SUPPLEMENTAL FINANCIAL PACKAGE

2 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 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 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 ("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. Wesley Golladay (216) 737-7510 wgolladay@ rwbaird.com CREDIT RATING Rating: BBB Agency: Morningstar DBRS Stifel Coverage temporarily suspended due to transition of analyst

3 $0.17 First Quarter Net Income Per Diluted Share $0.33 First Quarter Normalized FFO Per Diluted Share 94.7% Wtd. Avg. Portfolio Occupancy as of March 31, 2024 $0.27 First Quarter Adjusted FFO Per Diluted Share 17.4% Increase in AFFO Per Diluted Share compared to the First Quarter of 2023 $4.1M First Quarter Construction Gross Profit 11.5% First Quarter Commercial Lease Renewal Spread Increase, GAAP 3.7% First Quarter Commercial Lease Renewal Spread Increase, Cash $4.0M First Quarter Interest Income on Real Estate Financing Investments HIGHLIGHTS

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 first 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 • No material capital market activity in FY24 • Asset disposition in 4Q24 • Southern Post delivery schedule updated • Anticipated realization of a real estate financing investment in FY24

5 SUMMARY INFORMATION $ IN THOUSANDS, EXCEPT PER SHARE (1) Calculation updated 4Q 2023. Prior period calculations have been adjusted to reflect new calculation. (2) Excludes GAAP adjustments. (3) See appendix for definitions. (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. Three Months Ended (Unaudited) OPERATIONAL METRICS 3/31/2024 12/31/2023 9/30/2023 6/30/2023 Net Income (Loss) Attributable to Common Stockholders and OP Unitholders $14,804 ($23,938) $5,343 $11,729 Net Income (Loss) per Diluted Share Attributable to Common Stockholders and OP Unitholders $0.17 ($0.27) $0.06 $0.13 Normalized FFO Attributable to Common Stockholders and OP Unitholders 29,414 27,933 27,735 28,301 Normalized FFO per Diluted Share Attributable to Common Stockholders and OP Unitholders $0.33 $0.31 $0.31 $0.32 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 6.6x 6.7x 6.4x 5.5x Fixed Charge Coverage Ratio(1)(3) 1.6x 2.7x 2.3x 2.4x CAPITALIZATION Common Shares Outstanding 66,987 66,793 67,885 67,945 Operating Partnership Units Outstanding 21,709 21,593 21,643 21,653 Common Shares and Operating Partnership Units Outstanding 88,696 88,386 89,528 89,598 Market Price per Common Share as of Last Trading Day of Quarter $10.40 $12.37 $10.24 $11.68 Common Equity Capitalization 922,440 1,093,334 916,766 1,046,505 Preferred Equity Capitalization 171,085 171,085 171,085 171,085 Total Equity Capitalization 1,093,525 1,264,419 1,087,851 1,217,590 Total Debt(2) 1,431,614 1,401,204 1,326,987 1,269,586 Total Capitalization $2,525,139 $2,665,623 $2,414,838 $2,487,176 STABILIZED PORTFOLIO OCCUPANCY(3)(4) Retail 95.4 % 96.1 % 97.3 % 97.0 % Office 93.6 % 95.2 % 96.0 % 96.9 % Multifamily 95.1 % 95.5 % 96.0 % 96.2 % Weighted Average(5) 94.7 % 95.6 % 96.5 % 96.7 % STABILIZED PORTFOLIO(4) Commercial Retail Portfolio Net Operating Income $18,909 $18,470 $19,718 $18,876 Number of Properties 48 48 48 49 Net Rentable Square Feet 4,034,206 4,033,642 4,034,892 4,126,996 Office Portfolio Net Operating Income $13,540 $12,058 $13,851 $13,139 Number of Properties 14 14 14 14 Net Rentable Square Feet 2,328,023 2,327,872 2,327,872 2,327,872 Multifamily Multifamily Portfolio Net Operating Income $8,786 $8,682 $8,549 $8,629 Number of Properties 11 11 11 11 Units 2,492 2,492 2,492 2,492

6 SUMMARY INCOME STATEMENT $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended 3/31/2024 3/31/2023 (Unaudited) Revenues Rental Revenues $61,881 $56,218 General Contracting and Real Estate Services Revenues 126,975 84,238 Interest Income 4,626 3,719 Total Revenues 193,482 144,175 Expenses Rental Expenses 14,605 12,960 Real Estate Taxes 5,925 5,412 General Contracting and Real Estate Services Expenses 122,898 81,170 Depreciation and Amortization 20,435 18,468 Amortization of Right-of-Use Assets - Finance Leases 395 277 General & Administrative Expenses 5,874 5,448 Impairment Charges — 102 Total Expenses 170,132 123,837 Operating Income 23,350 20,338 Interest Expense (17,975) (12,302) Change in Fair Value of Derivatives and Other 12,888 (2,447) Unrealized Credit Loss Provision (83) (77) Other Income (Expense), Net 79 93 Income Before Taxes 18,259 5,605 Income Tax Provision (534) (188) Net Income $17,725 $5,417 Net Income Attributable to Noncontrolling Interests in Investment Entities (34) (154) Preferred Stock Dividends (2,887) (2,887) Net Income Attributable to AHH and OP Unitholders $14,804 $2,376 Net Income per Diluted Share and Unit Attributable to AHH and OP Unitholders $0.17 $0.03 Weighted Average Shares & OP Units - Diluted(1) 88,451 88,398 (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 3/31/2024 12/31/2023 (Unaudited) Assets Real Estate Investments: Income Producing Property $2,099,051 $2,093,032 Held for Development 11,978 11,978 Construction in Progress 117,921 102,277 Accumulated Depreciation (408,917) (393,169) Net Real Estate Investments 1,820,033 1,814,118 Cash and Cash Equivalents 41,934 27,920 Restricted Cash 1,927 2,246 Accounts Receivable, Net 43,147 45,529 Notes Receivable, Net 109,282 94,172 Construction Receivables, Including Retentions, Net 121,042 126,443 Construction Contract Costs and Estimated Earnings in Excess of Billings 26 104 Equity Method Investments 152,190 142,031 Operating Lease Right-of-Use Assets 23,018 23,085 Finance Lease Right-of-Use Assets 90,171 90,565 Acquired Lease Intangible Assets 105,175 109,137 Other Assets 93,199 87,548 Total Assets $2,601,144 $2,562,898 Liabilities and Equity Indebtedness, Net $1,428,318 $1,396,965 Accounts Payable and Accrued Liabilities 33,252 31,041 Construction Payables, Including Retentions 136,329 128,290 Billings in Excess of Construction Contract Costs and Estimated Earnings 21,728 21,414 Operating Lease Liabilities 31,483 31,528 Finance Lease Liabilities 92,062 91,869 Other Liabilities 55,295 56,613 Total Liabilities 1,798,467 1,757,720 Total Equity 802,677 805,178 Total Liabilities and Equity $2,601,144 $2,562,898

