2 This Supplemental Financial Package should be read in conjunction with the unaudited condensed consolidated financial stateme nts appearing in our press release dated November 2, 2023, which has been furnished as Exhibit 99.1 to our Form 8-K furnished on November 2, 2023. 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, 2022, and the other documents filed by the Company with the Securities and Exchange Commission (the “ SEC”) from time to time. The Company’s actual future results and trends may differ materially from expectations depending on a variety of fac tors 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

3 BOARD OF DIRECTORS Daniel A. Hoffler, Executive Chairman of the Board Louis S. Haddad, Vice Chairman of the Board Eva S. Hardy, Lead Independent Director George F. Allen, Independent Director James A. Carroll, Independent Director James C. Cherry, Independent Director Dennis H. Gartman, Independent Director A. Russell Kirk, Director John W. Snow, Independent Director CORPORATE OFFICERS Louis S. Haddad, President and Chief Executive Officer Shawn J. Tibbetts, Chief Operating Officer Matthew T. Barnes-Smith, Chief Financial Officer Eric E. Apperson, President of Construction Shelly R. Hampton, President of Asset Management Jefferies Peter Abramowitz (212) 336-7241 pabramowitz@jefferies.com Bank of America Merrill Lynch Camille Bonnel (416) 369-2140 camille.bonnel@bofa.com Janney, Montgomery, & Scott LLC Robert Stevenson (646) 840-3217 robertstevenson@janney.com Raymond James & Associates Bill Crow (727) 567-2594 bill.crow@raymondjames.com ANALYST COVERAGE Armada Hoffler (NYSE: AHH) is a vertically integrated, self-managed real estate investment trust with over four decades of experience developing, building, acquiring, and managing high-quality retail, office, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. The Company also provides general construction and development services to third- party clients, in addition to developing and building properties to be placed in their stabilized portfolio. Founded in 1979 by Daniel A. Hoffler, Armada Hoffler has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information visit ArmadaHoffler.com. CORPORATE PROFILE Robert W. Baird & Co. Wesley Golladay (216) 737-7510 wgolladay@rwbaird.com Stifel Stephen Manaker (212) 271-3716 manakers@stifel.com CREDIT RATING Rating: BBB Agency: DBRS Morningstar

4 HIGHLIGHTS • Net income attributable to common stockholders and OP Unit holders of $5.3 million, or $0.06 per diluted share, compared to $33.9 million, or $0.38 per diluted share, for the three months ended September 30, 2022. • Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $27.6 million, or $0.31 per diluted share, compared to $22.7 million, or $0.26 per diluted share, for the three months ended September 30, 2022. See "Non-GAAP Financial Measures." • Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $27.7 million, or $0.31 per diluted share, compared to $25.8 million, or $0.29 per diluted share, for the three months ended September 30, 2022. • Maintained the Company's previous guidance range for 2023 full-year Normalized FFO of $1.23 to $1.27 per diluted share. • Maintained a 97% weighted average portfolio occupancy as of September 30, 2023. Retail occupancy was 98%, office occupancy was 96%, and multifamily occupancy was 96%. • Third quarter commercial lease renewal spreads increased 14.5% on a GAAP basis and 4.9% on a cash basis. • Same Store NOI increased 4.4% on a GAAP basis and 5.9% on a cash basis compared to the quarter ended September30, 2022: • Retail Same Store NOI increased 6.6% on a GAAP basis and 6.4% on a cash basis. • Office Same Store NOI increased 2.3% on a GAAP basis and 8.1% on a cash basis. • Multifamily Same Store NOI increased 3.1% on a GAAP basis and 2.2% on a cash basis. • Third-party construction backlog as of September 30, 2023 was $513.6 million and construction gross profit for the third quarter was $3.3 million.

5 2023 OUTLOOK OUTLOOK(1) LOW HIGH PORTFOLIO NOI $161.1M $161.9M CONSTRUCTION SEGMENT PROFIT $11.8M $12.8M G&A EXPENSES $17.8M $18.4M INTEREST INCOME $14.5M $14.9M INTEREST EXPENSE(2) $47.2M $47.8M NORMALIZED FFO PER DILUTED SHARE $1.23 $1.27 (1) See appendix for definitions. Ranges exclude certain items as per definition. (2) Includes the interest expense on finance leases and interest receipts of non-designated derivatives.

6 SUMMARY INFORMATION $ IN THOUSANDS, EXCEPT PER SHARE (1) Excludes GAAP adjustments. (2) See appendix for definitions. (3) Total occupancy weighted by annualized base rent. Three Months Ended OPERATIONAL METRICS 9/30/2023 6/30/2023 3/31/2023 12/31/2022 Net Income Attributable to Common Stockholders and OP Unitholders $5,343 $11,729 $2,376 $11,517 Net Income per Diluted Share Attributable to Common Stockholders and OP Unitholders $0.06 $0.13 $0.03 $0.13 Normalized FFO Attributable to Common Stockholders and OP Unitholders 27,735 28,301 26,498 30,633 Normalized FFO per Diluted Share Attributable to Common Stockholders and OP Unitholders $0.31 $0.32 $0.30 $0.35 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDA 6.2x 5.5x 5.4x 5.3x Fixed Charge Coverage Ratio 2.2x 2.3x 2.3x 2.6x CAPITALIZATION Common Shares Outstanding 67,885 67,945 67,939 67,730 Operating Partnership Units Outstanding 21,643 21,653 20,611 20,611 Common Shares and Operating Partnership Units Outstanding 89,528 89,598 88,550 88,341 Market Price per Common Share as of Last Day of Quarter $10.24 $11.68 $11.81 $11.49 Common Equity Capitalization 916,766 1,046,505 1,045,776 1,015,038 Preferred Equity Capitalization 171,085 171,085 171,085 171,085 Total Equity Capitalization 1,087,851 1,217,590 1,216,861 1,186,123 Total Debt(1) 1,326,987 1,269,586 1,117,424 1,073,132 Total Capitalization $2,414,838 $2,487,176 $2,334,285 $2,259,255 STABILIZED PORTFOLIO OCCUPANCY(2) Retail 98.1% 98.2% 98.4% 97.9% Office 96.1% 96.2% 96.8% 96.7% Multifamily 96.0% 96.2% 95.7% 96.1% Weighted Average(3) 96.8% 97.0% 97.1% 97.0% STABILIZED PORTFOLIO Commercial Retail Portfolio Net Operating Income $19,249 $18,412 $16,667 $16,474 Number of Properties 38 39 38 38 Net Rentable Square Feet 3,931,079 4,023,183 3,915,809 3,916,001 Office Portfolio Net Operating Income $13,890 $13,084 $12,376 $12,888 Number of Properties 10 10 9 9 Net Rentable Square Feet 2,310,645 2,310,645 2,111,924 2,111,923 Multifamily Multifamily Portfolio Net Operating Income $8,979 $9,148 $8,167 $8,327 Number of Properties 11 11 10 10 Units 2,492 2,492 2,254 2,254

7 SUMMARY INCOME STATEMENT $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended Nine Months Ended 9/30/2023 9/30/2022 9/30/2023 9/30/2022 Revenues (Unaudited) Rental Revenues $62,913 $53,743 $179,082 $163,602 General Contracting and Real Estate Services Revenues 99,408 69,024 286,220 138,947 Interest Income 3,690 3,490 10,823 10,410 Total Revenues 166,011 126,257 476,125 312,959 Expenses     Rental Expenses 14,756 12,747 41,392 38,101 Real Estate Taxes 5,867 5,454 16,910 16,695 General Contracting and Real Estate Services Expenses 96,095 66,252 276,336 133,491 Depreciation and Amortization 22,462 17,527 60,808 54,865 Amortization of Right-of-Use Assets - Finance Leases 425 278 1,049 833 General & Administrative Expenses 4,286 3,854 13,786 12,179 Acquisition, Development & Other Pursuit Costs - - 18 37 Impairment Charges 5 - 107 333 Total Expenses 143,896 106,112 410,406 256,534 Gain on Real Estate Dispositions 227 33,931 738 53,424 Operating Income 22,342 54,076 66,457 109,849 Interest Expense (15,444) (10,345) (41,375) (28,747) Loss on Extinguishment of Debt - (2,123) - (2,899) Change in Fair Value of Derivatives and Other 2,466 782 5,024 7,512 Unrealized Credit Loss (Provision) Release (694) 42 (871) (858) Other Income (Expense), Net 63 118 324 415 Income Before Taxes 8,733 42,550 29,559 85,272 Income Tax (Provision) Benefit (310) (181) (834) 140 Net Income $8,423 $42,369 $28,725 $85,412 Net Income Attributable to Noncontrolling Interest in Investment Entities (193) (5,583) (616) (5,811) Preferred Stock Dividends (2,887) (2,887) (8,661) (8,661) Net Income Attributable to AHH and OP Unitholders $5,343 $33,899 $19,448 $70,940 Net Income per Diluted Share and Unit Attributable to AHH and OP Unitholders $0.06 $0.38 $0.22 $0.80 Weighted Average Shares & OP Units - Diluted 89,589 88,341 88,908 88,143

