Ah Realty Trust, Inc. · NYSE:AHRT
Ah Realty Trust — Q1 2026 Earnings Presentation
36 slides from Ah Realty Trust's earnings presentation, Jun 1, 2026
Slide 1: AH Realty Trust Investor Presentation Q1 2026
AH Realty Trust 1 AH Realty Trust INVESTOR PRESENTATION Q1 2026
Slide 2: Forward-looking Statements
2 Forward-looking Statements This presentation should be read in conjunction with the unaudited condensed consolidated financial statements appearing in our press release dated May 4, 2026, which has been furnished as Exhibit 99.1 to our Form 8-K furnished on May 4, 2026. The Company makes statement
Slide 3: Positioned For Sustainable Shareholder Value Creation
3 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 Sunbelt, Mid-Atlantic and South
Slide 4: AH Realty Trust is a pure-play, high-quality retail and mixed-use office REIT
4 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 focused on open-air shopping centers and mixed-u
Slide 5: Transforming AHRT Into a More Focused, Resilient REIT
5 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 s
Slide 6: Significant Progress to Date
6 With Significant Progress to Date • Sold 9 assets to Harbor Group International for $485M - Closing complete 5/20/26 • 2 remaining assets under contract for $77M - Closing expected end of 2026 and mid-2027 • Approximately $562M of total proceeds generated, excluding The Everly and Gainesville II a
Slide 7: Simplifying and Refocusing The Portfolio
7 Simplifying and Refocusing The Portfolio Simplifying and focusing on the portfolio • Executing an exit from multifamily • Concentrating on high quality retail and office assets • Streamlined portfolio for clearer focus, predictable cash flow, and operational efficiency Clear capital allocation fra
Slide 8: High-quality Portfolio Positioned For Sustainable Growth
8 High-quality Portfolio Positioned For Sustainable Growth 92.5% Retail economic occupancy 110K New & renewed retail sf in 1Q26 20K New & renewed office sf in 1Q26 94.8% Retail leased occupancy 96.0% Office leased occupancy 87.7% Office economic occupancy Commercial Expirations ABR By Vintage Availa
Slide 9: Favorable Lease Terms With Significant Mark To Market Opportunity
9 Weighted Average Lease Term Remaining (Years) Favorable Lease Terms With Significant Mark To Market Opportunity 7.7 Office weighted average lease term (years) 5.6 Retail weighted average lease term (years) 5.4 5.9 5.3 5.8 5.7 5.6 5.6 5.5 5.6 5.6 5.6 5.6 7.7 8.8 7.9 8.4 8.2 8.3 8.1 8.5 8.4 8.1 7.9
Slide 10: Portfolio Overview Retail
10 Portfolio Overview Retail Percentage Of NOI By Retail Classification(1) 42 Number of Retail Properties(2) 3.8M Net Rentable Square Footage Retail Properties(2) Sandbridge Commons | Virginia Beach, Virginia (1) Retail classifications are reflective of ICSC’s U.S Shopping-Centers Classifications, w
Slide 11: Portfolio Overview Office
11 Portfolio Overview Office 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 retail, residential, and experiential components --- driving consistently high occupancy levels • Ros
Slide 12: Communities Overview
12 Communities Overview Mixed-use Total Portfolio ABR* 3.0M SF Commercial space in mixed-use portfolio 0.8M SF Of premier retail space 2.2M SF Of class a premier office space Adjacent Multifamily Strategically located in core submarkets Average walk score of 90 Mixed-Use Retail 25.0% Mixed-Use Offic
Slide 13: Diversified, Investment Grade Tenant Base
13 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 14: Optimizing Balance Sheet To Enhance Flexibility
14 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 • Strengthened balance sheet pos
Slide 15: Executing Disciplined Capital Allocation Strategy
15 Executing Disciplined Capital Allocation Strategy AFFO Payout Ratio Deleveraging • Committed to reducing leverage from ~8.3x to 5.5x–6.5x • $465 million of proceeds from completed sale of nine multifamily properties used to paydown debt Share repurchases • Increased share repurchase authorization
Slide 16: FFO, As Adjusted Guidance and Footnotes
16 (1) Includes T. Rowe Price Global HQ. EMI property income is reflected as the property's NOI less interest expense, times the Company's ownership percentage (50%). (2) Other NOI includes NOI from Smith's Landing and NOI from parking. (3) Refer to AHRT's 1Q26 Supplemental Financial Package for a r
Slide 17: 1Q26 Revised Outlook & Assumptions
17 1Q26 Revised Outlook & Assumptions • Disposition of the General Contracting and Real Estate Services ("GCRES") business in 2Q26 • Disposition of the Multifamily Portfolio, with the exception of Smith's Landing(1) • Realization of The Allure at Edinburgh in 2Q26 • Exit of the remaining Real Estate
Slide 18: AH Realty Trust is a pure-play, high-quality retail and mixed-use office REIT
18 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 focused on open-air shopping centers and mixed-
Slide 19: Appendix
