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AHRT US​
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AHRT US​
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AH Realty Trust, Inc.(AHRT US)

$6.38-0.081.24%Ext:$6.36-0.020.29%(After Hours · 22:02:03 UTC)
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AH Realty Trust, Inc.(AHRT US)

$6.38-0.081.24%Ext:$6.36-0.020.29%(After Hours · 22:02:03 UTC)
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AH Realty Trust, Inc. — Company Profile

AH Realty Trust, Inc. (AHRT) is a real estate enterprise focused on the acquisition, development, construction, and management of high-quality office, retail, and residential (multifamily) properties within the Mid-Atlantic region of the United States. Its operations are structured into several key divisions: Office Real Estate, Retail Real Estate, Multifamily Residential Real Estate, and a dedicated General Contracting and Real Estate Services arm. This specialized services division offers a range of property-related expertise, including general contracting, construction oversight, portfolio management, and development solutions, primarily catering to external property owners. Founded in 1979 by Daniel A. Hoffler, the company is headquartered in Virginia Beach, VA.

Exchange
UN
CEO
Shawn J. Tibbetts
Headquarters
Irvine, VA, US
IPO Date
May 8, 2013
Employees
98
Website
www.ahrealtytrust.com

Key Metrics

Price
$6.03
Market Cap
$578.34M
Revenue (TTM)
$52.32M
Net Income (TTM)
$-30404000.00
EPS (TTM)
-0.33
P/E (TTM)
-26.29
P/B (TTM)
1.02
Dividend Yield
8.22%
ROE (TTM)
-5.34%
ROA (TTM)
-1.23%
Operating Margin
25.06%
Beta
0.33

Dividends

Last Dividend
$0.14
Last Yield
0.08%

Summary

AH Realty Trust, Inc. (AHRT) is a real estate enterprise focused on the acquisition, development, construction, and management of high-quality office, retail, and residential (multifamily) properties within the Mid-Atlantic region of the United States. Its operations are structured into several key divisions: Office Real Estate, Retail Real Estate, Multifamily Residential Real Estate, and a dedicated General Contracting and Real Estate Services arm. This specialized services division offers a range of property-related expertise, including general contracting, construction oversight, portfolio management, and development solutions, primarily catering to external property owners. Founded in 1979 by Daniel A. Hoffler, the company is headquartered in Virginia Beach, VA.

Website
www.ahrealtytrust.com
Location
Irvine, VA, US
Phone757 366 4000
Employees98
CEOShawn J. Tibbetts
IPO DateMay 8, 2013

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Latest Documents

SEC Filings(852)

