Ah Realty Trust, Inc. · NYSE:AHRT
Ah Realty Trust — Armada Hoffler Properties — Q4 2025 Earnings Presentation
41 slides from Ah Realty Trust's earnings presentation, Feb 17, 2026
Slide 1: Supplemental Financial Package
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Slide 2: Corporate Profile
CORPORATE PROFILE Armada Hoffler (NYSE: AHH) is a vertically integrated, self-managed real estate investment trust ("REIT") with over four decades of experience managing high-quality properties located primarily in the Mid-Atlantic and Southeastern United States. The Company's focus is to deliver lo
Slide 3: Highlights
HIGHLIGHTS $0.78 $1.08 95.3% Full Year FFO Full Year Normalized FFO Wtd. Avg. Stabilized Portfolio Occupancy Per Diluted Share Per Diluted Share as of December 31, 2025 59% 859K 14.0% ABR in Mixed-Use Communities Square Feet of New and Renewed Commercial Fourth Quarter Commercial New and Renewed Spa
Slide 4: Summary Information
SUMMARY INFORMATION $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) OPERATIONAL METRICS 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Net (Loss) Income per Diluted Share Attributable to Common Stockholders and OP ($957) ($3,575) $3,907 ($7,227) Net (Loss) Income per Diluted Share Attribut
Slide 5: Summary Income Statement
SUMMARY INCOME STATEMENT $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended Year Ended 12/31/2025 12/31/2024 12/31/2025 12/31/2024 (Unaudited) (Unaudited) Revenues Rental revenues $71,952 $62,953 $269,624 $256,697 Interest income 3,650 4,390 15,577 17,371 Total revenues 75,602 67,343 285,201 274,06
Slide 6: Summary Balance Sheet
SUMMARY BALANCE SHEET $ IN THOUSANDS As Of 12/31/2025 12/31/2024 (Unaudited) Assets Real estate investments: Income producing property $2,524,525 $2,171,970 Held for development 5,683 5,683 Construction in progress 17,053 17,515 Accumulated depreciation (521,189) (450,419) Net real estate investment
Slide 7: FFO, Normalized FFO, & AFFO
FFO, NORMALIZED FFO, & AFFO(1) Three Months Ended (Unaudited) Year Ended (Unaudited) $ IN THOUSANDS, EXCEPT PER SHARE 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2025 12/31/2024 Funds From Operations Net (Loss) Income Attributable to AHH and OP Unitholders ($957) ($3,575) $3,907 ($7,227) ($7,851)
Slide 8: Net Asset Value Component Data
NET ASSET VALUE COMPONENT DATA $ AND SHARES/UNITS IN THOUSANDS Stabilized Portfolio NOI (Cash) Preferred Equity Three Months Ended 12/31/2025 Liquidation Value Retail Office(2) Multifamily Total Series A Cumulative Redeemable Perpetual Preferred Stock $171,085 Stabilized Portfolio Portfolio NOI(1) $
Slide 9: Credit Profile
CREDIT PROFILE $ IN THOUSANDS Total Debt Net Debt to Adjusted EBITDAre 1,600,000 100.0% 9.0x 1,400,000 90.0% 8.0x 7.9x 8.1x 7.7x 7.5x 7.4x 7.5x 80.0% 7.0x 7.1x 7.1x 7.2x 7.2x 7.1x 1,200,000 6.6x 70.0% 1,000,000 6.0x 60.0% 5.0x 800,000 50.0% 40.0% 4.0x 600,000 6.6x 3.0x 6.2x 6.5x 6.4x 30.0% 5.9x 5.8x
Slide 10: Leverage Metrics
LEVERAGE METRICS $ IN THOUSANDS SEE APPENDIX FOR DEFINITIONS, CALCULATIONS, AND RECONCILIATIONS Three Months Ended 12/31/2025 Stabilized Portfolio Adjusted EBITDAre $43,301 Stabilized Portfolio Debt $951,595 Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre 5.5 x Total Adjusted EBIT
Slide 11: Debt Management