8 SUMMARY BALANCE SHEET $ IN THOUSANDS 9/30/2023 12/31/2022 Assets (Unaudited) Real Estate Investments: Income Producing Property $2,089,170 $1,884,214 Held for Development 6,294 6,294 Construction in Progress 91,127 53,067 Accumulated Depreciation (376,449) (329,963) Net Real Estate Investments 1,810,142 1,613,612 Cash and Cash Equivalents 32,662 48,139 Restricted Cash 2,343 3,726 Accounts Receivable, Net 43,800 39,186 Notes Receivable, Net 83,713 136,039 Construction Receivables, Including Retentions, Net 87,295 70,822 Construction Contract Costs and Estimated Earnings in Excess of Billings 440 342 Equity Method Investments 125,672 71,983 Operating Lease Right-of-Use Assets 23,152 23,350 Finance Lease Right-of-Use Assets 92,570 45,878 Acquired Lease Intangible Assets 127,020 103,870 Other Assets 104,275 85,363 Total Assets $2,533,084 $2,242,310 Liabilities and Equity Indebtedness, Net $1,321,792 $1,068,261 Accounts Payable and Accrued Liabilities 31,604 26,839 Construction Payables, Including Retentions 108,107 93,472 Billings in Excess of Construction Contract Costs and Est. Earnings 23,127 17,515 Operating Lease Liabilities 31,573 31,677 Finance Lease Liabilities 93,419 46,477 Other Liabilities 56,818 54,055 Total Liabilities 1,666,440 1,338,296 Total Equity 866,644 904,014 Total Liabilities and Equity $2,533,084 $2,242,310 As Of

9 FFO, NORMALIZED FFO & AFFO(1) $ IN THOUSANDS, EXCEPT PER SHARE (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) Excludes development, redevelopment, and first-generation space. (5) Includes non-cash interest expense relating to indebtedness and interest expense on finance leases. Three Months Ended (Unaudited) 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2023 9/30/2022 Funds From Operations Net Income Attributable to AHH and OP Unitholders $5,343 $11,729 $2,376 $11,517 $19,448 $70,940 Net Income per Diluted Share $0.06 $0.13 $0.03 $0.13 $0.22 $0.80 Depreciation and Amortization(2) 22,239 19,655 18,245 17,887 60,139 54,084 Loss (Gain) on Dispositions of Operating Real Estate(3) - - - 11 - (47,995) Impairment of Real Estate Assets - - - - - 201 FFO $27,582 $31,384 $20,621 $29,415 $79,587 $77,230 FFO per Diluted Share $0.31 $0.35 $0.23 $0.33 $0.90 $0.88 Normalized FFO Acquisition, Development & Other Pursuit Costs - 18 - - 18 37 Loss on Extinguishment of Debt - - - 475 - 2,899 Non-Cash GAAP Adjustments 1,124 (275) 456 128 1,305 1,823 Decrease (Increase) in Fair Value of Derivatives (1,484) (4,297) 3,807 (1,186) (1,974) (7,512) Amortization of Interest Rate Derivatives on Designated Cash Flow Hedges 513 1,471 1,614 1,801 3,598 2,048 Normalized FFO $27,735 $28,301 $26,498 $30,633 $82,534 $76,525 Normalized FFO per Diluted Share $0.31 $0.32 $0.30 $0.35 $0.93 $0.87 Adjusted FFO Non-Cash Stock Compensation 817 288 1,846 562 2,951 2,729 Acquisition, Development & Other Pursuit Costs - (18) - - (18) (37) Tenant Improvements, Leasing Commissions, Lease Incentives(4) (2,249) (2,725) (3,460) (1,875) (8,434) (4,754) Property-Related Capital Expenditures (2,678) (1,700) (3,724) (3,441) (8,102) (8,448) Adjustment for Real Estate Financing Modification and Exit Fees - (250) (209) (209) (459) (911) Non-Cash Interest Expense(5) 1,917 1,492 1,292 1,312 4,701 4,240 Cash Ground Rent Payment - Finance Lease (993) (822) (668) (653) (2,483) (1,905) GAAP Adjustments (1,843) (2,008) (1,459) (1,718) (5,310) (4,874) AFFO $22,706 $22,558 $20,116 $24,611 $65,380 $62,565 AFFO per Diluted Share $0.25 $0.25 $0.23 $0.28 $0.74 $0.71 Weighted Average Common Shares Outstanding 67,945 67,901 67,787 67,730 67,878 67,525 Weighted Average Operating Partnership Units Outstanding 21,644 20,823 20,611 20,611 21,030 20,618 Total Weighted Average Common Shares and OP Units Outstanding 89,589 88,724 88,398 88,341 88,908 88,143 Nine Months Ended (Unaudited)

10 NET ASSET VALUE COMPONENT DATA $ AND SHARES/UNITS IN THOUSANDS (1) Excludes expenses associated with the Company’s in-house asset management division of $0.8M for the 3 months ended 9/30/2023. (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. (5) Excludes lease right-of-use assets and lease liabilities. (6) Excludes GAAP adjustments. Stabilized Portfolio NOI (Cash) Liabilities(5) Three months ended 9/30/2023 As of 9/30/2023 Retail Office(3) Multifamily Total Mortgages and Notes Payable(6) $1,326,987 Stable Portfolio Accounts Payable and Accrued Liabilities 31,604 Portfolio NOI(1)(2) $18,534 $13,356 $8,890 $40,780 Construction Payables, Including Retentions 108,107 Non-Stabilized Properties NOI (172) - - (172) Other Liabilities(6) 78,956 Signed Leases Not Yet Occupied or in Free Rent Period 466 920 84 1,470 Total Liabilities $1,545,654 Stable Portfolio NOI $18,828 $14,276 $8,974 $42,078 Intra-Quarter Transactions Preferred Equity Net Acquisitions - - - - Liquidation Value Net Dispositions - - - - Series A Cumulative Redeemable Perpetual Preferred Stock $171,085 Annualized $75,311 $57,104 $35,896 $168,311 Non-Stabilized Portfolio(4) As of 9/30/2023 Projects Under Development $67,600 Properties in Lease Up - Development Opportunities 17,300 Unconsolidated JV Development 128,100 Total Non-Stabilized Portfolio $213,000 Third-Party General Contracting and Real Estate Services Trailing 12 Months General Contracting Gross Profit $12,129 Non-Property Assets(5) Common Equity As of 9/30/2023 As of 9/30/2023 Cash and Restricted Cash $35,005 Total Common Shares Outstanding 67,885 Accounts Receivable, Net 43,800 Total OP Units Outstanding 21,643 Notes Receivable and Other Notes Receivable(6) 12,725 Total Common Shares & OP Units Outstanding 89,528 Real Estate Financing Investments(6) 72,632 Construction Receivables, Including Retentions(6) 87,478 Acquired Lease Intangible Assets 127,020 Other Assets / Costs in Excess of Earnings 104,715 Total Non-Property Assets $483,375

