AH REALTY TRUST : 2026 Q1 Supplemental Financial Package (43c311a4 93b9 43ef 87c6 6ce8c6f1e91c)

Published: 2026-05-04 17:10:32 ET AHRT

Published on 05/04/2026 at 05:10 pm EDT

SUPPLEMENTAL FINANCIAL PACKAGE

This Supplemental Financial Package should be read in conjunction with the unaudited condensed consolidated financial statements appearing in the Company's press release dated May 4, 2026, which has been furnished as Exhibit 99.1 to the Company's Form 8-K furnished with the Securities and Exchange Commission ("SEC") on May 4, 2026. 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, 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, 2025, 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.

AH Realty Trust (NYSE: AHRT) is a vertically integrated, self-managed real estate investment trust ("REIT") with over four decades of experience managing high-quality properties located primarily in the Mid-Atlantic and Southeastern United States. The Company's focus is to deliver long-term, sustainable shareholder value by consistently investing in and operating the highest-quality assets, maintaining a robust and resilient balance sheet, and fostering a dynamic, highly skilled team. Founded in 1979 by Daniel A. Hoffler, AH Realty Trust has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information, visit AHRealtyTrust.com.

BOARD OF DIRECTORS

Shawn J. Tibbetts, Chairman of the Board James A. Carroll, Lead Independent Director George F. Allen, Independent Director Jennifer R. Boykin, Independent Director James C. Cherry, Independent Director Dennis H. Gartman, Independent Director Louis S. Haddad, Director

Daniel A. Hoffler, Director

F. Blair Wimbush, Independent Director

CORPORATE OFFICERS

Shawn J. Tibbetts, Chairman, President and Chief Executive Officer

Matthew T. Barnes-Smith, Chief Financial Officer and Treasurer

CREDIT RATING

Rating: BBB

Agency: Morningstar DBRS

ANALYST COVERAGE

Bank of America Merrill Lynch

Jana Galan (646) 855-5042

[email protected]

Jefferies LLC

Jonathan Petersen

(212) 284-1705

[email protected]

Scotia Capital USA Inc

Viktor Fediv

(212) 225-6911

[email protected]

Stifel

Simon Yarmak

(443) 224-1345

[email protected]

$0.14

First Quarter Dividend Declared

$0.15

First Quarter FFO, As Adjusted

Per Diluted Share

$0.19

First Quarter AFFO Per Diluted Share

$562M

Multifamily Portfolio Purchase Price Under PSA

3.7M

First Quarter Shares Repurchased

+14.4%

First Quarter Retail New Lease Spread, Cash

+2.2%

Retail Same Store NOI, Cash Increase

1Q26 vs 1Q25

+0.7%

Office Same Store NOI, Cash Increase

1Q26 vs 1Q25

+7.2%

First Quarter Office New Lease Spread, Cash

LOW

HIGH

RETAIL NOI

$68.5M

$70.0M

OFFICE NOI

$58.5M

$60.0M

EQUITY METHOD INVESTMENT ("EMI") PROPERTY INCOME(1)

$3.4M

$3.9M

ACQUISITION NOI

$0.0M

TOTAL COMMERCIAL NOI

$130.4M

$133.9M

G&A EXPENSES

-$19.7M

-$18.7M

INTEREST EXPENSE

-$57.2M

-$54.2M

OTHER NOI(2)

$8.9M

$9.9M

PREFERRED STOCK DIVIDENDS

-$11.5M

FUNDS FROM OPERATIONS AS ADJUSTED ("FFO, AS ADJUSTED")(3)

$50.7M

$54.7M

FFO, AS ADJUSTED PER DILUTED SHARE

$0.51

$0.55

Includes T. Rowe Price Global HQ. EMI property income is reflected as the property's NOI less interest expense, times the Company's ownership percentage (50%).

Other income includes NOI from Smith's Landing and NOI from parking income.

See slide 12 for a reconciliation of funds from operations ("FFO") as defined by Nareit to FFO, As Adjusted for the current period. FFO, As Adjusted is a forward-looking, non-GAAP measure that presents the Company's projected Funds From Operations as adjusted for certain items that the Company believes are not indicative of its ongoing operating performance, including: (i) estimated income and expenses related to the GCRES business; (ii) estimated income and expenses associated with assets held for sale or under LOI; and

(iii) estimates of certain non-recurring transaction costs. The Company presents FFO, As Adjusted to provide investors with a supplemental measure of the Company's anticipated operating performance following the completion of its announced strategic initiatives, but investors are cautioned against placing undue reliance on the Company's presentation of 6

FFO, As Adjusted.

Disposition of the General Contracting and Real Estate Services ("GCRES") business in 2Q26

Disposition of the Multifamily Portfolio, with the exception of Smith's Landing (1)

Realization of The Allure at Edinburgh in 2Q26

Exit of the remaining Real Estate Financing Portfolio (2)

Retail Same-Store NOI Cash, growth of 1.50% and Office Same-Store NOI, Cash growth of 1.95%

Secured Debt Paydowns of ~$300M as a result of the Multifamily Disposition (3)

Net Unsecured Debt Paydowns of ~$400M (3)

Includes Share Repurchases of $24.1M for 4.2M shares through April 2, 2026

No Acquisitions in 2026, capital redirected toward Share Repurchases

Refer to slide 32, Discontinued Operations, for management's expectations on timing of multifamily dispositions.

Solis Peachtree Corners and Solis North Creek were sold on March 27, 2026. Refer to slide 33 for management's expectations on timing of real estate financing exits.

Assumed debt paydowns are derived from the expected sales proceeds of Multifamily and Real Estate Financing assets under PSA or being actively marketed

based on valuations underwritten by commercial brokerages. Also includes the impact of expected borrowings on the Company's line of credit. The Company can 7

provide no assurances that the proceeds ultimately received by the Company will not be different than anticipated, and such difference could be material.

$ IN THOUSANDS, EXCEPT PER SHARE

Three Months Ended (Unaudited)

OPERATIONAL METRICS

3/31/2026

12/31/2025

9/30/2025

6/30/2025

Net (Loss) Income Attributable to Common Stockholders and OP Unitholders

($33,291)

($647)

($3,575)

$3,907

Net (Loss) Income per Diluted Share Attributable to Common Stockholders and OP Unitholders

($0.33)

($0.01)

($0.04)

$0.04

FFO Attributable to Common Stockholders and OP Unitholders

20,598

23,143

20,170

18,971

FFO per Diluted Share Attributable to Common Stockholders and OP Unitholders

$0.20

$0.23

$0.20

$0.19

FFO, As Adjusted Attributable to Common Stockholders and OP Unitholders

15,110

22,862

16,968

13,088

FFO, As Adjusted per Diluted Shares Attributable to Common Stockholders and OP Unitholders

$0.15

$0.22

$0.17

$0.13

Net Debt / Total Adjusted EBITDAre

8.3x

8.1x

7.9x

7.7x

Fixed Charge Coverage Ratio(1)

2.0x

2.2x

CAPITALIZATION

Common Shares Outstanding

76,553

80,167

80,155

80,160

Operating Partnership Units Outstanding

24,757

23,521

23,507

Common Shares and Operating Partnership Units Outstanding

101,310

103,688

103,676

103,667

Market Price per Common Share as of Last Trading Day of Quarter

$5.50

$6.62

$7.01

$6.87

Common Equity Capitalization

557,205

686,415

726,769

712,192

Preferred Equity Capitalization

171,085

Total Equity Capitalization

728,290

857,500

880,229

883,277

Total Debt(2)

1,492,742

1,526,584

1,487,257

1,448,237

Total Capitalization

$2,221,032

$2,384,084

$2,367,486

$2,331,514

STABILIZED PORTFOLIO ECONOMIC OCCUPANCY(1)

Retail

92.5%

93.3%

92.1%

91.4%

Office

87.7%

90.4%

88.1%

89.9%

Weighted Average(3)

90.1%

91.8%

90.1%

90.7%

STABILIZED PORTFOLIO LEASED OCCUPANCY(1)

Retail

94.8%

94.9% 96.0% 94.2%

Office

96.0%

96.4%

96.5%

96.3%

Weighted Average(3)

95.4%

95.6%

96.2%

95.2%

STABILIZED PORTFOLIO

Retail Portfolio

Net Operating Income

$17,066

$18,099

$18,194

$17,912

Number of Properties

Net Rentable Square Feet

3,840k

3,823k

Office Portfolio

Net Operating Income

$14,297

$18,044

$16,137

$14,947

Number of Properties

Net Rentable Square Feet

2,321k

2,337k

See appendix for definitions.

