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 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 viktor.fediv@scotiabank.com Bank of America Merrill Lynch Jeff Spector (646) 855-1363 jeff.spector@bofa.com Janney, Montgomery, & Scott LLC Robert Stevenson (646) 840-3217 robertstevenson@janney.com ANALYST COVERAGE Armada Hoffler (NYSE: AHH) is a vertically integrated, self-managed real estate investment trust ("REIT") with over four decades of experience developing, building, acquiring, and managing high-quality retail, office, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. The Company also provides general construction and development services to third-party clients, in addition to developing and building properties to be placed in its stabilized portfolio. Founded in 1979 by Daniel A. Hoffler, Armada Hoffler has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information, visit ArmadaHoffler.com. CORPORATE PROFILE Robert W. Baird & Co. Nick Thillman (414) 298-5053 nthillman@rwbaird.com CREDIT RATING Rating: BBB Agency: Morningstar DBRS Stifel Simon Yarmak (443) 224-1345 yarmaks@stifel.com

3 HIGHLIGHTS $0.29 Fourth Quarter FFO Per Diluted Share $1.29 Full Year Normalized FFO Per Diluted Share 96.0% Wtd. Avg. Portfolio Occupancy as of December 31, 2024 12.3% Fourth Quarter Increase in Office Same Store NOI, GAAP 315K Square Feet of New and Renewed Commercial Space for the Fourth Quarter of 2024 $2.1M Fourth Quarter General Contracting and Real Estate Services Gross Profit 11.1% Fourth Quarter Retail Lease Renewal Spread Increase, GAAP 18.7% Fourth Quarter Office Lease Renewal Spread Increase, GAAP $4.0M Fourth Quarter Interest Income on Real Estate Financing Investments

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 fourth quarter and year ended 2024. 2025 OUTLOOK & ASSUMPTIONS OUTLOOK(1) LOW HIGH PROPERTY PORTFOLIO NOI $171.2M $175.8M CONSTRUCTION SEGMENT PROFIT $6.8M $8.6M G&A EXPENSES ($17.6M) ($16.6M) INTEREST INCOME $15.7M $16.7M ADJUSTED INTEREST EXPENSE(2) ($63.5M) ($59.5M) 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 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Net Income (Loss) Attributable to Common Stockholders and OP Unitholders $26,140 ($10,416) $375 $14,804 Net Income (Loss) per Diluted Share Attributable to Common Stockholders and OP Unitholders $0.26 ($0.11) $0.00 $0.17 Normalized FFO Attributable to Common Stockholders and OP Unitholders 27,837 31,438 30,204 29,414 Normalized FFO per Diluted Share Attributable to Common Stockholders and OP Unitholders $0.27 $0.35 $0.34 $0.33 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.8x 5.9x 6.4x 6.6x Fixed Charge Coverage Ratio(1) 1.6x 1.4x 1.4x 1.6x CAPITALIZATION Common Shares Outstanding 79,696 79,696 67,388 66,987 Operating Partnership Units Outstanding 21,666 21,668 21,709 21,709 Common Shares and Operating Partnership Units Outstanding 101,362 101,364 89,097 88,696 Market Price per Common Share as of Last Trading Day of Quarter $10.23 $10.83 $11.09 $10.40 Common Equity Capitalization 1,036,933 1,097,772 988,086 922,440 Preferred Equity Capitalization 171,085 171,085 171,085 171,085 Total Equity Capitalization 1,208,018 1,268,857 1,159,171 1,093,525 Total Debt(2) 1,297,510 1,330,124 1,422,473 1,431,614 Total Capitalization $2,505,528 $2,598,981 $2,581,644 $2,525,139 STABILIZED PORTFOLIO OCCUPANCY(1) Retail 95.3 % 96.2 % 95.4 % 95.4 % Office 97.2 % 94.7 % 94.3 % 93.6 % Multifamily 95.3 % 95.3 % 94.9 % 95.1 % Weighted Average(3) 96.0 % 95.4 % 94.9 % 94.7 % STABILIZED PORTFOLIO Commercial Retail Portfolio Net Operating Income $19,004 $18,622 $19,230 $18,909 Number of Properties 46 48 48 48 Net Rentable Square Feet 3,824,446 4,037,298 4,037,662 4,034,206 Office Portfolio Net Operating Income $12,817 $18,969 $14,734 $13,540 Number of Properties 14 14 14 14 Net Rentable Square Feet 2,335,063 2,332,780 2,327,873 2,328,023 Multifamily Multifamily Portfolio Net Operating Income $8,764 $7,982 $8,351 $8,786 Number of Properties 11 11 11 11 Units 2,492 2,492 2,492 2,492

6 Three Months Ended Year Ended 12/31/2024 12/31/2023 12/31/2024 12/31/2023 (Unaudited) (Unaudited) Revenues Rental Revenues $62,953 $59,842 $256,697 $238,924 General Contracting and Real Estate Services Revenues 75,010 126,911 433,177 413,131 Interest Income 4,637 4,280 18,596 15,103 Total Revenues 142,600 191,033 708,470 667,158 Expenses Rental Expenses 16,066 15,027 62,410 56,419 Real Estate Taxes 5,313 5,532 23,308 22,442 General Contracting and Real Estate Services Expenses 72,917 123,377 419,302 399,713 Depreciation and Amortization 25,265 35,570 90,962 97,427 General & Administrative Expenses 4,661 4,336 20,225 18,122 Acquisition, Development & Other Pursuit Costs 1 66 5,531 84 Impairment Charges — (5) 1,494 102 Total Expenses 124,223 183,903 623,232 594,309 Gain on Real Estate Dispositions, Net 21,305 — 21,305 738 Operating Income 39,682 7,130 106,543 73,587 Interest Expense (18,376) (16,435) (78,965) (57,810) Equity in Income of Unconsolidated Real Estate Entities 245 — 245 — Loss on Extinguishment of Debt (134) — (247) — Change in Fair Value of Derivatives and Other 7,273 (11,266) 14,251 (6,242) Unrealized Credit Loss (Provision) Release (103) 297 (156) (574) Other Income (Expense), Net (45) (293) 209 31 Income (Loss) Before Taxes 28,542 (20,567) 41,880 8,992 Income Tax Benefit (Provision) 494 (495) 614 (1,329) Net Income (Loss) $29,036 ($21,062) $42,494 $7,663 Net (Income) Loss Attributable to Noncontrolling Interests in Investment Entities (9) 11 (43) (605) Preferred Stock Dividends (2,887) (2,887) (11,548) (11,548) Net Income (Loss) Attributable to AHH and OP Unitholders $26,140 ($23,938) $30,903 ($4,490) Net Income (Loss) per Diluted Share and Unit Attributable to AHH and OP Unitholders $0.26 ($0.27) $0.33 ($0.05) Weighted Average Shares & OP Units - Diluted(1) 101,361 88,733 92,326 88,864 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 12/31/2024 12/31/2023 (Unaudited) Assets Real Estate Investments: Income Producing Property $2,173,787 $2,093,032 Held for Development 5,683 11,978 Construction in Progress 17,515 102,277 Accumulated Depreciation (451,907) (393,169) Net Real Estate Investments 1,745,078 1,814,118 Real Estate Investments Held for Sale 4,800 — Cash and Cash Equivalents 70,642 27,920 Restricted Cash 1,581 2,246 Accounts Receivable, Net 52,860 45,529 Notes Receivable, Net 132,565 94,172 Construction Receivables, Including Retentions, Net 84,624 126,443 Construction Contract Costs and Estimated Earnings in Excess of Billings 6 104 Equity Method Investments 158,151 142,031 Operating Lease Right-of-Use Assets 22,841 23,085 Finance Lease Right-of-Use Assets 88,986 90,565 Acquired Lease Intangible Assets 89,739 109,137 Other Assets 60,990 87,548 Total Assets $2,512,863 $2,562,898 Liabilities and Equity Indebtedness, Net $1,295,559 $1,396,965 Accounts Payable and Accrued Liabilities 38,840 31,041 Construction Payables, Including Retentions 104,495 128,290 Billings in Excess of Construction Contract Costs and Estimated Earnings 5,871 21,414 Operating Lease Liabilities 31,365 31,528 Finance Lease Liabilities 92,646 91,869 Other Liabilities 54,418 56,613 Total Liabilities 1,623,194 1,757,720 Total Equity 889,669 805,178 Total Liabilities and Equity $2,512,863 $2,562,898

