AHRT

This article first appeared on GuruFocus. FFO as Adjusted: $0.14 per diluted share for Q2 2026; full-year 2026 guidance raised to $0.53-$0.57 per diluted share. AFFO: $0.18 per diluted share for Q2 2026, with an AFFO payout ratio of approximately 77%. Total Property Portfolio NOI: $35.3 million for Q2 2026, up 2.2% year-over-year. Same-Store NOI (Cash Basis): Blended growth of 5.3% year-over-year; retail up 2.9% and office up 8.3%. Retail Portfolio Leased: 95.1% leased at quarter end, with economic occupancy just under 91%. Office Portfolio Leased: 96.7% leased at quarter end, with economic occupancy at 90%. Retail Cash Renewal Lease Spreads: Positive 8.7% for Q2 2026. Office Cash Renewal Lease Spreads: Positive 21.6% for Q2 2026. Net Debt to Total Adjusted EBITDA: Improved to approximately 7.1 times, down from 8.3 times last quarter. Debt Paydown: Paid down $353 million of variable rate debt and $456 million of net debt in Q2 2026; total debt declined to $1.04 billion. Share Repurchases: Repurchased 5.6 million shares for $33.2 million year-to-date through June 30, 2026, at a weighted average price of $5.92 per share. Liquidity: Total liquidity of $267.1 million, including $203.7 million of availability under credit agreements and $35.5 million of cash on hand. Warning! GuruFocus has detected 10 Warning Signs with AHRT. Is AHRT fairly valued? Test your thesis with our free DCF calculator. Release Date: August 04, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Successfully completed the sale of nine multifamily properties for $485 million, exceeding market valuations and validating the company's strategic thesis. Executed a significant deleveraging, reducing net debt to total adjusted EBITDA from 8.3x to 7.1x, with a clear path to the 5.5-6.5x target. Raised full-year 2026 FFO as adjusted guidance to $0.53-$0.57 per diluted share, reflecting strong operational performance and transformation progress. Retail portfolio achieved 95.1% leased occupancy with 2.9% same-store NOI growth, driven by strong renewal spreads and successful anchor tenant backfills. Office portfolio delivered 8.3% same-store NOI growth with 96.7% leased occupancy, benefiting from flight-to-quality demand in mixed-use ecosystems. Repurchased 5.6 million shares at an average price of $5.92, demonstrating confidence in intrinsic value and enhancing shareholder returns. Maintained a BBB credit rating and achieved 100% fixed or hedged debt at a weighted average interest rate of 4.3%, reducing interest rate risk. The company still faces significant leverage, with net debt to total adjusted EBITDA at 7.1x, above the target range of 5.5-6.5x. Remaining multifamily dispositions (Greenside, Premier, Everly, Gainesville II) are subject to closing risks and may face delays, with some expected as late as mid-2027. Office economic occupancy lags lease occupancy at 90% vs. 97%, with a $4.6 million signed-not-occupied pipeline that may take until 2027 to fully realize. Town Center retail continues to experience vacancy and store closures, with 30,000 square feet of space still to be backfilled, impacting near-term NOI. The company faces near-term debt maturities, including a $121.8 million loan due in November 2026, and a weighted average debt maturity of only two years. One City Center in Durham is expected to see occupancy decline to around 65% in Q3 2026 due to lease expirations, posing a risk to office performance. The company has no acquisitions planned for 2026, limiting growth opportunities and relying heavily on organic initiatives and share repurchases. Q: Looking at the 2027 expirations, have discussions started with any of the larger tenants, and are there any known move-outs or challenging renewals to flag? What are your expectations for renewal spreads on that cohort?A: Shawn Tibbetts (Chairman, President, and CEO): Our team is proactive, engaging with tenants one to two years in advance to minimize rollover risk. Craig Ramiro (EVP of Asset Management): On the retail side, the 2027 rollover consists largely of long-tenured anchor spaces with no significant risk, and there are even opportunities to recapture below-market anchor spaces for higher rents. On the office side, Town Center is 99% leased with minimal rollover, and while there is some rollover at The Interlock, the asset's strong momentum gives us confidence in capturing market rates. Q: With retail leased occupancy at 95% and office closer to 97%, does the portfolio's stronger occupancy position allow you to reduce free rent and TI concessions, or should we expect leasing economics to remain similar to recent quarters?A: Shawn Tibbetts (Chairman, President, and CEO): We have pricing power, especially in our amenitized office assets within mixed-use ecosystems, as evidenced by our ability to push rents at Town Center. For retail, it depends on the asset type. Craig Ramiro (EVP of Asset Management): In our open-air shopping center portfolio (75% of retail