11 DEBT TO ADJUSTED EBITDA $ 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) Total notes payable less GAAP adjustments, cash, restricted cash, and other notes payable. 8.1 x 7.1 x 6.2 x (0.5)x 0.5 x 1.5 x 2.5 x 3.5 x 4.5 x 5.5 x 6.5 x 7.5 x 8.5 x Net Debt + Preferred/ Total Adjusted EBITDA Plus Ancillary Debt/ Total Adjusted EBITDA⁽¹⁾ Stabilized Portfolio Debt/ Stabilized Portfolio Adjusted EBITDA Three Months Ended 9/30/2023 Stabilized Portfolio Adjusted EBITDA $41,625 Stabilized Portfolio Debt $1,038,327 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDA 6.2x Total Adjusted EBITDA(1) $45,285 Net Debt(2) $1,291,982 Net Debt Plus Ancillary Debt/Total Adjusted EBITDA 7.1x Net Debt + Preferred $1,463,067 Net Debt + Preferred /Total Adjusted EBITDA 8.1x

12 DEBT MANAGEMENT $ IN THOUSANDS (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. (5) Represents a hedging corridor. Total Debt Composition Weighted Average % of Debt Interest Rate Maturity Variable vs. Fixed-Rate Debt Variable-Rate Debt(1)(2) 37.6% 5.1% 3.1 Yrs Fixed-Rate Debt(3)(4) 62.4% 3.7% 4.9 Yrs Secured vs. Unsecured Debt Unsecured Debt(2) 52.4% 4.7% 3.4 Yrs Secured Debt(2) 47.6% 3.7% 5.2 Yrs Portfolio Weighted Average 4.2% (2) 4.2 Yrs Interest Rate Caps & Swaps Not Allocated to Specific Asset Debt Effective Date Maturity Date Strike / Swap Fixed Rate Notional  Amount November 2020 November 2023 SOFR 1.84% $84,375 July 2022 January 2024 SOFR 1.00%-3.00%(5) 35,100 September 2022 September 2024 SOFR 1.00%-3.00%(5) 57,089 July 2023 January 2024 SOFR 3.40% 50,000 July 2023 March 2024 SOFR 3.39% 200,000 Total Interest Rate Caps & Swaps $426,564 Fixed-Rate Debt(3)(4) $828,700 Fixed-Rate and Hedged Debt $1,255,264 Total Debt(4) $1,326,987 % Fixed or Hedged 94.6%

13 OUTSTANDING DEBT $ IN THOUSANDS (1) Excludes extension options. (2) Subject to a rate floor. (3) Includes debt subject to designated interest rate caps. (4) Includes debt subject to interest rate swap locks. Debt Stated Rate Effective Rate as of 9/30/2023 Maturity Date(1) 2023 2024 2025 2026 2027 Thereafter Outstanding as of 9/30/2023 Secured Debt - Stabilized Chronicle Mill SOFR+3.00% 6.43% (2)(3) May-2024 - $34,300 - - - - $34,300 Red Mill Central 4.80% 4.80% Jun-2024 43 1,838 - - - - 1,881 Premier Apartments SOFR+1.55% 6.98% Oct-2024 59 16,035 - - - - 16,094 Premier Retail SOFR+1.55% 6.98% Oct-2024 39 7,898 - - - - 7,937 Red Mill South 3.57% 3.57% May-2025 86 351 4,502 - - - 4,939 Market at Mill Creek SOFR+1.55% 6.98% Jul-2025 162 647 10,700 - - - 11,509 The Everly SOFR+1.50% 6.82% (2) Dec-2025 - - 30,000 - - - 30,000 Encore Apartments 2.93% 2.93% Feb-2026 139 573 590 22,261 - - 23,563 4525 Main Street 2.93% 2.93% Feb-2026 182 735 757 28,579 - - 30,253 Thames Street Wharf SOFR+1.30% 2.33% (4) Sep-2026 359 1,972 3,050 62,872 - - 68,253 Constellation Energy Building SOFR+1.50% 3.46% (2)(4) Nov-2026 - - - 175,000 - - 175,000 Southgate Square SOFR+1.90% 7.32% (2) Dec-2026 216 864 864 23,603 - - 25,547 Nexton Square SOFR+1.95% 7.27% (2) Jun-2027 152 613 613 613 19,743 - 21,734 Liberty Apartments SOFR+1.50% 6.82% Sep-2027 87 345 364 382 19,495 - 20,673 Greenbrier Square 3.74% 3.74% Oct-2027 94 385 399 415 18,370 - 19,663 Lexington Square 4.50% 4.50% Sep-2028 74 306 320 335 351 12,287 13,673 Red Mill North 4.73% 4.73% Dec-2028 29 121 127 133 140 3,442 3,992 Greenside Apartments 3.17% 3.17% Dec-2029 194 780 808 834 861 27,820 31,297 Smith's Landing 4.05% 4.05% Jun-2035 242 994 1,037 1,081 1,126 10,341 14,821 The Edison 5.30% 5.30% Dec-2044 97 405 427 450 474 13,423 15,276 The Cosmopolitan 3.35% 3.35% Jul-2051 222 906 937 968 1,001 36,555 40,589 Total - Secured Stabilized Debt 2,476 70,068 55,495 317,526 61,561 103,868 610,994 Secured Debt - Development Pipeline Southern Post SOFR+2.25% 5.57% (2)(4) Aug-2026 - - - 20,993 - - 20,993 Total - Development Pipeline - - - 20,993 - - 20,993 Total Secured Debt 2,476 70,068 55,495 338,519 61,561 103,868 631,987 Unsecured Debt TD Senior Unsecured Term Loan SOFR+1.35%-1.90% 4.70% (4) May-2025 - - 95,000 - - - 95,000 Senior Unsecured Revolving Credit Facility SOFR+1.30%-1.85% 6.82% Jan-2027 - - - - 195,000 - 195,000 Senior Unsecured Revolving Credit Facility (Fixed) SOFR+1.30%-1.85% 4.70% (4) Jan-2027 - - - - 5,000 - 5,000 M&T Senior Unsecured Term Loan SOFR+1.25%-1.80% 4.90% (4) Mar-2027 - - - - 100,000 - 100,000 Senior Unsecured Term Loan SOFR+1.25%-1.80% 6.72% Jan-2028 - - - - - 114,500 114,500 Senior Unsecured Term Loan (Fixed) SOFR+1.25%-1.80% 1.73%-4.83% (4) Jan-2028 - - - - - 185,500 185,500 Total Unsecured Debt - - 95,000 - 300,000 300,000 695,000 Outstanding Debt Excluding GAAP Adjustments $2,476 $70,068 $150,495 $338,519 361,561 $403,868 $1,326,987 Other Notes Payable 6,127 GAAP Adjustments (11,322) Indebtedness, Net $1,321,792 Debt Maturities & Principal Payments

14 CAPITALIZATION & FINANCIAL RATIOS $ IN THOUSANDS, EXCEPT PER SHARE AS OF SEPTEMBER 30, 2023 (1) As of close of market on 9/29/23. (2) Reflects quarterly Total Adjusted EBITDA divided by total quarterly interest expense and required principal repayment. (3) Reflects quarterly Total Adjusted EBITDA divided by total quarterly interest expense, required principal repayment, and preferred equity dividends. (4) Excludes availability under construction loans. Debt % of Total Principal Balance Unsecured Credit Facility 15% $200,000 Unsecured Term Loans 37% 495,000 Mortgages Payable 48% 631,987 Total Debt $1,326,987 Preferred Equity Shares Liquidation Value per Share Total Liquidation Value 6,843 $25.00 $171,085 Common Equity % of Total Shares/Units Stock Price(1) Market Value Common Stock (NYSE: AHH) 76% 67,885 $10.24 $695,142 Operating Partnership Units 24% 21,643 $10.24 221,624 Equity Market Capitalization 89,528 $916,766 Total Capitalization $2,414,838 Enterprise Value $2,379,833 Financial Ratios Debt Service Coverage Ratio(2) 2.5x Fixed Charge Coverage Ratio(3) 2.2x Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDA 6.2x Net Debt Plus Ancillary Debt / Total Adjusted EBITDA 7.1x Net Debt Plus Preferred / Total Adjusted EBITDA 8.1x Debt/Total Capitalization 55% Liquidity(4) Unencumbered Properties Cash on Hand $32,662 % of Total Properties 68% Availability Under Credit Facility 155,000 % of Annualized Base Rent 49% Total Liquidity $187,662 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock (NYSE: AHHPrA) Debt 55% Common Equity 38% Preferred Equity 7%

