Ah Realty Trust, Inc. · NYSE:AHRT
Ah Realty Trust — Q1 2026 Earnings Presentation
44 slides from Ah Realty Trust's earnings presentation, May 5, 2026
Slide 1: 1Q26 Supplemental Financial Package
1Q26 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 May 4, 2026, which has been furnished as Exhibit 99.1 to the Company’s Form 8-K furnished with th
Slide 4: Corporate Profile
CORPORATE PROFILE AH Realty Trust (NYSE: AHRT) 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
Slide 5: Highlights
HIGHLIGHTS $0.14 $0.15 $0.19 First Quarter First Quarter FFO, As Adjusted First Quarter AFFO Dividend Declared Per Diluted Share Per Diluted Share $562M 3.7M +14.4% Multifamily Portfolio Purchase Price Under PSA First Quarter First Quarter Retail New Lease Spread, Cash Shares Repurchased +2.2% Retai
Slide 6: 2026 Revised Outlook: Continued Operations
2026 REVISED OUTLOOK: CONTINUED OPERATIONS 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 $0.0M $0.0M TOTAL COMMERCIAL NOI $130.4M $133.9M G&A EXPENSES -$19.7M -$18.7M INTEREST EXPENSE -$57.2M -$54.2M OTHER N
Slide 7: 2026 Revised Outlook Assumptions
2026 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 Fin
Slide 8: Summary Information
SUMMARY INFORMATION $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) OPERATIONAL METRICS 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Net (Loss) Income Attributable to Common Stockholders and OP Unitholders ($33,291) ($647) ($3,575) $3,907 Net (Loss) Income per Diluted Share Attributable
Slide 9: Summary Income Statement
SUMMARY INCOME STATEMENT $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended 3/31/2026 3/31/2025 (Unaudited) Revenues Rental revenues $52,317 $50,182 Total revenues 52,317 50,182 Expenses Rental expenses 12,857 11,369 Real estate taxes 4,735 4,717 Depreciation and amortization 18,241 19,030 General
Slide 10: Summary Balance Sheet
SUMMARY BALANCE SHEET $ IN THOUSANDS As Of 3/31/2026 12/31/2025 (Unaudited) Assets Real estate investments: Income producing property $1,773,240 $1,801,279 Held for development 5,683 5,683 Construction in progress 21,530 13,028 Accumulated depreciation (412,226) (410,565) Net real estate investments
Slide 11: FFO & AFFO
FFO & AFFO(1) $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Funds From Operations(1) Net (Loss) Income Attributable to AHRT and OP Unitholders ($33,291) ($647) ($3,575) $3,907 Net (Loss) Income per Diluted Share ($0.33) ($0.01) ($0.04) $0.04
Slide 12: FFO, As Adjusted
FFO, AS ADJUSTED $ IN THOUSANDS, EXCEPT PER SHARE Three Months Ended (Unaudited) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 FFO $20,598 $23,143 $20,170 $18,971 FFO Attributable to General Contracting and Real Estate Services 569 (1,282) (2,240) 1,040 FFO Attributable to Multifamily (3,405) 2,493 636 (
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 3/31/2026 3/31/2026 Mortgages and Notes Payable $1,492,742 Retail Mortgages, JV Pro Rata Share 86,552 Stabilized Retail NOI, Cash(2) $17,757 $71,028 Tota
