Ah Realty Trust, Inc. · NYSE:AHRT
Ah Realty Trust — Q2 2026 Earnings Presentation
44 slides from Ah Realty Trust's earnings presentation, Aug 4, 2026
Slide 1: 2Q26 Supplemental Financial Package
2Q26 SUPPLEMENTAL FINANCIAL PACKAGE
Slide 2: Table of Contents
TABLE OF CONTENTS SECTION PAGE SECTION PAGE FORWARD-LOOKING STATEMENTS...................................................... 3 SAME STORE NOI BY SEGMENT............................................................ 21 CORPORATE PROFILE ..................................................................
Slide 3: 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 August 3, 2026, which has been furnished as Exhibit 99.1 to the Company’s Form 8-K furnished with
Slide 4: Corporate Profile
CORPORATE PROFILE AH Realty Trust (NYSE: AHRT) AH Realty Trust is a pure-play, high-quality retail and mixed-use office REIT focused on identifying and realizing dominant market competitive advantages throughout the Sunbelt, mid-Atlantic and Southeast. Our company is primarily comprised of and focus
Slide 5: Highlights
HIGHLIGHTS $485M $0.14 $0.18 Multifamily Portfolio Sale First Closing Second Quarter FFO, As Adjusted Second Quarter AFFO Gross Sales Proceeds Per Diluted Share Per Diluted Share $353M 8.7% 21.6% Second Quarter Second Quarter Retail Second Quarter Office Net Variable-Rate Debt Paydowns(1) Renewal Le
Slide 6: 2026 Revised Outlook: Continued Operations
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 N
Slide 7: 2026 Revised Outlook: Assumptions
2026 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 Debt
Slide 8: Summary Information
SUMMARY INFORMATION $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) OPERATIONAL METRICS 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Net Loss Attributable to Common Stockholders and OP Unitholders ($24,165) ($33,291) ($647) ($3,575) Net Loss per Diluted Share Attributable to Common Stock
Slide 9: Summary Income Statement
SUMMARY INCOME STATEMENT $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended Six Months Ended 6/30/2026 6/30/2025 6/30/2026 6/30/2025 (Unaudited) (Unaudited) Revenues Rental revenues $52,548 $50,720 $104,865 $100,902 Total revenues 52,548 50,720 104,865 100,902 Expenses Rental expenses 12,440 11,129
Slide 10: Summary Balance Sheet
SUMMARY BALANCE SHEET $ IN THOUSANDS As Of 6/30/2026 12/31/2025 (Unaudited) Assets Real estate investments: Income producing property $1,784,337 $1,801,279 Held for development — 5,683 Construction in progress 14,239 13,028 Accumulated depreciation (422,439) (410,565) Net real estate investments 1,3
Slide 11: FFO & AFFO
FFO & AFFO(1) $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) Six Months Ended (Unaudited) 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2026 6/30/2025 Funds From Operations(1) Net Loss Attributable to AHRT and OP Unitholders ($24,165) ($33,291) ($647) ($3,575) ($57,456) ($3,320) Net
Slide 12: FFO, As Adjusted
FFO, AS ADJUSTED $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) Six Months Ended (Unaudited) 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2026 6/30/2025 FFO $15,405 $20,598 $23,143 $20,170 $36,003 $36,144 FFO Attributable to General Contracting and Real Estate Services 3,081 569 (1
