AH Realty Trust Q3 net loss widens to $6.6M

Q: What did AHRT change in its credit facilities?

The October 28, 2026 recast includes a $150.0 million revolving credit facility with a five-year maturity, a $200.0 million term loan with a four-year maturity, and a $200.0 million term loan with a five-year maturity. AHRT also entered a $100.0 million TD Bank term loan with a seven-year term.

Retail and office cash same-store NOI rose 6.8% and 5.2%, while 2026 adjusted FFO guidance increased 11.5%.

Available on EDGAR 11/02/2026 - 04:08 PM EST Accepted by SEC EDGAR 11/02/2026 - 04:07 PM EST

Filing Impact

(High)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

8-K

Rhea-AI Filing Summary

AH Realty Trust, Inc. (AHRT) reported a third-quarter 2026 net loss available to common stockholders and OP Unitholders of $6.6 million, or $0.07 per diluted share, versus a $3.6 million loss, or $0.04 per diluted share, a year earlier. FFO, As Adjusted was $15.3 million, or $0.16 per diluted share, compared with $17.0 million, or $0.17 per diluted share. Cash same-store NOI increased 6.8% in retail and 5.2% in office year over year.

The company raised full-year 2026 FFO, As Adjusted guidance 11.5% from original guidance to $0.57–$0.59 per diluted share. It repurchased 0.8 million common shares for $4.9 million during the quarter; year-to-date repurchases were 6.4 million shares for $38.2 million through September 30, 2026.

After quarter-end, it sold The Everly and Solis Gainesville II for $95.5 million and redeemed the Solis Kennesaw financing investment for $15.7 million. On October 28, 2026, it refinanced the Constellation Energy Building loan, extending maturity to October 28, 2029, and recast credit facilities: a $150.0 million revolver, $200.0 million term loans with four- and five-year maturities, plus a separate $100.0 million seven-year term loan. Total debt was $1.0 billion as of September 30, 2026.

2 points · 1 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

Major point. Forward-looking: it has not happened yet and may not happen.2026 adjusted FFO guidance rose 11.5% to $0.57–$0.59 per diluted share.
Moderate pointCash same-store NOI grew 6.8% in retail and 5.2% in office.

Negative

Moderate pointThird-quarter net loss widened to $6.6 million from $3.6 million.
Moderate pointThird-quarter FFO, As Adjusted fell to $15.3 million from $17.0 million.

Filing Explained

The company’s debt-mix shift is incomplete at quarter-end; its one-hundred-percent fixed-or-hedged level is an expected post-sale state.

The filing adds that the company’s 2026 outlook assumes about $57 million in remaining secured-debt paydowns, using proceeds from the completed Everly sale and expected Greenside sale, plus about $100 million in net unsecured-debt paydowns; these are forecast actions, not completed repayments.

The October 28, 2026 refinancing and associated swaps are complete; AH Realty Trust says the fixed-or-economically-hedged share is expected to reach 100% after the stated asset sales and redemption, including the expected Greenside sale, versus 61.4% at September 30, 2026.

The company defines FFO, As Adjusted as FFO excluding income or loss from discontinued operations, and says it cannot reconcile the forward-looking measure to GAAP net income because the needed estimates are unavailable without unreasonable effort.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net loss available to common stockholders and OP Unitholders: $6.6 million Net loss per diluted share: Loss of $0.07 per diluted share FFO, As Adjusted: $15.3 million +5 more

8 metrics

Net loss available to common stockholders and OP Unitholders $6.6 million Third quarter 2026; compared with a $3.6 million loss in the third quarter of 2025

Net loss per diluted share Loss of $0.07 per diluted share Third quarter 2026; compared with a loss of $0.04 in the third quarter of 2025

FFO, As Adjusted $15.3 million Third quarter 2026; compared with $17.0 million in the third quarter of 2025

Full-year FFO, As Adjusted guidance $0.57 to $0.59 per diluted share 2026 guidance, raised 11.5% from original guidance

Retail same-store NOI, cash growth 6.8% Third quarter 2026 compared with the third quarter of 2025

Office same-store NOI, cash growth 5.2% Third quarter 2026 compared with the third quarter of 2025

Total debt outstanding $1.0 billion As of September 30, 2026

Common shares repurchased 0.8 million shares for $4.9 million Third quarter 2026

Key Terms

FFO, As Adjusted, Same Store Net Operating Income, economic occupancy, non-accrual status, +1 more

5 terms

FFO, As Adjusted financial

"FFO, As Adjusted available to common stockholders and OP Unitholders"

Funds From Operations, "as adjusted," is a measure used mainly for real estate companies that starts with reported profit then adds back routine accounting write-downs and strips out gains, losses, and other one-time or non-cash items to show the business’s recurring cash-generating ability. For investors it’s useful because it focuses on steady operational cash flow—like comparing a store’s everyday sales rather than including occasional big one-off transactions—to assess dividend sustainability and operating health.

Same Store Net Operating Income financial

"Same Store Net Operating Income ("NOI") on a cash basis"

Same store net operating income measures the profit a company’s existing, unchanged locations or properties generate from their normal operations, excluding income from newly opened, sold or renovated locations. Investors use it to see whether the core business is getting more or less profitable over time—like checking how the original branches of a coffee chain are doing before counting the effect of any new stores—so it reveals true operational trends without the noise of expansion or asset changes.

economic occupancy financial

"weighted average stabilized portfolio economic occupancy"

non-accrual status financial

"Solis Kennesaw being placed on non-accrual status"

A loan or credit account is placed in non-accrual status when the lender stops recording expected interest income because the borrower is not making scheduled payments or repayment is doubtful. Think of it like a landlord who stops counting unpaid rent as future income once a tenant stops paying; it signals rising credit problems and potential losses. For investors, non-accrual levels indicate loan quality and can foreshadow write-downs, lower earnings, and increased risk to a lender’s balance sheet.

accordion feature financial

"The recast credit facility includes an accordion feature"

An accordion feature is a clause in a loan or financing agreement that allows a company to expand the size of a credit line or the amount of securities available under the same contract without drafting a completely new deal. Like a suitcase that can be extended to hold more items, it gives a company quick flexibility to raise extra money, which can help fund growth but may increase debt or dilute existing shareholders—so investors watch it for changes in risk and ownership.

Earnings Snapshot

Net loss available to common stockholders and OP Unitholders: $6.6 million loss · Guidance included

Third quarter 2026

Net loss available to common stockholders and OP Unitholders $6.6 million loss Compared with a $3.6 million loss in the third quarter of 2025

FFO, As Adjusted $15.3 million Compared with $17.0 million in the third quarter of 2025

Retail same-store NOI, cash 6.8% increase Compared with the third quarter of 2025

Office same-store NOI, cash 5.2% increase Compared with the third quarter of 2025

Guidance

Full-year 2026 FFO, As Adjusted guidance was raised 11.5% from original guidance to $0.57 to $0.59 per diluted share.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were AHRT's third-quarter 2026 results?

AHRT reported a net loss available to common stockholders and OP Unitholders of $6.6 million, or $0.07 per diluted share, compared with a $3.6 million loss, or $0.04 per diluted share, in the third quarter of 2025. FFO, As Adjusted was $15.3 million, or $0.16 per diluted share, compared with $17.0 million, or $0.17 per diluted share.

What is AHRT's 2026 FFO guidance?

AH Realty Trust raised full-year 2026 FFO, As Adjusted guidance 11.5% from original guidance to $0.57 to $0.59 per diluted share.

What did AHRT change in its credit facilities?

The October 28, 2026 recast includes a $150.0 million revolving credit facility with a five-year maturity, a $200.0 million term loan with a four-year maturity, and a $200.0 million term loan with a five-year maturity. AHRT also entered a $100.0 million TD Bank term loan with a seven-year term.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 2, 2026

AH REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland

001-35908

46-1214914

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

4605 Columbus St.

Virginia Beach

Virginia

23462

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (757) 366-4000

222 Central Park Avenue, Suite 1000

Virginia Beach, Virginia

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value per share

AHRT

New York Stock Exchange

6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share

AHRT-PA

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On November 2, 2026, AH Realty Trust, Inc. (the “Company”) issued a press release announcing its financial position as of September 30, 2026, results of operations for the three months ended September 30, 2026, and other related information. Also on November 2, 2026, the Company made available on its website at ir.ahrealtytrust.com/financials/quarterly-results certain supplemental information concerning the Company’s financial results and operations for the three months ended September 30, 2026. Copies of such press release and supplemental information are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

In accordance with General Instructions B.2 and B.6 of Form 8-K, the information included in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

The disclosure contained in Item 2.02 is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.						Description

99.1						Press Release, dated November 2, 2026, issued by AH Realty Trust, Inc., providing its financial position as of June 30, 2026 and results of operations for the three months ended September 30, 2026.

99.2						AH Realty Trust, Inc. Third Quarter 2026 Supplemental Information.

104						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	AH REALTY TRUST, INC.

Date: November 2, 2026	By:	/s/ Matthew T. Barnes-Smith
		Matthew T. Barnes-Smith
		Chief Financial Officer and Treasurer

Exhibit 99.1


						PRESS RELEASE

AH REALTY TRUST REPORTS THIRD QUARTER 2026 RESULTS

GAAP Net Loss of $0.07 Per Diluted Share for the Third Quarter

FFO, As Adjusted of $0.16 Per Diluted Share for the Third Quarter

Raises Full Year 2026 FFO, As Adjusted Guidance to $0.57 to $0.59 Per Diluted Share

Office Same Store NOI Growth of 5.2% (Cash)

Positive Office New Lease Spreads of 22.8% (GAAP) and 23.3% (Cash)

Retail Same Store NOI Growth of 6.8% (Cash)

Positive Retail Renewal Spreads of 11.6% (GAAP) and 5.8% (Cash)

VIRGINIA BEACH, VA, November 2, 2026 – AH Realty Trust (NYSE: AHRT) today announced its results for the quarter ended September 30, 2026 and provided an update on current events and earnings guidance.

Third Quarter and Recent Highlights:

•Raised full-year 2026 FFO, as Adjusted by 11.5% from original guidance to $0.57 to $0.59 per diluted share, driven by continued NOI growth across the retail and mixed-use office portfolio, debt paydowns from closing the Multifamily Portfolio Sale First Closing sooner than anticipated, and the accretive impact of the Company's share repurchase activity. Portfolio performance was highlighted by:

◦Better than anticipated office leasing activity and spreads

◦Sooner than expected retail tenant openings and rent commencements

◦Higher than anticipated percentage rent from retail tenants

◦OpEx savings resulting from successful real estate tax appeals

◦Lower than anticipated bad debt

•On October 28, 2026, the Company refinanced the loan secured by the Constellation Energy Building, extending the maturity date to October 28, 2029.

•On October 28, 2026, the Company recast its credit facilities, including the M&T term loan facility and the TD Bank term loan facility, which is now comprised of the following: a $150.0 million revolving credit facility with a 5 year maturity, a $200.0 million term loan with a 4 year maturity, and a $200.0 million term loan with a 5 year maturity. As part of the recast, we reduced the borrowing capacity of the revolving credit facility to better align its capacity with our anticipated business and liquidity needs. The Company also entered into a $100.0 million term loan with a 7 year term. The recast credit facility includes an accordion feature that allows the total commitments to be increased to $1.0 billion, subject to certain conditions, including obtaining commitments from any one or more lenders. The recasting is intended to simplify the Company's capital structure and extend maturities. The terms and covenants remain materially similar to those in the previous facilities.

•On October 30, 2026, the Company sold The Everly and Solis Gainesville II multifamily assets, for a purchase price of $95.5 million.

•On October 29, 2026, the Solis Kennesaw real estate financing investment was fully redeemed for $15.7 million.

“With the transformation of AH Realty Trust now substantially complete, we are a simpler, stronger company, and our third quarter results reflect that,” said Shawn Tibbetts, Chairman, President and Chief Executive Officer. “Our retail and mixed-use office portfolio continues to perform ahead of our expectations, with same store cash NOI up 6.8% in retail and 5.2% in office. We have also reduced debt by nearly $500 million this year and recast our credit facility, giving us a stronger, more flexible balance sheet with no material maturities until 2029. Given that performance and our visibility into the coming quarters, we are again raising our full-year guidance. As we enter 2027, our focus is on driving organic NOI growth from the portfolio we own today, where meaningful upside is already embedded.”

Third Quarter and Recent Highlights Continued:

•During the quarter ended September 30, 2026, the Company repurchased 0.8 million shares of common stock for $4.9 million at an average cost of $6.25 per share, bringing the total for the year to 6.4 million shares repurchased for a total cost of $38.2 million, at an average cost of $5.96 per share.

•Net loss available to common stockholders and OP Unitholders of $6.6 million, or $0.07 per diluted share, compared to net loss available to common stockholders and OP Unitholders of $3.6 million, or $0.04 per diluted share, for the three months ended September 30, 2025.

•Funds from operations available to common stockholders and OP Unitholders ("FFO") of $15.2 million, or $0.16 per diluted share, compared to $20.2 million, or $0.20 per diluted share, for the three months ended September 30, 2025. See "Non-GAAP Financial Measures."