8 FFO, NORMALIZED FFO, & AFFO(1) $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 Funds From Operations Net Income (Loss) Attributable to AHH and OP Unitholders $14,804 ($23,938) $5,343 $11,729 Net Income (Loss) per Diluted Share $0.17 ($0.27) $0.06 $0.13 Depreciation and Amortization(2) 20,215 35,069 22,239 19,655 FFO $35,019 $11,131 $27,582 $31,384 FFO per Diluted Share $0.40 $0.13 $0.31 $0.35 Normalized FFO Acquisition, Development, and Other Pursuit Costs — 66 — 18 Non-Cash GAAP Adjustments 478 (35) 1,124 (275) Severance-Related Costs 167 — — — (Increase) Decrease in Fair Value of Derivatives (6,510) 16,159 (1,484) (4,297) Amortization of Interest Rate Derivatives on Designated Cash Flow Hedges 260 612 513 1,471 Normalized FFO $29,414 $27,933 $27,735 $28,301 Normalized FFO per Diluted Share $0.33 $0.31 $0.31 $0.32 Adjusted FFO Non-Cash Stock Compensation 2,192 729 817 288 Acquisition, Development, and Other Pursuit Costs — (66) — (18) Tenant Improvements, Leasing Commissions, Lease Incentives(3) (2,951) (4,796) (2,249) (2,725) Property-Related Capital Expenditures(3) (3,537) (3,728) (2,678) (1,700) Adjustment for Mezz Loan Modification and Exit Fees — — — (250) Non-Cash Interest Expense(4) 1,882 1,831 1,917 1,492 Cash Ground Rent Payment - Finance Lease (980) (993) (993) (822) GAAP Adjustments (1,738) 146 (1,843) (2,008) AFFO $24,282 $21,056 $22,706 $22,558 AFFO per Diluted Share $0.27 $0.24 $0.25 $0.25 Weighted Average Common Shares Outstanding 66,838 67,140 67,945 67,901 Weighted Average Operating Partnership Units Outstanding 21,613 21,593 21,644 20,823 Total Weighted Average Common Shares and OP Units Outstanding(5) 88,451 88,733 89,589 88,724 (1) See definitions in appendix. (2) Adjusted for the depreciation attributable to noncontrolling interests in consolidated investments. (3) Excludes development, redevelopment, and first-generation space. (4) Includes non-cash interest expense relating to indebtedness and interest expense on finance leases. (5) 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 3/31/2024. (2) Includes 100% of joint ventures. (3) Includes leases for spaces occupied by the Company, which are eliminated for GAAP purposes. (4) Representative of costs incurred to date. (5) 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 3/31/2024 Retail Office(3) Multifamily Total Stable Portfolio Portfolio NOI(1)(2) $18,147 $12,968 $8,764 $39,879 Non-Stabilized Properties NOI (116) — — (116) Signed Leases Not Yet Occupied or in Free Rent Period 318 778 — 1,096 Stable Portfolio NOI $18,349 $13,746 $8,764 $40,859 Intra-Quarter Transactions Net Acquisitions — — — — Net Dispositions — — — — Annualized $73,396 $54,984 $35,056 $163,436 Non-Stabilized Portfolio(4) As of 3/31/2024 Projects Under Development $89,600 Properties in Lease Up — Development Opportunities 17,500 Unconsolidated JV Development 155,600 Total Non-Stabilized Portfolio $262,700 Third-Party General Contracting and Real Estate Services Trailing 12 Months General Contracting Gross Profit $14,427 Non-Property Assets(5) As of 3/31/2024 Cash and Restricted Cash $43,861 Accounts Receivable, Net 43,147 Notes Receivable(6) 15,515 Real Estate Financing Investments(6) 95,492 Construction Receivables, Including Retentions(6) 121,225 Acquired Lease Intangible Assets 105,175 Other Assets / Costs in Excess of Earnings 93,225 Total Non-Property Assets $517,640 Liabilities(5) As of 3/31/2024 Mortgages and Notes Payable(6) $1,431,614 Accounts Payable and Accrued Liabilities 33,252 Construction Payables, Including Retentions 136,329 Other Liabilities(6) 76,372 Total Liabilities $1,677,567 Preferred Equity Liquidation Value Series A Cumulative Redeemable Perpetual Preferred Stock $171,085 Common Equity As of 3/31/2024 Total Common Shares Outstanding 66,987 Total OP Units Outstanding 21,709 Total Common Shares & OP Units Outstanding 88,696