Slide 13: Net Asset Value Component Data
NET ASSET VALUE COMPONENT DATA $ 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) $16,871 $67,484 Total
Slide 14: Credit Profile
CREDIT PROFILE $ IN THOUSANDS Total Debt Leverage 1,600,000 100.0% 10.0x 8.9x 9.0x 9.2x 8.5x 8.4x 8.4x 8.7x 90.0% 8.1x 8.1x 8.2x 8.0x 8.3x 1,400,000 9.0x 80.0% 8.0x 1,200,000 70.0% 7.0x 1,000,000 60.0% 6.0x 800,000 50.0% 5.0x 600,000 40.0% 4.0x 7.7x 7.9x 8.1x 8.3x 7.1x 7.5x 7.4x 7.5x 7.2x 7.2x 7.1x
Slide 15: Leverage Metrics
LEVERAGE METRICS $ IN THOUSANDS SEE APPENDIX FOR DEFINITIONS, CALCULATIONS, AND RECONCILIATIONS Three Months Ended 6/30/2026 Total Adjusted EBITDAre $35,218 Net Debt(1) $1,001,538 Net Debt/Total Adjusted EBITDAre(2) 7.1 x Net Debt + Preferred $1,172,623 Net Debt + Preferred /Total Adjusted EBITDAre
Slide 16: Debt Management
DEBT MANAGEMENT AS OF JUNE 30, 2026 Total Debt Composition Weighted Average % of Debt Interest Rate Maturity Variable vs. Fixed-Rate Debt Variable-Rate Debt(1)(2) —% N/A N/A Fixed-Rate Debt(3)(4) 100.0 % 4.3 % 1.9 Yrs Secured vs. Unsecured Debt Unsecured Debt(2) 69.0 % 4.5 % 1.7 Yrs Secured Debt(2)
Slide 17: Outstanding Debt
OUTSTANDING DEBT $ IN THOUSANDS Debt Maturities & Principal Payments Effective Rate Outstanding Debt Attrib. as of Maturity as of to Assets Debt Stated Rate 6/30/2026 Date(1) 2026 2027 2028 2029 2030 Thereafter 6/30/2026 under PSA Secured Debt - Continuing Operations Constellation Energy Building SO
Slide 18: Hedging Activity
HEDGING ACTIVITY $ IN THOUSANDS AS OF JUNE 30, 2026 Interest Rate Swaps Not Allocated to Specific Asset Debt SOFR Strike / Swap Fixed Effective Date Maturity Date Rate Notional Amount August 2025 August 2026 2.25% $730,000 January 2025 January 2027 2.50% 150,000 Total Interest Rate Swaps 880,000 Fix
Slide 19: Capitalization & Financial Ratios
CAPITALIZATION & FINANCIAL RATIOS $ IN THOUSANDS, EXCEPT PER SHARE AS OF JUNE 30, 2026 Principal Debt % of Total Balance Total Capitalization Unsecured Revolving Credit Facility 2% $21,000 Unsecured Term Loans 56 % 580,000 Mortgages Payable(1) 31 % 321,085 Senior Notes 11 % 115,000 Common Total Debt
Slide 20: Portfolio Profile
PORTFOLIO PROFILE(1) Weighted Average Lease Term Lease Expirations(2) Remaining (Years) 12.3% 11.5% 11.0% 11.2% 10.9% 10.0 8.8 8.4 8.2 8.3 8.5 8.4 8.5% 7.9 8.1 8.1 7.9 8.1% 7.9% 7.7 7.5 8.0 7.2% 5.9 5.8 5.7 5.6 5.6 5.6 5.6 5.6 5.6 5.5 6.0 5.3 5.5 4.3% 4.0 3.3% 3.0% 2.0 0.8% —% 0.0 24 26 23 25 23 25
Slide 21: Same Store NOI by Segment
SAME STORE NOI BY SEGMENT $ IN THOUSANDS Three Months Ended Six Months Ended 6/30/2026 6/30/2025 $ Change % Change 6/30/2026 6/30/2025 $ Change % Change Retail Rental Revenues $23,173 $22,681 $492 2.2 % $46,125 $45,266 $859 1.9 % Rental Expenses(1) 4,106 4,141 (35) (0.8)% 8,567 8,640 (73) (0.8)% Rea
Slide 22: Rental Revenue Disaggregation
RENTAL REVENUE DISAGGREGATION $ IN THOUSANDS Three Months Ended 6/30/2026 Retail Office Other Total Base Rent $18,584 $17,388 $1,421 $37,393 Expense Reimbursements 5,201 5,728 31 10,960 Termination Fees 38 — — 38 Other Rental Income(1) 34 126 2,034 2,194 Rental Revenues, Cash $23,857 $23,242 $3,486