•FFO, As Adjusted available to common stockholders and OP Unitholders ("FFO, As Adjusted") of $15.3 million, or $0.16 per diluted share, compared to $17.0 million, or $0.17 per diluted share, for the three months ended September 30, 2025. See "Non-GAAP Financial Measures."

•As of September 30, 2026, weighted average stabilized portfolio leased occupancy was 95.7%. Retail leased occupancy was 95.0% and office leased occupancy was 96.6%.

•As of September 30, 2026, weighted average stabilized portfolio economic occupancy was 90.3%. Retail economic occupancy increased 0.1% to 91.0%, reducing the spread to leased occupancy by 0.3%. Office economic occupancy was 89.6%.

•Executed 14 retail lease renewals and 2 new leases during the third quarter for an aggregate of 86,803 net rentable square feet. Positive spreads on both new leases and renewals:

◦New leasing spreads of 27.5% (GAAP) and 16.5% (Cash).

◦Renewal leasing spreads of 11.6% (GAAP) and 5.8% (Cash).

•Executed 2 office lease renewals and 4 new leases during the third quarter for an aggregate of 29,574 net rentable square feet. Positive spreads on both new leases and renewals.

◦New leasing spreads of 22.8% (GAAP) and 23.3% (Cash).

◦Renewal leasing spreads of 12.4% (GAAP) and 1.5% (Cash).

•Same Store Net Operating Income ("NOI") on a cash basis increased 6.8% for the retail segment and 5.2% for the office segment compared to the quarter ended September 30, 2025.

•During the third quarter of 2026, unrealized losses on non-designated interest rate derivatives that negatively affected FFO were $0.9 million. As of September 30, 2026, the value of the Company’s entire interest rate derivative portfolio, net of unrealized losses, was $5.4 million.

Financial Results

Net loss available to common stockholders and OP Unitholders for the third quarter of 2026 was $6.6 million compared to net loss available to common stockholders and OP Unitholders of $3.6 million for the third quarter of 2025. The period-over-period change was driven by a $2.1 million decrease in interest

expense following $456.0 million of debt repayments in the second quarter (net of additional borrowings) with proceeds from the first closing of the multifamily portfolio sale (the "Multifamily Portfolio Sale First Closing"), partially offset by impairment recognized of $3.4 million in our multifamily portfolio, all of which was related to our Gainesville, GA assets.

FFO available to common stockholders and OP Unitholders for the third quarter of 2026 was $15.2 million compared to $20.2 million for the third quarter of 2025. The period-over-period decrease in FFO was primarily due to the $2.2 million decrease in real estate financing segment gross profit as a result of disposing of the majority of the portfolio, and Solis Kennesaw being placed on non-accrual status, and a $2.1 million decrease in general contracting and real estate services gross profit as a result of the disposition in the second quarter. There was also a $2.1 million decrease in interest expense, partially offset by an increase in stock compensation and information technology costs.

FFO, As Adjusted available to common stockholders and OP Unitholders for the third quarter of 2026 decreased to $15.3 million compared to $17.0 million for the third quarter of 2025. The year-over-year decrease in FFO, As Adjusted was primarily due to reduced termination fees in the current year and increased stock compensation and information technology costs, partially offset by decreased interest expense due to approximately $456.0 million of debt repayments (net of additional borrowings) as a result of the Multifamily Portfolio Sale First Closing in the second quarter.

Operating Performance

At the end of the third quarter of 2026, the Company’s retail and office weighted average stabilized operating property portfolio leased occupancy were 95.0% and 96.6%, respectively, and weighted average stabilized portfolio economic occupancy were 91.0% and 89.6%.

Balance Sheet and Financing Activity

As of September 30, 2026, the Company had $1.0 billion of total debt outstanding, including $19.0 million outstanding under its revolving credit facility. Total debt outstanding excludes GAAP adjustments and deferred financing costs. As of September 30, 2026, the Company’s debt was 61.4% fixed or economically hedged after considering interest rate swaps.

On October 28, 2026, the Company refinanced the non-recourse loan secured by the Constellation Energy Building, extending the maturity date to October 28, 2029, and simultaneously executed a swap to fix the rate at 6.36%.

On October 28, 2026, the Company recast its credit facilities, including the M&T term loan facility and the TD Bank term loan facility, and executed swaps to hedge the newly structured term loans at a weighted average rate of 4.93%. The recasting is intended to simplify the Company's capital structure and extend maturities. The terms and covenants remain materially similar to those in the previous facilities.

Following the dispositions of The Everly and Solis Gainesville II, the redemption of Solis Kennesaw, and the expected disposition of Greenside Apartments in November 2026, these new refinancing arrangements and swap agreements will result in an increase to 100% fixed or economically hedged debt.

Outlook

The Company raised its 2026 full-year FFO, As Adjusted guidance range to $0.57 to $0.59 per diluted share. The following table updates the Company's assumptions underpinning its full-year guidance. The Company's executive management will provide further details regarding its 2026 earnings guidance during tomorrow's webcast and conference call.


Full-year 2026 Guidance (1)	Expected Ranges
	Low	High
RETAIL NOI	$70.3M	$71.5M
OFFICE NOI	60.2M	61.4M
EQUITY METHOD INVESTMENT ("EMI") PROPERTY INCOME(2)	3.6M	4.0M
ACQUISITION NOI	0.0M	0.0M
TOTAL COMMERCIAL NOI	$134.1M	$136.9M

G&A EXPENSES	-20.0M	-19.0M
INTEREST EXPENSE	-55.6M	-54.6M
OTHER NOI(3)	8.0M	9.0M
PREFERRED STOCK DIVIDENDS	-11.5M	-11.5M

FUNDS FROM OPERATIONS, AS ADJUSTED ("FFO, AS ADJUSTED")(4)	$56.3M	$58.3M

FFO, AS ADJUSTED PER DILUTED SHARE	$0.57	$0.59

(1) Includes the following assumptions:

•Revised 2026 Same-Store NOI Cash growth ranges:

◦Retail 2.50% - 3.50%

◦Office 3.00% - 4.00%

•Disposition of the Multifamily Portfolio, with the exception of Smith's Landing

•Exit of the remaining Real Estate Financing Portfolio

•Remaining Secured Debt Paydowns of ~$57M with proceeds from the disposition of The Everly and expected disposition of Greenside

•Remaining Net Unsecured Debt Paydowns of ~$100M in 2026

•Includes Share Repurchases of 6.4M shares for $38.2M through September 30, 2026

•No Acquisitions in 2026

(2) 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%).

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

(4) Ranges exclude certain items per the Company's FFO, As Adjusted definition. 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 associated with assets held for sale or under LOI; and (ii) 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 FFO, As Adjusted. See "Non-GAAP Financial Measures." The Company does not provide a reconciliation for its guidance range of FFO, As Adjusted or FFO, As Adjusted per diluted share to net income or net income per diluted share, the most directly comparable forward-looking GAAP financial measures, because it is unable to provide a meaningful or accurate estimate of reconciling items and the information is not available without unreasonable effort as a result of the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income per diluted share. For the same reasons, the Company is unable to address the probable significance of the unavailable information and believes that providing a reconciliation for its guidance range of FFO, As Adjusted and FFO, As Adjusted per diluted share would imply a degree of precision for its forward-looking net income per diluted share that could be misleading to investors.

Supplemental Financial Information

Further details regarding operating results, properties, and leasing statistics can be found in the Company’s supplemental financial package available on the Investors page at AHRealtyTrust.com.

Webcast and Conference Call

The Company will host a webcast and conference call on Tuesday, November 3, 2026 at 8:30 a.m. Eastern Time to review financial results and discuss recent events. The recorded webcast will be available through the Investors page of the Company’s website, AHRealtyTrust.com. To participate in the call, please dial (+1) 833 461 5787 (toll-free dial-in number) or (+1) 585 542 9983 (toll dial-in number). The conference ID is 984 437 291. A telephonic replay will be available shortly after the conclusion of the call through Tuesday, December 1, 2026. This replay may be accessed by dialing (+1) 833 309 1852 and providing passcode 984 437 291#. A replay of the webcast will also be available for 30 days beginning approximately two hours after the conclusion of the conference call.

About AH Realty Trust

AH Realty Trust is a pure-play, high-quality retail and mixed-use office REIT focused on identifying and realizing dominant market competitive advantages throughout the Sunbelt, mid-Atlantic and Southeast. Our company is primarily comprised of and focused on open-air shopping centers and mixed-use ecosystems within our markets.

Forward-Looking Statements

Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, 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. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and the Company may not be able to realize any forward-looking statement. 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 Securities and Exchange Commission 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.

Non-GAAP Financial Measures

The Company calculates 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 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. The Company uses FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the Company’s 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. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the Company’s operating performance with that of other REITs.

However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the Company’s properties that result from use or market conditions nor the level of capital

expenditures and leasing commissions necessary to maintain the operating performance of the Company’s properties, all of which have real economic effects and could materially impact the Company’s results from operations, the utility of FFO as a measure of the Company’s performance is limited. In addition, other equity REITs may not calculate FFO in accordance with the Nareit definition as the Company does, and, accordingly, the Company’s FFO may not be comparable to such other REITs’ FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of the Company’s performance. FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or service indebtedness. Also, FFO should not be used as a supplement to or substitute for cash flow from operating activities computed in accordance with GAAP.

Management also believes that the computation of FFO in accordance with Nareit’s definition includes certain items that are not indicative of the results provided by the Company’s operating property portfolio and affect the comparability of the Company’s period-over-period performance. Accordingly, management believes that FFO, As Adjusted is a more useful performance measure that excludes income or loss from discontinued operations related to general contracting and real estate services, multifamily, and real estate financing. Other equity REITs may not calculate FFO, As Adjusted in the same manner as we do, and, accordingly, our FFO, As Adjusted may not be comparable to such other REITs' FFO, As Adjusted.

NOI is the measure used by the Company’s chief operating decision-maker to assess segment performance. The Company calculates 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. Segment expenses include rental expenses and real estate taxes for our property segments. NOI is not a measure of operating income or cash flows from operating activities as measured in accordance with 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. Not all companies calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s retail and office real estate businesses. 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.

For reference, as an aid in understanding the Company’s computation of NOI, NOI Cash Basis, FFO, and FFO, As Adjusted, a reconciliation of net income calculated in accordance with GAAP to NOI, NOI Cash Basis, FFO, and FFO, As Adjusted has been included further in this release.

AH Realty Trust

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands)


	September 30, 2026		December 31, 2025
	(UNAUDITED)
ASSETS
Real estate investments:
Income producing property	$	1,791,169	$	1,801,279
Held for development	—		5,683
Construction in progress	13,109		13,028
	1,804,278		1,819,990
Accumulated depreciation	(436,065)		(410,565)
Net real estate investments	1,368,213		1,409,425
Real estate investments held for sale, net	—		4,800
Assets of discontinued operations held for sale	181,977		800,536
Cash and cash equivalents	27,215		40,743
Restricted cash	1,694		1,622
Accounts receivable, net	62,994		64,747
Notes receivable, net	7,866		—


Equity method investments	57,782		47,926
Operating lease right-of-use assets	22,430		22,610
Finance lease right-of-use assets	76,557		77,539
Acquired lease intangible assets	66,853		76,408
Other assets	43,593		50,154
Total Assets	$	1,917,174	$	2,596,510
LIABILITIES AND EQUITY
Indebtedness, net	$	953,533	$	1,283,987

Liabilities of discontinued operations held for sale	78,435		286,502
Accounts payable and accrued liabilities	30,665		36,810


Operating lease liabilities	31,073		31,198
Finance lease liabilities	85,451		84,835
Other liabilities	45,015		43,986
Total Liabilities	1,224,172		1,767,318












Total Equity	693,002		829,192
Total Liabilities and Equity	$	1,917,174	$	2,596,510

AH Realty Trust

CONDENSED CONSOLIDATED INCOME STATEMENTS

(in thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(Unaudited)
Revenues
Rental revenues	$	52,323	$	53,108	$	157,188	$	154,010

Total revenues	52,323		53,108		157,188		154,010

Expenses
Rental expenses	12,402		12,092		37,699		34,590
Real estate taxes	4,784		4,760		14,316		14,533

Depreciation and amortization	18,246		17,907		54,389		53,598
General and administrative expenses	5,167		4,154		14,885		15,529
Acquisition, development, and other pursuit costs	—		1		16		84
Impairment charges	—		295		1,894		295
Total expenses	40,599		39,209		123,199		118,629
Loss on real estate dispositions, net	—		—		(854)		—
Operating income	11,724		13,899		33,135		35,381
Interest income	277		71		573		563
Interest expense	(13,141)		(15,256)		(41,045)		(42,975)
Equity in income (loss) of unconsolidated real estate entities	193		38		770		(1,198)
Gain on consolidation of real estate entities	—		—		—		3,920
Loss on extinguishment of debt	—		(36)		(523)		(36)
Change in fair value of derivatives and other	477		(920)		2,439		(981)
Unrealized credit loss release (provision)	15		—		(81)		242
Other income (expense), net	188		—		204		(86)