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  • 8-KDeparture of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers9 Nov
  • 10-QQ3ended 30 Sept 20264 Nov
  • 8-KEntry into a Material Definitive Agreement3 Nov
  • 8-KResults of Operations and Financial Condition2 Nov
  • Form 4Wimbush Frederick Blair9 Oct
  • Form 4BIGMAN THEODORE9 Oct
  • Form 4Wittman Lori29 Sep
  • Form 4BIGMAN THEODORE16 Sep
  • Form 4Wimbush Frederick Blair16 Sep
  • Form 4Carroll James A16 Sep
  • 8-K1 Q2 2026 A H R e a lty T ru st2 Forward-looking Statements The Company makes statements in this presentation that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), and, as such, may involve known and unknown risks and uncertainties, and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These forward-looking statements may include comments relating to the current and future performance of the Company’s operating property portfolio, financing activities, as well as acquisitions, dispositions, and the Company’s financial outlook, guidance, and expectations. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and the other documents filed by the Company with the Securities and Exchange Commission (the “SEC”) from time to time. The Company’s actual future results and trends may differ materially from expectations depending on a variety of factors discussed in the Company’s filings with the SEC from time to time. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company’s expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by applicable law.No Near-Term Rollover 0.8% ABR expiring 2026 | xx in 2027 | 7.5 yr office / 5.5 yr retail WALT Growth Locked In +8.7% / +21.6% cash spreads | 2.5–3.75% same- store NOI guide High, Covered Yield 8.6% dividend yield | AFFO-covered | Cash flow positive De-Risked Balance Sheet 7.1x leverage (from 8.3x), will be 6.2x post transformation| | 100% fixed/hedged | BBB Value Opportunity Low FFO multiple | High implied cap rate | Meaningful discount to NAV (see page 20 for NAV details) AHRT Advantage 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-use ecosystems within our markets.​ 34 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 Mid-Atlantic, Southeast and Sunbelt • Reduced complexity and improved transparency Embedded NOI Growth • Embedded mark-to-market opportunity driven by positive leasing spreads, continued occupancy gains, contractual rent commencements, and identified lease-up across the portfolio Clear Deleveraging Path • Targeting leverage reduction from ~8.3x to 5.5x–6.5x range post transformation from 1Q26 levels Disciplined Capital Allocation • Capital recycling strategy alongside opportunistic share repurchases • YTD share repurchase of 5.6M shares at a weighted average price of $5.92 through June 30, 2026$485M Multifamily Portfolio Sale First Closing Gross Sales Proceeds $0.14 Second Quarter FFO, As Adjusted Per Diluted Share $0.18 Second Quarter AFFO Per Diluted Share $353M Second Quarter Net Variable-Rate Debt Paydowns(1) 8.7% Second Quarter Retail Renewal Lease Spread, Cash 21.6% Second Quarter Office Renewal Lease Spread, Cash 7.1x 2Q26 Net Debt/Total Adjusted EDITDAre +2.9% Retail Same Store NOI, Cash Increase 2Q26 vs 2Q25 +8.3% Office Same Store NOI, Cash Increase 2Q26 vs 2Q25 AS OF JUNE 30, 2026 2Q26 Results 56 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 streams Disciplined investment approach Appointed Shawn Tibbetts as CEO and Chairman – unified direction and enhanced efficiency as the Company advances long-term strategic plan Appointed four independent directors over the past three years, including two nominees elected at the 2026 Annual Meeting; two legacy board members did not stand for reelection at the 2026 Annual Meeting. Executive team with cross-industry expertise spanning finance, operations, logistics, and infrastructure. Leadership & Governance Transforming AHRT Into a More Focused, Resilient REIT7 With Significant Progress to Date Exit of Multifamily Portfolio • Sold 9 assets to Harbor Group International for $485M - Closing completed May 20, 2026 • 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 which are now under PSA for an aggregate gross purchase price of $95.5M • Proceeds primarily deployed toward debt reduction, significantly improving leverage (to 7.1x for the second quarter of 2026) and liquidity Exit General Contracting • Completed divestiture of construction management business • Eliminated fee-based earnings volatility, reduced execution risk and project-related variability, increasing earnings predictability Exit of Real Estate Financing (REF) Platform • Executing disposition of 4 remaining investments • Completed sales of Peachtree and North Creek ($63.8M proceeds) • JV partner completed sale of Allure at Edinburgh ($17.2M realized by AHRT) • Kennesaw asset actively being marketed Governance Enhancements Advanced proactive board refreshment process to align governance with the Company’s strategic transformation • Theodore Bigman and Lori Wittman elected as new independent directors; both brings deep expertise in real estate, capital markets, and capital allocation • Dennis Gartman and George Allen retired from the Board following the 2026 Annual Meeting Company Rebrand • Launched AH Realty Trust • New corporate identity reflects the fundamental restructuring and repositioning of the business • Reinforces a simplified strategy, focused portfolio, and long-term value creation objectives8 Simplifying and Refocusing The Portfolio Simplifying and focusing on the portfolio • Exiting remaining multifamily portfolio​ • Concentrating on high- quality retail and office assets, providing more predictable cash flow and increased operational efficiency ​ Clear capital allocation framework • Prioritizing risk- adjusted returns and predictable cash flow • Decisions driven by underwriting discipline and market realities Comparative Income Streams Composition Retail NOI Office NOI Multifamily NOI GCRES Gross Profit Real Estate Financing Gross Profit Other NOI(1) (1) Other NOI includes NOI from Smith's Landing and NOI from parking.9 High-quality Portfolio Positioned For Sustainable Growth AS OF JUNE 30, 2026 108K New & renewed retail sf in 2Q26 90.9% Retail economic occupancy 95.1% Retail leased occupancy 56K New & renewed office sf in 2Q26 90.5% Office economic occupancy 96.7% Office leased occupancy Stabilized properties only.10 Favorable Lease Terms With Significant Mark To Market Opportunity AS OF JUNE 30, 2026 7.5 OFFICE WEIGHTED AVERAGE LEASE TERM (YRS) RETAIL WEIGHTED AVERAGE LEASE TERM (YRS) 5.5 Weighted Average Lease Term Remaining (Years)11 43 Number of Retail Properties(2) 3.9M Net Rentable Square Footage Retail Properties(2) RETAIL PORTFOLIO AS OF JUNE 30, 2026 (1) Retail classifications are reflective of ICSC’s U.S Shopping-Centers Classifications, with the exception of Street Retail. Street Retail includes One City Center. (2) Includes stabilized and unstabilized properties. Excludes 5 retail properties sold on May 20, 2026. (3) Mixed-Use Retail is primarily classified as Lifestyle Center, with the exception of One City Center. Percentage of NOI by Retail Classification (1)12 OFFICE PORTFOLIO AS OF JUNE 30, 2026 14 Number of Office Properties(2) 2.4M Net Rentable Square Footage Office Properties(2) 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 • Roster of high credit tenants (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.13 Total Portfolio ABR* 3.0M SF Commercial space in mixed-use portfolio 2.2M SF Of class a premier office space 0.8M SF Of premier retail space Adjacent Multifamily Strategically located in core submarkets Average walk score of 90 Mixed-Use Retail 25% Mixed-Use Office 75% * Stabilized properties only. ** Mixed-Use consists of Town Center of Virginia Beach, Harbor Point – Baltimore Waterfront, One City Center, and The Interlock. MIXED - USE AS OF JUNE 30, 202614 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 Professional Services Firms • Broad Base of Institutional Corporate Users • Grocery-Anchored Retail Driving Daily Traffic and Footfall Tenants by ABR As of June 30, 2026 (1) Investment Grade per management judgment or public sources. (2) Reflects T. Rowe Price at 50% ABR to account for AHRT JV Ownership %.15 BBB Credit rating 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 positions the company to weather market cycles • Supports future strategic opportunities with available capital LONG-TERM TARGET: 5.5x - 6.5x Net Debt / Total Adjusted EBITDAre 4.3% Portfolio wtd. Avg. Interest rate 7.1x Net debt/total adj. EBITDAre 8.3x Net debt + preferred / total adj. EBITDAre 100% Fixed or hedged AS OF JUNE 30, 202616 Deleveraging • Lowered leverage from ~8.3x in 1Q26 to 7.1x in 2Q26 – on track to achieve targeted leverage ratio of 5.5x–6.5x • $460.5 million of proceeds from sale of nine multifamily properties used to paydown debt Share repurchases • Increased share repurchase authorization to $100 million • Repurchased approximately 5.6 million shares representing more than 5% of the common equity YTD through June 30, 2026 Dividend • Reset to sustainable level fully covered by core property operating cash flow Executing Disciplined Capital Allocation Strategy17 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 NOI(2) $8.9M $9.9M PREFERRED STOCK DIVIDENDS -$11.5M -$11.5M FUNDS FROM OPERATIONS AS ADJUSTED ("FFO, AS ADJUSTED")(3) $52.3M $56.3M FFO, AS ADJUSTED PER DILUTED SHARE $0.53 $0.57 (1) Includes T. Rowe Price Global HQ. EMI property income is reflected as the property's NOI less interest expense, multiplied by the Company's ownership percentage (50%). (2) Other NOI includes NOI from Smith's Landing and NOI from parking. (3) Refer to our Supplemental Financial Package for a reconciliation of FFO, as defined by Nareit, to FFO, As Adjusted. FFO, As Adjusted is a forward-looking, non- GAAP measure that presents the Company's projected FFO as adjusted for certain items that the Company believes are not indicative of its ongoing operating performance, including: (i) estimated income and expenses associated with assets held for sale or under LOI; and (ii) estimates of certain non-recurring transaction costs. The Company presents FFO, As Adjusted to provide investors with a supplemental measure of the Company's anticipated operating performance following the completion of its announced strategic initiatives, but investors are cautioned against placing undue reliance on the Company's presentation of FFO, As Adjusted.18 2Q26 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 Paydowns of ~$57M with proceeds from the remaining 2026 expected dispositions of The Everly and Greenside • Remaining Net Unsecured Debt Paydowns of ~$100M in 2026 (3) • Includes Share Repurchases of 5.6M shares for $33.2M through June 30, 2026 • No Acquisitions in 2026 (1) Refer to slide 31, Discontinued Operations, for management’s expectations on timing of remaining multifamily dispositions. (2) Refer to slide 32 for management’s expectations on timing of remaining real estate financing dispositions. (3) Assumed debt paydowns with expected proceeds from the sale of remaining Multifamily and Real Estate Financing assets under PSA or being actively marketed based on valuations underwritten by commercial brokerages. Also includes the impact of expected borrowings on the Company's line of credit. The Company can provide no assurances that the proceeds ultimately received by the Company will not be different than anticipated, and such difference could be material. Does not include any dispositions expected to take place in 2027.19 Appendix20 Net Asset Value Component Data As of June 30, 2026 $ 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 Debt, including JV Pro Rata Share $1,118,386 Signed Not Yet Occupied or in Free Rent Period, Retail 446 1,784 Adjusted Stabilized Retail NOI, Cash $17,202 $68,808 Accounts Payable and Accrued Liabilities, Non-Property 9,836 Other Liabilities, Non-Property 6,083 Office Total Liabilities $1,134,305 Stabilized Office NOI, Cash(2) $16,929 $67,716 Signed Not Yet Occupied or in Free Rent Period, Office 1,294 5,176 Adjusted Stabilized Office NOI, Cash $18,225 $72,900 Other NOI, Cash $1,879 $7,516 NON-STABILIZED PORTFOLIO PREFERRED EQUITY As of 6/30/2026 Liquidation Value Properties in Lease Up at Cost(3) $81,376 Series A Cumulative Redeemable Perpetual Preferred Stock $171,085 ASSETS OF DISCONTINUED OPERATIONS COMMON EQUITY As of 6/30/2026 As of 6/30/2026 Real Estate Assets under PSA(4) $77,000 Total Common Shares Outstanding 74,594 Multifamily Assets HFS at Net Book Value(4) 92,042 Total Units Outstanding 24,839 Real Estate Financing Investments at Book Value(5) 14,380 Total Common Shares and Units Outstanding 99,433 $183,422 NON-PROPERTY ASSETS (1) Excludes $1.0M of expenses associated with the Company’s in-house asset management division for the three months ended June 30, 2026.As of 6/30/2026 Cash and Restricted Cash $8,155 (2) Includes $2.7M and less than $(0.1)M of AHRT’s JV Pro Rata Share of Cash NOI for T. Rowe Price Global HQ for Office and Retail, respectively.Accounts Receivable, Net 3,050 Notes Receivable(5) 9,329 (3) Refer to slide 36 for the make-up of Non-Stabilized properties. Other Assets 7,281 (4) Refer to slide 31 for a break-out of real estate assets sold and under PSA. The Company entered into a PSA with respect to The Everly and Solis Gainesville II on July 17, 2026.Total Non-Property Assets $27,815 (5) Excludes allowance for current expected credit losses21 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 II Redevelopment of +/- 4 acres for alternate commercial or residential use Harrisonburg Regal Redevelopment for alternate commercial or residential use; outparcel development potential Red Mill Commons Outparcel creation and development in the existing parking field Southgate Square Right-size existing tenants to accommodate backfill demand Fountain Plaza Conversion of 2nd floor retail into alternate commercial uses South Square Outparcel creation opportunity on the hard corner Pembroke Square Conversion of existing office space for commercial retail use Pembroke Square Outparcel creation and development in the existing parking field Providence Plaza Densification of surface parking and optimization of the day/night use of the structured parking deck Broad Creek Shopping Center Outparcel creation and development in the existing parking field Opportunities(1) (1) Assumptions regarding future opportunities are subject to change.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 94K SF of office anchored by Vestis 42K SF of retail LEASED OCCUPANCY 93.0% Retail 96.0% Office ECONOMIC OCCUPANCY 79.9% Retail 44.9% Office Adjacent MultifamilyMixed-Use Community Southern Post FOOT TRAFFIC DWELL & DURATION BEHAVIOR PATTERNS ~406K Annual Visits ~160K Annual Unique Visitors 2.6x Annual Visit Frequency 84%(1) YoY Growth 81 mins (~ 1.4 hours) Avg. Dwell Time 70 mins Median Stay Rapid growth indicates strong early traction Repeat visitation (2.6x) shows emerging loyalty ~81 min dwell supports quick, purpose-driven trips Affluent trade area drives premium spending potential (1) YoY: For the period July 1, 2025 to June 30, 2026 compared to July 1, 2024 to June 30, 2025. 