2Q 2 3 SUPPLEMENTAL FINANCIAL PACKAGE The Interlock in Atlanta, Georgia

2 This Supplemental Financial Package should be read in conjunction with the unaudited condensed consolidated financial statements appearing in our press release dated August 3, 2023, which has been furnished as Exhibit 99.1 to our Form 8-K furnished on August 3, 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 Mezzanine 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 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

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 multifamily, office, and retail 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 $11.7 million, or $0.13 per diluted share, compared to $27.8 million, or $0.31 per diluted share, for the three months ended June 30, 2022. • Funds from operations attributable to common stockholders and OP Unit holders ("FFO") of $31.4 million, or $0.35 per diluted share, compared to $27.0 million, or $0.31 per diluted share, for the three months ended June 30, 2022. See "Non-GAAP Financial Measures." • Normalized funds from operations attributable to common stockholders and OP Unit holders ("Normalized FFO") of $28.3 million, or $0.32 per diluted share, compared to $26.2 million, or $0.30 per diluted share, for the three months ended June 30, 2022. • Maintained the Company's previous guidance range for 2023 full-year Normalized FFO of $1.23 to $1.27 per diluted share. • Completed the previously announced $215 million acquisition of The Interlock, a 311,000 square foot Class A commercial mixed-use asset in Atlanta’s West Midtown anchored by Georgia Tech. • Announced the authorization of the repurchase of up to $50 million of the Company's shares of common stock and Series A preferred stock under a newly established share repurchase program. • Maintained a weighted 97% average portfolio occupancy as of June 30, 2023. Multifamily occupancy was 96%, office occupancy was 96%, and retail occupancy was 98%. • Positive renewal spreads during the second quarter in both the office and retail segments: • Lease rates on second quarter office lease renewals increased 13.6% on a GAAP basis and 15.4% on a cash basis. • Lease rates on second quarter retail lease renewals increased 8.1% on a GAAP basis and 5.9% on a cash basis. • Same Store NOI increased 4.8% on a GAAP basis and 2.9% on a cash basis compared to the quarter ended June 30, 2022: • Multifamily Same Store NOI increased 4.3% on a GAAP and 3.6% on a cash basis. • Office Same Store NOI increased 1.3% on a GAAP basis and 2.0% on a cash basis. • Retail Same Store NOI increased 7.5% on a GAAP basis and 3.1% on a cash basis. • Committed an aggregate of $75 million of new investments across three ground-up multifamily development projects located in the Atlanta and Coastal Virginia markets. • Third-party construction backlog as of June 30, 2023, was $593 million and construction gross profit for the second quarter was $3.5 million. • Commemorated the topping out of T. Rowe Price's new global headquarters building in Harbor Point, with completion anticipated in the third quarter of 2024.

5 2023 OUTLOOK & ASSUMPTIONS OUTLOOK(1) LOW HIGH PORTFOLIO NOI $161.1M $161.9M CONSTRUCTION SEGMENT PROFIT $11.8M $12.8M G&A EXPENSES $17.6M $18.3M INTEREST INCOME $14.2M $14.6M INTEREST EXPENSE(2) $47.2M $47.9M 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 6/30/2023 3/31/2023 12/31/2022 9/30/2022 Net Income Attributable to Common Stockholders and OP Unitholders $11,729 $2,376 $11,517 $33,899 Net Income per Diluted Share Attributable to Common Stockholders and OP Unitholders $0.13 $0.03 $0.13 $0.38 Normalized FFO Attributable to Common Stockholders and OP Unitholders 28,301 26,498 30,633 25,789 Normalized FFO per Diluted Share Attributable to Common Stockholders and OP Unitholders $0.32 $0.30 $0.35 $0.29 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDA 5.5x 5.4x 5.3x 4.9x Fixed Charge Coverage Ratio 2.3x 2.3x 2.6x 2.4x CAPITALIZATION Common Shares Outstanding 67,945 67,939 67,730 67,730 Operating Partnership Units Outstanding 21,653 20,611 20,611 20,611 Common Shares and Operating Partnership Units Outstanding 89,598 88,550 88,341 88,341 Market Price per Common Share as of Last Day of Quarter $11.68 $11.81 $11.49 $10.38 Common Equity Capitalization 1,046,505 1,045,776 1,015,038 916,979 Preferred Equity Capitalization 171,085 171,085 171,085 171,085 Total Equity Capitalization 1,217,590 1,216,861 1,186,123 1,088,064 Total Debt(1) 1,269,586 1,117,424 1,073,132 1,042,955 Total Capitalization $2,487,176 $2,334,285 $2,259,255 $2,131,019 STABILIZED PORTFOLIO OCCUPANCY(2) Retail 98.2% 98.4% 97.9% 98.0% Office 96.2% 96.8% 96.7% 96.8% Multifamily 96.2% 95.7% 96.1% 96.4% Weighted Average(3) 97.0% 97.1% 97.0% 97.1% STABILIZED PORTFOLIO Commercial Retail Portfolio Net Operating Income $18,412 $16,667 $16,474 $15,597 Number of Properties 39 38 38 37 Net Rentable Square Feet 4,023,183 3,915,809 3,916,001 3,791,820 Office Portfolio Net Operating Income $13,084 $12,376 $12,888 $11,757 Number of Properties 10 9 9 9 Net Rentable Square Feet 2,310,645 2,111,924 2,111,923 2,120,341 Multifamily Multifamily Portfolio Net Operating Income $9,148 $8,167 $8,327 $8,188 Number of Properties 11 10 10 10 Units 1,806 2,254 2,254 2,254