NOI), the supply-demand dynamic allows us to push rents, with examples like Southgate Square seeing double-digit spreads. In mixed-use spaces like Town Center and The Interlock, more capital investment is required to attract the right tenants, but we remain judicious and screen for the right economics. Q: On your future opportunities, which of these projects are you most excited about and why?A: Shawn Tibbetts (Chairman, President, and CEO): We are most excited about outparcel development opportunities, as they are the quickest way to benefit shareholders with the least capital intensity, adding incremental income to our known 2026-2027 earnings. Craig Ramiro (EVP of Asset Management): A prime example is Southgate Square, where we leased a previously undevelopable area of the parking lot to Seven Brew Coffee, creating NOI and value out of nothing. We constantly scan the portfolio for similar opportunities. Q: Can you walk through the timing of the Sign Not Yet Occupied NOI coming online for office? I think the largest pieces are the Southern Post and the Interlock.A: Craig Ramiro (EVP of Asset Management): The $4.6 million signed-not-occupied pipeline for the stabilized portfolio (excluding Southern Post) will mostly come online in 2027, primarily at The Interlock, where leases executed months ago are starting to come out of free rent periods. Some will trickle in during the second half of this year. Q: I noticed the lease terms this quarter were a little shorter on both renewals and new leases. Was there anything driving that?A: Shawn Tibbetts (Chairman, President, and CEO): There is nothing specific driving the shorter terms. The renewal population is generally small, and what you are seeing is a lot of exercise of five-year options from existing tenants, which is the phenomenon driving the weighted average renewal terms this quarter. Q: Can you provide more detail on the progress of the remaining multifamily dispositions and the expected timeline for closing?A: Shawn Tibbetts (Chairman, President, and CEO): We have executed purchase and sale agreements on the remaining assets. Greenside and Premier are under contract with HGI for $77 million in combined proceeds, with closings expected by year-end 2026 and mid-2027, respectively. We also have a PSA on Everly and Gainesville II for $95.5 million, with a non-refundable deposit and an expected close by the end of Q3 2026. We intend to retain Smiths Landing due to its unique ground lease structure. Q: Could you elaborate on the company's capital allocation priorities following the completion of the asset sales, particularly regarding share repurchases and potential acquisitions?A: Shawn Tibbetts (Chairman, President, and CEO): Our capital allocation is built around deploying capital where it creates the most value for shareholders. We have repurchased $33.2 million of shares at an average price of $5.92, which we believe was among the most compelling uses of capital. We will continue to evaluate repurchases, targeted redevelopment, and outparcel development within the existing portfolio. We will selectively evaluate acquisitions in our target markets, but only at terms accretive to shareholders, and we will not pursue growth for growth's sake. Q: Can you discuss the company's strategy for managing its upcoming debt maturities, particularly the Constellation Energy Building loan maturing in November and the 2027 unsecured maturities?A: Matthew Barnes-Smith (CFO, Treasurer): We are actively working on the Constellation Energy Building loan refinancing. We successfully refinanced Payne Street Wharf, extending the maturity by five years to 2031 with a fixed all-in rate of 5.66%. We also exercised a 12-month extension on our TD unsecured term loan, pushing its maturity to May 2027. Strategically, we plan to consolidate our term loans under our primary credit facility, which we will look to recast later this year. Our weighted average interest rate is 4.3%, and we are well-positioned relative to the broader market. Q: What is driving the strong performance at The Interlock, and what are the expectations for its continued growth?A: Craig Ramiro (EVP of Asset Management): The Interlock's retail NOI increased 32% year-over-year, driven by full economic occupancy of the rooftop space released at a 64% positive cash spread. Visits increased 33% and parking transactions were up 36%, driven by the new rooftop operator, World Cup events, and the opening of Atlanta's first F1 Arcade. We expect further cash NOI gains with the rent commencement from F1 Arcade in Q3. Office NOI at The Interlock increased 23%, driven by rent commencements and free rent burnoff, with further economic occupancy increases expected in Q4. Q: Can you provide more color on the retail portfolio's performance, specifically the anchor space backfills and their impact on traffic and rents?A: Craig Ramiro (EVP of Asset Management): The shopping center portfolio's same