AH Realty Trust (AHRT) Investor presentation summary

Strategic transformation and portfolio focus

• Transitioned to a pure-play retail and mixed-use office REIT, exiting multifamily, general contracting, and real estate financing businesses to streamline operations and reduce earnings volatility.

• Portfolio now concentrated in high-quality, open-air retail and mixed-use office assets in the Mid-Atlantic, Southeast, and Sunbelt regions, targeting strong demand drivers.

• Embedded NOI growth supported by positive leasing spreads, occupancy gains, and contractual rent commencements.

• Clear capital allocation framework prioritizes risk-adjusted returns, predictable cash flow, and disciplined investment.

• Company rebranded to reflect its simplified strategy and long-term value creation objectives.

Financial performance and deleveraging

• Generated $485M from the sale of nine multifamily assets, with additional assets under contract for $77M, primarily used for debt reduction.

• Net debt/EBITDAre improved to 7.1x in Q2 2026, with a target range of 5.5x–6.5x post-transformation.

• Second quarter FFO, as adjusted, was $0.14 per diluted share; AFFO per diluted share was $0.18.

• Share repurchases totaled 5.6M shares YTD at an average price of $5.92, with authorization increased to $100M.

• Dividend reset to a sustainable level, fully covered by core property cash flow.

Portfolio composition and operational highlights

• Retail portfolio: 43 properties, 3.9M SF, 95.1% leased occupancy, 90.9% economic occupancy as of June 30, 2026.

• Office portfolio: 14 properties, 2.4M SF, 90.5% economic occupancy, 96.7% leased occupancy, highly concentrated in mixed-use settings.

• Mixed-use communities drive strong foot traffic, high dwell times, and repeat visitation, supporting durable demand.

• Tenant base is diversified and investment grade, with major tenants in financial services, technology, and grocery-anchored retail.

• Weighted average lease term: 5.5 years for retail, 7.5 years for office.