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 3/31/2024 Stabilized Portfolio Adjusted EBITDAre $41,440 Stabilized Portfolio Debt $1,097,098 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 6.6 x Total Adjusted EBITDAre(1) $46,583 Net Debt(2) $1,387,753 Net Debt/Total Adjusted EBITDAre 7.4 x Net Debt + Preferred $1,558,838 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 6.6x 7.4x 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 MARCH 31, 2024 Total Debt Composition Weighted Average % of Debt Interest Rate Maturity Variable vs. Fixed-Rate Debt Variable-Rate Debt(1)(2) 11.3 % 6.2 % 2.7 Yrs Fixed-Rate Debt(3)(4) 88.7 % 4.2 % 3.9 Yrs Secured vs. Unsecured Debt Unsecured Debt(2) 54.8 % 4.6 % 3.0 Yrs Secured Debt(2) 45.2 % 4.2 % 4.6 Yrs Portfolio Weighted Average(2) 4.4 % 3.7 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 Accounting Treatment(5) Comprehensive Income Statement Location 3/31/2024 3/31/2023 Designated Hedges Interest expense $ 1,214 $ 4,536 Non-designated Hedges Change in fair value of derivatives and other 6,378 1,359 Total Realized Gains (Losses) on Interest Rate Derivatives $ 7,592 $ 5,895 Designated Hedges Unrealized cash flow hedge gains (losses)(6) $ 3,554 $ (426) Non-designated Hedges Change in fair value of derivatives and other 6,510 (3,804) Total Unrealized Gains (Losses) on Interest Rate Derivatives $ 10,064 $ (4,230) Total Realized and Unrealized Gains (Losses) on Interest Rate Derivatives $ 17,656 $ 1,665 Interest Rate Caps & 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) $639,166 Fixed-Rate and Hedge Debt $1,342,728 Total Debt(3) $1,431,614 % Fixed or Hedged 93.8 % 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 MARCH 31, 2024 (5) The Company only enters into interest rate derivatives to hedge its exposure to interest rate risk from floating rate debt. The Company may elect to designate 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 3/31/2024 Maturity Date (1) 2024 2025 2026 2027 2028 Thereafter Outstanding as of 3/31/2024 Secured Debt - Stabilized Chronicle Mill SOFR+ 3.00% 8.33 % (2)(3) May-2024 (4) $ 34,700 $ — $ — $ — $ — $ — $ 34,700 Red Mill Central 4.80% 4.80 % Jun-2024 1,794 — — — — — 1,794 Premier SOFR+ 1.55% 6.99 % Oct-2024 23,850 — — — — — 23,850 Red Mill South 3.57% 3.57 % May-2025 264 4,503 — — — — 4,767 Market at Mill Creek SOFR+ 1.55% 6.99 % Jul-2025 486 10,699 — — — — 11,185 The Everly SOFR+ 1.50% 6.83 % (2) Dec-2025 (4) — 30,000 — — — — 30,000 Encore Apartments & 4525 Main Street 2.93% 2.93 % Feb-2026 985 1,347 50,840 — — — 53,172 Thames Street Wharf SOFR+ 1.30% 2.33 % (5) Sep-2026 1,614 3,050 62,872 — — — 67,536 Constellation Energy Building SOFR+ 1.50% 6.94 % (2)(5) Nov-2026 — — 175,000 — — — 175,000 Southgate Square SOFR+ 1.90% 7.33 % (2) Dec-2026 648 864 23,603 — — — 25,115 Nexton Square SOFR+ 1.95% 7.28 % (2) Jun-2027 460 613 613 19,742 — — 21,428 Liberty SOFR+ 1.50% 4.93 % (3) Sep-2027 259 364 382 19,496 — — 20,501 Greenbrier Square 3.74% 3.74% Oct-2027 290 399 415 18,370 — — 19,474 Lexington Square 4.50% 4.50 % Sep-2028 231 320 335 351 12,287 — 13,524 Red Mill North 4.73% 4.73 % Dec-2028 91 127 133 140 3,442 — 3,933 Greenside Apartments 3.17% 3.17 % Dec-2029 586 808 834 861 886 26,934 30,909 Smith's Landing 4.05% 4.05 % Jun-2035 748 1,037 1,081 1,126 1,172 9,169 14,333 The Edison 5.30% 5.30 % Dec-2044 305 427 450 474 500 12,923 15,079 The Cosmopolitan 3.35% 3.35 % Jul-2051 682 937 968 1,001 1,035 35,521 40,144 Total - Secured Stabilized Debt 67,993 55,495 317,526 61,561 19,322 84,547 606,444 Secured Debt - Development Pipeline Southern Post SOFR+ 2.25% 5.58 % (2)(3) Aug-2026 (4) — — 41,170 — — — 41,170 Total - Development Pipeline — — 41,170 — — — 41,170 Total Secured Debt 67,993 55,495 358,696 61,561 19,322 84,547 647,614 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% 6.93 % Jan-2027 (7) — — — 284,000 — — 284,000 Senior Unsecured Revolving Credit Facility (Fixed) SOFR+ 1.30% -1.85% 4.80 % (4) Jan-2027 — — — 5,000 — — 5,000 M&T Unsecured Term Loan SOFR+ 1.25% -1.80% 5.05 % (4) Mar-2027 (6) — — — 100,000 — — 100,000 Senior Unsecured Term Loan SOFR+ 1.25% -1.80% 6.88 % Jan-2028 — — — — 146,000 — 146,000 Senior Unsecured Term Loan (Fixed) SOFR+ 1.25% -1.80% 1.88% -4.98% (4) Jan-2028 — — — — 154,000 — 154,000 Total Unsecured Debt — 95,000 — 389,000 300,000 — 784,000 Outstanding Debt Excluding GAAP Adjustments $ 67,993 $ 150,495 $ 358,696 $ 450,561 $ 319,322 $ 84,547 $ 1,431,614 Other Notes Payable 6,124 GAAP Adjustments (9,420) Indebtedness, Net $ 1,428,318 (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 MARCH 31, 2024 (1) Represents the weighted average number of common shares and OP Units outstanding during the respective periods presented. (2) As of close of market on 03/28/24. (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 20 % $289,000 Unsecured Term Loans 35 % 495,000 Mortgages Payable 45 % 647,614 Total Debt $1,431,614 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 % 66,987 $10.40 $696,663 Operating Partnership Units 24 % 21,709 $10.40 225,777 Equity Market Capitalization 88,696 $922,440 Total Capitalization $2,525,139 Enterprise Value $2,635,457 Total Debt to Enterprise Value 54 % Financial Ratios Debt Service Coverage Ratio(3) 1.7x Fixed Charge Coverage Ratio(3) 1.6x Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 6.6x Net Debt / Total Adjusted EBITDAre 7.4x Net Debt Plus Preferred / Total Adjusted EBITDAre 8.4x Debt/Total Capitalization 57 % Liquidity(5) Cash on Hand $41,934 Availability Under Revolving Credit Facility 66,000 Total Liquidity $107,934 Unencumbered Properties % of Total Properties 65 % % of Annualized Base Rent 49 % Total Asset Value(5) $1,399,861 Preferred Equity 6% Debt 57% Common Equity 37%