15 STABILIZED PORTFOLIO SUMMARY AS OF SEPTEMBER 30, 2023 SEE APPENDIX FOR FULL LIST OF PROPERTIES (1) See appendix for definitions and portfolio detail. COMMERCIAL PORTFOLIO Retail Properties # of Properties Net Rentable SF Average Age Occupancy(1) ABR(1) ABR per Occupied SF Town Center of Virginia Beach 9 526,245 15 94.2% $12,294,801 $24.81 Grocery Anchored 15 1,400,516 13 98.8% 22,974,773 16.60 Southeast Sunbelt 9 1,098,260 16 99.5% 23,854,280 21.82 Mid-Atlantic 5 906,058 19 97.7% 16,148,028 18.23 Stabilized Retail Total 38 3,931,079 15 98.1% $75,271,882 $19.51 Office Properties # of Properties Net Rentable SF Average Age Occupancy(1) ABR(1) ABR per Occupied SF Town Center of Virginia Beach 4 788,530 21 98.9% $22,949,043 $29.44 Harbor Point - Baltimore Waterfront 3 1,073,734 8 96.3% 32,860,735 31.77 Southeast Sunbelt 2 350,320 3 87.8% 10,916,212 35.50 Mid-Atlantic 1 98,061 4 100.0% 1,963,671 20.02 Stabilized Office Total 10 2,310,645 12 96.1% $68,689,661 $30.95 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 10 96.0% $17,973,516 $2,055 Harbor Point - Baltimore Waterfront 2 392 6 96.0% 11,833,572 2,620 Southeast Sunbelt 3 686 2 96.5% 14,789,064 1,861 Mid-Atlantic 3 655 11 95.5% 12,680,592 1,690 Stabilized Multifamily Total 11 2,492 8 96.0% $57,276,744 $1,995

16 SAME STORE NOI BY SEGMENT $ IN THOUSANDS (RECONCILIATION TO GAAP LOCATED IN APPENDIX) (1) Excludes expenses associated with the Company’s in-house asset management division of $0.8M and $0.7M for the three months ended 9/30/2023 & 9/30/2022, and $2.5M & $2.1M for the nine months ended 9/30/2023 & 9/30/2022, respectively. Three Months Ended Nine Months Ended 9/30/2023 9/30/2022 $ Change % Change 9/30/2023 9/30/2022 $ Change % Change Retail Revenue $21,970 $20,942 $1,028 4.9% $65,471 $62,682 $2,789 4.4% Rental Expenses(1) 3,038 3,099 (61) -2.0% 9,341 9,234 107 1.2% Real Estate Taxes 2,209 2,156 53 2.5% 6,529 6,542 (13) -0.2% Net Operating Income $16,723 $15,687 $1,036 6.6% $49,601 $46,906 $2,695 5.7% GAAP Adjustments (962) (870) (92) (2,999) (2,768) (231) Net Operating Income, Cash $15,761 $14,817 $944 6.4% $46,602 $44,138 $2,464 5.6% Office Revenue $19,515 $18,687 $828 4.4% $31,240 $30,861 $379 1.2% Rental Expenses(1) 5,022 4,643 379 8.2% 7,811 7,193 618 8.6% Real Estate Taxes 2,220 2,044 176 8.6% 4,246 4,026 220 5.5% Net Operating Income $12,273 $12,000 $273 2.3% $19,183 $19,642 ($459) -2.3% GAAP Adjustments (717) (1,307) 590 (178) (302) 124 Net Operating Income, Cash $11,556 10,693 $863 8.1% $19,005 $19,340 ($335) -1.7% Multifamily Revenue $13,728 $13,154 $574 4.4% $34,594 $32,901 $1,693 5.1% Rental Expenses(1) 4,177 4,003 174 4.3% 10,043 9,583 460 4.8% Real Estate Taxes 1,279 1,130 149 13.2% 3,370 3,041 329 10.8% Net Operating Income $8,272 $8,021 $251 3.1% $21,181 $20,277 $904 4.5% GAAP Adjustments (293) (214) (79) (761) (639) (122) Net Operating Income, Cash $7,979 $7,807 $172 2.2% $20,420 $19,638 $782 4.0% Same Store NOI $37,268 $35,708 $1,560 4.4% $89,965 $86,825 $3,140 3.6% GAAP Adjustments (1,972) (2,391) 419 (3,938) (3,709) (229) $35,296 $33,317 $1,979 5.9% $86,027 $83,116 $2,911 3.5%Same Store Portfolio NOI, Cash Basis

17 ACTIVE DEVELOPMENT PROJECTS $ IN THOUSANDS (1) Represents estimates that may change as the development and redevelopment process proceeds. (2) First fully-stabilized quarter. See same store definition in appendix. (3) Includes $5.7M earnout under certain conditions. (4) The Company currently owns 78% and holds an option to increase its ownership interest to 90%. Southern Post Roswell, GA T. Rowe Price Global HQ Baltimore, MD 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 units / 137,000 sf 68% 4Q21 1Q24 4Q24 $126,300 $73,600 (3) $72,600 100% 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 Office 553,000 sf office / 20,200 sf retail / 250 parking spaces 93% 2Q22 3Q24 3Q24 $265,200 $45,500 $42,100 50% T. Rowe Price Allied | Harbor Point Baltimore, MD Mixed-Use 312 units / 12,100 sf retail / 1,252 parking spaces - 2Q22 3Q24 2Q26 232,400 108,900 86,000 90% (4) Total Unconsolidated JV Development $497,600 $154,400 $128,100 Future Redevelopment Property Type Scope Columbus Village II Retail Redevelopment Q3 2023 Year to Date Capitalized Interest $4,571 $7,096 Schedule(1)

18 REAL ESTATE FINANCING $ IN THOUSANDS AS OF SEPTEMBER 30, 2023 (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 accrued unused commitment fee. (4) Includes amortization of fees and unused commitment fees. (5) The interest rate varies over the life of the loan and earns an unused commitment fee. (6) The interest rate varies over the life of the loan. Solis City Park II Charlotte, NC The Allure at Edinburgh Chesapeake, VA Outstanding Investments(1) Property Type Estimated Size(2) % Leased or LOI Initial Occupancy Loan Maturity Interest Rate Principal Balance Cumulative Accrued Interest(3) Maximum Principal Commitment QTD Interest Income(4) Solis City Park II Charlotte, NC Multifamily 250 units 18% 3Q23 1Q28 13% $20,594 $3,127 $20,594 $740 Solis Gainesville II Gainesville, GA Multifamily 184 units NA 2Q24(2) 4Q26 14%(5) 19,595 1,669 19,595 717 Solis Kennesaw Kennesaw, GA Multifamily 239 units NA 2Q25(2) 2Q27 14%(5) 9,942 406 37,870 1,164 The Allure at Edinburgh Chesapeake, VA Multifamily 280 units NA 4Q24(2) 1Q29 15%(6) 9,228 258 9,228 258 Solis Peachtree Corners Peachtree Corners, GA Multifamily 249 units NA 3Q25(2) 4Q27 15%(5) 7,608 207 28,440 617 Total Outstanding Investments $66,966 $5,666 $115,727 $3,496

19 GENERAL CONTRACTING & REAL ESTATE SERVICES $ IN THOUSANDS Atlantic Springs Apartments Raleigh, NC Q3 2023 Q2 2023 Q1 2023 Q4 2022 Trailing 4 Quarters Revenue $99,408 $102,574 $84,238 $95,912 $382,132 Expense (96,095) (99,071) (81,170) (93,667) (370,003) Gross Profit $3,313 $3,503 $3,068 $2,245 $12,129 Operating Margin 3.3% 3.4% 3.6% 2.3% 3.2% Third-Party Backlog as of Q3 2023 Beginning Backlog $592,787 New Contracts 20,646 Work Performed (99,855) Ending Backlog $513,578