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 1,400,000 90.0% 9.0x 8.0x 8.1x 8.1x 8.2x 8.0x 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 30.0% 7.1x 7.1x 7.5x 7.4x 7.5x 7.2x
Slide 15: Leverage Metrics
LEVERAGE METRICS $ IN THOUSANDS SEE APPENDIX FOR DEFINITIONS, CALCULATIONS, AND RECONCILIATIONS Three Months Ended 3/31/2026 Total Adjusted EBITDAre $43,974 Net Debt(2) $1,451,235 Net Debt/Total Adjusted EBITDAre(1) 8.3 x Net Debt + Preferred $1,622,320 Net Debt + Preferred /Total Adjusted EBITDAre
Slide 16: Debt Management
DEBT MANAGEMENT AS OF MARCH 31, 2026 Total Debt Composition Weighted Average % of Debt Interest Rate Maturity Variable vs. Fixed-Rate Debt Variable-Rate Debt(1)(2) 1.7 % 5.3 % 1.0 Yrs Fixed-Rate Debt(3)(4) 98.3 % 4.2 % 2.3 Yrs Secured vs. Unsecured Debt Unsecured Debt(2) 60.7 % 4.4 % 1.6 Yrs Secured
Slide 17: Outstanding Debt
OUTSTANDING DEBT $ IN THOUSANDS Debt Maturities & Principal Payments Outstanding Debt Attrib. Debt. Attrib. Eff. Rate as of Maturity as of to Assets to Assets Debt Stated Rate 3/31/2026 Date (1) 2026 2027 2028 2029 2030 Thereafter 3/31/2026 under PSA HFS Secured Debt - Continuing Operations Thames S
Slide 18: Hedging Activity
HEDGING ACTIVITY $ IN THOUSANDS AS OF MARCH 31, 2026 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 790,000
Slide 19: Capitalization & Financial Ratios
CAPITALIZATION & FINANCIAL RATIOS $ IN THOUSANDS, EXCEPT PER SHARE AS OF MARCH 31, 2026 Principal Debt % of Total Balance Unsecured Revolving Credit Facility 14 % $211,000 Unsecured Term Loans 39 % 580,000 Mortgages Payable(1) 39 % 586,742 Common Equity 25% Senior Notes 8% 115,000 Total Debt $1,492,
Slide 20: Portfolio Profile
PORTFOLIO PROFILE(1) Weighted Average Lease Term Lease Expirations(2) Remaining (Years) 10.0 8.8 8.4 8.2 8.3 8.5 8.4 7.9 8.1 8.1 7.9 7.7 7.7 8.0 5.9 5.8 5.7 5.6 5.6 5.6 5.6 5.6 5.6 12.0% 6.0 5.4 5.3 5.5 11.0% 11.0% 11.0% 10.0% 8.0% 8.0% 8.0% 4.0 7.0% 4.0% 2.0 3.0% 3.0% 3.0% —% 0.0 24 26 23 24 23 25
Slide 21: Same Store NOI by Segment
SAME STORE NOI BY SEGMENT $ IN THOUSANDS Three Months Ended 3/31/2026 3/31/2025 $ Change % Change Retail Rental Revenues $22,951 $22,582 $369 1.6 % Rental Expenses(1) 4,461 4,500 (39) (0.9)% Real Estate Taxes 2,313 2,253 60 2.7 % Same Store NOI, Cash 16,177 15,829 348 2.2 % Office Rental Revenues 21
Slide 22: Rental Revenue Disaggregation
RENTAL REVENUE DISAGGREGATION $ IN THOUSANDS Three Months Ended 3/31/2026 Retail Office Other Total Base Rent $18,472 $16,370 $1,437 $36,279 Expense Reimbursements 5,405 5,526 26 10,957 Termination Fees 12 — — 12 Other Rental Income(1) (264) 25 2,437 2,198 Rental Revenues, Cash $23,625 $21,921 $3,90
Slide 23: Stabilized Portfolio Summary
STABILIZED PORTFOLIO SUMMARY AS OF MARCH 31, 2026 SEE APPENDIX FOR FULL LIST OF PROPERTIES COMMERCIAL PORTFOLIO # of Net Rentable Average Leased Economic ABR per Retail Properties Properties SF(1) Age Occupancy(1) Occupancy(1) ABR(1) Occupied SF Town Center of Virginia Beach 13 641,378 15 95.4 % 93.
