Ah Realty Trust, Inc. · NYSE:AHRT
Ah Realty Trust — Armada Hoffler Properties — Q4 2026 Earnings Presentation
12 slides from Ah Realty Trust's earnings presentation, Feb 17, 2026
Slide 1: Guidance Presentation 2026
4 ARMADA HOFFLER GUIDANCE PRESENTATION 2026
Slide 2: 2026 Outlook: Continued Operations
2026 OUTLOOK: CONTINUED OPERATIONS 2 $ IN MILLIONS LOW HIGH RETAIL NOI $68.5M $70.0M OFFICE NOI $58.5M $60.0M EQUITY METHOD INVESTMENT ("EMI") PROPERTY INCOME(1) $3.4M $3.9M ACQUISITION NOI $1.0M $1.7M TOTAL COMMERCIAL NOI $131.4M $135.6M G&A EXPENSES -$19.7M -$18.7M INTEREST EXPENSE -$57.2M -$54.2M
Slide 3: 2026 Guidance Assumptions
2026 GUIDANCE ASSUMPTIONS 3 • Disposition of the General Contracting and Real Estate Services ("GCRES") business in 1Q26 • Disposition of the Multifamily Portfolio, with the exception of Smith's Landing, in 2026 • Realization of The Allure at Edinburgh mid 2026 • Exit of the remaining Real Estate Fi
Slide 4: FFO Bridge
FFO BRIDGE 4 PER DILUTED SHARE Net Debt/EBITDA: 8.1x $1.00 Net Debt + Pref/EBITDA: 9.0x Net Debt/EBITDA: 5.5x-6.5x Net Debt + Pref/EBITDA: 6.8x-7.8x $0.80 $0.78 $(0.05) $0.11 $0.64 $0.60 $(0.07) $0.53 $(0.13) $0.40 $0.20 $— 2025 Nareit FFO GCRES Real Estate Multifamily 2025 Pro Forma Debt Paydowns,
Slide 5: Reconciliation of FFO to Pro Forma FFO
RECONCILIATION OF FFO TO PRO FORMA 5 FFO IN MILLIONS PER DILUTED SHARE FOR THE YEAR ENDED DECEMBER 31, 2025 NAREIT FFO $79.4M $0.78 NAREIT FFO ATTRIBUTABLE TO GCRES -$4.6M (0.05) NAREIT FFO ATTRIBUTABLE TO MULTIFAMILY -$13.2M (0.13) NAREIT FFO ATTRIBUTABLE TO REAL ESTATE FINANCING -$7.1M (0.07) PRO
Slide 6: AFFO Payout Ratio
AFFO PAYOUT RATIO 6 PER DILUTED SHARE POST- 2026E MIDPOINT TRANSFORMATION PRO FORMA FFO $0.52 $0.64 NON-CASH NOI ADJUSTMENTS (0.09) (0.07) COMMERCIAL PROPERTY-RELATED CAPEX (0.08) (0.07) NON-CASH STOCK COMPENSATION 0.05 0.05 NON-CASH INTEREST EXPENSE AND ROUA LEASE AMORT. 0.04 0.04 NON-CASH DECREASE
Slide 7: Comparative Income Stream Composition
COMPARATIVE INCOME STREAM 7 COMPOSITION $ IN MILLIONS, ON A GAAP BASIS $200 $150 $100 $50 $0 Present Post Transformation Retail NOI* Office NOI* Multifamily NOI* GCRES Gross Profit Real Estate Financing Gross Profit Other NOI** * Includes EMI Property Income contribution. Excludes termination fees.
Slide 8: Platform for Growth
PLATFORM FOR GROWTH 8 $ IN MILLIONS POTENTIAL COMMERCIAL NOI, CASH $180 $160 $140 $120 $100 2025 2030 1 2 Current Commercial NOI 2026E Acquisitions Potential Acquisitions (1) Reflects an assumed $50M acquisition price at a going-in cap rate within the range of 6.25%-7.00%. (2) Reflects potential acq
Slide 9: Commercial NOI & Leverage Trends
COMMERCIAL NOI & LEVERAGE TRENDS 9 $ IN MILLIONS, ON A GAAP BASIS $150 8.5x $3 $4 $4 8.0x $55 8.1x $59 $120 7.5x $61 7.5x $60 $90 7.2x 7.0x $48 6.5x 6.5x $60 6.0x $72 $73 $71 $71 $30 5.5x 5.5x $74 $0 5.0x 2023 2024 2025 2026E Post-Transformation Net Debt/EBITDA Post- 2023 2024(1) 2025(1) 2026E(2) Tr
Slide 10: 2026 Commercial Same Store Outlook
2026 COMMERCIAL SAME STORE(1) 10 OUTLOOK $ IN MILLIONS LOW HIGH GROWTH RANGE RETAIL SAME STORE NOI, CASH $65.6M $66.2M 1.00% - 2.00% OFFICE SAME STORE NOI, CASH $54.1M $54.7M 1.40% - 2.50% (1) Refer to slide 11 for the expected composition of commercial Same Store properties.
Slide 11: Commercial Same Store Property Expected Composition - 2026
COMMERCIAL SAME STORE PROPERTY 11 EXPECTED COMPOSITION - 2026 RETAIL OFFICE 249 Central Park Retail Lexington Square 249 Central Park Office 4525 Main Street Retail North Pointe Center 4525 Main Street 4621 Columbus Street Retail Parkway Centre 4605 Columbus Office Columbus Village I & II Parkway Ma
Slide 12: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS 12 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 our Form 8-K furnished on February 16, 2026. The Company ma
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