20 NET INCOME BY SEGMENT $ IN THOUSANDS Three Months Ended 9/30/2023 Retail Real Estate Office Real Estate Multifamily Real Estate General Contracting and Real Estate Services Real Estate Financing Unallocated Total Revenues Rental Revenues $25,858 $22,077 $14,978 - - - $62,913 General Contracting and Real Estate Services Revenues - - - 99,408 - - 99,408 Interest Income 2 - 11 - 3,496 181 3,690 Total Revenues 25,860 22,077 14,989 99,408 3,496 181 166,011 Expenses Rental Expenses 4,125 5,925 4,706 - - - 14,756 Real Estate Taxes 2,312 2,262 1,293 - - - 5,867 General Contracting and Real Estate Services Expenses - - - 96,095 - - 96,095 Depreciation and Amortization 9,933 8,066 4,306 - - 157 22,462 Amortization of Right-of-Use Assets - Finance Leases 263 95 67 - - - 425 General & Administrative Expenses - - - - - 4,286 4,286 Acquisition, Development & Other Pursuit Costs - - - - - - - Impairment Charges 5 - - - - - 5 Total Expenses 16,638 16,348 10,372 96,095 - 4,443 143,896 Gain on Real Estate Dispositions 227 - - - - - 227 Operating Income 9,449 5,729 4,617 3,313 3,496 (4,262) 22,342 Interest Expense (5,947) (6,006) (2,763) - (728) - (15,444) Loss on Extinguishment of Debt - - - - - - - Change in Fair Value of Derivatives and Other 1,192 823 204 - 247 - 2,466 Unrealized Credit Loss (Provision) Release - - - - (695) 1 (694) Other Income (Expense), Net - - 51 - - 12 63 Income Before Taxes 4,694 546 2,109 3,313 2,320 (4,249) 8,733 Income Tax (Provision) Benefit - - - (310) - - (310) Net Income $4,694 $546 $2,109 $3,003 $2,320 ($4,249) $8,423

21 ACQUISITIONS & DISPOSITIONS $ IN THOUSANDS (1) Square footage includes 4.9k square feet of retail storage space. (2) Represents 100% of property value of which the Company owns a 90% economic interest. (3) Anchor tenant vacant at time of sale. ACQUISITIONS Properties Location Square Feet/Units Purchase Price Cash Cap Rate Purchase Date Anchor Tenants 2023 311,000 $215,000 6.5% The Interlock Atlanta, GA 311,000 (1) 215,000 6.5% 2Q23 Georgia Tech, Pindrop, Puttshack, WeWork 2022 606,181 / 103 units $299,450 6.2% Pembroke Square Virginia Beach, VA 124,181 26,450 7.7% 4Q22 Fresh Market, Nordstrom Rack, DSW Constellation Energy Building Baltimore, MD 482,000 / 103 units 273,000 (2) 6.1% 1Q22 Constellation Energy Group 2021 412,075 $64,850 6.9% Greenbrier Square Chesapeake, VA 260,710 36,500 6.3% 3Q21 Kroger, Homegoods, Dick's Sporting Goods Overlook Village Asheville, NC 151,365 28,350 7.7% 3Q21 T.J. Maxx|Homegoods, Ross Total/Weighted Average 1,324,356 / 103 units $579,300 6.4% DISPOSITIONS Properties Location Square Feet/Units/Beds Sale Price Cash Cap Rate Disposition Date Anchor Tenants 2022 275,896 / 1,031 units/beds $258,261 4.3% Sandbridge Outparcels Virginia Beach, VA 7,233 3,455 4.5% 3Q22 Autozone, Valvoline Annapolis Junction Annapolis Junction, MD 416 units 150,000 4.2% 3Q22 North Pointe Outparcels Durham, NC 268,663 23,931 4.0% 2Q22 Costco, Home Depot Summit Place Charleston, SC 357 beds 37,800 4.8% 2Q22 Hoffler Place Charleston, SC 258 beds 43,075 4.1% 2Q22 2021 128,105 / 568 beds $90,265 5.2% Johns Hopkins Village Baltimore, MD 568 beds 75,000 5.6% 4Q21 Courthouse 7-Eleven Virginia Beach, VA 3,177 3,065 4.5% 4Q21 7-Eleven Socastee Commons Myrtle Beach, SC 57,273 3,800 NA (3) 3Q21 Oakland Marketplace Oakland, TN 64,538 5,500 7.8% 1Q21 Kroger Hanbury 7-Eleven Chesapeake, VA 3,117 2,900 5.5% 1Q21 7-Eleven Total/Weighted Average 404,001 / 1,599 units/beds $348,526 4.5%

22 TOP 20 TENANTS BY ABR(1) $ IN THOUSANDS AS OF SEPTEMBER 30, 2023 (1) Excludes leases from the development and redevelopment properties that have been delivered, but not yet stabilized. (2) Per public sources. Commercial Portfolio Tenant Investment Grade Rating(2) Number of Leases Lease Expiration Annualized Base Rent % of Total Annualized Base Rent Constellation Energy Generation ✓ 1 2036 $14,575 7.2% Morgan Stanley ✓ 3 2028 - 2035 8,733 4.3% Harris Teeter/Kroger ✓ 6 2026 - 2035 3,781 1.9% WeWork 2 2034 ; 2037 3,672 1.8% ABR Canopy by Hilton 1 2045 3,171 1.6% Clark Nexsen 1 2029 2,857 1.4% Lowes Foods 2 2037 ; 2039 1,976 1.0% Franklin Templeton ✓ 1 2038 1,861 0.9% Duke University ✓ 1 2029 1,700 0.8% Huntington Ingalls Industries ✓ 1 2029 1,638 0.8% Dick's Sporting Goods ✓ 1 2032 1,553 0.8% PetSmart 5 2025 - 2027 1,527 0.8% TJ Maxx/Homegoods ✓ 5 2025 - 2029 1,519 0.8% Georgia Tech 1 2031 1,418 0.7% Mythics 1 2030 1,285 0.6% Puttshack 1 2036 1,203 0.6% Amazon/Whole Foods ✓ 1 2040 1,144 0.6% Pindrop 1 2027 1,137 0.6% Apex Entertainment 1 2035 1,134 0.6% Ross Dress for Less ✓ 3 2025 - 2027 1,122 0.6% Top 20 Total $57,006 28.4%

23 LEASE SUMMARY (1) Excludes leases from properties in development. OFFICE Renewals For GAAP and Cash Releasing Spread Calc: Quarter Number of Leases Signed Net Rentable SF Signed GAAP Releasing Spread Cash Releasing Spread Wtd Average Lease Term Remaining (yrs) TI & LC TI & LC per SF Q3 2023 2 18,912 30.9% 5.2% 8.1 $634,661 $33.56 Q2 2023 1 6,302 13.6% 15.4% 5.0 18,906 3.00 Q1 2023 2 3,429 10.9% 1.7% 3.5 8,385 2.45 Q4 2022 3 200,712 6.1% 1.9% 7.2 3,435,248 17.12 Trailing 4 Quarters 8 229,355 8.0% 2.4% 7.1 $4,097,200 $17.86 New Leases(1) Quarter Number of Leases Signed Net Rentable SF Signed Cash Rent per SF Wtd Average Lease Term Remaining (yrs) TI & LC TI & LC per SF Q3 2023 2 3,757 $34.39 7.6 $274,837 $73.15 Q2 2023 1 466 56.00 10.0 17,950 38.52 Q1 2023 3 20,751 29.56 7.8 1,487,872 71.70 Q4 2022 3 49,719 30.86 9.6 5,023,164 101.03 Trailing 4 Quarters 9 74,693 $30.83 9.0 $6,803,823 $91.09 RETAIL Renewals For GAAP and Cash Releasing Spread Calc: Quarter Number of Leases Signed Net Rentable SF Signed GAAP Releasing Spread Cash Releasing Spread Wtd Average Lease Term Remaining (yrs) TI & LC TI & LC per SF Q3 2023 13 77,467 9.4% 4.8% 5.1 $266,313 $3.44 Q2 2023 12 58,557 8.1% 5.9% 5.0 81,425 1.39 Q1 2023 18 68,142 10.1% 6.8% 5.1 713,574 10.47 Q4 2022 8 109,384 10.3% 5.4% 5.6 485,589 4.44 Trailing 4 Quarters 51 313,550 9.6% 5.7% 5.3 $1,546,901 $4.93 New Leases(1) Quarter Number of Leases Signed Net Rentable SF Signed Cash Rent per SF Wtd Average Lease Term Remaining (yrs) TI & LC TI & LC per SF Q3 2023 6 20,892 $18.24 7.9 $1,172,423 $56.12 Q2 2023 9 24,480 28.79 8.0 1,297,607 53.01 Q1 2023 12 40,681 18.86 8.3 1,168,512 28.72 Q4 2022 2 6,620 28.09 9.5 833,566 125.92 Trailing 4 Quarters 29 92,673 $22.00 8.2 $4,472,108 $48.26