7 SUMMARY INCOME STATEMENT $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended Six Months Ended 6/30/2023 6/30/2022 6/30/2023 6/30/2022 Revenues (Unaudited) Rental Revenues $59,951 $55,224 $116,169 $109,859 General Contracting and Real Estate Services Revenues 102,574 45,273 186,812 69,923 Interest Income 3,414 3,352 7,133 6,920 Total Revenues 165,939 103,849 310,114 186,702 Expenses     Rental Expenses 13,676 12,685 26,636 25,354 Real Estate Taxes 5,631 5,837 11,043 11,241 General Contracting and Real Estate Services Expenses 99,071 43,418 180,241 67,239 Depreciation and Amortization 19,878 18,781 38,346 37,338 Amortization of Right-of-Use Assets - Finance Leases 347 277 624 555 General & Administrative Expenses 4,052 3,617 9,500 8,325 Acquisition, Development & Other Pursuit Costs 18 26 18 37 Impairment Charges - 286 102 333 Total Expenses 142,673 84,927 266,510 150,422 Gain on Real Estate Dispositions 511 19,493 511 19,493 Operating Income 23,777 38,415 44,115 55,773 Interest Expense (13,629) (9,371) (25,931) (18,402) Loss on Extinguishment of Debt - (618) - (776) Change in Fair Value of Derivatives and Other 5,005 2,548 2,558 6,730 Unrealized Credit Loss Provision (100) (295) (177) (900) Other Income (Expense), Net 168 68 261 297 Income Before Taxes 15,221 30,747 20,826 42,722 Income Tax (Provision) Benefit (336) 20 (524) 321 Net Income $14,885 $30,767 $20,302 $43,043 Net Income Attributable to Noncontrolling Interest in Investment Entities (269) (128) (423) (228) Preferred Stock Dividends (2,887) (2,887) (5,774) (5,774) Net Income Attributable to AHH and OP Unitholders $11,729 $27,752 $14,105 $37,041 Net Income per Diluted Share and Unit Attributable to AHH and OP Unitholders $0.13 $0.31 $0.16 $0.42 Weighted Average Shares & OP Units - Diluted 88,724 88,331 88,562 88,042

8 SUMMARY BALANCE SHEET $ IN THOUSANDS 6/30/2023 12/31/2022 Assets (Unaudited) Real Estate Investments: Income Producing Property $2,083,488 $1,884,214 Held for Development 6,294 6,294 Construction in Progress 76,866 53,067 Accumulated Depreciation (359,229) (329,963) Net Real Estate Investments 1,807,419 1,613,612 Cash and Cash Equivalents 34,054 48,139 Restricted Cash 2,043 3,726 Accounts Receivable, Net 41,431 39,186 Notes Receivable, Net 60,095 136,039 Construction Receivables, Including Retentions, Net 93,880 70,822 Construction Contract Costs and Estimated Earnings in Excess of Billings 406 342 Equity Method Investments 102,371 71,983 Operating Lease Right-of-Use Assets 23,218 23,350 Finance Lease Right-of-Use Assets 92,994 45,878 Acquired Lease Intangible Assets 131,181 103,870 Other Assets 81,962 85,363 Total Assets $2,471,054 $2,242,310 Liabilities and Equity Indebtedness, Net $1,264,643 $1,068,261 Accounts Payable and Accrued Liabilities 24,263 26,839 Construction Payables, Including Retentions 102,377 93,472 Billings in Excess of Construction Contract Costs and Est. Earnings 18,311 17,515 Operating Lease Liabilities 31,611 31,677 Finance Lease Liabilities 93,214 46,477 Other Liabilities 54,973 54,055 Total Liabilities 1,589,392 1,338,296 Total Equity 881,662 904,014 Total Liabilities and Equity $2,471,054 $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) 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2023 6/30/2022 Funds From Operations Net Income Attributable to AHH and OP Unitholders $11,729 $2,376 $11,517 $33,899 $14,105 $37,041 Net Income per Diluted Share $0.13 $0.03 $0.13 $0.38 $0.16 $0.42 Depreciation and Amortization(2) 19,655 18,245 17,887 17,290 37,900 36,794 Loss (Gain) on Dispositions of Operating Real Estate(3) - - 11 (28,502) - (19,493) Impairment of Real Estate Assets - - - - - 201 FFO $31,384 $20,621 $29,415 $22,687 $52,005 $54,543 FFO per Diluted Share $0.35 $0.23 $0.33 $0.26 $0.59 $0.62 Normalized FFO Acquisition, Development & Other Pursuit Costs 18 - - - 18 37 Loss on Extinguishment of Debt - - 475 2,123 - 776 Non-Cash GAAP Adjustments (275) 456 128 236 181 1,587 Decrease (Increase) in Fair Value of Derivatives (4,297) 3,807 (1,186) (782) (490) (6,730) Amortization of Interest Rate Derivatives on Designated Cash Flow Hedges 1,471 1,614 1,801 1,525 3,085 523 Normalized FFO $28,301 $26,498 $30,633 $25,789 $54,799 $50,736 Normalized FFO per Diluted Share $0.32 $0.30 $0.35 $0.29 $0.62 $0.58 Adjusted FFO Non-Cash Stock Compensation 288 1,846 562 614 2,134 2,115 Acquisition, Development & Other Pursuit Costs (18) - - - (18) (37) Tenant Improvements, Leasing Commissions, Lease Incentives(4) (2,725) (3,460) (1,875) (639) (6,185) (4,115) Property-Related Capital Expenditures (1,700) (3,724) (3,441) (2,417) (5,424) (6,031) Adjustment for Real Estate Financing Modification and Exit Fees (250) (209) (209) (209) (459) (702) Non-Cash Interest Expense(5) 1,492 1,292 1,312 1,336 2,784 2,904 Cash Ground Rent Payment - Finance Lease (822) (668) (653) (635) (1,490) (1,270) GAAP Adjustments (2,008) (1,459) (1,718) (1,762) (3,467) (3,112) AFFO $22,558 $20,116 $24,611 $22,077 $42,674 $40,488 AFFO per Diluted Share $0.25 $0.23 $0.28 $0.25 $0.48 $0.46 Weighted Average Common Shares Outstanding 67,901 67,787 67,730 67,730 67,844 67,420 Weighted Average Operating Partnership Units Outstanding 20,823 20,611 20,611 20,611 20,718 20,621 Total Weighted Average Common Shares and OP Units Outstanding 88,724 88,398 88,341 88,341 88,562 88,041 Six 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 $0.9M for the 3 months ended 6/30/2023. (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(4) Three months ended 6/30/2023 As of 6/30/2023 Office(3) Retail Multifamily Total Mortgages and Notes Payable(5) $1,269,586 Stable Portfolio Accounts Payable and Accrued Liabilities 24,263 Portfolio NOI(1)(2) $12,366 $17,022 $9,091 $38,479 Construction Payables, Including Retentions 102,377 Non-Stabilized Properties NOI - - - - Other Liabilities(5) 72,560 Signed Leases Not Yet Occupied or in Free Rent Period 1,295 455 106 1,856 Total Liabilities $1,468,786 Stable Portfolio NOI $13,661 $17,477 $9,197 $40,335 Intra-Quarter Transactions Preferred Equity Net Acquisitions 511 1,103 - 1,614 Liquidation Value Net Dispositions - - - - Series A Cumulative Redeemable Perpetual Preferred Stock $171,085 Annualized $56,688 $74,320 $36,788 $167,796 Non-Stabilized Portfolio(4) As of 6/30/2023 Projects Under Development $60,200 Properties in Lease Up - Development Opportunities 17,300 Unconsolidated JV Development 104,300 Total Non-Stabilized Portfolio $181,800 Third-Party General Contracting and Real Estate Services Trailing 12 Months General Contracting Gross Profit $11,588 Non-Property Assets(5) Common Equity As of 6/30/2023 As of 6/30/2023 Cash and Restricted Cash $36,097 Total Common Shares Outstanding 67,945 Accounts Receivable, Net 41,431 Total OP Units Outstanding 21,653 Notes Receivable and Other Notes Receivable(6) 61,334 Total Common Shares & OP Units Outstanding 89,598 Real Estate Financing Investments(6) - Construction Receivables, Including Retentions(6) 94,063 Acquired Lease Intangible Assets 131,181 Other Assets / Costs in Excess of Earnings 82,368 Total Non-Property Assets $446,474