19 Appendix
Slide 20: Net Asset Value Component Data
20 $ And Shares/Units In Thousands Net Asset Value Component Data As of March 31, 2026 LIABILITIESSTABILIZED PORTFOLIO NOI (CASH) (1) As of 3/31/2026AnnualizedThree Months Ended $1,492,742Mortgages and Notes Payable3/31/2026 86,552Mortgages, JV Pro Rata ShareRetail $1,579,294Total Debt, including JV
Slide 21: Redevelopment Projects
21 $ In Thousands As of March 31, 2026 Redevelopment Estimated Cost(1)Projected Date of Completion(1)DescriptionProjects $ 3,3004Q26TI Allowances for space previously occupied by the Company in Armada Hoffler Tower.Town Center of Virginia Beach DescriptionProperty Option for future expansion and act
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 42K SF of retail 95K SF of office anchored by Vestis LEASED OCCUPANCY 83.9% Office 93.3% Re
Slide 23: Southern Post Foot Traffic
23 Mixed-Use Community Southern Post FOOT TRAFFIC DWELL & DURATION BEHAVIOR PATTERNS ~400K Annual Visits ~150K Annual Unique Visitors 2.6x Annual Visit Frequency +196%(1) YoY Growth +3,000%(2) 2-Year Growth 81 mins (~1.4 hours) Avg. Dwell Time 70 mins Median Stay Rapid growth indicates strong early
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 ca
Slide 25: The Interlock Foot Traffic
25 Mixed-Use Community The Interlock FOOT TRAFFIC DWELL & DURATION BEHAVIOR PATTERNS ~820K Annual Visits ~431K Annual Unique Visitors 2x Annual Visit Frequency +7%(1) YoY Growth -9%(2) 2-Year Growth 170 mins (~2.8 hours) Avg. Dwell Time 103 mins Median Stay High Engagement Destination Moderate Repea
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 641K SF of retail 806K SF of office Integrated Mixed-Use Setting with Adjacent Multifamily Additional 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 6.9M Annual Visits 1.6M Annual Unique Visitors 4.3x Annual Visit Frequency +4%(1) YoY Growth +3%(2) 2-Year Growth 76 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 Largest MSA in Virginia2nd Largest MSA on East Coast12th Population growth since 2010 6% MSA population (37th most populous MSA in U.S.) 1.8M Median household income $79K Unemployment3.0% QUICK FACTS Notable Employers Market Commentary
Slide 29: Mixed-Use Community Harbor Point
29 Mixed-Use Community Harbor Point AHRT OWNED 263,000 Office SF1 - Thames Street Wharf 328,000 Office SF3 - Wills Wharf 444,000 Office SF 39,000 Retail SF 4 - Constellation Energy Building(1) 550,000 Office SF 20,000 Retail SF 6 - T. Rowe Price Global HQ(2) MULTIFAMILY ADJACENT 289 MF Units 18,632
Slide 30: Harbor Point Foot Traffic
30 Mixed-Use Community Harbor Point FOOT TRAFFIC DWELL & DURATION BEHAVIOR PATTERNS ~700K Annual Visits ~250K Annual Unique Visitors 2.8x Annual Visit Frequency +4% YoY Growth +12% 2-Year Growth 158 mins (~2.6 hours) Avg. Dwell Time 59 mins Median Stay Strong evening usage in addition to midday offi
Slide 31: Baltimore Market Review
31 Baltimore Market Review Key Industries & Growth Sectors Largest MSA on the East Coast7th MSA population, 28th highest2.8M Population growth over last 10 years 7% Most populous city in the U.S.29th Average household income $94K Unemployment3.7% QUICK FACTS The New “Main & Main” – That Cannot Be Ou
Slide 32: Discontinued Operations: Multifamily Dispositions
32 As of May 20, 2026 Discontinued Operations Multifamily Dispositions Expected Disposition PeriodHeld for SaleUnder PSASoldUnitsLocationProperty 2Q26X286Virginia Beach, VAEncore Apartments 2Q27X131Virginia Beach, VAPremier Apartments 2Q26X342Virginia Beach, VAThe Cosmopolitan 2Q26X103Baltimore, MD1
Slide 33: Discontinued Operations, Cont.
33 As of May 20, 2026 Discontinued Operations, Cont. Real Estate Financing Expected Exit PeriodHeld for SaleSoldMultifamily UnitsLocationProject 2Q26X280Chesapeake, VAThe Allure at Edinburgh 4Q26 - 1Q27X239Kennesaw, GASolis Kennesaw 1Q26X249Peachtree Corners, GASolis Peachtree Corners 1Q26X303Charlo
Slide 34: Property Portfolio
34 As of March 31, 2026 Property Portfolio Major Tenant(s)ABR per Occupied SF ABREconomic Occupancy Leased OccupancyNet Rentable SFYear Built/RedevelopedLocation Town Center of Virginia Beach The Cheesecake Factory, Brooks Brothers, Keagan's, Three Notch'd Brewing Company$37.08$1,303,634100.0 %100.0
Slide 35: Property Portfolio, Cont.
35 As of March 31, 2026 Property Portfolio, Cont. Major Tenant(s) ABR per Occupied SFABR Economic OccupancyLeased OccupancyNet Rentable SF Year Built/RedevelopedLocationRetail Properties - Stabilized Mid-Atlantic Target (S), Best Buy, Old Navy, Five Below, pOpshelf, Shoe Carnival$18.40$1,953,189100.
Slide 36: Property Portfolio, Cont.
36 As of March 31, 2026 Property Portfolio, Cont. ABR per Occupied SFABR Economic Occupancy Leased OccupancyNet Rentable SF Year Built / RedevelopedOwnership %LocationUnstabilized Southeast Sunbelt $39.92$1,565,20473.6%93.3%42,0162024100%Roswell, GASouthern Post Retail 24.351,978,04617.4%83.9%96,803