Slide 23: Stabilized Portfolio Summary
STABILIZED PORTFOLIO SUMMARY AS OF JUNE 30, 2026 SEE APPENDIX FOR FULL LIST OF PROPERTIES COMMERCIAL PORTFOLIO # of Average Leased Economic ABR per Retail Properties Properties Net Rentable SF(1) Age Occupancy(1) Occupancy(1) ABR(1) Occupied SF Town Center of Virginia Beach 13 641,408 15 96.0 % 90.8
Slide 24: Retail Portfolio
RETAIL PORTFOLIO AS OF JUNE 30, 2026 PERCENTAGE OF NOI BY RETAIL CLASSIFICATION(1) 0.4% 3.0% 10.0% 41.9% 21.1% 23.6% Community Center Lifestyle Center Neighborhood Center Power Center Strip/Convenience Street Retail 43 Number of 3.9M Net Rentable Square Retail Properties(2) Footage Retail Properties
Slide 25: Office Portfolio
OFFICE PORTFOLIO AS OF JUNE 30, 2026 Mixed Use vs. Non-Mixed Use by ABR(1) 5.1% 94.9% Mixed Use Non Mixed Use 14 Number of 2.4M Net Rentable Square Office Properties(2) Footage Office Properties(2) 25 (1) Mixed-Use consists of Town Center of Virginia Beach, Harbor Point – Baltimore Waterfront, One C
Slide 26: Top 20 Tenants by ABR
TOP 20 TENANTS BY ABR $ IN THOUSANDS AS OF JUNE 30, 2026 % of Total Investment Number of Annualized Annualized Tenant Grade(1) Leases Base Rent Base Rent Constellation Energy Generation ü 1 $15,924 (2) 10.7% Morgan Stanley ü 3 9,221 6.2% T. Rowe Price Group, Inc. ü 1 8,088 (3) 5.5% The Kroger Co. ü
Slide 27: Lease Summary
LEASE SUMMARY RETAIL Renewals Number of Net Rentable SF GAAP Releasing Cash Releasing Wtd Average Lease Quarter Leases Signed Signed Spread Spread Term (yrs) TI & LC TI & LC per SF Q2 2026 11 95,728 11.5 % 8.7 % 3.4 $112,300 $1.17 Q1 2026 20 88,099 10.7 % 4.5 % 4.9 201,536 2.29 Q4 2025 18 72,179 15.
Slide 28: Lease Expirations
LEASE EXPIRATIONS(1) AS OF JUNE 30, 2026 RETAIL Square Footage % Portfolio Net Year Lease Expiring Expiring Rentable Square Feet ABR % of Portfolio ABR Available – 188,153 4.9 % $— –% M-T-M 1 1,602 –% 59,262 0.1 % 2026 11 22,007 0.6 % 605,446 0.8 % 2027 73 392,231 10.2 % 7,411,107 9.9 % 2028 77 368,
Slide 29: Redevelopment
REDEVELOPMENT OPPORTUNITIES(1) 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
Slide 30: Net Income & NOI by Segment
NET INCOME & NOI BY SEGMENT $ IN THOUSANDS For the Three Months Ended June 30, 2026 Retail Real Office Real Estate Estate Other(1) Total Revenues Rental revenues $24,388 $24,676 $3,484 $52,548 Total revenues 24,388 24,676 3,484 52,548 Expenses Rental expenses(2) 4,150 7,084 1,206 12,440 Real estate
Slide 31: Acquisitions & Dispositions
ACQUISITIONS & DISPOSITIONS $ IN THOUSANDS ACQUISITIONS Purchase Cash Cap Purchase Properties Location Units/Square Feet Price Rate Date Anchor Tenants 2025 184 Units $60,380 4.4 % Solis Gainesville II Gainesville, Georgia 184 Units 60,380 4.4 % 4Q25 DISPOSITIONS Cash Cap Disposition Properties Loca
Slide 32: Discontinued Operations
DISCONTINUED OPERATIONS MULTIFAMILY DISPOSITIONS Multifamily Expected Property Location Units Sold Under PSA 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,
Slide 33: Discontinued Operations, Cont.