2324 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 retail Partnership with Georgia Tech Private membership club, Retreat at The Gathering Spot 161-room Bellyard, a Tribute Portfolio Hotel Adjacent Townhomes25 Mixed-Use Community The Interlock FOOT TRAFFIC DWELL & DURATION BEHAVIOR PATTERNS ~860K Annual Visits ~450K Annual Unique Visitors 2x Annual Visit Frequency 21%(1) YoY Growth 3.5%(2) 2-Year Growth 170 mins (~2.8 hours) Avg. Dwell Time 103 mins Median Stay High Engagement Destination Moderate Repeat visitation (2x) shows emerging loyalty Experience-Led Visitation Affluent Urban Professional Core (1) YoY: For the period July 1, 2025 to June 30, 2026 compared to July 1, 2024 to June 30, 2025. (2) 2 Year Growth: For the period July 1, 2025 to June 30, 2026 compared to July 1, 2023 to June 30, 2024.26 Mixed-Use Community Town Center of Virginia Beach LOCATION Virginia Beach, Virginia PROPERTY SQUARE FOOTAGE 804K SF of office 641K SF of retail Integrated Mixed-Use Setting with Adjacent Multifamily 2 Additionals Parcels for Development/Redevelopment27 Mixed-Use Community Town Center of Virginia Beach FOOT TRAFFIC DWELL & DURATION BEHAVIOR PATTERNS 7.1M Annual Visits 1.7M Annual Unique Visitors 4.2x Annual Visit Frequency 8.4%(1) YoY Growth 7%(2) 2-Year Growth 79 mins (~1.3 hours) Avg. Dwell Time 53 mins Median Stay High-Frequency, Routine-Driven Visitation Shorter, Purposeful Trips Strong Local Dependence Errand + Convenience Behavior High Traffic, Broad Appeal Diverse, Mid-to-Upper Income Customer Base (1) YoY: For the period July 1, 2025 to June 30, 2026 compared to July 1, 2024 to June 30, 2025. (2) 2 Year Growth: For the period July 1, 2025 to June 30, 2026 compared to July 1, 2023 to June 30, 2024.28 Virginia Beach Market Review Key Industries & Growth Sectors 2nd Largest MSA in Virginia 12th Largest MSA on East Coast 6% Population growth since 2010 1.8M MSA population (37th most populous MSA in U.S.) $79K Median household income 3.0% Unemployment QUICK FACTS Notable Employers Market Commentary STABLE, RECESSION RESISTANT ECONOMY • World’s largest naval base and largest collection of military installations of any MSA in the US • The Port of Virginia: One of the most active in the U.S. • Healthcare and Education: 33 universities, colleges, and trade schools plus 22 hospitals • Tourism: Over 4M annual visitors to Virginia Beach • Landing site of the world’s fastest transoceanic fiber cables with connections to South America and Europe • Over 38 miles of beaches • Improved 15 places in ULI’s annual survey of U.S. Markets to Watch (from 65th in 2022 to 50th in 2023) • 10 miles from both the Virginia Beach Oceanfront and Norfolk STABLE, RECESSION RESISTANT ECONOMY • Main & Main: Serves as the center of the MSA • Tremendous growth opportunity to fill the void of the urban core • 20+ years and ongoing public- private partnership with the city • Full office occupancy with no plans for downsizing • Employers in the region want to be here • Provides on-site and walkable retail, dining, and entertainment options Defense Advanced Manufacturing Healthcare Distribution & Logistics Education Business & Administrative Services29 Mixed-Use Community Harbor Point AHRT OWNED 1 - Thames Street Wharf 263,000 Office SF 3 - Wills Wharf 328,000 Office SF 4 - Constellation Energy Building(1) 444,000 Office SF 39,000 Retail SF 6 - T. Rowe Price Global HQ(2) 550,000 Office SF 20,000 Retail SF MULTIFAMILY ADJACENT 2 - 1405 Point 289 MF Units 18,632 Retail(3) 4 - 1305 Dock Street 103 MF Units 5 - Allied | Harbor Point 312 MF Units 20,000 Retail(3) (1) Represents 100% of the property of which the company owns 90% economic interest. (2) AHRT owns 50% of the property. (3) 1405 Point Retail & Allied Retail were sold on May 20, 2026. AHRT retained ownership of Allied's garage which includes 1,246 parking spaces. LOCATION Baltimore, Maryland30 Mixed-Use Community Harbor Point FOOT TRAFFIC DWELL & DURATION BEHAVIOR PATTERNS ~724K Annual Visits ~270K Annual Unique Visitors 2.7x Annual Visit Frequency 8%(1) YOY Growth 12%(2) 2-Year Growth 154 mins (~2.6 hours) Avg. Dwell Time 59 mins Median Stay Strong evening usage in addition to midday office traffic Activity aligned with mixed-use environment 30 (1) YoY: For the period July 1, 2025 to June 30, 2026 compared to July 1, 2024 to June 30, 2025. (2) 2 Year Growth: For the period July 1, 2025 to June 30, 2026 compared to July 1, 2023 to June 30, 2024.31 Baltimore Market Review Key Industries & Growth Sectors 7th Largest MSA on the East Coast 2.8M MSA population, 28th highest 7% Population growth over last 10 years 29th Most populous city in the U.S. $94K Average household income 3.7% Unemployment QUICK FACTS The New “Main & Main” – That Cannot Be Outflanked • Last developable waterfront site • Strategically and centrally located • Walking distance to Harbor East, Fell’s Point, Inner Harbor, and Federal Hill • Corporate relocations from the CBD (Light & Pratt) • Unparalleled amenities - The newest, livable, walkable, urban destination • Opportunity as a result of 20-year, ongoing relationship with Beatty Development Group • Originated from Armada Hoffler’s construction arm then evolved and transitioned into a true partnership • Public-private partnership with the City of Baltimore 9 other colleges and universities Education Business and Administrative Services32 Discontinued Operations Multifamily Dispositions Property Location Units Sold Under PSA 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 Baltimore, MD 103 X 2Q26 1405 Point Street Baltimore, MD 289 X 2Q26 Allied Apartments Baltimore, MD 312 X 2Q26 Chandler Residences Roswell, GA 137 X 2Q26 Chronicle Mill Belmont, NC 238 X 2Q26 The Everly(1) Gainesville, GA 223 X 3Q26 Solis Gainesville II(1) Gainesville, GA 184 X 3Q26 Greenside Apartments Charlotte, NC 225 X 4Q26 Liberty Apartments Newport News, VA 199 X 2Q26 The Edison Richmond, VA 174 X 2Q26 Commercial Properties Included In Multifamily Sale Property Location Net Rentable SF Sold Under PSA Expected Disposition Period Point Street Retail Baltimore, MD 18,632 X 2Q26 Allied Retail Baltimore, MD 12,700 X 2Q26 Chronicle Mill Retail Belmont, NC 11,530 X 2Q26 Chronicle Mill Office Belmont, NC 5,932 X 2Q26 Liberty Retail Newport News, VA 25,461 X 2Q26 The Edison Retail Richmond, VA 20,196 X 2Q26 (1) The Company entered into a PSA with respect to The Everly and Solis Gainesville II on July 17, 2026.33 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 Charlotte, NC 303 X 1Q26 General Contracting & Real Estate Services The General Contracting & Real Estate Services business was sold on April 30, 2026, for economic consideration of $2.4 million.34 As of June 30, 2026 Property Portfolio Retail Properties - Stabilized Location Year Built/Redevelo ped Net Rentable SF Leased Occupancy Economic Occupancy ABR ABR per Occupied SF Major Tenant(s) Town Center of Virginia Beach 249 Central Park Retail Virginia Beach, VA 2004 35,161 100.0 % 100.0 % $1,303,634 $37.08 The Cheesecake Factory, Brooks Brothers, Keagan's, Three Notch'd Brewing Company 4525 Main Street Retail Virginia Beach, VA 2014 26,328 62.0 % 62.0 % 453,633 27.79 Anthropologie, Tupelo Honey 4621 Columbus Retail Virginia Beach, VA 2020 84,000 100.0 % 100.0 % 1,339,800 15.95 Apex Entertainment Columbus Village Virginia Beach, VA 1996/2020/2025 154,268 100.0 % 95.7 % 3,750,551 24.37 Trader Joe's, Shake Shack, CAVA, Ulta, Five Below, Golf Galaxy, Barnes & Noble, David's Bridal, Regal Cinemas Commerce Street Retail Virginia Beach, VA 2008 19,173 100.0 % 100.0 % 900,193 46.95 Yard House Fountain Plaza Retail Virginia Beach, VA 2004 35,991 81.0 % 76.9 % 1,044,672 35.71 Ruth's Chris, Bravo!, Nando's Pembroke Square Virginia Beach, VA 2015 124,181 100.0 % 100.0 % 2,206,087 17.77 Target (S), REI (S), Fresh Market, Nordstrom Rack, DSW, Decisions Premier Retail Virginia Beach, VA 2018 39,015 100.0 % 99.8 % 1,370,738 35.20 Pottery Barn, Williams Sonoma, J. Jill, Cantina Laredo, TASTE South Retail Virginia Beach, VA 2002 38,515 85.0 % 84.9 % 1,065,270 32.56 lululemon, free people, Madewell, CPK Studio 56 Retail Virginia Beach, VA 2007 11,594 100.0 % 24.9 % 415,639 35.85 Legal Sea Foods (dark) The Cosmopolitan Retail Virginia Beach, VA 2020 41,872 96.0 % 82.9 % 1,258,064 31.17 Lego, Abercrombie & Fitch, Solidcore, Bluemercury, South Moon Under Two Columbus Retail Virginia Beach, VA 2009 13,752 100.0 % 100.0 % 532,919 38.75 Fidelity Investments, Lenscrafters, Muse Paintbar West Retail Virginia Beach, VA 2002 17,558 93.0 % 83.2 % 552,844 33.88 PF Changs, The Men's Wearhouse Harbor Point - Baltimore Waterfront Constellation Retail(1) Baltimore, MD 2016 38,464 48.0 % 45.1 % $696,217 $37.81 honeygrow Grocery Anchored Broad Creek Shopping Center(2)(3) Norfolk, VA 2001 121,504 90.0 % 89.6 % $2,234,758 $20.53 Target (S), Home Depot (S), Food Lion, PetSmart, Chick-fil-A Broadmoor Plaza South Bend, IN 1980 115,059 84.0 % 83.8 % 1,137,217 11.79 Kroger, Staples Brooks Crossing Retail(1)(4) Newport News, VA 2016 18,349 91.0 % 91.3 % 256,579 15.31 Piggly Wiggly (S) Delray Beach Plaza(3) Delray Beach, FL 2021 87,207 100.0 % 90.7 % 3,110,335 35.67 Whole Foods, First Watch, Pet Supplies Plus, Pollo Tropical Greenbrier Square Chesapeake, VA 2017 260,625 100.0 % 100.0 % 2,635,291 10.11 Kroger, Homegoods, Dick's House of Sport, Five Below Greentree Shopping Center Chesapeake, VA 2014 15,719 87.0 % 86.6 % 329,160 24.17 Walmart Neighborhood Market (S) Hanbury Village Chesapeake, VA 2009 98,638 100.0 % 100.0 % 2,093,674 21.23 Harris Teeter, Petco Lexington Square Lexington, SC 2017 85,440 100.0 % 93.0 % 1,955,900 22.89 Lowes Foods, Sola Salon, Hollywood Feed North Pointe Center(3) Durham, NC 2009 226,083 97.0 % 96.8 % 2,969,107 13.57 Costco (S), Home Depot (S), Harris Teeter, Ross, Burlington, PetSmart, Shoe Station, Dollar Tree Parkway Centre Moultrie, GA 2017 61,200 100.0 % 100.0 % 873,771 14.28 Publix, Petsense, Surchero's Parkway Marketplace Virginia Beach, VA 1998 37,804 93.0 % 90.4 % 712,113 20.29 Food Lion (S), O'Reilly Auto Parts Perry Hall Marketplace Perry Hall, MD 2001 74,251 100.0 % 100.0 % 1,193,161 16.07 Safeway Sandbridge Commons Virginia Beach, VA 2015 69,417 100.0 % 100.0 % 968,295 13.95 Harris Teeter Tyre Neck Harris Teeter(2) Portsmouth, VA 2011 48,859 100.0 % 100.0 % 559,948 11.46 Harris Teeter Southeast Sunbelt North Hampton Market Taylors, SC 2004 114,954 99.0 % 96.2 % 1,642,454 $14.46 Target (S), Hobby Lobby, PetSmart, Dollar Tree One City Center Retail Durham, NC 2019 22,679 56.0 % 55.7 % 437,111 34.62 Bulldega Urban Market Overlook Village Asheville, NC 1990 151,365 97.0 % 96.7 % 2,331,331 15.93 T.J. Maxx | Homegoods, Ross, Burlington, Boot Barn, Five Below, Shoe Carnival Patterson Place Durham, NC 2004 159,842 97.0 % 92.6 % 2,654,991 17.10 Home Depot (S), Kohl's (S), Total Wine, Bob's Discount Furniture, DSW, Boot Barn, PetSmart Providence Plaza Retail Charlotte, NC 2008 49,447 99.0 % 98.7 % 1,584,328 32.45 Chipotle, Orange Theory, Mezzanotte, Aqua-Tots South Square Durham, NC 2005 109,590 98.0 % 98.1 % 2,055,587 19.12 Target (S), Sam's Club (S), Ross, Petco, Office Depot The Interlock Retail(2)(3) Atlanta, GA 2021 108,379 93.0 % 76.9 % 5,408,361 53.44 Puttshack, F1 Arcade, The Gathering Spot Wendover Village Greensboro, NC 2004 176,997 98.0 % 97.6 % 3,590,622 20.78 Costco (S), T.J. Maxx, Golf Galaxy, Petco, Five Below, Beautista, Rooms to Go Kids (1) The Company does not have 100% ownership of the property. (2) The Company leases all or a portion of the land underlying this property pursuant to a ground lease. (3) Leased and economic occupancy for these properties exclude seasonal leases. (4) The Company is entitled to a preferred return on its investment in this property. (S) Shadow anchor located adjacent to the property, but is not part of the owned property.35 As of June 30, 2026 Property Portfolio, Cont. Retail Properties - Stabilized Location Year Built/Redevelo ped Net Rentable SF Leased Occupancy Economic Occupancy ABR ABR per Occupied SF Major Tenant(s) Mid-Atlantic Dimmock Square Colonial Heights, VA 1998 106,166 100.0 % 100.0 % $1,981,013 $18.66 Target (S), Sam's Club (S), Best Buy, Old Navy, Five Below, pOpshelf, Shoe Carnival Harrisonburg Regal Harrisonburg, VA 1999 49,000 100.0 % 100.0 % 753,620 15.38 Regal Cinemas Marketplace at Hilltop(1) Virginia Beach, VA 2001 116,953 97.0 % 87.2 % 2,897,570 25.47 Total Wine, Michaels, Panera, Chick-fil-A Red Mill Commons & Walk Virginia Beach, VA 2005 373,808 96.0 % 94.6 % 7,309,877 20.35 Target (S), Walmart (S), Home Depot (S), T.J. Maxx, Homegoods, Five Below, Michaels, Petco, Dollar Tree, Walgreens Southgate Square(4) Colonial Heights, VA 2016 260,131 85.0 % 84.6 % 3,544,504 16.10 Walmart (S), Burlington, PetSmart, Michaels, Staples, 7 Brew Southshore Shops Midlothian, VA 2006 40,307 89.0 % 89.1 % 827,809 23.04 Buffalo Wild Wings Stabilized Retail Total 3,839,645 95.1 % 90.9 % $74,938,748 $20.52 Office Properties- Stabilized Location Year Built/Redevelo ped Net Rentable SF Leased Occupancy Economic Occupancy ABR ABR per Occupied SF Major Tenant(s) Town Center of Virginia Beach 222 Central Park Office Virginia Beach, VA 2002 295,988 100.0 % 89.7 % $9,580,055 $32.37 Troutman Pepper, Williams Mullen, Trader Interactive, Morgan Stanley, KPMG, Hourigan, Old Dominion University, Pender & Coward, Cherry Bekaert, Mass Mutual, Mason & Hanger, Strayer University 249 Central Park Office Virginia Beach, VA 2004 57,295 100.0 % 100.0 % $1,517,757 $26.49 Gather, HDR 4525 Main Street Office Virginia Beach, VA 2014 208,760 100.0 % 95.6 % 6,938,324 33.24 Clark Nexsen, Mythics, Kimley-Horn, City of Virginia Beach 4605 Columbus Office(2) Virginia Beach, VA 2002 19,335 100.0 % 100.0 % 537,706 27.81 AH Realty Trust One Columbus Virginia Beach, VA 1984 129,066 96.0 % 85.7 % 3,539,625 28.57 Atlantic Union Bank, Northwestern Mutual, HBA, Movement Mortgage Two Columbus Office Virginia Beach, VA 2009 93,585 98.0 % 92.6 % 2,588,151 28.31 VHB, Hazen & Sawyer, Insight Global Harbor Point - Baltimore Waterfront Constellation Office(3) Baltimore, MD 2016 444,600 100.0 % 100.0 % $15,947,194 $35.87 Constellation Energy Generation Thames Street Wharf Baltimore, MD 2010 263,426 99.0 % 98.8 % 8,362,133 32.13 Morgan Stanley Wills Wharf(1) Baltimore, MD 2020 326,895 93.0 % 82.1 % 9,636,876 31.83 Franklin Templeton, Morgan Stanley, Transamerica, Stifel, EY, RBC, Bright Horizons, Canopy by Hilton Southeast Sunbelt One City Center Office Durham, NC 2019 128,920 71.0 % 71.0 % 2,871,984 $31.36 Duke University, WeWork Providence Plaza Office Charlotte, NC 2008 53,671 100.0 % 100.0 % 1,694,093 31.56 Choate Construction, Cranfill Sumner The Interlock Office(1) Atlanta, GA 2021 197,755 98.0 % 75.1 % 8,129,715 42.14 Georgia Tech, Pindrop, The Gathering Spot, Stream, Directional Capital, Innovien Solutions, Alloy, The Honey Pot Mid-Atlantic Brooks Crossing Office Newport News, VA 2019 98,061 100.0 % 100.0 % $2,083,863 $21.25 Huntington Ingalls Industries, City of Newport News Stabilized Office Total 2,317,357 96.7 % 90.5 % $73,427,476 $32.77 (1) The Company leases all or a portion of the land underlying this property pursuant to a ground lease. (2) At this property, the Company occupies 19,335 square feet at an ABR of $0.5M, or $27.81 per leased square foot, which is reflected in this table. The rent paid by the Company is eliminated in accordance with GAAP in the consolidated financial statements. (3) The Company does not have 100% ownership of the property. (4) Leased and economic occupancy for these properties exclude seasonal leases. (S) Shadow anchor located adjacent to the property, but is not part of the owned property.36 As of June 30, 2026 Property Portfolio, Cont. Unstabilized Location Ownership % Year Built / Redeveloped Net Rentable SF Leased Occupancy Economic Occupancy ABR ABR per Occupied SF Southeast Sunbelt Southern Post Retail Roswell, GA 100% 2024 42,016 93.0 % 79.9 % $1,565,204 $39.92 Southern Post Office Roswell, GA 100% 2024 94,421 96.0 % 44.9 % 2,862,743 31.70 Unstabilized Total 136,437 94.9 % 57.5 % $4,427,947 $34.19 Equity Method Investments Location Ownership % Year Built/Redeveloped Net Rentable SF Leased Occupancy Economic Occupancy ABR(1) ABR per Occupied SF Harbor Point - Baltimore Waterfront T. Rowe Price Baltimore, MD 50% 2025 553,000 100.0 % 100.0 % $8,088,418 $14.63 Parcel 3 Retail Baltimore, MD 50% 2025 20,200 15.0 % 0.0 % 132,675 43.50 Equity Method Investments Total 573,200 97.0 % 98.4 % $8,221,093 $14.78 (1) Represents the Company’s 50% share of ABR.16 Sep
  • 10-QQ2ended 30 Jun 20266 Aug
  • 8-KResults of Operations and Financial Condition3 Aug
  • Form 4Gartman Dennis H.6 Jul
  • Form 4Carroll James A6 Jul
  • Form 4Wimbush Frederick Blair6 Jul
  • Form 4Cherry James C.6 Jul
  • Form 4Hoffler Daniel A6 Jul
  • Form 4Boykin Jennifer R.30 Jun
  • Form 4/ABIGMAN THEODORE22 Jun

