Ah Realty Trust, Inc. · NYSE:AHRT
Ah Realty Trust — Q3 2026 Earnings Presentation
44 slides from Ah Realty Trust's earnings presentation, Nov 2, 2026
Slide 1: 3Q26 Supplemental Financial Package
3Q26 SUPPLEMENTAL FINANCIAL PACKAGE
Slide 2: Table of Contents
2 TABLE OF CONTENTS SECTION PAGE SECTION PAGE FORWARD-LOOKING STATEMENTS ...................................................... 3 SAME STORE NOI BY SEGMENT ............................................................ 21 CORPORATE PROFILE ..............................................................
Slide 3: Forward-Looking Statements
3 This Supplemental Financial Package should be read in conjunction with the unaudited condensed consolidated financial statements appearing in the Company’s press release dated November 2, 2026, which has been furnished as Exhibit 99.1 to the Company’s Form 8-K furnished with the Securities and Exc
Slide 4: Corporate Profile
4 BOARD OF DIRECTORS Shawn J. Tibbetts, Chairman of the Board James A. Carroll, Lead Independent Director Theodore R. Bigman, Independent Director Jennifer R. Boykin, Independent Director James C. Cherry, Independent Director Louis S. Haddad, Director Daniel A. Hoffler, Director F. Blair Wimbush, In
Slide 5: Highlights
5 HIGHLIGHTS $0.16 Third Quarter FFO, As Adjusted Per Diluted Share +5.2% Office Same Store NOI, Cash Increase 3Q26 vs 3Q25 +6.8% Retail Same Store NOI, Cash Increase 3Q26 vs 3Q25 $0.15 Third Quarter AFFO Per Diluted Share 23.3% Third Quarter Office New Lease Spread, Cash 16.5% Third Quarter Retail
Slide 6: 2026 Revised Outlook: Continuing Operations
6 2026 REVISED OUTLOOK: CONTINUING OPERATIONS LOW HIGH RETAIL NOI $70.3M $71.5M OFFICE NOI $60.2M $61.4M EQUITY METHOD INVESTMENT ("EMI") PROPERTY INCOME(1) $3.6M $4.0M ACQUISITION NOI $0.0M $0.0M TOTAL COMMERCIAL NOI $134.1M $136.9M G&A EXPENSES -$20.0M -$19.0M INTEREST EXPENSE -$55.6M -$54.6M OTHE
Slide 7: 2026 Revised Outlook: Assumptions
7 • Revised 2026 Same-Store NOI Cash growth ranges: ◦ Retail 2.50% - 3.50% ◦ Office 3.00% - 4.00% • 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 Paydowns of ~$57M with proceeds
Slide 8: Summary Information
8(1) See appendix for definitions. (2) Excludes GAAP adjustments. (3) Total occupancy weighted by annualized rent. SUMMARY INFORMATION $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) OPERATIONAL METRICS 9/30/2026 6/30/2026 3/31/2026 12/31/2025 Net Loss Attributable to Common Stockhol
Slide 9: Summary Income Statement
9 Three Months Ended Nine Months Ended 9/30/2026 9/30/2025 9/30/2026 9/30/2025 (Unaudited) (Unaudited) Revenues Rental revenues $52,323 $53,108 $157,188 $154,010 Total revenues 52,323 53,108 157,188 154,010 Expenses Rental expenses 12,402 12,092 37,699 34,590 Real estate taxes 4,784 4,760 14,316 14,
Slide 10: Summary Balance Sheet
10 SUMMARY BALANCE SHEET $ IN THOUSANDS As Of 9/30/2026 12/31/2025 (Unaudited) Assets Real Estate Investments: Income Producing Property $1,791,169 $1,801,279 Held For Development — 5,683 Construction In Progress 13,109 13,028 Accumulated Depreciation (436,065) (410,565) Net Real Estate Investments
Slide 11: FFO & AFFO
11 FFO & AFFO(1) $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) Nine Months Ended (Unaudited) 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2026 9/30/2025 Funds From Operations(1) Net Loss Available to AHRT and OP Unitholders ($6,622) ($24,165) ($33,291) ($647) ($64,078) ($6,895) Ne
