ex992_q12025supplemental

SUPPLEMENTAL FINANCIAL PACKAGE

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

3 HIGHLIGHTS $0.17 First Quarter FFO Per Diluted Share $0.25 First Quarter Normalized FFO Per Diluted Share 95.7% Wtd. Avg. Portfolio Occupancy as of March 31, 2025 58.0% ABR in Mixed-Use Communities 313K Square Feet of New and Renewed Commercial Space for the First Quarter of 2025 95.0% Multifamily Occupancy 11.0% First Quarter Retail Lease Renewal Spread Increase, GAAP 23.3% First Quarter Office Lease Renewal Spread Increase, GAAP ~$4.5M NOI to be Added by the End of 2025 By Delivery of Development Pipeline

4 (1) See appendix for definitions. Ranges include or exclude certain items as per definition. (2) See definition in appendix. Refer to the Hedging Activity slide for the breakdown of derivative interest income for the first quarter of 2025. 2025 OUTLOOK & ASSUMPTIONS OUTLOOK(1) LOW HIGH PROPERTY PORTFOLIO NOI $172.2M $175.8M CONSTRUCTION SEGMENT PROFIT $4.8M $6.8M G&A EXPENSES ($17.0M) ($16.2M) INTEREST INCOME $15.9M $16.9M ADJUSTED INTEREST EXPENSE(2) ($62.6M) ($58.6M) NORMALIZED FFO PER DILUTED SHARE $1.00 $1.10 GUIDANCE ASSUMPTIONS • Harbor Point T. Rowe Price and Allied delivered in Q1 2025 • Construction gross profit decline due to lower backlog • Chandler Residences stabilized in Q2 2025

5(1) See appendix for definitions. (2) Excludes GAAP adjustments. (3) Total occupancy weighted by annualized rent. SUMMARY INFORMATION $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) OPERATIONAL METRICS 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Net (Loss) Income Attributable to Common Stockholders and OP Unitholders ($7,227) $26,140 ($10,416) $375 Net (Loss) Income per Diluted Share Attributable to Common Stockholders and OP Unitholders ($0.07) $0.26 ($0.11) $— Normalized FFO Attributable to Common Stockholders and OP Unitholders 25,608 27,837 31,438 30,204 Normalized FFO per Diluted Share Attributable to Common Stockholders and OP Unitholders $0.25 $0.27 $0.35 $0.34 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.4x 5.8x 5.9x 6.4x Fixed Charge Coverage Ratio(1) 1.7x 1.6x 1.4x 1.4x CAPITALIZATION Common Shares Outstanding 80,156 79,696 79,696 67,388 Operating Partnership Units Outstanding 21,942 21,666 21,668 21,709 Common Shares and Operating Partnership Units Outstanding 102,098 101,362 101,364 89,097 Market Price per Common Share as of Last Trading Day of Quarter $7.51 $10.23 $10.83 $11.09 Common Equity Capitalization 766,756 1,036,933 1,097,772 988,086 Preferred Equity Capitalization 171,085 171,085 171,085 171,085 Total Equity Capitalization 937,841 1,208,018 1,268,857 1,159,171 Total Debt(2) 1,321,436 1,297,510 1,330,124 1,422,473 Total Capitalization $2,259,277 $2,505,528 $2,598,981 $2,581,644 STABILIZED PORTFOLIO OCCUPANCY(1) Retail 94.5 % 95.3 % 96.2 % 95.4 % Office 97.5 % 97.2 % 94.7 % 94.3 % Multifamily 95.0 % 95.3 % 95.3 % 94.9 % Weighted Average(3) 95.7 % 96.0 % 95.4 % 94.9 % STABILIZED PORTFOLIO Commercial Retail Portfolio Net Operating Income $17,583 $19,004 $18,622 $19,230 Number of Properties 46 46 48 48 Net Rentable Square Feet 3,823k 3,824k 4,037 k 4,038 k Office Portfolio Net Operating Income $14,886 $12,817 $18,969 $14,734 Number of Properties 14 14 14 14 Net Rentable Square Feet 2,338k 2,335 k 2,333 k 2,328 k Multifamily Multifamily Portfolio Net Operating Income $8,523 $8,764 $7,982 $8,351 Number of Properties 11 11 11 11 Units 2,492 2,492 2,492 2,492

6 Three Months Ended 3/31/2025 3/31/2024 (Unaudited) Revenues Rental Revenues $63,801 $61,881 General Contracting and Real Estate Services Revenues 46,614 126,975 Interest Income 4,228 4,626 Total Revenues 114,643 193,482 Expenses Rental Expenses 15,624 14,605 Real Estate Taxes 5,937 5,925 General Contracting and Real Estate Services Expenses 45,250 122,898 Depreciation and Amortization 23,216 20,830 General & Administrative Expenses 7,386 5,874 Acquisition, Development & Other Pursuit Costs 54 — Total Expenses 97,467 170,132 Operating Income 17,176 23,350 Interest Expense (18,109) (17,975) Equity in Loss of Unconsolidated Real Estate Entities (1,913) — Change in Fair Value of Derivatives and Other (1,210) 12,888 Unrealized Credit Loss Provision (22) (83) Other Income (Expense), Net (75) 79 Income (Loss) Before Taxes (4,153) 18,259 Income Tax (Provision) Benefit (190) (534) Net Income (Loss) ($4,343) $17,725 Net (Income) Loss Attributable to Noncontrolling Interests in Investment Entities 3 (34) Preferred Stock Dividends (2,887) (2,887) Net (Loss) Income Attributable to AHH and OP Unitholders ($7,227) $14,804 Net (Loss) Income per Diluted Share and Unit Attributable to AHH and OP Unitholders ($0.07) $0.17 Weighted Average Shares & OP Units - Diluted(1) 101,570 88,451 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.

7 SUMMARY BALANCE SHEET $ IN THOUSANDS As Of 3/31/2025 12/31/2024 (Unaudited) Assets Real Estate Investments: Income Producing Property $2,188,204 $2,173,787 Held for Development 5,683 5,683 Construction in Progress 13,289 17,515 Accumulated Depreciation (470,420) (451,907) Net Real Estate Investments 1,736,756 1,745,078 Real Estate Investments Held for Sale 4,800 4,800 Cash and Cash Equivalents 45,716 70,642 Restricted Cash 2,851 1,581 Accounts Receivable, Net 51,895 52,860 Notes Receivable, Net 139,462 132,565 Construction Receivables, Including Retentions, Net 72,159 84,624 Construction Contract Costs and Estimated Earnings in Excess of Billings 2,482 6 Equity Method Investments 158,270 158,151 Operating Lease Right-of-Use Assets 22,784 22,841 Finance Lease Right-of-Use Assets 88,592 88,986 Acquired Lease Intangible Assets 86,374 89,739 Other Assets 53,085 60,990 Total Assets $2,465,226 $2,512,863 Liabilities and Equity Indebtedness, Net $1,320,552 $1,295,559 Accounts Payable and Accrued Liabilities 25,029 38,840 Construction Payables, Including Retentions 76,240 104,495 Billings in Excess of Construction Contract Costs and Estimated Earnings 3,444 5,871 Operating Lease Liabilities 31,325 31,365 Finance Lease Liabilities 92,837 92,646 Other Liabilities 47,047 54,418 Total Liabilities 1,596,474 1,623,194 Total Equity 868,752 889,669 Total Liabilities and Equity $2,465,226 $2,512,863

