1,767) (2,064) (1,384) (1,364) Corporate G&A 4,341 4,300 5,806 7,153 Non-Cash Stock Compensation (944) (1,103) (1,364) (3,464) Interest Income (3,797) (4,135) (4,075) (4,176) Other Income (Expense), Net — — — (9) Add Back: Unstabilized EBITDAre (124) — — — Stabilized Portfolio Adjusted EBITDAre $43,301 $42,340 $43,962 $43,245 Acquisition 124 — — — Development 3,120 2,668 475 1,248 Property Adjusted EBITDAre $46,545 $45,008 $44,437 $44,493 RECONCILIATION OF NET INCOME TO PROPERTY ADJUSTED EBITDAre $ IN THOUSANDS

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41 This Supplemental Financial Package should be read in conjunction with the unaudited condensed consolidated financial statements appearing in the Company's press release dated February 16, 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 February 16, 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, the Company's real estate financing program, financing activities, as well as acquisitions, dispositions, and the Company's financial outlook, guidance, and expectations. For a description of factors that may cause the Company's actual results or performance to differ from its forward-looking statements, please review the information under the heading "Risk Factors" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and the other documents filed by the Company with the SEC from time to time. The Company's actual future results and trends may differ materially from expectations depending on a variety of factors discussed in the Company's filings with the SEC from time to time. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by applicable law. FORWARD-LOOKING STATEMENTS

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## Exhibit 99.3

![](a2026guidancedeck001.jpg)

GUIDANCE PRESENTATION 2026

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2 (1) Includes T. Rowe Price Global HQ. EMI property income is reflected as the property's NOI less debt service, times the Company's ownership percentage (50%). (2) Other income includes NOI from Smith's Landing and NOI from parking garages. (3) See slide 5 for a reconciliation of funds from operations ("FFO") as defined by Nareit to Pro Forma FFO for FY2025. As used in this presentation, "Pro Forma FFO" is a supplemental non-GAAP financial measure and is not intended to represent "pro forma" financial information as defined under Article 11 of SEC Regulation S-X. Pro Forma FFO 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 expenses related to the GCRES business disposition; (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 Pro Forma FFO 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 Pro Forma FFO. 2026 OUTLOOK: CONTINUED OPERATIONS $ IN MILLIONS 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 $1.0M $1.7M TOTAL COMMERCIAL NOI $131.4M $135.6M 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 PRO FORMA FUNDS FROM OPERATIONS ("PRO FORMA FFO")(3) $52.1M $56.1M PRO FORMA FFO PER DILUTED SHARE $0.50 $0.54

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3 2026 GUIDANCE ASSUMPTIONS (1) Based on the midpoint of management's 2026 guidance range presented on slide 2. Refer to slide 10 for Same Store NOI guidance for FY2026. Refer to slide 11 for the expected composition of commercial Same Store properties. (2) Cap rate range is based on management's expectations with respect to acquisition opportunities in the second half of 2026. (3) Assumed debt paydowns are derived from the expected sales proceeds of Multifamily and Real Estate Financing assets 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. • Disposition of the General Contracting and Real Estate Services ("GCRES") business in 1Q26 • Disposition of the Multifamily Portfolio, with the exception of Smith's Landing, in 2026 • Realization of The Allure at Edinburgh mid 2026 • Exit of the remaining Real Estate Financing Portfolio in the second half of 2026 • Blended Retail and Office Same-Store NOI, Cash growth of 1.70%+ (1) • Acquisition of ~$50M of Retail Properties with a cap rate range of 6.25%-7.00% in the second half of 2026 (2) • Secured Debt Paydowns of ~$270M as a result of the Multifamily Disposition (3) • Net Unsecured Debt Paydowns of ~$400M (3)

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4 FFO BRIDGE PER DILUTED SHARE $0.78 $(0.05) $(0.07) $(0.13) $0.53 $0.11 $0.64 2025 Nareit FFO GCRES Real Estate Financing Multifamily 2025 Pro Forma FFO Debt Paydowns, Portfolio Growth, Acquisitions Nareit FFO Post- Transformation $— $0.20 $0.40 $0.60 $0.80 $1.00 Net Debt/EBITDA: 8.1x Net Debt + Pref/EBITDA: 9.0x Net Debt/EBITDA: 5.5x-6.5x Net Debt + Pref/EBITDA: 6.8x-7.8x

