Slide 1: 2022 Guidance Presentation
1CLICK TO EDIT MASTER TITLE STYLE GUIDANCE PRESENTATION 2022
Slide 2: Table of Contents
2 PAGE 03 FORWARD-LOOKING STATEMENTS 04 2022 OUTLOOK & ASSUMPTIONS 05 EVOLVING PORTFOLIO GAAP NOI COMPOSITION 06 ESTIMATED NOI & FEE INCOME 07 MULTIFAMILY SEGMENT 08 OFFICE SEGMENT 09 RETAIL SEGMENT 10 DEVELOPMENT VALUE CREATION 11 ACQUISITION NOI 12 CORE LOCATIONS 13 EXELON HQ ACQUISITION 14 DEVELO
Slide 3: Forward-Looking Statements
3FORWARD-LOOKING STATEMENTS This presentation should be read in conjunction with the unaudited condensed consolidated financial statements appearing in our press release dated February 11, 2021, which has been furnished as Exhibit 99.1 to our Form 8-K filed on February 10, 2022. The Company makes st
Slide 4: 2022 Outlook & Assumptions
42022 OUTLOOK & ASSUMPTIONS LOW HIGH Total NOI $146.4 $147.4 Construction Segment Gross Profit $7.2 $8.3 G&A Expenses $15.8 $16.3 Interest Income $14.6 $15.0 Interest Expense(1) $37.9 $38.6 Normalized FFO Per Diluted Share $1.11 $1.15 GUIDANCE ASSUMPTIONS • Acquisition of Exelon building, located in
Slide 5: Evolving Portfolio GAAP NOI Composition
5EVOLVING PORTFOLIO GAAP NOI COMPOSITION 2021 2022 Guidance Midpoint Retail Entertainment & Mixed-Use Retail Multifamily Office Projected Property Segment NOI Fully Stabilized (4)(5) (1) Includes AHH rent and excludes expenses associated with the Company’s in house asset management division (2) Incl
Slide 6: Estimated NOI & Fee Income
6ESTIMATED NOI & FEE INCOME(1)(2) (1) Includes AHH rent elimination, $100M acquisition target per 2022 guidance, 100% NOI from Parcel 4 Mixed-Use project, excludes T. Rowe Price Global HQ (2) Excludes expenses associated with the Company’s in house asset management division (3) Based on management’s
Slide 7: Multifamily Segment
7MULTIFAMILY SEGMENT 2,344 UNITS 3,629 UNITS 4Q21 STABILIZED 55% UNIT GROWTH ESTIMATED SEGMENT NOI GROWTH(1)(2) $ in millions as of 12/31/21, unless otherwise noted Excludes all student housing properties 97% occupied 10% positive 2021 YoY same store cash NOI (1) Assumes company acquires 100% of Par
Slide 8: Office Segment
8OFFICE SEGMENT ESTIMATED SEGMENT NOI GROWTH(1) 1 upcoming large office expiration(1) (April 2023) 97% occupied 3% positive Cash same store NOI in 2021 (1) Defined as any tenant over 20,000 square feet (2) Assumes T. Rowe Price global headquarters is sold upon completion (3) Based on management’s go
Slide 9: Retail Segment
9RETAIL SEGMENT ESTIMATED SEGMENT NOI GROWTH(1) $ in millions As of 12/31/21, unless otherwise noted NATIONALLY RECOGNIZED TOP TENANTS (1) Includes $100M acquisition target per 2022 guidance (2) Based on management’s goals (3) Fully Stabilized Portfolio assumes announced pipeline is delivered and st
Slide 10: Development Value Creation
10DEVELOPMENT VALUE CREATION (1) For our ownership structure, see page 18 & 19 of the 4Q21 Supplemental Financial Package (2) Timing and investment amounts are estimates and subject to change as the development process demands (3) AHH receives preferred return on investment (4) Reflects AHH portion
Slide 11: Acquisition Activity 4Q20 – 1Q22
11ACQUISITION ACTIVITY 4Q20 – 1Q22 (1) Represents 100% of building value, AHH holds 90% economic interest 538,000 sf retail 444,000 sf office 693 MF units $ in millions Property Size Acquisition Date Price 2022 Est. GAAP NOI Est. Return Annapolis Junction 416 MF units 4Q20 $125 $6 5.1% Edison Apartm