Excludes GAAP adjustments.

Total occupancy weighted by annualized rent.

$ IN THOUSANDS, EXCEPT PER SHARE

Three Months Ended

3/31/2026

3/31/2025

Revenues

(Unaudited)

Rental revenues

$52,317

$50,182

Total revenues

52,317

50,182

Expenses

Rental expenses

12,857

11,369

Real estate taxes

4,735

4,717

Depreciation and amortization

18,241

19,030

General and administrative expenses

4,716

7,155

Acquisition, development, and other pursuit costs

Total expenses

40,549

42,325

Loss on real estate dispositions, net

(141)

Operating income

11,627

7,857

Interest income

229

Interest expense

(13,782)

(12,437)

Equity in income (loss) of unconsolidated real estate entities

243

(1,415)

Change in fair value of derivatives and other

1,344

(749)

Other income (expense), net

(89)

Loss from continuing operations

($493)

($6,604)

Discontinued operations

(Loss) income from discontinued operations (2)

(29,526)

2,451

Income tax provision from discontinued operations

(363)

(190)

(Loss) income from discontinued operations, net of taxes

($29,889)

$2,261

Net loss

(30,382)

(4,343)

Net loss (income) attributable to noncontrolling interests:

(22)

Preferred stock dividends

(2,887)

Net Loss Attributable to AHRT and OP Unitholders

($33,291)

($7,227)

Net Loss per Diluted Share and Unit Attributable to AHRT and OP Unitholders

($0.33)

($0.07)

Weighted Average Shares & OP Units - Diluted(1)

102,027

101,570

Represents the weighted average number of common shares and OP Units outstanding during the respective periods presented excluding potentially dilutive impact of Preferred Stock. 9

Includes $29.2 million impairment of notes receivable related to Solis Kennesaw, Solis North Creek, and Solis Peachtree investments in Q1 2026.

$ IN THOUSANDS

As Of

3/31/2026 12/31/2025

(Unaudited)

Assets

Real estate investments:

Income producing property

$1,773,240

$1,801,279

Held for development

5,683

Construction in progress

21,530

13,028

Accumulated depreciation

(412,226)

(410,565)

Net real estate investments

1,388,227

1,409,425

Real estate investments held for sale, net

23,223

4,800

Assets of discontinued operations

705,981

800,536

Cash and cash equivalents

28,545

40,743

Restricted cash

2,013

1,622

Accounts receivable, net

63,184

64,747

Equity method investments

48,177

47,926

Operating lease right-of-use assets

22,551

22,610

Finance lease right-of-use assets

77,212

77,539

Acquired lease intangible assets

73,108

76,408

Other assets

45,591

50,154

Total Assets

$2,477,812

$2,596,510

Liabilities and Equity

Indebtedness, net

$1,245,288

$1,283,987

Liabilities related to assets held for sale

8,387

Liabilities of discontinued operations

281,633

286,502

Accounts payable and accrued liabilities

34,493

36,810

Operating lease liabilities

31,153

31,198

Finance lease liabilities

85,038

84,835

Other liabilities

31,640

43,986

Total Liabilities

1,717,632

1,767,318

Total Equity

760,180

829,192

Total Liabilities and Equity

$2,477,812

$2,596,510

$ IN THOUSANDS, EXCEPT PER SHARE

Funds From Operations(1)

Three Months Ended (Unaudited)

3/31/2026 12/31/2025 9/30/2025 6/30/2025

Net (Loss) Income Attributable to AHRT and OP Unitholders

($33,291)

($647)

($3,575)

$3,907

Net (Loss) Income per Diluted Share

($0.33)

($0.01)

($0.04)

$0.04

Depreciation and Amortization(2)

24,660

23,767

23,395

21,979

Net Gain (Loss) on Consolidation of Real Estate Entities

(6,915)

Impairment of Real Estate Assets(3)

29,229

350

FFO

$20,598

$23,143

$20,170

$18,971

FFO per Diluted Share

$0.20

$0.23

$0.20

$0.19

Adjusted FFO(1)

Loss on Extinguishment of Debt

Unrealized Credit Loss Provision

1,749

(124)

(126)

(209)

Amortization of Right-of-Use Assets - Finance Leases

391

395

Decrease in Fair Value of Derivatives Not Designated as Cash Flow Hedges

2,098

4,929

8,095

3,845

Non-Cash Stock Compensation

1,355

855

804

1,225

Property-Related Capital Expenditures(4)

(2,450)

(7,181)

(4,715)

(3,398)

Non-Cash Interest Expense(5)

2,087

2,758

2,282

2,570

Non-Cash Interest Income

(2,255)

(3,571)

(3,851)

(3,477)

Cash Ground Rent Payment - Finance Lease

(1,001)

(1,005)

(972)

(995)

GAAP Adjustments

(2,688)

(3,078)

(3,135)

(3,514)

AFFO

$19,884

$17,121

$19,016

$15,413

AFFO per Diluted Share

$0.19

$0.17

$0.19

$0.15

Weighted Average Common Shares Outstanding

79,840

80,153

80,155

80,154

Weighted Average Operating Partnership Units Outstanding

22,187

21,947

21,938

22,132

Total Weighted Average Common Shares and OP Units Outstanding(6)(7)

102,027

102,100

102,093

102,286

See definitions in appendix.

Adjusted for the depreciation and amortization attributable to noncontrolling interests in consolidated investments and depreciation and amortization attributable to unconsolidated investments.

Includes Solis Peachtree, Solis North Creek, and Solis Kennesaw.

Excludes development, redevelopment, and first-generation space.

Includes non-cash interest expense relating to indebtedness and interest expense on finance leases.

Represents the weighted average number of common shares and OP Units outstanding during the respective periods presented excluding any potentially dilutive impact of Preferred Stock.

Excludes 90% of unvested performance-based LTIP Units that are not considered participating securities.

$ IN THOUSANDS, EXCEPT PER SHARE

Three Months Ended (Unaudited)

3/31/2026

12/31/2025

9/30/2025

6/30/2025

FFO

$20,598

$23,143

$20,170

$18,971

FFO Attributable to General Contracting and Real Estate Services

569

(1,282)

(2,240)

1,040

FFO Attributable to Multifamily

(3,405)

2,493

636

(5,106)

FFO Attributable to Real Estate Financing

(2,652)

(1,492)

(1,598)

(1,817)

FFO, As Adjusted

$15,110

$22,862

$16,968

$13,088

FFO per Diluted Share

$0.20

$0.23

$0.20

$0.19

FFO per Diluted Share Attributable to General Contracting and Real Estate Services

0.01

(0.01)

(0.02)

0.01

FFO per Diluted Share Attributable to Multifamily

(0.03)

0.02

0.01

(0.05)

FFO per Diluted Share Attributable to Real Estate Financing

(0.03)

(0.01)

(0.02)

FFO, As Adjusted per Diluted Share

$0.15

$0.22

$0.17

$0.13

Weighted Average Common Shares Outstanding

79,840

80,153

80,155

80,154

Weighted Average Operating Partnership Units Outstanding

22,187

21,947

21,938

22,132

Total Weighted Average Common Shares and OP Units Outstanding(1)(2)

102,027

102,100

102,093

102,286

Represents the weighted average number of common shares and OP Units outstanding during the 12

respective periods presented excluding any potentially dilutive impact of Preferred Stock.

Excludes 90% of unvested performance-based LTIP Units that are not considered participating securities.