8 FFO, NORMALIZED FFO, & AFFO(1) $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) Year Ended (Unaudited) 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2024 12/31/2023 Funds From Operations Net Income (Loss) Attributable to AHH and OP Unitholders $26,140 ($10,416) $375 $14,804 $30,903 ($4,490) Net Income (Loss) per Diluted Share $0.26 ($0.11) $— $0.17 $0.33 ($0.05) Depreciation and Amortization(2) 24,899 23,070 20,570 20,215 88,754 95,208 Gain on Dispositions of Operating Real Estate(3) (21,305) — — — (21,305) — Impairment of Real Estate Assets(4) — — 1,494 — 1,494 — FFO $29,734 $12,654 $22,439 $35,019 $99,846 $90,718 FFO per Diluted Share $0.29 $0.14 $0.25 $0.40 $1.08 $1.02 Normalized FFO Acquisition, Development, and Other Pursuit Costs 1 2 5,528 (4) — 5,531 84 Loss on Extinguishment of Debt 134 113 — — 247 — Non-Cash GAAP Adjustments 497 588 166 478 1,729 1,270 Severance-Related Costs — 1,339 — 167 1,506 — (Increase) Decrease in Fair Value of Derivatives (2,497) 16,669 1,950 (6,510) 9,612 14,185 Amortization of Interest Rate Derivatives on Designated Cash Flow Hedges (32) 73 121 260 422 4,210 Normalized FFO $27,837 $31,438 $30,204 $29,414 $118,893 $110,467 Normalized FFO per Diluted Share $0.27 $0.35 $0.34 $0.33 $1.29 $1.24 Adjusted FFO Non-Cash Stock Compensation 1,241 710 744 2,192 4,887 3,680 Tenant Improvements, Leasing Commissions, Lease Incentives(5) (3,480) (2,112) (6,239) (2,952) (14,783) (13,230) Property-Related Capital Expenditures(5) (5,573) (2,677) (5,313) (3,537) (17,100) (11,830) Adjustment for Real Estate Financing Investment Modification and Exit Fees — — — — — (459) Non-Cash Interest Expense(6) 1,891 1,925 1,994 1,882 7,692 6,532 Cash Ground Rent Payment - Finance Lease (995) (977) (980) (980) (3,932) (3,476) GAAP Adjustments (2,884) (2,666) (2,095) (1,738) (9,383) (5,164) AFFO $18,037 $25,641 $18,315 $24,281 $86,274 $86,520 AFFO per Diluted Share $0.18 $0.28 $0.21 $0.27 $0.93 $0.97 Weighted Average Common Shares Outstanding 79,695 68,931 67,106 66,838 70,662 67,692 Weighted Average Operating Partnership Units Outstanding 21,666 21,667 21,709 21,613 21,664 21,172 Total Weighted Average Common Shares and OP Units Outstanding(7) 101,361 90,598 88,815 88,451 92,326 88,864 (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 $0.8M for the 3 months ended 12/31/2024. (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 lease right-of-use assets and lease liabilities. (7) Excludes GAAP adjustments. $ AND SHARES/UNITS IN THOUSANDS Stabilized Portfolio NOI (Cash) Three Months Ended 12/31/2024 Retail Office(3) Multifamily Total Stable Portfolio Portfolio NOI(1)(2) $18,465 $11,202 $9,003 $38,670 Non-Stabilized Properties NOI (284) (382) (324) (990) Signed Leases Not Yet Occupied or in Free Rent Period 693 1,444 — 2,137 Stable Portfolio NOI $18,874 $12,264 $8,679 $39,817 Intra-Quarter Transactions Net Acquisitions — — — — Net Dispositions (1,260) — — (1,260) Annualized $70,456 $49,056 $34,716 $154,228 Non-Stabilized Portfolio(4) As of 12/31/2024 Projects Under Development $— Properties in Lease Up 114,260 Development Opportunities(5) 1,800 Unconsolidated JV Development 162,300 Total Non-Stabilized Portfolio $278,360 Third-Party General Contracting and Real Estate Services Trailing 12 Months General Contracting Gross Profit $13,875 Non-Property Assets(6) As of 12/31/2024 Cash and Restricted Cash $72,223 Accounts Receivable, Net 52,860 Other Notes Receivable 12,984 Real Estate Financing Investments(7) 122,179 Construction Receivables, Including Retentions(7) 84,624 Acquired Lease Intangible Assets 89,739 Other Assets / Costs in Excess of Earnings 60,996 Total Non-Property Assets $495,605 Liabilities(6) As of 12/31/2024 Mortgages and Notes Payable(7) $1,297,510 Accounts Payable and Accrued Liabilities 38,840 Construction Payables, Including Retentions 104,495 Other Liabilities(7) 59,757 Total Liabilities $1,500,602 Preferred Equity Liquidation Value Series A Cumulative Redeemable Perpetual Preferred Stock $171,085 Common Equity As of 12/31/2024 Total Common Shares Outstanding 79,696 Total OP Units Outstanding 21,666 Total Common Shares & OP Units Outstanding 101,362

10 CREDIT PROFILE $ IN THOUSANDS Net Debt to Adjusted EBITDAre 5.6x 5.5x 4.9x 5.3x 5.4x 5.5x 6.2x 6.5x 6.6x 6.4x 5.9x 5.8x 7.4x 7.2x 6.5x 5.9x 6.6x 7.1x 7.1x 7.5x 7.4x 7.5x 7.2x 7.2x Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre Net Debt / Total Adjusted EBITDAre Q1 2 022 Q2 2022 Q3 2022 Q4 2022 Q1 2 023 Q2 2023 Q3 2023 Q4 2023 Q1 2 024 Q2 2024 Q3 2024 Q4 2024 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 Q1 2 02 2 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 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 81% 68% 76% 68% 83% 77% 77% 82% 75% 99% 72% 115% Total Dividend AFFO AFFO Payout Ratio Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 0 5,000 10,000 15,000 20,000 25,000 30,000 —% 20% 40% 60% 80% 100% 120% Weighted Average Years to Maturity - Debt 5.1 5 5.5 4.7 4.4 4.6 4.2 3.9 3.7 3.6 3.5 3.3 Weighted Average Years to Maturity Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 0 1 2 3 4 5 6