11 DEBT TO ADJUSTED EBITDA $ IN THOUSANDS SEE APPENDIX FOR DEFINITIONS, CALCULATIONS, AND RECONCILIATIONS (1) Includes income and debt related to development, mezzanine, 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 5.5 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 6/30/2023 Stabilized Portfolio Adjusted EBITDA $38,388 Stabilized Portfolio Debt $844,815 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDA 5.5x Total Adjusted EBITDA(1) $43,600 Net Debt(2) $1,233,489 Net Debt Plus Ancillary Debt/Total Adjusted EBITDA 7.1x Net Debt + Preferred $1,404,574 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) 32.0% 4.5% 3.3 Yrs Fixed-Rate Debt(3)(4) 68.0% 3.7% 5.2 Yrs Secured vs. Unsecured Debt Unsecured Debt(2) 51.1% 4.3% 3.6 Yrs Secured Debt(2) 48.9% 3.7% 5.5 Yrs Portfolio Weighted Average 4.0% (2) 4.6 Yrs Interest Rate Cap Agreements Effective Date Maturity Date Strike Rate Notional  Amount November 2020 November 2023 SOFR 1.84% $84,375 July 2022 January 2024 SOFR 1.00%-3.00%(5) 85,100 July 2022 March 2024 SOFR 1.00%-3.00%(5) 200,000 September 2022 September 2024 SOFR 1.00%-3.00%(5) 46,490 Total Interest Rate Caps $415,965 Fixed-Rate Debt(3)(4) $863,015 Fixed-Rate and Hedged Debt $1,278,980 Total Debt(4) $1,269,586 % Fixed or Hedged 100%

13 OUTSTANDING DEBT $ IN THOUSANDS (1) Converted to a SOFR note subsequent to quarter-end. (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 of as 6/30/2023 Maturity Date 2023 2024 2025 2026 2027 Thereafter Outstanding as of 6/30/2023 Secured Debt - Stabilized Chronicle Mill L+3.00% 6.14% (1)(2)(3) May-2024 - $34,167 $34,167 Red Mill Central 4.80% 4.80% Jun-2024 87 1,838 1,925 Premier Apartments SOFR+1.55% 6.81% Oct-2024 117 16,036 16,153 Premier Retail SOFR+1.55% 6.81% Oct-2024 57 7,898 7,955 Red Mill South 3.57% 3.57% May-2025 171 351 4,502 5,024 Market at Mill Creek L+1.55% 6.77% (1) Jul-2025 324 647 10,700 11,671 The Everly SOFR+1.50% 6.64% (2) Dec-2025 - - 30,000 30,000 Encore Apartments 2.93% 2.93% Feb-2026 279 573 590 22,262 23,704 4525 Main Street 2.93% 2.93% Feb-2026 361 735 757 28,579 30,432 Thames Street Wharf SOFR+1.30% 2.33% (4) Sep-2026 717 1,972 3,050 62,872 68,611 Constellation Energy Building SOFR+1.50% 3.46% (2)(4) Nov-2026 - - - 175,000 175,000 Southgate Square SOFR+1.90% 7.14% (2) Dec-2026 432 864 864 23,603 25,763 Nexton Square SOFR+1.95% 7.09% (2) Jun-2027 305 613 613 613 19,743 21,887 Liberty Apartments SOFR+1.50% 6.64% Sep-2027 167 345 364 382 19,500 20,758 Greenbrier Square 3.74% 3.74% Oct-2027 187 385 399 415 18,370 19,756 Lexington Square 4.50% 4.50% Sep-2028 148 306 320 335 351 12,287 13,747 Red Mill North 4.73% 4.73% Dec-2028 58 121 127 133 140 3,442 4,021 Greenside Apartments 3.17% 3.17% Dec-2029 381 780 808 834 861 27,820 31,484 Smith's Landing 4.05% 4.05% Jun-2035 481 994 1,037 1,081 1,126 10,341 15,060 The Edison 5.30% 5.30% Dec-2044 194 405 427 450 474 13,423 15,373 The Cosmopolitan 3.35% 3.35% Jul-2051 442 906 937 968 1,001 36,555 40,809 Total - Secured Stabilized Debt 4,908 69,936 55,495 317,527 61,566 103,868 613,300 Secured Debt - Development Pipeline Southern Post SOFR+2.25% 5.39% (2)(3) Aug-2026 - - - 7,286 - - 7,286 Total - Development Pipeline - - - 7,286 - - 7,286 Total Secured Debt 4,908 69,936 55,495 324,813 61,566 103,868 620,586 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% 6.64% Jan-2027 - - - - 149,000 - 149,000 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% 6.54% Jan-2028 - - - - - 81,931 81,931 Senior Unsecured Term Loan (Fixed) SOFR+1.25%-1.80% 1.73%-4.83% (4) Jan-2028 - - - - - 218,069 218,069 Total Unsecured Debt - - 95,000 - 254,000 300,000 649,000 Outstanding Debt Excluding GAAP Adjustments $4,908 $69,936 $150,495 $324,813 $315,566 $403,868 $1,269,586 Other Notes Payable 6,128 GAAP Adjustments (11,071) Indebtedness, Net $1,264,643 Debt Maturities & Principal Payments