Loss from continuing operations	(267)		(2,204)		(4,528)		(5,170)
Discontinued operations
(Loss) income from discontinued operations	(3,339)		1,657		(47,136)		6,620
Income tax (provision) benefit from discontinued operations	—		(192)		(3,359)		185
(Loss) income from discontinued operations, net of taxes	(3,339)		1,465		(50,495)		6,805

Net (loss) income	(3,606)		(739)		(55,023)		1,635
Net (income) loss available to noncontrolling interests in investment entities	(129)		51		(394)		131
Preferred stock dividends	(2,887)		(2,887)		(8,661)		(8,661)
Net loss available to common stockholders and OP Unitholders	$	(6,622)	$	(3,575)	$	(64,078)	$	(6,895)

AH Realty Trust

RECONCILIATION OF NET (LOSS) INCOME TO FFO & FFO, AS ADJUSTED

(in thousands, except per share amounts)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(Unaudited)
Net loss available to common stockholders and OP Unitholders	$	(6,622)	$	(3,575)	$	(64,078)	$	(6,895)
Depreciation and amortization, net(1)	18,657		23,395		63,241		69,774
Gain on consolidation of real estate entities	—		—		—		(6,915)
Gain on operating real estate dispositions, net(2)	(251)		—		(16,868)		—
Impairment of real estate assets(3)	3,442		350		68,934		350
FFO available to common stockholders and OP Unitholders	$	15,226	$	20,170	$	51,229	$	56,314
FFO available to general contracting and real estate services	—		(2,240)		3,650		(4,004)
FFO available to multifamily	(342)		636		(3,284)		(1,750)
FFO available to real estate financing	435		(1,598)		(7,112)		(5,208)
FFO, As Adjusted available to common stockholders and OP Unitholders	$	15,319	$	16,968	$	44,483	$	45,352
Net loss available to common stockholders and OP Unitholders per diluted share and unit	$	(0.07)	$	(0.04)	$	(0.65)	$	(0.07)
FFO available to common stockholders and OP Unitholders per diluted share and unit	$	0.16	$	0.20	$	0.52	$	0.55
FFO, As Adjusted available to common stockholders and OP Unitholders per diluted share and unit	$	0.16	$	0.17	$	0.45	$	0.44
Weighted-average common shares and units - diluted	97,293		102,093		99,093		102,093

________________________________________


(1) The adjustment for depreciation and amortization excludes amortization of above and below-market ground lease assets. The adjustment for depreciation and amortization for the three and nine months ended September 30, 2026 excludes $0.2 million and $0.7 million, respectively, of depreciation attributable to our partners. The adjustment for depreciation and amortization for the three and nine months ended September 30, 2025 excludes $0.2 million and $0.7 million, respectively, of depreciation attributable to our partners.
(2) The adjustment for gain on operating real estate dispositions for the nine months ended September 30, 2026 excludes $0.2 million for the loss on the disposition of a non-operating parcel of undeveloped land under predevelopment. The adjustment for gain on operating real estate dispositions for the three and nine months ended September 30, 2026 includes the $2.2 million loss on disposition of the general contracting and real estate services business.
(3) Impairment recognized for the three months ended September 30, 2026 represents impairment of the multifamily properties Solis Gainesville II and The Everly. Impairment recognized for the nine months ended September 30, 2026 represents impairment related to (i) the multifamily assets, Greenside Apartments, The Everly, and Solis Gainesville II, (ii) the real estate financing investments Solis Kennesaw, Solis Peachtree, and Solis North Creek, and (iii) development projects that management has determined are no longer probable of execution and no longer intends to pursue.

AH Realty Trust

RECONCILIATION OF NET (LOSS) INCOME TO SAME STORE NOI, CASH BASIS

(in thousands) (unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Retail Same Store (1)
Same Store NOI, Cash Basis	$	16,950	$	15,876	$	50,097	$	48,135
GAAP Adjustments (2)	446		1,294		2,759		3,682
Same Store NOI	17,396		17,170		52,856		51,817
Non-Same Store NOI (3)	397		1,031		462		1,493
Segment NOI	17,793		18,201		53,318		53,310

Office Same Store (4)
Same Store NOI, Cash Basis	13,635		12,961		40,363		38,539
GAAP Adjustments (2)	1,843		2,429		5,112		6,288
Same Store NOI	15,478		15,390		45,475		44,827
Non-Same Store NOI (3)	(157)		620		(88)		742
Segment NOI	15,321		16,010		45,387		45,569

Other NOI	2,023		2,045		6,468		6,008

Total Property NOI	35,137		36,256		105,173		104,887

Depreciation and amortization	(18,246)		(17,907)		(54,389)		(53,598)
General and administrative expenses	(5,167)		(4,154)		(14,885)		(15,529)
Acquisition, development, and other pursuit costs	—		(1)		(16)		(84)
Impairment charges	—		(295)		(1,894)		(295)
Loss on real estate dispositions, net	—		—		(854)		—
Interest income	277		71		573		563
Interest expense	(13,141)		(15,256)		(41,045)		(42,975)
Equity in income (loss) of unconsolidated real estate entities	193		38		770		(1,198)
Gain on consolidation of real estate entities	—		—		—		3,920
Loss on extinguishment of debt	—		(36)		(523)		(36)
Change in fair value of derivatives and other	477		(920)		2,439		(981)
Unrealized credit loss release (provision)	15		—		(81)		242
Other income (expense), net	188		—		204		(86)

Loss from continuing operations	(267)		(2,204)		(4,528)		(5,170)

Discontinued operations
(Loss) income from discontinued operations	(3,339)		1,657		(47,136)		6,620
Income tax (provision) benefit from discontinued operations	—		(192)		(3,359)		185
(Loss) income from discontinued operations, net of taxes	(3,339)		1,465		(50,495)		6,805

Net (loss) income	(3,606)		(739)		(55,023)		1,635
Net (income) loss available to noncontrolling interests in investment entities	(129)		51		(394)		131
Preferred stock dividends	(2,887)		(2,887)		(8,661)		(8,661)
Net loss available to common stockholders and OP Unitholders	$	(6,622)	$	(3,575)	$	(64,078)	$	(6,895)

________________________________________


(1) Retail same-store portfolio for the three and nine months ended September 30, 2026 and September 30, 2025 excludes Allied \| Harbor Point Retail, Liberty Retail, Point Street Retail, The Edison Retail, and Chronicle Mill Retail, which were sold in May 2026 as part of the Multifamily Portfolio Sale First Closing. They also exclude Southern Post Retail, which reached stabilization in Q3 2026.
(2) GAAP Adjustments include adjustments for the net effects of straight-line rental revenues, the amortization of lease incentives and above/below market rents, the net effects of straight-line rental expenses, and ground rent expenses for finance leases.
(3) Includes expenses associated with the Company's in-house asset management division.
(4) Office same-store portfolio for the three and nine months ended September 30, 2026 and 2025 excludes Chronicle Mill Office, which was sold in May 2026 as part of the Multifamily Portfolio Sale First Closing, and Southern Post Office, which is not yet stabilized.

Contact:

Chelsea Forrest

AH Realty Trust

Executive Vice President of Investor Relations and Administration

Email: Chelsea.Forrest@AHRealtyTrust.com

Phone: (757) 612-4248

3Q26 SUPPLEMENTAL FINANCIAL PACKAGE

2 TABLE OF CONTENTS SECTION PAGE SECTION PAGE FORWARD-LOOKING STATEMENTS ...................................................... 3 SAME STORE NOI BY SEGMENT ............................................................ 21 CORPORATE PROFILE ............................................................................. 4 RENTAL REVENUE DISAGGREGATION ................................................. 22 HIGHLIGHTS ............................................................................................. 5 STABILIZED PORTFOLIO SUMMARY ..................................................... 23 2026 REVISED OUTLOOK: CONTINUING OPERATIONS ..................... 6 RETAIL PORTFOLIO ................................................................................. 24 2026 REVISED OUTLOOK: ASSUMPTIONS ........................................... 7 OFFICE PORTFOLIO ................................................................................. 25 SUMMARY INFORMATION ...................................................................... 8 TOP 20 TENANTS BY ABR ...................................................................... 26 SUMMARY INCOME STATEMENT ......................................................... 9 LEASE SUMMARY .................................................................................... 27 SUMMARY BALANCE SHEET ................................................................. 10 LEASE EXPIRATIONS ............................................................................... 28 FFO & AFFO ............................................................................................... 11 REDEVELOPMENT .................................................................................... 29 FFO, AS ADJUSTED .................................................................................. 12 NET INCOME & NOI BY SEGMENT ......................................................... 30 NET ASSET VALUE COMPONENT DATA .............................................. 13 ACQUISITIONS & DISPOSITIONS ........................................................... 31 CREDIT PROFILE ....................................................................................... 14 DISCONTINUED OPERATIONS ............................................................... 32 LEVERAGE METRICS ................................................................................ 15 DISCONTINUED OPERATIONS, CONT. .................................................. 33 DEBT MANAGEMENT .............................................................................. 16 APPENDIX - DEFINITIONS ....................................................................... 35 OUTSTANDING DEBT ............................................................................... 17 APPENDIX - PROPERTY PORTFOLIO ..................................................... 39 HEDGING ACTIVITY ................................................................................. 18 APPENDIX - RECONCILIATION OF DEBT & EBITDAre ......................... 42 CAPITALIZATION & FINANCIAL RATIOS .............................................. 19 APPENDIX - RECONCILIATION OF NET INCOME TO TOTAL ADJUSTED EBITDAre ............................................................................... 43 PORTFOLIO PROFILE ............................................................................... 20 APPENDIX - CAPITAL EXPENDITURES ................................................. 44

3 This Supplemental Financial Package should be read in conjunction with the unaudited condensed consolidated financial statements appearing in the Company’s press release dated November 2, 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 November 2, 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. FORWARD-LOOKING STATEMENTS

4 BOARD OF DIRECTORS Shawn J. Tibbetts, Chairman of the Board James A. Carroll, Lead Independent Director Theodore R. Bigman, Independent Director Jennifer R. Boykin, Independent Director James C. Cherry, Independent Director Louis S. Haddad, Director Daniel A. Hoffler, Director F. Blair Wimbush, Independent Director Lori B. Wittman, Independent Director CORPORATE OFFICERS Shawn J. Tibbetts, Chairman, President and Chief Executive Officer Matthew T. Barnes-Smith, Chief Financial Officer and Treasurer Scotia Capital USA Inc Viktor Fediv (212) 225-6911 viktor.fediv@scotiabank.com Bank of America Merrill Lynch Jana Galan (646) 855-5042 jana.galan@bofa.com Jefferies LLC Jonathan Petersen (212) 284-1705 jpetersen@jefferies.com ANALYST COVERAGE AH Realty Trust (NYSE: AHRT) AH Realty Trust is a pure-play, high-quality retail and mixed-use office REIT focused on identifying and realizing dominant market competitive advantages throughout the Sunbelt, mid-Atlantic and Southeast. Our company is primarily comprised of and focused on open-air shopping centers and mixed-use ecosystems within our markets. CORPORATE PROFILE CREDIT RATING Rating: BBB Agency: Morningstar DBRS Stifel Simon Yarmak (443) 224-1345 yarmaks@stifel.com

5 HIGHLIGHTS $0.16 Third Quarter FFO, As Adjusted Per Diluted Share +5.2% Office Same Store NOI, Cash Increase 3Q26 vs 3Q25 +6.8% Retail Same Store NOI, Cash Increase 3Q26 vs 3Q25 $0.15 Third Quarter AFFO Per Diluted Share 23.3% Third Quarter Office New Lease Spread, Cash 16.5% Third Quarter Retail New Lease Spread, Cash 11.5% Full Year 2026 FFO, As Adjusted Increase Over Original Guidance $4.9M Third Quarter Share Repurchases 5.8% Third Quarter Retail Renewal Lease Spread, Cash

6 2026 REVISED OUTLOOK: CONTINUING OPERATIONS LOW HIGH RETAIL NOI $70.3M $71.5M OFFICE NOI $60.2M $61.4M EQUITY METHOD INVESTMENT ("EMI") PROPERTY INCOME(1) $3.6M $4.0M ACQUISITION NOI $0.0M $0.0M TOTAL COMMERCIAL NOI $134.1M $136.9M G&A EXPENSES -$20.0M -$19.0M INTEREST EXPENSE -$55.6M -$54.6M OTHER NOI(2) $8.0M $9.0M PREFERRED STOCK DIVIDENDS -$11.5M -$11.5M FUNDS FROM OPERATIONS AS ADJUSTED ("FFO, AS ADJUSTED")(3) $56.3M $58.3M FFO, AS ADJUSTED PER DILUTED SHARE $0.57 $0.59 (1) Includes T. Rowe Price Global HQ. EMI property income is reflected as the property's NOI less interest expense, multiplied by the Company's ownership percentage (50%). (2) Other income includes NOI from Smith's Landing and NOI from parking income. (3) 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 FFO as adjusted for certain items that the Company believes are not indicative of its ongoing operating performance, including: (i) estimated income and expenses associated with assets held for sale or under LOI; and (ii) 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 FFO, As Adjusted.