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5 (1) The Company is providing 2026 Pro Forma FFO, which is a non-GAAP financial measure. The most directly comparable GAAP measure is net income (loss) attributable to common stockholders. While a quantitative reconciliation of forward-looking Pro Forma FFO to net income (loss) is not provided because the Company is unable to provide a meaningful or accurate calculation or estimation of certain reconciling items without unreasonable effort, the Company notes that the primary differences between Pro Forma FFO and net income (loss) are expected to include: (i) depreciation and amortization related to real estate; (ii) gains or losses from the sale of certain real estate assets; (iii) gains and losses from change in control; and (iv) 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. These items are dependent on future events, many of which are outside of the Company's control or cannot be reasonably predicted, including the ultimate timing and terms of the transactions described in this presentation. RECONCILIATION OF FFO TO PRO FORMA FFO IN MILLIONS PER DILUTED SHARE NAREIT FFO $79.4M $0.78 NAREIT FFO ATTRIBUTABLE TO GCRES -$4.6M (0.05) NAREIT FFO ATTRIBUTABLE TO MULTIFAMILY -$13.2M (0.13) NAREIT FFO ATTRIBUTABLE TO REAL ESTATE FINANCING -$7.1M (0.07) PRO FORMA FFO(1) $54.5M $0.53 FOR THE YEAR ENDED DECEMBER 31, 2025

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6AFFO PAYOUT RATIO PER DILUTED SHARE 2026E MIDPOINT POST- TRANSFORMATION PRO FORMA FFO $0.52 $0.64 NON-CASH NOI ADJUSTMENTS (0.09) (0.07) COMMERCIAL PROPERTY-RELATED CAPEX (0.08) (0.07) NON-CASH STOCK COMPENSATION 0.05 0.05 NON-CASH INTEREST EXPENSE AND ROUA LEASE AMORT. 0.04 0.04 NON-CASH DECREASE IN FAIR VALUE OF DERIVATIVES 0.06 — AFFO CONTRIBUTION FROM GCRES, REF & MULTIFAMILY 0.09 — AFFO $0.59 $0.59 DIVIDEND PER SHARE $0.56 $0.56 AFFO PAYOUT RATIO 95% 95%

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7 \* Includes EMI Property Income contribution. Excludes termination fees. \*\* Includes NOI from Smith's Landing, and NOI from parking garages. COMPARATIVE INCOME STREAM COMPOSITION $ IN MILLIONS, ON A GAAP BASIS Retail NOI\* Office NOI\* Multifamily NOI\* GCRES Gross Profit Real Estate Financing Gross Profit Other NOI\*\* Present Post Transformation $0 $50 $100 $150 $200

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8 (1) Reflects an assumed $50M acquisition price at a going-in cap rate within the range of 6.25%-7.00%. (2) Reflects potential acquisitions that add $10M of commercial NOI each year, beginning in 2027 and each year thereafter. PLATFORM FOR GROWTH $ IN MILLIONS POTENTIAL COMMERCIAL NOI, CASH Current Commercial NOI 2026E Acquisitions Potential Acquisitions $100 $120 $140 $160 $180 2025 2030 1 2

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9 (1) Excludes termination fees. (2) Based on the midpoint of management's guidance. (3) Includes NOI from expected acquisitions in 2026E and Post-Transformation. (4) Includes T. Rowe Price Global HQ. EMI property income is reflected as the property's NOI less debt service, times the Company's ownership percentage (50% for T. Rowe Price Global HQ). COMMERCIAL NOI & LEVERAGE TRENDS $ IN MILLIONS, ON A GAAP BASIS 2023 2024(1) 2025(1) 2026E(2) Post- Transformation CAGR Retail NOI(3) $72 $73 $71 $71 $74 0.45 % Office NOI 48 55 60 59 61 3.87 % EMI Property Income(4) — — 3 4 4 — % Total Commercial NOI $120 $128 $134 $134 $139 2.39 % $72 $73 $71 $71 $74 $48 $55 $60 $59 $61 $4 $4 7.5x 7.2x 8.1x 2023 2024 2025 2026E Post-Transformation $0 $30 $60 $90 $120 $150 5.0x 5.5x 6.0x 6.5x 7.0x 7.5x 8.0x 8.5x Net Debt/EBITDA 6.5x 5.5x $3

