AHH

• Rebranding to A H Realty Trust effective March 2. • Planned exit and divestitures of multifamily portfolio and fee income businesses to improve income stream and reduce leverage. • Progress on multifamily divestitures with 11 of 14 assets under LOI. • Focus on retail and office portfolio operations, with retail showing positive leasing and rent commencement, and office having strong fundamentals. • Balance sheet strategy with debt management and plans for paydowns.

• 2026 guidance reflects discontinued operations. • Blended retail and office same-store NOI cash growth of just over 1.7%. • Acquisitions of approximately $50,000,000 of retail properties with cap rate range 6.25% to 7%. • Secured debt paydowns of approximately $270,000,000 from multifamily disposition and net unsecured debt paydowns of approximately $400,000,000. • Post transition, leverage expected to improve by approximately two full turns.

Retail same-store NOI for the quarter was up 5.6% on a GAAP basis and 3.4% on a cash basis, driven by new leasing and rent commencements. Year-over-year, retail same-store results were up 1% GAAP and down 1% cash. Anchor space vacancies from bankruptcies affected results. Office same-store NOI increased 6% year-over-year, with 500 basis points increase in the fourth quarter. Fourth quarter normalized FFO attributable to common shareholders was $29,500,000 or $0.29 per diluted share. Full year 2025 normalized FFO attributable to common shareholders was $110,100,000 or $1.08 per diluted share.

• Forward-looking statements based on management's beliefs, assumptions, etc., which may change due to unforeseen events or factors beyond control. • Potential differences between actual results and current expectations due to risks and uncertainties. • Impact of market conditions on asset valuations and dispositions.

Q: Viktor Fediv asked about long-term growth trajectory, financing for acquisitions, opportunity set, and key metrics.

A: Shawn J. Tibbetts discussed maintaining leverage, balanced approach, focus on secondary markets.

Q: Andrew Berger asked about mixed-use communities, office investment, multifamily dispositions.

A: Shawn J. Tibbetts talked about mixed-use focus, office capital allocation, multifamily disposition progress.

Q: Jonathan Petersen asked about development, core business growth in 2026.

A: Shawn J. Tibbetts and others discussed surgical development, 2026 growth expectations with headwinds in 2026 and greater growth in 2027