News

  • AH Realty Trust Continues Refreshment of its Board of Directors to Support Ongoing Transformation9 Nov
  • Blue Wave Fuels REIT Rally8 Nov
  • AH Realty Trust: An 8.5% Yield With A Path To Safer Dividends4 Nov
  • AH REALTY TRUST INC (AHRT) Q3 2026 Earnings Call Transcript3 Nov
  • What Armada Hoffler Properties (AHRT) Said on Its Q3 Earnings Call3 Nov
  • AH REALTY TRUST (AHRT) Surpasses Q3 FFO Estimates2 Nov
  • AH Realty Trust Reports Third Quarter 2026 Results2 Nov
  • AH Realty Trust Completes Dispositions and Financing Transactions, Advancing Transformation and Strengthening Balance Sheet2 Nov
  • AH Realty Trust Announces 23,000 Square Feet of Office Leasing Activity Top of Market Rents at Harbor Point30 Oct
  • Armada Hoffler Properties, Inc. (NYSE:AHRT) Stock Has Consensus Target Price of $7.50 According to Analysts16 Oct
  • AH Realty Trust: Three Valuation Tests, Three Different Answers15 Oct
  • AH Realty Trust to Report Third Quarter Earnings on November 2nd1 Oct
  • 2 High-Yield REITs Still Trading At A Big Discount26 Sep
  • Brokerages Set Armada Hoffler Properties, Inc. (NYSE:AHRT) Price Target at $7.5021 Sep
  • AH Realty Trust Announces Quarterly Dividend17 Sep
  • AH Realty Trust: A High Preferred Yield From A Quality Balance Sheet8 Sep
  • Reviewing Net Lease Office Properties (NYSE:NLOP) and Armada Hoffler Properties (NYSE:AHRT)24 Aug

Mentions in Filings

  • … elected proxy peers and the broader REIT indices on a total shareholder return basis over most relevant periods.1 1 Source: Bloomberg, FactSet. Data as of May 19, 2026. “Proxy Peers” include American Assets Trust, <strong>AH Realty Trust</strong>, Broadstone Net Lease, Community Healthcare Trust, Centerspace, CareTrust REIT, Essential Properties Realty Trust, Independence Realty Trust, LTC Properties, National Health Investors, Terreno Realty Corporation and E …
    UMH PROPERTIES, INC.AH Realty Trust, Inc.·PX14A6G - UMH PROPERTIES, INC.·Q2 26·21 May
  • Following the adjustments noted above for transactional activity involving the peer companies during the relevant review period and the addition of <strong>AH Realty Trust, Inc.</strong> (formerly Armada Hoffler Properties, Inc.), as recommended by Ferguson, the Compensation Committee continued to utilize the same peer group previously developed in consultation with Ferguson for the 2025 and 2026 executive compensation decisions discussed in this Proxy Statement. …
    CBL & ASSOCIATES PROPERTIES INCAH Realty Trust, Inc.·DEF 14A - Definitive proxy statement·Q2 26·22 Apr
  • ?
    March 24, 2026 Shawn J. Tibbetts Chief Executive Officer and President <strong>AH Realty Trust, Inc.</strong> 222 Central Park Avenue, Suite 1000 Virginia Beach, VA 23462 Re: AH Realty Trust, Inc. Registration Statement on Form S-3 Filed March 19, 2026 File No. 333-294452 Dear Shawn J. Tibbetts: This is to advise you that we have not reviewed and will not review your registration statement. Please refer to Rules 460 and 461 regarding requests for acceleration. …
    AH Realty Trust, Inc.·LETTER - UPLOAD - Filing review upload·24 Mar·24 Mar
  • ?
    March 24, 2026 Shawn J. Tibbetts Chief Executive Officer and President <strong>AH Realty Trust, Inc.</strong> 222 Central Park Avenue, Suite 1000 Virginia Beach, VA 23462 Re: AH Realty Trust, Inc. Registration Statement on Form S-3 Filed March 19, 2026 File No. 333-294452 Dear Shawn J. Tibbetts: This is to advise you that we have not reviewed and will not review your registration statement. Please refer to Rules 460 and 461 regarding requests for accele …
    AH Realty Trust, Inc.·TEXT-EXTRACT - UPLOAD - Filing review upload·24 Mar·24 Mar
  • For each year, represents the TSR for the 2025 benchmarking peer group described in “Compensation Discussion and Analysis,” which includes the following peer companies: American Assets Trust, Inc., <strong>AH Realty Trust, Inc.</strong> (formerly Armada Hoffler Properties, Inc.), Brandywine Realty Trust, CareTrust REIT, Inc., COPT Defense Properties, DiamondRock Hospitality Company, Elme Communities, JBG SMITH Properties, LTC Properties, Inc., Piedmont Office Rea …
    Easterly Government Properties, Inc.AH Realty Trust, Inc.·DEF 14A - Definitive proxy statement·Q2 26·23 Mar
  • … ncy | Brand | Total face value of the ticket | Appraisal | remarks | | Investment securities | US dollars | ACADIA REALTY TRUST | 3,654.000 | 82,105.380 | | | | | AGREE REALTY CORP | 3,321.000 | 258,373.800 | | | | | <strong>AH REALTY TRUST</strong> INC | 2,134.000 | 14,852.640 | | | | | ALEXANDER'S INC | 60,000 | 15,300,000 | | | | | ALEXANDRIA REAL ESTATE EQUIT | 4,327.000 | 222,624.150 | | | | | ALPINE INCOME PROPERTY TRUST | 363.000 | 7,325.340 | | | | | AMER …
    ブラックロック・ジャパン株式会社AH Realty Trust, Inc.·Annual Report - Annual Securities Report (2025.08.05-2026.08.03)·30 Oct·29 Oct

Key Stats

Trading

Px/Chg 1D$6.03 / -1.63%
Prev Close$6.61
% of 52Wk H84.31%
Avg Volume1.22M
Beta0.33
Mkt Cap578.34M
FD Mkt Cap623.42M

Float

Shrs Out/Float95.91M / 94.54M
Short Float0.04%
Days to Cover3.38
Stock Repurchased$20.96M

Current Valuation

EV2.27B
EV/EBITDA13.35
EV/Sales10.18
P/B1.02
P/S2.59
FCF Yield0.73%
ROE-5.34%
ROA-1.23%
Current Ratio0.24

Dividend

Cash$0.14
Yield8.22%
Yield (TTM)8.22%

Estimates

P/E-26.29
Est P/E0.00
Est EPS0.12
Est PEG0.00

Valuation

Metric5Yr AvgMar '23Mar '24Mar '25Mar '26Oct '26
PRICE-BASED RATIOS
Price / Earnings69.7413.65110.8716.77226.08-18.66
Price / Sales-0.692.241.382.18-20.0910.84
Price / Book Value1.181.581.600.890.861.00
Price / Free Cash Flow40.6210.3113.6011.9033.08134.21
ENTERPRISE VALUE METRICS
Enterprise Value2,614.22,655.22,970.52,528.82,656.42,260.0
Enterprise Value / Sales-7.295.844.459.21-99.1743.20
Enterprise Value / EBITDA35.1812.6218.5012.7960.3171.68
Enterprise Value / EBIT77.9519.5847.4623.77128.91170.06

Financials

Full Financials
Millions USD5Yr CAGR (%)Dec '21Dec '22Dec '23Dec '24Dec '25
INCOME STATEMENT
Revenue6%284.7454.8667.7274.5285.4
Gross Income—-12.06.7-5.56.39.9
EBITDA7.8%129.2210.4160.6197.7174.4
EBIT9%58.6135.662.6106.482.6
Net Income-28.9%21.974.78.335.65.6
EPS (Diluted)—0.120.72-0.040.30-0.07
BALANCE SHEET
Cash & ST Inv6.7%40.451.930.233.552.4
Total Assets7.6%1,938.12,242.32,562.92,512.92,596.5
Total Liabilities11.1%1,158.21,338.31,757.71,623.21,767.3
Total Shareholder Equity3.1%555.4647.5572.6670.6627.8
CASH FLOW
Net Operating Cash Flow-8.7%90.6116.192.280.462.9
Cap Ex31.4%-15.5-17.1-24.7-30.2-46.3
Free Cash Flow-31.4%75.199.067.650.216.6

Enterprise Value Bridge

Millions USD10 Nov '26
Price (As of 10 Nov '26)6.38
Basic Shares95.91
Market Cap611.9
Diluted Shares74.59
Fully Diluted Shares Outstanding74.59
Fully Diluted Market Cap475.9
+Consolidated Debt1,070.1
−In-the-Money Convertible Debt—
+Capital Leases116.5
+Operating Leases—
−Cash & Equivalents-27.2
−Short-term Investments-
+Total Preferred171.1
−In-the-Money Convertible Preferred—
−Investments in Unconsolidated Subs—
+Non-Controlling Interest180.9
+Pension Liabilities—
Enterprise Value2,006.7

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AH Realty Trust, Inc. — Company Profile

AH Realty Trust, Inc. (AHRT) is a real estate enterprise focused on the acquisition, development, construction, and management of high-quality office, retail, and residential (multifamily) properties within the Mid-Atlantic region of the United States. Its operations are structured into several key divisions: Office Real Estate, Retail Real Estate, Multifamily Residential Real Estate, and a dedicated General Contracting and Real Estate Services arm. This specialized services division offers a range of property-related expertise, including general contracting, construction oversight, portfolio management, and development solutions, primarily catering to external property owners. Founded in 1979 by Daniel A. Hoffler, the company is headquartered in Virginia Beach, VA.