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 MARCH 31, 2024 SEE APPENDIX FOR FULL LIST OF PROPERTIES (1) See appendix for definitions and portfolio detail. COMMERCIAL PORTFOLIO Retail Properties # of Properties Net Rentable SF(1) Average Age Occupancy(1) ABR (1) ABR per Occupied SF Town Center of Virginia Beach 13 549,317 13 98.1 % $13,987,544 $25.94 Harbor Point - Baltimore Waterfront 2 56,151 7 65.8 % 1,134,658 30.73 Grocery Anchored 15 1,400,474 14 98.4 % 22,866,742 16.60 Southeast Sunbelt 11 1,075,112 15 92.2 % 22,345,309 22.55 Mid-Atlantic 7 953,152 17 94.7 % 16,497,637 18.27 Stabilized Retail Total 48 4,034,206 14 95.4 % $76,831,890 $19.97 Office Properties # of Properties Net Rentable SF(1) Average Age Occupancy(1) ABR (1) ABR per Occupied SF Town Center of Virginia Beach 6 807,480 22 93.4 % $22,614,246 $29.99 Harbor Point - Baltimore Waterfront 3 1,035,237 9 97.9 % 33,075,896 32.64 Southeast Sunbelt 4 387,245 7 81.0 % 10,209,567 32.53 Mid-Atlantic 1 98,061 5 100.0 % 1,963,671 20.02 Stabilized Office Total 14 2,328,023 13 93.6 % $67,863,380 $31.14 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 96.7 % $17,472,012 $1,984 Harbor Point - Baltimore Waterfront 2 392 7 95.4 % 12,014,604 2,677 Southeast Sunbelt 3 686 3 91.1 % 13,939,776 1,859 Mid-Atlantic 3 655 12 97.1 % 13,037,676 1,708 Stabilized Multifamily Total 11 2,492 9 95.1 % $56,464,068 $1,986

18 (1) Excludes expenses associated with the Company’s in-house asset management division of $0.8M & $0.8M for the three months ended 3/31/2024 & 3/31/2023, respectively. SAME STORE NOI BY SEGMENT $ IN THOUSANDS (RECONCILIATION TO GAAP LOCATED IN APPENDIX) Three Months Ended 3/31/2024 3/31/2023 $ Change % Change Retail Revenue $23,099 $22,678 $421 1.9 % Rental Expenses(1) 3,355 3,238 117 3.6 % Real Estate Taxes 2,362 2,221 141 6.3 % Net Operating Income $17,382 $17,219 $163 0.9 % GAAP Adjustments (904) (748) (156) Net Operating Income, Cash $16,478 $16,471 $7 — % Office Revenue $19,717 $19,650 $67 0.3 % Rental Expenses(1) 5,084 4,881 203 4.2 % Real Estate Taxes 2,150 2,085 65 3.1 % Net Operating Income $12,483 $12,684 ($201) (1.6) % GAAP Adjustments (863) (1,164) 301 Net Operating Income, Cash $11,620 $11,520 $100 0.9 % Multifamily Revenue $13,144 $12,638 $506 4.0 % Rental Expenses(1) 3,730 3,656 74 2.0 % Real Estate Taxes 1,268 1,039 229 22.0 % Net Operating Income $8,146 $7,943 $203 2.6 % GAAP Adjustments (209) (197) (12) Net Operating Income, Cash $7,937 $7,746 $191 2.5 % Same Store NOI $38,011 $37,846 $165 0.4 % GAAP Adjustments (1,976) (2,109) 133 0 Same Store Portfolio NOI, Cash Basis $36,035 $35,737 $298 0.8 %

19 TOP 20 TENANTS BY ABR(1) $ IN THOUSANDS AS OF MARCH 31, 2024 Commercial Portfolio Tenant Investment Grade Rating(2) Number of Leases Annualized Base Rent % of Total Annualized Base Rent Constellation Energy Generation ü 1 $15,010 7.5% Morgan Stanley ü 3 8,876 4.4% Harris Teeter/Kroger ü 6 3,781 1.9% Canopy by Hilton 1 3,171 1.6% Clark Nexsen 1 2,857 1.4% Dick's Sporting Goods/Golf Galaxy ü 2 1,977 1.0% Lowes Foods 2 1,976 1.0% Franklin Templeton ü 1 1,861 0.9% Duke University ü 1 1,742 0.9% Huntington Ingalls Industries ü 1 1,638 0.8% TJ Maxx/Homegoods ü 5 1,554 0.8% PetSmart 5 1,527 0.8% Georgia Tech ü 1 1,418 0.7% WeWork 1 1,348 0.7% Mythics 1 1,311 0.7% Puttshack 1 1,197 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 $55,859 28.1% (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 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 Q2 2023 13 64,859 8.9 % 7.3 % 5.0 100,331 1.55 Trailing 4 Quarters 60 352,819 9.4 % 4.5 % 4.8 $862,618 $2.44 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 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 Q2 2023 12 31,969 32.12 7.3 2,241,477 70.11 Trailing 4 Quarters 28 79,160 $25.19 8.4 $4,751,443 $60.02 OFFICE Renewals Quarter Number of Leases Signed Net Rentable SF Signed GAAP Releasing Spread Cash Releasing Spread Wtd Average Lease Term Remaining (yrs) TI & LC TI & LC per SF Q1 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 Q2 2023 — — — % — % 0.0 — — Trailing 4 Quarters 6 83,547 19.6 % 1.4 % 6.9 $1,817,526 $21.75 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 Q1 2024 — — $— — $— $— 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 Q2 2023 0 — — — — — Trailing 4 Quarters 5 29,183 $28.82 6.4 $1,572,825 $53.90