$ AND SHARES/UNITS IN THOUSANDS

STABILIZED PORTFOLIO NOI (CASH) (1)

LIABILITIES

Three Months Ended

Annualized

As of 3/31/2026

3/31/2026

Mortgages and Notes Payable $1,492,742

Retail

Mortgages, JV Pro Rata Share 86,552

Stabilized Retail NOI, Cash(2) $17,757

$71,028

Total Debt, including JV Pro Rata Share $1,579,294

Stabilized Retail NOI, Cash under PSA(3) (116)

(464)

Signed Not Yet Occupied or in Free Rent Period, Retail 430

1,720

Accounts Payable and Accrued Liabilities, Non-Property 6,129

Adjusted Stabilized Retail NOI, Cash $18,071

$72,284

Other Liabilities, Non-Property 6,080

Total Liabilities $1,591,503

Office

Stabilized Office NOI, Cash(2) $17,194

$68,776

Stabilized Office NOI, Cash under PSA(3) (60)

(240)

Signed Not Yet Occupied or in Free Rent Period, Office 1,178

4,712

Adjusted Stabilized Office NOI, Cash $18,312

$73,248

Other NOI, Cash

$2,558

$10,232

NON-STABILIZED PORTFOLIO PREFERRED EQUITY

As of 3/31/2026 Liquidation Value

Properties in Lease Up at Cost(4) $81,510 Series A Cumulative Redeemable Perpetual Preferred Stock $171,085

ASSETS OF DISCONTINUED OPERATIONS OR HELD FOR SALE COMMON EQUITY

As of 3/31/2026 As of 3/31/2026

Real Estate Assets under PSA(3) $562,000 Total Common Shares Outstanding 76,553

Multifamily Assets HFS at Net Book Value(3) 104,468 Total Units Outstanding 24,757

Real Estate Financing Investments at Book Value(5) 39,273 Total Common Shares and Units Outstanding 101,310

Net Assets of GCRES at Book Value 2,512

$708,253

NON-PROPERTY ASSETS (1) Excludes $1.1M of expenses associated with the Company's in-house asset

As of 3/31/2026

management division for the three months ended March 31, 2026.

Cash and Restricted Cash

$17,963

(2) Includes $2.1M and less than $(0.1)M of AHRT's JV Pro Rata Share of Cash NOI for T.

Accounts Receivable, Net

5,367

Rowe Price Global HQ for Office and Retail, respectively.

Other Assets

9,951

(3) Refer to slide 32 for a break-out of real estate assets under PSA and Held for Sale.

Total Non-Property Assets $33,281

(4) Refer to slide 41 for the make-up of Non-Stabilized properties.

(5) Excludes allowance for current expected credit losses

$ IN THOUSANDS

Total Debt Leverage

1,600,000

1,400,000

1,200,000

1,000,000

800,000

600,000

400,000

200,000

100.0%

90.0%

80.0%

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

10.0x

8.7x

8.9x

9.0x

9.2x

8.0x

8.1x

8.5x 8.4x 8.4x

8.1x

8.2x

8.0x

7.1x

7.5x

7.4x 7.5x 7.2x 7.2x

7.1x

7.7x 7.9x

7.1x

8.3x

8.1x

9.0x

8.0x

7.0x

6.0x

5.0x

4.0x

3.0x

2.0x

1.0x

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

0.0x

Net Debt / Total Adjusted EBITDAre Net Debt + Preferred / Total Adjusted EBITDAre

AFFO Payout Ratio Weighted Average Years to Maturity - Debt

25,000

20,000

15,000

10,000

5,000

150% 6

2.3

2.5

2.8

3.0

3.3

3.5

3.6

3.7

3.9

4.2

4.6

100% 4

50% 2

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

0 -% 0

Total Dividend

$ IN THOUSANDS

SEE APPENDIX FOR DEFINITIONS, CALCULATIONS, AND RECONCILIATIONS

Three Months Ended 3/31/2026

Total Adjusted EBITDAre $43,974

Net Debt(2) $1,451,235

Net Debt/Total Adjusted EBITDAre(1) 8.3 x

Net Debt + Preferred $1,622,320

Net Debt + Preferred /Total Adjusted EBITDAre 9.2 x

10.0 x

9.0 x

9.2x

8.3x

8.0 x

7.0 x

6.0 x

5.0 x

4.0 x

3.0 x

2.0 x

1.0 x

0.0 x

Net Debt/Total Adjusted EBITDAre (1)

Net Debt + Preferred / Total Adjusted EBITDAre

Includes income and debt related to development, real estate financing, construction, and other ancillary activities outside of our stabilized portfolio.

Reflects total debt less GAAP adjustments, cash, restricted cash, and other notes payable.

AS OF MARCH 31, 2026

Total Debt Composition

Weighted Average

% of Debt Interest Rate Maturity

Variable vs. Fixed-Rate Debt

Variable-Rate Debt(1)(2)

1.7 %

5.3 %

1.0 Yrs

Fixed-Rate Debt(3)(4)

Secured vs. Unsecured Debt

98.3 %

4.2 %

2.3 Yrs

Unsecured Debt(2)

60.7 %

4.4 %

1.6 Yrs

Secured Debt(2)

39.3 %

3.8 %

3.3 Yrs

Portfolio Weighted Average(2)

4.2 %

2.3 Yrs

Portfolio Weighted Average Interest Rate

4.2%

4.2% 4.2%

4.4% 4.6% 4.5% 4.4%

5.0%

4.5%

4.0%

4.2% 4.0%

4.0%

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

.5%

.0%

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Excludes debt subject to interest rate swap locks.

Represents the weighted average interest rate of the portfolio, inclusive of the effect of interest rate derivatives.

Includes debt subject to interest rate swap locks.

Excludes GAAP adjustments.

4.4% 4.3%

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

$ IN THOUSANDS

Eff. Rate as of

Maturity

Debt Maturities & Principal Payments

Outstanding as of

Debt Attrib. to Assets

Debt. Attrib. to Assets

Debt Stated Rate

3/31/2026

Date (1) 2026 2027 2028 2029 2030 Thereafter

3/31/2026

under PSA

HFS

Secured Debt - Continuing Operations

Thames Street Wharf SOFR+ 1.30 % 2.34 % (2) Sep-2026 64,669 - - - - - 64,669 - -

Constellation Energy Building SOFR+ 1.50 % 5.28 % (3) Nov-2026 175,000 - - - - - 175,000 - - Greenbrier Square 3.74 % Oct-2027 312 18,370 - - - - 18,682 - - Lexington Square 4.50 % Sep-2028 253 351 12,287 - - - 12,891 - -

Red Mill North 4.73 % Dec-2028 100 140 3,442 - - - 3,682 - -

Smith's Landing 4.05 % Jun-2035 813 1,126 1,172 1,222 1,273 6,674 12,280 - -

Total - Secured Debt - Continuing Operations 241,147 19,987 16,901 1,222 1,273 6,674 287,204 - -

Secured Debt - Forecasted Payoffs

Encore Apartments & 4525 Main Street

2.93 %

Apr-2026

(4)

50,497

The Everly

SOFR+

1.50 %

5.16 % (5)

Mar-2027

28,000

The Allied | Harbor Point

SOFR+

2.00 %

4.25 % (2)

Jun-2027

(6)

90,000

Liberty

SOFR+

1.50 %

4.93 % (2)

Sep-2027

285

19,516

19,801

Premier Apartments and Retail

5.53 %

Dec-2029

29,415

Greenside Apartments

3.17 %

Dec-2029

625

861

889

26,928

29,303

The Edison

5.30 %

Dec-2044

340

474

500

527

556

11,840

14,237

The Cosmopolitan

3.35 %

Jul-2051

729

1,001

1,035

1,071

1,107

33,342

38,285

Total - Secured Debt - Forecasted Payoffs

52,476

139,852

2,424

57,941

1,663

45,182

299,538

271,538

28,000

Total - Secured Debt

$293,623

$159,839

$19,325

$59,163

$2,936

$51,856

$586,742

$271,538

$28,000

Unsecured Debt

TD Unsecured Term Loan

SOFR+

1.35%-1.90%

5.31 %

May-2026

(7)

95,000

- -

95,000

Senior Unsecured Revolving Credit Facility

SOFR+

1.30%-1.85%

5.26 %

Jan-2027

(8)

