AH Realty Trust (AHRT) investor relations material

Executive summary

• Completed a strategic transformation by exiting multifamily, real estate financing, and general contracting businesses, focusing on retail and mixed-use office assets, with significant asset sales and rebranding initiatives.

• Sold nine multifamily properties and related retail/office components for $485M, using proceeds to repay $460M in debt and reduce leverage.

• Raised full-year 2026 FFO, As Adjusted guidance to $0.53–$0.57 per diluted share, reflecting strong operating performance, share repurchases, and accelerated debt paydown.

• Board refresh with two new independent directors and governance initiatives to align with strategy.

• No acquisitions planned for 2026; focus remains on debt reduction and asset dispositions.

Financial highlights

• Q2 2026 FFO, As Adjusted was $0.14 per diluted share; AFFO was $0.18 per diluted share.

• Net loss attributable to common stockholders and OP Unitholders was $24.2M for Q2 2026, compared to net income of $3.9M in Q2 2025, driven by impairments and discontinued operations.

• Same store NOI (cash basis) increased 2.9% for retail and 8.3% for office segments year-over-year.

• Total property NOI for Q2 was $35.3M, up 2.2% year-over-year; retail NOI was $17.5M–$18.0M, office NOI was $14.8M–$15.4M.

• Dividend payout ratio at 77% of AFFO.

Outlook and guidance

• Full-year 2026 FFO, As Adjusted guidance raised to $0.53–$0.57 per diluted share.

• Retail same store NOI cash growth expected at 2.5%–3.5%; office at 2.75%–3.75%.

• 2026 commercial NOI projected between $131.8M and $135.3M.

• Remaining secured debt paydowns of ~$57M and unsecured debt paydowns of ~$100M planned for 2026.

• Share repurchases of 5.6M shares for $33.2M included in guidance.