Exchange
UN
CEO
Shawn J. Tibbetts
Headquarters
Irvine, VA, US
IPO Date
May 8, 2013
Employees
98
Website
www.ahrealtytrust.com

Key Metrics

Price
$6.03
Market Cap
$578.34M
Revenue (TTM)
$52.32M
Net Income (TTM)
$-30404000.00
EPS (TTM)
-0.33
P/E (TTM)
-26.29
P/B (TTM)
1.02
Dividend Yield
8.22%
ROE (TTM)
-5.34%
ROA (TTM)
-1.23%
Operating Margin
25.06%
Beta
0.33

Dividends

Last Dividend
$0.14
Last Yield
0.08%

Summary

AH Realty Trust, Inc. (AHRT) is a real estate enterprise focused on the acquisition, development, construction, and management of high-quality office, retail, and residential (multifamily) properties within the Mid-Atlantic region of the United States. Its operations are structured into several key divisions: Office Real Estate, Retail Real Estate, Multifamily Residential Real Estate, and a dedicated General Contracting and Real Estate Services arm. This specialized services division offers a range of property-related expertise, including general contracting, construction oversight, portfolio management, and development solutions, primarily catering to external property owners. Founded in 1979 by Daniel A. Hoffler, the company is headquartered in Virginia Beach, VA.

Website
www.ahrealtytrust.com
Location
Irvine, VA, US
Phone757 366 4000
Employees98
CEOShawn J. Tibbetts
IPO DateMay 8, 2013

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Latest Documents

SEC Filings(852)