7 • Revised 2026 Same-Store NOI Cash growth ranges: ◦ Retail 2.50% - 3.50% ◦ Office 3.00% - 4.00% • Disposition of the Multifamily Portfolio, with the exception of Smith's Landing (1) • Exit of the remaining Real Estate Financing Portfolio (2) • Remaining Secured Debt Paydowns of ~$57M with proceeds from the disposition of The Everly and expected disposition of Greenside • Remaining Net Unsecured Debt Paydowns of ~$100M in 2026 (3) • Includes Share Repurchases of 6.4M shares for $38.2M through September 30, 2026 • No Acquisitions in 2026 (1) Refer to slide 32, Discontinued Operations, for management’s expectations on timing of remaining multifamily dispositions. (2) Refer to slide 33 for management’s expectations on timing of remaining real estate financing dispositions. (3) Assumed debt paydowns with expected proceeds from the sale of remaining 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 provide no assurances that the proceeds ultimately received by the Company will not be different than anticipated, and such difference could be material. Does not include any dispositions expected to take place in 2027. 2026 REVISED OUTLOOK: ASSUMPTIONS

8(1) See appendix for definitions. (2) Excludes GAAP adjustments. (3) Total occupancy weighted by annualized rent. SUMMARY INFORMATION $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) OPERATIONAL METRICS 9/30/2026 6/30/2026 3/31/2026 12/31/2025 Net Loss Attributable to Common Stockholders and OP Unitholders ($6,622) ($24,165) ($33,291) ($647) Net Loss per Diluted Share Available to Common Stockholders and OP Unitholders ($0.07) ($0.25) ($0.33) ($0.01) FFO Available to Common Stockholders and OP Unitholders 15,226 15,405 20,598 23,143 FFO per Diluted Share Available to Common Stockholders and OP Unitholders $0.16 $0.16 $0.20 $0.23 FFO, As Adjusted Available to Common Stockholders and OP Unitholders 15,319 14,054 15,110 22,862 FFO, As Adjusted per Diluted Share Available to Common Stockholders and OP Unitholders $0.16 $0.14 $0.15 $0.22 Net Debt / Total Adjusted EBITDAre 7.1x 7.1x 8.3x 8.1x Fixed Charge Coverage Ratio(1) 2.3x 1.8x 2.0x 2.2x CAPITALIZATION Common Shares Outstanding 73,810 74,594 76,553 80,167 Operating Partnership Units Outstanding 24,855 24,839 24,757 23,521 Common Shares and Operating Partnership Units Outstanding 98,665 99,433 101,310 103,688 Market Price per Common Share as of Last Trading Day of Quarter $6.10 $7.08 $5.50 $6.62 Common Equity Capitalization 601,857 703,986 557,205 686,415 Preferred Equity Capitalization 171,085 171,085 171,085 171,085 Total Equity Capitalization 772,942 875,071 728,290 857,500 Total Debt(2) 1,033,779 1,037,085 1,492,742 1,526,584 Total Capitalization $1,806,721 $1,912,156 $2,221,032 $2,384,084 STABILIZED PORTFOLIO ECONOMIC OCCUPANCY(1) Retail 91.0 % 90.9 % 92.5 % 93.3 % Office 89.6 % 90.5 % 87.7 % 90.4 % Weighted Average(3) 90.3 % 90.7 % 90.1 % 91.8 % STABILIZED PORTFOLIO LEASED OCCUPANCY(1) Retail 95.0 % 95.1 % 94.8 % 94.9 % Office 96.6 % 96.7 % 96.0 % 96.4 % Weighted Average(3) 95.7 % 95.9 % 95.4 % 95.6 % STABILIZED PORTFOLIO Retail Portfolio Net Operating Income $17,793 $17,481 $17,066 $18,099 Number of Properties 43 42 42 46 Net Rentable Square Feet 3,881k 3,840k 3,840k 3,823k Office Portfolio Net Operating Income $14,998 $14,783 $14,297 $18,044 Number of Properties 13 13 13 14 Net Rentable Square Feet 2,317k 2,317k 2,321k 2,337k

9 Three Months Ended Nine Months Ended 9/30/2026 9/30/2025 9/30/2026 9/30/2025 (Unaudited) (Unaudited) Revenues Rental revenues $52,323 $53,108 $157,188 $154,010 Total revenues 52,323 53,108 157,188 154,010 Expenses Rental expenses 12,402 12,092 37,699 34,590 Real estate taxes 4,784 4,760 14,316 14,533 Depreciation and amortization 18,246 17,907 54,389 53,598 General and administrative expenses 5,167 4,154 14,885 15,529 Acquisition, development, and other pursuit costs — 1 16 84 Impairment charges — 295 1,894 295 Total expenses 40,599 39,209 123,199 118,629 Loss on real estate dispositions, net — — (854) — Operating income 11,724 13,899 33,135 35,381 Interest income 277 71 573 563 Interest expense (13,141) (15,256) (41,045) (42,975) Equity in income (loss) of unconsolidated real estate entities 193 38 770 (1,198) Gain on consolidation of real estate entities — — — 3,920 Loss on extinguishment of debt — (36) (523) (36) Change in fair value of derivatives and other 477 (920) 2,439 (981) Unrealized credit loss release (provision) 15 — (81) 242 Other income (expense), net 188 — 204 (86) Loss from continuing operations ($267) ($2,204) ($4,528) ($5,170) Discontinued operations (Loss) income from discontinued operations(1) (3,339) 1,657 (47,136) 6,620 Income tax (provision) benefit from discontinued operations — (192) (3,359) 185 (Loss) income from discontinued operations, net of taxes (3,339) 1,465 (50,495) 6,805 Net (loss) income (3,606) (739) (55,023) 1,635 Net (income) loss available to noncontrolling interests in investment entities (129) 51 (394) 131 Preferred stock dividends (2,887) (2,887) (8,661) (8,661) Net Loss Available to AHRT and OP Unitholders ($6,622) ($3,575) ($64,078) ($6,895) Net Loss per Diluted Share and Unit Available to AHRT and OP Unitholders ($0.07) ($0.04) ($0.65) ($0.07) Weighted Average Shares & OP Units - Diluted(2) 97,293 102,093 99,093 102,093 SUMMARY INCOME STATEMENT $ IN THOUSANDS, EXCEPT PER SHARE (1) Includes a $0.2 million gain on the Multifamily Portfolio Sale First Closing and $3.4 million impairment related to The Everly and Solis Gainesville II for the three months ended September 30, 2026. The nine months ended September 30, 2026 also included a $42.7 million impairment related to Solis Kennesaw, Solis North Creek, and Solis Peachtree, a $15.6 million impairment related to The Everly and Solis Gainesville II, an $8.7 million impairment related to Greenside Apartments, a $19.8 million gain on the Multifamily Portfolio Sale First Closing, and a $2.2 million loss on the disposition of the general contracting and real estate services business. (2) Represents the weighted average number of common shares and OP Units outstanding during the respective periods presented excluding potentially dilutive impact of Preferred Stock. Excludes 90% of unvested performance-based LTIP Units that are not considered participating securities.

10 SUMMARY BALANCE SHEET $ IN THOUSANDS As Of 9/30/2026 12/31/2025 (Unaudited) Assets Real Estate Investments: Income Producing Property $1,791,169 $1,801,279 Held For Development — 5,683 Construction In Progress 13,109 13,028 Accumulated Depreciation (436,065) (410,565) Net Real Estate Investments 1,368,213 1,409,425 Real Estate Investments Held For Sale, Net — 4,800 Assets Of Discontinued Operations Held For Sale 181,977 800,536 Cash And Cash Equivalents 27,215 40,743 Restricted Cash 1,694 1,622 Accounts Receivable, Net 62,994 64,747 Notes Receivable, Net 7,866 — Equity Method Investments 57,782 47,926 Operating Lease Right-of-use Assets 22,430 22,610 Finance Lease Right-of-use Assets 76,557 77,539 Acquired Lease Intangible Assets 66,853 76,408 Other Assets 43,593 50,154 Total Assets $1,917,174 $2,596,510 Liabilities and Equity Indebtedness, Net $953,533 $1,283,987 Liabilities Of Discontinued Operations Held For Sale 78,435 286,502 Accounts Payable And Accrued Liabilities 30,665 36,810 Operating Lease Liabilities 31,073 31,198 Finance Lease Liabilities 85,451 84,835 Other Liabilities 45,015 43,986 Total Liabilities 1,224,172 1,767,318 Total Equity 693,002 829,192 Total Liabilities and Equity $1,917,174 $2,596,510

11 FFO & AFFO(1) $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) Nine Months Ended (Unaudited) 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2026 9/30/2025 Funds From Operations(1) Net Loss Available to AHRT and OP Unitholders ($6,622) ($24,165) ($33,291) ($647) ($64,078) ($6,895) Net Loss per Diluted Share ($0.07) ($0.25) ($0.33) ($0.01) ($0.65) ($0.07) Depreciation and Amortization(2) 18,657 19,924 24,660 23,767 63,241 69,774 Net Gain on Consolidation of Real Estate Entities — — — — — (6,915) Gain on Dispositions of Operating Real Estate (251) (16,617) — — (16,868) — Impairment of Real Estate Assets 3,442 (3) 36,263 29,229 23 68,934 (3) 350 FFO $15,226 $15,405 $20,598 $23,143 $51,229 $56,314 FFO per Diluted Share $0.16 $0.16 $0.20 $0.23 $0.52 $0.55 Adjusted FFO(1) Loss on Extinguishment of Debt — 2,650 — — 2,650 69 Unrealized Credit Loss Provision (Release) 81 175 1,749 (124) 2,005 (313) Amortization of Right-of-Use Assets - Finance Leases 323 363 391 395 1,077 1,185 Decrease in Fair Value of Derivatives Not Designated as Cash Flow Hedges 882 2,188 2,098 4,929 5,168 17,567 Non-Cash Stock Compensation 1,326 1,388 1,355 855 4,069 3,383 Property-Related Capital Expenditures(4) (2,187) (2,912) (2,450) (7,181) (7,550) (11,161) Non-Cash Interest Expense(5) 1,683 1,773 2,087 2,758 5,543 7,293 Non-Cash Interest Income — (79) (2,255) (3,571) (2,334) (11,260) Cash Ground Rent Payment - Finance Lease (739) (928) (1,001) (1,005) (2,668) (2,965) GAAP Adjustments (2,363) (1,941) (2,688) (3,078) (6,992) (8,812) AFFO $14,232 $18,082 $19,884 $17,121 $52,198 $51,300 AFFO per Diluted Share $0.15 $0.18 $0.19 $0.17 $0.53 $0.50 Weighted Average Common Shares Outstanding 74,499 75,291 79,840 80,153 76,524 80,155 Weighted Average Operating Partnership Units Outstanding(6) 22,794 22,718 22,187 21,947 22,569 21,938 Total Weighted Average Common Shares and OP Units Outstanding(6)(7) 97,293 98,009 102,027 102,100 99,093 102,093 (1) See definitions in appendix. (2) Adjusted to remove the depreciation and amortization attributable to noncontrolling interests in consolidated investments, and to include our share of depreciation and amortization attributable to unconsolidated investments. (3) Impairment for the three months ended September 30, 2026 includes impairment related to the multifamily assets, The Everly and Solis Gainesville II. Impairment for the nine months ended September 30, 2026 also includes impairment related to the multifamily assets, Greenside Apartments, The Everly, and Solis Gainesville II, the real estate financing investments, Solis Kennesaw, Solis Peachtree, and Solis North Creek, and development projects that management has determined are no longer probable of execution and no longer intends to pursue development of the projects. (4) Excludes development, redevelopment, and first-generation space. (5) Includes non-cash interest expense relating to indebtedness and interest expense on finance leases. (6) Excludes 90% of unvested performance-based LTIP Units that are not considered participating securities. (7) Represents the weighted average number of common shares and OP Units outstanding during the respective periods presented excluding any potentially dilutive impact of Preferred Stock.

12 FFO, AS ADJUSTED $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2026 9/30/2025 FFO $15,226 $15,405 $20,598 $23,143 $51,229 $56,314 FFO Available to General Contracting and Real Estate Services — 3,081 569 (1,282) 3,650 (4,004) FFO Available to Multifamily (342) 463 (3,405) 2,493 (3,284) (1,750) FFO Available to Real Estate Financing 435 (4,895) (2,652) (1,492) (7,112) (5,208) FFO, As Adjusted $15,319 $14,054 $15,110 $22,862 $44,483 $45,352 FFO per Diluted Share $0.16 $0.16 $0.20 $0.23 $0.52 $0.55 FFO per Diluted Share Available to General Contracting and Real Estate Services — 0.03 0.01 (0.01) 0.04 (0.04) FFO per Diluted Share Available to Multifamily — — (0.03) 0.02 (0.03) (0.02) FFO per Diluted Share Available to Real Estate Financing — (0.05) (0.03) (0.01) (0.07) (0.05) FFO, As Adjusted per Diluted Share $0.16 $0.14 $0.15 $0.22 $0.45 $0.44 Weighted Average Common Shares Outstanding 74,499 75,291 79,840 80,153 76,524 80,155 Weighted Average Operating Partnership Units Outstanding(1) 22,794 22,718 22,187 21,947 22,569 21,938 Total Weighted Average Common Shares and OP Units Outstanding(1)(2) 97,293 98,009 102,027 102,100 99,093 102,093 (1) Excludes 90% of unvested performance-based LTIP Units that are not considered participating securities. (2) 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.