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 12/31/2024 Stabilized Portfolio Adjusted EBITDAre $39,420 Stabilized Portfolio Debt $915,683 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.8 x Total Adjusted EBITDAre $42,831 Net Debt(2) $1,225,287 Net Debt/Total Adjusted EBITDAre(1) 7.2 x Net Debt + Preferred $1,396,372 Net Debt + Preferred /Total Adjusted EBITDAre 8.2 x 0.0 x 1.0 x 2.0 x 3.0 x 4.0 x 5.0 x 6.0 x 7.0 x 8.0 x 9.0 x 10.0 x 5.8x 7.2x 8.2x 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 DECEMBER 31, 2024 Total Debt Composition Weighted Average % of Debt Interest Rate Maturity Variable vs. Fixed-Rate Debt Variable-Rate Debt(1)(2) 6.3 % 6.4 % 2.3 Yrs Fixed-Rate Debt(3)(4) 93.7 % 4.3 % 3.4 Yrs Secured vs. Unsecured Debt Unsecured Debt(2) 55.9 % 4.7 % 2.3 Yrs Secured Debt(2) 44.1 % 4.0 % 4.5 Yrs Portfolio Weighted Average(2) 4.4 % 3.3 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 2.8% 3.0% 2.9% 3.6% 3.9% 4.0% 4.2% 4.0% 4.4% 4.6% 4.5% 4.4% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 .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) Subject to a rate floor. (3) Does not reflect two 12-month extension options. (4) Includes debt subject to interest rate swap locks. Debt Maturities & Principal Payments Debt Stated Rate Effective Rate as of 12/31/2024 Maturity Date (1) 2025 2026 2027 2028 2029 Thereafter Outstanding as of 12/31/2024 Secured Debt - Stabilized Red Mill South 3.57 % 3.57 % May-2025 $ 4,502 $ — $ — $ — $ — $ — $ 4,502 The Everly SOFR+ 1.50 % 5.83 % (2) Dec-2025 (3) 30,000 — — — — — 30,000 Encore Apartments & 4525 Main Street 2.93 % 2.93 % Feb-2026 1,347 50,840 — — — — 52,187 Thames Street Wharf SOFR+ 1.30 % 2.33 % (4) Sep-2026 1,433 65,028 — — — — 66,461 Constellation Energy Building SOFR+ 1.50 % 5.95 % (2)(4) Nov-2026 — 175,000 — — — — 175,000 Liberty SOFR+ 1.50 % 4.93 % (4) Sep-2027 364 382 19,496 — — — 20,242 Greenbrier Square 3.74 % 3.74 % Oct-2027 399 415 18,370 — — — 19,184 Lexington Square 4.50 % 4.50 % Sep-2028 320 335 351 12,287 — — 13,293 Red Mill North 4.73 % 4.73 % Dec-2028 127 133 140 3,442 — — 3,842 Premier Apartments and Retail 5.53 % 5.53 % Dec-2029 — — — — 29,415 — 29,415 Greenside Apartments 3.17 % 3.17 % Dec-2029 808 834 861 886 26,932 — 30,321 Smith's Landing 4.05 % 4.05 % Jun-2035 1,037 1,081 1,126 1,172 1,222 7,946 13,584 The Edison 5.30 % 5.30 % Dec-2044 427 450 474 500 527 12,396 14,774 The Cosmopolitan 3.35 % 3.35 % Jul-2051 937 968 1,001 1,035 1,071 34,449 39,461 Total - Secured Stabilized Debt 41,701 295,466 41,819 19,322 59,167 54,791 512,266 Secured Debt - Development Pipeline Southern Post SOFR+ 2.25 % 6.58 % (2) Aug-2026 (3) — 60,244 — — — — 60,244 Total - Development Pipeline — 60,244 — — — — 60,244 Total Secured Debt 41,701 355,710 41,819 19,322 59,167 54,791 572,510 Unsecured Debt TD Unsecured Term Loan SOFR+ 1.35%-1.90% 4.85 % (4) May-2025 (5) 95,000 — — — — — 95,000 Senior Unsecured Revolving Credit Facility SOFR+ 1.30%-1.85% 6.42 % Jan-2027 (6) — — 140,000 — — — 140,000 Senior Unsecured Revolving Credit Facility (Fixed) SOFR+ 1.30%-1.85% 4.80 % (4) Jan-2027 (6) — — 5,000 — — — 5,000 M&T Unsecured Term Loan SOFR+ 1.25%-1.80% 6.22 % Mar-2027 (5) — — 35,000 — — — 35,000 M&T Unsecured Term Loan (Fixed) SOFR+ 1.25%-1.80% c ) 4.90 % (4) Mar-2027 (5) — — 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 % (4) Jan-2028 — — — 79,000 — — 79,000 Total Unsecured Debt 95,000 — 280,000 350,000 — — 725,000 Total Principal Balances $ 136,701 $ 355,710 $ 321,819 $ 369,322 $ 59,167 $ 54,791 $ 1,297,510 Other Notes Payable 6,122 Unamortized GAAP Adjustments (8,073) Indebtedness, Net $ 1,295,559 (5) Does not reflect one 12-month extension option. (6) Does not reflect two six-month extension options.

14 (1) Includes debt subject to interest rate swap locks. (2) Excludes GAAP adjustments. (3) The Company achieved a fixed or hedged rate of 100% subsequent to 12/31/24 by purchasing a swap with a notional of $150 million. (4) 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 Year Ended Accounting Treatment(5) Statement of Comprehensive Income Location 12/31/2024 12/31/2023 12/31/2024 12/31/2023 Designated Hedges Interest Expense $ 956 $ 5,625 $ 7,685 $ 22,202 Non-Designated Hedges Change in Fair Value of Derivatives and Other 4,776 4,893 23,863 7,943 Total Realized Gains on Interest Rate Derivatives $ 5,732 $ 10,518 $ 31,548 $ 30,145 Designated Hedges Unrealized Cash Flow Hedge Gains (Losses)(6) $ 3,134 $ (2,989) $ 4,322 $ 6,879 Non-Designated Hedges Change in Fair Value of Derivatives and Other 2,497 (16,159) (9,612) $ (14,185) Total Unrealized Gains (Losses) on Interest Rate Derivatives $ 5,631 $ (19,148) $ (5,290) $ (7,306) Total Realized and Unrealized Gains (Losses) on Interest Rate Derivatives $ 11,363 $ (8,630) $ 26,258 $ 22,839 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 Total Interest Rate Swaps $630,000 Fixed-Rate Debt(1)(2) $586,266 Fixed-Rate and Hedge Debt $1,216,266 Total Debt(2) $1,297,510 % Fixed or Hedged(3) 93.7 % Interest Rate Swaps Allocated to Off Balance Sheet Joint Ventures(4) 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 DECEMBER 31, 2024 (5) The Company only enters into interest rate derivatives to hedge its exposure to interest rate risk from floating rate debt. The Company may elect to designate an interest rate derivative as a cash flow hedge under US GAAP if certain criteria are met, which allows for reporting of realized gains (losses) net of the hedge item (interest expense). All income statement activity for derivatives that are not designated as cash flow hedges is reported within Change in fair value of derivatives and other in the Company’s Statement of Comprehensive Income. (6) Unrealized cash flow hedge gains (losses) is a component of comprehensive income (loss) and is excluded from net income (loss).