14 CAPITALIZATION & FINANCIAL RATIOS $ IN THOUSANDS, EXCEPT PER SHARE AS OF JUNE 30, 2023 (1) As of close of market on 6/30/23. (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 12% $149,000 Unsecured Term Loans 39% 495,000 Mortgages Payable 49% 625,586 Total Debt $1,269,586 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% 67,945 $11.68 $793,598 Operating Partnership Units 24% 21,653 $11.68 252,907 Equity Market Capitalization 89,598 $1,046,505 Total Capitalization $2,487,176 Enterprise Value $2,451,079 Financial Ratios Debt Service Coverage Ratio(2) 2.7x Fixed Charge Coverage Ratio(3) 2.3x Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDA 5.5x Net Debt Plus Ancillary Debt / Total Adjusted EBITDA 7.1x Net Debt Plus Preferred / Total Adjusted EBITDA 8.1x Debt/Total Capitalization 51% Liquidity(4) Unencumbered Properties Cash on Hand $34,054 % of Total Properties 67% Availability Under Credit Facility 101,000 % of Annualized Base Rent 49% Total Liquidity $135,054 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock (NYSE: AHHPrA) Debt 51% Common Equity 42% Preferred Equity 7%

15 STABILIZED PORTFOLIO SUMMARY AS OF JUNE 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 10 618,306 16 97.3% $13,832,136 $23.00 Grocery Anchored 15 1,400,559 13 98.6% 22,870,195 16.56 Southeast Sunbelt 9 1,098,260 16 99.5% 23,817,565 21.79 Mid-Atlantic 5 906,058 19 96.8% 15,923,278 18.15 Stabilized Retail Total 39 4,023,183 15 98.2% $76,443,174 $19.34 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 99.4% $22,651,537 $28.89 Harbor Point - Baltimore Waterfront 3 1,073,734 8 96.2% 32,817,779 31.76 Southeast Sunbelt 2 350,320 3 87.8% 10,898,799 35.44 Mid-Atlantic 1 98,061 4 100.0% 1,963,671 20.02 Stabilized Office Total 10 2,310,645 12 96.2% $68,331,786 $30.74 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 97.2% $17,611,764 $1,990 Harbor Point - Baltimore Waterfront 2 392 6 95.7% 11,408,352 2,535 Southeast Sunbelt 3 686 2 96.0% 14,415,972 1,825 Mid-Atlantic 3 655 11 95.7% 12,397,596 1,649 Stabilized Multifamily Total 11 2,492 8 96.2% $55,833,684 $1,941

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 $0.9M and $0.7M for the 3 months ended 6/30/2023 & 6/30/2022, and $1.7M & $1.4M for the six months ended 6/30/2023 & 6/30/2022, respectively. Three Months Ended Six Months Ended 6/30/2023 6/30/2022 $ Change % Change 6/30/2023 6/30/2022 $ Change % Change Office Revenue $16,828 $16,510 $318 1.9% $21,053 $20,546 $507 2.5% Rental Expenses(1) 3,649 3,535 114 3.2% 5,024 4,630 394 8.5% Real Estate Taxes 1,913 1,852 61 3.3% 2,796 2,629 167 6.4% Net Operating Income $11,266 $11,123 $143 1.3% $13,233 $13,287 ($54) -0.4% GAAP Adjustments (924) (980) 56 (262) (124) (138) Net Operating Income, Cash $10,342 10,143 $199 2.0% $12,971 $13,163 ($192) -1.5% Retail Revenue $22,658 $21,254 $1,404 6.6% $44,418 $42,385 $2,033 4.8% Rental Expenses(1) 3,269 3,028 241 8.0% 6,387 6,239 148 2.4% Real Estate Taxes 2,237 2,264 (27) -1.2% 4,415 4,494 (79) -1.8% Net Operating Income $17,152 $15,962 $1,190 7.5% $33,616 $31,652 $1,964 6.2% GAAP Adjustments (1,617) (900) (717) (2,365) (1,941) (424) Net Operating Income, Cash $15,535 $15,062 $473 3.1% $31,251 $29,711 $1,540 5.2% Multifamily Revenue $12,275 $11,672 $603 5.2% $22,831 $21,679 $1,152 5.3% Rental Expenses(1) 3,531 3,392 139 4.1% 6,464 6,127 337 5.5% Real Estate Taxes 1,171 1,017 154 15.1% 2,154 1,981 173 8.7% Net Operating Income $7,573 $7,263 $310 4.3% $14,213 $13,571 $642 4.7% GAAP Adjustments (261) (208) (53) (469) (425) (44) Net Operating Income, Cash $7,312 $7,055 $257 3.6% $13,744 $13,146 $598 4.5% Same Store NOI $35,991 $34,348 $1,643 4.8% $61,062 $58,510 $2,552 4.4% GAAP Adjustments (2,802) (2,088) (714) (3,096) (2,490) (606) $33,189 $32,260 $929 2.9% $57,966 $56,020 $1,946 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) Majority interest in joint venture with preferred return. (4) Includes $5.7M earnout under certain conditions. (5) The Company currently owns 78% and holds an option to increase 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 61% 4Q21 1Q24 4Q24 $119,400 $73,600 (4) $65,200 100% 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 $264,300 $44,600 $42,300 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 62,000 90% (5) Total Unconsolidated JV Development $496,700 $153,500 $104,300 Q2 2023 Year to Date Capitalized Interest $1,478 $2,525 Schedule(1)

