AH Realty Trust (AHRT) Q2 2026 earnings summary

Executive summary

• Completed a strategic transformation to a pure play retail and mixed-use office REIT, exiting multifamily, construction, general contracting, and real estate financing businesses, 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.

• Added two new independent directors to the board, aligning governance with the new strategy.

• Repurchased 5.6M shares for $33.2M YTD, with $54.1M remaining under the repurchase program.

• Reported a GAAP net loss of $24.2M ($0.25/share) for Q2 2026, primarily due to $34.4M in impairment charges and discontinued operations.

Financial highlights

• Q2 2026 FFO, As Adjusted was $14.1M ($0.14/share); AFFO was $18.1M ($0.18/share); FFO was $15.4M ($0.16/share), down year-over-year.

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

• Rental revenues for Q2 2026 were $52.5M, up 3.6% year-over-year.

• Net debt to total Adjusted EBITDAre improved to 7.1x after debt repayments.

• 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%.

• No acquisitions planned for 2026; focus on completing remaining multifamily and financing exits, with further $157M in debt paydowns expected.