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 Creek C
Slide 34: Appendix: Definitions & Reconciliations
APPENDIX DEFINITIONS & RECONCILIATIONS 34
Slide 35: Definitions
DEFINITIONS ADJUSTED FUNDS FROM OPERATIONS: We calculate Adjusted Funds From Operations (“AFFO”) as FFO adjusted for the impact of debt extinguishment losses, provision for unrealized non-cash credit losses, amortization of right-of-use assets attributable to finance leases, mark-to-market adjustmen
Slide 36: Definitions
DEFINITIONS EBITDAre: We calculate EBITDA for real estate ("EBITDAre") consistent with the definition established by the National Association of Real Estate Investment Trusts ("Nareit"). EBITDAre is a financial measure not calculated in accordance with the accounting principles generally accepted in
Slide 37: Definitions
DEFINITIONS FUNDS FROM OPERATIONS: We calculate Funds From Operations (“FFO”) in accordance with the standards established by Nareit. Nareit defines FFO as net income (loss) (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains or losses from the
Slide 38: Definitions
DEFINITIONS SAME STORE PORTFOLIO: We define same store properties as those that we owned and operated and that were stabilized for the entirety of both periods compared. Refer to definition of Stabilized Property for further information. STABILIZED PROPERTY: We generally consider a property to be st
Slide 39: Property Portfolio
PROPERTY PORTFOLIO AS OF JUNE 30, 2026 Retail Properties - Year Built/ Net Rentable Leased Economic ABR per Stabilized Location Redeveloped SF(1) Occupancy(1) Occupancy(1) ABR(1) Occupied SF(1) Major Tenant(s) Town Center of Virginia Beach 249 Central Park Retail Virginia Beach, VA 2004 35,161 100.0
Slide 40: Property Portfolio Cont.
PROPERTY PORTFOLIO CONT. AS OF JUNE 30, 2026 ABR per Year Built/ Net Rentable Leased Economic Occupied Retail Properties - Stabilized Location Redeveloped SF(1) Occupancy(1) Occupancy(1) ABR(1) SF(1) Major Tenant(s) Mid-Atlantic Dimmock Square Colonial Heights, VA 1998 106,166 100.0 % 100.0 % $1,981
Slide 41: Property Portfolio Cont.
PROPERTY PORTFOLIO CONT. AS OF JUNE 30, 2026 Year Built / Leased Economic ABR per Unstabilized Location Ownership % Redeveloped Net Rentable SF(1) Occupancy(1) Occupancy(1) ABR(1) Occupied SF(1) Southeast Sunbelt Southern Post Retail Roswell, GA 100% 2024 42,016 93.0 % 79.9 % $1,565,204 $39.92 South
Slide 42: Reconciliation of Debt & EBITDAre
RECONCILIATION OF DEBT & EBITDAre $ IN THOUSANDS Three Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Property Net Operating Income $35,311 $34,725 $38,555 $33,496 Property Miscellaneous Expense, Net (142) (250) (269) (87) Non-Recurring Bad Debt Adjustment 231 549 308 152 Non-Recurring Termin
Slide 43: Reconciliation of Net Income to Total Adjusted EBITDAre
RECONCILIATION OF NET INCOME TO TOTAL ADJUSTED EBITDAre $ IN THOUSANDS Three Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Net Loss Attributable to Common Stockholders and OP Unitholders ($24,165) ($33,291) ($647) ($3,575) Excluding: Depreciation and Amortization 19,323 24,061 23,191 22,718
Slide 44: Capital Expenditures
CAPITAL EXPENDITURES(1) $ IN THOUSANDS Three Months Ended June 30, 2026 Leasing Lease Tenant Land Building Fixtures & Total Second Commissions Incentive Improvements Improvements(2) Improvements(2) Equipment(2) Generation Capex Retail $ 409 $ — $ 1,150 $ 707 $ 452 $ — $ 2,718 Office 241 — 1,161 12 1