DEBT MANAGEMENT $ IN THOUSANDS AS OF DECEMBER 31, 2025 Total Debt Composition Weighted Average % of Debt Interest Rate Maturity Variable vs. Fixed-Rate Debt Variable-Rate Debt(1)(2) 3.7 % 5.3 % 1.2 Yrs Fixed-Rate Debt(3)(4) 96.3 % 4.2 % 2.5 Yrs Secured vs. Unsecured Debt Unsecured Debt(2) 61.3 % 4.4
Slide 12: Outstanding Debt
OUTSTANDING DEBT $ IN THOUSANDS Debt Maturities & Principal Payments Outstanding Effective Rate as of as of Debt Stated Rate 12/31/2025 Maturity Date (1) 2026 2027 2028 2029 2030 Thereafter 12/31/2025 Secured Debt - Stabilized Encore Apartments & 4525 Main Street 2.93 % 2.93 % Apr-2026 (2) 50,840 —
Slide 13: Hedging Activity
HEDGING ACTIVITY $ IN THOUSANDS AS OF DECEMBER 31, 2025 Interest Rate Swaps Not Allocated to Specific Asset Debt SOFR Strike / Swap Fixed Effective Date Maturity Date(1) Rate Notional Amount August 2025 August 2026 2.25% 640,000 January 2025 January 2027 2.50% 150,000 Total Interest Rate Swaps $790,
Slide 14: Capitalization & Financial Ratios
CAPITALIZATION & FINANCIAL RATIOS $ IN THOUSANDS, EXCEPT PER SHARE AS OF DECEMBER 31, 2025 Principal Debt % of Total Balance Unsecured Revolving Credit Facility 16 % $241,000 Unsecured Term Loans 38 % 580,000 Mortgages Payable 39 % 590,584 Common Equity 29% Senior Notes 7% 115,000 Total Debt $1,526,
Slide 15: Portfolio Profile
PORTFOLIO PROFILE(1) Commercial Weighted Average Commercial Weighted Average Lease Term Remaining (Years) Lease Term Remaining (Years) 25.0% 10 8 7.37 7.38 7.29 7.22 7.08 7.07 7.08 7.07 6.99 6.84 6.93 6.87 6.70 13.0% 6 12.0% 10.0% 8.0% 4 7.0% 6.0% 6.0% 4.0% 4.0% 3.0% 2 2.0% —% —% 0 -M 31 e 30 r 29 2
Slide 16: Same Store NOI by Segment
SAME STORE NOI BY SEGMENT $ IN THOUSANDS (RECONCILIATION TO GAAP LOCATED IN APPENDIX) Three Months Ended Year Ended 12/31/2025 12/31/2024 $ Change % Change 12/31/2025 12/31/2024 $ Change % Change Retail Rental Revenues $24,418 $23,400 $1,018 4.4 % $96,307 $94,858 $1,449 1.5 % Rental Expenses(1) 3,88
Slide 17: Stabilized Portfolio Summary
STABILIZED PORTFOLIO SUMMARY AS OF DECEMBER 31, 2025 SEE APPENDIX FOR FULL LIST OF PROPERTIES COMMERCIAL PORTFOLIO # of Net Rentable Average Retail Properties Properties SF(1) Age Occupancy(1) ABR(1) ABR per Occupied SF Town Center of Virginia Beach 13 549,317 14 97.7 % $14,610,704 $27.23 Harbor Poi
Slide 18: Mixed-Use v. Non-Mixed-Use
MIXED-USE V. NON-MIXED-USE(1) $ IN THOUSANDS AS OF DECEMBER 31, 2025 Three Months Ended Year Ended 12/31/2025 12/31/2024 $ Change % Change 12/31/2025 12/31/2024 $ Change % Change Mixed Use Rental Revenues $38,518 $35,599 $2,919 8.2 % $150,819 $145,919 $4,900 3.4 % Rental Expenses (2) 10,624 9,825 79
Slide 19: Mixed-Use Communities
MIXED-USE COMMUNITIES(1) AS OF DECEMBER 31, 2025 • 2.9M SF COMMERCIAL SPACE IN MIXED-USE PORTFOLIO ◦ 2.2M SF OF CLASS A PREMIER OFFICE SPACE ◦ 0.7M SF OF RETAIL • 1,151 MULTIFAMILY UNITS • STRATEGICALLY LOCATED IN CORE SUBMARKETS • AVERAGE WALK SCORE OF 90(2) Total Portfolio ABR 11.4% 1.9% Mixed-Use
Slide 20: Top 20 Tenants by ABR
TOP 20 TENANTS BY ABR $ IN THOUSANDS AS OF DECEMBER 31, 2025 Commercial Portfolio Number of Annualized Base % of Total Annualized Tenant Investment Grade(1) Leases Rent Base Rent Constellation Energy Generation ü 1 $15,463 7.6% Morgan Stanley ü 3 9,035 4.4% T. Rowe Price(2) ü 1 7,900 3.9% The Kroger
Slide 21: Lease Summary