Slide 12: FFO, As Adjusted
12 FFO, AS ADJUSTED $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2026 9/30/2025 FFO $15,226 $15,405 $20,598 $23,143 $51,229 $56,314 FFO Available to General Contracting and Real Estate Services — 3,081 569 (1,282) 3,6
Slide 13: Net Asset Value Component Data
13 STABILIZED PORTFOLIO NOI (CASH)(1) LIABILITIES Three Months Ended Annualized As of 9/30/2026 9/30/2026 Mortgages and Notes Payable $1,033,780 Retail Mortgages, JV Pro Rata Share 81,347 Stabilized Retail NOI, Cash(2) $17,753 $71,012 Total Debt, including JV Pro Rata Share $1,115,127 Signed Not Yet
Slide 14: Credit Profile
14 CREDIT PROFILE $ IN THOUSANDS Leverage 7.5x 7.4x 7.5x 7.2x 7.2x 7.1x 7.7x 7.9x 8.1x 8.3x 7.1x 7.1x 8.5x 8.4x 8.4x 8.1x 8.2x 8.0x 8.7x 8.9x 9.0x 9.2x 8.3x 8.3x Net Debt / Total Adjusted EBITDAre Net Debt + Preferred / Total Adjusted EBITDAre Q4 2023 Q1 2 024 Q2 2024 Q3 2024 Q4 2024 Q1 2 025 Q2 202
Slide 15: Leverage Metrics
15 LEVERAGE METRICS $ IN THOUSANDS SEE APPENDIX FOR DEFINITIONS, CALCULATIONS, AND RECONCILIATIONS (1) Reflects total debt less GAAP adjustments, cash, restricted cash, and other notes payable. (2) Includes income and debt related to development, real estate financing, and other ancillary activities
Slide 16: Debt Management
16 DEBT MANAGEMENT AS OF SEPTEMBER 30, 2026 Total Debt Composition Weighted Average % of Debt Interest Rate Maturity Variable vs. Fixed-Rate Debt Variable-Rate Debt(1)(2) 38.6 % 4.0 % 0.8 Yrs Fixed-Rate Debt(3)(4) 61.4 % 4.6 % 2.7 Yrs Secured vs. Unsecured Debt Unsecured Debt(2) 69.1 % 4.5 % 1.5 Yrs
Slide 17: Outstanding Debt
17 OUTSTANDING DEBT $ IN THOUSANDS (1) Excludes extension options. (2) Subject to a rate floor. (3) On October 28, 2026, the Company refinanced this loan, extending its maturity to October 28, 2029. In connection with the refinancing, the Company also entered into a new swap, effective immediately f
Slide 18: Hedging Activity
18 (1) Includes debt subject to interest rate swap locks. (2) Excludes GAAP adjustments. (3) On October 28, 2026, the Company recast its existing credit facility as described on slide 17, and executed swaps for the newly structured term loans. These swaps, together with the expected dispositions thr
Slide 19: Capitalization & Financial Ratios
19 CAPITALIZATION & FINANCIAL RATIOS $ IN THOUSANDS, EXCEPT PER SHARE AS OF SEPTEMBER 30, 2026 (1) Includes debt related to held for sale assets and discontinued operations. Refer to slide 17, Outstanding Debt. (2) During the three months ended September 30, 2026, we repurchased 0.8M shares of commo
Slide 20: Portfolio Profile
20 PORTFOLIO PROFILE(1) 4.4% —% 0.3% 7.2% 7.9% 11.0% 12.2% 11.1% 8.0% 3.0% 3.6% 10.9% 11.4% 9.0% Retail Office Ava ila ble M-T-M 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Thereafte r Weighted Average Lease Term Remaining (Years) (1) Reflects stabilized properties only. Refer to appendix
Slide 21: Same Store NOI by Segment
21 (1) Excludes expenses associated with the Company’s in-house asset management division of $0.9M and $0.9M for the three months ended 9/30/2026 & 9/30/2025, respectively, and $3.0M and $2.5M for the nine months ended 9/30/2026 & 9/30/2025, respectively. SAME STORE NOI BY SEGMENT $ IN THOUSANDS Thr
Slide 22: Rental Revenue Disaggregation