8 FFO, NORMALIZED FFO, & AFFO(1) $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Funds From Operations Net (Loss) Income Attributable to AHH and OP Unitholders ($7,227) $26,140 ($10,416) $375 Net Income (Loss) per Diluted Share ($0.07) $0.26 ($0.11) $— Depreciation and Amortization(2) 24,400 24,899 23,070 20,570 Gain on Dispositions of Operating Real Estate(3) — (21,305) — — Impairment of Real Estate Assets(4) — — — 1,494 FFO $17,173 $29,734 $12,654 $22,439 FFO per Diluted Share $0.17 $0.29 $0.14 $0.25 Normalized FFO Acquisition, Development, and Other Pursuit Costs 54 1 2 5,528 (4) Loss on Extinguishment of Debt — 134 113 — Non-Cash GAAP Adjustments 248 497 588 166 Severance-Related Costs 13 — 1,339 — Decrease (Increase) in Fair Value of Derivatives 5,627 (2,497) 16,669 1,950 Stock Compensation Normalization 2,110 — — — Amortization of Interest Rate Derivatives on Designated Cash Flow Hedges 383 (32) 73 121 Normalized FFO $25,608 $27,837 $31,438 $30,204 Normalized FFO per Diluted Share $0.25 $0.27 $0.35 $0.34 Adjusted FFO Non-Cash Stock Compensation 1,354 1,241 710 744 Tenant Improvements, Leasing Commissions, Lease Incentives(5) (2,458) (3,480) (2,112) (6,239) Property-Related Capital Expenditures(5) (3,048) (5,573) (2,677) (5,313) Non-Cash Interest Expense(6) 2,058 1,891 1,925 1,994 Cash Ground Rent Payment - Finance Lease (998) (995) (977) (980) GAAP Adjustments (2,163) (2,884) (2,666) (2,095) AFFO $20,353 $18,037 $25,641 $18,315 AFFO per Diluted Share $0.20 $0.18 $0.28 $0.21 Non-Cash Notes Receivable Interest Income (3,932) (4,236) (4,266) (4,155) AFFO less Non-Cash Notes Receivable Interest Income $16,421 $13,801 $21,375 $14,160 AFFO less Non-Cash Notes Receivable Interest Income per Diluted Share $0.16 $0.14 $0.24 $0.16 Weighted Average Common Shares Outstanding 79,992 79,695 68,931 67,106 Weighted Average Operating Partnership Units Outstanding 21,578 21,666 21,667 21,709 Total Weighted Average Common Shares and OP Units Outstanding(7) 101,570 101,361 90,598 88,815 (1) See definitions in appendix. (2) Adjusted for the depreciation attributable to noncontrolling interests in consolidated investments. (3) Excludes gain/loss attributable to noncontrolling interests in consolidated investments and the disposition of non-operating parcels. (4) Due to the write off of development costs related to an undeveloped land parcel in predevelopment. (5) Excludes development, redevelopment, and first-generation space. (6) Includes non-cash interest expense relating to indebtedness and interest expense on finance leases. (7) Represents the weighted average number of common shares and OP Units outstanding during the respective periods presented excluding any potentially dilutive impact of Preferred Stock.

9 NET ASSET VALUE COMPONENT DATA (1) Excludes expenses associated with the Company’s in-house asset management division of $0.7M for the 3 months ended 3/31/2025. (2) Includes 100% of joint ventures. (3) Includes leases for spaces occupied by the Company, which are eliminated for GAAP purposes. (4) Representative of costs incurred to date. (5) Includes quantifiable undeveloped land opportunities. (6) Excludes all portfolio related assets and liabilities. (7) Excludes lease liabilities. (8) Excludes GAAP adjustments. $ AND SHARES/UNITS IN THOUSANDS Stabilized Portfolio NOI (Cash) Three Months Ended 3/31/2025 Retail Office(3) Multifamily Total Stable Portfolio Portfolio NOI(1)(2) $17,060 $13,670 $8,974 $39,704 Non-Stabilized Properties NOI (399) (352) (497) (1,248) Signed Leases Not Yet Occupied or in Free Rent Period 1,098 1,535 — 2,633 Stable Portfolio NOI $17,759 $14,853 $8,477 $41,089 Annualized $71,036 $59,412 $33,908 $164,356 Non-Stabilized Portfolio(4) As of 3/31/2025 Projects Under Development $— Properties in Lease Up 119,000 Development Opportunities(5) 1,800 Unconsolidated JV Development 164,300 Total Non-Stabilized Portfolio $285,100 Third-Party General Contracting and Real Estate Services Trailing 12 Months General Contracting Gross Profit $11,162 Non-Property Assets(6) As of 3/31/2025 Corporate GCRES and Other Real Estate Financing Total Cash and Restricted Cash $9,877 $10,292 $— $20,169 Accounts Receivable, Net 5,027 — — 5,027 Other Notes Receivable 13,180 — — 13,180 Real Estate Financing Investments(7) — — 128,231 128,231 Construction Receivables, Including Retentions(7) — 72,159 — 72,159 Other Assets / Costs in Excess of Earnings 3,520 19,924 — 23,444 Total Non-Property Assets $31,604 $102,375 $128,231 $262,210 Liabilities(7) As of 3/31/2025 Corporate and Property GCRES and Other Real Estate Financing Total Mortgages and Notes Payable(8) $1,218,107 $— $103,329 $1,321,436 Accounts Payable and Accrued Liabilities 23,976 1,053 — 25,029 Construction Payables, Including Retentions — 76,240 — 76,240 Other Liabilities(8) 29,711 16,370 — 46,081 Total Liabilities $1,271,794 $93,663 $103,329 $1,468,786 Preferred Equity Liquidation Value Series A Cumulative Redeemable Perpetual Preferred Stock $171,085 Common Equity As of 3/31/2025 Total Common Shares Outstanding 80,156 Total OP Units Outstanding 21,942 Total Common Shares & OP Units Outstanding 102,098

10 CREDIT PROFILE $ IN THOUSANDS Net Debt to Adjusted EBITDAre 5.5x 4.9x 5.3x 5.4x 5.5x 6.2x 6.5x 6.6x 6.4x 5.9x 5.8x 5.4x 7.2x 6.5x 5.9x 6.6x 7.1x 7.1x 7.5x 7.4x 7.5x 7.2x 7.2x 7.1x Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre Net Debt / Total Adjusted EBITDAre Q2 2022 Q3 2022 Q4 2022 Q1 2 023 Q2 2023 Q3 2023 Q4 2023 Q1 2 024 Q2 2024 Q3 2024 Q4 2024 Q1 2 025 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x 5.0x 5.5x 6.0x 6.5x 7.0x 7.5x 8.0x Total Debt Secured Debt Unsecured Debt % Fixed/Hedged Q2 2 02 2 Q3 2 02 2 Q4 2 02 2 Q1 2 02 3 Q2 2 02 3 Q3 2 02 3 Q4 2 02 3 Q1 2 02 4 Q2 2 02 4 Q3 2 02 4 Q4 2 02 4 Q1 2 02 5 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 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 0 5,000 10,000 15,000 20,000 25,000 —% 50% 100% 150% Weighted Average Years to Maturity - Debt 5.0 5.5 4.7 4.4 4.6 4.2 3.9 3.7 3.6 3.5 3.3 3.3 Weighted Average Years to Maturity Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 0.0 1.0 2.0 3.0 4.0 5.0 6.0

11 LEVERAGE METRICS $ IN THOUSANDS SEE APPENDIX FOR DEFINITIONS, CALCULATIONS, AND RECONCILIATIONS (1) Includes income and debt related to development, real estate financing, construction, and other ancillary activities outside of our stabilized portfolio. (2) Reflects total debt less GAAP adjustments, cash, restricted cash, and other notes payable. Three Months Ended 3/31/2025 Stabilized Portfolio Adjusted EBITDAre $43,245 Stabilized Portfolio Debt $929,807 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.4 x Total Adjusted EBITDAre $45,105 Net Debt(2) $1,272,869 Net Debt/Total Adjusted EBITDAre(1) 7.1 x Net Debt + Preferred $1,443,954 Net Debt + Preferred /Total Adjusted EBITDAre 8.0 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 5.4x 7.1x 8.0x Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre Net Debt/Total Adjusted EBITDAre (1) Net Debt + Preferred / Total Adjusted EBITDAre