For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Armada Hoffler Properties, Inc.? Here are five stocks we like better. Armada Hoffler raised its 2026 FFO guidance to $0.53–$0.57 per diluted share after reporting second-quarter adjusted FFO of $14.1 million, or $0.14 per share. The company accelerated deleveraging through multifamily asset sales, paying down $456 million of net debt during the quarter. Net debt to adjusted EBITDA improved to 7.1x from 8.3x, with management targeting 5.5x–6.5x. Portfolio operating performance strengthened, with blended same-store cash NOI up 5.3% year over year, retail occupancy at 95.1% and office occupancy at 96.7%. The company also raised its 2026 same-store cash NOI growth outlook for both retail and office properties. Armada Hoffler Properties (NYSE:AHRT) raised its full-year 2026 FFO as adjusted guidance after reporting second-quarter results that reflected continued portfolio leasing gains and progress on its restructuring plan. Chairman, President and CEO Shawn Tibbetts said the company now expects full-year FFO as adjusted of $0.53 to $0.57 per diluted share. Second-quarter FFO as adjusted was $14.1 million, or $0.14 per diluted share, while AFFO totaled $18.1 million, or $0.18 per share. The company said its dividend payout ratio was approximately 77% of AFFO. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control “This has been the most consequential and productive quarter” in the company’s history, Tibbetts said, citing asset sales, debt repayment, the exit from construction operations and a substantial wind-down of its real estate financing platform. The company said it has largely completed its transition into a pure-play owner and operator of open-air retail and mixed-use office properties. In May, it completed the sale of nine multifamily properties to affiliates of Harbor Group International for $485 million. → Financials Hit Record Highs as the AI Trade Unravels—Can They Keep Leading? Greenside and Premier remain under contract with Harbor Group International for a combined $77 million. The company expects Greenside to close by the end of 2026 and Premier by mid-2027. Separately, it has a purchase-and-sale agreement for The Everly and Solis Gainesville at an aggregate gross sales price of $95.5 million, with the buyer’s deposit nonrefundable and closing anticipated by the end of the third quarter. The company plans to retain Smith’s Landing because of its ground-lease structure and stable cash flow. Tibbetts said the completed and pending transactions represent more than $565 million of signed or closed asset sales. → Why Rare Earth Processing Could Be the Real 2027 Opportunity Proceeds from the initial Harbor Group transaction supported substantial debt reduction. During the quarter, the company paid down $353 million of variable-rate debt and $456 million of net debt overall. Total debt declined to $1.04 billion at June 30 from $1.49 billion at the end of the first quarter. Net debt to total adjusted EBITDA improved to 7.1 times from 8.3 times in the prior quarter. CFO Matthew Barnes-Smith said the company is targeting a range of 5.5 to 6.5 times and expects further improvement as it completes remaining multifamily and real estate financing dispositions. As of quarter-end, all debt was fixed rate or hedged, with a weighted average interest rate of 4.3%. The company reported $267.1 million of liquidity, including $203.7 million of borrowing availability and $35.5 million of cash. Total property portfolio NOI rose 2.2% year over year to $35.3 million. Blended same-store cash NOI increased 5.3%, including 2.9% growth in retail and 8.3% growth in office. The retail portfolio was 95.1% leased at quarter-end, with cash renewal lease spreads of 8.7%. Retail same-store NOI growth was supported by economic occupancy gains, prior leasing activity and the backfill of former Bed Bath & Beyond, Party City and Joann anchor spaces. New occupants include Burlington, Boot Barn, Bob’s Discount Furniture, Golf Galaxy and Trader Joe’s. Executive Vice President of Asset Management Craig Ramiro said the shopping-center portfolio’s same-store NOI increased 5.7% year over year. At Columbus Village, year-to-date visits rose more than sixfold from the prior year after the openings of Trader Joe’s and Golf Galaxy, while inline-shop and outparcel rents doubled, according to Ramiro. At Southgate Square, visits increased 54% year to date after a restaurant backfilled former Joann space and 7 Brew Coffee leased a previously undeveloped parking-area site. The company said it recorded more than 33% renewal spreads on inline shop space at the property and is negotiating with a national fast-casual restaurant at a 55% positive cash spread. At The Interlock in Atlanta, retail NOI increased 32% year over year as a rooftop space reached full economic occupancy after being re-leased at a 64% positive cash spread. Visits rose 33%, while parking transactions increased 36%. The company expects