24 LEASE EXPIRATIONS(1) AS OF SEPTEMBER 30, 2023 (1) Excludes leases from properties in development and delivered, but not yet stabilized. OFFICE Year Leases Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available - 91,106 3.9% -$ - M-T-M 2 0 - 21,600 - 2023 3 7,148 0.3% 226,924 0.3% 2024 11 120,680 5.2% 3,235,479 4.7% 2025 20 148,844 6.4% 4,638,118 6.8% 2026 10 49,398 2.1% 1,283,493 1.9% 2027 22 183,324 7.9% 6,002,523 8.7% 2028 17 130,848 5.7% 4,059,201 5.9% 2029 13 303,178 13.1% 8,509,104 12.4% 2030 12 171,379 7.4% 5,170,504 7.5% 2031 5 70,504 3.1% 2,030,652 3.0% 2032 3 6,214 0.3% 190,640 0.3% 2033 2 35,068 1.5% 1,081,461 1.6% Thereafter 14 992,954 43.1% 32,239,962 46.9% Total / Weighted Average 134 2,310,645 100.0% $68,689,661 100.0% RETAIL Year Leases Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available - 73,010 1.9% -$ - M-T-M 2 4,437 0.1% 118,609 0.2% 2023 2 35,609 0.9% 203,874 0.3% 2024 70 322,443 8.2% 6,282,439 8.3% 2025 94 471,017 12.0% 8,548,437 11.4% 2026 88 472,265 12.0% 9,784,473 13.0% 2027 71 418,446 10.6% 7,889,568 10.5% 2028 70 332,742 8.5% 7,188,381 9.5% 2029 54 241,234 6.1% 5,079,467 6.7% 2030 50 284,211 7.2% 6,491,595 8.6% 2031 34 285,125 7.3% 5,549,625 7.4% 2032 30 304,583 7.7% 5,465,899 7.3% 2033 24 106,737 2.7% 2,849,569 3.8% Thereafter 36 579,220 14.8% 9,819,946 13.0% Total / Weighted Average 625 3,931,079 100.0% $75,271,882 100.0%

25Town Center of Virginia Beach Virginia Beach, VA APPENDIX DEFINITIONS & RECONCILIATIONS

26 ANNUALIZED BASE RENT: For the properties in our retail & office portfolios, we calculate annualized base rent (“ABR”) by multiplying (a) monthly base rent (defined as cash base rent, before contractual tenant concessions and abatements, and excluding tenant reimbursements for expenses paid by us) as of September 3 0, 2023, for in-place leases as of such date by (b) 12, and do not give effect to periodic contractual rent increases or contingent rental revenue (e.g., per centage rent based on tenant sales thresholds). ABR per leased square foot is calculated by dividing (a) ABR by (b) square footage under in-place leases as of September 30, 2023. In the case of triple net or modified gross leases, our calculation of ABR does not include tenant reimbursements for real estate taxes, insurance, common area, or other operating expenses. DEFINITIONS ADJUSTED FUNDS FROM OPERATIONS: We calculate Adjusted Funds From Operations (“AFFO”) as Normalized FFO adjusted for the impact of non-cash stock compensation, tenant improvement, leasing commission, 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, and proceeds from government development grants, and payments made to purchase interest rate caps and swaps designated as cash flow hedges. Management believes that AFFO provides useful supplemental information to investors regarding our operating performance as it provides a consistent comparison of our operating performance across time periods and allows investors to more easily compare our operating results with other REITs. However, other REITs may use different methodologies for calculating AFFO or similarly entitled FFO measures and, accordingly, our AFF O may not always be comparable to AFFO or other similarly entitled FFO measures of other REITs. ANNUALIZED QUARTERLY RENT: For the properties in our multifamily portfolio, we calculate annualized quarterly rent (“AQR”) by multiplying (a) revenue fo r the quarter, by (b) 4.

27 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 serv ices 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 b e 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 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. DEFINITIONS FUNDS FROM OPERATIONS: We calculate Funds From Operations (“FFO”) in accordance with the standards established by the National Association of Real E state Investment Trusts (“Nareit”). Nareit defines FFO as net income (loss) (calculated in accordance with accounting principles generally accepted in the United States (“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 it believes that FFO is beneficial to investors as a starting point in measuring our operational performance. Specifically, in excluding real estate related deprec iation 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. 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 existing 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.

28 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 feet, expressed as a percentage. 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. 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. PROPERTY/STABILIZED PROPERTY ADJUSTED EBITDA: We calculate Property Adjusted EBITDA as EBITDA coming solely from our operating properties. When referring to Stabilized Property Adjusted EBITDA, we exclude certain items, including, but not limited to, the impact of redevelopment and development pipeline projects that are still in lease-up. We generally consider a property to be stabilized upon the earlier of (i) the quarter after which the property reaches 80% occupancy or (ii) 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 resul t of a disposition, depending on the significance of the portion of the property disposed. Management believes that Stabilized Property Adjusted EBITDA provides useful supplemental information to investors regarding our properties’ recurring operating performance as it provides a consistent comparison of our operating p erformance across time periods and allows investors to more easily compare our operating results with other REITs. However, other REITs may use different method ologies for calculating Stabilized Property Adjusted EBITDA or similarly titled measures.

29 DEFINITIONS 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 line of credit. TOTAL ADJUSTED EBITDA: We calculate Total Adjusted EBITDA 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, debt extinguishment losses, non-cash stock compensation and mark-to-market adjustments on interest rate derivates, other one-time adjustments including non-recurring bad debt and termination fees. Management believes Total Adjusted EBITDA 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 along with other non-comparable items. 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. We generally consider a property to be stabilized upon the earlier of: (i) the quarter after the property reaches 80% occupancy or (ii) the thirteent h 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 redev elopment 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. Finally, any property classified as Held for Sale is not considered stabilized.