13 STABILIZED PORTFOLIO NOI (CASH)(1) LIABILITIES Three Months Ended Annualized As of 9/30/2026 9/30/2026 Mortgages and Notes Payable $1,033,780 Retail Mortgages, JV Pro Rata Share 81,347 Stabilized Retail NOI, Cash(2) $17,753 $71,012 Total Debt, including JV Pro Rata Share $1,115,127 Signed Not Yet Occupied or in Free Rent Period, Retail 284 1,136 Adjusted Stabilized Retail NOI, Cash $18,037 $72,148 Accounts Payable and Accrued Liabilities, Non-Property 5,127 Other Liabilities, Non-Property 16,410 Office Total Liabilities $1,136,664 Stabilized Office NOI, Cash(2) $16,092 $64,368 Signed Not Yet Occupied or in Free Rent Period, Office 1,740 6,960 Adjusted Stabilized Office NOI, Cash $17,832 $71,328 Other NOI, Cash $2,012 $8,048 NON-STABILIZED PORTFOLIO PREFERRED EQUITY As of 9/30/2026 Liquidation Value Properties in Lease Up at Cost(3) $68,486 Series A Cumulative Redeemable Perpetual Preferred Stock $171,085 ASSETS OF DISCONTINUED OPERATIONS COMMON EQUITY As of 9/30/2026 As of 9/30/2026 Real Estate Assets under PSA(4) $172,500 Total Common Shares Outstanding 73,810 Real Estate Financing Investments at Book Value(5) 14,380 Total OP Units Outstanding 24,855 $186,880 Total Common Shares and Units Outstanding 98,665 NON-PROPERTY ASSETS (1) Excludes $0.9M of expenses associated with the Company’s in-house asset management division for the three months ended September 30, 2026. As of 9/30/2026 Cash and Restricted Cash $10,003 (2) Includes $2.3M and less than $(0.01)M of AHRT’s JV Pro Rata Share of Cash NOI for T. Rowe Price Global HQ for Office and Retail, respectively.Accounts Receivable, Net 2,025 Notes Receivable(5) 8,408 (3) Refer to slide 41 for the make-up of Non-Stabilized properties. Other Assets 6,991 (4) Refer to slide 32 for a break-out of real estate assets sold and under PSA. Total Non-Property Assets $27,427 (5) Excludes allowance for current expected credit losses. NET ASSET VALUE COMPONENT DATA $ AND SHARES/UNITS IN THOUSANDS

14 CREDIT PROFILE $ IN THOUSANDS Leverage 7.5x 7.4x 7.5x 7.2x 7.2x 7.1x 7.7x 7.9x 8.1x 8.3x 7.1x 7.1x 8.5x 8.4x 8.4x 8.1x 8.2x 8.0x 8.7x 8.9x 9.0x 9.2x 8.3x 8.3x Net Debt / Total Adjusted EBITDAre Net Debt + Preferred / Total Adjusted EBITDAre Q4 2023 Q1 2 024 Q2 2024 Q3 2024 Q4 2024 Q1 2 025 Q2 2025 Q3 2025 Q4 2025 Q1 2 026 Q2 2026 Q3 2026 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x Total Debt Secured Debt Unsecured Debt Fixed/Hedged Q4 2 02 3 Q1 2 02 4 Q2 2 02 4 Q3 2 02 4 Q4 2 02 4 Q1 2 02 5 Q2 2 02 5 Q3 2 02 5 Q4 2 02 5 Q1 2 02 6 Q2 2 02 6 Q3 2 02 6 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 AFFO Payout Ratio Total Dividend AFFO AFFO Payout Ratio Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0 5,000 10,000 15,000 20,000 25,000 —% 50% 100% Weighted Average Years to Maturity - Debt 3.9 3.7 3.6 3.5 3.3 3.3 3.0 2.8 2.5 2.3 2.0 2.0 Weighted Average Years to Maturity Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0 1 2 3 4 5 6 Total Debt(1) (1) On October 28, 2026, the Company recast its existing credit facilities as described on slide 17, and executed swaps for the newly structured term loans. The Company has also finalized the disposals of The Everly, Solis Gainesville II, and Solis Kennesaw (see slides 32 and 33), and used the proceeds to paydown additional variable rate debt. These paydowns, together with the swaps, will result in an increase to 100% fixed or hedged debt.

15 LEVERAGE METRICS $ IN THOUSANDS SEE APPENDIX FOR DEFINITIONS, CALCULATIONS, AND RECONCILIATIONS (1) Reflects total debt less GAAP adjustments, cash, restricted cash, and other notes payable. (2) Includes income and debt related to development, real estate financing, and other ancillary activities outside of our stabilized portfolio. Three Months Ended 9/30/2026 Total Adjusted EBITDAre $35,282 Net Debt(1) $997,051 Net Debt/Total Adjusted EBITDAre(2) 7.1 x Net Debt + Preferred $1,168,136 Net Debt + Preferred /Total Adjusted EBITDAre 8.3 x 0.0 x 1.0 x 2.0 x 3.0 x 4.0 x 5.0 x 6.0 x 7.0 x 8.0 x 9.0 x 10.0 x 7.1x 8.3x Net Debt/Total Adjusted EBITDAre(1) Net Debt + Preferred / Total Adjusted EBITDAre

16 DEBT MANAGEMENT AS OF SEPTEMBER 30, 2026 Total Debt Composition Weighted Average % of Debt Interest Rate Maturity Variable vs. Fixed-Rate Debt Variable-Rate Debt(1)(2) 38.6 % 4.0 % 0.8 Yrs Fixed-Rate Debt(3)(4) 61.4 % 4.6 % 2.7 Yrs Secured vs. Unsecured Debt Unsecured Debt(2) 69.1 % 4.5 % 1.5 Yrs Secured Debt(2) 30.9 % 3.7 % 2.2 Yrs Portfolio Weighted Average(2)(5) 4.3 % 2.0 Yrs (1) Excludes debt subject to interest rate swap locks. (2) Represents the weighted average interest rate of the portfolio, inclusive of the effect of interest rate derivatives. (3) Includes debt subject to interest rate swap locks. (4) Excludes GAAP adjustments. (5) Following the refinancing of the loan secured by the Constellation Energy Building and the credit facility recast on October 28, 2026, as described on slide 17, the weighted average years to maturity is 4.4 years. Portfolio Weighted Average Interest Rate 4.0% 4.4% 4.6% 4.5% 4.4% 4.2% 4.4% 4.3% 4.2% 4.2% 4.3% 4.3% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 .0% .5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0%

17 OUTSTANDING DEBT $ IN THOUSANDS (1) Excludes extension options. (2) Subject to a rate floor. (3) On October 28, 2026, the Company refinanced this loan, extending its maturity to October 28, 2029. In connection with the refinancing, the Company also entered into a new swap, effective immediately following the refinancing. (4) Includes debt subject to interest rate swap locks. (5) Effective June 2, 2026, the Company refinanced this loan, extending its maturity to September 30, 2031, and increasing the stated rate to 1.80% as of October 1, 2026. In connection with the refinancing, the Company also entered into a new swap, effective September 30, 2026. The rate in the table reflects the effective rate applicable for the duration of the current quarter, before the impact of the new swap. Debt Maturities & Principal Payments Debt Stated Rate Effective Rate as of 9/30/2026 Maturity Date(1) 2026 2027 2028 2029 2030 Thereafter Outstanding as of 9/30/2026 Debt Attrib. to Assets under PSA Secured Debt - Continuing Operations Constellation Energy Building SOFR+ 1.50 % 5.53 % (2)(3) Nov-2026 $ 121,800 $ — $ — $ — $ — $ — $ 121,800 $ — Greenbrier Square 3.74 % Oct-2027 105 18,370 — — — — 18,475 — Lexington Square 4.50 % Sep-2028 85 351 12,287 — — — 12,723 — Red Mill North 4.73 % Dec-2028 34 140 3,442 — — — 3,616 — Thames Street Wharf SOFR+ 1.30 % 2.33 % (4)(5) Sep-2031 358 1,433 1,433 1,433 1,433 59,130 65,220 — Smith's Landing 4.05 % Jun-2035 275 1,126 1,172 1,222 1,273 6,572 11,640 — Total - Secured Debt - Continuing Operations 122,657 21,420 18,334 2,655 2,706 65,702 233,474 — Secured Debt - Forecasted Payoffs The Everly SOFR+ 1.50 % 5.41 % (2) Mar-2027 — 28,000 — — — — 28,000 28,000 Premier Apartments and Retail 5.53 % Dec-2029 — — — 29,415 — — 29,415 29,415 Greenside Apartments 3.17 % Dec-2029 212 861 889 26,928 — — 28,890 28,890 Total - Secured Debt - Forecasted Payoffs 212 28,861 889 56,343 — — 86,305 86,305 Total - Secured Debt $122,869 $50,281 $19,223 $58,998 $2,706 $65,702 $319,779 $86,305 Unsecured Debt Senior Unsecured Revolving Credit Facility SOFR+ 1.30%-1.85% 5.41 % Jan-2027 (6)(7) — 19,000 — — — — 19,000 M&T Unsecured Term Loan SOFR+ 1.25%-1.80% 5.31 % Mar-2027 (7)(8) — 35,000 — — — — 35,000 M&T Unsecured Term Loan (Fixed) SOFR+ 1.25%-1.80% 4.90 % (4) Mar-2027 (7)(8) — 100,000 — — — — 100,000 TD Unsecured Term Loan SOFR+ 1.35%-1.90% 5.41 % May-2027 (7) — 95,000 — — — — 95,000 Senior Unsecured Term Loan SOFR+ 1.25%-1.80% 5.31 % Jan-2028 (7) — — 250,000 — — — 250,000 Senior Unsecured Term Loan (Fixed) SOFR+ 1.25%-1.80% 4.83 % (4) Jan-2028 (7) — — 100,000 — — — 100,000 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 45,000 Total - Unsecured Debt — 249,000 375,000 — 45,000 45,000 714,000 Total Principal Balances $ 122,869 $ 299,281 $ 394,223 $ 58,998 $ 47,706 $ 110,702 $ 1,033,779 Unamortized GAAP Adjustments (3,750) Loans Reclassified to Liabilities of Discontinued Operations (76,496) Indebtedness, Net $ 953,533 (6) Does not reflect two six-month extension options. (7) On October 28, 2026, the Company recast its existing credit facilities, including the M&T term loan facility and the TD Bank term loan facility. The recast facilities are now comprised of the following: $150.0 million revolving credit facility with a 5-year maturity, $200.0 million term loan with a 4-year maturity, and $200.0 million term loan with a 5-year maturity. The Company also entered into a $100.0 million term loan with TD Bank, with a 7-year term. (8) Does not reflect one 12-month extension option.

18 (1) Includes debt subject to interest rate swap locks. (2) Excludes GAAP adjustments. (3) On October 28, 2026, the Company recast its existing credit facility as described on slide 17, and executed swaps for the newly structured term loans. These swaps, together with the expected dispositions through November 2026 (see slides 32 and 33), will result in an increase to 100% fixed or hedged debt (see slide 14). HEDGING ACTIVITY GAINS (LOSSES) ON INTEREST RATE DERIVATIVES Three Months Ended Nine Months Ended Accounting Treatment(4) Statement of Comprehensive Income Location 9/30/2026 9/30/2025 9/30/2026 9/30/2025 Designated Hedges Interest Expense $ 466 $ 776 $ 1,396 $ 2,347 Non-Designated Hedges Change in Fair Value of Derivatives and Other 785 7,185 7,607 16,595 Non-Designated Hedges Income (Loss) from Discontinued Operations 206 (298) 780 (798) Total Realized Gains on Interest Rate Derivatives $ 1,457 $ 7,663 $ 9,783 $ 18,144 Designated Hedges Unrealized Cash Flow Hedge Gains (Losses)(5) 2,832 99 3,882 (1,317) Non-Designated Hedges Change in Fair Value of Derivatives and Other (882) (8,103) (5,168) (17,575) Total Unrealized Gains (Losses) on Interest Rate Derivatives $ 1,950 $ (8,004) $ (1,286) $ (18,892) Total Realized and Unrealized Gains (Losses) on Interest Rate Derivatives $ 3,407 $ (341) $ 8,497 $ (748) Interest Rate Swaps Not Allocated to Specific Asset Debt Effective Date Maturity Date SOFR Strike / Swap Fixed Rate Notional Amount January 2025 January 2027 2.50% $150,000 Total Interest Rate Swaps 150,000 Fixed-Rate Debt(1)(2) 484,979 Fixed-Rate and Hedged Debt 634,979 Total Debt(2) $1,033,779 % Fixed or Hedged(3) 61.4 % $ IN THOUSANDS AS OF SEPTEMBER 30, 2026 (4) 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 hedged 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. (5) Unrealized cash flow hedge gains (losses) is a component of comprehensive income (loss) and is excluded from net income (loss).