211,000

- -

211,000

M&T Unsecured Term Loan

SOFR+

1.25%-1.80%

5.21 %

Mar-2027

(6)

35,000

- -

35,000

M&T Unsecured Term Loan (Fixed)

SOFR+

1.25%-1.80%

5.05 % (2)

Mar-2027

(6)

100,000

- -

100,000

Senior Unsecured Term Loan

SOFR+

1.25%-1.80%

5.21 %

Jan-2028

271,000

- -

271,000

Senior Unsecured Term Loan (Fixed)

SOFR+

1.25%-1.80%

4.98 % (2)

Jan-2028

79,000

- -

79,000

Senior Notes, Series A

5.57 %

Jul-2028

25,000

- -

25,000

Senior Notes, Series B

5.78 %

Jul-2030

- 45,000

45,000

Senior Notes, Series C

6.09 %

Jul-2032

- -

45,000

Total - Unsecured Debt

95,000

346,000

375,000 - 45,000 45,000 906,000

Total Principal Balances

$ 388,623

$ 505,839

$ 394,325 $ 59,163 $ 47,936 $ 96,856 $ 1,492,742

Other Notes Payable

6,103

Unamortized GAAP Adjustments

(4,451)

Loans reclassified to liabilities related to assets held for sale, net or liabilities of discontinued operations

(249,106)

Indebtedness, Net $ 1,245,288

Excludes extension options.

Includes debt subject to interest rate swap locks.

Subject to a rate floor. Constellation Energy Building's loan may be subject to curtailment in connection with release of the multifamily collateral portion of the building (1305 Dock Street).

Effective April 10, 2026, the Company executed a 45-day extension on this loan.

Subject to a rate floor. 17

Does not reflect one 12-month extension option.

The Company has a term sheet for a 12-month extension, which is expected to close in May 2026.

Does not reflect two six-month extension options.

$ IN THOUSANDS AS OF MARCH 31, 2026

Interest Rate Swaps Not Allocated to Specific Asset Debt

Effective Date

Maturity Date(1)

Rate

Notional Amount

August 2025

August 2026

2.25%

$640,000

January 2025

January 2027

2.50%

150,000

Total Interest Rate Swaps

790,000

Fixed-Rate Debt(2)(3)

677,742

Fixed-Rate and Hedge Debt

1,467,742

Total Debt(3)

$1,492,742

% Fixed or Hedged

98.3 %

Interest Rate Swaps Allocated to Off Balance Sheet Joint Ventures(4)

August 2025

August 2026 2.25%

$90,000

Total Interest Rate Swaps

$90,000

SOFR Strike / Swap Fixed

GAINS (LOSSES) ON INTEREST RATE DERIVATIVES Three Months Ended

Statement of

Accounting Treatment(5)

Comprehensive Income Location

3/31/2026

3/31/2025

Designated Hedges

Interest Expense

$ 474

$ 313

Non-Designated Hedges

Change in Fair Value of Derivatives and Other

3,442

4,486

Total Realized Gains on Interest Rate Derivatives

$ 3,916

$ 4,799

Designated Hedges

Unrealized Cash Flow Hedge Gains (Losses)(6)

$ 641

$ (1,050)

Non-Designated Hedges

Change in Fair Value of Derivatives and Other

(1,655)

(5,627)

Non-Designated Hedges

Income (Loss) from Discontinued Operations

(443)

392

Total Unrealized Losses on Interest Rate Derivatives

$ (1,457)

$ (6,285)

Total Realized and Unrealized Gains (Losses) on Interest Rate Derivatives

$ 2,459

$ (1,486)

Excludes derivatives maturing within 90 days.

Includes debt subject to interest rate swap locks.

Excludes GAAP adjustments.

This swap economically hedges the Company's exposure to the senior construction loan for the T. Rowe Price Global HQ.

The Company only enters into interest rate derivatives to hedge its exposure to interest rate risk from floating rate debt. The Company may elect to designate an interest rate derivative as a cash flow hedge under US GAAP if certain criteria are met, which allows for reporting of realized gains (losses) net of the hedge item (interest expense). All income statement activity for derivatives that are not designated as cash flow hedges is reported within Change in fair value of derivatives and other in the Company's Statement of Comprehensive Income.

Unrealized cash flow hedge gains (losses) is a component of comprehensive income (loss) and is excluded from net income (loss).

Common Equity 25%

Preferred

Equity 8%

Debt 67%

Debt

% of Total

Principal Balance

Unsecured Revolving Credit Facility

14 %

$211,000

Unsecured Term Loans

39 %

580,000

Mortgages Payable(1)

39 %

586,742

Senior Notes

8 %

115,000

Total Debt

$1,492,742

$ IN THOUSANDS, EXCEPT PER SHARE AS OF MARCH 31, 2026

Financial Ratios(5)

Unencumbered Properties

Preferred Equity

Total

Liquidation Liquidation

Value per Share Value

Total Capitalization

Enterprise Value

Total Debt to Enterprise Value

$2,221,032

$2,190,474

68 %

Debt Service Coverage Ratio

Fixed Charge Coverage Ratio

Net Debt / Total Adjusted EBITDAre

Net Debt Plus Preferred / Total Adjusted EBITDAre Debt/Total Capitalization

2.3x

2.0x

8.3x

9.2x

67 %

Cash on Hand(7)

Net Short Term Receivables/(Payables)(7) Availability Under Credit Agreements Total Liquidity

$41,507

20,079

80,324

$141,910

Liquidity

6.75% Series A Cumulative Redeemable Stock (NYSE: AHRT-PrA)

Perpetual Preferred

6,843

$25.00

$171,085

Common Equity

% of Total

Shares/Units(2)

Stock Price(3)

Market Value

Common Stock (NYSE: AHRT)

76 %

76,553

$5.50

$421,039

Operating Partnership Units (4)

24 %

24,757

$5.50

$136,165

Equity Market Capitalization

101,310

$557,204

% of Total Properties 70 %

% of Annualized Base Rent 57 %

Total Unencumbered Asset Value(6) $1,643,873

Includes debt related to held for sale assets and discontinued operations. Refer to slide 17, Outstanding Debt, for details.

During the three months ended March 31, 2026, we repurchased 3.7M shares of common stock.

As of close of market on March 31, 2026

Includes 3.4M LTIP Units

See appendix for definitions.

Total Asset Value is calculated based on the terms of our credit facility agreement and therefore does not tie directly to the balance sheet.

Includes discontinued operations. 19

Lease Expirations(2)

Weighted Average Lease Term Remaining (Years)

12.0%

10.0

8.8

7.7

7.9

8.4 8.2 8.3

8.1

8.5 8.4

8.1

7.9

7.7

5.4

5.9

5.3

5.8 5.7 5.6 5.6

5.5 5.6 5.6 5.6 5.6

8.0

11.0%

10.0%

11.0% 11.0%

8.0% 8.0%

7.0%

8.0%

4.0%

3.0%

3.0% 3.0%

6.0

4.0

2.0

Available

M-T-M

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

0.0

16.0%

14.0%

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

Thereafter

Renewal Cash Spreads

50.0%

40.0%

30.0%

20.0%

10.0%

New Lease Cash Spreads(3)(4)

Reflects stabilized properties only. Refer to appendix for definitions.

Reflects lease expirations by Net Rentable Square Footage, see appendix for definitions.

Negative new lease cash spreads in Q2 23 for office and 1Q 24 and 3Q 24 for retail.

No new leases In 1Q 24, 2Q 25, and 3Q 25, or renewals in 1Q 26 for office.

$ IN THOUSANDS

Three Months Ended 3/31/2026 3/31/2025 $ Change % Change

Retail

Rental Revenues

$22,951

$22,582

$369

1.6 %

Rental Expenses(1)

4,461

4,500

(39)

(0.9)%

Real Estate Taxes

2,313

2,253

2.7 %

Same Store NOI, Cash

16,177

15,829

348

2.2 %

Office

Rental Revenues

21,676

20,823

853

4.1 %

Rental Expenses(1)

6,882

6,109

773

12.7 %

Real Estate Taxes

2,164

2,169

(5)

(0.2)%

Same Store NOI, Cash

12,630

12,545

0.7 %

Same Store NOI, Cash

28,807

28,374

433

1.5 %

GAAP Adjustments

3,562

3,184

378

Termination Fees

(84)

Non-Same Store NOI

(215)

327

(542)

Other NOI

2,559

2,115

444

Total Property Portfolio NOI

$34,725

$34,096

$629

1.8 %

(1) Excludes expenses associated with the Company's in-house asset management division of $1.1M and $0.7M for the three months ended 3/31/2026 & 3/31/2025.