18 REAL ESTATE FINANCING $ IN THOUSANDS AS OF JUNE 30, 2023 (1) Represents estimates that may change as the development process proceeds. (2) Excludes accrued exit fees and unused commitment fee. (3) Includes amortization of fees. (4) Acquisition closed during the second quarter of 2023. (5) Preferred equity with economic terms and accounting consistent with a loan receivable. (6) The interest rate varies over the life of the loan and earns an unused commitment fee. (7) Transaction finalized subsequent to quarter end. (8) The interest rate varies over the life of the loan. (9) Estimate pending until partner closes on the construction loan. Solis City Park II Charlotte, NC Property Type Estimated Size(1) % Leased or LOI Initial Occupancy Loan Maturity Interest Rate Loan Balance(2) QTD Interest Income/Exit Fee(3) Outstanding Investments The Interlock(4) Atlanta, GA Mixed-use 300,000 sf 90% 1Q21 4Q24 15% $0 $1,374 Solis City Park II(5) Charlotte, NC Multifamily 250 units NA 3Q23(1) 1Q28 13% 22,989 732 Solis Gainesville II(5) Gainesville, GA Multifamily 184 units NA 2Q24 4Q26 14%(6) 19,144 654 Solis Kennesaw(5) Kennesaw, GA Multifamily 240 units NA 2Q25 2Q27 14%(6) 7,540 465 Total Outstanding Investments $49,673 $3,225 Future Investments The Allure at Edinburgh(5)(7) Chesapeake, VA Multifamily 280 units NA 4Q24 1Q29 15%(8) Solis Peachtree Corners(5)(7) Peachtree Corners, GA Multifamily 249 units NA 3Q25 4Q27(9) 15%(6) Solis Peachtree Corners Peachtree Corners, GA

19 GENERAL CONTRACTING & REAL ESTATE SERVICES $ IN THOUSANDS Lakepointe Apartments Charlotte, NC Q2 2023 Q1 2023 Q4 2022 Q3 2022 Trailing 4 Quarters Revenue $102,574 $84,238 $95,912 $69,024 $351,748 Expense (99,071) (81,170) (93,667) (66,252) (340,160) Gross Profit $3,503 $3,068 $2,245 $2,772 $11,588 Operating Margin 3.4% 3.6% 2.3% 4.0% 3.3% Third-Party Backlog as of Q2 2023 Beginning Backlog $651,840 New Contracts 43,975 Work Performed (103,029) Ending Backlog $592,786

20 NET INCOME BY SEGMENT $ IN THOUSANDS Three Months Ended 6/30/2023 Office Real Estate Retail Real Estate Multifamily Real Estate General Contracting and Real Estate Services Real Estate Financing Unallocated Total Revenues Rental Revenues $20,505 $24,708 $14,738 - - - $59,951 General Contracting and Real Estate Services Revenues - - - 102,574 - - 102,574 Interest Income - - 10 - 3,225 179 3,414 Total Revenues 20,505 24,708 14,748 102,574 3,225 179 165,939 Expenses Rental Expenses 5,254 4,026 4,396 - - - 13,676 Real Estate Taxes 2,167 2,270 1,194 - - - 5,631 General Contracting and Real Estate Services Expenses - - - 99,071 - - 99,071 Depreciation and Amortization 7,614 7,798 4,296 - - 170 19,878 Amortization of Right-of-Use Assets - Finance Leases 45 235 67 - - - 347 General and Administrative Expenses - - - - - 4,052 4,052 Acquisition, Development and Other Pursuit Costs - - - - - 18 18 Total Expenses 15,080 14,329 9,953 99,071 - 4,240 142,673 Gain on Real Estate Dispositions - 511 - - - - 511 Operating Income 5,425 10,890 4,795 3,503 3,225 (4,061) 23,777 Interest Expense (4,345) (5,345) (3,130) - (809) - (13,629) Change in Fair Value of Derivatives and Other 1,578 2,405 386 - 636 - 5,005 Unrealized Credit Loss Provision - - - - (115) 15 (100) Other Income (Expense), Net - - - - - 168 168 Income Before Taxes 2,658 7,950 2,051 3,503 2,937 (3,878) 15,221 Income Tax Provision - - - - - (336) (336) Net Income $2,658 $7,950 $2,051 $3,503 $2,937 ($4,214) $14,885

21 NET INCOME BY SEGMENT $ IN THOUSANDS Six Months Ended 6/30/2023 Office Real Estate Retail Real Estate Multifamily Real Estate General Contracting and Real Estate Services Real Estate Financing Unallocated Total Revenues Rental Revenues $40,079 $47,146 $28,944 - - - $116,169 General Contracting and Real Estate Services Revenues - - - 186,812 - - 186,812 Interest Income - - 19 - 6,761 353 7,133 Total Revenues 40,079 47,146 28,963 186,812 6,761 353 310,114 Expenses Rental Expenses 10,357 7,590 8,689 - - - 26,636 Real Estate Taxes 4,262 4,477 2,304 - - - 11,043 General Contracting and Real Estate Services Expenses - - - 180,241 - - 180,241 Depreciation and Amortization 14,518 15,096 8,481 - - 251 38,346 Amortization of Right-of-Use Assets - Finance Leases 45 445 134 - - - 624 General and Administrative Expenses - - - - - 9,500 9,500 Acquisition, Development and Other Pursuit Costs - - - - - 18 18 Impairment Charges - 102 - - - - 102 Total Expenses 29,182 27,710 19,608 180,241 - 9,769 266,510 Gain on Real Estate Dispositions - 511 - - - - 511 Operating Income 10,897 19,947 9,355 6,571 6,761 (9,416) 44,115 Interest Expense (8,034) (9,824) (6,167) - (1,906) - (25,931) Change in Fair Value of Derivatives and Other 918 1,335 169 - 136 - 2,558 Unrealized Credit Loss Provision - - - - (170) (7) (177) Other Income (Expense), Net - 84 (7) - - 184 261 Income Before Taxes 3,781 11,542 3,350 6,571 4,821 (9,239) 20,826 Income Tax Benefit - - - - - (524) (524) Net Income $3,781 $11,542 $3,350 $6,571 $4,821 ($9,763) $20,302