19 CAPITALIZATION & FINANCIAL RATIOS $ IN THOUSANDS, EXCEPT PER SHARE AS OF SEPTEMBER 30, 2026 (1) Includes debt related to held for sale assets and discontinued operations. Refer to slide 17, Outstanding Debt. (2) During the three months ended September 30, 2026, we repurchased 0.8M shares of common stock. (3) As of close of market on September 30, 2026. (4) Includes 3.5M LTIP Units. (5) See appendix for definitions. Debt % of Total Principal Balance Unsecured Revolving Credit Facility 2 % $19,000 Unsecured Term Loans 56 % 580,000 Mortgages Payable(1) 31 % 319,779 Senior Notes 11 % 115,000 Total Debt $1,033,779 Preferred Equity Shares Liquidation Value per Share Total Liquidation Value 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock (NYSE: AHRT-PrA) 6,843 $25.00 $171,085 Common Equity % of Total Shares/Units(2) Stock Price(3) Market Value Common Stock (NYSE: AHRT) 75 % 73,810 $6.10 $450,241 Operating Partnership Units(4) 25 % 24,855 $6.10 $151,616 Equity Market Capitalization 98,665 $601,857 Total Capitalization $1,806,721 Enterprise Value $1,777,812 Total Debt to Enterprise Value 58 % Financial Ratios(5) Debt Service Coverage Ratio 2.9x Fixed Charge Coverage Ratio 2.3x Net Debt / Total Adjusted EBITDAre 7.1x Net Debt Plus Preferred / Total Adjusted EBITDAre 8.3x Debt/Total Capitalization 57 % Liquidity Cash on Hand(6) $36,728 Net Short Term Receivables/(Payables)(6) 30,290 Availability Under Credit Agreements(7) 195,333 Total Liquidity $262,351 Unencumbered Properties % of Total Properties 84 % % of Annualized Base Rent 79 % Total Unencumbered Asset Value(8) $1,515,556 Preferred Equity 9% Debt 57% Common Equity 34% (6) Includes discontinued operations. (7) In connection with the credit facility recast mentioned on slide 17, we reduced the size of the revolving credit facility to right size with our business needs. (8) Total Asset Value is calculated based on the terms of our credit facility agreement and therefore does not tie directly to the balance sheet. Total Capitalization

20 PORTFOLIO PROFILE(1) 4.4% —% 0.3% 7.2% 7.9% 11.0% 12.2% 11.1% 8.0% 3.0% 3.6% 10.9% 11.4% 9.0% Retail Office Ava ila ble M-T-M 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Thereafte r Weighted Average Lease Term Remaining (Years) (1) Reflects stabilized properties only. Refer to appendix for definitions. (2) Reflects lease expirations by Net Rentable Square Footage, see appendix for definitions. (3) No renewals in 1Q26 and no new leases in 1Q24, 2Q25, and 3Q25, 4Q25 for office. (4) Negative new lease cash spreads in 1Q24 for retail, and 3Q24 for office. 5.3 5.8 5.7 5.6 5.6 5.5 5.6 5.6 5.6 5.6 5.5 5.4 7.9 8.4 8.2 8.3 8.1 8.5 8.4 8.1 7.9 7.7 7.5 7.5 Retail Office 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 0.0 2.0 4.0 6.0 8.0 10.0 Lease Expirations(2) Renewal Cash Spreads(3) Retail Office 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0% 24.0% New Lease Cash Spreads(3)(4) Retail Office 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 % 10.0% 20.0% 30.0% 40.0% 50.0%

21 (1) Excludes expenses associated with the Company’s in-house asset management division of $0.9M and $0.9M for the three months ended 9/30/2026 & 9/30/2025, respectively, and $3.0M and $2.5M for the nine months ended 9/30/2026 & 9/30/2025, respectively. SAME STORE NOI BY SEGMENT $ IN THOUSANDS Three Months Ended Nine Months Ended 9/30/2026 9/30/2025 $ Change % Change 9/30/2026 9/30/2025 $ Change % Change Retail Rental Revenues $23,325 $22,296 $1,029 4.6 % $69,605 $67,643 $1,962 2.9 % Rental Expenses(1) 4,263 4,148 115 2.8 % 12,831 12,791 40 0.3 % Real Estate Taxes 2,112 2,272 (160) (7.0) % 6,677 6,717 (40) (0.6) % Same Store NOI, Cash 16,950 15,876 1,074 6.8 % 50,097 48,135 1,962 4.1 % Office Rental Revenues $22,312 $21,202 $1,110 5.2 % $66,681 $62,726 $3,955 6.3 % Rental Expenses(1) 6,299 6,233 66 1.1 % 19,617 17,773 1,844 10.4 % Real Estate Taxes 2,378 2,008 370 18.4 % 6,701 6,414 287 4.5 % Same Store NOI, Cash 13,635 12,961 674 5.2 % 40,363 38,539 1,824 4.7 % Same Store NOI, Cash $30,585 $28,837 $1,748 6.1 % $90,460 $86,674 $3,786 4.4 % GAAP Adjustments 2,289 3,723 (1,434) 7,871 9,970 0 (2,099) Termination Fees 460 1,723 (1,263) 511 1,873 (1,362) Non-Same Store NOI (220) (72) (148) (137) 362 (499) Other NOI 2,023 2,045 (22) 6,468 6,008 460 Total Property Portfolio NOI $35,137 $36,256 $(1,119) (3.1) % $105,173 $104,887 $286 0.3 %

22 (1) Other Rental Income primarily includes parking income, percentage rent, and bad debt adjustments. RENTAL REVENUE DISAGGREGATION $ IN THOUSANDS Three Months Ended 9/30/2026 Retail Office Other Total Base Rent $18,809 $17,010 $1,422 $37,241 Expense Reimbursements 5,213 5,746 55 11,014 Termination Fees 460 — — 460 Other Rental Income(1) (668) (3) 2,118 1,447 Rental Revenues, Cash $23,814 $22,753 $3,595 $50,162 Straight-Line Rent 80 1,663 — 1,743 Above (Below) Market Lease Amortization 252 203 — 455 Lease Incentives (6) (31) — (37) Total Rental Revenues $24,140 $24,588 $3,595 $52,323 Nine Months Ended 9/30/2026 Retail Office Other Total Base Rent $55,866 $50,769 $4,222 $110,857 Expense Reimbursements 15,819 17,000 170 32,989 Termination Fees 511 — — 511 Other Rental Income(1) (899) 150 6,587 5,838 Rental Revenues, Cash $71,297 $67,919 $10,979 $150,195 Straight-Line Rent 982 4,745 — 5,727 Above (Below) Market Lease Amortization 772 614 — 1,386 Lease Incentives (27) (93) — (120) Total Rental Revenues $73,025 $73,184 $10,979 $157,188

23 STABILIZED PORTFOLIO SUMMARY AS OF SEPTEMBER 30, 2026 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 Leased Occupancy(1) Economic Occupancy(1) ABR(1) ABR per Occupied SF Town Center of Virginia Beach 13 641,017 15 96.0 % 90.6 % $16,274,232 $26.43 Harbor Point - Baltimore Waterfront 1 38,464 10 47.9 % 45.2 % 706,461 38.37 Grocery Anchored 14 1,320,155 17 96.6 % 95.0 % 21,074,824 16.53 Southeast Sunbelt 9 935,269 17 96.0 % 89.4 % 21,292,633 23.71 Mid-Atlantic 6 946,365 22 92.8 % 92.6 % 17,217,174 19.61 Stabilized Retail Total 43 3,881,270 17 95.0 % 91.0 % $76,565,324 $20.78 Office Properties # of Properties Net Rentable SF(1) Average Age Leased Occupancy(1) Economic Occupancy(1) ABR(1) ABR per Occupied SF Town Center of Virginia Beach 6 804,029 24 99.1 % 94.6 % $25,007,041 $31.40 Harbor Point - Baltimore Waterfront 3 1,034,921 11 97.7 % 90.6 % 34,170,472 33.81 Southeast Sunbelt 3 380,346 10 87.4 % 76.8 % 12,540,327 37.72 Mid-Atlantic 1 98,061 7 100.0 % 100.0 % 2,083,863 21.25 Stabilized Office Total 13 2,317,357 16 96.6 % 89.6 % $73,801,703 $32.98

24 RETAIL PORTFOLIO AS OF SEPTEMBER 30, 2026 20.4% 19.1% 43.6% 0.3% 10.4% 6.1% Lifestyle Center Neighborhood Center Community Center Street Retail Power Center Strip/Convenience 43 Number of Retail Properties(2) 3.9M Net Rentable Square Footage Retail Properties(2) (1) Retail classifications are reflective of ICSC’s U.S. Shopping-Centers Classifications, with the exception of Street Retail. (2) Includes stabilized and unstabilized properties. PERCENTAGE OF NOI BY RETAIL CLASSIFICATION(1)

25 (1) Mixed-Use consists of Town Center of Virginia Beach, Harbor Point – Baltimore Waterfront, One City Center, The Interlock, and Southern Post (2) Includes stabilized and unstabilized properties. OFFICE PORTFOLIO AS OF SEPTEMBER 30, 2026 95.1% 4.9% Mixed Use Non-Mixed Use 14 Number of Office Properties(2) 2.4M Net Rentable Square Footage Office Properties(2) Mixed Use vs. Non-Mixed Use by ABR(1)

26 TOP 20 TENANTS BY ABR $ IN THOUSANDS AS OF SEPTEMBER 30, 2026 Tenant Investment Grade(1) Number of Leases Annualized Base Rent % of Total Annualized Base Rent Constellation Energy Corporation ü 1 $15,924 (2) 9.9% Morgan Stanley ü 3 9,221 5.7% T. Rowe Price Group, Inc. ü 1 8,088 (3) 5.0% The Kroger Co. ü 6 3,781 2.3% Canopy by Hilton 1 2,752 1.7% Clark Nexsen (a JMT Company) 1 2,484 1.5% Dick's Sporting Goods, Inc. ü 3 2,480 1.5% The Gathering Spot, LLC 2 2,053 1.3% Duke University ü 1 1,830 1.1% Huntington Ingalls Industries, Inc. ü 1 1,738 1.1% Franklin Templeton ü 1 1,686 1.0% PetSmart, LLC 5 1,567 1.0% The TJX Companies, Inc. ü 5 1,565 1.0% Vestis Corporation 1 1,506 0.9% Georgia Tech ü 1 1,504 0.9% Kimley-Horn and Associates, Inc. 1 1,377 0.9% Mythics, LLC 1 1,364 0.8% Apex Entertainment LLC 1 1,340 0.8% Puttshack 1 1,306 0.8% Regal Entertainment Group 2 1,265 0.8% Top 20 Total $64,831 40.0% Total Investment Grade Rating ABR $ 47,817 % of Total ABR 29.6 % (1) 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. (2) Represents 100% share of ABR. The Company has 90% ownership of this property, which is consolidated in the Company’s financial statements. (3) Represents the Company’s 50% share of ABR. This property is presented as an equity method investment in the Company’s financial statements.