$ IN THOUSANDS

Three Months Ended

3/31/2026

Retail

Office

Other

Total

Base Rent

$18,472

$16,370

$1,437

$36,279

Expense Reimbursements

5,405

5,526

10,957

Termination Fees

Other Rental Income(1)

(264)

2,437

2,198

Rental Revenues, Cash

$23,625

$21,921

$3,900

$49,446

Straight-Line Rent

620

1,824

2,444

Above (Below) Market Lease Amortization

267

206

473

Lease Incentives

(15)

(31)

(46)

Total Rental Revenues

$24,497

$23,920

$3,900

$52,317

(1) Other Rental Income primarily includes parking income, percentage rent, and bad debt adjustments.

AS OF MARCH 31, 2026

SEE APPENDIX FOR FULL LIST OF PROPERTIES

COMMERCIAL PORTFOLIO

Retail Properties

# of Properties

Net Rentable SF(1)

Average Age

Leased Occupancy(1) O

Economic ccupancy(1)

ABR(1) O

ABR per ccupied SF

Town Center of Virginia Beach

641,378

95.4 %

93.2 %

$16,036,189

$26.21

Harbor Point - Baltimore Waterfront

38,464

47.9 %

37.5 %

685,900

37.25

Grocery Anchored

1,320,155

96.1 %

95.6 %

20,727,580

16.34

Southeast Sunbelt

893,253

95.6 %

90.0 %

19,444,747

22.78

Mid-Atlantic

946,365

93.8 %

93.2 %

17,182,714

19.36

Stabilized Retail Total

3,839,615

94.8 %

92.5 %

$74,077,130

$20.35

# of Net Rentable Average Leased Economic ABR per

Office Properties Properties SF(1) Age Occupancy(1) Occupancy(1) ABR(1) Occupied SF

Town Center of Virginia Beach

806,394

98.4 %

92.8 %

$22,862,981

$28.80

Harbor Point - Baltimore Waterfront

1,034,921

97.0 %

88.2 %

33,749,464

33.62

Southeast Sunbelt

381,761

87.3 %

74.8 %

12,421,907

37.27

Mid-Atlantic

98,061

100.0 %

2,043,004

20.83

Stabilized Office Total

2,321,137

96.0 %

87.7 %

$71,077,356

$31.89

See appendix for definitions and portfolio detail.

AS OF MARCH 31, 2026

PERCENTAGE OF NOI BY RETAIL CLASSIFICATION (1)

3.4% 1.0%

10.2%

39.8%

20.4%

25.2%

Community Center

Power Center

Lifestyle Center

Strip/Convenience

Neighborhood Center

Street Retail

4.0M

Number of Net Rentable Square

Retail Properties(2) Footage Retail Properties(2)

Retail classifications are reflective of ICSC's U.S Shopping-Centers Classifications, with the exception of Street Retail. Street Retail includes Chronicle Mill Retail, Liberty Retail, and The Edison Retail.

Includes stabilized and unstabilized properties. Also includes 5 retail properties under PSA, as detailed on slide 32.

AS OF MARCH 31, 2026

Mixed Use vs. Non-Mixed Use by ABR(1)

5.2%

94.8%

2.4M

Net Rentable Square Footage Office Properties(2)

Number of Office Properties(2)

Mixed-Use consists of Town Center of Virginia Beach, Harbor Point - Baltimore Waterfront, One City Center, The Interlock, and Southern Post

Includes stabilized and unstabilized properties. Also includes 1 office property under PSA, as detailed on slide 32.

TOP 20 TENANTS BY ABR

$ IN THOUSANDS AS OF MARCH 31, 2026

Tenant Investment Grade(1)

Number of Leases

Annualized Base Rent

% of Total Annualized Base Rent

Constellation Energy Generation ✓

$15,924

11.0%

Morgan Stanley ✓

9,213

6.3%

T. Rowe Price(2) ✓

7,900

5.4%

The Kroger Co. ✓

3,781

2.6%

Clark Nexsen

2,484

1.7%

Dick's Sporting Goods ✓

2,480

1.7%

The Gathering Spot

2,030

1.4%

Duke University ✓

1,830

1.3%

Huntington Ingalls Industries ✓

1,704

1.2%

Franklin Templeton ✓

1,652

1.1%

PetSmart

1,566

1.1%

The TJX Companies ✓

1,566

1.1%

Vestis Corporation

1,506

1.0%

Georgia Tech ✓

1,475

1.0%

Mythics

1,364

0.9%

Apex Entertainment

1,340

0.9%

Pindrop

1,243

0.9%

Regal Cinemas

1,215

0.8%

Amazon/Whole Foods ✓

1,214

0.8%

Ross Dress for Less

1,211

0.8%

Top 20 Total

$62,698

43.0%

Total Investment Grade Rating ABR $48,739

% of Total ABR 33.6 %

Includes tenants that either hold a publicly available investment grade credit rating or are considered credit quality consistent with investment grade companies based on management's assessment.

Represents the Company's 50% share of ABR.

RETAIL

Renewals

Number of

Net Rentable SF

GAAP Releasing

Cash Releasing

Wtd Average Lease

Quarter

Leases Signed

Signed

Spread

Term (yrs)

TI & LC

TI & LC per SF

Q1 2026

88,099

10.7 %

4.5 %

4.9

$201,536

$2.29

Q4 2025

72,179

15.3 %

10.1 %

4.9

257,722

3.57

Q3 2025

237,025

5.7 %

6.5 %

6.9

993,025

4.19

Q2 2025

119,501

10.8 %

5.5 %

5.2

617,552

5.17

Trailing 4 Quarters

516,804

9.4 %

6.5 %

5.9

$2,069,835

$4.01

New Leases(1)

Number of

Net Rentable SF

GAAP Releasing

Cash Releasing

Wtd Average Lease

Quarter

Leases Signed

Signed

Spread(2)

Term (yrs)

TI & LC

TI & LC per SF

Q1 2026

22,242

18.3 %

14.4 %

9.5

$1,742,293

$78.33

Q4 2025

13,358

10.5 %

9.4 %

9.0

803,722

60.17

Q3 2025

29,692

46.4 %

47.3 %

9.0

1,726,197

58.14

Q2 2025

23,673

20.6 %

16.6 %

7.6

660,918

27.92

Trailing 4 Quarters

88,965

28.5 %

26.6 %

8.8

$4,933,130

$55.45

OFFICE

Renewals

Number of

Net Rentable SF

GAAP Releasing

Cash Releasing

Wtd Average Lease

Quarter

Leases Signed

Signed

Spread

Term (yrs)

TI & LC

TI & LC per SF

Q1 2026

- %

0.0

Q4 2025

16,241

9.1 %

2.5 %

4.8

87,296

5.38

Q3 2025

3,039

21.6 %

8.9 %

5.0

83,852

27.59

Q2 2025

11,011

11.7 %

5.5 %

2.6

68,866

6.25

Trailing 4 Quarters

30,291

11.4 %

4.3 %

4.0

$240,014

$7.92

New Leases(1)

Number of

Net Rentable SF

GAAP Releasing

Cash Releasing

Wtd Average Lease

Quarter

Leases Signed

Signed

Spread(2)

Term (yrs)

TI & LC

TI & LC per SF

Q1 2026

20,326

9.6 %

7.2 %

7.3

$1,570,017

$77.24

Q4 2025

5,776

- %

0.2 %

8.0

85,298

14.77

Q3 2025

- %

0.0

Q2 2025

14,012

- %

10.6

1,639,168

116.98

Trailing 4 Quarters

40,114

- %

0.1 %

8.6

$3,294,483

$82.13

(1) Excludes leases from properties in development, redevelopment, and delivered, but not yet stabilized.