Slide 24: Retail Portfolio
RETAIL PORTFOLIO AS OF MARCH 31, 2026 PERCENTAGE OF NOI BY RETAIL CLASSIFICATION (1) 3.4% 1.0% 10.2% 39.8% 20.4% 25.2% Community Center Lifestyle Center Neighborhood Center Power Center Strip/Convenience Street Retail 48 Number of 4.0MNet Rentable Square Retail Properties(2) Footage Retail Propertie
Slide 25: Office Portfolio
OFFICE PORTFOLIO AS OF MARCH 31, 2026 Mixed Use vs. Non-Mixed Use by ABR(1) 5.2% 94.8% Mixed Use Non Mixed Use 15 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
Slide 26: Top 20 Tenants by ABR
TOP 20 TENANTS BY ABR $ IN THOUSANDS AS OF MARCH 31, 2026 Number of Annualized Base % of Total Annualized Tenant Investment Grade(1) Leases Rent Base Rent Constellation Energy Generation ü 1 $15,924 11.0% Morgan Stanley ü 3 9,213 6.3% T. Rowe Price(2) ü 1 7,900 5.4% The Kroger Co. ü 6 3,781 2.6% Cla
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 Q1 2026 20 88,099 10.7 % 4.5 % 4.9 $201,536 $2.29 Q4 2025 18 72,179 15.3 % 10.1 % 4.9 257,722 3.57 Q3 2025 24 237,025 5
Slide 28: Lease Expirations
LEASE EXPIRATIONS(1) AS OF MARCH 31, 2026 RETAIL % Portfolio Net Square Footage Rentable Square Year Leases Expiring Expiring Feet ABR % of Portfolio ABR Available – 199,267 5.2 % $— –% M-T-M 5 1,602 –% 59,262 0.1 % 2026 28 145,278 3.8 % 2,236,291 3.0 % 2027 77 349,436 9.1 % 7,122,404 9.6 % 2028 84
Slide 29: Redevelopment
REDEVELOPMENT $ IN THOUSANDS AS OF MARCH 31, 2026 IN-PROGRESS Projected Date of Estimated Projects Description Completion(1) Cost(1) Town Center of Virginia Beach TI Allowances for space previously occupied by the Company in Armada Hoffler Tower. 4Q26 $ 3,300 $ 3,300 OPPORTUNITIES(2) Property Descri
Slide 30: Net Income & NOI by Segment
NET INCOME & NOI BY SEGMENT $ IN THOUSANDS For the Three Months Ended March 31 2026 Retail Real Office Real Estate Estate Other (1) Total Revenues Rental revenues $24,497 $23,920 $3,900 $52,317 Total revenues 24,497 23,920 3,900 52,317 Expenses Rental expenses (2) 4,622 7,173 1,062 12,857 Real estat
Slide 31: 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 DISPOSITIONS Cash Cap Disposition Properties Loca
Slide 32: Discontinued Operations
DISCONTINUED OPERATIONS MULTIFAMILY DISPOSITIONS Expected Disposition Property Location Units Under PSA Held for Sale Period Encore Apartments Virginia Beach, VA 286 X 2Q26 Premier Apartments Virginia Beach, VA 131 X 2Q26 The Cosmopolitan Virginia Beach, VA 342 X 2Q26 1305 Dock Street Baltimore, MD
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 t
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 MARCH 31, 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.
Slide 40: Property Portfolio Cont.
PROPERTY PORTFOLIO CONT. AS OF MARCH 31, 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 % $1,95
Slide 41: Property Portfolio Cont.
PROPERTY PORTFOLIO CONT. AS OF MARCH 31, 2026 Year Built / Leased Economic ABR per Unstabilized Location Ownership % Redeveloped Net Rentable SF (1) Occupancy(1) Occupancy(1) ABR (1) Occupied SF1) Southeast Sunbelt Southern Post Retail Roswell, GA 100% 2024 42,016 93.3 % 73.6 % $1,565,204 $39.92 Sou
Slide 42: Reconciliation of Debt & EBITDAre
RECONCILIATION OF DEBT & EBITDAre $ IN THOUSANDS Three Months Ended 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Property Net Operating Income $34,725 $38,555 $33,496 $34,535 Property Miscellaneous Expense, Net (250) (269) (87) (124) Non-Recurring Bad Debt Adjustment 549 308 152 140 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 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Net Income (Loss) Attributable to Common Stockholders and OP Unitholders ($33,291) ($647) ($3,575) $3,907 Excluding: Depreciation and Amortization 24,061 23,191 22,718 2
Slide 44: Capital Expenditures
CAPITAL EXPENDITURES $ IN THOUSANDS Three Months Ended March 31, 2026(1) Leasing Lease Tenant Land Building Fixtures & Total Second Commissions Incentive Improvements Improvements(2) Improvements(2) Equipment(2) Generation Capex Retail $ 837 $ — $ 1,621 $ 303 $ 500 $ — $ 3,260 Office 314 — 1,022 5 8