LEASE SUMMARY RETAIL Renewals Wtd Average Lease Number of Net Rentable SF GAAP Releasing Cash Releasing Term Remaining Quarter Leases Signed Signed Spread Spread (yrs) TI & LC TI & LC per SF Q4 2025 18 72,179 15.3 % 10.1 % 4.9 $257,722 $3.57 Q3 2025 24 237,025 5.7 % 6.5 % 6.9 993,025 4.19 Q2 2025 14
Slide 22: Lease Expirations
LEASE EXPIRATIONS(1) AS OF DECEMBER 31, 2025 RETAIL % Portfolio Net Square Footage Rentable Square Year Leases Expiring Expiring Feet ABR % of Portfolio ABR Available – 196,032 5.1 % $— –% M-T-M 9 16,643 0.4 % 529,444 0.7 % 2025(2) 2 1,320 –% 33,797 –% 2026 57 221,114 5.8 % 4,669,581 6.3 % 2027 82 3
Slide 23: Portfolio Expansion
PORTFOLIO EXPANSION $ IN THOUSANDS Schedule(1) Consolidated Property Construction Initial Stabilized Estimated Loan Cost to AHH Anchor Development Projects Type Estimated Size(1) % Leased or LOI Start Occupancy Operation(2) Cost(1) Commitment Date Ownership Tenants 137 multifamily units / 1Q26 - Ret
Slide 24: Redevelopment
REDEVELOPMENT $ IN THOUSANDS AS OF DECEMBER 31, 2025 IN-PROGRESS Projected Date of Estimated Projects Description Completion(1) Cost(1) Redevelopment of a 37,500 sq.ft building previously occupied by Bed Bath & Beyond into a Columbus Village II grocery-anchored multi-tenant shopping center with an o
Slide 25: Real Estate Financing
REAL ESTATE FINANCING $ IN THOUSANDS AS OF DECEMBER 31, 2025 Maximum Cumulative Outstanding Property Estimated % Leased Initial Estimated Loan Interest Principal Principal Accrued QTD Interest Investments(1)(6) Type Size(2) or LOI Occupancy Stabilization(2) Maturity Rate Balance Commitment Interest(
Slide 26: Net Income & NOI by Segment
NET INCOME & NOI BY SEGMENT $ IN THOUSANDS For the Three Months Ended December 31, 2025 Retail Real Office Real Multifamily Real Real Estate Estate Estate Estate Financing Other (1) Total Revenues Rental revenues $25,399 $28,832 $17,721 $— $— $71,952 Interest income (real estate financing segment) —
Slide 27: Acquisitions & Dispositions
ACQUISITIONS & DISPOSITIONS $ IN THOUSANDS ACQUISITIONS Purchase Cash Cap Purchase Properties Location Square Feet/Units Price Rate Date Anchor Tenants 2025 184 Units $60,380 4.4 % Solis Gainesville II Gainesville, Georgia 184 Units 60,380 4.4 % 4Q25 2023 310,855 $215,000 6.5 % The Interlock Atlanta
Slide 28: Appendix: Definitions & Reconciliations
APPENDIX DEFINITIONS & RECONCILIATIONS 28Beach Town Center of Virginia Virginia Beach, VA
Slide 29: Definitions
DEFINITIONS ADJUSTED FUNDS FROM OPERATIONS: We calculate Adjusted Funds From Operations (“AFFO”) as Normalized FFO adjusted for the impact of non-cash stock compensation, tenant improvements, leasing commissions, and leasing incentive costs associated with second generation rental space, capital exp
Slide 30: Definitions
DEFINITIONS DEBT SERVICE COVERAGE RATIO: We calculate Debt Service Coverage Ratio as the quarterly Total Adjusted EBITDAre divided by total quarterly interest expense less interest receipts of non- designated derivatives and required principal repayment. EBITDAre: We calculate EBITDA for real estate
Slide 31: Definitions
DEFINITIONS NET OPERATING INCOME: We calculate Net Operating Income (“NOI”) as segment revenues less segment expenses. Segment revenues include rental revenues (base rent, expense reimbursements, termination fees, and other revenue) for our property segments, and interest income for our real estate
Slide 32: Definitions
