SUPPLEMENTAL FINANCIAL PACKAGE

2 BOARD OF DIRECTORS Louis S. Haddad, Executive Chairman of the Board Daniel A. Hoffler, Chairman Emeritus of the Board Eva S. Hardy, Lead Independent Director George F. Allen, Independent Director James A. Carroll, Independent Director James C. Cherry, Independent Director Dennis H. Gartman, Independent Director A. Russell Kirk, Director F. Blair Wimbush, Independent Director CORPORATE OFFICERS Louis S. Haddad, Chief Executive Officer Shawn J. Tibbetts, President and Chief Operating Officer Matthew T. Barnes-Smith, Chief Financial Officer Eric E. Apperson, President of Construction 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 ("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 2.0% Second Quarter Multifamily Tradeout for New and Renewed Leases $0.34 Second Quarter Normalized FFO Per Diluted Share 94.9% Wtd. Avg. Portfolio Occupancy as of June 30, 2024 9.0% Second Quarter Increase in Office Same Store NOI, GAAP 249K Square Feet of New and Renewed Commercial Space for the Second Quarter of 2024 $4.3M Second Quarter Construction Gross Profit 5.8% Second Quarter Retail Lease Renewal Spread Increase, GAAP 24.3% Second Quarter Office Lease Renewal Spread Increase, GAAP $4.0M Second 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 for further detail. Refer to the Hedging Activity slide for the breakdown of derivative interest income for the second quarter of 2024. 2024 OUTLOOK & ASSUMPTIONS OUTLOOK(1) LOW HIGH PORTFOLIO NOI $166.6M $171.0M CONSTRUCTION SEGMENT PROFIT $12.8M $14.3M G&A EXPENSES $18.8M $18.2M INTEREST INCOME $17.3M $17.9M ADJUSTED INTEREST EXPENSE(2) $59.4M $58.8M NORMALIZED FFO PER DILUTED SHARE $1.21 $1.27 GUIDANCE ASSUMPTIONS • Outlook does not include any material capital market activity • Southern post delivery schedule update • Harbor Point T. Rowe Price and The Allied delivery schedule update • Partner payback of real estate financing investment in Q3 2024 • Solis North Creek real estate financing investment commences 3Q24

5 (1) Calculation updated 4Q 2023. Prior period calculation has been adjusted to reflect new calculation. (2) See appendix for definitions. (3) Excludes GAAP adjustments. (4) The Company reclassified certain mixed-use properties between segments in order to align the components of those properties with their tenant composition and has adjusted prior periods accordingly. (5) Total occupancy weighted by annualized rent. SUMMARY INFORMATION $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) OPERATIONAL METRICS 6/30/2024 3/31/2024 12/31/2023 9/30/2023 Net Income (Loss) Attributable to Common Stockholders and OP Unitholders $375 $14,804 ($23,938) $5,343 Net Income (Loss) Attributable to Common Stockholders and OP Unitholders $0.00 $0.17 ($0.27) $0.06 Normalized FFO Attributable to Common Stockholders and OP Unitholders 30,204 29,414 27,933 27,735 Normalized FFO per Diluted Share Attributable to Common Stockholders and OP Unitholders $0.34 $0.33 $0.31 $0.31 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 6.4x 6.6x 6.7x 6.4x Fixed Charge Coverage Ratio(1)(2) 1.4x 1.6x 2.7x 2.3x CAPITALIZATION Common Shares Outstanding 67,388 66,987 66,793 67,885 Operating Partnership Units Outstanding 21,709 21,709 21,593 21,643 Common Shares and Operating Partnership Units Outstanding 89,097 88,696 88,386 89,528 Market Price per Common Share as of Last Trading Day of Quarter $11.09 $10.40 $12.37 $10.24 Common Equity Capitalization 988,086 922,440 1,093,334 916,766 Preferred Equity Capitalization 171,085 171,085 171,085 171,085 Total Equity Capitalization 1,159,171 1,093,525 1,264,419 1,087,851 Total Debt(3) 1,422,473 1,431,614 1,401,204 1,326,987 Total Capitalization $2,581,644 $2,525,139 $2,665,623 $2,414,838 STABILIZED PORTFOLIO OCCUPANCY(2)(4) Retail 95.4 % 95.4 % 96.1 % 97.3 % Office 94.3 % 93.6 % 95.2 % 96.0 % Multifamily 94.9 % 95.1 % 95.5 % 96.0 % Weighted Average(5) 94.9 % 94.7 % 95.6 % 96.5 % STABILIZED PORTFOLIO(4) Commercial Retail Portfolio Net Operating Income $19,230 $18,909 $18,470 $19,718 Number of Properties 48 48 48 48 Net Rentable Square Feet 4,037,662 4,034,206 4,033,642 4,034,892 Office Portfolio Net Operating Income $14,734 $13,540 $12,058 $13,851 Number of Properties 14 14 14 14 Net Rentable Square Feet 2,327,873 2,328,023 2,327,872 2,327,872 Multifamily Multifamily Portfolio Net Operating Income $8,351 $8,786 $8,682 $8,549 Number of Properties 11 11 11 11 Units 2,492 2,492 2,492 2,492

6 Three Months Ended Six Months Ended 6/30/2024 6/30/2023 6/30/2024 6/30/2023 (Unaudited) Revenues Rental Revenues $63,265 $59,951 $125,146 $116,169 General Contracting and Real Estate Services Revenues 116,839 102,574 243,814 186,812 Interest Income 4,632 3,414 9,258 7,133 Total Revenues 184,736 165,939 378,218 310,114 Expenses Rental Expenses 15,087 13,676 29,692 26,636 Real Estate Taxes 5,886 5,631 11,811 11,043 General Contracting and Real Estate Services Expenses 112,500 99,071 235,398 180,241 Depreciation and Amortization 20,789 19,878 41,224 38,346 Amortization of Right-of-Use Assets - Finance Leases 394 347 789 624 General & Administrative Expenses 4,503 4,052 10,377 9,500 Acquisition, Development & Other Pursuit Costs 5,528 18 5,528 18 Impairment Charges 1,494 — 1,494 102 Total Expenses 166,181 142,673 336,313 266,510 Gain on Real Estate Dispositions, Net — 511 — 511 Operating Income 18,555 23,777 41,905 44,115 Interest Expense (21,227) (13,629) (39,202) (25,931) Change in Fair Value of Derivatives and Other 4,398 5,005 17,286 2,558 Unrealized Credit Loss Release (Provision) 228 (100) 145 (177) Other Income (Expense), Net 79 168 158 261 Income Before Taxes 2,033 15,221 20,292 20,826 Income Tax Benefit (Provision) 1,246 (336) 712 (524) Net Income $3,279 $14,885 $21,004 $20,302 Net Income Attributable to Noncontrolling Interests in Investment Entities (17) (269) (51) (423) Preferred Stock Dividends (2,887) (2,887) (5,774) (5,774) Net Income Attributable to AHH and OP Unitholders $375 $11,729 $15,179 $14,105 Net Income per Diluted Share and Unit Attributable to AHH and OP Unitholders $0.00 $0.13 $0.17 $0.16 Weighted Average Shares & OP Units - Diluted(1) 88,815 88,724 88,633 88,562 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.