(2) Spreads on new leases are not calculated for 1st generation space or where the previous tenant was in occupancy more than 3 years prior to release execution

AS OF MARCH 31, 2026

RETAIL

Square Footage

Year

Leases Expiring

Expiring

Feet

ABR

% of Portfolio ABR

Available

199,267

5.2 %

- %

M-T-M

1,602

- %

59,262

0.1 %

2026

145,278

3.8 %

2,236,291

3.0 %

2027

349,436

9.1 %

7,122,404

9.6 %

2028

370,369

9.6 %

8,063,857

10.9 %

2029

404,647

10.5 %

7,562,803

10.2 %

2030

573,584

14.9 %

12,139,897

16.4 %

2031

473,077

12.3 %

10,569,286

14.3 %

2032

356,719

9.3 %

6,365,431

8.6 %

2033

93,776

2.4 %

2,307,471

3.1 %

2034

80,818

2.1 %

1,672,988

2.3 %

2035

384,356

10.0 %

5,242,822

7.1 %

2036

197,102

5.1 %

5,155,640

7.0 %

Thereafter

209,584

5.7 %

5,578,978

7.4 %

Total

585

3,839,615 100.0 %

$74,077,130

100.0 %

OFFICE

Square Footage % Portfolio Net

Year

Leases Expiring

Expiring

Feet

ABR

% of Portfolio ABR

Available

92,142

4.0 %

- %

M-T-M

1,312

0.1 %

66,120

0.1 %

2026

53,722

2.3 %

1,120,758

1.6 %

2027

144,500

6.2 %

5,294,409

7.4 %

2028

120,564

5.2 %

3,838,195

5.4 %

2029

268,493

11.6 %

7,638,932

10.7 %

2030

168,115

7.2 %

5,627,113

7.9 %

2031

151,776

6.5 %

4,591,479

6.5 %

2032

58,051

2.5 %

1,715,356

2.4 %

2033

80,858

3.5 %

2,523,373

3.6 %

2034

99,783

4.3 %

2,892,481

4.1 %

2035

293,189

12.6 %

8,345,722

11.7 %

2036

506,651

21.8 %

18,405,693

25.9 %

Thereafter

281,981

12.2 %

9,017,725

12.7 %

% Portfolio Net Rentable Square

Rentable Square

Total 139 2,321,137 100.0 % $71,077,356 100.0 % 28

(1) Excludes leases from properties in development, redevelopment, delivered, but not yet stabilized, and Held-for-Sale.

$ IN THOUSANDS AS OF MARCH 31, 2026

IN-PROGRESS

Projects

Description

Projected Date of Estimated Completion(1) Cost(1)

Town Center of Virginia Beach

TI Allowances for space previously occupied by the Company in Armada Hoffler Tower.

4Q26

$ 3,300

OPPORTUNITIES(2)

Property

Description

Town Center of Virginia Beach The Interlock

Columbus Village II Harrisonburg Regal Red Mill Commons Southgate Square

Fountain Plaza

Option for future expansion and activation on undeveloped lots Expansion and densification of existing undeveloped green space Redevelopment of +/- 4 acres for alternate commercial or residential use

Redevelopment for alternate commercial or residential use; outparcel development potential Outparcel creation and development in the existing parking field

Right-size existing tenants to accommodate backfill demand

Conversion of 2nd floor retail into alternate commercial uses

South Square

Outparcel creation opportunity on the hard corner

Pembroke Square

Conversion of existing office space for commercial retail use

Pembroke Square

Outparcel creation and development in the existing parking field

Providence Plaza

Densification of surface parking and optimization of the day/night use of the structured parking deck

Broad Creek Shopping Center

Outparcel creation and development in the existing parking field

Represents estimates that may change as the project proceeds. 29

Assumptions regarding future opportunities are subject to change.

$ IN THOUSANDS

For the Three Months Ended March 31 2026

Revenues

Retail Real Estate

Office Real

Estate Other (1) Total

Rental revenues $24,497 $23,920 $3,900 $52,317

Total revenues 24,497 23,920 3,900 52,317

Expenses

Rental expenses (2) 4,622 7,173 1,062 12,857

Real estate taxes 2,334 2,122 279 4,735

Total segment operating expenses 6,956 9,295 1,341 17,592

Segment net operating income

17,541

14,625

2,559

34,725

Depreciation and amortization

(7,957)

(8,903)

(1,381)

(18,241)

General and administrative expenses

(4,716)

(Loss) gain on real estate dispositions, net

(141)

Interest income

Interest expense (3)

(5,851)

(5,982)

(1,949)

(13,782)

Equity in (loss) income of unconsolidated real estate entities

(6)

249

243

Change in fair value of derivatives and other

765

579

1,344

Other (expense) Income 1 4 8 13

Income (loss) from continuing operations 4,501 572 (5,566) (493)

Discontinued operations(4)

Income (loss) from discontinued operations

(29,526)

Income tax benefit (provision) from discontinued

- - (363) (363)

Income from discontinued operations

- - (29,889) (29,889)

Net income (loss)

$4,501 $572 ($35,455) ($30,382)

Other consists of items not directly related to the Company's retail and office real estate operations activities. General and administrative expenses include corporate personnel salaries and benefits, bank charges, accounting and legal fees, and other corporate office costs.

Rental expenses represent costs directly associated with the operation and management of the Company's real estate properties. Rental expenses include asset management fees, property management fees, repairs and maintenance, insurance, and utilities.

Interest expense is allocated by first allocating secured debt to the relevant properties. Unsecured debt is then allocated using the total value of unencumbered income producing property, and allocating to the relevant segments based on property classification.

As of March 31, 2026, the segments previously reported as general contracting and real estate services, multifamily, and real estate financing are now presented as discontinued operations. Income from discontinued operations excludes revenue and expenses related to intercompany construction contracts.

$ IN THOUSANDS

ACQUISITIONS

Properties

Location

Square Feet/Units

Purchase Price

Cash Cap Rate

Purchase Date

Anchor Tenants

2025

184 Units

$60,380

4.4 %

Solis Gainesville II

Gainesville, Georgia

184 Units

60,380

4.4 %

4Q25

DISPOSITIONS

Properties Location Square Feet/Units Sale Price

Cash Cap Rate

Disposition

Date Anchor Tenants

2024

213,927

$ 82,000

6.4 %

Market at Mill Creek

Mount Pleasant, SC

80,319

27,300

6.8 %

4Q24

Lowes Foods

Nexton Square

Summerville, SC

133,608

54,700

6.2 %

4Q24

Various Small Shops

(1) Square footage includes 4.9k square feet of retail storage space. 31

MULTIFAMILY DISPOSITIONS

Property

Location

Units

Under PSA

Held for Sale

Expected Disposition Period

Encore Apartments

Virginia Beach, VA

286

2Q26

Premier Apartments

Virginia Beach, VA

131

2Q26

The Cosmopolitan

Virginia Beach, VA

342

2Q26

1305 Dock Street

Baltimore, MD

103

2Q26

1405 Point Street

Baltimore, MD

289

2Q26

Allied Apartments

Baltimore, MD

312

2Q26

Chandler Residences

Roswell, GA

137

2Q26

Chronicle Mill

Belmont, NC

238

2Q26

The Everly

Gainesville, GA

223

4Q26 - 1Q27

Solis Gainesville II

Gainesville, GA

184

4Q26 - 1Q27

Greenside Apartments

Charlotte, NC

225

4Q26

Liberty Apartments

Newport News, VA

199

2Q26

The Edison

Richmond, VA

174

2Q26

COMMERCIAL PROPERTIES INCLUDED IN MULTIFAMILY SALE

Property

Location

Net Rentable SF

Under PSA

Held for Sale

Expected Disposition Period

Point Street Retail

Baltimore, MD

18,632

2Q26

Allied Retail

Baltimore, MD

12,700

2Q26

Chronicle Mill Retail

Belmont, NC

11,530

2Q26

Chronicle Mill Office

Belmont, NC

5,932

2Q26

Liberty Retail

Newport News, VA

25,461

2Q26

The Edison Retail

Richmond, VA

20,196

2Q26

REAL ESTATE FINANCING

Project

Location

Multifamily Units

Sold

Held for Sale

Expected Exit Period

The Allure at Edinburgh

Chesapeake, VA

280

2Q26

Solis Kennesaw

Kennesaw, GA

239

4Q26 - 1Q27

Solis Peachtree Corners

Peachtree Corners, GA

249

1Q26

Solis North Creek

Charlotte, NC

303

1Q26

GENERAL CONTRACTING & REAL ESTATE SERVICES

The General Contracting & Real Estate Services business was sold on April 30, 2026, for consideration of $2.4 million.