27 LEASE SUMMARY (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. RETAIL Renewals Quarter Number of Leases Signed Net Rentable SF Signed GAAP Releasing Spread Cash Releasing Spread Wtd Average Lease Term (yrs) TI & LC TI & LC per SF Q3 2026 14 84,377 11.6 % 5.8 % 6.2 $171,720 $2.04 Q2 2026 11 95,728 11.5 % 8.7 % 3.4 112,300 1.17 Q1 2026 20 88,099 10.7 % 4.5 % 4.9 201,536 2.29 Q4 2025 18 72,179 15.3 % 10.1 % 4.9 257,722 3.57 Trailing 4 Quarters 63 340,383 12.3 % 7.1 % 4.8 $743,278 $2.18 New Leases(1) Quarter Number of Leases Signed Net Rentable SF Signed GAAP Releasing Spread(2) Cash Releasing Spread(2) Wtd Average Lease Term (yrs) TI & LC TI & LC per SF Q3 2026 2 2,426 27.5 % 16.5 % 8.1 $236,587 $97.52 Q2 2026 6 12,008 9.4 % 5.2 % 7.9 423,128 35.24 Q1 2026 7 22,242 18.3 % 14.4 % 9.5 1,742,293 78.33 Q4 2025 5 13,358 10.5 % 9.4 % 9.0 803,722 60.17 Trailing 4 Quarters 20 50,034 17.3 % 11.7 % 8.9 $3,205,730 $64.07 OFFICE Renewals Quarter Number of Leases Signed Net Rentable SF Signed GAAP Releasing Spread Cash Releasing Spread Wtd Average Lease Term (yrs) TI & LC TI & LC per SF Q3 2026 2 14,075 12.4 % 1.5 % 9.0 $290,923 $20.67 Q2 2026 3 34,224 40.2 % 21.6 % 4.1 410,973 12.01 Q1 2026 0 — — % — % 0.0 — — Q4 2025 3 16,241 9.1 % 2.5 % 4.8 87,296 5.38 Trailing 4 Quarters 8 64,540 25.8 % 12.4 % 5.3 $789,192 $12.23 New Leases(1) Quarter Number of Leases Signed Net Rentable SF Signed GAAP Releasing Spread(2) Cash Releasing Spread(2) Wtd Average Lease Term (yrs) TI & LC TI & LC per SF Q3 2026 4 15,499 22.8 % 23.3 % 6.6 $1,914,111 $123.50 Q2 2026 5 21,515 20.5 % 9.5 % 8.0 1,531,018 71.16 Q1 2026 4 20,326 9.6 % 7.2 % 7.3 1,570,017 77.24 Q4 2025 2 5,776 — % 0.2 % 8.0 85,298 14.77 Trailing 4 Quarters 15 63,116 15.7 % 10.6 % 7.4 $5,100,443 $80.81

28 LEASE EXPIRATIONS(1) AS OF SEPTEMBER 30, 2026 (1) Excludes leases from properties delivered, but not yet stabilized. OFFICE Year Lease Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available – 79,594 3.4 % $— – % M-T-M 1 1,120 – % 107,663 0.1 % 2026 2 6,229 0.3 % 191,296 0.3 % 2027 16 100,149 4.3 % 3,876,227 5.3 % 2028 17 122,264 5.3 % 3,987,310 5.4 % 2029 16 272,785 11.8 % 7,880,438 10.7 % 2030 15 182,162 7.9 % 6,117,041 8.3 % 2031 12 154,675 6.7 % 4,766,208 6.5 % 2032 9 89,629 3.9 % 2,794,305 3.8 % 2033 9 88,035 3.8 % 2,804,844 3.8 % 2034 9 121,625 5.2 % 3,609,030 4.9 % 2035 3 293,189 12.7 % 9,561,662 13.0 % 2036 5 496,243 21.4 % 17,989,373 24.4 % Thereafter 10 309,658 13.3 % 10,116,306 13.5 % Total 124 2,317,357 100.0 % $73,801,703 100.0 % RETAIL Year Lease Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available – 195,952 5.0 % $— – % M-T-M 1 1,602 – % 59,262 0.1 % 2026 6 14,693 0.4 % 414,130 0.5 % 2027 68 348,797 9.0 % 6,825,701 8.9 % 2028 76 364,848 9.4 % 7,834,090 10.2 % 2029 74 406,867 10.5 % 7,670,033 10.0 % 2030 95 575,084 14.8 % 12,375,369 16.2 % 2031 85 535,696 13.8 % 11,860,719 15.5 % 2032 44 405,447 10.4 % 7,148,940 9.3 % 2033 30 98,302 2.5 % 2,441,312 3.2 % 2034 24 103,036 2.7 % 2,487,258 3.2 % 2035 24 385,066 9.9 % 5,275,741 6.9 % 2036 25 209,577 5.4 % 5,674,269 7.4 % Thereafter 21 236,303 6.2 % 6,498,500 8.6 % Total 573 3,881,270 100.0 % $76,565,324 100.0 %

29 REDEVELOPMENT Property Description Town Center of Virginia Beach Option for future expansion and activation on undeveloped lots The Interlock Expansion and densification of existing undeveloped green space Columbus Village Redevelopment of +/- 4 acres for alternate commercial or residential use Harrisonburg Regal Redevelopment for alternate commercial or residential use; outparcel development potential Red Mill Commons Outparcel creation and development in the existing parking field Southgate Square Right-size existing tenants to accommodate backfill demand Fountain Plaza 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 OPPORTUNITIES(1) (1) Assumptions regarding future opportunities are subject to change.

30 NET INCOME & NOI BY SEGMENT $ IN THOUSANDS For the Three Months Ended September 30, 2026 Retail Real Estate Office Real Estate Other(1) Total Revenues Rental revenues $24,140 $24,588 $3,595 $52,323 Total revenues 24,140 24,588 3,595 52,323 Expenses Rental expenses(2) 4,228 6,874 1,300 12,402 Real estate taxes 2,119 2,393 272 4,784 Total segment operating expenses 6,347 9,267 1,572 17,186 Segment net operating income 17,793 15,321 2,023 35,137 Depreciation and amortization (7,791) (8,984) (1,471) (18,246) General and administrative expenses — — (5,167) (5,167) Interest income 25 3 249 277 Interest expense(3) (6,608) (6,430) (103) (13,141) Equity in income of unconsolidated real estate entities 18 156 19 193 Change in fair value of derivatives and other 353 123 1 477 Unrealized credit loss release — — 15 15 Other income (expense), net (1) (4) 193 188 Income (loss) from continuing operations 3,789 185 (4,241) (267) Discontinued operations(4) Loss from discontinued operations — — (3,339) (3,339) Loss from discontinued operations — — (3,339) (3,339) Net income (loss) $3,789 $185 ($7,580) ($3,606) (1) 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. (2) 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. (3) 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. (4) As of September 30, 2026, the segments previously reported as general contracting and real estate services, multifamily, and real estate financing are now presented as discontinued operations.

31 ACQUISITIONS & DISPOSITIONS $ IN THOUSANDS ACQUISITIONS Properties Location Units/Square Feet 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 Units/Square Feet Sale Price Cash Cap Rate Disposition Date Anchor Tenants 2026 2,436 units / 94,451 sq ft $562,000 5.6 % Portfolio Sale (11 Multifamily Properties)(1) Various 2,436 units / 94,451 sq ft 562,000 5.6 % 2Q26 2024 213,927 sq ft $82,000 6.4 % Market at Mill Creek Mount Pleasant, SC 80,319 sq ft 27,300 6.8 % 4Q24 Lowes Foods Nexton Square Summerville, SC 133,608 sq ft 54,700 6.2 % 4Q24 Various Small Shops (1) This portfolio sale includes the sale of 11 properties, 9 of which were disposed of in Q2 2026, including the retail components of 5 of the properties and the office component of one of the properties. The remaining two properties which are expected to close as follows: Greenside Apartments by the end of 2026 and Premier Apartments in 2Q27. There can be no assurances that the Company will complete the sale of Greenside Apartments or Premier Apartments on the timeline described herein, or at all.

32 DISCONTINUED OPERATIONS MULTIFAMILY DISPOSITIONS Property Location Multifamily Units Sold Under PSA Exit or Expected Disposition Period Encore Apartments Virginia Beach, VA 286 X 2Q26 Premier Apartments Virginia Beach, VA 131 X 2Q27 The Cosmopolitan Virginia Beach, VA 342 X 2Q26 1305 Dock Street Baltimore, MD 103 X 2Q26 1405 Point Street Baltimore, MD 289 X 2Q26 Allied Apartments Baltimore, MD 312 X 2Q26 Chandler Residences Roswell, GA 137 X 2Q26 Chronicle Mill Belmont, NC 238 X 2Q26 The Everly(1) Gainesville, GA 223 X 4Q26 Solis Gainesville II(1) Gainesville, GA 184 X 4Q26 Greenside Apartments Charlotte, NC 225 X 4Q26 Liberty Apartments Newport News, VA 199 X 2Q26 The Edison Richmond, VA 174 X 2Q26 COMMERCIAL PROPERTIES INCLUDED IN MULTIFAMILY SALE Property Location Net Rentable SF Sold Under PSA Exit or Expected Disposition Period Point Street Retail Baltimore, MD 18,632 X 2Q26 Allied Retail Baltimore, MD 12,700 X 2Q26 Chronicle Mill Retail Belmont, NC 11,530 X 2Q26 Chronicle Mill Office Belmont, NC 5,932 X 2Q26 Liberty Retail Newport News, VA 25,461 X 2Q26 The Edison Retail Richmond, VA 20,196 X 2Q26 (1) The multifamily assets, The Everly and Solis Gainesville II, were sold on October 30, 2026.

33 DISCONTINUED OPERATIONS, CONT. REAL ESTATE FINANCING Project Location Multifamily Units Sold Held for Sale Exit or Expected Exit Period The Allure at Edinburgh Chesapeake, VA 280 X 2Q26 Solis Kennesaw(1) Kennesaw, GA 239 X 4Q26 Solis Peachtree Corners Peachtree Corners, GA 249 X 1Q26 Solis North Creek Charlotte, NC 303 X 1Q26 GENERAL CONTRACTING & REAL ESTATE SERVICES The General Contracting & Real Estate Services business was sold on April 30, 2026, for economic consideration of $2.4 million. (1) The note receivable secured by Solis Kennesaw was fully redeemed on October 29, 2026.

34 APPENDIX DEFINITIONS & RECONCILIATIONS

35 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 September 30, 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 September 30, 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. DEFINITIONS 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. 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.

36 DEFINITIONS 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. 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. ECONOMIC OCCUPANCY: The economic occupancy for each of our retail & office properties is calculated as (a) base rent charged for the quarter, divided by (b) the property's potential Annualized Base Rent, which includes contractual Annualized Base Rent for leased space and estimated Annualized Base Rent for vacant space. Estimated Annualized Base Rent for vacant units is assumed to be equal to the weighted-average leased Annualized Base Rent per square foot for the respective property. Refer to definition of Annualized Base Rent 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.

37 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. DEFINITIONS LEASED OCCUPANCY: The leased occupancy for each of our retail & office properties is calculated as (a) square footage under executed leases, excluding 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. 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.

38 DEFINITIONS STABILIZED PROPERTY: We generally consider a property to be stabilized upon the earlier of (a) the quarter after the property reaches 80% physical occupancy, (defined as square footage under lease where the contractual rent commencement date has started, including short term leases, as of the last day of the quarter, divided by net rentable square footage) 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. 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. 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.

39 PROPERTY PORTFOLIO AS OF SEPTEMBER 30, 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 % 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 % 62.0 % 453,633 27.79 Anthropologie, Tupelo Honey 4621 Columbus Retail Virginia Beach, VA 2020 84,000 100.0 % 100.0 % 1,339,800 15.95 Apex Entertainment Columbus Village Virginia Beach, VA 1996/2020/2025 153,877 100.0 % 95.9 % 3,752,268 24.38 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 % 100.0 % 902,071 47.05 Yard House Fountain Plaza Retail Virginia Beach, VA 2004 35,991 81.3 % 72.4 % 1,044,672 35.71 Ruth's Chris, Bravo!, Nando's Pembroke Square Virginia Beach, VA 2015 124,181 100.0 % 100.0 % 2,258,725 18.19 Target (S), REI (S), Fresh Market, Nordstrom Rack, DSW, Decisions Premier Retail Virginia Beach, VA 2018 39,015 99.8 % 99.8 % 1,372,928 35.26 Pottery Barn, Williams Sonoma, J. Jill, TASTE South Retail Virginia Beach, VA 2002 38,515 84.9 % 84.9 % 1,071,104 32.74 lululemon, free people, Madewell, CPK Studio 56 Retail Virginia Beach, VA 2007 11,594 100.0 % 24.9 % 415,639 35.85 Legal Sea Foods (dark) The Cosmopolitan Retail Virginia Beach, VA 2020 41,872 96.4 % 82.9 % 1,260,101 31.23 Lego, Abercrombie & Fitch, Solidcore, Bluemercury, South Moon Under Two Columbus Retail Virginia Beach, VA 2009 13,752 100.0 % 100.0 % 546,813 39.76 Fidelity Investments, Lenscrafters, Muse Paintbar West Retail Virginia Beach, VA 2002 17,558 92.9 % 83.2 % 552,844 33.88 PF Changs, The Men's Wearhouse Harbor Point - Baltimore Waterfront Constellation Retail (2) Baltimore, MD 2016 38,464 47.9 % 45.2 % $706,461 $38.37 honeygrow Grocery Anchored Broad Creek Shopping Center (3)(4) Norfolk, VA 2001 121,504 89.6 % 89.6 % $2,242,648 $20.60 Target (S), Home Depot (S), Food Lion, PetSmart, Chick-fil-A Broadmoor Plaza South Bend, IN 1980 115,059 83.8 % 83.8 % 1,137,330 11.79 Kroger, Staples Brooks Crossing Retail (2)(5) Newport News, VA 2016 18,349 91.3 % 91.3 % 256,579 15.31 Piggly Wiggly (S) Delray Beach Plaza (3) Delray Beach, FL 2021 87,207 100.0 % 90.7 % 3,112,451 35.69 Whole Foods, First Watch, Pet Supplies Plus, Pollo Tropical Greenbrier Square Chesapeake, VA 2017 260,625 100.0 % 100.0 % 2,635,291 10.11 Kroger, Homegoods, Dick's House of Sport, Five Below Greentree Shopping Center Chesapeake, VA 2014 15,719 86.6 % 86.6 % 330,951 24.30 Walmart Neighborhood Market (S) Hanbury Village Chesapeake, VA 2009 98,638 100.0 % 100.0 % 2,096,134 21.25 Harris Teeter, Petco Lexington Square Lexington, SC 2017 85,440 100.0 % 94.9 % 1,955,900 22.89 Lowes Foods, Sola Salon, Hollywood Feed North Pointe Center (4) Durham, NC 2009 226,083 96.8 % 96.8 % 2,984,463 13.64 Costco (S), Home Depot (S), Harris Teeter, Ross, Burlington, PetSmart, Shoe Station, Dollar Tree Parkway Centre Moultrie, GA 2017 61,200 100.0 % 100.0 % 873,771 14.28 Publix, Petsense, Surchero's Parkway Marketplace Virginia Beach, VA 1998 37,804 92.9 % 92.9 % 718,281 20.46 Food Lion (S), O'Reilly Auto Parts Perry Hall Marketplace Perry Hall, MD 2001 74,251 100.0 % 100.0 % 1,200,404 16.17 Safeway Sandbridge Commons Virginia Beach, VA 2015 69,417 100.0 % 100.0 % 970,673 13.98 Harris Teeter Tyre Neck Harris Teeter (3) Portsmouth, VA 2011 48,859 100.0 % 100.0 % 559,948 11.46 Harris Teeter Southeast Sunbelt North Hampton Market Taylors, SC 2004 114,954 98.8 % 98.8 % $1,642,454 $14.46 Target (S), Hobby Lobby, PetSmart, Dollar Tree One City Center Retail Durham, NC 2019 22,679 55.7 % 53.9 % 440,712 34.91 Bulldega Urban Market Overlook Village (4) Asheville, NC 1990 151,365 96.7 % 96.7 % 2,334,018 15.95 T.J. Maxx | Homegoods, Ross, Burlington, Boot Barn, Five Below, Shoe Carnival Patterson Place Durham, NC 2004 159,842 97.1 % 92.6 % 2,656,534 17.11 Home Depot (S), Kohl's (S), Total Wine, Bob's Discount Furniture, DSW, Boot Barn, PetSmart Providence Plaza Retail Charlotte, NC 2008 49,447 100.0 % 99.3 % 1,615,739 32.68 Chipotle, Orange Theory, Mezzanotte, Aqua-Tots South Square Durham, NC 2005 109,590 98.1 % 98.1 % 2,064,327 19.20 Target (S), Sam's Club (S), Ross, Petco, Office Depot Southern Post Retail Roswell, GA 2024 42,016 93.3 % 81.0 % 1,511,603 38.56 Atlanta Golf & Social, Grana, Silla Del Toro The Interlock Retail (3)(4) Atlanta, GA 2021 108,379 93.4 % 78.2 % 5,420,188 53.56 F1 Arcade, The Gathering Spot Wendover Village Greensboro, NC 2004 176,997 97.6 % 97.6 % 3,607,058 20.88 Costco (S), T.J. Maxx, Golf Galaxy, Petco, Five Below, Beautista, Rooms to Go Kids (1) See appendix for definitions. (2) The Company does not have 100% ownership of the property. (3) The Company leases all or a portion of the land underlying this property pursuant to a ground lease. (4) Leased and economic occupancy for these properties exclude seasonal leases. (5) 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.