15 CAPITALIZATION & FINANCIAL RATIOS $ IN THOUSANDS, EXCEPT PER SHARE AS OF DECEMBER 31, 2024 (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 12/31/24. (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 11 % $145,000 Unsecured Term Loans 45 % 580,000 Mortgages Payable 44 % 572,510 Total Debt $1,297,510 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 % 79,695 $10.23 $815,290 Operating Partnership Units 21 % 21,666 $10.23 221,643 Equity Market Capitalization 101,362 $1,036,933 Total Capitalization $2,505,528 Enterprise Value $2,433,305 Total Debt to Enterprise Value 53 % Financial Ratios Debt Service Coverage Ratio(3) 1.7x Fixed Charge Coverage Ratio(3) 1.6x Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.8x Net Debt / Total Adjusted EBITDAre 7.2x Net Debt Plus Preferred / Total Adjusted EBITDAre 8.2x Debt/Total Capitalization 52 % Liquidity(4) Cash on Hand $70,642 Availability Under Revolving Credit Facility 112,984 Total Liquidity $183,626 Unencumbered Properties % of Total Properties 58 % % of Annualized Base Rent 72 % Total Asset Value(5) $1,396,640 Preferred Equity 7% Debt 52% Common Equity 41%

16 PORTFOLIO PROFILE Multifamily Tradeout % of Portfolio ABR Expiring for Top 20 Tenants Retail Office Commercial Expirations 4.0% —% —% 4.0% 8.0% 10.0% 7.0% 13.0% 12.0% 6.0% 6.0% 2.0% 3.0% 25.0% Retail Office Ava ila ble M-T-M 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafte r Weighted Average Lease Term Remaining (Years)

17 STABILIZED PORTFOLIO SUMMARY AS OF DECEMBER 31, 2024 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 13 97.9 % $13,941,899 $25.93 Harbor Point - Baltimore Waterfront 2 57,096 7 71.5 % 1,223,556 29.97 Grocery Anchored 14 1,320,155 15 98.8 % 21,158,216 16.22 Southeast Sunbelt 10 945,090 16 95.5 % 20,205,304 22.39 Mid-Atlantic 7 952,788 17 90.2 % 16,301,187 18.97 Stabilized Retail Total 46 3,824,446 15 95.3 % $72,830,162 $19.98 Office Properties # of Properties Net Rentable SF(1) Average Age Occupancy(1) ABR(1) ABR per Occupied SF Town Center of Virginia Beach 6 805,172 22 98.2 % $24,443,427 $30.90 Harbor Point - Baltimore Waterfront 3 1,044,435 9 97.8 % 33,027,442 32.35 Southeast Sunbelt 4 387,395 7 92.6 % 11,929,942 33.26 Mid-Atlantic 1 98,061 5 100.0 % 2,002,945 20.43 Stabilized Office Total 14 2,335,063 13 97.2 % $71,403,756 $31.47 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 11 94.2 % $17,882,028 $2,084 Harbor Point - Baltimore Waterfront 2 392 7 94.9 % 11,959,740 2,679 Southeast Sunbelt 3 686 3 94.3 % 14,250,288 1,835 Mid-Atlantic 3 655 12 98.0 % 13,368,240 1,735 Stabilized Multifamily Total 11 2,492 9 95.3 % $57,460,296 $2,015

18 (1) Excludes expenses associated with the Company’s in-house asset management division of $1.0M and $1.3M for the three months ended 12/31/2024 & 12/31/2023, respectively, and $4.8M and $5.3M for the years ended 12/31/2024 & 12/31/2023, respectively. (2) Excludes $4.0M termination fee received from one of the Company’s tenants at Wills Wharf and $650k of accelerated straight-line rent effect from the termination of such tenant’s lease for the year ended ended 12/31/2024. SAME STORE NOI BY SEGMENT $ IN THOUSANDS (RECONCILIATION TO GAAP LOCATED IN APPENDIX) Three Months Ended Year Ended 12/31/2024 12/31/2023 $ Change % Change 12/31/2024 12/31/2023 $ Change % Change Retail Rental Revenues $23,403 $23,277 $126 0.5 % $84,716 $84,248 $468 0.6 % Rental Expenses(1) 4,124 4,014 110 2.7 % 12,946 12,110 836 6.9 % Real Estate Taxes 1,901 2,040 (139) (6.8) % 8,372 8,204 168 2.0 % Same Store NOI $17,378 $17,223 $155 0.9 % $63,398 $63,934 $(536) (0.8) % GAAP Adjustments (1,034) (1,173) 139 (3,813) (4,454) 641 Net Operating Income, Cash $16,344 $16,050 $294 1.8 % $59,585 $59,480 $105 0.2 % Office Rental Revenues $22,024 $20,512 $1,512 7.4 % $81,337 $76,568 $4,769 6.2 % Rental Expenses(1) 6,037 5,978 59 1.0 % 20,750 19,776 974 4.9 % Real Estate Taxes 2,091 2,165 (74) (3.4) % 8,630 8,566 64 0.7 % Same Store NOI(2) $13,896 $12,369 $1,527 12.3 % $51,957 $48,226 $3,731 7.7 % GAAP Adjustments (2,183) (1,516) (667) (6,932) (4,725) (2,207) Net Operating Income, Cash $11,713 $10,853 $860 7.9 % $45,025 $43,501 $1,524 3.5 % Multifamily Rental Revenues $14,392 $14,151 $241 1.7 % $52,522 $51,589 $933 1.8 % Rental Expenses(1) 4,549 4,038 511 12.7 % 16,115 15,117 998 6.6 % Real Estate Taxes 1,273 1,234 39 3.2 % 5,052 4,608 444 9.6 % Same Store NOI $8,570 $8,879 $(309) (3.5) % $31,355 $31,864 $(509) (1.6) % GAAP Adjustments (209) (188) (21) (834) (796) (38) Net Operating Income, Cash $8,361 $8,691 $(330) (3.8) % $30,521 $31,068 $(547) (1.8) % Same Store NOI $39,844 $38,471 $1,373 3.6 % $146,710 $144,024 $2,686 1.9 % GAAP Adjustments (3,426) (2,877) 0 (549) (11,579) (9,975) 0 (1,604) 0 Same Store Portfolio NOI, Cash Basis $36,418 $35,594 $824 2.3 % $135,131 $134,049 $1,082 0.8 %

19 TOP 20 TENANTS BY ABR(1) $ IN THOUSANDS AS OF DECEMBER 31, 2024 Commercial Portfolio Tenant Investment Grade Rating(2) Number of Leases Annualized Base Rent % of Total Annualized Base Rent Constellation Energy Generation ü 1 $15,010 7.4% Morgan Stanley ü 3 8,883 4.4% Harris Teeter/Kroger 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/Golf Galaxy ü 2 1,977 1.0% Lowes Foods 2 1,976 1.0% Franklin Templeton ü 1 1,898 0.9% Duke University ü 1 1,742 0.9% Huntington Ingalls Industries ü 1 1,671 0.8% TJ Maxx/Homegoods ü 5 1,554 0.8% PetSmart 5 1,527 0.8% Georgia Tech ü 1 1,446 0.7% WeWork 1 1,348 0.7% Mythics 1 1,311 0.6% Puttshack 1 1,203 0.6% Apex Entertainment 1 1,176 0.6% Pindrop 1 1,172 0.6% Kimley-Horn 1 1,145 0.6% Amazon/Whole Foods ü 1 1,144 0.6% Top 20 Total $55,576 27.6% (1) Excludes leases from the development and redevelopment properties that have been delivered, but not yet stabilized. (2) Per public sources.