Slide 12: Core Locations
12CORE LOCATIONS Maryland Virginia North Carolina South Carolina Georgia
Slide 13: Exelon HQ Acquisition
13EXELON HQ ACQUISITION Investment Thesis ✓ Acquisition of Exelon Building is immediately accretive to FFO ✓ Multifamily component is complimentary to adjacent Baltimore multifamily property ✓ Consistent with long-term plan of building scale in Harbor Point submarket ✓ Highly familiar with Exelon Bu
Slide 14: Harbor Point Development
14HARBOR POINT DEVELOPMENT 1 2 3 5 6 4 (1) Represents 100% of the property of which the company owns 90% economic interest AHH Owned JV Development with Beatty Development Group 1- Thames Street Wharf 263,000 office 5 - T. Rowe Price Global HQ 450,000 office 2 - 1405 Point 289 MF units 250 parking s
Slide 15: Harbor Point: Continued
15HARBOR POINT: CONTINUED Estimated AHH Cash Equity ~$60M Ownership in JVs with Beatty Development Group 50% T. Rowe Price Global HQ Site Unconsolidated Joint Ventures Off Balance Sheet Parcel 4 Mixed-Use Expected Annual Cash Return(1) ~10% UNCONSOLIDATED JOINT VENTURE - PREDEVELOPMENT: SUBJECT TO C
Slide 16: Town Center of Virginia Beach
16TOWN CENTER OF VIRGINIA BEACH ~500,000 RETAIL SF ~800,000 OFFICE SF ~760 MULTIFAMILY 4,000+ PARKING SPOTS 1999 2021
Slide 17: Town Center of Virginia Beach
17TOWN CENTER OF VIRGINIA BEACH Block 2 is a 1.3-acre future site for development, currently used as a surface parking lot a 5-acre retail center currently featuring Bed, Bath & Beyond with future redevelopment opportunities 1 2 Additional Development Opportunities 3 an 8-acre retail center currentl
Slide 18: Gainesville Apartments
18GAINESVILLE APARTMENTS $52M total development cost 223 multifamily units Located an hour north of Atlanta, GA, Solis Gainesville will be a $52 million multifamily development joint-venture with our partners, Terwilliger Pappas. This 223-unit development commenced construction during the third quar
Slide 19: Chronicle Mill
19CHRONICLE MILL Chronicle Mill is an historic textile mill that will be revitalized into a mixed-use project just steps from historic downtown Belmont, NC (Charlotte MSA). The project will encompass 244 apartment units and 14,700 square feet of commercial space and is expected to begin delivery dur
Slide 20: Wills Wharf
20WILLS WHARF $120M total estimated development cost ~70% leased 328,000 square feet of mixed-use hotel and class A office space THAMES STREET WHARF WILLS WHARF FUTURE T ROWE PRICE GLOBAL HQ 1405 POINT Harbor Point Baltimore, MD 100% AHH ownership Delivered in 2020 Notable Tenants Transamerica, RBC,
Slide 21: Southern Post - Roswell
21SOUTHERN POST - ROSWELL Roswell, GA Location 137,000 Square Feet 100% AHH Ownership Roswell Town Center is a mixed-use project expected to total 137,000 square feet that began construction in late 2021. The center will include 42,000 square feet of retail, 95,000 square feet of office, 137 multifa
Slide 22: Harrisonburg Apartments
22HARRISONBURG APARTMENTS Harrisonburg Apartments is a multifamily project located within the central business district of Harrisonburg, VA and adjacent to James Madison University. The Company negotiated redevelopment rights to the property in 2021 and construction is expected to start in the secon