further NOI gains as rent from F1 Arcade begins in the third quarter. Office occupancy ended the quarter at 96.7% leased, while economic occupancy was 90%. Office renewal cash spreads were 21.6%. The company cited higher occupancy and rent commencements at Harbor Point in Baltimore, Town Center in Virginia Beach and The Interlock. At 222 Central Park, the company moved its own offices into previously vacant retail space elsewhere in Town Center, freeing its former office space. It subsequently leased 38,000 square feet at what Tibbetts described as top-of-market rent, creating $1.3 million of new annualized base rent. The company increased its full-year same-store cash NOI growth outlook to 2.5% to 3.5% for retail and 2.75% to 3.75% for office. It reported $1.8 million of signed but not occupied annualized base rent in retail, with most expected to be realized in 2027, and $4.6 million in office, more than half of which is expected to commence this year. Through June 30, the company repurchased 5.6 million shares for approximately $33.2 million, at a weighted average price of $5.92 per share. About $54.1 million remained under its repurchase authorization following the board’s decision in May to increase total authorized capacity to $100 million. Barnes-Smith said the updated outlook assumes completion of remaining multifamily dispositions, the exit of the remaining real estate financing position, additional secured and unsecured debt paydowns, and no acquisitions during fiscal 2026. Management said it will continue evaluating share repurchases, targeted redevelopment, outparcel development and selectively accretive acquisitions. Armada Hoffler Properties, Inc is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and development of retail, office and mixed-use properties. The company’s portfolio primarily comprises neighborhood and community shopping centers, urban infill retail sites and select office buildings located in high-growth markets. Armada Hoffler also provides in-house property management and leasing services, leveraging its vertically integrated platform to enhance asset value and tenant satisfaction. Founded on a legacy of commercial real estate development dating back to the 1970s, Armada Hoffler went public in 2016 through a strategic combination of private real estate entities. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Armada Hoffler Properties Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

GAAP Net Loss of $0.25 Per Diluted Share for the Second Quarter FFO, As Adjusted of $0.14 Per Diluted Share for the Second Quarter Raised Full Year 2026 FFO, As Adjusted Guidance to $0.53 to $0.57 Per Diluted Share Office Same Store NOI Growth of 8.3% (Cash)Positive Office New Lease Spreads of 20.5% (GAAP) and 9.5% (Cash) Retail Same Store NOI Growth of 2.9% (Cash)Positive Retail Renewal Spreads of 11.5% (GAAP) and 8.7% (Cash) VIRGINIA BEACH, Va., Aug. 03, 2026 (GLOBE NEWSWIRE) -- AH Realty Trust (NYSE: AHRT) today announced its results for the quarter ended June 30, 2026 and provided an update on current events and earnings guidance. Second Quarter and Recent Highlights: Raised full-year 2026 FFO, as Adjusted by 6% from original guidance to $0.53 to $0.57 per diluted share, driven by continued NOI growth across the retail and mixed-use office portfolio, sooner than anticipated debt paydowns from closing the Multifamily Portfolio Sale First Closing sooner than anticipated, and the accretive impact of the Company's share repurchase activity. Portfolio performance was highlighted by: As part of its ongoing governance enhancements supporting the Company’s strategic transformation, the Company advanced its board refreshment process by electing Theodore Bigman and Lori Wittman as independent directors at the Company’s 2026 Annual Meeting of Stockholders (the “2026 Annual Meeting”); Following the 2026 Annual Meeting, Dennis Gartman and George Allen retired from the board and each of Mr. Bigman and Ms. Wittman were appointed to the board’s Audit Committee. Additionally, F. Blair Wimbush was appointed Chair of the board's Nominating and Corporate Governance Committee and was appointed to the board's Compensation Committee. On May 20, 2026, the Company completed the sale of nine multifamily properties and six of the retail and office components of the properties, for aggregate gross proceeds of $485.0 million, generating a net gain on sale of $18.8 million, after transaction costs and escrow amounts (the "Multifamily Portfolio Sale First Closing"). Using these proceeds, the Company repaid $265.5 million of secured debt and $195.0 million of unsecured debt on the revolving credit facility, reducing our Net Debt to Total Adjusted EBITDAre leverage metric to 7.1x. Two multifamily properties remain under contract for $77.0 million. "This has been the most consequential and productive quarter in AH Realty Trust's history," said Shawn Tibbetts, Chairman, President and Chief Executive