20 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 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 Q1 2024 19 87,841 10.7 % 4.4 % 4.5 262,669 2.99 Trailing 4 Quarters 80 490,346 10.4 % 5.0 % 5.1 $1,638,474 $3.34 New Leases(1) Quarter Number of Leases Signed Net Rentable SF Signed Cash Rent per SF Wtd Average Lease Term Remaining (yrs) TI & LC TI & LC per SF Q4 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 Q1 2024 3 9,807 16.17 8.2 549,959 56.08 Trailing 4 Quarters 32 168,327 $20.69 9.3 $7,924,058 $47.08 OFFICE Renewals Quarter Number of Leases Signed Net Rentable SF Signed GAAP Releasing Spread Cash Releasing Spread Wtd Average Lease Term Remaining (yrs) TI & LC TI & LC per SF Q4 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 Q1 2024 2 17,901 14.2 % 1.2 % 9.1 564,597 31.54 Trailing 4 Quarters 13 158,183 19.1 % 2.3 % 7.2 $3,606,090 $22.80 New Leases(1) Quarter Number of Leases Signed Net Rentable SF Signed Cash Rent per SF Wtd Average Lease Term Remaining (yrs) TI & LC TI & LC per SF Q4 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 Q1 2024 0 — — 0.0 — — Trailing 4 Quarters 12 135,163 $33.95 9.0 $10,396,737 $76.92

21 LEASE EXPIRATIONS(1) AS OF DECEMBER 31, 2024 (1) Excludes leases from properties in development, redevelopment, and delivered, but not yet stabilized. (2) Represents leases that expired on 12/31/24. The spaces are available for lease as of 1/1/25. OFFICE Year Leases Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available – 66,385 2.8 % $— – % M-T-M 7 15,137 0.6 % 180,545 0.3 % 2024(2) 1 2,174 0.1 % 64,263 0.1 % 2025 10 62,742 2.7 % 2,604,074 3.6 % 2026 10 46,312 2.0 % 1,429,004 2.0 % 2027 20 180,570 7.7 % 6,205,737 8.7 % 2028 14 111,841 4.8 % 3,441,772 4.8 % 2029 16 356,996 15.3 % 10,183,388 14.3 % 2030 14 169,665 7.3 % 5,433,353 7.6 % 2031 8 142,915 6.1 % 4,171,960 5.8 % 2032 4 43,522 1.9 % 1,228,475 1.7 % 2033 6 70,374 3.0 % 2,153,946 3.0 % 2034 6 119,019 5.1 % 2,986,668 4.2 % Thereafter 13 947,411 40.6 % 31,320,571 43.9 % Total / Weighted Average 129 2,335,063 100.0 % $71,403,756 100.0 % RETAIL Year Leases Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available – 179,770 4.7 % $— – % M-T-M 2 1,602 – % 59,262 0.1 % 2024(2) 3 10,872 0.3 % 499,064 0.7 % 2025 55 165,063 4.3 % 3,432,707 4.7 % 2026 84 436,858 11.4 % 8,988,445 12.3 % 2027 86 442,832 11.6 % 8,627,079 11.8 % 2028 74 332,105 8.7 % 7,399,089 10.2 % 2029 76 413,435 10.8 % 7,725,405 10.6 % 2030 72 528,541 13.8 % 10,806,498 14.8 % 2031 37 254,741 6.7 % 5,108,641 7.0 % 2032 30 302,420 7.9 % 5,476,435 7.5 % 2033 26 92,276 2.4 % 2,223,337 3.1 % 2034 18 86,110 2.3 % 1,855,067 2.5 % Thereafter 41 577,821 15.1 % 10,629,133 14.7 % Total / Weighted Average 604 3,824,446 100.0 % $72,830,162 100.0 %

22 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 $132,600 $73,600 (4) $119,260 100 % 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 1Q25 $277,900 $52,900 $46,400 50 % T. Rowe Price Allied | Harbor Point Baltimore, MD Mixed-Use 312 units / 15,800 sf retail / 1,252 parking spaces 6% 2Q22 1Q25 3Q26 239,300 115,900 115,900 90 % (5) Total Unconsolidated JV Development $517,200 $168,800 $162,300 Q4 2024 Year to Date Capitalized Interest $2,885 $13,717 (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) Includes $5.7M earnout under certain conditions. (5) The Company currently owns 78% and holds an option to increase its ownership interest to 90%. T. Rowe Price Global HQ Baltimore, MD Southern Post Roswell, GA

23 REAL ESTATE FINANCING $ IN THOUSANDS AS OF DECEMBER 31, 2024 The Interlock Atlanta, GA Solis Gainesville II Gainesville, 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 69% 2Q24 Q2 2025 4Q26 10% (4) $ 19,595 $ 19,595 $ 5,821 $ 637 The Allure at Edinburgh Chesapeake, VA Multifamily 280 units 24% 4Q24 Q4 2025 1Q28 15% (5) 9,228 9,228 1,987 348 Solis Kennesaw Kennesaw, GA Multifamily 239 units N/A 2Q25(2) Q1 2026 2Q27 14% (4) 37,870 37,870 8,033 1,425 Solis Peachtree Corners Peachtree Corners, GA Multifamily 249 units N/A 3Q25(2) Q3 2026 4Q27 15% (4) 28,440 28,440 5,389 1,167 Solis North Creek Charlotte, NC Multifamily 303 units N/A 3Q26(2) Q4 2027 3Q30 12% (4) 5,134 26,767 682 383 Total Outstanding Investments $100,267 $121,900 $21,912 $3,960 Solis Peachtree Corners Peachtree Corners, GA (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 Kennesaw Marietta, GA Solis Peachtree Corners P achtree Corners, GA The Allure at Edinburgh Chesapeake, VA

24 GENERAL CONTRACTING & REAL ESTATE SERVICES $ IN THOUSANDS Third-Party Backlog as of Q4 2024 Beginning Backlog $193,122 New Contracts 5,817 Work Performed (75,155) Ending Backlog $123,784 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Trailing 4 Quarters Revenue $75,010 $114,353 $116,839 $126,975 $433,177 Expense (72,917) (110,987) (112,500) (122,898) (419,302) Gross Profit $2,093 $3,366 $4,339 $4,077 $13,875 Operating Margin(1) 2.8 % 2.9 % 3.7 % 3.2 % 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 Q4 2024, Q3 2024, Q2 2024, Q1 2024, and the Trailing 4 Quarters was 3.0%, 3.2%, 4.0%, 3.5%, and 3.5%, respectively. Peterson Station Morrisville, NC

25 NET INCOME BY SEGMENT $ IN THOUSANDS Three Months Ended December 31, 2024 Retail Real Estate Office Real Estate Multifamily Real Estate General Contracting and Real Estate Services Real Estate Financing Unallocated Total Revenues Rental revenues $25,530 $22,475 $14,948 $— $— $— $62,953 General contracting and real estate services revenues — — — 75,010 — — 75,010 Interest income 17 11 40 — 4,039 530 4,637 Total revenues 25,547 22,486 14,988 75,010 4,039 530 142,600 Expenses Rental expenses 4,122 7,255 4,689 — — — 16,066 Real estate taxes 2,121 2,021 1,171 — — — 5,313 General contracting and real estate services expenses — — — 72,917 — — 72,917 Depreciation and amortization 11,782 8,652 4,646 — — 185 25,265 General and administrative expenses — — — — — 4,661 4,661 Acquisition, development and other pursuit costs — — — — — 1 1 Total expenses 18,025 17,928 10,506 72,917 — 4,847 124,223 Gain on real estate dispositions 21,305 — — — — — 21,305 Operating income 28,827 4,558 4,482 2,093 4,039 (4,317) 39,682 Interest expense(1) (6,309) (6,328) (3,974) — (1,765) — (18,376) Equity in income of unconsolidated real estate entities 2 238 5 — — — 245 Loss on extinguishment of debt (134) — — — — — (134) Change in fair value of derivatives and other 2,577 2,245 1,379 — 1,072 — 7,273 Unrealized credit loss provision — — — — (117) 14 (103) Other income (expense), net — — (47) — — 2 (45) Income (loss) before taxes 24,963 713 1,845 2,093 3,229 (4,301) 28,542 Income tax benefit — — — 494 — — 494 Net income (loss) $24,963 $713 $1,845 $2,587 $3,229 ($4,301) $29,036 (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.