Expand
  • 8-KDeparture of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers9 Nov
  • 10-QQ3ended 30 Sept 20264 Nov
  • 8-KEntry into a Material Definitive Agreement3 Nov
  • 8-KResults of Operations and Financial Condition2 Nov
  • Form 4Wimbush Frederick Blair9 Oct
  • Form 4BIGMAN THEODORE9 Oct
  • Form 4Wittman Lori29 Sep
  • Form 4BIGMAN THEODORE16 Sep
  • Form 4Wimbush Frederick Blair16 Sep
  • Form 4Carroll James A16 Sep
  • 8-K1 Q2 2026 A H R e a lty T ru st2 Forward-looking Statements The Company makes statements in this presentation that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), and, as such, may involve known and unknown risks and uncertainties, and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These forward-looking statements may include comments relating to the current and future performance of the Company’s operating property portfolio, financing activities, as well as acquisitions, dispositions, and the Company’s financial outlook, guidance, and expectations. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and the other documents filed by the Company with the Securities and Exchange Commission (the “SEC”) from time to time. The Company’s actual future results and trends may differ materially from expectations depending on a variety of factors discussed in the Company’s filings with the SEC from time to time. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company’s expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by applicable law.No Near-Term Rollover 0.8% ABR expiring 2026 | xx in 2027 | 7.5 yr office / 5.5 yr retail WALT Growth Locked In +8.7% / +21.6% cash spreads | 2.5–3.75% same- store NOI guide High, Covered Yield 8.6% dividend yield | AFFO-covered | Cash flow positive De-Risked Balance Sheet 7.1x leverage (from 8.3x), will be 6.2x post transformation| | 100% fixed/hedged | BBB Value Opportunity Low FFO multiple | High implied cap rate | Meaningful discount to NAV (see page 20 for NAV details) AHRT Advantage 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-use ecosystems within our markets.​ 34 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 Mid-Atlantic, Southeast and Sunbelt • Reduced complexity and improved transparency Embedded NOI Growth • Embedded mark-to-market opportunity driven by positive leasing spreads, continued occupancy gains, contractual rent commencements, and identified lease-up across the portfolio Clear Deleveraging Path • Targeting leverage reduction from ~8.3x to 5.5x–6.5x range post transformation from 1Q26 levels Disciplined Capital Allocation • Capital recycling strategy alongside opportunistic share repurchases • YTD share repurchase of 5.6M shares at a weighted average price of $5.92 through June 30, 2026$485M Multifamily Portfolio Sale First Closing Gross Sales Proceeds $0.14 Second Quarter FFO, As Adjusted Per Diluted Share $0.18 Second Quarter AFFO Per Diluted Share $353M Second Quarter Net Variable-Rate Debt Paydowns(1) 8.7% Second Quarter Retail Renewal Lease Spread, Cash 21.6% Second Quarter Office Renewal Lease Spread, Cash 7.1x 2Q26 Net Debt/Total Adjusted EDITDAre +2.9% Retail Same Store NOI, Cash Increase 2Q26 vs 2Q25 +8.3% Office Same Store NOI, Cash Increase 2Q26 vs 2Q25 AS OF JUNE 30, 2026 2Q26 Results 56 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 streams Disciplined investment approach Appointed Shawn Tibbetts as CEO and Chairman – unified direction and enhanced efficiency as the Company advances long-term strategic plan Appointed four independent directors over the past three years, including two nominees elected at the 2026 Annual Meeting; two legacy board members did not stand for reelection at the 2026 Annual Meeting. Executive team with cross-industry expertise spanning finance, operations, logistics, and infrastructure. Leadership & Governance Transforming AHRT Into a More Focused, Resilient REIT7 With Significant Progress to Date Exit of Multifamily Portfolio • Sold 9 assets to Harbor Group International for $485M - Closing completed May 20, 2026 • 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 which are now under PSA for an aggregate gross purchase price of $95.5M • Proceeds primarily deployed toward debt reduction, significantly improving leverage (to 7.1x for the second quarter of 2026) and liquidity Exit General Contracting • Completed divestiture of construction management business • Eliminated fee-based earnings volatility, reduced execution risk and project-related variability, increasing earnings predictability Exit of Real Estate Financing (REF) Platform • Executing disposition of 4 remaining investments • Completed sales of Peachtree and North Creek ($63.8M proceeds) • JV partner completed sale of Allure at Edinburgh ($17.2M realized by AHRT) • Kennesaw asset actively being marketed Governance Enhancements Advanced proactive board refreshment process to align governance with the Company’s strategic transformation • Theodore Bigman and Lori Wittman elected as new independent directors; both brings deep expertise in real estate, capital markets, and capital allocation • Dennis Gartman and George Allen retired from the Board following the 2026 Annual Meeting Company Rebrand • Launched AH Realty Trust • New corporate identity reflects the fundamental restructuring and repositioning of the business • Reinforces a simplified strategy, focused portfolio, and long-term value creation objectives8 Simplifying and Refocusing The Portfolio Simplifying and focusing on the portfolio • Exiting remaining multifamily portfolio​ • Concentrating on high- quality retail and office assets, providing more predictable cash flow and increased operational efficiency ​ Clear capital allocation framework • Prioritizing risk- adjusted returns and predictable cash flow • Decisions driven by underwriting discipline and market realities Comparative Income Streams Composition Retail NOI Office NOI Multifamily NOI GCRES Gross Profit Real Estate Financing Gross Profit Other NOI(1) (1) Other NOI includes NOI from Smith's Landing and NOI from parking.9 High-quality Portfolio Positioned For Sustainable Growth AS OF JUNE 30, 2026 108K New & renewed retail sf in 2Q26 90.9% Retail economic occupancy 95.1% Retail leased occupancy 56K New & renewed office sf in 2Q26 90.5% Office economic occupancy 96.7% Office leased occupancy Stabilized properties only.10 Favorable Lease Terms With Significant Mark To Market Opportunity AS OF JUNE 30, 2026 7.5 OFFICE WEIGHTED AVERAGE LEASE TERM (YRS) RETAIL WEIGHTED AVERAGE LEASE TERM (YRS) 5.5 Weighted Average Lease Term Remaining (Years)11 43 Number of Retail Properties(2) 3.9M Net Rentable Square Footage Retail Properties(2) RETAIL PORTFOLIO AS OF JUNE 30, 2026 (1) Retail classifications are reflective of ICSC’s U.S Shopping-Centers Classifications, with the exception of Street Retail. Street Retail includes One City Center. (2) Includes stabilized and unstabilized properties. Excludes 5 retail properties sold on May 20, 2026. (3) Mixed-Use Retail is primarily classified as Lifestyle Center, with the exception of One City Center. Percentage of NOI by Retail Classification (1)12 OFFICE PORTFOLIO AS OF JUNE 30, 2026 14 Number of Office Properties(2) 2.4M Net Rentable Square Footage Office Properties(2) 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 • Roster of high credit tenants (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.13 Total Portfolio ABR* 3.0M SF Commercial space in mixed-use portfolio 2.2M SF Of class a premier office space 0.8M SF Of premier retail space Adjacent Multifamily Strategically located in core submarkets Average walk score of 90 Mixed-Use Retail 25% Mixed-Use Office 75% * Stabilized properties only. ** Mixed-Use consists of Town Center of Virginia Beach, Harbor Point – Baltimore Waterfront, One City Center, and The Interlock. MIXED - USE AS OF JUNE 30, 202614 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 Professional Services Firms • Broad Base of Institutional Corporate Users • Grocery-Anchored Retail Driving Daily Traffic and Footfall Tenants by ABR As of June 30, 2026 (1) Investment Grade per management judgment or public sources. (2) Reflects T. Rowe Price at 50% ABR to account for AHRT JV Ownership %.15 BBB Credit rating 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 positions the company to weather market cycles • Supports future strategic opportunities with available capital LONG-TERM TARGET: 5.5x - 6.5x Net Debt / Total Adjusted EBITDAre 4.3% Portfolio wtd. Avg. Interest rate 7.1x Net debt/total adj. EBITDAre 8.3x Net debt + preferred / total adj. EBITDAre 100% Fixed or hedged AS OF JUNE 30, 202616 Deleveraging • Lowered leverage from ~8.3x in 1Q26 to 7.1x in 2Q26 – on track to achieve targeted leverage ratio of 5.5x–6.5x • $460.5 million of proceeds from sale of nine multifamily properties used to paydown debt Share repurchases • Increased share repurchase authorization to $100 million • Repurchased approximately 5.6 million shares representing more than 5% of the common equity YTD through June 30, 2026 Dividend • Reset to sustainable level fully covered by core property operating cash flow Executing Disciplined Capital Allocation Strategy17 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 NOI(2) $8.9M $9.9M PREFERRED STOCK DIVIDENDS -$11.5M -$11.5M FUNDS FROM OPERATIONS AS ADJUSTED ("FFO, AS ADJUSTED")(3) $52.3M $56.3M FFO, AS ADJUSTED PER DILUTED SHARE $0.53 $0.57 (1) Includes T. Rowe Price Global HQ. EMI property income is reflected as the property's NOI less interest expense, multiplied by the Company's ownership percentage (50%). (2) Other NOI includes NOI from Smith's Landing and NOI from parking. (3) Refer to our Supplemental Financial Package for a reconciliation of FFO, as defined by Nareit, to FFO, As Adjusted. FFO, As Adjusted is a forward-looking, non- GAAP measure that presents the Company's projected FFO as adjusted for certain items that the Company believes are not indicative of its ongoing operating performance, including: (i) estimated income and expenses associated with assets held for sale or under LOI; and (ii) estimates of certain non-recurring transaction costs. The Company presents FFO, As Adjusted to provide investors with a supplemental measure of the Company's anticipated operating performance following the completion of its announced strategic initiatives, but investors are cautioned against placing undue reliance on the Company's presentation of FFO, As Adjusted.18 2Q26 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 Paydowns of ~$57M with proceeds from the remaining 2026 expected dispositions of The Everly and Greenside • Remaining Net Unsecured Debt Paydowns of ~$100M in 2026 (3) • Includes Share Repurchases of 5.6M shares for $33.2M through June 30, 2026 • No Acquisitions in 2026 (1) Refer to slide 31, Discontinued Operations, for management’s expectations on timing of remaining multifamily dispositions. (2) Refer to slide 32 for management’s expectations on timing of remaining real estate financing dispositions. (3) Assumed debt paydowns with expected proceeds from the sale of remaining Multifamily and Real Estate Financing assets under PSA or being actively marketed based on valuations underwritten by commercial brokerages. Also includes the impact of expected borrowings on the Company's line of credit. The Company can provide no assurances that the proceeds ultimately received by the Company will not be different than anticipated, and such difference could be material. Does not include any dispositions expected to take place in 2027.19 Appendix20 Net Asset Value Component Data As of June 30, 2026 $ 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 Debt, including JV Pro Rata Share $1,118,386 Signed Not Yet Occupied or in Free Rent Period, Retail 446 1,784 Adjusted Stabilized Retail NOI, Cash $17,202 $68,808 Accounts Payable and Accrued Liabilities, Non-Property 9,836 Other Liabilities, Non-Property 6,083 Office Total Liabilities $1,134,305 Stabilized Office NOI, Cash(2) $16,929 $67,716 Signed Not Yet Occupied or in Free Rent Period, Office 1,294 5,176 Adjusted Stabilized Office NOI, Cash $18,225 $72,900 Other NOI, Cash $1,879 $7,516 NON-STABILIZED PORTFOLIO PREFERRED EQUITY As of 6/30/2026 Liquidation Value Properties in Lease Up at Cost(3) $81,376 Series A Cumulative Redeemable Perpetual Preferred Stock $171,085 ASSETS OF DISCONTINUED OPERATIONS COMMON EQUITY As of 6/30/2026 As of 6/30/2026 Real Estate Assets under PSA(4) $77,000 Total Common Shares Outstanding 74,594 Multifamily Assets HFS at Net Book Value(4) 92,042 Total Units Outstanding 24,839 Real Estate Financing Investments at Book Value(5) 14,380 Total Common Shares and Units Outstanding 99,433 $183,422 NON-PROPERTY ASSETS (1) Excludes $1.0M of expenses associated with the Company’s in-house asset management division for the three months ended June 30, 2026.As of 6/30/2026 Cash and Restricted Cash $8,155 (2) Includes $2.7M and less than $(0.1)M of AHRT’s JV Pro Rata Share of Cash NOI for T. Rowe Price Global HQ for Office and Retail, respectively.Accounts Receivable, Net 3,050 Notes Receivable(5) 9,329 (3) Refer to slide 36 for the make-up of Non-Stabilized properties. Other Assets 7,281 (4) Refer to slide 31 for a break-out of real estate assets sold and under PSA. The Company entered into a PSA with respect to The Everly and Solis Gainesville II on July 17, 2026.Total Non-Property Assets $27,815 (5) Excludes allowance for current expected credit losses21 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 II Redevelopment of +/- 4 acres for alternate commercial or residential use Harrisonburg Regal Redevelopment for alternate commercial or residential use; outparcel development potential Red Mill Commons Outparcel creation and development in the existing parking field Southgate Square Right-size existing tenants to accommodate backfill demand Fountain Plaza Conversion of 2nd floor retail into alternate commercial uses South Square Outparcel creation opportunity on the hard corner Pembroke Square Conversion of existing office space for commercial retail use Pembroke Square Outparcel creation and development in the existing parking field Providence Plaza Densification of surface parking and optimization of the day/night use of the structured parking deck Broad Creek Shopping Center Outparcel creation and development in the existing parking field Opportunities(1) (1) Assumptions regarding future opportunities are subject to change.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 94K SF of office anchored by Vestis 42K SF of retail LEASED OCCUPANCY 93.0% Retail 96.0% Office ECONOMIC OCCUPANCY 79.9% Retail 44.9% Office Adjacent MultifamilyMixed-Use Community Southern Post FOOT TRAFFIC DWELL & DURATION BEHAVIOR PATTERNS ~406K Annual Visits ~160K Annual Unique Visitors 2.6x Annual Visit Frequency 84%(1) YoY Growth 81 mins (~ 1.4 hours) Avg. Dwell Time 70 mins Median Stay Rapid growth indicates strong early traction Repeat visitation (2.6x) shows emerging loyalty ~81 min dwell supports quick, purpose-driven trips Affluent trade area drives premium spending potential (1) YoY: For the period July 1, 2025 to June 30, 2026 compared to July 1, 2024 to June 30, 2025. 