Officer. "In a matter of months, we fundamentally transformed this company, closing $485 million in multifamily sales, redeploying approximately $460 million of those proceeds directly to debt paydown, and expanding our share repurchase authorization to $100 million, actions that have rebuilt the foundation of this company. Most importantly, we have done so while operating our retail and mixed-use office portfolio with efficiency and excellence. Given the continued strength of our portfolio, the transformational actions we have completed, and our visibility into the coming quarters, we are raising our full-year 2026 FFO, As Adjusted guidance range to $0.53 to $0.57 per diluted share, underscoring the progress we are making to simplify AH Realty Trust into a more focused real estate platform centered on disciplined capital allocation and long term shareholder value creation." Second Quarter and Recent Highlights Continued: On April 30, 2026, the Company fully realized $17.2 million for The Allure at Edinburgh real estate financing investment and used the proceeds to pay down debt. On April 30, 2026, the Company completed the sale of the general contracting and real estate services business for total economic consideration of $2.4 million, further advancing our strategic plan to simplify the business and focus on core retail and office operations. During the quarter ended June 30, 2026, the Company repurchased 2.0 million shares of common stock for $12.4 million, bringing the total for the year to 5.6 million for a total of $33.2 million. Net loss attributable to common stockholders and OP Unitholders of $24.2 million, or $0.25 per diluted share, compared to net income attributable to common stockholders and OP Unitholders of $3.9 million, or $0.04 per diluted share, for the three months ended June 30, 2025. Funds from operations attributable to common stockholders and OP Unitholders ("FFO") of $15.4 million, or $0.16 per diluted share, compared to $19.0 million, or $0.19 per diluted share, for the three months ended June 30, 2025. See "Non-GAAP Financial Measures." FFO, As Adjusted attributable to common stockholders and OP Unitholders ("FFO, As Adjusted") of $14.1 million, or $0.14 per diluted share, compared to $13.8 million, or $0.14 per diluted share, for the three months ended June 30, 2025. See "Non-GAAP Financial Measures." As of June 30, 2026, weighted average stabilized portfolio leased occupancy was 95.9%. Retail leased occupancy increased 0.3% to 95.1% and office leased occupancy increased 0.7% to 96.7%. As of June 30, 2026, weighted average stabilized portfolio economic occupancy was 90.7%. Retail economic occupancy decreased 1.6% to 90.9%, and office economic occupancy increased 2.8% to 90.5%. Executed 11 retail lease renewals and 6 new leases during the second quarter for an aggregate of 107,736 net rentable square feet. Positive spreads on both new leases and renewals: Executed 3 office lease renewals and 5 new leases during the second quarter for an aggregate of $55,739 net rentable square feet. Positive spreads on both new leases and renewals. Same Store Net Operating Income ("NOI") on a cash basis increased 2.9% for the retail segment and 8.3% for the office segment compared to the quarter ended June 30, 2025. During the second quarter of 2026, unrealized losses on non-designated interest rate derivatives that negatively affected FFO were $2.2 million. As of June 30, 2026, the value of the Company’s entire interest rate derivative portfolio, net of unrealized losses, was $4.0 million. Financial Results Net loss attributable to common stockholders and OP Unitholders for the second quarter of 2026 was $24.2 million compared to net income attributable to common stockholders and OP Unitholders of $3.9 million for the second quarter of 2025. The period-over-period change was driven by various non-recurring events in 2026. During the quarter, the Company recognized impairment of $20.9 million in our multifamily portfolio, including $8.7 million related to our Greenside Apartments asset and $12.2 million related to our Gainesville, GA assets, impairment of notes receivable (included in loss from discontinued operations) of $13.5 million taken in the second quarter of 2026 for the Solis Kennesaw real estate financing investment, due to updated estimates on the selling price, and $1.8 million of impairment related to certain development projects that management has determined will no longer be pursued. Additionally, the Company recognized a net gain of $18.8 million related to the nine multifamily, including the retail components of five properties and the office component of one property, included in the Multifamily Portfolio Sale First Closing, and repaid $265.5 million in mortgages as a result of the sale, resulting in a $2.7 million loss on extinguishment of debt. The Company also recognized a $2.2 million loss on the disposition of the general contracting and real estate services