7 SUMMARY BALANCE SHEET $ IN THOUSANDS As Of 6/30/2024 12/31/2023 (Unaudited) Assets Real Estate Investments: Income Producing Property $2,186,764 $2,093,032 Held for Development 10,483 11,978 Construction in Progress 46,642 102,277 Accumulated Depreciation (425,166) (393,169) Net Real Estate Investments 1,818,723 1,814,118 Cash and Cash Equivalents 20,306 27,920 Restricted Cash 1,391 2,246 Accounts Receivable, Net 44,170 45,529 Notes Receivable, Net 124,178 94,172 Construction Receivables, Including Retentions, Net 106,010 126,443 Construction Contract Costs and Estimated Earnings in Excess of Billings 542 104 Equity Method Investments 152,615 142,031 Operating Lease Right-of-Use Assets 22,954 23,085 Finance Lease Right-of-Use Assets 89,776 90,565 Acquired Lease Intangible Assets 101,418 109,137 Other Assets 87,903 87,548 Total Assets $2,569,986 $2,562,898 Liabilities and Equity Indebtedness, Net $1,419,229 $1,396,965 Accounts Payable and Accrued Liabilities 39,543 31,041 Construction Payables, Including Retentions 125,226 128,290 Billings in Excess of Construction Contract Costs and Estimated Earnings 19,418 21,414 Operating Lease Liabilities 31,442 31,528 Finance Lease Liabilities 92,258 91,869 Other Liabilities 53,464 56,613 Total Liabilities 1,780,580 1,757,720 Total Equity 789,406 805,178 Total Liabilities and Equity $2,569,986 $2,562,898

8 FFO, NORMALIZED FFO, & AFFO(1) $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) Six Months Ended (Unaudited) 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2024 6/30/2023 Funds From Operations Net Income Attributable to AHH and OP Unitholders $375 $14,804 ($23,938) $5,343 $15,179 $14,105 Net (Loss) Income per Diluted Share $0.00 $0.17 ($0.27) $0.06 $0.17 $0.16 Depreciation and Amortization(2) 20,570 20,215 35,069 22,239 40,785 37,900 Impairment of Real Estate Assets 1,494 — — — 1,494 — FFO $22,439 $35,019 $11,131 $27,582 $57,458 $52,005 FFO per Diluted Share $0.25 $0.40 $0.13 $0.31 $0.65 $0.59 Normalized FFO Acquisition, Development, and Other Pursuit Costs 5,528 (3) — 66 — 5,528 18 Non-Cash GAAP Adjustments 166 478 (35) 1,124 644 181 Severance-Related Costs — 167 — — 167 — Decrease (Increase) in Fair Value of Derivatives 1,950 (6,510) 16,159 (1,484) (4,560) (490) Amortization of Interest Rate Derivatives on Designated Cash Flow Hedges 121 260 612 513 381 3,085 Normalized FFO $30,204 $29,414 $27,933 $27,735 $59,618 $54,799 Normalized FFO per Diluted Share $0.34 $0.33 $0.31 $0.31 $0.67 $0.62 Adjusted FFO Non-Cash Stock Compensation 744 2,192 729 817 2,936 2,134 Tenant Improvements, Leasing Commissions, Lease Incentives(4) (6,239) (2,952) (4,796) (2,249) (9,191) (6,185) Property-Related Capital Expenditures(4) (5,313) (3,537) (3,728) (2,678) (8,850) (5,424) Adjustment for Mezz Loan Modification and Exit Fees — — — — — (459) Non-Cash Interest Expense(5) 1,994 1,882 1,831 1,917 3,876 2,784 Cash Ground Rent Payment - Finance Lease (980) (980) (993) (993) (1,960) (1,490) GAAP Adjustments (2,095) (1,738) 146 (1,843) (3,833) (3,467) AFFO $18,315 $24,281 $21,122 $22,706 $42,596 $42,692 AFFO per Diluted Share $0.21 $0.27 $0.24 $0.25 $0.48 $0.48 Weighted Average Common Shares Outstanding 67,106 66,838 67,140 67,945 66,972 67,844 Weighted Average Operating Partnership Units Outstanding 21,709 21,613 21,593 21,644 21,661 20,718 Total Weighted Average Common Shares and OP Units Outstanding(6) 88,815 88,451 88,733 89,589 88,633 88,562 (1) See definitions in appendix. (2) Adjusted for the depreciation attributable to noncontrolling interests in consolidated investments. (3) Due to the write off of development costs related to an undeveloped land parcel in predevelopment. (4) Excludes development, redevelopment, and first-generation space. (5) Includes non-cash interest expense relating to indebtedness and interest expense on finance leases. (6) Represents the weighted average number of common shares and OP Units outstanding during the respective periods presented.

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 6/30/2024. (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) Excludes lease right-of-use assets and lease liabilities. (6) Excludes GAAP adjustments. $ AND SHARES/UNITS IN THOUSANDS Stabilized Portfolio NOI (Cash) Three Months Ended 6/30/2024 Retail Office(3) Multifamily Total Stable Portfolio Portfolio NOI(1)(2) $18,684 $13,558 $8,202 $40,444 Non-Stabilized Properties NOI (50) (45) 118 23 Signed Leases Not Yet Occupied or in Free Rent Period 343 836 — 1,179 Stable Portfolio NOI $18,977 $14,349 $8,320 $41,646 Intra-Quarter Transactions Net Acquisitions — — — — Net Dispositions — — — — Annualized $75,908 $57,396 $33,280 $166,584 Non-Stabilized Portfolio(4) As of 6/30/2024 Projects Under Development $— Properties in Lease Up 103,600 Development Opportunities 6,600 Unconsolidated JV Development 156,300 Total Non-Stabilized Portfolio $266,500 Third-Party General Contracting and Real Estate Services Trailing 12 Months General Contracting Gross Profit $15,263 Non-Property Assets(5) As of 6/30/2024 Cash and Restricted Cash $21,697 Accounts Receivable, Net 44,170 Other Notes Receivable 12,592 Real Estate Financing Investments(6) 114,298 Construction Receivables, Including Retentions(6) 106,010 Acquired Lease Intangible Assets 101,418 Other Assets / Costs in Excess of Earnings 88,445 Total Non-Property Assets $488,630 Liabilities(5) As of 6/30/2024 Mortgages and Notes Payable(6) $1,422,473 Accounts Payable and Accrued Liabilities 39,543 Construction Payables, Including Retentions 125,226 Other Liabilities(6) 72,882 Total Liabilities $1,660,124 Preferred Equity Liquidation Value Series A Cumulative Redeemable Perpetual Preferred Stock $171,085 Common Equity As of 6/30/2024 Total Common Shares Outstanding 67,388 Total OP Units Outstanding 21,709 Total Common Shares & OP Units Outstanding 89,097

