Ah Realty Trust, Inc. · NYSE:AHRT
Ah Realty Trust — Q2 2026 Earnings Presentation
36 slides from Ah Realty Trust's earnings presentation, Sep 16, 2026
Slide 1: JE! R | |
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Slide 2: Forward-looking Statements
2 Forward-looking Statements 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
Slide 3: AHRT Advantage
No Near-Term Rollover 0.8% ABR expiring 2026 | xx in 2027 | 7.5 yr office / 5.5 yr retail WALT Growth Locked In +8.7% / +21.6% cash spreads | 2.5–3.75% same- store NOI guide High, Covered Yield 8.6% dividend yield | AFFO-covered | Cash flow positive De-Risked Balance Sheet 7.1x leverage (from 8.3x),
Slide 4: Positioned For Sustainable Shareholder Value Creation
4 Positioned For Sustainable Shareholder Value Creation Simplified, More Focused REIT Platform • High-quality open-air retail & mixed-use office portfolio • Curated, high-traffic assets in strong secondary and tertiary markets with strong demand drivers throughout the Mid-Atlantic, Southeast and Sun
Slide 5: 2Q26 Results
$485M Multifamily Portfolio Sale First Closing Gross Sales Proceeds $0.14 Second Quarter FFO, As Adjusted Per Diluted Share $0.18 Second Quarter AFFO Per Diluted Share $353M Second Quarter Net Variable-Rate Debt Paydowns(1) 8.7% Second Quarter Retail Renewal Lease Spread, Cash 21.6% Second Quarter O
Slide 6: Transforming AHRT Into a More Focused, Resilient REIT
6 Financial Discipline Reset dividend to sustainable level (March 2025) Completed first private placement (July 2025) G&A alignment with current business model Initiated strategy to reduce leverage; on track to achieve target range of 5.5x-6.5x post transformation Disposing of nonrecurring income st
Slide 7: With Significant Progress to Date
7 With Significant Progress to Date Exit of Multifamily Portfolio • Sold 9 assets to Harbor Group International for $485M - Closing completed May 20, 2026 • 2 remaining assets under contract for $77M - Closing expected end of 2026 and mid-2027 • Approximately $562M of total proceeds generated, exclu
Slide 8: Simplifying and Refocusing The Portfolio
8 Simplifying and Refocusing The Portfolio Simplifying and focusing on the portfolio • Exiting remaining multifamily portfolio • Concentrating on high- quality retail and office assets, providing more predictable cash flow and increased operational efficiency Clear capital allocation framework •
Slide 9: High-quality Portfolio Positioned For Sustainable Growth
9 High-quality Portfolio Positioned For Sustainable Growth AS OF JUNE 30, 2026 108K New & renewed retail sf in 2Q26 90.9% Retail economic occupancy 95.1% Retail leased occupancy 56K New & renewed office sf in 2Q26 90.5% Office economic occupancy 96.7% Office leased occupancy Stabilized properties on
Slide 10: Favorable Lease Terms With Significant Mark To Market Opportunity
10 Favorable Lease Terms With Significant Mark To Market Opportunity AS OF JUNE 30, 2026 7.5 OFFICE WEIGHTED AVERAGE LEASE TERM (YRS) RETAIL WEIGHTED AVERAGE LEASE TERM (YRS) 5.5 Weighted Average Lease Term Remaining (Years)
Slide 11: Retail Portfolio
11 43 Number of Retail Properties(2) 3.9M Net Rentable Square Footage Retail Properties(2) RETAIL PORTFOLIO AS OF JUNE 30, 2026 (1) Retail classifications are reflective of ICSC’s U.S Shopping-Centers Classifications, with the exception of Street Retail. Street Retail includes One City Center. (2) I
Slide 12: Office Portfolio
12 OFFICE PORTFOLIO AS OF JUNE 30, 2026 14 Number of Office Properties(2) 2.4M Net Rentable Square Footage Office Properties(2) Mixed Use vs. Non-Mixed Use by ABR(1) HIGHLY DIFFERENTIATED OFFICE ASSETS IN GROWTH MARKETS • Materially concentrated within mixed-use settings • Benefit from integrated re
Slide 13: Mixed-Use
