AH Realty Trust (AHRT) Q3 2026 earnings summary

Executive summary

• Q3 adjusted FFO was $15.3 million, or $0.16 per diluted share; same-store cash NOI grew 6.1%.

• FY2026 adjusted FFO guidance increased to $0.57–$0.59 per diluted share, up 11.5% from original guidance.

• Portfolio repositioning advanced through multifamily and real estate financing exits, debt reduction and share repurchases; operations are focused on retail and office real estate.

Financial highlights

• Q3 revenue was $52.3 million versus $53.1 million YoY; operating income was $11.7 million versus $13.9 million.

• Q3 net loss available to common stockholders and OP unitholders was $6.6 million, or $0.07 per diluted share, versus $3.6 million, or $0.04, in Q3 2025.

• Q3 FFO was $15.2 million, or $0.16 per diluted share; AFFO was $14.2 million, or $0.15 per diluted share.

• Q3 total portfolio NOI was $35.1 million, down 3.1% YoY; same-store cash NOI increased 6.1%.

Outlook and guidance

• FY2026 adjusted FFO guidance rose to $56.3–$58.3 million, or $0.57–$0.59 per diluted share; retail same-store cash NOI growth is forecast at 2.50%–3.50% and office at 3.00%–4.00%.

• FY2026 guidance includes retail NOI of $70.3–$71.5 million, office NOI of $60.2–$61.4 million, and total commercial NOI of $134.1–$136.9 million.

• Guidance assumes no acquisitions, remaining multifamily dispositions and real estate financing exits, and ~$57 million of secured and ~$100 million of net unsecured debt paydowns.

• Stronger leasing, earlier tenant openings and rent commencements, higher percentage rent, tax appeal savings and lower bad debt supported the increase; no formal 2027 guidance was provided.