12 DEBT MANAGEMENT $ IN THOUSANDS AS OF MARCH 31, 2025 Total Debt Composition Weighted Average % of Debt Interest Rate Maturity Variable vs. Fixed-Rate Debt Variable-Rate Debt(1)(2) — % N/A N/A Fixed-Rate Debt(3)(4) 100.0 % 4.2 % 3.0 Yrs Secured vs. Unsecured Debt Unsecured Debt(2) 56.5 % 4.4 % 2.1 Yrs Secured Debt(2) 43.5 % 3.9 % 4.2 Yrs Portfolio Weighted Average(2) 4.2 % 3.0 Yrs (1) Excludes debt subject to interest rate swap locks. (2) Represents the weighted average interest rate of the portfolio, inclusive of interest rate derivatives. (3) Includes debt subject to interest rate swap locks. (4) Excludes GAAP adjustments. Portfolio Weighted Average Interest Rate 3.0% 2.9% 3.6% 3.9% 4.0% 4.2% 4.0% 4.4% 4.6% 4.5% 4.4% 4.2% Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 .0% .5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0%

13 OUTSTANDING DEBT $ IN THOUSANDS (1) Excludes extension options. (2) On May 1, 2025, the Company repaid this mortgage loan in full. (3) Subject to a rate floor. (4) Does not reflect two 12-month extension options. Debt Maturities & Principal Payments Debt Stated Rate Effective Rate as of 3/31/2025 Maturity Date (1) 2025 2026 2027 2028 2029 Thereafter Outstanding as of 3/31/2025 Secured Debt - Stabilized Red Mill South 3.57 % 3.57 % May-2025 (2) $ 4,413 $ — $ — $ — $ — $ — $ 4,413 The Everly SOFR+ 1.50 % 5.83 % (3) Dec-2025 (4) 30,000 — — — — — 30,000 Encore Apartments & 4525 Main Street 2.93 % 2.93 % Feb-2026 1,014 50,840 — — — — 51,854 Thames Street Wharf SOFR+ 1.30 % 2.33 % (5) Sep-2026 1,075 65,028 — — — — 66,103 Constellation Energy Building SOFR+ 1.50 % 5.95 % (3)(5) Nov-2026 — 175,000 — — — — 175,000 Liberty SOFR+ 1.50 % 4.93 % (5) Sep-2027 272 382 19,496 — — — 20,150 Greenbrier Square 3.74 % 3.74 % Oct-2027 301 415 18,370 — — — 19,086 Lexington Square 4.50 % 4.50 % Sep-2028 242 335 350 12,287 — — 13,214 Red Mill North 4.73 % 4.73 % Dec-2028 96 133 139 3,442 — — 3,810 Premier Apartments and Retail 5.53 % 5.53 % Dec-2029 — — — — 29,415 — 29,415 Greenside Apartments 3.17 % 3.17 % Dec-2029 605 834 861 886 26,932 — 30,118 Smith's Landing 4.05 % 4.05 % Jun-2035 780 1,081 1,126 1,172 1,222 7,946 13,327 The Edison 5.30 % 5.30 % Dec-2044 322 450 474 500 527 12,396 14,669 The Cosmopolitan 3.35 % 3.35 % Jul-2051 705 968 1,001 1,035 1,071 34,450 39,230 Total - Secured Stabilized Debt 39,825 295,466 41,817 19,322 59,167 54,792 510,389 Secured Debt - Development Pipeline Southern Post SOFR+ 2.25 % 6.58 % (3) Aug-2026 (4) — 65,047 — — — — 65,047 Total - Development Pipeline — 65,047 — — — — 65,047 Total Secured Debt 39,825 360,513 41,817 19,322 59,167 54,792 575,436 Unsecured Debt TD Unsecured Term Loan SOFR+ 1.35%-1.90% 4.70 % (5) May-2025 (6) 95,000 — — — — — 95,000 Senior Unsecured Revolving Credit Facility SOFR+ 1.30%-1.85% 6.42 % Jan-2027 (7) — — 161,000 — — — 161,000 Senior Unsecured Revolving Credit Facility (Fixed) SOFR+ 1.30%-1.85% 4.80 % (5) Jan-2027 (7) — — 5,000 — — — 5,000 M&T Unsecured Term Loan SOFR+ 1.25%-1.80% 6.22 % Mar-2027 (6) — — 35,000 — — — 35,000 M&T Unsecured Term Loan (Fixed) SOFR+ 1.25%-1.80% d ) 4.90 % (5) Mar-2027 (6) — — 100,000 — — — 100,000 Senior Unsecured Term Loan SOFR+ 1.25%-1.80% 6.22 % Jan-2028 — — — 271,000 — — 271,000 Senior Unsecured Term Loan (Fixed) SOFR+ 1.25%-1.80% 4.83 % (5) Jan-2028 — — — 79,000 — — 79,000 Total Unsecured Debt 95,000 — 301,000 350,000 — — 746,000 Total Principal Balances $ 134,825 $ 360,513 $ 342,817 $ 369,322 $ 59,167 $ 54,792 $ 1,321,436 Other Notes Payable 6,115 Unamortized GAAP Adjustments (6,999) Indebtedness, Net $ 1,320,552 (5) Includes debt subject to interest rate swap locks. (6) Does not reflect one 12-month extension option. (7) Does not reflect two six-month extension options.

14 (1) Includes debt subject to interest rate swap locks. (2) Excludes GAAP adjustments. (3) These swaps economically hedge the Company’s exposure to the senior construction loans on T. Rowe Price Global HQ and Allied | Harbor Point. HEDGING ACTIVITY GAINS (LOSSES) ON INTEREST RATE DERIVATIVES Three Months Ended Accounting Treatment(4) Statement of Comprehensive Income Location 3/31/2025 3/31/2024 Designated Hedges Interest Expense $ 313 $ 1,214 Non-Designated Hedges Change in Fair Value of Derivatives and Other 4,417 6,378 Total Realized Gains on Interest Rate Derivatives $ 4,730 $ 7,592 Designated Hedges Unrealized Cash Flow Hedge Gains (Losses)(5) $ (1,050) $ 3,554 Non-Designated Hedges Change in Fair Value of Derivatives and Other (5,627) 6,510 Total Unrealized (Losses) Gains on Interest Rate Derivatives $ (6,677) $ 10,064 Total Realized and Unrealized (Losses) Gains on Interest Rate Derivatives $ (1,947) $ 17,656 Interest Rate Swaps Not Allocated to Specific Asset Debt Effective Date Maturity Date SOFR Strike / Swap Fixed Rate Notional Amount October 2023 October 2025 2.75% $330,000 December 2023 December 2025 2.75% 300,000 January 2025 January 2027 2.50% 150,000 Total Interest Rate Swaps $780,000 Fixed-Rate Debt(1)(2) $584,389 Fixed-Rate and Hedge Debt $1,364,389 Total Debt(2) $1,321,436 % Fixed or Hedged 100% Interest Rate Swaps Allocated to Off Balance Sheet Joint Ventures(3) October 2023 October 2025 2.75% $90,000 November 2023 November 2025 2.75% 100,000 Total Interest Rate Swaps $190,000 $ IN THOUSANDS AS OF MARCH 31, 2025 (4) The Company only enters into interest rate derivatives to hedge its exposure to interest rate risk from floating rate debt. The Company may elect to designate an interest rate derivative as a cash flow hedge under US GAAP if certain criteria are met, which allows for reporting of realized gains (losses) net of the hedge item (interest expense). All income statement activity for derivatives that are not designated as cash flow hedges is reported within Change in fair value of derivatives and other in the Company’s Statement of Comprehensive Income. (5) Unrealized cash flow hedge gains (losses) is a component of comprehensive income (loss) and is excluded from net income (loss).