2324 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 retail Partnership with Georgia Tech Private membership club, Retreat at The Gathering Spot 161-room Bellyard, a Tribute Portfolio Hotel Adjacent Townhomes25 Mixed-Use Community The Interlock FOOT TRAFFIC DWELL & DURATION BEHAVIOR PATTERNS ~860K Annual Visits ~450K Annual Unique Visitors 2x Annual Visit Frequency 21%(1) YoY Growth 3.5%(2) 2-Year Growth 170 mins (~2.8 hours) Avg. Dwell Time 103 mins Median Stay High Engagement Destination Moderate Repeat visitation (2x) shows emerging loyalty Experience-Led Visitation Affluent Urban Professional Core (1) YoY: For the period July 1, 2025 to June 30, 2026 compared to July 1, 2024 to June 30, 2025. (2) 2 Year Growth: For the period July 1, 2025 to June 30, 2026 compared to July 1, 2023 to June 30, 2024.26 Mixed-Use Community Town Center of Virginia Beach LOCATION Virginia Beach, Virginia PROPERTY SQUARE FOOTAGE 804K SF of office 641K SF of retail Integrated Mixed-Use Setting with Adjacent Multifamily 2 Additionals Parcels for Development/Redevelopment27 Mixed-Use Community Town Center of Virginia Beach FOOT TRAFFIC DWELL & DURATION BEHAVIOR PATTERNS 7.1M Annual Visits 1.7M Annual Unique Visitors 4.2x Annual Visit Frequency 8.4%(1) YoY Growth 7%(2) 2-Year Growth 79 mins (~1.3 hours) Avg. Dwell Time 53 mins Median Stay High-Frequency, Routine-Driven Visitation Shorter, Purposeful Trips Strong Local Dependence Errand + Convenience Behavior High Traffic, Broad Appeal Diverse, Mid-to-Upper Income Customer Base (1) YoY: For the period July 1, 2025 to June 30, 2026 compared to July 1, 2024 to June 30, 2025. (2) 2 Year Growth: For the period July 1, 2025 to June 30, 2026 compared to July 1, 2023 to June 30, 2024.28 Virginia Beach Market Review Key Industries & Growth Sectors 2nd Largest MSA in Virginia 12th Largest MSA on East Coast 6% Population growth since 2010 1.8M MSA population (37th most populous MSA in U.S.) $79K Median household income 3.0% Unemployment QUICK FACTS Notable Employers Market Commentary STABLE, RECESSION RESISTANT ECONOMY • World’s largest naval base and largest collection of military installations of any MSA in the US • The Port of Virginia: One of the most active in the U.S. • Healthcare and Education: 33 universities, colleges, and trade schools plus 22 hospitals • Tourism: Over 4M annual visitors to Virginia Beach • Landing site of the world’s fastest transoceanic fiber cables with connections to South America and Europe • Over 38 miles of beaches • Improved 15 places in ULI’s annual survey of U.S. Markets to Watch (from 65th in 2022 to 50th in 2023) • 10 miles from both the Virginia Beach Oceanfront and Norfolk STABLE, RECESSION RESISTANT ECONOMY • Main & Main: Serves as the center of the MSA • Tremendous growth opportunity to fill the void of the urban core • 20+ years and ongoing public- private partnership with the city • Full office occupancy with no plans for downsizing • Employers in the region want to be here • Provides on-site and walkable retail, dining, and entertainment options Defense Advanced Manufacturing Healthcare Distribution & Logistics Education Business & Administrative Services29 Mixed-Use Community Harbor Point AHRT OWNED 1 - Thames Street Wharf 263,000 Office SF 3 - Wills Wharf 328,000 Office SF 4 - Constellation Energy Building(1) 444,000 Office SF 39,000 Retail SF 6 - T. Rowe Price Global HQ(2) 550,000 Office SF 20,000 Retail SF MULTIFAMILY ADJACENT 2 - 1405 Point 289 MF Units 18,632 Retail(3) 4 - 1305 Dock Street 103 MF Units 5 - Allied | Harbor Point 312 MF Units 20,000 Retail(3) (1) Represents 100% of the property of which the company owns 90% economic interest. (2) AHRT owns 50% of the property. (3) 1405 Point Retail & Allied Retail were sold on May 20, 2026. AHRT retained ownership of Allied's garage which includes 1,246 parking spaces. LOCATION Baltimore, Maryland30 Mixed-Use Community Harbor Point FOOT TRAFFIC DWELL & DURATION BEHAVIOR PATTERNS ~724K Annual Visits ~270K Annual Unique Visitors 2.7x Annual Visit Frequency 8%(1) YOY Growth 12%(2) 2-Year Growth 154 mins (~2.6 hours) Avg. Dwell Time 59 mins Median Stay Strong evening usage in addition to midday office traffic Activity aligned with mixed-use environment 30 (1) YoY: For the period July 1, 2025 to June 30, 2026 compared to July 1, 2024 to June 30, 2025. (2) 2 Year Growth: For the period July 1, 2025 to June 30, 2026 compared to July 1, 2023 to June 30, 2024.31 Baltimore Market Review Key Industries & Growth Sectors 7th Largest MSA on the East Coast 2.8M MSA population, 28th highest 7% Population growth over last 10 years 29th Most populous city in the U.S. $94K Average household income 3.7% Unemployment QUICK FACTS The New “Main & Main” – That Cannot Be Outflanked • Last developable waterfront site • Strategically and centrally located • Walking distance to Harbor East, Fell’s Point, Inner Harbor, and Federal Hill • Corporate relocations from the CBD (Light & Pratt) • Unparalleled amenities - The newest, livable, walkable, urban destination • Opportunity as a result of 20-year, ongoing relationship with Beatty Development Group • Originated from Armada Hoffler’s construction arm then evolved and transitioned into a true partnership • Public-private partnership with the City of Baltimore 9 other colleges and universities Education Business and Administrative Services32 Discontinued Operations Multifamily Dispositions Property Location Units Sold Under PSA 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 Baltimore, MD 103 X 2Q26 1405 Point Street Baltimore, MD 289 X 2Q26 Allied Apartments Baltimore, MD 312 X 2Q26 Chandler Residences Roswell, GA 137 X 2Q26 Chronicle Mill Belmont, NC 238 X 2Q26 The Everly(1) Gainesville, GA 223 X 3Q26 Solis Gainesville II(1) Gainesville, GA 184 X 3Q26 Greenside Apartments Charlotte, NC 225 X 4Q26 Liberty Apartments Newport News, VA 199 X 2Q26 The Edison Richmond, VA 174 X 2Q26 Commercial Properties Included In Multifamily Sale Property Location Net Rentable SF Sold Under PSA Expected Disposition Period Point Street Retail Baltimore, MD 18,632 X 2Q26 Allied Retail Baltimore, MD 12,700 X 2Q26 Chronicle Mill Retail Belmont, NC 11,530 X 2Q26 Chronicle Mill Office Belmont, NC 5,932 X 2Q26 Liberty Retail Newport News, VA 25,461 X 2Q26 The Edison Retail Richmond, VA 20,196 X 2Q26 (1) The Company entered into a PSA with respect to The Everly and Solis Gainesville II on July 17, 2026.33 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 Charlotte, NC 303 X 1Q26 General Contracting & Real Estate Services The General Contracting & Real Estate Services business was sold on April 30, 2026, for economic consideration of $2.4 million.34 As of June 30, 2026 Property Portfolio Retail Properties - Stabilized Location Year Built/Redevelo ped Net Rentable SF Leased Occupancy Economic Occupancy ABR ABR per Occupied SF Major Tenant(s) Town Center of Virginia Beach 249 Central Park Retail Virginia Beach, VA 2004 35,161 100.0 % 100.0 % $1,303,634 $37.08 The Cheesecake Factory, Brooks Brothers, Keagan's, Three Notch'd Brewing Company 4525 Main Street Retail Virginia Beach, VA 2014 26,328 62.0 % 62.0 % 453,633 27.79 Anthropologie, Tupelo Honey 4621 Columbus Retail Virginia Beach, VA 2020 84,000 100.0 % 100.0 % 1,339,800 15.95 Apex Entertainment Columbus Village Virginia Beach, VA 1996/2020/2025 154,268 100.0 % 95.7 % 3,750,551 24.37 Trader Joe's, Shake Shack, CAVA, Ulta, Five Below, Golf Galaxy, Barnes & Noble, David's Bridal, Regal Cinemas Commerce Street Retail Virginia Beach, VA 2008 19,173 100.0 % 100.0 % 900,193 46.95 Yard House Fountain Plaza Retail Virginia Beach, VA 2004 35,991 81.0 % 76.9 % 1,044,672 35.71 Ruth's Chris, Bravo!, Nando's Pembroke Square Virginia Beach, VA 2015 124,181 100.0 % 100.0 % 2,206,087 17.77 Target (S), REI (S), Fresh Market, Nordstrom Rack, DSW, Decisions Premier Retail Virginia Beach, VA 2018 39,015 100.0 % 99.8 % 1,370,738 35.20 Pottery Barn, Williams Sonoma, J. Jill, Cantina Laredo, TASTE South Retail Virginia Beach, VA 2002 38,515 85.0 % 84.9 % 1,065,270 32.56 lululemon, free people, Madewell, CPK Studio 56 Retail Virginia Beach, VA 2007 11,594 100.0 % 24.9 % 415,639 35.85 Legal Sea Foods (dark) The Cosmopolitan Retail Virginia Beach, VA 2020 41,872 96.0 % 82.9 % 1,258,064 31.17 Lego, Abercrombie & Fitch, Solidcore, Bluemercury, South Moon Under Two Columbus Retail Virginia Beach, VA 2009 13,752 100.0 % 100.0 % 532,919 38.75 Fidelity Investments, Lenscrafters, Muse Paintbar West Retail Virginia Beach, VA 2002 17,558 93.0 % 83.2 % 552,844 33.88 PF Changs, The Men's Wearhouse Harbor Point - Baltimore Waterfront Constellation Retail(1) Baltimore, MD 2016 38,464 48.0 % 45.1 % $696,217 $37.81 honeygrow Grocery Anchored Broad Creek Shopping Center(2)(3) Norfolk, VA 2001 121,504 90.0 % 89.6 % $2,234,758 $20.53 Target (S), Home Depot (S), Food Lion, PetSmart, Chick-fil-A Broadmoor Plaza South Bend, IN 1980 115,059 84.0 % 83.8 % 1,137,217 11.79 Kroger, Staples Brooks Crossing Retail(1)(4) Newport News, VA 2016 18,349 91.0 % 91.3 % 256,579 15.31 Piggly Wiggly (S) Delray Beach Plaza(3) Delray Beach, FL 2021 87,207 100.0 % 90.7 % 3,110,335 35.67 Whole Foods, First Watch, Pet Supplies Plus, Pollo Tropical Greenbrier Square Chesapeake, VA 2017 260,625 100.0 % 100.0 % 2,635,291 10.11 Kroger, Homegoods, Dick's House of Sport, Five Below Greentree Shopping Center Chesapeake, VA 2014 15,719 87.0 % 86.6 % 329,160 24.17 Walmart Neighborhood Market (S) Hanbury Village Chesapeake, VA 2009 98,638 100.0 % 100.0 % 2,093,674 21.23 Harris Teeter, Petco Lexington Square Lexington, SC 2017 85,440 100.0 % 93.0 % 1,955,900 22.89 Lowes Foods, Sola Salon, Hollywood Feed North Pointe Center(3) Durham, NC 2009 226,083 97.0 % 96.8 % 2,969,107 13.57 Costco (S), Home Depot (S), Harris Teeter, Ross, Burlington, PetSmart, Shoe Station, Dollar Tree Parkway Centre Moultrie, GA 2017 61,200 100.0 % 100.0 % 873,771 14.28 Publix, Petsense, Surchero's Parkway Marketplace Virginia Beach, VA 1998 37,804 93.0 % 90.4 % 712,113 20.29 Food Lion (S), O'Reilly Auto Parts Perry Hall Marketplace Perry Hall, MD 2001 74,251 100.0 % 100.0 % 1,193,161 16.07 Safeway Sandbridge Commons Virginia Beach, VA 2015 69,417 100.0 % 100.0 % 968,295 13.95 Harris Teeter Tyre Neck Harris Teeter(2) Portsmouth, VA 2011 48,859 100.0 % 100.0 % 559,948 11.46 Harris Teeter Southeast Sunbelt North Hampton Market Taylors, SC 2004 114,954 99.0 % 96.2 % 1,642,454 $14.46 Target (S), Hobby Lobby, PetSmart, Dollar Tree One City Center Retail Durham, NC 2019 22,679 56.0 % 55.7 % 437,111 34.62 Bulldega Urban Market Overlook Village Asheville, NC 1990 151,365 97.0 % 96.7 % 2,331,331 15.93 T.J. Maxx | Homegoods, Ross, Burlington, Boot Barn, Five Below, Shoe Carnival Patterson Place Durham, NC 2004 159,842 97.0 % 92.6 % 2,654,991 17.10 Home Depot (S), Kohl's (S), Total Wine, Bob's Discount Furniture, DSW, Boot Barn, PetSmart Providence Plaza Retail Charlotte, NC 2008 49,447 99.0 % 98.7 % 1,584,328 32.45 Chipotle, Orange Theory, Mezzanotte, Aqua-Tots South Square Durham, NC 2005 109,590 98.0 % 98.1 % 2,055,587 19.12 Target (S), Sam's Club (S), Ross, Petco, Office Depot The Interlock Retail(2)(3) Atlanta, GA 2021 108,379 93.0 % 76.9 % 5,408,361 53.44 Puttshack, F1 Arcade, The Gathering Spot Wendover Village Greensboro, NC 2004 176,997 98.0 % 97.6 % 3,590,622 20.78 Costco (S), T.J. Maxx, Golf Galaxy, Petco, Five Below, Beautista, Rooms to Go Kids (1) The Company does not have 100% ownership of the property. (2) The Company leases all or a portion of the land underlying this property pursuant to a ground lease. (3) Leased and economic occupancy for these properties exclude seasonal leases. (4) The Company is entitled to a preferred return on its investment in this property. (S) Shadow anchor located adjacent to the property, but is not part of the owned property.35 As of June 30, 2026 Property Portfolio, Cont. Retail Properties - Stabilized Location Year Built/Redevelo ped Net Rentable SF Leased Occupancy Economic Occupancy ABR ABR per Occupied SF Major Tenant(s) Mid-Atlantic Dimmock Square Colonial Heights, VA 1998 106,166 100.0 % 100.0 % $1,981,013 $18.66 Target (S), Sam's Club (S), Best Buy, Old Navy, Five Below, pOpshelf, Shoe Carnival Harrisonburg Regal Harrisonburg, VA 1999 49,000 100.0 % 100.0 % 753,620 15.38 Regal Cinemas Marketplace at Hilltop(1) Virginia Beach, VA 2001 116,953 97.0 % 87.2 % 2,897,570 25.47 Total Wine, Michaels, Panera, Chick-fil-A Red Mill Commons & Walk Virginia Beach, VA 2005 373,808 96.0 % 94.6 % 7,309,877 20.35 Target (S), Walmart (S), Home Depot (S), T.J. Maxx, Homegoods, Five Below, Michaels, Petco, Dollar Tree, Walgreens Southgate Square(4) Colonial Heights, VA 2016 260,131 85.0 % 84.6 % 3,544,504 16.10 Walmart (S), Burlington, PetSmart, Michaels, Staples, 7 Brew Southshore Shops Midlothian, VA 2006 40,307 89.0 % 89.1 % 827,809 23.04 Buffalo Wild Wings Stabilized Retail Total 3,839,645 95.1 % 90.9 % $74,938,748 $20.52 Office Properties- Stabilized Location Year Built/Redevelo ped Net Rentable SF Leased Occupancy Economic Occupancy ABR ABR per Occupied SF Major Tenant(s) Town Center of Virginia Beach 222 Central Park Office Virginia Beach, VA 2002 295,988 100.0 % 89.7 % $9,580,055 $32.37 Troutman Pepper, Williams Mullen, Trader Interactive, Morgan Stanley, KPMG, Hourigan, Old Dominion University, Pender & Coward, Cherry Bekaert, Mass Mutual, Mason & Hanger, Strayer University 249 Central Park Office Virginia Beach, VA 2004 57,295 100.0 % 100.0 % $1,517,757 $26.49 Gather, HDR 4525 Main Street Office Virginia Beach, VA 2014 208,760 100.0 % 95.6 % 6,938,324 33.24 Clark Nexsen, Mythics, Kimley-Horn, City of Virginia Beach 4605 Columbus Office(2) Virginia Beach, VA 2002 19,335 100.0 % 100.0 % 537,706 27.81 AH Realty Trust One Columbus Virginia Beach, VA 1984 129,066 96.0 % 85.7 % 3,539,625 28.57 Atlantic Union Bank, Northwestern Mutual, HBA, Movement Mortgage Two Columbus Office Virginia Beach, VA 2009 93,585 98.0 % 92.6 % 2,588,151 28.31 VHB, Hazen & Sawyer, Insight Global Harbor Point - Baltimore Waterfront Constellation Office(3) Baltimore, MD 2016 444,600 100.0 % 100.0 % $15,947,194 $35.87 Constellation Energy Generation Thames Street Wharf Baltimore, MD 2010 263,426 99.0 % 98.8 % 8,362,133 32.13 Morgan Stanley Wills Wharf(1) Baltimore, MD 2020 326,895 93.0 % 82.1 % 9,636,876 31.83 Franklin Templeton, Morgan Stanley, Transamerica, Stifel, EY, RBC, Bright Horizons, Canopy by Hilton Southeast Sunbelt One City Center Office Durham, NC 2019 128,920 71.0 % 71.0 % 2,871,984 $31.36 Duke University, WeWork Providence Plaza Office Charlotte, NC 2008 53,671 100.0 % 100.0 % 1,694,093 31.56 Choate Construction, Cranfill Sumner The Interlock Office(1) Atlanta, GA 2021 197,755 98.0 % 75.1 % 8,129,715 42.14 Georgia Tech, Pindrop, The Gathering Spot, Stream, Directional Capital, Innovien Solutions, Alloy, The Honey Pot Mid-Atlantic Brooks Crossing Office Newport News, VA 2019 98,061 100.0 % 100.0 % $2,083,863 $21.25 Huntington Ingalls Industries, City of Newport News Stabilized Office Total 2,317,357 96.7 % 90.5 % $73,427,476 $32.77 (1) The Company leases all or a portion of the land underlying this property pursuant to a ground lease. (2) At this property, the Company occupies 19,335 square feet at an ABR of $0.5M, or $27.81 per leased square foot, which is reflected in this table. The rent paid by the Company is eliminated in accordance with GAAP in the consolidated financial statements. (3) The Company does not have 100% ownership of the property. (4) Leased and economic occupancy for these properties exclude seasonal leases. (S) Shadow anchor located adjacent to the property, but is not part of the owned property.36 As of June 30, 2026 Property Portfolio, Cont. Unstabilized Location Ownership % Year Built / Redeveloped Net Rentable SF Leased Occupancy Economic Occupancy ABR ABR per Occupied SF Southeast Sunbelt Southern Post Retail Roswell, GA 100% 2024 42,016 93.0 % 79.9 % $1,565,204 $39.92 Southern Post Office Roswell, GA 100% 2024 94,421 96.0 % 44.9 % 2,862,743 31.70 Unstabilized Total 136,437 94.9 % 57.5 % $4,427,947 $34.19 Equity Method Investments Location Ownership % Year Built/Redeveloped Net Rentable SF Leased Occupancy Economic Occupancy ABR(1) ABR per Occupied SF Harbor Point - Baltimore Waterfront T. Rowe Price Baltimore, MD 50% 2025 553,000 100.0 % 100.0 % $8,088,418 $14.63 Parcel 3 Retail Baltimore, MD 50% 2025 20,200 15.0 % 0.0 % 132,675 43.50 Equity Method Investments Total 573,200 97.0 % 98.4 % $8,221,093 $14.78 (1) Represents the Company’s 50% share of ABR.16 Sep
  • 10-QQ2ended 30 Jun 20266 Aug
  • 8-KResults of Operations and Financial Condition3 Aug
  • Form 4Gartman Dennis H.6 Jul
  • Form 4Carroll James A6 Jul
  • Form 4Wimbush Frederick Blair6 Jul
  • Form 4Cherry James C.6 Jul
  • Form 4Hoffler Daniel A6 Jul
  • Form 4Boykin Jennifer R.30 Jun
  • Form 4/ABIGMAN THEODORE22 Jun