30 PROPERTY PORTFOLIO AS OF SEPTEMBER 30, 2023 (1) See appendix for definitions. (2) The Company leases all or a portion of the land underlying this property pursuant to a ground lease. Retail Properties - Stabilized Location Year Built / Redeveloped Net Rentable SF Occupancy(1) ABR(1) ABR per Occupied SF(1) Anchor Tenant(s) Town Center of Virginia Beach 249 Central Park Retail Virginia Beach, VA 2004 92,264 95.8% $2,514,064 $28.43 Cheesecake Factory, Brooks Brothers Apex Entertainment Virginia Beach, VA 2002/2020 103,335 81.3% 1,134,000 13.50 Apex Entertainment Columbus Village Virginia Beach, VA 2013/2020 62,207 100.0% 1,901,347 30.56 Barnes & Noble, CAVA, Shake Shack, Five Below, Ulta Commerce Street Retail Virginia Beach, VA 2008 19,173 100.0% 953,557 49.73 Yard House Fountain Plaza Retail Virginia Beach, VA 2004 35,961 93.7% 1,110,851 32.96 Ruth's Chris, Nando's Pembroke Square Virginia Beach, VA 1966/2015 124,181 100.0% 2,096,262 16.88 Fresh Market, Nordstrom Rack, DSW Premier Retail Virginia Beach, VA 2018 39,015 86.8% 1,155,936 34.15 Williams Sonoma, Pottery Barn South Retail Virginia Beach, VA 2002 38,515 100.0% 1,021,388 26.52 lululemon, free people, CPK Studio 56 Retail Virginia Beach, VA 2007 11,594 100.0% 407,396 35.14 Rocket Title, Legal Sea Foods Grocery Anchored Broad Creek Shopping Center(2) Norfolk, VA 2001 121,504 95.7% $2,230,903 $19.18 Food Lion, PetSmart Broadmoor Plaza South Bend, IN 1980 115,059 98.2% 1,356,439 12.01 Kroger Brooks Crossing Retail Newport News, VA 2016 18,349 71.8% 201,195 15.28 Various Small Shops (grocery shadow) Delray Beach Plaza(2) Delray Beach, FL 2021 87,207 98.0% 2,948,735 34.49 Whole Foods Greenbrier Square Chesapeake, VA 2017 260,667 100.0% 2,625,404 10.07 Kroger, Homegoods, Dick's Sporting Goods Greentree Shopping Center Chesapeake, VA 2014 15,719 92.6% 329,004 22.60 Various Small Shops (grocery shadow) Hanbury Village Chesapeake, VA 2009 98,638 100.0% 2,027,279 20.55 Harris Teeter Lexington Square Lexington, SC 2017 85,440 98.3% 1,918,182 22.83 Lowes Foods Market at Mill Creek Mt. Pleasant, SC 2018 80,319 100.0% 1,915,258 23.85 Lowes Foods North Pointe Center Durham, NC 2009 226,083 100.0% 2,968,835 13.13 Harris Teeter Parkway Centre Moultrie, GA 2017 61,200 100.0% 855,879 13.98 Publix Parkway Marketplace Virginia Beach, VA 1998 37,804 100.0% 799,497 21.15 Rite Aid (grocery shadow) Perry Hall Marketplace Perry Hall, MD 2001 74,251 100.0% 1,292,038 17.40 Safeway Sandbridge Commons Virginia Beach, VA 2015 69,417 100.0% 946,177 13.63 Harris Teeter Tyre Neck Harris Teeter(2) Portsmouth, VA 2011 48,859 100.0% 559,948 11.46 Harris Teeter Southeast Sunbelt The Interlock Retail(2) Atlanta, GA 2021 107,379 97.2% $4,820,005 $46.18 Puttshack Nexton Square Summerville, SC 2020 133,608 100.0% 3,502,486 26.21 Various Small Shops North Hampton Market Taylors, SC 2004 114,954 100.0% 1,510,797 13.14 PetSmart, Hobby Lobby Overlook Village Asheville, NC 1990 151,365 100.0% 2,224,689 14.70 T.J. Maxx|Homegoods, Ross Patterson Place Durham, NC 2004 160,942 99.3% 2,281,970 14.28 PetSmart, DSW Providence Plaza Charlotte, NC 2008 103,118 100.0% 3,103,461 30.10 Cranfill, Sumner & Hartzog, Chipotle South Square Durham, NC 2005 109,590 100.0% 1,996,181 18.21 Ross, Petco, Office Depot Wendover Village Greensboro, NC 2004 176,997 100.0% 3,580,962 20.23 T.J. Maxx, Petco, Beauty World Mid-Atlantic Dimmock Square Colonial Heights, VA 1998 106,166 97.2% $1,852,971 $17.96 Best Buy, Old Navy Harrisonburg Regal Harrisonburg, VA 1999 49,000 100.0% 717,850 14.65 Regal Cinemas Marketplace at Hilltop(2) Virginia Beach, VA 2001 116,953 100.0% 2,855,126 24.41 Total Wine, Panera, Chick-Fil-A Southgate Square Colonial Heights, VA 2016 260,131 100.0% 3,790,940 14.57 Burlington, PetSmart, Michaels, Conn's Red Mill Commons Virginia Beach, VA 2005 373,808 95.3% 6,931,141 19.45 Homegoods, Walgreens Southshore Shops Chesterfield, VA 2006 40,307 97.5% 833,729 21.22 Buffalo Wild Wings Total Retail Portfolio 3,931,079 98.1% $75,271,882 $19.51

31 PROPERTY PORTFOLIO CONT. AS OF SEPTEMBER 30, 2023 (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 $33.7 per leased square foot, which are reflected in this table. The rent paid by the Company is eliminated in accordance with GAAP in the consolidated financial statements. (4) The AQR for Liberty, Cosmopolitan, Chronicle Mill, Edison, and 1405 Point excludes approximately $0.2M, $1.2M, $0.2M, $0.3M a nd $0.3M ABR, respectively, from ground floor retail leases. Office Properties- Stabilized Location Net Rentable SF Year Built Occupancy(1) ABR(1) ABR per Occupied SF(1) Anchor Tenant(s) Town Center of Virginia Beach 4525 Main Street Virginia Beach, VA 235,088 2014 100.0% $7,268,714 $30.92 Clark Nexsen, Anthropologie, Mythics Armada Hoffler Tower(3) Virginia Beach, VA 315,916 2002 97.8% 9,574,481 30.98 AHH, Troutman Pepper, Williams Mullen, Morgan Stanley, KPMG One Columbus Virginia Beach, VA 129,066 1984 98.3% 3,296,666 25.98 Truist, HBA, Northwestern Mutual Two Columbus Virginia Beach, VA 108,460 2009 100.0% 2,809,182 25.90 Hazen & Sawyer, Fidelity Harbor Point - Baltimore Waterfront Constellation Office Baltimore, MD 482,317 2016 98.1% $15,428,096 $32.59 Constellation Energy Group Thames Street Wharf(3) Baltimore, MD 263,426 2010 100.0% 8,019,307 30.44 Morgan Stanley Wills Wharf(2) Baltimore, MD 327,991 2020 90.8% 9,413,332 31.62 Canopy by Hilton, Transamerica, RBC, Franklin Templeton Southeast Sunbelt The Interlock Office(2) Atlanta, GA 198,721 2021 86.6% $6,405,711 $37.23 Georgia Tech, WeWork, Pindrop One City Center Durham, NC 151,599 2019 89.3% 4,510,501 33.30 Duke University, WeWork Mid-Atlantic Brooks Crossing Office Newport News, VA 98,061 2019 100.0% $1,963,671 $20.02 Huntington Ingalls Industries Stabilized Office Total 2,310,645 96.1% $68,689,661 $30.95 Multifamily Properties- Stabilized Location Units Year Built / Redeveloped Occupancy(1) AQR (1) Monthly AQR per Occupied Unit Town Center of Virginia Beach Encore Apartments Virginia Beach, VA 286 2014 97.1% $6,031,320 $1,810 Premier Apartments Virginia Beach, VA 131 2018 96.2% 2,908,560 1,923 The Cosmopolitan(4) Virginia Beach, VA 342 2006/2020 95.1% 9,033,636 2,315 Harbor Point - Baltimore Waterfront 1305 Dock Street Baltimore, MD 103 2016 95.8% $2,983,164 $2,519 1405 Point(2)(4) Baltimore, MD 289 2018 96.1% 8,850,408 2,656 Southeast Sunbelt Chronicle Mill(4) Belmont, NC 238 2022 97.2% $4,813,260 $1,734 The Everly Gainesville, GA 223 2022 96.0% 4,874,832 1,898 Greenside Apartments Charlotte, NC 225 2018 96.3% 5,100,972 1,962 Mid-Atlantic The Edison(4) Richmond, VA 174 2014 96.0% $3,137,628 $1,565 Liberty Apartments(4) Newport News, VA 197 2013 94.3% 3,727,968 1,672 Smith's Landing(2) Blacksburg, VA 284 2009 96.0% 5,814,996 1,777 Multifamily Total 2,492 96.0% $57,276,744 $1,995