22 (1) Other Rental Income primarily includes parking income, percentage rent, and bad debt adjustments. RENTAL REVENUE DISAGGREGATION $ IN THOUSANDS Three Months Ended 9/30/2026 Retail Office Other Total Base Rent $18,809 $17,010 $1,422 $37,241 Expense Reimbursements 5,213 5,746 55 11,014 Terminati
Slide 23: Stabilized Portfolio Summary
23 STABILIZED PORTFOLIO SUMMARY AS OF SEPTEMBER 30, 2026 SEE APPENDIX FOR FULL LIST OF PROPERTIES (1) See appendix for definitions and portfolio detail. COMMERCIAL PORTFOLIO Retail Properties # of Properties Net Rentable SF(1) Average Age Leased Occupancy(1) Economic Occupancy(1) ABR(1) ABR per Occu
Slide 24: Retail Portfolio
24 RETAIL PORTFOLIO AS OF SEPTEMBER 30, 2026 20.4% 19.1% 43.6% 0.3% 10.4% 6.1% Lifestyle Center Neighborhood Center Community Center Street Retail Power Center Strip/Convenience 43 Number of Retail Properties(2) 3.9M Net Rentable Square Footage Retail Properties(2) (1) Retail classifications are ref
Slide 25: Office Portfolio
25 (1) Mixed-Use consists of Town Center of Virginia Beach, Harbor Point – Baltimore Waterfront, One City Center, The Interlock, and Southern Post (2) Includes stabilized and unstabilized properties. OFFICE PORTFOLIO AS OF SEPTEMBER 30, 2026 95.1% 4.9% Mixed Use Non-Mixed Use 14 Number of Office Pro
Slide 26: Top Tenants by ABR
26 TOP 20 TENANTS BY ABR $ IN THOUSANDS AS OF SEPTEMBER 30, 2026 Tenant Investment Grade(1) Number of Leases Annualized Base Rent % of Total Annualized Base Rent Constellation Energy Corporation ü 1 $15,924 (2) 9.9% Morgan Stanley ü 3 9,221 5.7% T. Rowe Price Group, Inc. ü 1 8,088 (3) 5.0% The Kroge
Slide 27: Lease Summary
27 LEASE SUMMARY (1) Excludes leases from properties in development, redevelopment, and delivered, but not yet stabilized. (2) Spreads on new leases are not calculated for 1st generation space or where the previous tenant was in occupancy more than 3 years prior to release execution. RETAIL Renewals
Slide 28: Lease Expirations
28 LEASE EXPIRATIONS(1) AS OF SEPTEMBER 30, 2026 (1) Excludes leases from properties delivered, but not yet stabilized. OFFICE Year Lease Expiring Square Footage Expiring % Portfolio Net Rentable Square Feet ABR % of Portfolio ABR Available – 79,594 3.4 % $— – % M-T-M 1 1,120 – % 107,663 0.1 % 2026
Slide 29: Redevelopment
29 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 Redevelopment of +/- 4 acres for alternate commercial or residential use H
Slide 30: Net Income & NOI by Segment
30 NET INCOME & NOI BY SEGMENT $ IN THOUSANDS For the Three Months Ended September 30, 2026 Retail Real Estate Office Real Estate Other(1) Total Revenues Rental revenues $24,140 $24,588 $3,595 $52,323 Total revenues 24,140 24,588 3,595 52,323 Expenses Rental expenses(2) 4,228 6,874 1,300 12,402 Real
Slide 31: Acquisitions & Dispositions
31 ACQUISITIONS & DISPOSITIONS $ IN THOUSANDS ACQUISITIONS Properties Location Units/Square Feet Purchase Price Cash Cap Rate Purchase Date Anchor Tenants 2025 184 Units $60,380 4.4 % Solis Gainesville II Gainesville, Georgia 184 Units 60,380 4.4 % 4Q25 DISPOSITIONS Properties Location Units/Square
Slide 32: Discontinued Operations
32 DISCONTINUED OPERATIONS MULTIFAMILY DISPOSITIONS Property Location Multifamily Units Sold Under PSA Exit or 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
Slide 33: Discontinued Operations, Cont.