APPENDIX

ADJUSTED FUNDS FROM OPERATIONS:

We calculate Adjusted Funds From Operations ("AFFO") as FFO adjusted for the impact of debt extinguishment losses, provision for unrealized non-cash credit losses, amortization of right-of-use assets attributable to finance leases, mark-to-market adjustments on interest rate derivatives not designated as cash flow hedges, non-cash stock compensation, capital expenditures, non-cash interest expense, non-cash interest income, straight-line rents, cash ground rent payments for finance leases, the amortization of leasing incentives and above (below) market rents, impairment of intangible assets and liabilities, 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 FAD or other similarly entitled AFFO measures of other REITs.

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 March 31, 2026 (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 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 March 31, 2026. 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."

DEBT SERVICE COVERAGE RATIO:

We calculate Debt Service Coverage Ratio as the quarterly Total Adjusted EBITDAre divided by total quarterly interest expense less interest receipts of non-designated derivatives and required principal repayment.

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 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.

ECONOMIC OCCUPANCY:

The economic occupancy for each of our retail & office properties is calculated as (a) annualized contractual base rent (net of abatements) for the quarter, divided by (b) annualized base rent, multiplied by (c) leased occupancy, expressed as a percentage. Each of these figures exclude the impact of leases which were signed but not yet occupied as of quarter end. Refer to definition of Annualized Base Rent and Leased Occupancy for further information.

FFO, AS ADJUSTED:

We calculate FFO, As Adjusted as FFO excluding income or loss from discontinued operations related to general contracting and real estate services, multifamily, and real estate financing.

FIXED CHARGE COVERAGE RATIO:

We calculate Fixed Charge Coverage Ratio as quarterly Total Adjusted EBITDAre divided by total quarterly interest expense less interest receipts of non-designated derivatives, required principal repayment, and preferred equity dividends.

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.

LEASED OCCUPANCY:

The occupancy for each of our retail & office properties is calculated as (a) square footage under executed leases, including short term 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.

NET OPERATING INCOME:

We calculate Net Operating Income ("NOI") as rental revenues (base rent, expense reimbursements, termination fees, and other revenue) less rental expenses and real estate taxes. Other REITs may use different methodologies for calculating NOI, and, accordingly, our NOI may not be comparable to such other REITs' NOI. NOI is not a measure of operating income or cash flows from operating activities as measured by GAAP and is not indicative of cash available to fund cash needs. As a result, NOI should not be considered an alternative to cash flows as a measure of liquidity. We consider NOI to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of our real estate business.

To calculate NOI for the same store portfolio, we exclude one-time items, such as termination or assignment fees.

To calculate NOI on a cash basis, we adjust NOI to exclude the net effects of straight-line rental revenues, the amortization of lease incentives and above/below market rents, the net effects of straight-line rental expenses, and to include ground rent expenses for finance leases.

NET RENTABLE SQUARE FOOTAGE:

We define net rentable square footage for each of our retail & office properties as the sum of (a) the square footage of executed leases, plus (b) for available space, management's estimate of net rentable square footage based, in part, on past leases. The net rentable square footage included in office leases is generally

consistent with the Building Owners and Managers Association 1996 measurement guidelines. 37

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 or is impacted by significant disruptive events (e.g. fire, flood) is no longer considered stabilized until the redevelopment or repair 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.

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, preferred dividends, accelerated amortization of intangible assets and liabilities, acquisition, development, and other pursuit costs, unrealized credit loss release or provision, non-controlling interest in investment entities, development/redevelopment net operating income, and other one-time adjustments including non-recurring bad debt and termination fees.

Management believes Total Adjusted EBITDAre is useful to investors in evaluating and facilitating comparisons of our operating performance between periods and with other REITs by removing the impact of our capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from our operating results along with other non-comparable items.

WEIGHTED AVERAGE LEASE TERM REMAINING:

We calculate Weighted Average Lease Term Remaining ("WALT") as the remaining lease term as of period end for commercial stabilized properties, weighted by the Annualized Based Rent of each lease as of the period end.

AS OF MARCH 31, 2026

Retail Properties -

Stabilized Location

Year Built/ Redeveloped

Net Rentable SF(1)

Leased Occupancy(1)

Economic

Occupancy(1) ABR(1)

ABR per

Occupied SF(1) Major Tenant(s)

Town Center of Virginia Beach

249 Central Park Retail

Virginia Beach, VA

2004

35,161

100.0 %

$1,303,634

$37.08

The Cheesecake Factory, Brooks Brothers, Keagan's, Three Notch'd Brewing Company

4525 Main Street Retail

Virginia Beach, VA

2014

26,328

62.0 %

453,633

27.79

Anthropologie, Tupelo Honey

4621 Columbus Retail

Virginia Beach, VA

2020

84,000

100.0 %

1,339,800

15.95

Apex Entertainment

Columbus Village

Virginia Beach, VA

1996/2020/2025

154,268

99.8 %

99.9 %

3,700,921

24.03

Trader Joe's, Shake Shack, CAVA, Ulta, Five Below, Golf Galaxy, Barnes & Noble, David's Bridal, Regal Cinemas

Commerce Street Retail

Virginia Beach, VA

2008

19,173

100.0 %

899,818

46.93

Yard House

Fountain Plaza Retail

Virginia Beach, VA

2004

35,961

75.6 %

988,187

36.33

Ruth's Chris, Bravo!, Nando's

Pembroke Square

Virginia Beach, VA

2015

124,181

100.0 %

2,096,262

16.88

Target (S), REI (S), Fresh Market, Nordstrom Rack, DSW, Decisions

Premier Retail

Virginia Beach, VA

2018

39,015

94.9 %

1,349,838

36.44

Pottery Barn, Williams Sonoma, J. Jill, Cantina Laredo, TASTE

South Retail

Virginia Beach, VA

2002

38,515

84.9 %

1,064,227

32.53

lululemon, Free People, Madewell, CPK

Studio 56 Retail

Virginia Beach, VA

2007

11,594

100.0 %

415,639

35.85

Legal Sea Foods (dark)

The Cosmopolitan Retail

Virginia Beach, VA

2020

41,872

96.4 %

70.8 %

1,338,467

33.17

Lego, Abercrombie, Solidcore, Bluemercury, South Moon Under

Two Columbus Retail

Virginia Beach, VA

2009

13,752

100.0 %

532,919

38.75

Fidelity Investments, Lenscrafters, Muse Paintbar

West Retail

Virginia Beach, VA

2002

17,558

92.9 %

83.4 %

552,844

33.88

PF Changs, The Men's Wearhouse

Harbor Point - Baltimore Waterfront

Constellation Retail(2)

Baltimore, MD

2016

38,464

47.9 %

37.5 %

$685,900

$37.25

honeygrow

Grocery Anchored

Broad Creek Shopping Center(3)

Norfolk, VA

2001

121,504

89.6 %

$2,233,253

$20.51

Target (S), Home Depot (S), Food Lion, PetSmart, Chick-fil-A

Broadmoor Plaza

South Bend, IN

1980

115,059

83.8 %

1,136,362

11.78

Kroger, Staples

Brooks Crossing Retail(2)(4)

Newport News, VA

2016

18,349

91.3 %

255,832

15.27

Piggly Wiggly (S)

Delray Beach Plaza(3)

Delray Beach, FL

2021

87,207

91.2 %

2,820,684

35.46

Whole Foods, First Watch, Pet Supplies Plus, Pollo Tropical

Greenbrier Square

Chesapeake, VA

2017

260,625

100.0 %

2,646,331

10.15

Kroger, Homegoods, Dick's House of Sport, Five Below

Greentree Shopping Center

Chesapeake, VA

2014

15,719

100.0 %

374,545

23.83

Walmart Neighborhood Market (S)