22 ACQUISITIONS & DISPOSITIONS $ IN THOUSANDS (1) Represents 100% of property value of which the Company owns a 90% economic interest. (2) Anchor tenant vacant at time of sale. ACQUISITIONS Properties Location Square Feet/Units Purchase Price Cash Cap Rate Purchase Date Anchor Tenants 2023 306,100 $215,000 6.5% The Interlock Atlanta, GA 306,100 215,000 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 (1) 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 (2) 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%

23 TOP 20 TENANTS BY ABR(1) $ IN THOUSANDS AS OF JUNE 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 7.3% Morgan Stanley ✓ 3 2028 - 2035 8,733 4.4% Harris Teeter/Kroger ✓ 6 2026 - 2035 3,766 1.9% WeWork 2 2034 ; 2037 3,672 1.8% ABR Canopy by Hilton 1 2045 3,171 1.6% Clark Nexsen 1 2029 2,801 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 2024 - 2028 1,519 0.8% Georgia Tech 1 2031 1,418 0.7% Mythics 1 2030 1,285 0.6% Puttshack 1 2036 1,197 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 MTM ; 2024 1,122 0.6% Top 20 Total $56,929 28.6%

24 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 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 Q3 2022 3 22,374 3.3% -3.1% 3.9 117,290 5.24 Trailing 4 Quarters 9 232,817 6.1% 1.7% 6.7 $3,579,829 $15.38 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 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 Q3 2022 1 17,617 26.25 10.0 1,088,088 61.76 Trailing 4 Quarters 8 88,553 $29.77 9.3 $7,617,074 $86.02 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 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 Q3 2022 18 62,880 10.7% 5.8% 5.3 176,982 2.81 Trailing 4 Quarters 56 298,963 9.9% 6.0% 5.3 $1,457,570 $4.88 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 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 Q3 2022 10 22,354 25.09 9.0 1,316,282 58.88 Trailing 4 Quarters 33 94,135 $23.57 8.5 $4,615,967 $49.04

25 LEASE EXPIRATIONS(1) AS OF JUNE 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 - 87,689 3.8% -$ - M-T-M 1 0 - 20,400 - 2023 6 15,665 0.7% 482,864 0.7% 2024 12 135,592 5.9% 3,575,135 5.2% 2025 19 144,844 6.3% 4,304,594 6.3% 2026 10 49,398 2.1% 1,281,088 1.9% 2027 22 183,324 7.9% 5,992,338 8.8% 2028 16 127,824 5.5% 3,951,106 5.8% 2029 13 306,202 13.3% 8,442,264 12.4% 2030 12 171,379 7.4% 5,165,737 7.6% 2031 5 70,504 3.1% 2,030,652 3.0% 2032 3 6,214 0.3% 183,723 0.3% 2033 2 35,068 1.5% 1,081,457 1.6% Thereafter 12 976,942 42.2% 31,820,428 46.4% Total / Weighted Average 133 2,310,645 100.0% $68,331,786 100.0% RETAIL Year Leases Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available - 70,881 1.8% -$ - M-T-M 2 2,312 0.1% 66,268 0.1% 2023 14 59,247 1.5% 1,795,633 2.3% 2024 79 396,967 9.9% 7,472,161 9.8% 2025 96 555,901 13.8% 9,236,375 12.1% 2026 87 469,861 11.7% 9,666,946 12.6% 2027 74 461,446 11.5% 8,635,049 11.3% 2028 63 315,077 7.8% 6,611,592 8.6% 2029 44 158,604 3.9% 3,615,677 4.7% 2030 51 289,011 7.2% 6,518,280 8.5% 2031 33 280,325 7.0% 5,391,277 7.1% 2032 30 304,583 7.6% 5,458,455 7.1% 2033 22 102,599 2.6% 2,684,766 3.5% Thereafter 31 556,369 13.6% 9,290,695 12.3% Total / Weighted Average 626 4,023,183 100.0% $76,443,174 100.0%

26Town Center of Virginia Beach Virginia Beach, VA APPENDIX DEFINITIONS & RECONCILIATIONS

27 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 June 30, 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., percentage 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 June 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 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) revenue for the quarter, by (b) 4.

28 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 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 Estate 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 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. 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.

29 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 result 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 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 Property Adjusted EBITDA or similarly titled measures.

30 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 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. Finally, any property classified as Held for Sale is not considered stabilized.

31 PROPERTY PORTFOLIO AS OF JUNE 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 92.9% $2,430,643 $28.36 Cheesecake Factory, Brooks Brothers Apex Entertainment Virginia Beach, VA 2002/2020 103,335 100.0% 1,843,631 17.84 Apex Entertainment, USI Columbus Village Virginia Beach, VA 2013/2020 62,207 100.0% 1,899,747 30.54 Barnes & Noble, CAVA, Shake Shack, Five Below, Ulta Columbus Village II Virginia Beach, VA 1996 92,061 96.7% 937,389 10.53 BB&B, Regal Commerce Street Retail Virginia Beach, VA 2008 19,173 100.0% 951,839 49.64 Yard House Fountain Plaza Retail Virginia Beach, VA 2004 35,961 93.7% 1,102,955 32.72 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% 1,140,886 33.70 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% $2,222,218 $19.11 Food Lion, PetSmart Broadmoor Plaza South Bend, IN 1980 115,059 98.2% 1,355,743 12.00 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% 2,949,307 34.49 Whole Foods Greenbrier Square Chesapeake, VA 2017 260,710 98.9% 2,579,250 10.00 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% 2,020,701 20.49 Harris Teeter Lexington Square Lexington, SC 2017 85,440 98.3% 1,905,375 22.68 Lowes Foods Market at Mill Creek Mt. Pleasant, SC 2018 80,319 100.0% 1,910,712 23.79 Lowes Foods North Pointe Center Durham, NC 2009 226,083 100.0% 2,953,485 13.06 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% 794,676 21.02 Rite Aid (grocery shadow) Perry Hall Marketplace Perry Hall, MD 2001 74,251 100.0% 1,288,655 17.36 Safeway Sandbridge Commons Virginia Beach, VA 2015 69,417 100.0% 944,047 13.60 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% $4,781,185 $45.81 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% 1,509,397 13.13 PetSmart, Hobby Lobby Overlook Village Asheville, NC 1990 151,365 100.0% 2,220,670 14.67 T.J. Maxx|Homegoods, Ross Patterson Place Durham, NC 2004 160,942 99.1% 2,484,257 15.57 BB&B, PetSmart, DSW Providence Plaza Charlotte, NC 2008 103,118 100.0% 3,049,877 29.58 Cranfill, Sumner & Hartzog, Chipotle South Square Durham, NC 2005 109,590 100.0% 1,993,684 18.19 Ross, Petco, Office Depot Wendover Village Greensboro, NC 2004 176,997 100.0% 3,453,291 19.51 T.J. Maxx, Petco, Beauty World Mid-Atlantic Dimmock Square Colonial Heights, VA 1998 106,166 87.7% $1,691,115 $18.16 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% 2,807,420 24.00 Total Wine, Panera, Chick-Fil-A Southgate Square Colonial Heights, VA 2016 260,131 100.0% 3,784,310 14.55 Burlington, PetSmart, Michaels, Conn's Red Mill Commons Virginia Beach, VA 2005 373,808 95.7% 6,922,583 19.34 Homegoods, Walgreens Southshore Shops Chesterfield, VA 2006 40,307 97.5% 822,718 20.93 Buffalo Wild Wings Total Retail Portfolio 4,023,183 98.2% $76,443,174 $19.34

