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INVESTOR PRESENTATION - STRATEGIC BUSINESS TRANSFORMATION February 2026
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This presentation should be read in conjunction with the unaudited condensed consolidated financial statements appearing in our press release dated February 16, 2026, which has been furnished as Exhibit 99.1 to the Company’s Current Report on Form 8-K furnished with the Securities and Exchange Commission (the “SEC”) on February 16, 2026. The Company makes statements in this presentation 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”)). In particular, statements pertaining to the Company's capital resources, business transformation strategy, portfolio performance, potential dispositions of assets and business segments, expected proceeds from asset sales, use of proceeds, anticipated leverage reduction, and results of operations contain forward-looking statements. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise and the Company may not be able to realize them. The Company does not guarantee that the transactions and events described will happen as described (or that they will happen at all). The Company can provide no assurances that (i) the Company will sell its multifamily portfolio, real estate financing investments, or construction business on the terms or schedule it anticipates, or at all, (ii) the proceeds ultimately received by the Company upon such sales will not be different than currently anticipated, and such difference could be material, (iii) the Company will achieve its targeted leverage reduction or maintain its net debt/EBITDA leverage within the target range of 5.5x-6.5x, or (iv) the proposed rebranding as "AH Realty Trust" will occur as anticipated or achieve the expected benefits. For further discussion of risk factors and other events that could impact our future results, please refer to the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K filed with the SEC, and the documents subsequently filed by the Company from time to time with the SEC. 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. These factors include, without limitation: (a) the future performance of the Company’s operating property portfolio; (b) the potential dispositions of (x) most of the Company's multifamily portfolio, (y) the Company’s real estate financing program, and (z) the Company's general contracting and real estate services business and the use of proceeds from such dispositions; (c) future financing activities, acquisitions, and dispositions; and (d) the Company's ability to maintain compliance with the covenants under its existing debt agreements or to obtain modifications to such covenants from the applicable lenders. 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 Information Certain financial and operating measures contained in this presentation are supplemental measures that are not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), such as net operating income (“NOI”), EBITDA and net debt, and should be considered together with the Company’s GAAP financial information. FORWARD-LOOKING STATEMENTS 2
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STRATEGIC BUSINESS TRANSFORMATION • Strategic Repositioning - Exit multifamily; sharpen focus on retail and office real estate portfolioPORTFOLIO OPTIMIZATION • Deleveraging Plan - Reduce leverage using proceeds from asset dispositionsBALANCE SHEET MANAGEMENT • Divestitures - Sell construction and real estate financing platformsSIMPLIFIED INCOME STREAM • Leadership Transition - New CEO & Chairman; strengthened independence on the Board; streamlined executive team CORPORATE GOVERNANCE & ORGANIZATIONAL RESTRUCTURE • Rebranding Initiative - Rebrand as AH Realty Trust* to align with the Company’s future strategy and focusNEW CORPORATE IDENTITY * Effective March 2, 2026. 3
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• FINANCIAL DISCIPLINE • Reset dividend to sustainable level (March 2025) ⚬ Fully covered by recurring cash flow ⚬ Step toward restoring balance sheet credibility • Completed first debt private placement (July 2025) ⚬ Diversified capital sources with long-term fixed-rate debt • G&A alignment with simplified business model • Initiated strategy to reduce leverage • Commitment to maintain net debt/EBITDA within target range of 5.5x-6.5x • Focus on long-term fixed rate debt • Disposing of non-recurring income streams • Exit of construction and real estate financing businesses • Disciplined investment approach FOUNDATION FOR TRANSFORMATION LEADERSHIP & GOVERNANCE • Appointed Shawn Tibbetts as new CEO (January 2025) and Chairman (January 2026) ⚬ Combining these positions provide a unified direction and enhanced efficiency as the Company executes its long-term strategic plan • Enhanced board composition ⚬ Added two new independent board members (2024 & 2025) ⚬ Two legacy Board members retired in 2025 as part of planned refresh • Restructured senior leadership team ⚬ Assembled new senior team aligned with current and future company needs, while realigning organizational structure to prioritize asset management 4
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WHAT IS CHANGING AH Realty TrustArmada Hoffler Target range of 5.5x-6.6x net debt/EBITDA, with a sustainable, fully covered dividend High leverage with unfunded dividend and lumpy earnings Simplified, pure-play REIT model aligned with public market expectationsComplex platform with limited investor clarity Commercial-only focus: office & retail within mixed-use communities, grocery-anchored and open air centersMulti-asset focus across office, retail, and multifamily Recurring income from stabilized assets, with property-level NOI as foundation Heavy reliance on fee income from development, construction and mezzanine lending Disciplined asset management, focused on capital allocation, operational excellence, and strategic asset recycling Opportunistic development mindset with broad risk appetite 5