10 Total Debt Debt to Adjusted EBITDAre AFFO Payout Ratio Weighted Average Years to Maturity - Debt CREDIT PROFILE $ IN THOUSANDS

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) Total notes payable less GAAP adjustments, cash, restricted cash, and other notes payable. Three Months Ended 6/30/2024 Stabilized Portfolio Adjusted EBITDAre $41,202 Stabilized Portfolio Debt $1,062,560 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 6.4 x Total Adjusted EBITDAre $46,557 Net Debt(2) $1,400,776 Net Debt/Total Adjusted EBITDAre(1) 7.5 x Net Debt + Preferred $1,571,861 Net Debt + Preferred /Total Adjusted EBITDAre 8.4 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 6.4x 7.5x 8.4x 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 JUNE 30, 2024 Total Debt Composition Weighted Average % of Debt Interest Rate Maturity Variable vs. Fixed-Rate Debt Variable-Rate Debt(1)(2) 16.3 % 6.5 % 2.6 Yrs Fixed-Rate Debt(3)(4) 83.7 % 4.3 % 3.8 Yrs Secured vs. Unsecured Debt Unsecured Debt(2) 53.9 % 4.9 % 2.8 Yrs Secured Debt(2) 46.1 % 4.3 % 4.4 Yrs Portfolio Weighted Average(2) 4.6 % 3.6 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. 

13 (1) Represents a hedging corridor. (2) Includes debt subject to interest rate swap locks. (3) Excludes GAAP adjustments. (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 Six Months Ended Accounting Treatment(5) Comprehensive Income Statement Location 6/30/2024 6/30/2023 6/30/2024 6/30/2023 Designated Hedges Interest Expense 1,580 5,865 5,267 10,401 Non-Designated Hedges Change in Fair Value of Derivatives and Other 6,349 711 12,726 2,068 Total Realized Gains on Interest Rate Derivatives $ 7,929 $ 6,576 $ 17,993 $ 12,469 Designated Hedges Unrealized Cash Flow Hedge Gains (Losses)(6) $ 984 $ 6,806 $ 4,538 $ 6,380 Non-Designated Hedges Change in Fair Value of Derivatives and Other (1,951) 4,294 4,560 $ 490 Total Unrealized (Losses) Gains on Interest Rate Derivatives $ (967) $ 11,100 $ 9,098 $ 6,870 Total Realized and Unrealized Gains on Interest Rate Derivatives $ 6,962 $ 17,676 $ 27,091 $ 19,339 Interest Rate Cap Agreements & Swaps Not Allocated to Specific Asset Debt Effective Date Maturity Date SOFR Strike / Swap Fixed Rate Notional Amount September 2022 September 2024 1.00%-3.00% (1) $73,562 October 2023 October 2025 2.75% 330,000 December 2023 December 2025 2.75% 300,000 Total Interest Rate Caps & Swaps $703,562 Fixed-Rate Debt(2)(3) $560,528 Fixed-Rate and Hedge Debt $1,264,090 Total Debt(3) $1,422,473 % Fixed or Hedged 88.9 % 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 Caps & Swaps $190,000 $ IN THOUSANDS AS OF JUNE 30, 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 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. (6) Unrealized cash flow hedge gains (losses) is a component of comprehensive income (loss) and is excluded from net income (loss).

14 OUTSTANDING DEBT $ IN THOUSANDS (1) Excludes extension options. (2) Subject to a rate floor. (3) Includes debt subject to designated interest rate caps. (4) Loan has two 12-month extension options not reflected in this table. Debt Maturities & Principal Payments Debt Stated Rate Effective Rate as of 6/30/2024 Maturity Date (1) 2024 2025 2026 2027 2028 Thereafter Outstanding as of 6/30/2024 Secured Debt - Stabilized Premier SOFR+ 1.55% 7.00 % Oct-2024 $ 23,763 $ — $ — $ — $ — $ — $ 23,763 Chronicle Mill SOFR+ 3.00% 8.34 % (2) Apr-2025 (6) 224 34,845 — — — — 35,069 Red Mill South 3.57% 3.57 % May-2025 177 4,502 — — — — 4,679 Market at Mill Creek SOFR+ 1.55% 5.09 % (5) Jul-2025 264 10,769 — — — — 11,033 The Everly SOFR+ 1.50% 6.84 % (2) Dec-2025 (4) — 30,000 — — — — 30,000 Encore Apartments & 4525 Main Street 2.93% 2.93 % Feb-2026 659 1,347 50,840 — — — 52,846 Thames Street Wharf SOFR+ 1.30% 2.33 % (5) Sep-2026 1,256 3,050 62,872 — — — 67,178 Constellation Energy Building SOFR+ 1.50% 6.95 % (2)(5) Nov-2026 — — 175,000 — — — 175,000 Southgate Square SOFR+ 1.90% 7.34 % (2) Dec-2026 432 864 23,604 — — — 24,900 Nexton Square SOFR+ 1.95% 7.29 % (2) Jun-2027 306 613 613 19,742 — — 21,274 Liberty SOFR+ 1.50% 4.93 % (3) Sep-2027 175 364 382 19,495 — — 20,416 Greenbrier Square 3.74% 3.74 % Oct-2027 194 399 415 18,370 — — 19,378 Lexington Square 4.50% 4.50 % Sep-2028 155 320 335 351 12,287 — 13,448 Red Mill North 4.73% 4.73 % Dec-2028 61 127 133 140 3,442 — 3,903 Greenside Apartments 3.17% 3.17 % Dec-2029 393 808 834 861 886 26,935 30,717 Smith's Landing 4.05% 4.05 % Jun-2035 502 1,037 1,081 1,126 1,172 9,168 14,086 The Edison 5.30% 5.30 % Dec-2044 205 427 450 474 500 12,923 14,979 The Cosmopolitan 3.35% 3.35 % Jul-2051 457 937 968 1,001 1,035 35,520 39,918 Total - Secured Stabilized Debt 29,223 90,409 317,527 61,560 19,322 84,546 602,587 Secured Debt - Development Pipeline Southern Post SOFR+ 2.25% 5.59 % (2)(3) Aug-2026 (4) — — 52,886 — — — 52,886 Total - Development Pipeline — — 52,886 — — — 52,886 Total Secured Debt 29,223 90,409 370,413 61,560 19,322 84,546 655,473 Unsecured Debt TD Unsecured Term Loan SOFR+ 1.35%-1.90% 4.85 % (5) May-2025 (6) — 95,000 — — — — 95,000 Senior Unsecured Revolving Credit Facility SOFR+ 1.30%-1.85% 6.94 % Jan-2027 (7) — — — 182,000 — — 182,000 Senior Unsecured Revolving Credit Facility (Fixed) SOFR+ 1.30%-1.85% 4.80 % (4) Jan-2027 (7) — — — 5,000 — — 5,000 M&T Unsecured Term Loan SOFR+ 1.25%-1.80% 6.89 % Mar-2027 (6) — — — 35,000 — — 35,000 M&T Unsecured Term Loan (Fixed) SOFR+ 1.25%-1.80% c ) 5.05 % (4) Mar-2027 (6) — — — 100,000 — — 100,000 Senior Unsecured Term Loan SOFR+ 1.25%-1.80% 6.89 % Jan-2028 — — — — 282,053 — 282,053 Senior Unsecured Term Loan (Fixed) SOFR+ 1.25%-1.80% 4.98 % (4) Jan-2028 — — — — 67,947 — 67,947 Total Unsecured Debt — 95,000 — 322,000 350,000 — 767,000 Total Principal Balances $ 29,223 $ 185,409 $ 370,413 $ 383,560 $ 369,322 $ 84,546 $ 1,422,473 Other Notes Payable 6,122 Unamortized GAAP Adjustments (9,366) Indebtedness, Net $ 1,419,229 (5) Includes debt subject to interest rate swap locks. (6) Loan has one 12-month extension option not reflected in this table. (7) Loan has two six-month extension options not reflected in this table.