15 CAPITALIZATION & FINANCIAL RATIOS $ IN THOUSANDS, EXCEPT PER SHARE AS OF MARCH 31, 2025 (1) Represents the weighted average number of common shares and OP Units outstanding during the respective periods presented. (2) As of close of market on 3/31/25. (3) See appendix for definitions. (4) Excludes availability under construction loans. (5) Total Asset Value is calculated based on the terms of our credit facility agreement and therefore does not tie directly to the balance sheet. Debt % of Total Principal Balance Unsecured Revolving Credit Facility 13 % $166,000 Unsecured Term Loans 44 % 580,000 Mortgages Payable 44 % 575,436 Total Debt $1,321,436 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(1) Stock Price(2) Market Value Common Stock (NYSE: AHH) 79 % 79,992 $7.51 $601,972 Operating Partnership Units 21 % 21,578 $7.51 164,784 Equity Market Capitalization 101,570 $766,756 Total Capitalization $2,259,277 Enterprise Value $2,210,710 Total Debt to Enterprise Value 60 % Financial Ratios(3) Debt Service Coverage Ratio 1.9x Fixed Charge Coverage Ratio 1.7x Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.4x Net Debt / Total Adjusted EBITDAre 7.1x Net Debt Plus Preferred / Total Adjusted EBITDAre 8.0x Debt/Total Capitalization 58 % Liquidity(4) Corporate and Property GCRES and Other Real Estate Financing Total Cash on Hand $35,424 $10,292 $— $45,716 Net Short Term Receivables/(Payables) 22,251 (428) — 21,823 Availability Under Credit Agreements 160,358 5,600 — 165,958 Total Liquidity $195,782 $15,892 $— $211,674 Unencumbered Properties % of Total Properties 57 % % of Annualized Base Rent 71 % Total Asset Value(5) $1,510,597 Preferred Equity 8% Debt 58% Common Equity 34%

16 PORTFOLIO PROFILE Multifamily Tradeout % of Portfolio ABR Expiring for Top 20 Tenants Retail Office Commercial Expirations 4.0% —% 3.0% 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 Weighted Average Annual Base Rent Remaining (Years)

17 (1) Excludes expenses associated with the Company’s in-house asset management division of $0.7M and $0.8M for the three months ended 3/31/2025 & 3/31/2024, respectively. SAME STORE NOI BY SEGMENT $ IN THOUSANDS (RECONCILIATION TO GAAP LOCATED IN APPENDIX) Three Months Ended 3/31/2025 3/31/2024 $ Change % Change Retail Rental Revenues $24,183 $23,557 $626 2.7 % Rental Expenses(1) 4,116 3,604 512 14.2 % Real Estate Taxes 2,253 2,166 87 4.0 % Same Store NOI $17,814 $17,787 $27 0.2 % GAAP Adjustments (1,199) (1,001) (198) Net Operating Income, Cash $16,615 $16,786 ($171) (1.0) % Office Rental Revenues $23,391 $21,878 $1,513 6.9 % Rental Expenses(1) 6,001 5,806 195 3.4 % Real Estate Taxes 2,237 2,191 46 2.1 % Same Store NOI $15,153 $13,881 $1,272 9.2 % GAAP Adjustments (1,835) (1,357) (478) Net Operating Income, Cash $13,318 $12,524 $794 6.3 % Multifamily Rental Revenues $14,333 $14,352 $(19) (0.1) % Rental Expenses(1) 4,330 4,084 246 6.0 % Real Estate Taxes 1,314 1,295 19 1.5 % Same Store NOI $8,689 $8,973 $(284) (3.2) % GAAP Adjustments (215) (208) (7) Net Operating Income, Cash $8,474 $8,765 $(291) (3.3) % Same Store NOI $41,656 $40,641 $1,015 2.5 % GAAP Adjustments (3,249) (2,566) 0 (683) Same Store Portfolio NOI, Cash Basis $38,407 $38,075 $332 0.9 %

18 STABILIZED PORTFOLIO SUMMARY AS OF MARCH 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 96.8 % $14,170,287 $26.64 Harbor Point - Baltimore Waterfront 2 57,096 8 64.5 % 1,119,877 30.41 Grocery Anchored 14 1,320,155 16 97.7 % 20,821,035 16.15 Southeast Sunbelt 10 945,090 17 94.7 % 20,788,280 23.22 Mid-Atlantic 7 951,715 18 90.0 % 16,247,333 18.98 Stabilized Retail Total 46 3,823,373 16 94.4 % $73,146,812 $20.27 Office Properties # of Properties Net Rentable SF(1) Average Age Occupancy(1) ABR(1) ABR per Occupied SF Town Center of Virginia Beach 6 807,325 23 97.7 % $25,381,476 $32.17 Harbor Point - Baltimore Waterfront 3 1,044,435 10 97.8 % 33,182,749 32.50 Southeast Sunbelt 4 387,693 8 95.5 % 12,816,046 34.60 Mid-Atlantic 1 98,061 6 100.0 % 2,002,945 20.43 Stabilized Office Total 14 2,337,514 14 97.5 % $73,383,216 $32.21 MULTIFAMILY PORTFOLIO Multifamily Properties # of Properties Units Average Age Occupancy(1) AQR(1) Monthly AQR per Occupied Unit Town Center of Virginia Beach 3 759 8 95.0 % $17,953,356 $2,075 Harbor Point - Baltimore Waterfront 2 392 8 93.6 % 11,756,628 2,670 Southeast Sunbelt 3 686 4 93.1 % 14,219,400 1,854 Mid-Atlantic 3 655 13 97.7 % 13,304,616 1,732 Stabilized Multifamily Total 11 2,492 8 95.0 % $57,234,000 $2,015

19 MIXED-USE V. NON-MIXED-USE(1) $ IN THOUSANDS AS OF MARCH 31, 2025 Three Months Ended 3/31/2025 3/31/2024 $ Change % Change Mixed Use Rental Revenues $36,927 $35,510 $1,417 4.0 % Rental Expenses (2) 9,736 9,298 438 4.7 % Real Estate Taxes 3,521 3,409 112 3.3 % Mixed Use NOI 23,670 22,803 867 3.8 % GAAP Adjustments (2,186) (1,684) (502) 29.8 % Mixed-use NOI, Cash $21,484 $21,119 $365 1.7 % Mixed-Use Occupancy 95.6 % 94.7 % Non-Mixed Use Rental Revenues $24,978 $26,192 $(1,214) (4.6) % Rental Expenses (2) 4,660 4,493 167 3.7 % Real Estate Taxes 2,283 2,460 (177) (7.2) % Non-Mixed Use NOI 18,035 19,239 (1,204) (6.3) % GAAP Adjustments (93) 62 (155) (250.0) % Non-Mixed Use NOI, Cash $17,942 $19,301 $(1,359) (7.0) % Non-Mixed Use Occupancy 95.2 % 95.3 % (1) Stabilized properties only. (2) Excludes expenses associated with the Company’s in-house asset management division of $0.7M and $0.8M for the three months ended 3/31/2025 & 3/31/2024, respectively.

20 MIXED-USE COMMUNITIES AS OF MARCH 31, 2025 TOTAL PORTFOLIO ABR 59.2% 25.4% 1.9% 13.5% Mixed-Use Grocery Anchored and Power Centers Office Multifamily Mixed-Use Retail: 17.8% Mixed-Use Office: 57.6% Mixed-Use Multifamily: 24.6% • 2.9M SF COMMERCIAL SPACE IN MIXED-USE PORTFOLIO ◦ 2.2M SF OF CLASS A PREMIER OFFICE SPACE ◦ 0.7M SF OF RETAIL • 1,151 MULTIFAMILY UNITS • STRATEGICALLY LOCATED IN CORE SUBMARKETS • AVERAGE WALK SCORE OF 90 (1) Stabilized properties only. (2) Includes Liberty Retail and The Edison Retail (1) (2)

21 TOP 20 TENANTS BY ABR $ IN THOUSANDS AS OF MARCH 31, 2025 Commercial Portfolio Tenant Investment Grade Rating(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 9,028 4.4% T. Rowe Price 1 8,260 4.1% The Kroger Co. ü 6 3,781 1.9% Clark Nexsen 1 2,914 1.4% Canopy by Hilton 1 2,698 1.3% Dick's Sporting Goods ü 3 2,480 1.2% The Gathering Spot 2 2,030 1.0% Franklin Templeton ü 1 1,898 0.9% Duke University ü 1 1,786 0.9% Huntington Ingalls Industries ü 2 1,671 0.8% PetSmart 5 1,566 0.8% The TJX Companies ü 5 1,554 0.8% Williams Mullen 1 1,506 0.7% Vestis Corporation 1 1,465 0.7% Georgia Tech ü 1 1,446 0.7% WeWork 1 1,348 0.7% Mythics 1 1,337 0.7% Apex Entertainment 1 1,218 0.6% Amazon/Whole Foods ü 1 1,214 0.6% Top 20 Total $64,663 31.8% Total Investment Grade Rating ABR $ 40,321 % of Total ABR 19.8 % (1) Per public sources.