32 PROPERTY PORTFOLIO CONT. AS OF JUNE 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 $1.4M, or $21.41 per leased square foot, which are reflected in this table. The rent paid by us is eliminated in accordance with GAAP in the consolidated financial statements. (4) The ABR for Liberty, Cosmopolitan, Edison, and 1405 Point excludes approximately $0.2M, $1.1M, $0.3M and $0.3M, 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% $7,158,206 $30.45 Clark Nexsen, Anthropologie, Mythics Armada Hoffler Tower(3) Virginia Beach, VA 315,916 2002 99.3% 9,392,014 29.95 AHH, Troutman Pepper, Williams Mullen, Morgan Stanley, KPMG One Columbus Virginia Beach, VA 129,066 1984 98.3% 3,293,115 25.95 Truist, HBA Two Columbus Virginia Beach, VA 108,460 2009 100.0% 2,808,202 25.89 Hazen & Sawyer, Fidelity Harbor Point - Baltimore Waterfront Constellation Office Baltimore, MD 482,317 2016 97.9% $15,385,140 $32.58 Constellation Energy Group Thames Street Wharf(3) Baltimore, MD 263,426 2010 100.0% 8,019,307 30.44 Morgan Stanley, JHU Medical 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% $6,391,615 $37.15 Georgia Tech, WeWork, Pindrop One City Center Durham, NC 151,599 2019 89.3% 4,507,184 33.28 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 96.2% $68,331,786 $30.74 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 97.3% $5,874,144 $1,759 Premier Apartments Virginia Beach, VA 131 2018 97.2% 2,862,108 1,873 The Cosmopolitan(4) Virginia Beach, VA 342 2006/2020 97.1% 8,875,512 2,227 Harbor Point - Baltimore Waterfront 1305 Dock Street Baltimore, MD 103 2016 93.9% $2,899,320 $2,498 1405 Point(2)(4) Baltimore, MD 289 2018 96.3% 8,509,032 2,548 Southeast Sunbelt Chronicle Mill Belmont, NC 238 2022 97.2% $4,767,528 $1,717 The Everly Gainesville, GA 223 2022 94.5% 4,885,452 1,932 Greenside Apartments Charlotte, NC 225 2018 96.1% 4,762,992 1,836 Mid-Atlantic The Edison(4) Richmond, VA 174 2014 95.2% 3,095,436 1,557 Liberty Apartments(4) Newport News, VA 197 2013 94.2% 3,655,332 1,641 Smith's Landing(2) Blacksburg, VA 284 2009 97.0% 5,646,828 1,708 Multifamily Total 2,492 96.2% $55,833,684 $1,941

33 $ IN THOUSANDS RECONCILIATION OF DEBT & EBITDA (1) Excludes GAAP adjustments. Three Months Ended 6/30/2023 3/31/2023 12/31/2022 9/30/2022 Property Net Operating Income $40,644 $37,846 $37,689 $35,542 Property Other Income (Expense), Net (93) (47) (120) (30) Amortization of Right-of-Use Assets (347) (277) (277) (278) Impairment of Intangible Assets and Liabilities - (102) (83) - Property Adjusted EBITDA $40,204 $37,420 $37,209 $35,234 Acquisition (1,816) - 217 - Disposition - - - (368) Development - (636) (12) - Stabilized Portfolio Adjusted EBITDA $38,388 $36,784 $37,414 $34,866 Construction Gross Profit 3,503 3,068 2,245 2,772 Corporate G&A (3,948) (5,308) (3,451) (3,708) Non-Cash Stock Comp 288 1,846 562 614 Acquisition, Development & Other Pursuit Costs (18) - - - Interest Income 3,403 3,709 6,562 3,487 Other Income (Expense), Net 168 10 28 5 Add Back: Unstabilized EBITDA 1,816 636 12 - Total Adjusted EBITDA $43,600 $40,745 $43,372 $38,036 Stabilized Property Debt 613,300 582,084 584,502 684,704 Add Unsecured Property Debt 343,073 219,304 207,103 - Acquisitions (111,558) - - - Stabilized Portfolio Debt $844,815 $801,388 $791,605 $684,704 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDA 5.5x 5.4x 5.3x 4.9x Total Debt(1) 1,269,586 1,117,424 1,073,132 1,042,955 Cash (36,097) (36,436) (51,865) (59,565) Net Debt $1,233,489 $1,080,988 $1,021,267 $983,390 Net Debt Plus Ancillary Debt/Total Adjusted EBITDA 7.1x 6.6x 5.9x 6.5x Preferred 171,085 171,085 171,085 171,085 Net Debt + Preferred $1,404,574 $1,252,073 $1,192,352 $1,154,475 Net Debt + Preferred /Total Adjusted EBITDA 8.1x 7.7x 6.9x 7.6x