15 CAPITALIZATION & FINANCIAL RATIOS $ IN THOUSANDS, EXCEPT PER SHARE AS OF JUNE 30, 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 06/28/24. (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 13 % $187,000 Unsecured Term Loans 34 % 480,000 Mortgages Payable 53 % 755,473 Total Debt $1,422,473 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) 76 % 67,388 $11.09 $747,333 Operating Partnership Units 24 % 21,709 $11.09 240,753 Equity Market Capitalization 89,097 $988,086 Total Capitalization $2,581,644 Enterprise Value $2,559,947 Total Debt to Enterprise Value 56 % Financial Ratios Debt Service Coverage Ratio(3) 1.5x Fixed Charge Coverage Ratio(3) 1.4x Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 6.4x Net Debt / Total Adjusted EBITDAre 7.5x Net Debt Plus Preferred / Total Adjusted EBITDAre 8.4x Debt/Total Capitalization 55 % Liquidity(4) Cash on Hand $20,306 Availability Under Revolving Credit Facility 79,387 Total Liquidity $99,693 Unencumbered Properties % of Total Properties 65 % % of Annualized Base Rent 50 % Total Asset Value(5) $1,410,645 Preferred Equity 7% Debt 55% Common Equity 38%

16 Commercial Expirations PORTFOLIO PROFILE Multifamily Tradeout % of Portfolio ABR Expiring for Top 20 Tenants Retail Office Retail Office Weighted Average Lease Term Remaining (Years)

17 STABILIZED PORTFOLIO SUMMARY AS OF JUNE 30, 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 98.1 % $13,876,487 $25.74 Harbor Point - Baltimore Waterfront 2 57,021 7 71.5 % 1,259,952 30.92 Grocery Anchored 15 1,400,474 14 97.9 % 22,821,943 16.64 Southeast Sunbelt 11 1,077,698 15 93.0 % 22,464,822 22.42 Mid-Atlantic 7 953,152 17 94.3 % 16,578,040 18.45 Stabilized Retail Total 48 4,037,662 14 95.4 % $77,001,244 $19.99 Office Properties # of Properties Net Rentable SF(1) Average Age Occupancy(1) ABR(1) ABR per Occupied SF Town Center of Virginia Beach 6 807,330 22 94.1 % $22,836,144 $30.06 Harbor Point - Baltimore Waterfront 3 1,035,237 9 97.9 % 32,651,932 32.22 Southeast Sunbelt 4 387,245 7 83.6 % 10,639,870 32.88 Mid-Atlantic 1 98,061 5 100.0 % 2,002,945 20.43 Stabilized Office Total 14 2,327,873 13 94.3 % $68,130,891 $31.04 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 97.8 % $17,938,008 $2,015 Harbor Point - Baltimore Waterfront 2 392 7 97.2 % 12,051,000 2,636 Southeast Sunbelt 3 686 3 89.7 % 13,415,736 1,818 Mid-Atlantic 3 655 12 95.9 % 12,697,668 1,685 Stabilized Multifamily Total 11 2,492 9 94.9 % $56,102,412 $1,976

18 (1) Excludes expenses associated with the Company’s in-house asset management division of $0.8M for each of the three months ended 6/30/2024 & 6/30/2023, and $1.6M and $1.7M for the six months ended 6/30/2024 & 6/30/2023, respectively. SAME STORE NOI BY SEGMENT $ IN THOUSANDS (RECONCILIATION TO GAAP LOCATED IN APPENDIX) Three Months Ended Six Months Ended 6/30/2024 6/30/2023 $ Change % Change 6/30/2024 6/30/2023 $ Change % Change Retail Rental Revenues $22,874 $23,256 $(382) (1.6) % $45,974 $45,934 $40 0.1 % Rental Expenses(1) 3,459 3,306 153 4.6 % 6,811 6,543 268 4.1 % Real Estate Taxes 2,367 2,287 80 3.5 % 4,728 4,507 221 4.9 % Same Store NOI $17,048 $17,663 $(615) (3.5) % $34,435 $34,884 $(449) (1.3) % GAAP Adjustments (660) (1,363) 703 (1,563) (2,109) 546 Net Operating Income, Cash $16,388 $16,300 $88 0.5 % $32,872 $32,775 $97 0.3 % Office Rental Revenues $20,954 $19,487 $1,467 7.5 % $40,608 $39,087 $1,521 3.9 % Rental Expenses(1) 5,065 4,695 370 7.9 % 10,142 9,570 572 6.0 % Real Estate Taxes 2,053 2,099 (46) (2.2) % 4,202 4,182 20 0.5 % Same Store NOI $13,836 $12,693 $1,143 9.0 % $26,264 $25,335 $929 3.7 % GAAP Adjustments (1,513) (1,251) (262) (2,378) (2,400) 22 Net Operating Income, Cash $12,323 $11,442 $881 7.7 % $23,886 $22,935 $951 4.1 % Multifamily Rental Revenues $14,223 $14,034 $189 1.3 % $26,192 $25,480 $712 2.8 % Rental Expenses(1) 4,410 4,062 348 8.6 % 7,751 7,368 383 5.2 % Real Estate Taxes 1,284 1,134 150 13.2 % 2,524 2,154 370 17.2 % Same Store NOI $8,529 $8,838 $(309) (3.5) % $15,917 $15,958 $(41) (0.3) % GAAP Adjustments (209) (206) (3) (416) (403) (13) Net Operating Income, Cash $8,320 $8,632 $(312) (3.6) % $15,501 $15,555 $(54) (0.3) % Same Store NOI $39,413 $39,194 $219 0.6 % $76,616 $76,177 $439 0.6 % GAAP Adjustments (2,382) (2,820) 0 438 (4,357) (4,912) 0 555 0 Same Store Portfolio NOI, Cash Basis $37,031 $36,374 $657 1.8 % $72,259 $71,265 $994 1.4 %