26 ACQUISITIONS & DISPOSITIONS $ IN THOUSANDS 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 311,100 (1) 215,000 6.5 % 2Q23 Georgia Tech, Puttshack 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 Total/Weighted Average 917,181 / 103 units $514,450 6.3 % DISPOSITIONS Properties Location Square Feet/Units/Beds 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 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 Total/Weighted Average 489,823 / 1,031 units/beds $258,261 4.8 % (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% interest.

27Town Center of Virginia Beach Virginia Beach, VA APPENDIX DEFINITIONS & RECONCILIATIONS

28 ANNUALIZED BASE RENT: For the properties in our retail & office portfolios, we calculate annualized base rent (“ABR”) by multiplying (a) monthly base rent as of December 31, 2024 (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 December 31, 2024. 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 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. 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 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) 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.

29 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. DEFINITIONS 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. 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.

30 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 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.

31 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. 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. 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.

32 DEFINITIONS 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. 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. 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.

33 PROPERTY PORTFOLIO AS OF DECEMBER 31, 2024 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 % $1,177,891 $33.50 Cheesecake Factory, Brooks Brothers 4525 Main Street Retail Virginia Beach, VA 100% 2014 26,328 100.0 % 485,188 18.43 Anthropologie, West Elm 4621 Columbus Retail Virginia Beach, VA 100% 2020 84,000 100.0 % 1,176,000 14.00 Apex Entertainment Columbus Village Virginia Beach, VA 100% 2020 62,207 100.0 % 2,022,540 32.51 Barnes & Noble, CAVA, Shake Shack, Five Below, Ulta Commerce Street Retail Virginia Beach, VA 100% 2008 19,173 100.0 % 890,078 46.42 Yard House Fountain Plaza Retail Virginia Beach, VA 100% 2004 35,961 94.4 % 1,119,318 32.98 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 % 1,254,924 33.88 Williams Sonoma, Pottery Barn South Retail Virginia Beach, VA 100% 2002 38,515 100.0 % 1,065,261 27.66 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 % 1,220,239 32.90 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 76.7 % $783,891 $26.58 West Elm Point Street Retail Baltimore, MD 100% 2018 18,632 60.8 % 439,665 38.82 solidcore Grocery Anchored Broad Creek Shopping Center(2) Norfolk, VA 100% 2001 121,504 97.2 % $2,330,199 $19.74 Food Lion, PetSmart Broadmoor Plaza South Bend, IN 100% 1980 115,059 98.2 % 1,359,075 12.03 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 98.0 % 2,959,879 34.62 Whole Foods Greenbrier Square Chesapeake, VA 100% 2017 260,625 100.0 % 2,624,984 10.07 Kroger, Homegoods, Dick's Sporting Goods Greentree Shopping Center Chesapeake, VA 100% 2014 15,719 91.1 % 335,615 23.44 Various Small Shops (grocery shadow) Hanbury Village Chesapeake, VA 100% 2009 98,638 100.0 % 2,045,579 20.74 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 % 2,996,368 13.25 Harris Teeter Parkway Centre Moultrie, GA 100% 2017 61,200 100.0 % 861,149 14.07 Publix Parkway Marketplace Virginia Beach, VA 100% 1998 37,804 94.2 % 712,610 20.01 Various Small Shops (grocery shadow) Perry Hall Marketplace Perry Hall, MD 100% 2001 74,251 100.0 % 1,299,008 17.49 Safeway Sandbridge Commons Virginia Beach, VA 100% 2015 69,417 100.0 % 951,730 13.71 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 % 1,605,665 14.14 PetSmart, Hobby Lobby One City Center Retail Durham, NC 100% 2019 22,679 55.7 % 421,442 33.38 Various Small Shops Overlook Village Asheville, NC 100% 1990 151,365 100.0 % 2,289,281 15.12 T.J. Maxx|Homegoods, Ross Patterson Place Durham, NC 100% 2004 159,842 99.1 % 2,682,119 16.93 PetSmart, DSW Providence Plaza Retail Charlotte, NC 100% 2008 49,447 100.0 % 1,565,800 31.67 Orange Theory, Edward Jones, Chipotle South Square Durham, NC 100% 2005 109,590 97.1 % 1,935,908 18.19 Ross, Petco, Office Depot The Interlock Retail(2) Atlanta, GA 100% 2021 108,379 85.0 % 5,071,860 55.08 Puttshack Wendover Village Greensboro, NC 100% 2004 176,997 99.3 % 3,635,403 20.69 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.

34 PROPERTY PORTFOLIO CONT. AS OF DECEMBER 31, 2024 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 % $1,932,887 $18.21 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 26,534 75.8 % 371,241 18.45 Marketplace at Hilltop(2) Virginia Beach, VA 100% 2001 116,953 97.3 % 2,810,566 24.71 Total Wine, Panera, Chick-Fil-A Red Mill Commons Virginia Beach, VA 100% 2005 373,808 96.1 % 7,118,113 19.81 Homegoods, Walgreens Southgate Square Colonial Heights, VA 100% 2016 260,131 81.2 % 3,256,484 15.42 Burlington, PetSmart, Michaels, T.J. Maxx Southshore Shops Midlothian, VA 100% 2006 40,307 100.0 % 885,326 21.96 Buffalo Wild Wings The Edison Retail Richmond, VA 100% 2014 20,196 — % 58,276 0.00 Total Stabilized Retail Portfolio 3,824,446 95.3 % $72,830,162 $19.98 (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 % 6,932,898 33.21 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 296,200 98.6 % 9,719,743 33.28 Troutman Pepper, Williams Mullen, Morgan Stanley, KPMG One Columbus Virginia Beach, VA 100% 1984 129,066 98.3 % 3,416,942 26.93 Truist, HBA, Northwestern Mutual Two Columbus Office Virginia Beach, VA 100% 2009 94,708 91.6 % 2,402,802 27.68 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 % 8,071,078 31.01 Morgan Stanley Wills Wharf(2) Baltimore, MD 100% 2020 327,991 93.8 % 9,471,823 30.79 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 % 3,270,013 26.63 Duke University Providence Plaza Office Charlotte, NC 100% 2008 53,671 100.0 % 1,636,062 30.48 Choate Construction, Cranfill, Sumner, & Hartzog The Interlock Office(2) Atlanta, GA 100% 2021 198,872 88.6 % 6,845,907 38.84 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 2,335,063 97.2 % $71,403,756 $31.47

35 PROPERTY PORTFOLIO CONT. AS OF DECEMBER 31, 2024 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 93.7 % $5,862,228 $1,823 Premier Apartments Virginia Beach, VA 100% 2018 131 96.2 % 3,046,848 2,015 The Cosmopolitan Virginia Beach, VA 100% 2020 342 93.9 % 8,972,952 2,329 Harbor Point - Baltimore Waterfront 1305 Dock Street Baltimore, MD 90% 2016 103 96.1 % $3,115,440 $2,622 1405 Point(2) Baltimore, MD 100% 2018 289 94.5 % 8,844,300 2,700 Southeast Sunbelt Chronicle Mill Belmont, NC 85%(3) 2022 238 96.6 % $5,055,672 $1,832 Greenside Apartments Charlotte, NC 100% 2018 225 90.7 % 4,598,520 1,878 The Everly Gainesville, GA 100% 2022 223 95.5 % 4,596,096 1,798 Mid-Atlantic Liberty Apartments Newport News, VA 100% 2013 197 98.5 % $4,070,124 $1,748 Smith's Landing(2) Blacksburg, VA 100% 2009 284 100.0 % 6,121,680 1,796 The Edison Richmond, VA 100% 2014 174 94.3 % 3,176,436 1,614 Stabilized Multifamily Total 2,492 95.3 % $57,460,296 $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.