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• Simplifying and focusing on the commercial real estate portfolio • Executing an exit from multifamily* • Concentrating on high-quality retail and office assets • Streamlining portfolio for clearer focus, predictable cash flow, and operational efficiency • Clear capital allocation framework • Prioritizing risk-adjusted returns and predictable cash flow • Decisions driven by underwriting discipline and market realities PORTFOLIO OPTIMIZATION *The Company can provide no assurances that the Company will sell the multifamily portfolio on terms favorable to the Company or at all. 6
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TARGETED DELEVERAGING • Reducing leverage to target range of 5.5x-6.5x net debt/EBITDA using proceeds from asset dispositions • Improving financial flexibility and strengthening the Company’s risk profile BALANCE SHEET OPTIMIZATION PRUDENT CAPITAL MANAGEMENT • Optimizing debt structure and maturities • Maintaining healthy liquidity to support operations and growth initiatives ENHANCED FINANCIAL RESILIENCE • Strengthened balance sheet positions the company to weather market cycles • Supports future strategic opportunities with available capital 7
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BALANCE SHEET OPTIMIZATION Net Debt/EBITDAOffice NOI 1. Ex cludes termination fees. 2. Based on the midpoint of management’s guidance. 3. Includes NOI from expected acquisitions in 2026E and Post-Transformation. 4. Includes T. Rowe Price Global HQ. EMI property income is reflected as the property's NOI less debt service, times the Company's ownership percentage (50% for T. Rowe Price Global HQ). 6.5x 5.5x $3 1 2 Retail NOI 3 EMI Property Income 4 8
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COMPARATIVE INCOME STREAM COMPOSITION $ IN MILLIONS, ON A GAAP BASIS * Includes EMI Property Income contribution. Excludes termination fees. ** Includes NOI from Smith's Landing, and NOI from parking garages. 9
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RETAIL PORTFOLIO COMPOSITION 39.1% 23.7% 21.3% 9.1% 5.9% 0.8% COMPOSITION OF RETAIL PORTFOLIO - 2025 NOI Community Center Lifestyle Center Neighborhood Center Power Center Strip/Convenience Street Retail 10
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RETAIL PORTFOLIO 5.7 Retail WALT, years 94.9% Retail Occupancy 3.8M Retail Net Rentable SF +3.4% QTD Retail Cash SS NOI Growth1 46 Retail Properties As of December 31, 2025 for Stabilized Properties Columbus Village Southern Post Overlook Village Broad Creek 1. Refer to the Company's Fourth Quarter 2025 Supplemental Information presentation, published on February 16, 2026, for same-store NOI figures presented on a cash and GAAP basis. For a reconciliation of same-store NOI to total property NOI, refer to slide 39 of the same presentation. Additionally, refer to slide 26 of the same presentation for a reconciliation of segment net operating income to net income (loss). 11
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OFFICE PORTFOLIO COMPOSITION 94.2% 5.8% COMPOSITION OF OFFICE PORTFOLIO - 2025 NOI* Mixed-Use Non Mixed-Use * Mixed-Use includes Virginia Beach Town Center, Baltimore Harbor Point, The Interlock, and Southern Post 12
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OFFICE PORTFOLIO As of December 31, 2025 for Stabilized Properties 8.0 Office WALT, years 96.4% Office Occupancy 2.3M Office Net Rentable SF +16.7% QTD Office Cash SS NOI Growth1 11 Office Properties T. Rowe Price Global Headquarters Town Center of Virginia Beach Constellation The Interlock- 1. Refer to the Company's Fourth Quarter 2025 Supplemental Information presentation, published on February 16, 2026, for same-store NOI figures presented on a cash and GAAP basis. For a reconciliation of same-store NOI to total property NOI, refer to slide 39 of the same presentation. Additionally, refer to slide 26 of the same presentation for a reconciliation of segment net operating income to net income (loss). 13
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PLATFORM FOR GROWTH $ IN MILLIONS 1 1. Reflects an assumed $50M acquisition price at a going-in cap rate within the range of 6.25%-7.00%. 2. Reflects potential acquisitions that add $10M of commercial NOI each year, beginning in 2027 and each year thereafter. 2 14
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• Streamlining business lines • Exiting construction and real estate financing segments to reduce complexity1 • Focused on core commercial real estate operations that generate predictable cash flow • Reducing volatility and risk • Eliminates higher-risk, capital-intensive activities • Creates a more stable, recurring income base SIMPLIFIED INCOME STREAM 1. The Company can provide no assurances that the Company will sell the real estate financing investments or the construction business on terms favorable to the Company or at all . 15
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CORPORATE GOVERNANCE AND ORGANIZATIONAL RESTRUCTURE STRENGTHENED BOARD INDEPENDENCE AND OVERSIGHT • Added two new independent Board members, 6 of 9 directors are independent • Two prior Board members retired to refresh governance • All directors aligned with strategic business transformation ALIGNED LEADERSHIP STRUCTURE WITH STRATEGY • Named the CEO as Chairman to accelerate execution and ensure unified accountability and clarity of direction REFRESHED BOARD ALIGNED TO TRANSFORMATION • Board refresh completed to support strategic pivot • Collective experience in real estate, capital markets, business transformation, infrastructure, and risk management LEADERSHIP TRANSITION AND ALIGNMENT • Named a new executive leadership team • Created alignment with strategic transformation priorities 16
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A strategic reset will: • Create a simplified, pure-play REIT • Position Company to grow and improve quality of earnings • Align Company capital structure with market expectations • Meaningfully improve balance sheet/decrease leverage • Create a pathway to enhanced shareholder value • Support the Company’s fully covered dividend CONCLUSION 17
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THANK YOU 18