19 TOP 20 TENANTS BY ABR(1) $ IN THOUSANDS AS OF JUNE 30, 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 7.5% Morgan Stanley ü 3 8,883 4.4% Harris Teeter/Kroger ü 6 3,781 1.9% Clark Nexsen 1 2,857 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 0.7% Puttshack 1 1,203 0.6% Apex Entertainment 1 1,176 0.6% Pindrop 1 1,172 0.6% Amazon/Whole Foods ü 1 1,144 0.6% Kimley-Horn 1 1,123 0.6% Top 20 Total $55,497 27.8% (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) (1) The Company reclassified certain mixed-use properties between segments in order to align the components of those properties with their tenant composition and has adjusted prior periods accordingly. (2) 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 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 Q4 2023 15 122,652 8.6 % 2.9 % 4.8 233,305 1.90 Q3 2023 13 77,467 9.4 % 4.8 % 5.1 266,313 3.44 Trailing 4 Quarters 67 428,285 8.4 % 3.6 % 4.9 $1,355,284 $3.16 New Leases(2) 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 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 Q4 2023 6 14,937 23.13 9.5 391,628 26.22 Q3 2023 7 22,447 20.62 9.3 1,568,379 69.87 Trailing 4 Quarters 23 79,708 $19.51 8.9 $4,085,188 $51.25 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 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 Q4 2023 2 46,734 18.0 % 0.4 % 5.5 618,268 13.23 Q3 2023 2 18,912 30.9 % 5.2 % 8.1 634,661 33.56 Trailing 4 Quarters 9 115,130 20.7 % 2.2 % 7.1 $2,454,328 $21.32 New Leases(2) 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 2024 2 44,289 $33.57 10.7 $5,554,413 $125.41 Q1 2024 0 — — 0.0 — — Q4 2023 3 23,802 29.07 6.8 1,526,948 64.15 Q3 2023 2 5,381 27.72 4.6 45,877 8.53 Trailing 4 Quarters 7 73,472 $31.68 9.0 $7,127,238 $97.01

21 LEASE EXPIRATIONS(1)(2) AS OF JUNE 30, 2024 (1) Excludes leases from properties in development, redevelopment, and delivered, but not yet stabilized. (2) The Company reclassified certain mixed-use properties between segments in order to align the components of those properties with their tenant composition and has adjusted prior periods accordingly. OFFICE Year Leases Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available – 132,918 5.7 % $— – % M-T-M 2 – – % 21,600 – % 2024 7 33,853 1.5 % 1,019,297 1.5 % 2025 17 110,986 4.8 % 3,665,082 5.4 % 2026 9 40,595 1.7 % 1,230,611 1.8 % 2027 20 180,570 7.8 % 6,166,583 9.1 % 2028 14 131,605 5.7 % 4,042,235 5.9 % 2029 14 325,454 14.0 % 9,368,828 13.8 % 2030 11 175,958 7.6 % 5,339,361 7.8 % 2031 7 142,135 6.1 % 4,097,196 6.0 % 2032 2 20,778 0.9 % 730,931 1.1 % 2033 2 52,219 2.2 % 1,541,553 2.3 % 2034 6 119,019 5.1 % 2,979,408 4.4 % Thereafter 8 861,783 36.9 % 27,928,206 40.9 % Total / Weighted Average 119 2,327,873 100.0 % $68,130,891 100.0 % RETAIL Year Leases Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available – 185,825 4.6 % $— – % M-T-M 2 1,602 – % 59,262 0.1 % 2024 23 108,273 2.7 % 1,808,971 2.3 % 2025 89 347,513 8.6 % 7,146,493 9.3 % 2026 94 458,869 11.4 % 9,644,168 12.5 % 2027 87 450,489 11.2 % 8,852,323 11.5 % 2028 75 332,977 8.2 % 7,371,520 9.6 % 2029 82 377,280 9.3 % 7,882,615 10.2 % 2030 63 419,830 10.4 % 8,767,818 11.4 % 2031 39 297,671 7.4 % 5,580,130 7.2 % 2032 33 311,932 7.7 % 5,715,527 7.4 % 2033 29 112,335 2.8 % 3,030,464 3.9 % 2034 16 66,192 1.6 % 1,524,524 2.0 % Thereafter 33 566,874 14.1 % 9,617,429 12.6 % Total / Weighted Average 665 4,037,662 100.0 % $77,001,244 100.0 %

22 T. Rowe Price Global HQ Baltimore, MD PORTFOLIO EXPANSION $ IN THOUSANDS Allied | Harbor Point Baltimore, MD Schedule(1) 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 71% Commercial 26% Multifamily (3) 4Q21 2Q24 1Q25 (4) $130,900 $73,600 (5) $108,600 100 % 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 Office 553,000 sf office / 20,200 sf retail / 250 parking spaces 93% 2Q22 3Q24 4Q24 $267,400 $47,000 $44,600 50 % T. Rowe Price Allied | Harbor Point Baltimore, MD Multifamily 312 units / 15,800 sf retail / 1,252 parking spaces —% 2Q22 3Q24 2Q26 236,800 113,300 111,700 90 % (6) Total Unconsolidated JV Development $504,200 $160,300 $156,300 Projects Property Type Scope Columbus Village II Virginia Beach, VA Retail Redevelopment Q2 2024 Year to Date Capitalized Interest $3,524 $7,584 (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 from retail and office. (4) First fully stabilized quarter for the office and multifamily components. Retail estimated stabilization in 3Q24. (5) Includes $5.7M earnout under certain conditions. (6) The Company currently owns 78% and holds an option to increase its ownership interest to 90%.

23 REAL ESTATE FINANCING $ IN THOUSANDS AS OF JUNE 30, 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 City Park II Charlotte, NC(4) Multifamily 250 units 89% 3Q23 Q3 2024 2Q28 13% $20,594 $20,594 $5,202 $600 Solis Gainesville II Gainesville, GA Multifamily 184 units 35% 2Q24 Q1 2025 4Q26 14% (5) 19,595 19,595 4,408 768 The Allure at Edinburgh Chesapeake, VA Multifamily 280 units N/A 4Q24(2) Q1 2026 1Q28 15% (6) 9,228 9,228 1,291 344 Solis Kennesaw Kennesaw, GA Multifamily 239 units N/A 1Q25(2) Q1 2026 2Q27 14% (5) 30,050 37,870 5,205 1,279 Solis Peachtree Corners Peachtree Corners, GA Multifamily 249 units N/A 3Q25(2) Q3 2026 4Q27 15% (5) 15,546 28,440 3,179 888 Total Outstanding Investments $95,013 $115,727 $19,285 $3,879 Future Investments(1) Property Type Estimated Size(2) % Leased or LOI Initial Occupancy Estimated Stabilization(2) Loan Maturity Interest Rate Principal Balance Maximum Principal Commitment Solis North Creek Huntersville, NC Multifamily 303 units N/A 2Q26(2) 4Q27 3Q30(7) 12% (5) N/A $26,996 The Allure at Edinburgh Chesapeake, VA (4) Property was sold subsequent to June 30, 2024 and the Company received $25.8 million of proceeds for the redemption of our preferred equity. (5) The interest rate varies over the life of the loan and earns an unused commitment fee. (6) The interest rate varies over the life of the loan. (7) Estimate pending partner closing on the construction loan.