32 $ IN THOUSANDS RECONCILIATION OF DEBT & EBITDA (1) Excludes GAAP adjustments. Three Months Ended 9/30/2023 6/30/2023 3/31/2023 12/31/2022 Property Net Operating Income $42,290 $40,644 $37,846 $37,689 Property Other Income (Expense), Net (63) (93) (47) (120) Amortization of Right-of-Use Assets (425) (347) (277) (277) Impairment of Intangible Assets and Liabilities (5) - (102) (83) Property Adjusted EBITDA $41,797 $40,204 $37,420 $37,209 Acquisition - (1,816) - 217 Disposition - - - - Development (172) - (636) (12) Stabilized Portfolio Adjusted EBITDA $41,625 $38,388 $36,784 $37,414 Construction Gross Profit 3,313 3,503 3,068 2,245 Corporate G&A (4,159) (3,948) (5,308) (3,451) Non-Cash Stock Comp 817 288 1,846 562 Acquisition, Development & Other Pursuit Costs - (18) - - Interest Income 3,678 3,403 3,709 6,562 Other Income (Expense), Net 11 168 10 28 Add Back: Unstabilized EBITDA - 1,816 636 12 Total Adjusted EBITDA $45,285 $43,600 $40,745 $43,372 Stabilized Property Debt 610,994 613,300 582,084 584,502 Add Unsecured Property Debt 427,333 343,073 219,304 207,103 Acquisitions - (111,558) - - Stabilized Portfolio Debt $1,038,327 $844,815 $801,388 $791,605 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDA 6.2x 5.5x 5.4x 5.3x Total Debt(1) 1,326,987 1,269,586 1,117,424 1,073,132 Cash (35,005) (36,097) (36,436) (51,865) Net Debt $1,291,982 $1,233,489 $1,080,988 $1,021,267 Net Debt Plus Ancillary Debt/Total Adjusted EBITDA 7.1x 7.1x 6.6x 5.9x Preferred 171,085 171,085 171,085 171,085 Net Debt + Preferred $1,463,067 $1,404,574 $1,252,073 $1,192,352 Net Debt + Preferred /Total Adjusted EBITDA 8.1x 8.1x 7.7x 6.9x

33 QUARTER TO DATE(1) YEAR TO DATE(1) $ IN THOUSANDS AS OF SEPTEMBER 30, 2023 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 $269 - $1,576 $322 $1,213 - $3,380 Office 149 - 253 - 306 - 708 Multifamily 1 - - 5 551 281 838 Total Portfolio $419 - $1,829 $327 $2,070 $281 $4,926 Leasing Commissions Lease Incentive Tenant Improvements Land Improvements(2) Building Improvements(2) Fixtures & Equipment(2) Total Second Generation Capex Retail $1,483 20 $4,850 $643 $4,031 - $11,027 Office 576 - 1,298 - 1,206 - 3,080 Multifamily 161 - 45 34 1,455 733 2,428 Total Portfolio $2,220 $20 $6,193 $677 $6,692 $733 $16,535

34 RECONCILIATION TO PROPERTY PORTFOLIO NOI $ IN THOUSANDS (1) Includes expenses associated with the Company’s in-house asset management division. Three months ended 9/30 Nine Months Ended 9/30 2023 2022 2023 2022 Retail Same Store Rental Revenues $21,970 $20,942 $65,471 $62,682 Property Expenses 5,247 5,255 15,870 15,776 NOI 16,723 15,687 49,601 46,906 Non-Same Store NOI(1) 2,698 (90) 4,899 322 Segment NOI $19,421 $15,597 $54,500 47,228 Office Same Store Rental Revenues $19,515 $18,687 $31,240 $30,861 Property Expenses 7,242 6,687 12,057 11,219 NOI 12,273 12,000 19,183 19,642 Non-Same Store NOI(1) 1,617 (243) 20,167 15,173 Segment NOI 13,890 $11,757 $39,350 $34,815 Multifamily Same Store Rental Revenues $13,728 $13,154 $34,594 $32,901 Property Expenses 5,456 5,133 13,413 12,624 NOI 8,272 8,021 21,181 20,277 Non-Same Store NOI(1) 707 167 5,749 6,486 Segment NOI $8,979 $8,188 $26,930 $26,763 Total Property Portfolio NOI $42,290 $35,542 $120,780 $108,806

35 RECONCILIATION TO GAAP NET INCOME $ IN THOUSANDS Three Months Ended 9/30/2023 Retail(1) Office(1) Multifamily(1) Total Rental Properties General Contracting & Real Estate Services(2) Real Estate Financing(3) Total Segment Revenues 25,858$ 22,077$ 14,978$ 62,913$ 99,408$ 3,496$ 165,817$ Segment Expenses 6,437 8,187 5,999 20,623 96,095 728 117,446 Net Operating Income 19,421$ 13,890$ 8,979$ 42,290$ 3,313$ 2,768$ 48,371$ Interest Income 194 Depreciation and Amortization (22,462) General and Administrative Expenses (4,286) Acquisition, Development and Other Pursuit Costs - Gain on Real Estate Dispositions 227 Interest Expense (14,716) Unrealized Credit Loss Provision (694) Amortization of Right-of-Use Assets - Finance Leases (425) Change in Fair Value of Derivatives and Other 2,466 Other Income (Expense), Net 63 Income Tax Provision (310) Net Income 8,423$ Net Loss (Income) Attributable to Noncontrolling Interest in Investment Entities (193) Preferred Stock Dividends (2,887) Net Income Attributable to AHH and OP Unitholders 5,343$ Nine Months Ended 9/30/2023 Retail(1) Office(1) Multifamily(1) Total Rental Properties General Contracting & Real Estate Services(2) Real Estate Financing(3) Total Segment Revenues 73,004$ 62,156$ 43,922$ 179,082$ 286,220$ 10,257$ 475,559$ Segment Expenses 18,504 22,806 16,992 58,302 276,336 2,634 337,272 Net Operating Income 54,500$ 39,350$ 26,930$ 120,780$ 9,884$ 7,623$ 138,287$ Interest Income 566 Depreciation and Amortization (60,808) General and Administrative Expenses (13,786) Acquisition, Development and Other Pursuit Costs (18) Impairment Charges (107) Gain on Real Estate Dispositions 738 Interest Expense (38,741) Unrealized Credit Loss Provision (871) Amortization of Right-of-Use Assets - Finance Leases (1,049) Change in Fair Value of Derivatives and Other 5,024 Other Income (Expense), Net 324 Income Tax Provision (834) Net Income 28,725$ Net Loss (Income) Attributable to Noncontrolling Interest in Investment Entities (616) Preferred Stock Dividends (8,661) Net Income Attributable to AHH and OP Unitholders 19,448$ (1) Segment net operating income for the retail, office, and multifamily segments is calculated as rental revenues, less rental expenses and rental taxes. (2) Segment gross profit for the general contracting & real estate services segment is calculated as general contracting and real estate services revenues, less general contracting and real estate services expenses. (3) Segment gross profit for the real estate financing segment is calculated as interest income, less interest expense.

36 RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA $ IN THOUSANDS Three Months Ended 9/30/2023 6/30/2023 3/31/2023 12/31/2022 Net income attributable to common stockholders and OP unitholders $5,343 $11,729 $2,376 $11,517 Excluding: Depreciation and Amortization 22,462 19,878 18,468 18,109 Loss (Gain) on Real Estate Dispositions (227) (511) - (42) Income Tax Provision (Benefit) 310 336 188 (5) Interest Expense 15,444 13,629 12,302 10,933 Change in Fair Value of Derivatives and Other (2,466) (5,005) 2,447 (1,186) Preferred Dividends 2,887 2,887 2,887 2,887 Loss on Extinguishment of Debt - - - 475 Unrealized Credit Loss Provision (Release) 694 100 77 (232) Investment Entities 193 269 154 137 Non-Cash Stock Compensation 817 288 1,846 562 Adjusted EBITDA $45,457 $43,600 $40,745 $43,155 Development/Redevelopment (172) - - - Acquisitions (Full Quarter) - - - 217 Total Adjusted EBITDA $45,285 $43,600 $40,745 $43,372 Construction Gross Profit (3,313) (3,503) (3,068) (2,245) Corporate G&A 4,159 3,948 5,308 3,451 Non-Cash Stock Comp (817) (288) (1,846) (562) Acquisition, Development & Other Pursuit Costs - 18 - - Interest Income (3,678) (3,403) (3,709) (6,562) Other Income (Expense), Net (11) (168) (10) (28) Add Back: Unstabilized EBITDA - (1,816) (636) (12) Stabilized Portfolio Adjusted EBITDA $41,625 $38,388 $36,784 $37,414 Acquisition - 1,816 - (217) Disposition - - - - Development 172 - 636 12 Property Adjusted EBITDA $41,797 $40,204 $37,420 $37,209