22 LEASE SUMMARY (1) Excludes leases from properties in development and redevelopment. 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 Q1 2025 26 140,993 11.0 % 7.4 % 3.9 $446,982 $3.17 Q4 2024 17 82,479 11.1 % 2.9 % 5.9 372,299 4.51 Q3 2024 24 179,701 13.1 % 7.8 % 5.1 410,509 2.28 Q2 2024 20 140,325 5.8 % 2.9 % 5.1 592,997 4.23 Trailing 4 Quarters 87 543,498 10.5 % 5.9 % 4.9 $1,822,787 $3.35 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 Q1 2025 5 25,073 $41.14 13.8 $5,663,284 $225.87 Q4 2024 16 112,444 20.91 9.6 5,114,708 45.49 Q3 2024 6 13,559 28.34 9.2 684,169 50.46 Q2 2024 7 32,517 18.10 8.6 1,575,222 48.44 Trailing 4 Quarters 34 183,593 $23.72 10.0 $13,037,383 $71.01 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 Q1 2025 5 122,562 23.3 % 3.7 % 9.7 $4,108,092 $33.52 Q4 2024 4 44,240 18.7 % 3.5 % 10.0 282,271 6.38 Q3 2024 4 64,459 18.5 % 0.8 % 4.4 2,122,420 32.93 Q2 2024 3 31,583 24.3 % 4.4 % 7.7 636,802 20.16 Trailing 4 Quarters 16 262,844 21.5 % 3.1 % 8.2 $7,149,585 $27.20 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 Q1 2025 6 24,374 $37.36 9.5 $2,326,590 $95.45 Q4 2024 7 75,381 35.11 9.1 4,266,018 56.59 Q3 2024 3 15,493 29.42 3.9 576,306 37.20 Q2 2024 2 44,289 33.57 10.7 5,554,413 125.41 Trailing 4 Quarters 18 159,537 $34.47 9.1 $12,723,327 $79.75

23 LEASE EXPIRATIONS(1) AS OF MARCH 31, 2025 (1) Excludes leases from properties in development, redevelopment, and delivered, but not yet stabilized. OFFICE Year Leases Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available – 58,994 2.5 % $— – % M-T-M 5 2,743 0.1 % 110,420 0.2 % 2025 5 38,465 1.6 % 1,987,660 2.7 % 2026 11 48,489 2.1 % 1,464,630 2.0 % 2027 20 147,397 6.3 % 5,232,472 7.1 % 2028 14 111,841 4.8 % 3,453,911 4.7 % 2029 15 272,371 11.7 % 7,324,711 10.0 % 2030 14 165,076 7.1 % 5,397,722 7.4 % 2031 10 156,764 6.7 % 4,578,121 6.2 % 2032 4 43,522 1.9 % 1,231,180 1.7 % 2033 8 79,997 3.4 % 2,467,584 3.4 % 2034 6 119,019 5.1 % 3,004,503 4.1 % Thereafter 17 1,092,836 46.7 % 37,130,302 50.5 % Total 129 2,337,514 100.0 % $73,383,216 100.0 % RETAIL Year Leases Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available – 214,292 5.6 % $— – % M-T-M 7 11,087 0.3 % 184,557 0.3 % 2025 35 122,304 3.2 % 2,549,780 3.5 % 2026 81 431,950 11.3 % 8,899,952 12.1 % 2027 85 440,432 11.5 % 8,616,736 11.8 % 2028 78 335,534 8.8 % 7,507,937 10.2 % 2029 76 413,835 10.8 % 7,756,810 10.6 % 2030 81 546,718 14.3 % 11,581,955 15.8 % 2031 36 226,533 5.9 % 4,764,689 6.5 % 2032 31 304,304 8.0 % 5,474,794 7.5 % 2033 25 89,876 2.4 % 2,168,365 3.0 % 2034 19 87,550 2.3 % 1,881,794 2.6 % Thereafter 45 598,958 15.6 % 11,937,415 16.1 % Total 599 3,823,373 100.0 % $73,324,784 100.0 %

24 T. Rowe Price Global HQ Baltimore, MD 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 Funded to Date AHH Ownership Anchor Tenants Southern Post Roswell, GA Mixed-Use 137 multifamily units / 95,000 sf office / 42,000 sf retail 62% Commercial(3) 88% Multifamily 4Q21 2Q24 2Q25 (4) $132,600 $73,620 (5) $124,000 100 % Vestis Equity Method Investments Projects Property Type Estimated Size(1) % Leased or LOI Construction Start Initial Occupancy Stabilized Operation(2) Estimated Cost(1) Equity Requirement Funded to Date AHH Ownership Anchor Tenants T. Rowe Price Global HQ | Baltimore, MD Mixed-Use 553,000 sf office / 20,200 sf retail / 250 parking spaces 97% 2Q22 1Q25 2Q25 $281,700 $53,800 $47,300 50 % T. Rowe Price Allied | Harbor Point Baltimore, MD Mixed-Use 312 units / 15,800 sf retail / 1,252 parking spaces 10% 2Q22 1Q25 3Q26 239,300 117,000 117,000 90 % (6) Total Unconsolidated JV Development $521,000 $170,800 $164,300 Q1 2025 Year to Date Capitalized Interest $2,017 $2,017 (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) Includes $5.7M earnout under certain conditions. (6) The Company currently owns 78% and holds an option to increase its ownership interest to 90%. On April 29, 2025, the Company entered into a binding term sheet with its partner pursuant to which the Company will exercise the option and acquire the partner’s remaining 10% ownership interest in the joint venture. This transaction is expected to be consummated in Q2 2025. T. Rowe Price Global HQ Baltimore, MD Southern Post Roswell, GA

25 REDEVELOPMENT Projects Description Projected Date of Completion(1) Estimated Cost(1) Liberty Apartments Relocation of the leasing office to create additional apartment units 2Q25 $ 525 Columbus Village II Redevelopment of a 37,500 sq.ft building previously occupied by Bed Bath & Beyond into a grocery-anchored multi-tenant shopping center with an outparcel 1Q26 13,825 Southgate Square Outparcel creation and development in the exisiting parking field 1Q26 70 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 exisiting parking field 2Q27 200 $ 19,120 $ IN THOUSANDS AS OF MARCH 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 greenspace Columbus Village II Redevelopment of +/- 4 acres for alternate commercial or residential use Harrisonburg Regal Redevelopment for alternate commercial or residential use; outparcel development potential Broad Creek Shopping Center Outparcel creation and development in the exisiting parking field Red Mill Commons Outparcel creation and development in the exisiting 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.

26 REAL ESTATE FINANCING $ IN THOUSANDS AS OF MARCH 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) Property Type Estimated Size(2) % Leased or LOI Initial Occupancy Estimated Stabilization(2) Loan Maturity Interest Rate Principal Balance Maximum Principal Commitment Cumulative Accrued Interest(3) QTD Interest Income(3) Solis Gainesville II Gainesville, GA Multifamily 184 units 84% 2Q24 Q2 2025 4Q26 6% (4) $ 19,595 $ 19,595 $ 6,193 $ 372 The Allure at Edinburgh Chesapeake, VA Multifamily 280 units 51% 4Q24 Q4 2025 1Q28 10% (5) 9,228 9,228 2,256 269 Solis Kennesaw Kennesaw, GA Multifamily 239 units 11% 1Q25 Q1 2026 2Q27 14% (4) 37,870 37,870 9,428 1,394 Solis Peachtree Corners Peachtree Corners, GA Multifamily 249 units N/A 2Q25(2) Q3 2026 4Q27 15% (4) 28,440 28,440 6,584 1,195 Solis North Creek Charlotte, NC Multifamily 303 units N/A 3Q26(2) Q4 2027 3Q30 12% (4) 8,196 26,767 1,109 427 Total Outstanding Investments $103,329 $121,900 $25,570 $3,657 (4) The interest rate varies over the life of the loan and the loan earns an unused commitment fee. (5) The interest rate varies over the life of the loan. Solis North Creek Charlotte, NC Solis Peachtree Corners Peachtr e Corners, GA