24 GENERAL CONTRACTING & REAL ESTATE SERVICES $ IN THOUSANDS Lakepointe Apartments Charlotte, NC Third-Party Backlog as of Q2 2024 Beginning Backlog $343,406 New Contracts 76,585 Work Performed (117,141) Ending Backlog $302,850 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Trailing 4 Quarters Revenue $116,839 $126,975 $126,911 $99,408 $470,133 Expense (112,500) (122,898) (123,377) (96,095) (454,870) Gross Profit $4,339 $4,077 $3,534 $3,313 $15,263 Operating Margin(1) 3.7 % 3.2 % 2.8 % 3.3 % 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 Q2 2024, Q1 2024, Q4 2023, Q3 2023, and the Trailing 4 Quarters was 4.0%, 3.5%, 3.2%, 3.8%, and 3.6%, respectively.

25 NET INCOME BY SEGMENT $ IN THOUSANDS Three Months Ended June 30, 2024 Retail Real Estate Office Real Estate Multifamily Real Estate General Contracting and Real Estate Services Real Estate Financing Unallocated Total Revenues Rental revenues $26,094 $22,870 $14,301 $— $— $— $63,265 General contracting and real estate services revenues — — — 116,839 — — 116,839 Interest income 25 — 27 — 3,966 614 4,632 Total revenues 26,119 22,870 14,328 116,839 3,966 614 184,736 Expenses Rental expenses 4,394 5,956 4,737 — — — 15,087 Real estate taxes 2,420 2,135 1,331 — — — 5,886 General contracting and real estate services expenses — — — 112,500 — — 112,500 Depreciation and amortization 8,799 8,264 3,603 — — 123 20,789 Amortization of right-of-use assets - finance leases 245 82 67 — — — 394 General and administrative expenses — — — — — 4,503 4,503 Acquisition, development and other pursuit costs — 5,528 — — — — 5,528 Impairment charges — 1,494 — — — — 1,494 Total expenses 15,858 23,459 9,738 112,500 — 4,626 166,181 Operating income 10,261 (589) 4,590 4,339 3,966 (4,012) 18,555 Interest expense(1) (7,586) (7,165) (4,709) — (1,767) — (21,227) Loss on extinguishment of debt — — — — — — — Change in fair value of derivatives and other 1,499 1,135 416 — 562 786 4,398 Unrealized credit loss release (provision) — — — — 227 1 228 Other income (expense), net 36 22 — — — 21 79 Income (loss) before taxes 4,210 (6,597) 297 4,339 2,988 (3,204) 2,033 Income tax benefit — 1,634 — (388) — — 1,246 Net income $4,210 ($4,963) $297 $3,951 $2,988 ($3,204) $3,279 (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, Pindrop, 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 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 275,896 / 1,031 units/beds $258,261 4.3 % (1) Square footage includes 4.9k square feet of retail storage space. (2) Represents 100% of property value of which the Company owns a 90% economic interest.

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 June 30, 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 June 30, 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 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. 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.

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 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. Refer to definition of Stabilized Property for further information. 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.