40 PROPERTY PORTFOLIO CONT. AS OF SEPTEMBER 30, 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 % 100.0 % $1,989,302 $18.74 Target (S), Sam's Club (S), Best Buy, Old Navy, Five Below, pOpshelf, Shoe Carnival Harrisonburg Regal Harrisonburg, VA 1999 49,000 100.0 % 100.0 % 753,620 15.38 Regal Cinemas Marketplace at Hilltop (2) Virginia Beach, VA 2001 116,953 92.1 % 90.9 % 2,699,660 25.05 Total Wine, Michaels, Panera, Chick-fil-A Red Mill Commons & Walk Virginia Beach, VA 2005 373,808 96.1 % 95.3 % 7,368,000 20.51 Target (S), Walmart (S), Home Depot (S), T.J. Maxx, Homegoods, Five Below, Michaels, Petco, Dollar Tree, Walgreens Southgate Square (5) Colonial Heights, VA 2016 260,131 84.6 % 84.6 % 3,575,293 16.24 Walmart (S), Burlington, PetSmart, Michaels, Staples, 7 Brew Southshore Shops Midlothian, VA 2006 40,307 89.1 % 89.1 % 831,299 23.14 Buffalo Wild Wings Stabilized Retail Total 3,881,270 95.0 % 91.0 % $76,565,324 $20.78 (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) At this property, the Company occupies 19.3K square feet at an ABR of $537.7K, or $27.81 per leased square foot, which is reflected in this table. The rent paid by the Company is eliminated in accordance with GAAP in the consolidated financial statements. (4) The Company does not have 100% ownership of the property. (5) Leased and economic occupancy for these properties exclude seasonal leases. 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 222 Central Park Office Virginia Beach, VA 2002 295,988 100.0 % 93.7 % $9,646,459 $32.59 Troutman Pepper, Williams Mullen, Trader Interactive, Morgan Stanley, KPMG, Hourigan, Old Dominion University, Pender & Coward, Cherry Bekaert, Mass Mutual, Mason & Hanger, Strayer University 249 Central Park Office Virginia Beach, VA 2004 57,295 99.7 % 99.7 % 1,532,570 26.84 Gather, HDR 4525 Main Street Office Virginia Beach, VA 2014 208,760 100.0 % 95.7 % 7,176,460 34.38 Clark Nexsen, Mythics, Kimley-Horn, City of Virginia Beach 4605 Columbus Office (3) Virginia Beach, VA 2002 19,335 100.0 % 100.0 % 537,706 27.81 AH Realty Trust One Columbus Virginia Beach, VA 1984 129,066 96.0 % 89.3 % 3,518,239 28.40 Atlantic Union Bank, Northwestern Mutual, HBA, Movement Mortgage Two Columbus Office Virginia Beach, VA 2009 93,585 97.7 % 97.7 % 2,595,607 28.39 VHB, Hazen & Sawyer, Insight Global Harbor Point - Baltimore Waterfront Constellation Office (4) Baltimore, MD 2016 444,600 100.0 % 100.0 % $15,947,194 $35.87 Constellation Energy Generation Thames Street Wharf Baltimore, MD 2010 263,426 96.6 % 83.5 % 8,265,610 32.48 Morgan Stanley Wills Wharf (2) Baltimore, MD 2020 326,895 95.4 % 81.9 % 9,957,668 31.94 Franklin Templeton, Morgan Stanley, Transamerica, Stifel, EY, RBC, Bright Horizons, Canopy by Hilton Southeast Sunbelt One City Center Office Durham, NC 2019 128,920 66.6 % 66.6 % $2,691,898 $31.35 Duke University, WeWork Providence Plaza Office Charlotte, NC 2008 53,671 100.0 % 100.0 % 1,694,093 31.56 Choate Construction, Cranfill Sumner The Interlock Office (2) Atlanta, GA 2021 197,755 97.5 % 77.0 % 8,154,336 42.27 Georgia Tech, Pindrop, The Gathering Spot, Stream, Directional Capital, Innovien Solutions, Alloy, The Honey Pot Mid-Atlantic Brooks Crossing Office Newport News, VA 2019 98,061 100.0 % 100.0 % $2,083,863 $21.25 Huntington Ingalls Industries, City of Newport News Stabilized Office Total 2,317,357 96.6 % 89.6 % $73,801,702 $32.98 (S) Shadow anchor located adjacent to the property, but is not part of the owned property.

41 PROPERTY PORTFOLIO CONT. AS OF SEPTEMBER 30, 2026 Unstabilized Location Ownership % Year Built / Redeveloped Net Rentable SF(1) Leased Occupancy(1) Economic Occupancy(1) ABR(1) ABR per Occupied SF(1) Southeast Sunbelt Southern Post Office Roswell, GA 100% 2024 94,421 95.7 % 42.4 % $2,862,743 $31.70 Unstabilized Total 94,421 95.7 % 42.4 % $2,862,743 $31.70 Equity Method Investments Location Ownership % Year Built/ Redeveloped Net Rentable SF(1) Leased Occupancy(1) Economic Occupancy(1) ABR(1)(2) ABR per Occupied SF(1) Harbor Point - Baltimore Waterfront T. Rowe Price Baltimore, MD 50% 2025 553,000 100.0 % 100.0 % $8,088,418 $29.25 Parcel 3 Retail Baltimore, MD 50% 2025 20,200 15.1 % 0.0 % 132,675 43.50 Equity Method Investments Total 573,200 97.0 % 98.4 % $8,221,093 $29.41 (1) See appendix for definitions. (2) Represents the Company’s 50% share of ABR. .

42 $ IN THOUSANDS RECONCILIATION OF DEBT & EBITDAre (1) Excludes Interest expense, depreciation, & amortization component attributable to unconsolidated real estate entities. (2) Excludes $4.9 million in proceeds that were realized from the gain on redemption of The Allure at Edinburgh. (3) Excludes GAAP adjustments. Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 Property Net Operating Income $35,137 $35,311 $34,725 $38,555 Property Miscellaneous Expense, Net 212 (142) (250) (269) Non-Recurring Bad Debt Adjustment 951 231 549 308 Non-Recurring Termination and Assignment Fee Adjustment (497) (132) (132) (3,380) Amortization of Right-of-Use Assets (327) (366) (395) (395) Accelerated Amortization of Intangible Assets and Liabilities — — 15 — Equity in NOI of Unconsolidated Real Estate Entities(1) 2,398 2,428 2,366 2,454 Disposition (191) (3,109) — — Development/Redevelopment (323) (996) (1,037) (3,132) Discontinued Operations - Construction Gross Profit — 109 88 1,767 Discontinued Operations - Multifamily NOI 1,479 5,335 9,289 9,285 Discontinued Operations - Real Estate Financing Interest Income — 75 (2) 2,255 3,126 Corporate G&A (5,167) (5,181) (5,050) (4,341) Non-Cash Stock Compensation 1,326 1,388 1,355 944 Interest Income 284 265 188 671 Other Income (Expense), Net — 2 8 — Total Adjusted EBITDAre $35,282 $35,218 $43,974 $45,593 Total Debt(3) 1,033,779 1,037,085 1,492,742 1,526,584 Cash (36,728) (35,547) (41,507) (52,379) Net Debt $997,051 $1,001,538 $1,451,235 $1,474,205 Net Debt/Total Adjusted EBITDAre 7.1x 7.1x 8.3x 8.1x Preferred 171,085 171,085 171,085 171,085 Net Debt + Preferred $1,168,136 $1,172,623 $1,622,320 $1,645,290 Net Debt + Preferred/Total Adjusted EBITDAre 8.3x 8.3x 9.2x 9.0x

43 Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 Net Loss Available to Common Stockholders and OP Unitholders ($6,622) ($24,165) ($33,291) ($647) Excluding: Depreciation and Amortization 17,917 19,323 24,061 23,191 (Gain) Loss on Real Estate Dispositions (251) (16,604) 141 — (Gain) Loss on Consolidation of Real Estate Entities — — — 269 Impairment of Real Estate Assets 3,442 36,264 29,229 23 Income Tax (Benefit) Provision — 2,996 363 (297) Interest Expense 15,005 17,876 21,226 23,211 Interest Expense, Depreciation, & Amortization of Unconsolidated Real Estate Entities 2,205 2,095 2,123 2,397 EBITDAre $31,696 $37,785 $43,852 $48,147 Change in Fair Value of Derivatives and Other (682) (748) (1,788) (256) Preferred Dividends 2,887 2,887 2,887 2,887 Loss on Extinguishment of Debt — 2,650 — — Non-Recurring Bad Debt Adjustment 951 231 549 308 Non-Recurring Termination and Assignment Fee Adjustment (497) (132) (132) (3,380) Accelerated Amortization of Intangible Assets and Liabilities — — 15 — Acquisition, Development, & Other Pursuit Costs — (16) — 167 Unrealized Credit Loss (Release) Provision (14) (78) (1,749) (124) Investment Entities 129 243 22 32 Non-Cash Stock Compensation 1,326 1,388 1,355 944 Redemption of REF Investment — (4,887) — — Development/Redevelopment (323) (996) (1,037) (3,132) Dispositions (191) (3,109) — — Total Adjusted EBITDAre $35,282 $35,218 $43,974 $45,593 RECONCILIATION OF NET INCOME TO TOTAL ADJUSTED EBITDAre $ IN THOUSANDS

44 $ IN THOUSANDS CAPITAL EXPENDITURES(1) (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 $401 $— $107 $135 $995 $— $1,638 Office 741 — 1,297 12 643 — 2,693 Multifamily — — — — 148 255 403 Total Portfolio $1,142 $— $1,404 $147 $1,786 $255 $4,734 Property-Related Capital Expenditures $147 $1,786 $255 $2,188 Three Months Ended September 30, 2026 Leasing Commissions Lease Incentive Tenant Improvements Land Improvements(2) Building Improvements(2) Fixtures & Equipment(2) Total Second Generation Capex Retail $1,647 $— $2,878 $1,145 $1,947 $— $7,617 Office 1,296 — 3,480 29 2,679 — 7,484 Multifamily — — — 104 1,058 587 1,749 Total Portfolio $2,943 $— $6,358 $1,278 $5,684 $587 $16,850 Property-Related Capital Expenditures $1,278 $5,684 $587 $7,549 Nine Months Ended September 30, 2026

Source: View Original Filing on SEC EDGAR

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