27 GENERAL CONTRACTING & REAL ESTATE SERVICES $ IN THOUSANDS Third-Party Backlog as of Q1 2025 Beginning Backlog $123,784 New Contracts 3,322 Work Performed (46,683) Ending Backlog $ 80,423 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Trailing 4 Quarters Revenue $46,614 $75,010 $114,353 $116,839 $352,816 Expense (45,250) (72,917) (110,987) (112,500) (341,654) Gross Profit $1,364 $2,093 $3,366 $4,339 $11,162 Operating Margin(1) 2.9 % 2.8 % 2.9 % 3.7 % 3.2 % (1) 50% and 90% of gross profit attributable to contracts for our T. Rowe Price Global HQ and Allied | Harbor Point development projects, respectively, is not reflected within general contracting & real estate services revenues due to elimination. The Company is still entitled to receive cash proceeds in relation to the eliminated amounts. Prior to any gross profit eliminations attributable to these projects, operating margin for Q1 2025, Q4 2024, Q3 2024, Q2 2024, and the Trailing 4 Quarters was 3.1%, 3.0%, 3.2%, 4.0%, and 3.4%, respectively. Peterson Station Morrisville, NC

28 NET INCOME & NOI BY SEGMENT $ IN THOUSANDS Three Months Ended March 31, 2025 Retail Real Estate Office Real Estate Multifamily Real Estate General Contracting and Real Estate Services Real Estate Financing Unallocated (2) Total Revenues Rental revenues $24,752 $23,898 $15,151 $— $— $— $63,801 General contracting and real estate services revenues — — — 46,614 — — 46,614 Interest income (real estate financing segment) — — — — 3,736 441 4,177 Total revenues 24,752 23,898 15,151 46,614 3,736 441 114,592 Expenses Rental expenses 4,460 6,370 4,794 — — — 15,624 Real estate taxes 2,310 2,290 1,337 — — — 5,937 General contracting and real estate services expenses — — — 45,250 — — 45,250 Interest expense (real estate financing segment)(1) — — — — 1,714 — 1,714 Total segment operating expenses 6,770 8,660 6,131 45,250 1,714 — 68,525 Segment net operating income 17,982 15,238 9,020 1,364 2,022 441 46,067 Interest income (excluding real estate financing segment) 12 — 39 — — — 51 Depreciation and amortization (8,804) (9,568) (4,653) — — (191) (23,216) General and administrative expenses — — — — — (7,386) (7,386) Acquisition, development and other pursuit costs — — — — — (54) (54) Impairment charges — — — — — — — Gain on real estate dispositions, net — — — — — — — Interest expense (excluding real estate financing segment) (5,676) (6,459) (4,260) — — — (16,395) Equity in loss of unconsolidated real estate entities (109) (1,306) (498) — — — (1,913) Loss on extinguishment of debt — — — — — — — Change in fair value of derivatives and other (471) (279) (253) — (207) — (1,210) Unrealized credit loss provision — — — — (22) — (22) Other (expense) income, net 1 1 14 — — (91) (75) Income tax benefit (provision) — — — (190) — — (190) Net income (loss) $2,935 ($2,373) ($591) $1,174 $1,793 ($7,281) ($4,343) (1) 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. (2) Other includes items not directly associated with the operation and management of the Company’s real estate properties, general contracting and real estate services, and real estate financing business. General and administrative expenses include corporate office personnel salaries and benefits, bank fees, accounting fees, legal fees, and other corporate office expenses.

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

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

31 ANNUALIZED BASE RENT: For the properties in our retail & office portfolios, we calculate annualized base rent (“ABR”) by multiplying (a) monthly base rent as of March 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 periodic contractual rent increases or contingent rental revenue (e.g., percentage rent based on tenant sales thresholds). ABR per leased square foot is calculated by dividing (a) ABR by (b) square footage under executed leases as of March 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.

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

33 NET OPERATING INCOME: We calculate Net Operating Income (“NOI”) as segment revenues less segment expenses. Segment revenues include rental revenues (base rent, expense reimbursements, termination fees, and other revenue) for our property segments, general contracting and real estate services revenues for our general contracting and real estate services segment, and interest income for our real estate financing segment. Segment expenses include rental expenses and real estate taxes for our property segments, general contracting and real estate services expenses for our general contracting and real estate services segment, and interest expense for our real estate financing segment. Segment NOI for the general contracting and real estate services and real estate financing segments is also referred to as segment gross profit. Other REITs may use different methodologies for calculating NOI, and, accordingly, our NOI may not be comparable to such other REITs’ NOI. NOI is not a measure of operating income or cash flows from operating activities as measured by GAAP and is not indicative of cash available to fund cash needs. As a result, NOI should not be considered an alternative to cash flows as a measure of liquidity. We consider NOI to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of our real estate business. To calculate NOI for the same store portfolio, we exclude one-time items, such as termination fees. To calculate NOI on a cash basis, we adjust NOI to exclude the net effects of straight-line rental revenues, the amortization of lease incentives and above/below market rents, the net effects of straight-line rental expenses, and to include ground rent expenses for finance leases. NET RENTABLE SQUARE FOOTAGE: We define net rentable square footage for each of our retail & office properties as the sum of (a) the square footage of executed leases, plus (b) for available space, management’s estimate of net rentable square footage based, in part, on past leases. The net rentable square footage included in office leases is generally consistent with the Building Owners and Managers Association 1996 measurement guidelines. DEFINITIONS NORMALIZED FUNDS FROM OPERATIONS: We calculate Normalized Funds From Operations (“Normalized FFO") as FFO calculated in accordance with the standards established by Nareit, adjusted for certain items, including but not limited to, acquisition, development, and other pursuit costs, debt extinguishment losses, prepayment penalties, impairment of intangible assets and liabilities, mark-to-market adjustments on interest rate derivatives not designated as cash flow hedges, amortization of payments made to purchase interest rate caps and swaps designated as cash flow hedges, provision for unrealized non-cash credit losses, amortization of right-of-use assets attributable to finance leases, severance related costs, and other non-comparable items. 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.

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

35 DEFINITIONS STABILIZED PROPERTY: We generally consider a property to be stabilized upon the earlier of (a) the quarter after the property reaches 80% occupancy, or (b) the thirteenth quarter after the property receives its certificate of occupancy. Additionally, any property that is fully or partially taken out of service for the purpose of redevelopment is no longer considered stabilized until the redevelopment 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 net rentable square footage of each lease as of the period end.