33 PROPERTY PORTFOLIO AS OF JUNE 30, 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 % 476,084 18.08 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 % 1,977,025 31.78 Barnes & Noble, CAVA, Shake Shack, Five Below, Ulta Commerce Street Retail Virginia Beach, VA 100% 2008 19,173 100.0 % 888,808 46.36 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 % 1,252,860 33.82 Williams Sonoma, Pottery Barn South Retail Virginia Beach, VA 100% 2002 38,515 100.0 % 1,056,318 27.43 lululemon, free people, CPK Studio 56 Retail Virginia Beach, VA 100% 2007 11,594 100.0 % 410,652 35.42 Rocket Title, Legal Sea Foods The Cosmopolitan Retail Virginia Beach, VA 100% 2020 41,872 92.2 % 1,230,558 31.88 Lego, Nike Two Columbus Retail Virginia Beach, VA 100% 2009 13,752 100.0 % 521,680 37.93 Fidelity Investments, Luxxotica West Retail Virginia Beach, VA 100% 2002 17,558 83.4 % 493,031 33.67 PF Changs, The Men's Wearhouse Harbor Point - Baltimore Waterfront Constellation Retail Baltimore, MD 90% 2016 38,389 76.6 % $821,852 $27.94 West Elm Point Street Retail Baltimore, MD 100% 2018 18,632 60.8 % 438,100 38.68 solidcore Grocery Anchored Broad Creek Shopping Center(2) Norfolk, VA 100% 2001 121,504 95.7 % $2,268,799 $19.51 Food Lion, PetSmart Broadmoor Plaza South Bend, IN 100% 1980 115,059 96.9 % 1,338,306 12.00 Kroger Brooks Crossing Retail Newport News, VA 65%(3) 2016 18,349 84.8 % 228,007 14.65 Various Small Shops (grocery shadow) Delray Beach Plaza(2) Delray Beach, FL 100% 2021 87,207 98.0 % 2,957,763 34.59 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 15,719 100.0 % 386,821 24.61 Various Small Shops (grocery shadow) Hanbury Village Chesapeake, VA 100% 2009 98,638 100.0 % 2,009,411 20.37 Harris Teeter Lexington Square Lexington, SC 100% 2017 85,440 97.2 % 1,892,536 22.79 Lowes Foods Market at Mill Creek Mount Pleasant, SC 100% 2018 80,319 100.0 % 1,924,771 23.96 Lowes Foods North Pointe Center Durham, NC 100% 2009 226,083 100.0 % 2,986,146 13.21 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 64.5 % 540,644 22.16 Various Small Shops (grocery shadow) Perry Hall Marketplace Perry Hall, MD 100% 2001 74,251 100.0 % 1,294,335 17.43 Safeway Sandbridge Commons Virginia Beach, VA 100% 2015 69,417 100.0 % 948,323 13.66 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 % $— $— Nexton Square Summerville, SC 100% 2020 133,608 98.9 % 3,451,832 26.12 Various Small Shops North Hampton Market Taylors, SC 100% 2004 114,954 100.0 % 1,609,170 14.00 PetSmart, Hobby Lobby One City Center Retail Durham, NC 100% 2019 22,679 55.7 % 416,468 32.99 Various Small Shops Overlook Village Asheville, NC 100% 1990 151,365 100.0 % 2,264,100 14.96 T.J. Maxx|Homegoods, Ross Patterson Place Durham, NC 100% 2004 159,842 78.0 % 2,185,411 17.54 PetSmart, DSW Providence Plaza Retail Charlotte, NC 100% 2008 49,447 100.0 % 1,537,916 31.10 Orange Theory, Edward Jones, Chipotle South Square Durham, NC 100% 2005 109,590 97.1 % 1,925,707 18.09 Ross, Petco, Office Depot The Interlock Retail(2) Atlanta, GA 100% 2021 107,379 85.5 % 4,584,916 49.96 Puttshack Wendover Village Greensboro, NC 100% 2004 176,997 99.3 % 3,616,942 20.59 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 JUNE 30, 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 % $1,935,571 $18.23 Best Buy, Old Navy Harrisonburg Regal Harrisonburg, VA 100% 1999 49,000 100.0 % 717,850 14.65 Regal Cinemas Liberty Retail Newport News, VA 100% 2013 26,534 54.3 % 258,766 17.96 Marketplace at Hilltop(2) Virginia Beach, VA 100% 2001 116,953 98.6 % 2,834,974 24.58 Total Wine, Panera, Chick-Fil-A Red Mill Commons Virginia Beach, VA 100% 2005 373,808 94.6 % 6,962,806 19.70 Homegoods, Walgreens Southgate Square Colonial Heights, VA 100% 2016 260,131 100.0 % 3,810,025 14.65 Burlington, PetSmart, Michaels, T.J. Maxx Southshore Shops Chesterfield, VA 100% 2006 40,307 100.0 % 872,360 21.64 Buffalo Wild Wings The Edison Retail Richmond, VA 100% 2014 20,560 — % 58,048 0.00 Total Retail Portfolio 4,037,662 95.4 % $77,001,244 $19.99 (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 $34.7 per leased square foot, which are reflected in this table. The rent paid by the Company is eliminated in accordance with GAAP in the consolidated financial statements. (4) The 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 93.3 % $1,360,141 $25.54 Gather, HDR 4525 Main Street Virginia Beach, VA 100% 2014 208,760 100.0 % 6,823,432 32.69 Clark Nexsen, Mythics 4605 Columbus Office Virginia Beach, VA 100% 2020 19,335 — % — 0.00 Armada Hoffler Tower(3) Virginia Beach, VA 100% 2002 298,358 97.1 % 9,069,712 31.30 AHH, Troutman Pepper, Williams Mullen, Morgan Stanley, KPMG One Columbus Virginia Beach, VA 100% 1984 129,066 98.3 % 3,379,734 26.64 Truist, HBA, Northwestern Mutual Two Columbus Office Virginia Beach, VA 100% 2009 94,708 85.7 % 2,203,125 27.15 Hazen & Sawyer, Fidelity Harbor Point - Baltimore Waterfront Constellation Office Baltimore, MD 90% 2016 443,820 100.0 % $15,031,832 $33.87 Constellation Energy Group Thames Street Wharf(3) Baltimore, MD 100% 2010 263,426 99.5 % 8,114,512 30.97 Morgan Stanley Wills Wharf(2) Baltimore, MD 100% 2020 327,991 93.8 % 9,505,588 30.90 Canopy by Hilton, Transamerica, RBC, Franklin Templeton, Stifel Southeast Sunbelt Chronicle Mill Office Belmont, NC 85%(4) 2022 5,932 100.0 % $183,892 $31.00 Piedmont Lithium One City Center Office Durham, NC 100% 2019 128,920 90.8 % 3,089,927 26.39 Duke University Providence Plaza Office Charlotte, NC 100% 2008 53,671 100.0 % 1,631,028 30.39 Choate Construction, Cranfill, Sumner, & Hartzog The Interlock Office(2) Atlanta, GA 100% 2021 198,722 73.9 % 5,735,023 39.03 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 2,327,873 94.3 % $68,130,891 $31.04

35 PROPERTY PORTFOLIO CONT. AS OF JUNE 30, 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 97.6 % $5,893,800 $1,760 Premier Apartments Virginia Beach, VA 100% 2018 131 99.2 % 3,014,820 1,933 The Cosmopolitan Virginia Beach, VA 100% 2020 342 97.4 % 9,029,388 2,260 Harbor Point - Baltimore Waterfront 1305 Dock Street Baltimore, MD 90% 2016 103 96.1 % $2,966,508 $2,497 1405 Point(2) Baltimore, MD 100% 2018 289 97.6 % 9,084,492 2,685 Southeast Sunbelt Chronicle Mill(3) Belmont, NC 85%(4) 2022 238 83.6 % $4,256,640 $1,783 Greenside Apartments Charlotte, NC 100% 2018 225 94.2 % 4,793,256 1,884 The Everly Gainesville, GA 100% 2022 223 91.5 % 4,365,840 1,783 Mid-Atlantic Liberty Apartments Newport News, VA 100% 2013 197 95.9 % $3,782,688 $1,668 Smith's Landing(2) Blacksburg, VA 100% 2009 284 98.2 % 5,897,628 1,762 The Edison Richmond, VA 100% 2014 174 92.0 % 3,017,352 1,572 Multifamily Total 2,492 94.9 % $56,102,412 $1,976 (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) Occupancy is down due to units out of service as of 6/30/2024. AQR and Monthly AQR per Occupied Unit exclude business interruption insurance income. (4) 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 6/30/2024 3/31/2024 12/31/2023 9/30/2023 Property Net Operating Income $42,292 $41,351 $39,283 $42,290 Property Miscellaneous Income (Expense), Net (64) (43) (399) (63) Non-Recurring Bad Debt Adjustment (478) 758 2,730 83 Non-Recurring Termination Fee Adjustment (103) (115) (85) (151) Amortization of Right-of-Use Assets (394) (395) (300) (425) Impairment of Intangible Assets and Liabilities — — 5 (5) Property Adjusted EBITDAre $41,253 $41,556 $41,234 $41,729 Acquisition — — — — Disposition — — — — Development/Redevelopment (51) (116) (73) (172) Stabilized Portfolio Adjusted EBITDAre $41,202 $41,440 $41,161 $41,557 Construction Gross Profit 4,339 4,077 3,534 3,313 Corporate G&A (4,328) (5,744) (4,154) (4,159) Non-Cash Stock Compensation 744 2,192 729 817 Interest Income 4,580 4,596 4,265 3,678 Other Income (Expense), Net 20 22 (61) 11 Add Back: Unstabilized EBITDAre — — — — Total Adjusted EBITDAre $46,557 $46,583 $45,474 $45,217 Stabilized Property Debt 602,587 606,444 608,658 610,994 Add: Unsecured Property Debt 459,973 490,654 491,505 448,326 Acquisitions — — — — Stabilized Portfolio Debt $1,062,560 $1,097,098 $1,100,163 $1,059,320 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 6.4x 6.6x 6.7x 6.4x Total Debt(1) 1,422,473 1,431,614 1,401,204 1,326,987 Cash (21,697) (43,861) (30,166) (35,005) Net Debt $1,400,776 $1,387,753 $1,371,038 $1,291,982 Net Debt/Total Adjusted EBITDAre 7.5x 7.4x 7.5x 7.1x Preferred 171,085 171,085 171,085 171,085 Net Debt + Preferred $1,571,861 $1,558,838 $1,542,123 $1,463,067 Net Debt + Preferred /Total Adjusted EBITDAre 8.4x 8.4x 8.5x 8.1x