13 Total Portfolio ABR* 3.0M SF Commercial space in mixed-use portfolio 2.2M SF Of class a premier office space 0.8M SF Of premier retail space Adjacent Multifamily Strategically located in core submarkets Average walk score of 90 Mixed-Use Retail 25% Mixed-Use Office 75% * Stabilized properties onl
Slide 14: Diversified, Investment Grade Tenant Base
14 Diversified, Investment Grade(1) Tenant Base Strategic approach supports durable demand and consistently strong occupancy • Financial Services Hubs at Harbor Point and Town Center • Innovation-Driven Technology Tenants Leveraging Georgia Tech Adjacency (The Interlock) • Established Legal and Prof
Slide 15: Optimizing Balance Sheet To Enhance Flexibility
15 BBB Credit rating Optimizing Balance Sheet To Enhance Flexibility Targeted Deleveraging • Reducing leverage to target range of 5.5x- 6.5x using proceeds from asset dispositions • Improving financial flexibility and strengthens the company’s risk profile Enhanced Financial Resilience • Strengthene
Slide 16: Executing Disciplined Capital Allocation Strategy
16 Deleveraging • Lowered leverage from ~8.3x in 1Q26 to 7.1x in 2Q26 – on track to achieve targeted leverage ratio of 5.5x–6.5x • $460.5 million of proceeds from sale of nine multifamily properties used to paydown debt Share repurchases • Increased share repurchase authorization to $100 million • R
Slide 17: 2026 Revised Outlook
17 2026 Revised Outlook Continued Operations LOW HIGH RETAIL NOI $69.3M $70.8M OFFICE NOI $59.1M $60.6M EQUITY METHOD INVESTMENT ("EMI") PROPERTY INCOME(1) $3.4M $3.9M ACQUISITION NOI $0.0M $0.0M TOTAL COMMERCIAL NOI $131.8M $135.3M G&A EXPENSES -$20.0M -$19.0M INTEREST EXPENSE -$57.2M -$54.2M OTHER
Slide 18: 2Q26 Revised Outlook & Assumptions
18 2Q26 Revised Outlook & Assumptions • Raised 2026 Same-Store NOI Cash growth ranges: • Retail 2.50% - 3.50% • Office 2.75% - 3.75% • Disposition of the Multifamily Portfolio, with the exception of Smith's Landing (1) • Exit of the remaining Real Estate Financing Portfolio (2) • Remaining Secured D
Slide 19: Appendix
19 Appendix
Slide 20: Net Asset Value Component Data
20 Net Asset Value Component Data As of June 30, 2026 $ AND SHARES/UNITS IN THOUSANDS STABILIZED PORTFOLIO NOI (CASH)(1) LIABILITIES Three Months Ended Annualized As of 6/30/2026 6/30/2026 Mortgages and Notes Payable $1,037,086 Retail Mortgages, JV Pro Rata Share 81,300 Stabilized Retail NOI, Cash(2
Slide 21: Redevelopment
21 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 II Redevelopment of +/- 4 acres for alternate commercial or residential us
Slide 22: Mixed-Use Community Southern Post
22 Mixed-Use Community Southern Post • New mixed-use project, diverse income stream • High barrier to entry • Outdoor spaces • Amenitized walkable environment LOCATION Roswell, Georgia PROPERTY SQUARE FOOTAGE 94K SF of office anchored by Vestis 42K SF of retail LEASED OCCUPANCY 93.0% Retail 96.0% Of
Slide 23: Southern Post Foot Traffic
Mixed-Use Community Southern Post FOOT TRAFFIC DWELL & DURATION BEHAVIOR PATTERNS ~406K Annual Visits ~160K Annual Unique Visitors 2.6x Annual Visit Frequency 84%(1) YoY Growth 81 mins (~ 1.4 hours) Avg. Dwell Time 70 mins Median Stay Rapid growth indicates strong early traction Repeat visitation (2
Slide 24: Mixed-Use Community The Interlock
24 Mixed-Use Community The Interlock • An unparalleled destination for entertainment, dining, shopping and more • Located in the West Midtown neighborhood • Amenitized walkable environment LOCATION Atlanta, Georgia Nine-acre development featuring 200k square feet of office and 105k square feet of re
Slide 25: The Interlock Foot Traffic