36 PROPERTY PORTFOLIO AS OF MARCH 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 % 491,367 18.66 Anthropologie, West Elm 4621 Columbus Retail Virginia Beach, VA 100% 2020 84,000 100.0 % 1,218,000 14.50 Apex Entertainment Columbus Village Virginia Beach, VA 100% 2020 62,207 100.0 % 2,040,076 32.79 Barnes & Noble, CAVA, Shake Shack, Five Below, Ulta Commerce Street Retail Virginia Beach, VA 100% 2008 19,173 100.0 % 893,632 46.61 Yard House Fountain Plaza Retail Virginia Beach, VA 100% 2004 35,961 94.4 % 1,154,649 34.02 Ruth's Chris, Nando's Pembroke Square Virginia Beach, VA 100% 2015 124,181 100.0 % 2,096,262 16.88 Fresh Market, Nordstrom Rack, DSW Premier Retail Virginia Beach, VA 100% 2018 39,015 94.9 % 1,344,045 36.28 Williams Sonoma, Pottery Barn South Retail Virginia Beach, VA 100% 2002 38,515 84.9 % 1,050,615 32.11 lululemon, free people, CPK Studio 56 Retail Virginia Beach, VA 100% 2007 11,594 100.0 % 413,118 35.63 Rocket Title, Legal Sea Foods The Cosmopolitan Retail Virginia Beach, VA 100% 2020 41,872 88.6 % 1,201,499 32.40 Lego, Nike Two Columbus Retail Virginia Beach, VA 100% 2009 13,752 100.0 % 526,978 38.32 Fidelity Investments, Luxxotica West Retail Virginia Beach, VA 100% 2002 17,558 83.4 % 494,102 33.74 PF Changs, The Men's Wearhouse Harbor Point - Baltimore Waterfront Constellation Retail Baltimore, MD 90% 2016 38,464 66.3 % $676,096 $26.52 West Elm Point Street Retail Baltimore, MD 100% 2018 18,632 60.8 % 443,781 39.18 solidcore Grocery Anchored Broad Creek Shopping Center(2) Norfolk, VA 100% 2001 121,504 89.2 % $2,177,315 $20.09 Food Lion, PetSmart Broadmoor Plaza South Bend, IN 100% 1980 115,059 98.2 % 1,359,717 12.04 Kroger Brooks Crossing Retail Newport News, VA 65%(3) 2016 18,349 84.8 % 229,537 14.75 Various Small Shops (grocery shadow) Delray Beach Plaza(2) Delray Beach, FL 100% 2021 87,207 89.3 % 2,696,192 34.63 Whole Foods Greenbrier Square Chesapeake, VA 100% 2017 260,625 100.0 % 2,635,291 10.11 Kroger, Homegoods, Dick's Sporting Goods Greentree Shopping Center Chesapeake, VA 100% 2014 15,719 100.0 % 368,266 23.43 Various Small Shops (grocery shadow) Hanbury Village Chesapeake, VA 100% 2009 98,638 100.0 % 2,054,904 20.83 Harris Teeter Lexington Square Lexington, SC 100% 2017 85,440 97.2 % 1,892,535 22.79 Lowes Foods North Pointe Center Durham, NC 100% 2009 226,083 100.0 % 3,013,566 13.33 Harris Teeter Parkway Centre Moultrie, GA 100% 2017 61,200 100.0 % 865,872 14.15 Publix Parkway Marketplace Virginia Beach, VA 100% 1998 37,804 97.1 % 715,508 19.49 Various Small Shops (grocery shadow) Perry Hall Marketplace Perry Hall, MD 100% 2001 74,251 100.0 % 1,300,130 17.51 Safeway Sandbridge Commons Virginia Beach, VA 100% 2015 69,417 100.0 % 952,254 13.72 Harris Teeter Tyre Neck Harris Teeter(2) Portsmouth, VA 100% 2011 48,859 100.0 % 559,948 11.46 Harris Teeter Southeast Sunbelt Chronicle Mill Retail Belmont, NC 85%(3) 2022 11,530 22.4 % $112,500 $43.50 North Hampton Market Taylors, SC 100% 2004 114,954 98.8 % 1,621,571 14.28 PetSmart, Hobby Lobby One City Center Retail Durham, NC 100% 2019 22,679 55.7 % 425,868 33.73 Various Small Shops Overlook Village Asheville, NC 100% 1990 151,365 90.1 % 2,139,213 15.69 T.J. Maxx|Homegoods, Ross Patterson Place Durham, NC 100% 2004 159,842 97.7 % 2,671,611 17.12 PetSmart, DSW Providence Plaza Retail Charlotte, NC 100% 2008 49,447 100.0 % 1,579,093 31.94 Orange Theory, Edward Jones, Chipotle South Square Durham, NC 100% 2005 109,590 97.1 % 2,002,813 18.81 Ross, Petco, Office Depot The Interlock Retail(2) Atlanta, GA 100% 2021 108,379 98.0 % 5,767,499 54.32 Puttshack Wendover Village Greensboro, NC 100% 2004 176,997 99.3 % 3,718,639 21.17 T.J. Maxx, Petco, Beauty World (1) See appendix for definitions. (2) The Company leases all or a portion of the land underlying this property pursuant to a ground lease. (3) The Company is entitled to a preferred return on its investment in this property.

37 PROPERTY PORTFOLIO CONT. AS OF MARCH 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 % $1,929,908 $18.18 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 % 373,520 18.56 Marketplace at Hilltop(2) Virginia Beach, VA 100% 2001 116,953 97.3 % 2,817,733 24.77 Total Wine, Panera, Chick-Fil-A Red Mill Commons Virginia Beach, VA 100% 2005 373,808 95.2 % 7,008,986 19.69 Homegoods, Walgreens Southgate Square Colonial Heights, VA 100% 2016 260,131 81.2 % 3,305,062 15.65 Burlington, PetSmart, Michaels, T.J. Maxx Southshore Shops Midlothian, VA 100% 2006 40,307 96.1 % 861,973 22.26 Buffalo Wild Wings The Edison Retail Richmond, VA 100% 2014 20,196 — % 58,504 0.00 Total Stabilized Retail Portfolio 3,823,373 94.5 % $73,259,312 $20.28 (1) See appendix for definitions. (2) The Company leases all or a portion of the land underlying this property pursuant to a ground lease. (3) The Company occupies 47,644 square feet at these two properties at an ABR of $1.6M, or $34.70 per leased square foot, which is reflected in this table. The rent paid by the Company is eliminated in accordance with GAAP in the consolidated financial statements. (4) The Company is entitled to a preferred return on its investment in this property. Office Properties- Stabilized Location Ownership % Year Built / Redeveloped Net Rentable SF(1) Occupancy(1) ABR(1) ABR per Occupied SF(1) Anchor Tenant(s) Town Center of Virginia Beach 249 Central Park Office Virginia Beach, VA 100% 2004 57,103 100.0 % $1,448,997 $25.38 Gather, HDR 4525 Main Street Virginia Beach, VA 100% 2014 208,760 100.0 % 6,966,690 33.37 Clark Nexsen, Mythics 4605 Columbus Office Virginia Beach, VA 100% 2002 19,335 100.0 % 522,045 27.00 AHCC Armada Hoffler Tower(3) Virginia Beach, VA 100% 2002 298,353 99.1 % 10,733,008 36.31 Troutman Pepper, Williams Mullen, Morgan Stanley, KPMG One Columbus Virginia Beach, VA 100% 1984 129,066 95.8 % 3,346,840 27.06 Truist, HBA, Northwestern Mutual Two Columbus Office Virginia Beach, VA 100% 2009 94,708 89.3 % 2,363,896 27.94 Hazen & Sawyer, Fidelity Harbor Point - Baltimore Waterfront Constellation Office Baltimore, MD 90% 2016 453,018 100.0 % $15,484,541 $34.18 Constellation Energy Group Thames Street Wharf(3) Baltimore, MD 100% 2010 263,426 98.8 % 8,194,928 31.48 Morgan Stanley Wills Wharf(2) Baltimore, MD 100% 2020 327,991 93.8 % 9,503,280 30.89 Canopy by Hilton, Transamerica, RBC, Franklin Templeton, Stifel Southeast Sunbelt Chronicle Mill Office Belmont, NC 85%(4) 2022 5,932 100.0 % $177,960 $30.00 Piedmont Lithium One City Center Office Durham, NC 100% 2019 128,920 95.3 % 3,313,463 26.98 Duke University Providence Plaza Office Charlotte, NC 100% 2008 53,671 100.0 % 1,649,057 30.73 Choate Construction, Cranfill, Sumner, & Hartzog The Interlock Office(2) Atlanta, GA 100% 2021 199,170 94.4 % 7,675,566 40.83 Georgia Tech, Pindrop Mid-Atlantic Brooks Crossing Office Newport News, VA 100% 2019 98,061 100.0 % $2,002,945 $20.43 Huntington Ingalls Industries Stabilized Office Total 2,337,514 97.5 % $73,383,216 $32.21

38 PROPERTY PORTFOLIO CONT. AS OF MARCH 31, 2025 Multifamily Properties - Stabilized Location Ownership % Year Built / Redeveloped Units Occupancy(1) AQR (1) Monthly AQR per Occupied Unit Town Center of Virginia Beach Encore Apartments Virginia Beach, VA 100% 2014 286 94.1 % $5,788,320 $1,793 Premier Apartments Virginia Beach, VA 100% 2018 131 96.2 % 3,030,468 2,004 The Cosmopolitan Virginia Beach, VA 100% 2020 342 95.3 % 9,134,568 2,335 Harbor Point - Baltimore Waterfront 1305 Dock Street Baltimore, MD 90% 2016 103 93.2 % $3,000,744 $2,605 1405 Point(2) Baltimore, MD 100% 2018 289 93.8 % 8,755,884 2,692 Southeast Sunbelt Chronicle Mill Belmont, NC 85%(3) 2022 238 96.2 % $4,593,888 $1,672 Greenside Apartments Charlotte, NC 100% 2018 225 89.3 % 4,549,416 1,886 The Everly Gainesville, GA 100% 2022 223 93.7 % 5,076,096 2,024 Mid-Atlantic Liberty Apartments Newport News, VA 100% 2013 197 97.5 % $3,972,096 $1,724 Smith's Landing(2) Blacksburg, VA 100% 2009 284 99.3 % 6,098,160 1,802 The Edison Richmond, VA 100% 2014 174 95.4 % 3,234,360 1,624 Stabilized Multifamily Total 2,492 95.0 % $57,234,000 $2,015 (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.