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 $506 $— $1,635 $1,210 $1,172 $— $4,523 Office 3,456 — 642 9 1,890 — 5,997 Multifamily — — — 28 605 399 1,032 Total Portfolio $3,962 $— $2,277 $1,247 $3,667 $399 $11,552 Three Months Ended June 30, 2024(1) Six Months Ended June 30, 2024(1) Leasing Commissions Lease Incentive Tenant Improvements Land Improvements(2) Building Improvements(2) Fixtures & Equipment(2) Total Second Generation Capex Retail $1,141 $— $2,805 $1,407 $2,013 $— $7,366 Office 4,053 — 1,192 9 3,423 — 8,677 Multifamily — — — 45 1,317 636 1,998 Total Portfolio $5,194 $— $3,997 $1,461 $6,753 $636 $18,041

38 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 2024 2023 2024 2023 Retail Same Store Rental Revenues $22,874 $23,256 $45,974 $45,934 Property Expenses 5,826 5,593 11,539 11,050 NOI 17,048 17,663 34,435 34,884 Non-Same Store NOI(1) 2,232 1,212 3,870 1,038 Segment NOI $19,280 $18,875 $38,305 $35,922 Office Same Store Rental Revenues $20,954 $19,487 $40,608 $39,087 Property Expenses 7,118 6,794 14,344 13,752 NOI 13,836 12,693 26,264 25,335 Non-Same Store NOI(1) 943 447 2,055 218 Segment NOI $14,779 $13,140 $28,319 $25,553 Multifamily Same Store Rental Revenues $14,223 $14,034 $26,192 $25,480 Property Expenses 5,694 5,196 10,275 9,522 NOI 8,529 8,838 15,917 15,958 Non-Same Store NOI(1) (296) (209) 1,102 1,057 Segment NOI $8,233 $8,629 $17,019 $17,015 Total Property Portfolio NOI $42,292 $40,644 $83,643 $78,490

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 June 30, 2024 Retail(1) Office(1) Multifamily(1) Total Rental Properties General Contracting & Real Estate Services(2) Real Estate Financing(3) Total Segment Revenues $26,094 $22,870 $14,301 $63,265 $116,839 $3,966 $184,070 Segment Expenses 6,814 8,091 6,068 20,973 112,500 1,767 135,240 Net Operating Income $19,280 $14,779 $8,233 $42,292 $4,339 $2,199 $48,830 Interest Income 666 Depreciation and Amortization (20,789) Amortization of Right-of-Use Assets - Finance Leases (394) Impairment Charges (1,494) General and Administrative Expenses (4,503) Acquisition, Development, and Other Pursuit Costs (5,528) Interest Expense (19,460) Change in Fair Value of Derivatives and Other 4,398 Unrealized Credit Loss Provision 228 Other Income (Expense), Net 79 Income Tax Benefit 1,246 Net Income $3,279 Net Income Attributable to Noncontrolling Interests in Investment Entities (17) Preferred Stock Dividends (2,887) Net Income Attributable to AHH and OP Unitholders $375 Six Months Ended June 30, 2024 Retail(1) Office(1) Multifamily(1) Total Rental Properties General Contracting & Real Estate Services(2) Real Estate Financing(3) Total Segment Revenues $51,745 $44,748 $28,653 $125,146 $243,814 $7,966 $376,926 Segment Expenses 13,440 16,429 11,634 41,503 235,398 3,099 280,000 Net Operating Income $38,305 $28,319 $17,019 $83,643 $8,416 $4,867 $96,926 Interest Income 1,292 Depreciation and Amortization (41,224) Amortization of Right-of-Use Assets - Finance (789) General and Administrative Expenses (10,377) Acquisition, Development, and Other Pursuit (5,528) Impairment Charges (1,494) Gain on Real Estate Dispositions — Interest Expense (36,103) Unrealized Credit Loss Provision 145 Change in Fair Value of Derivatives and Other 17,286 Other Income (Expense), Net 158 Income Tax Benefit 712 Net Income $21,004 Net Income Attributable to Noncontrolling Interests in Investment Entities (51) Preferred Stock Dividends (5,774) Net Income Attributable to AHH and OP Unitholders $15,179

40 Three Months Ended 6/30/2024 3/31/2024 12/31/2023 9/30/2023 Net Income (Loss) Attributable to Common Stockholders and OP Unitholders $375 $14,804 ($23,938) $5,343 Excluding: Depreciation and Amortization 20,789 20,435 35,270 22,462 Gain on Real Estate Dispositions — — — (227) Impairment of Real Estate Assets 1,494 — — — Income Tax (Benefit) Provision (1,246) 534 495 310 Interest Expense 21,227 17,975 16,435 15,444 EBITDAre $42,639 $53,748 $28,262 $43,332 Change in Fair Value of Derivatives and Other (4,398) (12,888) 11,266 (2,466) Preferred Dividends 2,887 2,887 2,887 2,887 Loss on Extinguishment of Debt — — — — Non-Recurring Bad Debt Adjustment (478) 758 2,730 83 Non-Recurring Termination Fee Adjustment (103) (115) (85) (151) Acquisition, Development, & Other Pursuit Costs 5,528 — 66 — Unrealized Credit Loss (Release) Provision (228) 83 (297) 694 Investment Entities 17 34 (11) 193 Non-Cash Stock Compensation 744 2,192 729 817 Development/Redevelopment (51) (116) (73) (172) Total Adjusted EBITDAre $46,557 $46,583 $45,474 $45,217 Construction Gross Profit (4,339) (4,077) (3,534) (3,313) Corporate G&A 4,328 5,744 4,154 4,159 Non-Cash Stock Compensation (744) (2,192) (729) (817) Interest Income (4,580) (4,596) (4,265) (3,678) Other (Expense) Income, Net (20) (22) 61 (11) Add Back: Unstabilized EBITDAre — — — — Stabilized Portfolio Adjusted EBITDAre $41,202 $41,440 $41,161 $41,557 Development/Redevelopment 51 116 73 172 Property Adjusted EBITDAre $41,253 $41,556 $41,234 $41,729 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 August 7, 2024, which has been furnished as Exhibit 99.1 to the Company’s Form 8-K furnished with the Securities and Exchange Commission (“SEC”) on August 7, 2024. 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