News

  • AH Realty Trust Continues Refreshment of its Board of Directors to Support Ongoing Transformation9 Nov
  • Blue Wave Fuels REIT Rally8 Nov
  • AH Realty Trust: An 8.5% Yield With A Path To Safer Dividends4 Nov
  • AH REALTY TRUST INC (AHRT) Q3 2026 Earnings Call Transcript3 Nov
  • What Armada Hoffler Properties (AHRT) Said on Its Q3 Earnings Call3 Nov
  • AH REALTY TRUST (AHRT) Surpasses Q3 FFO Estimates2 Nov
  • AH Realty Trust Reports Third Quarter 2026 Results2 Nov
  • AH Realty Trust Completes Dispositions and Financing Transactions, Advancing Transformation and Strengthening Balance Sheet2 Nov
  • AH Realty Trust Announces 23,000 Square Feet of Office Leasing Activity Top of Market Rents at Harbor Point30 Oct
  • Armada Hoffler Properties, Inc. (NYSE:AHRT) Stock Has Consensus Target Price of $7.50 According to Analysts16 Oct
  • AH Realty Trust: Three Valuation Tests, Three Different Answers15 Oct
  • AH Realty Trust to Report Third Quarter Earnings on November 2nd1 Oct
  • 2 High-Yield REITs Still Trading At A Big Discount26 Sep
  • Brokerages Set Armada Hoffler Properties, Inc. (NYSE:AHRT) Price Target at $7.5021 Sep
  • AH Realty Trust Announces Quarterly Dividend17 Sep
  • AH Realty Trust: A High Preferred Yield From A Quality Balance Sheet8 Sep
  • Reviewing Net Lease Office Properties (NYSE:NLOP) and Armada Hoffler Properties (NYSE:AHRT)24 Aug

Mentions in Filings

  • … elected proxy peers and the broader REIT indices on a total shareholder return basis over most relevant periods.1 1 Source: Bloomberg, FactSet. Data as of May 19, 2026. “Proxy Peers” include American Assets Trust, <strong>AH Realty Trust</strong>, Broadstone Net Lease, Community Healthcare Trust, Centerspace, CareTrust REIT, Essential Properties Realty Trust, Independence Realty Trust, LTC Properties, National Health Investors, Terreno Realty Corporation and E …
    UMH PROPERTIES, INC.AH Realty Trust, Inc.·PX14A6G - UMH PROPERTIES, INC.·Q2 26·21 May
  • Following the adjustments noted above for transactional activity involving the peer companies during the relevant review period and the addition of <strong>AH Realty Trust, Inc.</strong> (formerly Armada Hoffler Properties, Inc.), as recommended by Ferguson, the Compensation Committee continued to utilize the same peer group previously developed in consultation with Ferguson for the 2025 and 2026 executive compensation decisions discussed in this Proxy Statement. …
    CBL & ASSOCIATES PROPERTIES INCAH Realty Trust, Inc.·DEF 14A - Definitive proxy statement·Q2 26·22 Apr
  • ?
    March 24, 2026 Shawn J. Tibbetts Chief Executive Officer and President <strong>AH Realty Trust, Inc.</strong> 222 Central Park Avenue, Suite 1000 Virginia Beach, VA 23462 Re: AH Realty Trust, Inc. Registration Statement on Form S-3 Filed March 19, 2026 File No. 333-294452 Dear Shawn J. Tibbetts: This is to advise you that we have not reviewed and will not review your registration statement. Please refer to Rules 460 and 461 regarding requests for acceleration. …
    AH Realty Trust, Inc.·LETTER - UPLOAD - Filing review upload·24 Mar·24 Mar
  • ?
    March 24, 2026 Shawn J. Tibbetts Chief Executive Officer and President <strong>AH Realty Trust, Inc.</strong> 222 Central Park Avenue, Suite 1000 Virginia Beach, VA 23462 Re: AH Realty Trust, Inc. Registration Statement on Form S-3 Filed March 19, 2026 File No. 333-294452 Dear Shawn J. Tibbetts: This is to advise you that we have not reviewed and will not review your registration statement. Please refer to Rules 460 and 461 regarding requests for accele …
    AH Realty Trust, Inc.·TEXT-EXTRACT - UPLOAD - Filing review upload·24 Mar·24 Mar
  • For each year, represents the TSR for the 2025 benchmarking peer group described in “Compensation Discussion and Analysis,” which includes the following peer companies: American Assets Trust, Inc., <strong>AH Realty Trust, Inc.</strong> (formerly Armada Hoffler Properties, Inc.), Brandywine Realty Trust, CareTrust REIT, Inc., COPT Defense Properties, DiamondRock Hospitality Company, Elme Communities, JBG SMITH Properties, LTC Properties, Inc., Piedmont Office Rea …
    Easterly Government Properties, Inc.AH Realty Trust, Inc.·DEF 14A - Definitive proxy statement·Q2 26·23 Mar
  • … ncy | Brand | Total face value of the ticket | Appraisal | remarks | | Investment securities | US dollars | ACADIA REALTY TRUST | 3,654.000 | 82,105.380 | | | | | AGREE REALTY CORP | 3,321.000 | 258,373.800 | | | | | <strong>AH REALTY TRUST</strong> INC | 2,134.000 | 14,852.640 | | | | | ALEXANDER'S INC | 60,000 | 15,300,000 | | | | | ALEXANDRIA REAL ESTATE EQUIT | 4,327.000 | 222,624.150 | | | | | ALPINE INCOME PROPERTY TRUST | 363.000 | 7,325.340 | | | | | AMER …
    ブラックロック・ジャパン株式会社AH Realty Trust, Inc.·Annual Report - Annual Securities Report (2025.08.05-2026.08.03)·30 Oct·29 Oct

Key Stats

Trading

Px/Chg 1D$6.03 / -1.63%
Prev Close$6.61
% of 52Wk H84.31%
Avg Volume1.22M
Beta0.33
Mkt Cap578.34M
FD Mkt Cap623.42M

Float

Shrs Out/Float95.91M / 94.54M
Short Float0.04%
Days to Cover3.38
Stock Repurchased$20.96M

Current Valuation

EV2.27B
EV/EBITDA13.35
EV/Sales10.18
P/B1.02
P/S2.59
FCF Yield0.73%
ROE-5.34%
ROA-1.23%
Current Ratio0.24

Dividend

Cash$0.14
Yield8.22%
Yield (TTM)8.22%

Estimates

P/E-26.29
Est P/E0.00
Est EPS0.12
Est PEG0.00

Valuation

Metric5Yr AvgMar '23Mar '24Mar '25Mar '26Oct '26
PRICE-BASED RATIOS
Price / Earnings69.7413.65110.8716.77226.08-18.66
Price / Sales-0.692.241.382.18-20.0910.84
Price / Book Value1.181.581.600.890.861.00
Price / Free Cash Flow40.6210.3113.6011.9033.08134.21
ENTERPRISE VALUE METRICS
Enterprise Value2,614.22,655.22,970.52,528.82,656.42,260.0
Enterprise Value / Sales-7.295.844.459.21-99.1743.20
Enterprise Value / EBITDA35.1812.6218.5012.7960.3171.68
Enterprise Value / EBIT77.9519.5847.4623.77128.91170.06

Financials

Full Financials
Millions USD5Yr CAGR (%)Dec '21Dec '22Dec '23Dec '24Dec '25
INCOME STATEMENT
Revenue6%284.7454.8667.7274.5285.4
Gross Income—-12.06.7-5.56.39.9
EBITDA7.8%129.2210.4160.6197.7174.4
EBIT9%58.6135.662.6106.482.6
Net Income-28.9%21.974.78.335.65.6
EPS (Diluted)—0.120.72-0.040.30-0.07
BALANCE SHEET
Cash & ST Inv6.7%40.451.930.233.552.4
Total Assets7.6%1,938.12,242.32,562.92,512.92,596.5
Total Liabilities11.1%1,158.21,338.31,757.71,623.21,767.3
Total Shareholder Equity3.1%555.4647.5572.6670.6627.8
CASH FLOW
Net Operating Cash Flow-8.7%90.6116.192.280.462.9
Cap Ex31.4%-15.5-17.1-24.7-30.2-46.3
Free Cash Flow-31.4%75.199.067.650.216.6

Enterprise Value Bridge

Millions USD10 Nov '26
Price (As of 10 Nov '26)6.38
Basic Shares95.91
Market Cap611.9
Diluted Shares74.59
Fully Diluted Shares Outstanding74.59
Fully Diluted Market Cap475.9
+Consolidated Debt1,070.1
−In-the-Money Convertible Debt—
+Capital Leases116.5
+Operating Leases—
−Cash & Equivalents-27.2
−Short-term Investments-
+Total Preferred171.1
−In-the-Money Convertible Preferred—
−Investments in Unconsolidated Subs—
+Non-Controlling Interest180.9
+Pension Liabilities—
Enterprise Value2,006.7

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