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10 (1) Refer to slide 11 for the expected composition of commercial Same Store properties. 2026 COMMERCIAL SAME STORE(1) OUTLOOK LOW HIGH GROWTH RANGE RETAIL SAME STORE NOI, CASH $65.6M $66.2M 1.00% - 2.00% OFFICE SAME STORE NOI, CASH $54.1M $54.7M 1.40% - 2.50% $ IN MILLIONS

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11 COMMERCIAL SAME STORE PROPERTY EXPECTED COMPOSITION - 2026 RETAIL OFFICE 249 Central Park Retail Lexington Square 249 Central Park Office 4525 Main Street Retail North Pointe Center 4525 Main Street 4621 Columbus Street Retail Parkway Centre 4605 Columbus Office Columbus Village I & II Parkway Marketplace Armada Hoffler Tower Commerce Street Retail Perry Hall Marketplace One Columbus Fountain Plaza Retail Sandbridge Commons Two Columbus Office Pembroke Square Tyre Neck Harris Teeter Constellation Office Premier Retail North Hampton Market Thames Street Wharf South Retail One City Center Retail Wills Wharf Studio 56 Retail Overlook Village One City Center Office The Cosmopolitan Retail Patterson Place Providence Plaza Office Two Columbus Retail Providence Plaza Retail The Interlock Office West Retail South Square Brooks Crossing Office Constellation Retail The Interlock Retail Broad Creek Shopping Center Wendover Village Broadmoor Plaza Dimmock Square Brooks Crossing Retail Harrisonburg Regal Delray Beach Plaza Marketplace at Hilltop Greenbrier Square Red Mill Commons Greentree Shopping Center Southgate Square Hanbury Village Southshore Shops

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12FORWARD-LOOKING STATEMENTS This presentation should be read in conjunction with the unaudited condensed consolidated financial statements appearing in our press release dated February 16, 2026, which has been furnished as Exhibit 99.1 to our Form 8-K furnished on February 16, 2026. The Company makes statements 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")). In particular, statements pertaining to our capital resources, portfolio performance and results of operations contain forward-looking statements. Likewise, all of our statements regarding our 2026 outlook and related assumptions, projections, anticipated growth in our funds from operations ("FFO"), pro forma funds from operations ("Pro Forma FFO"), adjusted funds from operations ("AFFO"), AFFO Payout Ratio and net operating income ("NOI") are forward-looking statements. You can identify forward-looking statements by the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," "seeks," "intends," "plans," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise and the Company may not be able to realize them. The Company does not guarantee that the transactions and events described will happen as described (or that they will happen at all). For further discussion of risk factors and other events that could impact our future results, please refer to the section entitled "Risk Factors" in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC"), and the documents subsequently filed by us from time to time with the SEC. 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. These factors include, without limitation: (a) the future performance of the Company's operating property portfolio; (b) the potential dispositions of (x) most of the Company's multifamily portfolio, (y) the Company's real estate financing program, and (z) the Company's general contracting and real estate services business and the use of proceeds from such dispositions; (c) future financing activities, acquisitions, and dispositions; and (d) the Company's ability to maintain compliance with the covenants under its existing debt agreements or to obtain modifications to such covenants from the applicable lenders. 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. The Company does not provide a reconciliation for its forward-looking measures of Pro Forma FFO, Pro Forma FFO per diluted share, AFFO, AFFO per diluted share, AFFO Payout Ratio, retail same store NOI (cash), or office same store NOI (cash) 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 or 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 ranges would imply a degree of precision for its forward-looking net income per diluted share that could be misleading to investors.

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### Attached PDF Documents

**Attachment 1:** `q42025supplemental.pdf`

_No text found in this document._