25 Mixed-Use Community The Interlock FOOT TRAFFIC DWELL & DURATION BEHAVIOR PATTERNS ~860K Annual Visits ~450K Annual Unique Visitors 2x Annual Visit Frequency 21%(1) YoY Growth 3.5%(2) 2-Year Growth 170 mins (~2.8 hours) Avg. Dwell Time 103 mins Median Stay High Engagement Destination Moderate Repe
Slide 26: Mixed-Use Community Town Center of Virginia Beach
26 Mixed-Use Community Town Center of Virginia Beach LOCATION Virginia Beach, Virginia PROPERTY SQUARE FOOTAGE 804K SF of office 641K SF of retail Integrated Mixed-Use Setting with Adjacent Multifamily 2 Additionals Parcels for Development/Redevelopment
Slide 27: Town Center of Virginia Beach Foot Traffic
27 Mixed-Use Community Town Center of Virginia Beach FOOT TRAFFIC DWELL & DURATION BEHAVIOR PATTERNS 7.1M Annual Visits 1.7M Annual Unique Visitors 4.2x Annual Visit Frequency 8.4%(1) YoY Growth 7%(2) 2-Year Growth 79 mins (~1.3 hours) Avg. Dwell Time 53 mins Median Stay High-Frequency, Routine-Driv
Slide 28: Virginia Beach Market Review
28 Virginia Beach Market Review Key Industries & Growth Sectors 2nd Largest MSA in Virginia 12th Largest MSA on East Coast 6% Population growth since 2010 1.8M MSA population (37th most populous MSA in U.S.) $79K Median household income 3.0% Unemployment QUICK FACTS Notable Employers Market Commenta
Slide 29: Mixed-Use Community Harbor Point
29 Mixed-Use Community Harbor Point AHRT OWNED 1 - Thames Street Wharf 263,000 Office SF 3 - Wills Wharf 328,000 Office SF 4 - Constellation Energy Building(1) 444,000 Office SF 39,000 Retail SF 6 - T. Rowe Price Global HQ(2) 550,000 Office SF 20,000 Retail SF MULTIFAMILY ADJACENT 2 - 1405 Point 289
Slide 30: Harbor Point Foot Traffic
30 Mixed-Use Community Harbor Point FOOT TRAFFIC DWELL & DURATION BEHAVIOR PATTERNS ~724K Annual Visits ~270K Annual Unique Visitors 2.7x Annual Visit Frequency 8%(1) YOY Growth 12%(2) 2-Year Growth 154 mins (~2.6 hours) Avg. Dwell Time 59 mins Median Stay Strong evening usage in addition to midday
Slide 31: Baltimore Market Review
31 Baltimore Market Review Key Industries & Growth Sectors 7th Largest MSA on the East Coast 2.8M MSA population, 28th highest 7% Population growth over last 10 years 29th Most populous city in the U.S. $94K Average household income 3.7% Unemployment QUICK FACTS The New “Main & Main” – That Cannot B
Slide 32: Discontinued Operations
32 Discontinued Operations Multifamily Dispositions Property Location Units Sold Under PSA 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
Slide 33: Discontinued Operations, Cont.
33 Discontinued Operations, Cont. Real Estate Financing Project Location Multifamily Units Sold Held for Sale Expected Exit Period The Allure at Edinburgh Chesapeake, VA 280 X 2Q26 Solis Kennesaw Kennesaw, GA 239 X 4Q26 - 1Q27 Solis Peachtree Corners Peachtree Corners, GA 249 X 1Q26 Solis North Cree
Slide 34: Property Portfolio
34 As of June 30, 2026 Property Portfolio Retail Properties - Stabilized Location Year Built/Redevelo ped Net Rentable SF Leased Occupancy Economic Occupancy ABR ABR per Occupied SF Major Tenant(s) Town Center of Virginia Beach 249 Central Park Retail Virginia Beach, VA 2004 35,161 100.0 % 100.0 % $
Slide 35: Property Portfolio, Cont.
35 As of June 30, 2026 Property Portfolio, Cont. Retail Properties - Stabilized Location Year Built/Redevelo ped Net Rentable SF Leased Occupancy Economic Occupancy ABR ABR per Occupied SF Major Tenant(s) Mid-Atlantic Dimmock Square Colonial Heights, VA 1998 106,166 100.0 % 100.0 % $1,981,013 $18.66
Slide 36: Property Portfolio, Cont. Unstabilized
36 As of June 30, 2026 Property Portfolio, Cont. Unstabilized Location Ownership % Year Built / Redeveloped Net Rentable SF Leased Occupancy Economic Occupancy ABR ABR per Occupied SF Southeast Sunbelt Southern Post Retail Roswell, GA 100% 2024 42,016 93.0 % 79.9 % $1,565,204 $39.92 Southern Post Of