21 LEASE EXPIRATIONS(1)(2) AS OF MARCH 31, 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 – 148,498 6.4 % $— – % M-T-M 2 – – % 20,400 – % 2024 9 62,936 2.7 % 1,815,089 2.6 % 2025 18 113,486 4.9 % 3,711,184 5.4 % 2026 9 40,595 1.7 % 1,223,050 1.8 % 2027 19 178,070 7.6 % 6,082,937 8.8 % 2028 14 131,605 5.7 % 4,015,658 5.8 % 2029 14 325,454 14.0 % 9,329,554 13.6 % 2030 10 170,314 7.3 % 5,181,329 7.5 % 2031 7 133,931 5.8 % 3,880,889 5.6 % 2032 1 9,971 0.4 % 433,739 0.6 % 2033 2 52,219 2.2 % 1,541,553 2.2 % 2034 5 108,947 4.7 % 3,546,825 5.2 % Thereafter 7 851,997 36.6 % 27,973,900 40.9 % Total / Weighted Average 117 2,328,023 100.0 % $68,756,107 100.0 % RETAIL Year Leases Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available – 186,682 4.6 % $— – % M-T-M 3 5,592 0.1 % 175,169 0.2 % 2024 40 160,258 4.0 % 2,925,451 3.8 % 2025 90 378,614 9.4 % 7,464,796 9.7 % 2026 95 486,198 12.1 % 10,217,299 13.3 % 2027 84 445,799 11.1 % 8,641,768 11.2 % 2028 77 335,795 8.3 % 7,370,193 9.6 % 2029 71 336,146 8.3 % 7,052,560 9.2 % 2030 60 384,778 9.5 % 8,173,091 10.6 % 2031 38 272,552 6.8 % 5,254,611 6.8 % 2032 33 311,932 7.7 % 5,660,347 7.4 % 2033 30 124,929 3.1 % 3,267,184 4.3 % 2034 16 69,746 1.7 % 1,655,680 2.2 % Thereafter 29 535,185 13.3 % 8,973,741 11.7 % Total / Weighted Average 666 4,034,206 100.0 % $76,831,890 100.0 %

22 T. Rowe Price Global HQ Baltimore, MD PORTFOLIO EXPANSION $ IN THOUSANDS Southern Post Roswell, GA 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 units / 95,000 sf office / 42,000 sf retail 71% (3) 4Q21 1Q24 4Q24 $128,800 $73,600 (4) $94,600 100% 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 $43,800 50% T. Rowe Price Allied | Harbor Point Baltimore, MD Multifamily 312 units / 15,800 sf retail / 1,252 parking spaces — % 2Q22 3Q24 2Q26 236,800 113,300 111,800 90% (5) Total Unconsolidated JV Development $504,200 $160,300 $155,600 Redevelopment Property Type Scope Columbus Village II Retail Redevelopment (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) Includes $5.7M earnout under certain conditions. (5) The Company currently owns 78% and holds an option to increase its ownership interest to 90% . Q1 2024 Capitalized Interest $4,246

23 REAL ESTATE FINANCING $ IN THOUSANDS AS OF MARCH 31, 2024 Solis City Park Charlotte, NC The Interlock Atlanta, GA Solis Gainesville II Gainesville, GA Solis Kennesaw Kennesaw, GA Outstanding Investments (1) Property Type Estimated Size(2) % Leased or LOI Estimated Stabilization(2) Minimum Interest Guaranty Loan Maturity Interest Rate Principal Balance Maximum Principal Commitment Cumulative Accrued Interest (3) QTD Interest Income(4) Solis City Park II Charlotte, NC Multifamily 250 units 73% Q3 2024 $5,702 2Q28 13% $20,594 $20,594 $4,602 $747 Solis Gainesville II Gainesville, GA Multifamily 184 units NA Q1 2025 5,871 4Q26 14% (5) 19,595 19,595 3,211 786 The Allure at Edinburgh Chesapeake, VA Multifamily 280 units NA Q2 2026 N/A 1Q28 15% (6) 9,228 9,228 947 344 Solis Kennesaw Kennesaw, GA Multifamily 239 units NA Q1 2026 13,068 2Q27 14% (5) 23,067 37,870 1,470 1,236 Solis Peachtree Corners Peachtree Corners, GA Multifamily 249 units NA Q3 2026 11,993 4Q27 15% (5) 11,832 28,440 946 887 $36,634 Total Outstanding Investments $84,316 $115,727 $11,176 $4,000 (1) Each investment is in the form of preferred equity with economic terms and accounting consistent with a loan receivable. (2) Represents estimates that may change as the development process proceeds. (3) Excludes accrued unused commitment fee. (4) Includes amortization of fees and unused commitment fees. (5) The interest rate varies over the life of the loan and earns an unused commitment fee. (6) The interest rate varies over the life of the loan.

24 GENERAL CONTRACTING & REAL ESTATE SERVICES $ IN THOUSANDS Peterson Station Apartments Holly Springs, NC Third-Party Backlog as of Q1 2024 Beginning Backlog $472,169 New Contracts (1,404) Work Performed (127,359) Ending Backlog $343,406 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Trailing 4 Quarters Revenue $126,975 $126,911 $99,408 $102,574 $455,868 Expense (122,898) (123,377) (96,095) (99,071) (441,441) Gross Profit $4,077 $3,534 $3,313 $3,503 $14,427 Operating Margin(1) 3.2 % 2.8 % 3.3 % 3.4 % 3.2 % (1) 50% and 90% of gross profit attributable to contracts for our T. Rowe Price Global HQ and Allied | Harbor Point development projects, respectively, is not reflected within general contracting & real estate services revenues due to elimination. The Company is still entitled to receive cash proceeds in relation to the eliminated amounts. Prior to any gross profit eliminations attributable to these projects, operating margin for Q1 2024, Q4 2023, Q3 2023, Q2 2023, and the Trailing 4 Quarters was 3.5% , 3.2% , 3.8% , 3.9% , and 3.6% , respectively.