33 DISCONTINUED OPERATIONS, CONT. REAL ESTATE FINANCING Project Location Multifamily Units Sold Held for Sale Exit or Expected Exit Period The Allure at Edinburgh Chesapeake, VA 280 X 2Q26 Solis Kennesaw(1) Kennesaw, GA 239 X 4Q26 Solis Peachtree Corners Peachtree Corners, GA 249 X 1Q26 Solis North
Slide 34: Appendix: Definitions & Reconciliations
34 APPENDIX DEFINITIONS & RECONCILIATIONS
Slide 35: Definitions
35 ANNUALIZED BASE RENT: For the properties in our retail & office portfolios, we calculate annualized base rent (“ABR”) by multiplying (a) monthly base rent as of September 30, 2026 (defined as cash base rent, before contractual tenant concessions and abatements, and excluding tenant reimbursements
Slide 36: Definitions
36 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
Slide 37: Net Operating Income definition
37 NET OPERATING INCOME: We calculate Net Operating Income (“NOI”) as rental revenues (base rent, expense reimbursements, termination fees, and other revenue) less rental expenses and real estate taxes. Other REITs may use different methodologies for calculating NOI, and, accordingly, our NOI may no
Slide 38: Definitions
38 DEFINITIONS STABILIZED PROPERTY: We generally consider a property to be stabilized upon the earlier of (a) the quarter after the property reaches 80% physical occupancy, (defined as square footage under lease where the contractual rent commencement date has started, including short term leases, a
Slide 39: Property Portfolio
39 PROPERTY PORTFOLIO AS OF SEPTEMBER 30, 2026 Retail Properties - Stabilized Location Year Built/ Redeveloped Net Rentable SF(1) Leased Occupancy(1) Economic Occupancy(1) ABR(1) ABR per Occupied SF(1) Major Tenant(s) Town Center of Virginia Beach 249 Central Park Retail Virginia Beach, VA 2004 35,1
Slide 40: Property Portfolio Cont.
40 PROPERTY PORTFOLIO CONT. AS OF SEPTEMBER 30, 2026 Retail Properties - Stabilized Location Year Built/ Redeveloped Net Rentable SF(1) Leased Occupancy(1) Economic Occupancy(1) ABR(1) ABR per Occupied SF(1) Major Tenant(s) Mid-Atlantic Dimmock Square Colonial Heights, VA 1998 106,166 100.0 % 100.0
Slide 41: Property Portfolio Cont.
41 PROPERTY PORTFOLIO CONT. AS OF SEPTEMBER 30, 2026 Unstabilized Location Ownership % Year Built / Redeveloped Net Rentable SF(1) Leased Occupancy(1) Economic Occupancy(1) ABR(1) ABR per Occupied SF(1) Southeast Sunbelt Southern Post Office Roswell, GA 100% 2024 94,421 95.7 % 42.4 % $2,862,743 $31.
Slide 42: Reconciliation of Debt & EBITDAre
42 $ IN THOUSANDS RECONCILIATION OF DEBT & EBITDAre (1) Excludes Interest expense, depreciation, & amortization component attributable to unconsolidated real estate entities. (2) Excludes $4.9 million in proceeds that were realized from the gain on redemption of The Allure at Edinburgh. (3) Excludes
Slide 43: EBITDAre Reconciliation
43 Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 Net Loss Available to Common Stockholders and OP Unitholders ($6,622) ($24,165) ($33,291) ($647) Excluding: Depreciation and Amortization 17,917 19,323 24,061 23,191 (Gain) Loss on Real Estate Dispositions (251) (16,604) 141 — (Gain) Los
Slide 44: Capital Expenditures
44 $ IN THOUSANDS CAPITAL EXPENDITURES(1) (1) Excludes activity related to held for sale, acquired, and/or disposed properties. (2) Represents recurring capital expenditures. Leasing Commissions Lease Incentive Tenant Improvements Land Improvements(2) Building Improvements(2) Fixtures & Equipment(2)