36 $ IN THOUSANDS RECONCILIATION OF DEBT & EBITDAre (1) Excludes GAAP adjustments. Three Months Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Property Net Operating Income $41,574 $45,762 $42,292 $41,351 Property Miscellaneous Expense, Net (146) (35) (64) (43) Non-Recurring Bad Debt Adjustment 488 296 (478) 758 Non-Recurring Termination Fee Adjustment (96) (4,277) (103) (115) Amortization of Right-of-Use Assets (395) (395) (394) (395) Accelerated Amortization of Intangible Assets and Liabilities — (5) — — Equity in Income of Unconsolidated Real Estate Entities 245 — — — Property Adjusted EBITDAre $41,670 $41,346 $41,253 $41,556 Disposition (1,260) — — — Development/Redevelopment (990) (189) (51) (116) Stabilized Portfolio Adjusted EBITDAre $39,420 $41,157 $41,202 $41,440 Construction Gross Profit 2,093 3,366 4,339 4,077 Corporate G&A (4,494) (5,008) (4,328) (5,744) Non-Cash Stock Compensation 1,241 710 744 2,192 Interest Income 4,569 4,636 4,580 4,596 Other Income (Expense), Net 2 17 20 22 Total Adjusted EBITDAre $42,831 $44,878 $46,557 $46,583 Stabilized Property Debt 512,266 530,513 602,587 606,444 Add: Unsecured Property Debt 403,417 440,691 459,973 490,654 Stabilized Portfolio Debt $915,683 $971,204 $1,062,560 $1,097,098 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.8x 5.9x 6.4x 6.6x Total Debt(1) 1,297,510 1,330,124 1,422,473 1,431,614 Cash (72,223) (45,726) (21,697) (43,861) Net Debt $1,225,287 $1,284,398 $1,400,776 $1,387,753 Net Debt/Total Adjusted EBITDAre 7.2x 7.2x 7.5x 7.4x Preferred 171,085 171,085 171,085 171,085 Net Debt + Preferred $1,396,372 $1,455,483 $1,571,861 $1,558,838 Net Debt + Preferred /Total Adjusted EBITDAre 8.2x 8.1x 8.4x 8.4x

37 $ 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 $492 $— $1,404 $1,211 $1,675 $— $4,782 Office 1,024 — 560 1 843 — 2,428 Multifamily — — — — 1,594 249 1,843 Total Portfolio $1,516 $— $1,964 $1,212 $4,112 $249 $9,053 Three Months Ended December 31, 2024(1) Year 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 $2,012 $— $4,894 $2,761 $4,217 $— $13,884 Office 5,685 — 2,193 18 4,805 — 12,701 Multifamily — — — 52 3,808 1,440 5,300 Total Portfolio $7,697 $— $7,087 $2,831 $12,830 $1,440 $31,885

38 RECONCILIATION TO PROPERTY PORTFOLIO NOI $ IN THOUSANDS (1) Includes expenses associated with the Company’s in-house asset management division. Three Months Ended 12/31 Year Ended 12/31 2024 2023 2024 2023 Retail Same Store Rental Revenues $23,403 $23,277 $84,716 $84,248 Property Expenses 6,025 6,054 21,318 20,314 NOI 17,378 17,223 63,398 63,934 Non-Same Store NOI(1) 1,909 1,320 12,395 10,418 Segment NOI $19,287 $18,543 $75,793 $74,352 Office Same Store Rental Revenues $22,024 $20,512 $81,337 $76,568 Property Expenses 8,128 8,143 29,380 28,342 NOI 13,896 12,369 51,957 48,226 Non-Same Store NOI(1) (697) (311) 9,271 3,239 Segment NOI $13,199 $12,058 $61,228 $51,465 Multifamily Same Store Rental Revenues $14,392 $14,151 $52,522 $51,589 Property Expenses 5,822 5,272 21,167 19,725 NOI 8,570 8,879 31,355 31,864 Non-Same Store NOI(1) 518 (197) 2,603 2,382 Segment NOI $9,088 $8,682 $33,958 $34,246 Total Property Portfolio NOI $41,574 $39,283 $170,979 $160,063

39 RECONCILIATION TO GAAP NET INCOME $ IN THOUSANDS (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. Three Months Ended December 31, 2024 Retail(1) Office(1) Multifamily(1) Total Rental Properties General Contracting & Real Estate Services(2) Real Estate Financing(3) Total Segment Revenues $25,530 $22,475 $14,948 $62,953 $75,010 $4,039 $142,002 Segment Expenses 6,243 9,276 5,860 21,379 72,917 1,765 96,061 Net Operating Income $19,287 $13,199 $9,088 $41,574 $2,093 $2,274 $45,941 Interest Income 598 Depreciation and Amortization (25,265) General and Administrative Expenses (4,661) Acquisition, Development, and Other Pursuit Costs (1) Gain on Real Estate Dispositions 21,305 Interest Expense (16,611) Equity in Income of Unconsolidated Real Estate Entities 245 Loss on Extinguishment of Debt (135) Change in Fair Value of Derivatives and Other 7,273 Unrealized Credit Loss Provision (103) Other Income (Expense), Net (45) Income Tax Benefit 494 Net Loss 29,035 Net Income Attributable to Noncontrolling Interests in Investment Entities (9) Preferred Stock Dividends (2,887) Net Income Attributable to AHH and OP Unitholders $26,140 Year Ended December 31, 2024 Retail(1) Office(1) Multifamily(1) Total Rental Properties General Contracting & Real Estate Services(2) Real Estate Financing(3) Total Segment Revenues $103,435 $95,007 $58,255 $256,697 $433,177 $16,077 $705,951 Segment Expenses 27,642 33,779 24,297 85,718 419,302 6,588 511,608 Net Operating Income $75,793 $61,228 $33,958 $170,979 $13,875 $9,489 $194,343 Interest Income 2,519 Depreciation and Amortization (90,962) General and Administrative Expenses (20,225) Acquisition, Development, and Other Pursuit (5,531) Impairment Charges (1,494) Gain on Real Estate Dispositions 21,305 Interest Expense (72,377) Equity in Income of Unconsolidated Real Estate Entities 245 Loss on Extinguishment of Debt (247) Change in Fair Value of Derivatives and Other 14,251 Unrealized Credit Loss Provision (156) Other Income, Net 209 Income Tax Benefit 614 Net Income $42,494 Net Income Attributable to Noncontrolling Interests in Investment Entities (43) Preferred Stock Dividends (11,548) Net Income Attributable to AHH and OP Unitholders $30,903