25 NET INCOME BY SEGMENT $ IN THOUSANDS Three Months Ended March 31, 2024 Retail Real Estate Office Real Estate Multifamily Real Estate General Contracting and Real Estate Services Real Estate Financing Unallocated Total Revenues Rental Revenues $25,651 $21,878 $14,352 $— $— $— $61,881 General Contracting and Real Estate Services Revenues — — — 126,975 — — 126,975 Interest Income 18 — 12 — 4,000 596 4,626 Total Revenues 25,669 21,878 14,364 126,975 4,000 596 193,482 Expenses Rental Expenses 4,211 6,123 4,271 — — — 14,605 Real Estate Taxes 2,415 2,215 1,295 — — — 5,925 General Contracting and Real Estate Services Expenses — — — 122,898 — — 122,898 Depreciation and Amortization 8,528 8,047 3,716 — — 144 20,435 Amortization of Right-of-Use Assets - Finance Leases 246 82 67 — — — 395 General and Administrative Expenses — — — — — 5,874 5,874 Total Expenses 15,400 16,467 9,349 122,898 — 6,018 170,132 Operating Income 10,269 5,411 5,015 4,077 4,000 (5,422) 23,350 Interest Expense(1) (6,461) (5,997) (4,185) — (1,332) — (17,975) Change in Fair Value of Derivatives and Other 4,578 3,405 1,082 — 1,627 2,196 12,888 Unrealized Credit Loss Provision — — — — (78) (5) (83) Other Income (Expense), Net 6 67 (15) — — 21 79 Income (Loss) Before Taxes 8,392 2,886 1,897 4,077 4,217 (3,210) 18,259 Income Tax Provision — — — (534) — — (534) Net Income (Loss) $8,392 $2,886 $1,897 $3,543 $4,217 ($3,210) $17,725 (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 December 31, 2023 (defined as cash base rent, before contractual tenant concessions and abatements, and excluding tenant reimbursements for expenses paid by us) for executed leases as of such date by (b) 12, and we do not give effect to periodic contractual rent increases or contingent rental revenue (e.g., percentage rent based on tenant sales thresholds). ABR per leased square foot is calculated by dividing (a) ABR by (b) square footage under executed leases as of December 31, 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 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 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 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 Nareit definition. EBITDAre is a non-GAAP measure 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. 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 EBITDA for real estate ("EBITDAre") in accordance with the standards established by Nareit. EBITDAre is a non-GAAP measure 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. 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 MARCH 31, 2024 Retail Properties - Stabilized Location Ownership % Year Built/ Redeveloped Net Rentable SF(1) Occupancy(1) ABR(1) ABR per Occupied SF(1) Anchor Tenant(s) Town Center of Virginia Beach 249 Central Park Retail Virginia Beach, VA 100% 2004 35,161 100.0 % $1,177,891 $33.50 Cheesecake Factory, Brooks Brothers 4525 Main Street Retail Virginia Beach, VA 100% 2014 26,328 100.0 % 633,992 24.08 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 % 1,957,025 31.46 Barnes & Noble, CAVA, Shake Shack, Five Below, UltaCommerce Street Retail Virginia Beach, VA 100% 2008 19,173 100.0 % 888,448 46.34 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 % 1,055,312 27.40 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 % 1,205,073 31.22 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 % $813,760 $27.66 West Elm Point Street Retail Baltimore, MD 100% 2018 17,762 42.3 % 320,898 42.75 solidcore Grocery AnchoredBroad Creek Shopping Center(2) Norfolk, VA 100% 2001 121,504 95.7 % $2,268,074 $19.50 Food Lion, PetSmart Broadmoor Plaza South Bend, IN 100% 1980 115,059 98.2 % 1,357,555 12.02 Kroger Brooks Crossing Retail Newport News, VA 65% (3) 2016 18,349 84.8 % 227,289 14.61 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 % 329,445 20.96 Various Small Shops (grocery shadow) Hanbury Village Chesapeake, VA 100% 2009 98,638 100.0 % 2,015,293 20.43 Harris Teeter Lexington Square Lexington, SC 100% 2017 85,440 100.0 % 1,956,467 22.90 Lowes Foods Market at Mill Creek Mount Pleasant, SC 100% 2018 80,319 100.0 % 1,916,094 23.86 Lowes Foods North Pointe Center Durham, NC 100% 2009 226,083 100.0 % 2,975,711 13.16 Harris Teeter Parkway Centre Moultrie, GA 100% 2017 61,200 100.0 % 859,698 14.05 Publix Parkway Marketplace Virginia Beach, VA 100% 1998 37,804 70.4 % 577,444 21.71 Various Small Shops (grocery shadow) Perry Hall Marketplace Perry Hall, MD 100% 2001 74,251 100.0 % 1,293,142 17.42 Safeway Sandbridge Commons Virginia Beach, VA 100% 2015 69,417 100.0 % 947,835 13.65 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 8,944 — % $— $— Nexton Square Summerville, SC 100% 2020 133,608 98.9 % 3,449,686 26.11 Various Small Shops North Hampton Market Taylors, SC 100% 2004 114,954 100.0 % 1,599,470 13.91 PetSmart, Hobby Lobby One City Center Retail Durham, NC 100% 2019 22,679 55.7 % 415,691 32.93 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 65.5 % 1,926,387 18.40 PetSmart, DSW Providence Plaza Retail Charlotte, NC 100% 2008 49,447 100.0 % 1,518,240 30.70 Orange Theory, Edward Jones, Chipotle South Square Durham, NC 100% 2005 109,590 97.1 % 1,923,035 18.06 Ross, Petco, Office Depot The Interlock Retail(2) Atlanta, GA 100% 2021 107,379 97.2 % 4,820,131 46.19 Puttshack Wendover Village Greensboro, NC 100% 2004 176,997 99.3 % 3,583,157 20.39 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) We are entitled to a preferred return on our investment in this property.