39 $ IN THOUSANDS RECONCILIATION OF DEBT & EBITDAre (1) Excludes Interest expense, depreciation, & amortization component attributable to unconsolidated real estate entities. (2) Excludes GAAP adjustments. Three Months Ended 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Property Net Operating Income $42,240 $41,574 $45,762 $42,292 Property Miscellaneous Expense, Net (266) (146) (35) (64) Non-Recurring Bad Debt Adjustment 2,166 488 296 (478) Non-Recurring Termination Fee Adjustment (153) (96) (4,277) (103) Amortization of Right-of-Use Assets (395) (395) (395) (394) Accelerated Amortization of Intangible Assets and Liabilities (169) — (5) — Equity in NOI of Unconsolidated Real Estate Entities(2) 1,070 718 — — Property Adjusted EBITDAre $44,493 $42,143 $41,346 $41,253 Disposition — (1,260) — — Development/Redevelopment (1,248) (990) (189) (51) Stabilized Portfolio Adjusted EBITDAre $43,245 $39,893 $41,157 $41,202 Construction Gross Profit 1,364 2,093 3,366 4,339 Corporate G&A (7,153) (4,494) (5,008) (4,328) Non-Cash Stock Compensation 3,464 1,241 710 744 Interest Income 4,176 4,569 4,636 4,580 Other Income (Expense), Net 9 2 17 20 Total Adjusted EBITDAre $45,105 $43,304 $44,878 $46,557 Stabilized Property Debt 510,389 512,266 530,513 602,587 Add: Unsecured Property Debt 419,418 403,417 440,691 459,973 Stabilized Portfolio Debt $929,807 $915,683 $971,204 $1,062,560 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.4x 5.7x 5.9x 6.4x Total Debt(2) 1,321,436 1,297,510 1,330,124 1,422,473 Cash (48,567) (72,223) (45,726) (21,697) Net Debt $1,272,869 $1,225,287 $1,284,398 $1,400,776 Net Debt/Total Adjusted EBITDAre 7.1x 7.1x 7.2x 7.5x Preferred 171,085 171,085 171,085 171,085 Net Debt + Preferred $1,443,954 $1,396,372 $1,455,483 $1,571,861 Net Debt + Preferred /Total Adjusted EBITDAre 8.0x 8.1x 8.1x 8.4x

40 $ IN THOUSANDS CAPITAL EXPENDITURES (1) Excludes activity related to held for sale, acquired, and/or disposed properties. (2) Represents recurring capital expenditures. Leasing Commissions Lease Incentive Tenant Improvements Land Improvements(2) Building Improvements(2) Fixtures & Equipment(2) Total Second Generation Capex Retail $328 $10 $1,072 $197 $564 $— $2,171 Office 824 — 224 — 1,130 — 2,178 Multifamily — — — — 911 246 1,157 Total Portfolio $1,152 $10 $1,296 $197 $2,605 $246 $5,506 Three Months Ended March 31, 2025(1) Three Months Ended December 31, 2024(1) Leasing Commissions Lease Incentive Tenant Improvements Land Improvements(2) Building Improvements(2) Fixtures & Equipment(2) Total Second Generation Capex Retail $328 $10 $1,072 $197 $564 $2,171 Office 824 224 1,130 2,178 Multifamily 911 246 1,157 Total Portfolio $1,152 $10 $1,296 $197 $2,605 $246 $5,506

41 RECONCILIATION TO PROPERTY PORTFOLIO NOI $ IN THOUSANDS (1) Includes expenses associated with the Company’s in-house asset management division. Three Months Ended 3/31 2025 2024 Retail Same Store Rental Revenues $24,183 $23,557 Property Expenses 6,369 5,770 NOI 17,814 17,787 Non-Same Store NOI(1) 168 1,238 Segment NOI $17,982 $19,025 Office Same Store Rental Revenues $23,391 $21,878 Property Expenses 8,238 7,997 NOI 15,153 13,881 Non-Same Store NOI(1) 85 (341) Segment NOI $15,238 $13,540 Multifamily Same Store Rental Revenues $14,333 $14,352 Property Expenses 5,644 5,379 NOI 8,689 8,973 Non-Same Store NOI(1) 331 (187) Segment NOI $9,020 $8,786 Total Property Portfolio NOI $42,240 $41,351

42 Three Months Ended 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Net (Loss) Income Attributable to Common Stockholders and OP Unitholders ($7,227) $26,140 ($10,416) $375 Excluding: Depreciation and Amortization 22,821 24,870 23,289 20,789 Gain on Real Estate Dispositions — (21,305) — — Impairment of Real Estate Assets — — — 1,494 Income Tax (Benefit) Provision 190 (494) 592 (1,246) Interest Expense 18,109 18,376 21,387 21,227 Interest Expense, Depreciation, & Amortization of Unconsolidated Real Estate Entities 2,982 473 — — EBITDAre $36,875 $48,060 $34,852 $42,639 Change in Fair Value of Derivatives and Other 1,210 (7,273) 10,308 (4,398) Preferred Dividends 2,887 2,887 2,887 2,887 Loss on Extinguishment of Debt — 134 113 — Non-Recurring Bad Debt Adjustment 2,166 488 296 (478) Non-Recurring Termination Fee Adjustment (153) (96) (4,277) (103) Accelerated Amortization of Intangible Assets and Liabilities (169) — (5) — Acquisition, Development, & Other Pursuit Costs 54 1 2 5,528 Unrealized Credit Loss Provision (Release) 22 103 198 (228) Investment Entities (3) 9 (17) 17 Non-Cash Stock Compensation 3,464 1,241 710 744 Development/Redevelopment (1,248) (990) (189) (51) Dispositions — (1,260) — — Total Adjusted EBITDAre $45,105 $42,831 $44,878 $46,557 Construction Gross Profit (1,364) (2,093) (3,366) (4,339) Corporate G&A 7,153 4,494 5,008 4,328 Non-Cash Stock Compensation (3,464) (1,241) (710) (744) Interest Income (4,176) (4,569) (4,636) (4,580) Other (Expense) Income, Net (9) (2) (17) (20) Stabilized Portfolio Adjusted EBITDAre $43,245 $39,420 $41,157 $41,202 Disposition — 1,260 — — Development/Redevelopment 1,248 990 189 51 Property Adjusted EBITDAre $44,493 $41,670 $41,346 $41,253 RECONCILIATION OF NET INCOME TO PROPERTY ADJUSTED EBITDAre $ IN THOUSANDS

43 This Supplemental Financial Package should be read in conjunction with the unaudited condensed consolidated financial statements appearing in the Company’s press release dated May 7, 2025, which has been furnished as Exhibit 99.1 to the Company’s Form 8-K furnished with the Securities and Exchange Commission (“SEC”) on May 7, 2025. The Company makes statements in this Supplemental Financial Package that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), and, as such, may involve known and unknown risks and uncertainties, and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These forward-looking statements may include comments relating to the current and future performance of the Company’s operating property portfolio, the Company’s development pipeline, the Company’s real estate financing program, the Company’s construction and development business, including backlog and timing of deliveries and estimated costs, financing activities, as well as acquisitions, dispositions, and the Company’s financial outlook, guidance, and expectations. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and the other documents filed by the Company with the SEC from time to time. The Company’s actual future results and trends may differ materially from expectations depending on a variety of factors discussed in the Company’s filings with the SEC from time to time. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company’s expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by applicable law. FORWARD-LOOKING STATEMENTS