34 QUARTER TO DATE(1) YEAR TO DATE(1) $ IN THOUSANDS AS OF JUNE 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 $885 - $1,035 $97 $593 - $2,610 Office 114 - 493 - 280 - 887 Multifamily 153 - 45 2 511 217 928 Total Portfolio $1,152 - $1,573 $99 $1,384 $217 $4,425 Leasing Commissions Lease Incentive Tenant Improvements Land Improvements(2) Building Improvements(2) Fixtures & Equipment(2) Total Second Generation Capex Retail $1,215 $20 $3,273 $321 $2,818 - $7,647 Office 427 - 1,045 - 900 - 2,372 Multifamily 159 - 45 29 904 452 1,589 Total Portfolio $1,801 $20 $4,363 $350 $4,622 $452 $11,608

35 RECONCILIATION TO PROPERTY PORTFOLIO NOI $ IN THOUSANDS (1) Includes expenses associated with the Company’s in-house asset management division. Three months ended 6/30 Six Months Ended 6/30 2023 2022 2023 2022 Office Same Store Rental Revenues $16,828 $16,510 $21,053 $20,546 Property Expenses 5,562 5,387 7,820 7,259 NOI 11,266 11,123 13,233 13,287 Non-Same Store NOI(1) 1,818 556 12,227 9,771 Segment NOI $13,084 $11,679 $25,460 $23,058 Retail Same Store Rental Revenues $22,658 $21,254 $44,418 $42,385 Property Expenses 5,506 5,292 10,802 10,733 NOI 17,152 15,962 33,616 31,652 Non-Same Store NOI(1) 1,260 (22) 1,463 (21) Segment NOI $18,412 $15,940 $35,079 $31,631 Multifamily Same Store Rental Revenues $12,275 $11,672 $22,831 $21,679 Property Expenses 4,702 4,409 8,618 8,108 NOI 7,573 7,263 14,213 13,571 Non-Same Store NOI(1) 1,575 1,820 3,738 5,004 Segment NOI $9,148 $9,083 $17,951 $18,575 Total Property Portfolio NOI $40,644 $36,702 $78,490 $73,264

36 RECONCILIATION TO GAAP NET INCOME $ IN THOUSANDS Three Months Ended 6/30/2023 Office(1) Retail(1) Multifamily(1) Total Rental Properties General Contracting & Real Estate Services(2) Real Estate Financing(3) Total Segment Revenues 20,505$ 24,708$ 14,738$ 59,951$ 102,574$ 3,225$ 165,750$ Segment Expenses 7,421 6,296 5,590 19,307 99,071 809 119,187 Net Operating Income 13,084$ 18,412$ 9,148$ 40,644$ 3,503$ 2,416$ 46,563$ Interest Income 189 Depreciation and Amortization (19,878) General and Administrative Expenses (4,052) Acquisition, Development and Other Pursuit Costs (18) Gain on Real Estate Dispositions 511 Interest Expense (12,820) Unrealized Credit Loss Provision (100) Amortization of Right-of-Use Assets - Finance Leases (347) Change in Fair Value of Derivatives and Other 5,005 Other Income (Expense), Net 168 Income Tax Provision (336) Net Income 14,885$ Net Loss (Income) Attributable to Noncontrolling Interest in Investment Entities (269) Preferred Stock Dividends (2,887) Net Income Attributable to AHH and OP Unitholders 11,729$ Six Months Ended 6/30/2023 Office(1) Retail(1) Multifamily(1) Total Rental Properties General Contracting & Real Estate Services(2) Real Estate Financing(3) Total Segment Revenues 40,079$ 47,146$ 28,944$ 116,169$ 186,812$ 6,761$ 309,742$ Segment Expenses 14,619 12,067 10,993 37,679 180,241 1,906 219,826 Net Operating Income 25,460$ 35,079$ 17,951$ 78,490$ 6,571$ 4,855$ 89,916$ Interest Income 372 Depreciation and Amortization (38,346) General and Administrative Expenses (9,500) Acquisition, Development and Other Pursuit Costs (18) Impairment Charges (102) Gain on Real Estate Dispositions 511 Interest Expense (24,025) Unrealized Credit Loss Provision (177) Amortization of Right-of-Use Assets - Finance Leases (624) Change in Fair Value of Derivatives and Other 2,558 Other Income (Expense), Net 261 Income Tax Provision (524) Net Income 20,302$ Net Loss (Income) Attributable to Noncontrolling Interest in Investment Entities (423) Preferred Stock Dividends (5,774) Net Income Attributable to AHH and OP Unitholders 14,105$ (1) Segment net operating income for the office, retail, 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.

37 RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA $ IN THOUSANDS Three Months Ended 6/30/2023 3/31/2023 12/31/2022 9/30/2022 Net income attributable to common stockholders and OP unitholders $11,729 $2,376 $11,517 $33,899 Excluding: Depreciation and Amortization 19,878 18,468 18,109 17,527 Loss (Gain) on Real Estate Dispositions (511) - (42) (33,931) Income Tax Provision (Benefit) 336 188 (5) 181 Interest Expense 13,629 12,302 10,933 10,345 Change in Fair Value of Derivatives and Other (5,005) 2,447 (1,186) (782) Preferred Dividends 2,887 2,887 2,887 2,887 Loss on Extinguishment of Debt - - 475 2,123 Unrealized Credit Loss Provision (Release) 100 77 (232) (42) Investment Entities 269 154 137 5,583 Non-Cash Stock Compensation 288 1,846 562 614 Adjusted EBITDA $43,600 $40,745 $43,155 $38,404 Dispositions - - - (368) Acquisitions (Full Quarter) - - 217 - Total Adjusted EBITDA $43,600 $40,745 $43,372 $38,036 Construction Gross Profit (3,503) (3,068) (2,245) (2,772) Corporate G&A 3,948 5,308 3,451 3,708 Non-Cash Stock Comp (288) (1,846) (562) (614) Acquisition, Development & Other Pursuit Costs 18 - - - Interest Income (3,403) (3,709) (6,562) (3,487) Other Income (Expense), Net (168) (10) (28) (5) Add Back: Unstabilized EBITDA (1,816) (636) (12) - Stabilized Portfolio Adjusted EBITDA $38,388 $36,784 $37,414 $34,866 Acquisition 1,816 - (217) - Disposition - - - 368 Development - 636 12 - Property Adjusted EBITDA $40,204 $37,420 $37,209 $35,234