34 PROPERTY PORTFOLIO CONT. AS OF MARCH 31, 2024 Retail Properties - Stabilized Location Ownership % Year Built/ Redeveloped Net Rentable SF(1) Occupancy(1) ABR(1) ABR per Occupied SF(1) Anchor Tenant(s) Mid-Atlantic Dimmock Square Colonial Heights, VA 100% 1998 106,166 100.0 % $1,932,366 $18.20 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 % 261,531 18.16 Marketplace at Hilltop(2) Virginia Beach, VA 100% 2001 116,953 98.6 % 2,819,721 24.44 Total Wine, Panera, Chick-Fil-A Red Mill Commons Virginia Beach, VA 100% 2005 373,808 95.7 % 6,916,529 19.32 Burlington, PetSmart, Michaels, Conn's, T.J. Maxx Southgate Square Colonial Heights, VA 100% 2016 260,131 100.0 % 3,792,840 14.58 Homegoods, Walgreens Southshore Shops Chesterfield, VA 100% 2006 40,307 97.5 % 845,412 21.51 Buffalo Wild Wings The Edison Retail Richmond, VA 100% 2014 20,560 — % 56,800 0.00 Total Retail Portfolio 4,034,206 95.4 % $76,831,890 $19.97 (1) See appendix for definitions. (2) The Company leases all or a portion of the land underlying this property pursuant to a ground lease. (3) The Company occupies 47,644 square feet at these two properties at an ABR of $1.6M, or $33.8 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) We are entitled to a preferred return on our investment in this property. Office Properties- Stabilized Location Ownership % 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 Office Virginia Beach, VA 100% 2004 57,103 93.3 % $1,350,015 $25.35 Gather, HDR 4525 Main Street Virginia Beach, VA 100% 2014 208,760 100.0 % 6,822,232 32.68 Clark Nexsen, Mythics 4605 Columbus Office Virginia Beach, VA 100% 2,020 19,335 — % — 0.00 Armada Hoffler Tower(3) Virginia Beach, VA 100% 2002 298,508 97.1 % 9,042,822 31.21 AHH, Troutman Pepper, Williams Mullen, Morgan Stanley, KPMG One Columbus Virginia Beach, VA 100% 1984 129,066 98.3 % 3,354,084 26.43 Truist, HBA, Northwestern Mutual Two Columbus Virginia Beach, VA 100% 2009 94,708 79.7 % 2,045,093 27.09 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 % 8,112,916 30.97 Morgan Stanley Wills Wharf(2) Baltimore, MD 100% 2020 327,991 93.8 % 9,931,148 32.28 Canopy by Hilton, Transamerica, RBC, Franklin Templeton Southeast Sunbelt Chronicle Mill Office Belmont, NC 85% (4) 2022 5,932 100.0 % $177,960 $30.00 Piedmont Lithium One City Center Office Durham, NC 100% 2019 128,920 90.8 % 3,089,927 26.39 Duke University Providence Plaza Office Charlotte, NC 100% 2008 53,671 100.0 % 1,625,744 30.28 Choate Construction, Cranfill, Sumner, & Hartzog The Interlock Office(2) Atlanta, GA 100% 2021 198,722 69.0 % 5,315,936 38.76 Georgia Tech, Pindrop Mid-Atlantic Brooks Crossing Office Newport News, VA 65% (4) 2019 98,061 100.0 % $1,963,671 $20.02 Huntington Ingalls Industries Stabilized Office Total 100% 2,328,023 93.6 % $67,863,380 $31.42

35 PROPERTY PORTFOLIO CONT. AS OF MARCH 31, 2024 Multifamily Properties- Stabilized Location Ownership % Units Year Built / Redeveloped Occupancy(1) AQR (1) Monthly AQR per Occupied Unit Town Center of Virginia Beach Encore Apartments Virginia Beach, VA 100% 286 2014 97.2 % $5,788,884 $1,735 Premier Apartments Virginia Beach, VA 100% 131 2018 96.9 % 2,930,832 1,923 The Cosmopolitan Virginia Beach, VA 100% 342 2020 96.2 % 8,752,296 2,217 Harbor Point - Baltimore Waterfront 1305 Dock Street Baltimore, MD 90% 103 2016 95.1 % $2,999,436 $2,551 1405 Point(2) Baltimore, MD 100% 289 2018 95.5 % 9,015,168 2,722 Southeast Sunbelt Chronicle Mill(3) Belmont, NC 85% (4) 238 2022 86.6 % $4,211,568 $1,704 The Everly Gainesville, GA 100% 223 2022 93.7 % 4,846,884 1,933 Greenside Apartments Charlotte, NC 100% 225 2018 93.3 % 4,881,324 1,937 Mid-Atlantic The Edison Richmond, VA 100% 174 2014 92.5 % $3,249,468 $1,682 Liberty Apartments Newport News, VA 100% 1972 2013 98.0 % 3,799,176 1,640 Smith's Landing(2) Blacksburg, VA 100% 284 2009 99.3 % 5,989,032 1,770 Multifamily Total 2,492 95.1 % $56,464,068 $1,986 (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 3/31/2024. AQR and Monthly AQR per Occupied Unit exclude business interruption insurance income. (3) We are entitled to a preferred return on our investment in this property.