40 Three Months Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Net Income (Loss) Attributable to Common Stockholders and OP Unitholders $26,140 ($10,416) $375 $14,804 Excluding: Depreciation and Amortization 24,870 23,289 20,789 20,435 Gain on Real Estate Dispositions (21,305) — — — Impairment of Real Estate Assets — — 1,494 — Income Tax (Benefit) Provision (494) 592 (1,246) 534 Interest Expense 18,376 21,387 21,227 17,975 EBITDAre $47,587 $34,852 $42,639 $53,748 Change in Fair Value of Derivatives and Other (7,273) 10,308 (4,398) (12,888) Preferred Dividends 2,887 2,887 2,887 2,887 Loss on Extinguishment of Debt 134 113 — — Non-Recurring Bad Debt Adjustment 488 296 (478) 758 Non-Recurring Termination Fee Adjustment (96) (4,277) (103) (115) Accelerated Amortization of Intangible Assets and Liabilities — (5) — — Acquisition, Development, & Other Pursuit Costs 1 2 5,528 — Unrealized Credit Loss Provision (Release) 103 198 (228) 83 Investment Entities 9 (17) 17 34 Non-Cash Stock Compensation 1,241 710 744 2,192 Development/Redevelopment (990) (189) (51) (116) Dispositions (1,260) — — — Total Adjusted EBITDAre $42,831 $44,878 $46,557 $46,583 Construction Gross Profit (2,093) (3,366) (4,339) (4,077) Corporate G&A 4,494 5,008 4,328 5,744 Non-Cash Stock Compensation (1,241) (710) (744) (2,192) Interest Income (4,569) (4,636) (4,580) (4,596) Other (Expense) Income, Net (2) (17) (20) (22) Stabilized Portfolio Adjusted EBITDAre $39,420 $41,157 $41,202 $41,440 Disposition 1,260 — — — Development/Redevelopment 990 189 51 116 Property Adjusted EBITDAre $41,670 $41,346 $41,253 $41,556 RECONCILIATION OF NET INCOME TO PROPERTY ADJUSTED EBITDAre $ IN THOUSANDS

41 This Supplemental Financial Package should be read in conjunction with the unaudited condensed consolidated financial statements appearing in the Company’s press release dated February 19, 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 February 19, 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, 2023, 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

1CLICK TO EDIT MASTER TITLE STYLE GUIDANCE PRESENTATION 2025

22025 OUTLOOK & ASSUMPTIONS LOW HIGH PROPERTY PORTFOLIO NOI $171.2M $175.8M CONSTRUCTION SEGMENT PROFIT $6.8M $8.6M G&A EXPENSES ($17.6M) ($16.6M) INTEREST INCOME $15.7M $16.7M ADJUSTED INTEREST EXPENSE(1) ($63.5M) ($59.5M) 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 $ IN MILLIONS (1) Includes the interest expense on finance leases and interest receipts of non-designated derivatives.

3ESTIMATED NOI & FEE INCOME (1) Based on management’s guidance. (2) Excludes AHH rent and adjustments for noncontrolling interests. (3) JV property income for 2025 includes $3.8M expected to be derived from the T. Rowe Price Global HQ and carries ($0.8M) from Allied | Harbor Point, resulting in estimated net JV income of ~$3M. Fully stabilized JV property income includes $4.3M expected to be derived from our 50% ownership of the T. Rowe Price Global HQ and assumes Allied | Harbor Point is no longer an unconsolidated joint venture. $ IN MILLIONS 2021 2022 2023 2024 2025E⁽¹⁾ Projected Fully Stabilized Portfolio⁽¹⁾ CAGR Property Portfolio NOI(2) $124 $146 $160 $171 $174 $176 6% JV Property Income(3) - - - - 3 4 0% Construction Gross Profit 4 8 13 14 8 8 12% Interest Income 18 17 15 19 16 12 -7% Total Fee Income $22 $25 $28 $32 $24 $20 -1.8% Total $146 $171 $188 $203 $200 $200 5.4%

4EVOLVING STABILIZED PORTFOLIO GAAP NOI COMPOSITION 2024 2025E Guidance Midpoint Retail Multifamily Office Projected Property Segment NOI Fully Stabilized (1) Excludes AHH rent and adjustments for noncontrolling interests. (2) Assumes Chandler Residences stabilizes in Q2 2025 and Southern Post Commercial stabilizes by end of 2025. Fully stabilized also includes Columbus Village II with expected delivery by end of 2025. (3) JV property income for 2025 includes $3.8M expected to be derived from the T. Rowe Price Global HQ and carries ($0.8M) from Allied | Harbor Point, resulting in estimated net JV income of ~$3M. Fully stabilized JV property income includes $4.3M expected to be derived from our 50% ownership of the T. Rowe Price Global HQ and assumes Allied | Harbor Point is no longer an unconsolidated joint venture. $ IN MILLIONS JV Income PORTFOLIO COMPOSITION(1) 2024 2025E MIDPOINT(2) FULLY STABILIZED(2) RETAIL $76 $71 $72 OFFICE $61 $63 $64 MULTIFAMILY $34 $40 $40 JV PROPERTY INCOME(3) $0 $3 $4 TOTAL $171 $177 $181

5TREND COMPARISONS $ IN MILLIONS $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 Property Portfolio NOI Total Adjusted EBITDAre Normalized FFO Total Common Dividend 2023 2024 2025E 2023 2024 2025E Property Portfolio NOI $160 $171 $174 Total Adjusted EBITDAre $175 $181 $181 Normalized FFO $110 $119 $107 Total Common Dividend $69 $76 $84

6FORWARD-LOOKING STATEMENTS This presentation should be read in conjunction with the unaudited condensed consolidated financial statements appearing in our press release dated February 19, 2025 and the Supplemental Financial Package for the quarter and the fiscal year ending December 31, 2024 (the “Supplemental Financial Package”), which have been furnished as Exhibits 99.1 and 99.2, respectively, to our Form 8-K furnished on February 19, 2025. The Company makes statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), 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 performance and results of operations contain forward-looking statements. Likewise, all of our statements regarding our 2025 outlook and related assumptions, projections, anticipated growth in our Total Adjusted EBITDAre, normalized funds from operations (“Normalized FFO”), and net operating income (“NOI”) are forward-looking statements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “plans,” “estimates,” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans, or intentions. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data, or methods which may be incorrect or imprecise and the Company may not be able to realize them. The Company does not guarantee that the transactions and events described will happen as described (or that they will happen at all). For further discussion of risk factors and other events that could impact our future results, please refer to the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), and the documents subsequently filed by us from time to time with the SEC. The Company's actual future results and trends may differ materially from expectations depending on a variety of factors discussed in the Company's filings with the SEC. These factors include, without limitation: (a) the future performance of the Company’s operating property portfolio; (b) developments related to the Company’s real estate financing program; (c) future financing activities, acquisitions, and dispositions; (d) the Company's ability to continue construction on development and construction projects, in each case on the timeframes and on terms currently anticipated; and (e) the Company's ability to maintain compliance with the covenants under its existing debt agreements or to obtain modifications to such covenants from the applicable lenders. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by applicable law. In addition to disclosing results determined in accordance with generally accepted accounting principles in the United States ("GAAP"), non-GAAP financial measures are presented herein, including Property Portfolio NOI, Total Adjusted EBITDAre and Normalized FFO. For more information and definitions of the Non-GAAP measures, see the “Definitions” section in the Supplemental Financial Package. Non-GAAP financial measures are presented for supplemental information purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may not align with similar financial measures presented by our competitors, which may limit the ability of investors to assess our performance relative to certain peer companies. Investors are encouraged to review the reconciliation of non-GAAP financial measures contained within this presentation with their most directly comparable GAAP financial results. We believe these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our results of operations, as well as provide a useful measure for period-to-period comparisons of our business performance. The Company does not provide a reconciliation for its guidance range of Normalized FFO per diluted share to net income per diluted share, the most directly comparable forward-looking GAAP financial measure, because it is unable to provide a meaningful or accurate estimate of reconciling items and the information is not available without unreasonable effort as a result of the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income per diluted share. For the same reasons, the Company is unable to address the probable significance of the unavailable information and believes that providing a reconciliation for its guidance range of Normalized FFO per diluted share would imply a degree of precision for its forward-looking net income per diluted share that could be misleading to investors.