DEFINITIONS OCCUPANCY: The occupancy for each of our retail & office properties is calculated as (a) square footage under executed leases, including short term leases, as of the last day of the quarter, divided by (b) net rentable square footage, expressed as a percentage. Refer to definition of Net
Slide 33: Definitions
DEFINITIONS STABILIZED PROPERTY: We generally consider a property to be stabilized upon the earlier of (a) the quarter after the property reaches 80% occupancy, or (b) the thirteenth quarter after the property receives its certificate of occupancy. Additionally, any property that is fully or partial
Slide 34: Property Portfolio
PROPERTY PORTFOLIO AS OF DECEMBER 31, 2025 Year Built/ Net Rentable ABR per Retail Properties - Stabilized Location Ownership % Redeveloped SF(1) Occupancy(1) ABR(1) Occupied SF(1) Anchor Tenant(s) Town Center of Virginia Beach 249 Central Park Retail Virginia Beach, VA 100% 2004 35,161 100.0 % $1,2
Slide 35: Property Portfolio Cont.
PROPERTY PORTFOLIO CONT. AS OF DECEMBER 31, 2025 Year Built/ Net Rentable ABR per Retail Properties - Stabilized Location Ownership % Redeveloped SF(1) Occupancy(1) ABR(1) Occupied SF(1) Anchor Tenant(s) Mid-Atlantic Dimmock Square Colonial Heights, VA 100% 1998 106,166 100.0 % $1,945,347 $18.32 Bes
Slide 36: Property Portfolio Cont.
PROPERTY PORTFOLIO CONT. AS OF DECEMBER 31, 2025 Year Built / Monthly AQR per Occupied Multifamily Properties - Stabilized Location Ownership % Redeveloped Units Occupancy(1) AQR (1) Unit(1) Town Center of Virginia Beach Encore Apartments Virginia Beach, VA 100% 2014 286 94.4 % $6,077,041 $1,876 Pre
Slide 37: Reconciliation of Debt & EBITDAre
RECONCILIATION OF DEBT & EBITDAre $ IN THOUSANDS Three Months Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Property Net Operating Income $47,827 $44,954 $42,480 $42,240 Property Miscellaneous Expense, Net (269) (87) (124) (266) Non-Recurring Bad Debt Adjustment 308 152 140 2,166 Non-Recurring Term
Slide 38: Capital Expenditures
CAPITAL EXPENDITURES $ IN THOUSANDS Three Months Ended December 31, 2025(1) Leasing Lease Tenant Land Building Fixtures & Total Second Commissions Incentive Improvements Improvements(2) Improvements(2) Equipment(2) Generation Capex Retail $1,339 $— $828 $744 $2,135 $77 $5,124 Office 909 — 626 18 1,8
Slide 39: Reconciliation to Property Portfolio NOI
RECONCILIATION TO PROPERTY PORTFOLIO NOI $ IN THOUSANDS Three Months Ended 12/31 Year Ended 12/31 2025 2024 2025 2024 Retail Same Store Rental Revenues $24,418 $23,400 $96,307 $94,858 Property Expenses 6,061 6,023 24,534 23,874 NOI 18,357 17,377 71,773 70,984 Non-Same Store NOI(1) 370 1,910 2,002 4,
Slide 40: Reconciliation of Net Income to Property Adjusted EBITDAre
RECONCILIATION OF NET INCOME TO PROPERTY ADJUSTED EBITDAre $ IN THOUSANDS Three Months Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Net Income (Loss) Attributable to Common Stockholders and OP Unitholders ($957) ($3,575) $3,907 ($7,227) Excluding: Depreciation and Amortization 23,191 22,718 21,356
Slide 41: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This Supplemental Financial Package should be read in conjunction with the unaudited condensed consolidated financial statements appearing in the Company’s press release dated February 16, 2026, which has been furnished as Exhibit 99.1 to the Company’s Form 8-K furnished w
Armada Hoffler Properties — Q4 2025 Earnings Presentation on 6ix