36 $ IN THOUSANDS RECONCILIATION OF DEBT & EBITDAre (1) Excludes GAAP adjustments. Three Months Ended 3/31/2024 12/31/2023 9/30/2023 6/30/2023 Property Net Operating Income $41,351 $39,283 $42,290 $40,644 Property Miscellaneous Income (Expense), Net (43) (399) (63) (93) Non-Recurring Bad Debt Adjustment 758 2,730 83 195 Non-Recurring Termination Fee Adjustment (115) (85) (151) (115) Amortization of Right-of-Use Assets (395) (300) (425) (347) Impairment of Intangible Assets and Liabilities — 5 (5) — Property Adjusted EBITDAre $41,556 $41,234 $41,729 $40,284 Acquisition — — — (1,816) Disposition — — — — Development (116) (73) (172) — Stabilized Portfolio Adjusted EBITDAre $41,440 $41,161 $41,557 $38,468 Construction Gross Profit 4,077 3,534 3,313 3,503 Corporate G&A (5,744) (4,154) (4,159) (3,948) Non-Cash Stock Compensation 2,192 729 817 288 Acquisition, Development, & Other Pursuit Costs — (66) — (18) Interest Income 4,596 4,265 3,678 3,403 Other Income (Expense), Net 22 (61) 11 168 Add Back: Unstabilized EBITDAre — — — 1,816 Total Adjusted EBITDAre $46,583 $45,408 $45,217 $43,680 Stabilized Property Debt 606,444 608,658 610,994 613,300 Add: Unsecured Property Debt 490,654 491,505 448,326 350,359 Acquisitions — — — (111,558) Stabilized Portfolio Debt $1,097,098 $1,100,163 $1,059,320 $852,101 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 6.6x 6.7x 6.4x 5.5x Total Debt(1) 1,431,614 1,401,204 1,326,987 1,269,586 Cash (43,861) (30,166) (35,005) (36,097) Net Debt $1,387,753 $1,371,038 $1,291,982 $1,233,489 Net Debt/Total Adjusted EBITDAre 7.4x 7.5x 7.1x 7.1x Preferred 171,085 171,085 171,085 171,085 Net Debt + Preferred $1,558,838 $1,542,123 $1,463,067 $1,404,574 Net Debt + Preferred /Total Adjusted EBITDAre 8.4x 8.5x 8.1x 8.0x

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 $635 $— $1,170 $197 $841 $— $2,843 Office 597 — 550 — 1,533 — 2,680 Multifamily — — — 17 712 237 966 Total Portfolio $1,232 $— $1,720 $214 $3,086 $237 $6,489 Three Months Ended March 31, 2024(1)

38 RECONCILIATION TO PROPERTY PORTFOLIO NOI $ IN THOUSANDS (1) Includes expenses associated with the Company’s in-house asset management division. Three Months Ended 3/31 2024 2023 Retail Same Store Rental Revenues $23,099 $22,678 Property Expenses 5,717 5,459 NOI 17,382 17,219 Non-Same Store NOI(1) 1,643 (172) Segment NOI $19,025 $17,047 Office Same Store Rental Revenues $19,717 $19,650 Property Expenses 7,234 6,966 NOI 12,483 12,684 Non-Same Store NOI(1) 1,057 (271) Segment NOI $13,540 $12,413 Multifamily Same Store Rental Revenues $13,144 $12,638 Property Expenses 4,998 4,695 NOI 8,146 7,943 Non-Same Store NOI(1) 640 443 Segment NOI $8,786 $8,386 Total Property Portfolio NOI $41,351 $37,846

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 March 31, 2024 Retail(1) Office(1) Multifamily(1) Total Rental Properties General Contracting & Real Estate Services(2) Real Estate Financing(3) Total Segment Revenues $25,651 $21,878 $14,352 $61,881 $126,975 $4,000 $192,856 Segment Expenses 6,626 8,338 5,566 20,530 122,898 1,332 144,760 Net Operating Income $19,025 $13,540 $8,786 $41,351 $4,077 $2,668 $48,096 Interest Income 626 Depreciation and Amortization (20,435) Amortization of Right-of-Use Assets - Finance Leases (395) General and Administrative Expenses (5,874) Interest Expense (16,643) Change in Fair Value of Derivatives and Other 12,888 Unrealized Credit Loss Provision (83) Other Income (Expense), Net 79 Income Tax Provision (534) Net Income $17,725 Net Income Attributable to Noncontrolling Interests in Investment Entities (34) Preferred Stock Dividends (2,887) Net Income Attributable to AHH and OP Unitholders $14,804

40 RECONCILIATION OF NET INCOME TO PROPERTY ADJUSTED EBITDAre $ IN THOUSANDS Three Months Ended 3/31/2024 12/31/2023 9/30/2023 6/30/2023 Net Income (Loss) Attributable to Common Stockholders and OP Unitholders $14,804 ($23,938) $5,343 $11,729 Excluding: Depreciation and Amortization 20,435 35,270 22,462 19,878 Gain on Real Estate Dispositions — — (227) (511) Income Tax Provision 534 495 310 336 Interest Expense 17,975 16,435 15,444 13,629 EBITDAre $53,748 $28,262 $43,332 $45,061 Change in Fair Value of Derivatives and Other (12,888) 11,266 (2,466) (5,005) Preferred Dividends 2,887 2,887 2,887 2,887 Non-Recurring Bad Debt Adjustment 758 2,730 83 195 Non-Recurring Termination Fee Adjustment (115) (85) (151) (115) Unrealized Credit Loss Provision (Release) 83 (297) 694 100 Investment Entities 34 (11) 193 269 Non-Cash Stock Compensation 2,192 729 817 288 Development/Redevelopment (116) (73) (172) — Acquisitions (Full Quarter) — — — — Total Adjusted EBITDAre $46,583 $45,408 $45,217 $43,680 Construction Gross Profit (4,077) (3,534) (3,313) (3,503) Corporate G&A 5,744 4,154 4,159 3,948 Non-Cash Stock Compensation (2,192) (729) (817) (288) Acquisition, Development, & Other Pursuit Costs — 66 — 18 Interest Income (4,596) (4,265) (3,678) (3,403) Other (Expense) Income, Net (22) 61 (11) (168) Add Back: Unstabilized EBITDAre — — — (1,816) Stabilized Portfolio Adjusted EBITDAre $41,440 $41,161 $41,557 $38,468 Acquisition — — — 1,816 Disposition — — — — Development 116 73 172 — Property Adjusted EBITDAre $41,556 $41,234 $41,729 $40,284

41 This Supplemental Financial Package should be read in conjunction with the unaudited condensed consolidated financial statements appearing in our press release dated May 9, 2024, which has been furnished as Exhibit 99.1 to our Form 8-K furnished on May 9, 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 “R isk 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 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