Hanbury Village

Chesapeake, VA

2009

98,638

100.0 %

2,089,656

21.19

Harris Teeter, Petco

Lexington Square

Lexington, SC

2017

85,440

97.2 %

1,878,986

22.63

Lowes Foods, Sola Salon, Hollywood Feed

North Pointe Center

Durham, NC

2009

226,083

96.8 %

2,967,921

13.57

Costco (S), Home Depot (S), Harris Teeter, Ross, Burlington, PetSmart, Shoe Station, Dollar Tree

Parkway Centre

Moultrie, GA

2017

61,200

100.0 %

872,231

14.25

Publix, Petsense, Surchero's

Parkway Marketplace

Virginia Beach, VA

1998

37,804

97.1 %

88.3 %

743,543

20.26

Food Lion (S), O'Reilly Auto Parts

Perry Hall Marketplace

Perry Hall, MD

2001

74,251

100.0 %

1,180,501

15.90

Safeway

Sandbridge Commons

Virginia Beach, VA

2015

69,417

100.0 %

967,787

13.94

Harris Teeter

Tyre Neck Harris Teeter(3)

Portsmouth, VA

2011

48,859

100.0 %

559,948

11.46

Harris Teeter

Southeast Sunbelt

North Hampton Market

Taylors, SC

2004

114,954

98.8 %

96.7 %

1,639,142

$14.43

Target (S), Hobby Lobby, PetSmart, Dollar Tree

One City Center Retail

Durham, NC

2019

22,679

55.7 %

436,294

34.56

Bulldega Urban Market

Overlook Village

Asheville, NC

1990

151,365

96.7 %

2,326,855

15.90

T.J. Maxx / Homegoods, Ross, Burlington, Boot Barn, Five Below, Show Carnival

Patterson Place

Durham, NC

2004

159,842

94.4 %

2,525,446

16.74

Home Depot (S), Kohl's (S), Total Wine, Bob's Discount Furniture, DSW, Boot Barn

Providence Plaza Retail

Charlotte, NC

2008

49,447

98.7 %

1,583,626

32.43

Chipotle, Orange Theory, Mezzanotte, Aqua-Tots

South Square

Durham, NC

2005

109,590

98.1 %

2,053,171

19.10

Target (S), Sam's Club (S), Ross, Petco, Office Depot

The Interlock Retail(3)

Atlanta, GA

2021

108,379

93.4 %

74.8 %

5,293,469

52.31

Puttshack, F1 Arcade, The Gathering Spot

Wendover Village

Greensboro, NC

2004

176,997

97.6 %

3,586,744

20.76

Costco (S), T.J. Maxx, Golf Galaxy, Petco, Five Below, Beautista, Rooms to Go Kids

See appendix for definitions. (S) Shadow anchor located adjacent to the property, but is not part of the owned property. 39

The Company does not have 100% ownership of the property.

The Company leases all or a portion of the land underlying this property pursuant to a ground lease.

The Company is entitled to a preferred return on its investment in this property.

AS OF MARCH 31, 2026

Retail Properties - Stabilized

Location

Year Built/ Redeveloped

Net Rentable SF(1)

Leased Occupancy(1)

Economic Occupancy(1)

ABR(1)

ABR per Occupied SF(1)

Major Tenant(s)

Mid-Atlantic

Dimmock Square

Colonial Heights, VA

1998

106,166

100.0 %

$1,953,189

$18.40

Target (S), Best Buy, Old Navy, Five Below, pOpshelf, Shoe Carnival

Harrisonburg Regal

Harrisonburg, VA

1999

49,000

100.0 %

753,620

15.38

Regal Cinemas

Marketplace at Hilltop(2)

Virginia Beach, VA

2001

116,953

97.3 %

94.5 %

2,866,300

25.20

Total Wine, Michaels, Chick-Fil-A, Panera

Red Mill Commons

Virginia Beach, VA

2005

373,808

97.0 %

95.0 %

7,222,301

19.92

Target (S), Walmart (S), Home Depot (S), T.J. Maxx, Homegoods, Five Below, Michaels, Petco, Dollar Tree, Walgreens

Southgate Square

Colonial Heights, VA

2016

260,131

84.6 %

3,561,233

16.18

Burlington, PetSmart, Michaels, Staples, 7 Brew

Southshore Shops

Midlothian, VA

2006

40,307

89.1 %

826,071

22.99

Buffalo Wild Wings

Stabilized Retail Total 3,839,615 94.8 % 92.5 % $74,077,130 $20.35

Office Properties- Stabilized

Location

Year Built / Redeveloped

Net Rentable SF(1)

Leased Occupancy(1)

Economic Occupancy(1)

ABR(1)

ABR per Occupied SF(1)

Major Tenant(s)

Town Center of Virginia Beach

249 Central Park Office

Virginia Beach, VA

2004

57,295

100.0 %

$1,493,213

$26.06

Gather, HDR

4525 Main Street Office

Virginia Beach, VA

2014

208,760

96.0 %

5,624,521

28.06

Clark Nexsen, Mythics, Kimley-Horn, City of Virginia Beach

4605 Columbus Office(3)

Virginia Beach, VA

2002

19,335

100.0 %

537,706

27.81

AH Realty Trust

Troutman Pepper, Williams Mullen, Trader Interactive, Morgan Stanley, KPMG,

Armada Hoffler Tower(3)

Virginia Beach, VA

2002

298,353

99.3 %

91.0 %

8,998,898

30.38

Hourigan, Old Dominion University, Pender & Coward, Cherry Bekaert, Mass

Mutual, Mason & Hanger, Strayer University

One Columbus

Virginia Beach, VA

1984

129,066

100.0 %

88.9 %

3,624,467

28.08

Atlantic Union Bank, Northwestern Mutual, HBA, Movement Mortgage, Truist

Two Columbus Office

Virginia Beach, VA

2009

93,585

97.7 %

92.6 %

2,584,176

28.27

VHB, Hazen & Sawyer, Insight Global

Harbor Point - Baltimore Waterfront

Constellation Office(4)

Baltimore, MD

2016

444,600

100.0 %

$15,946,114

$35.87

Constellation Energy Group

Thames Street Wharf(3)

Baltimore, MD

2010

263,426

98.8 %

74.0 %

8,362,133

32.13

Morgan Stanley

Wills Wharf(2)

Baltimore, MD

2020

326,895

91.5 %

80.8 %

9,441,229

31.58

Franklin Templeton, Morgan Stanley, Transamerica, Stifel, EY, RBC, Bright Horizons, Canopy by Hilton

Southeast Sunbelt

One City Center Office

Durham, NC

2019

128,920

71.0 %

2,871,984

$31.36

Duke University, WeWork

Providence Plaza Office

Charlotte, NC

2008

53,671

100.0 %

1,688,543

31.46

Choate Construction, Cranfill Sumner

Georgia Tech, Pindrop, The Gathering Spot, Stream, Directional Capital, Innovien

The Interlock Office(2)

Atlanta, GA

2021

199,170

94.4 %

70.8 %

7,861,380

41.81

Solutions, Alloy, The HoneyPot

Mid-Atlantic

Brooks Crossing Office

Newport News, VA

2019

98,061

100.0 %

$2,043,004

$20.83

Huntington Ingalls Industries

Stabilized Office Total 2,321,137 96.0 % 87.7 % $71,077,368 $31.89

See appendix for definitions.

The Company leases all or a portion of the land underlying this property pursuant to a ground lease.

The Company occupies 38,879 square feet at these three properties at an ABR of $1.1M, or $28.46 per leased square foot, which is reflected in this table. The rent paid by the Company is eliminated in accordance with GAAP in the consolidated financial statements.

The Company does not have 100% ownership of the property.

The Company is entitled to a preferred return on its investment in this property.

(S) Shadow anchor located adjacent to the property, but is not part of the owned property.

Disclaimer

AH Realty Trust Inc. published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 21:03 UTC.