business, and a $3.0 million tax provision for the period as a result of the sale, primarily due to deferred tax assets that are no longer expected to be realized. FFO attributable to common stockholders and OP Unitholders for the second quarter of 2026 was $15.4 million compared to $19.0 million for the second quarter of 2025. The period-over-period decrease in FFO was primarily due to the $2.7 million loss on extinguishment of debt, $1.3 million decrease in general contracting and real estate services gross profit as a result of the disposition and decreased volume, and $3.0 million tax provision for the period as a result of the disposition of the general contracting and real estate services business, primarily due to deferred tax assets that are no longer expected to be realized. FFO, As Adjusted attributable to common stockholders and OP Unitholders for the second quarter of 2026 increased to $14.1 million compared to $13.8 million for the second quarter of 2025. The year-over-year increase in FFO, As Adjusted was primarily due to decreased interest expense due to approximately $456.0 million of debt repayments (net of additional borrowings) as a result of the Multifamily Portfolio Sale First Closing and an increase in portfolio NOI as a result of Columbus Village II coming out of redevelopment and increased economic occupancy at The Interlock and Southern Post. These increases were partially offset by increased general and administrative expenses and the loss on extinguishment of debt in continuing operations related to mortgages extinguished using proceeds from the Multifamily Portfolio Sale First Closing. Operating Performance At the end of the second quarter of 2026, the Company’s retail and office weighted average stabilized operating property portfolio leased occupancy were 95.1% and 96.7%, respectively, and weighted average stabilized portfolio economic occupancy were 90.9% and 90.5%. Interest income from real estate financing investments was $5.0 million for the three months ended June 30, 2026, as a result of the Company's contractual preferred return on the real estate financing investment secured by The Allure at Edinburgh, which was fully redeemed during the quarter and was reported in income from discontinued operations. Balance Sheet and Financing Activity As of June 30, 2026, the Company had $1.0 billion of total debt outstanding, including $21.0 million outstanding under its revolving credit facility. Total debt outstanding excludes GAAP adjustments and deferred financing costs. As of June 30, 2026, the Company’s debt was 100.0% fixed or economically hedged after considering interest rate swaps. Outlook The Company raised its 2026 full-year FFO, As Adjusted guidance range to $0.53 to $0.57 per diluted share. The following table updates the Company's assumptions underpinning its full-year guidance. The Company's executive management will provide further details regarding its 2026 earnings guidance during tomorrow's webcast and conference call. (1) Includes the following assumptions: Raised 2026 Same-Store NOI Cash growth ranges: Disposition of the Multifamily Portfolio, with the exception of Smith's Landing Exit of the remaining Real Estate Financing Portfolio 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 Includes Share Repurchases of 5.6M shares for $33.2M through June 30, 2026 No Acquisitions in 2026 (2) Includes T. Rowe Price Global HQ. EMI property income is reflected as the property's NOI less interest expense, times the Company's ownership percentage (50%).(3) Other income includes NOI from Smith's Landing and NOI from parking income.(4) Ranges exclude certain items per the Company's FFO, As Adjusted definition. FFO, As Adjusted is a forward-looking, non-GAAP measure that presents the Company's projected Funds From Operations 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. See "Non-GAAP Financial Measures." The Company does not provide a reconciliation for its guidance range of FFO, As Adjusted or FFO, As Adjusted per diluted share to net income or net income per diluted share, the most directly comparable forward-looking GAAP financial measures, because it is unable to provide a meaningful or accurate estimate of reconciling items and the information is not available without unreasonable effort as a result of the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income per diluted share. For the same reasons, the Company is unable to address the probable significance of the unavailable information and believes that providing a reconciliation for its guidance range of FFO, As Adjusted and FFO, As Adjusted per diluted share would imply a degree of precision for its forward-looking net income per diluted share that could be misleading to investors. Supplemental Financial Information Further details regarding operating results, properties, and leasing statistics can be found in the Company’s supplemental financial package available on the Investors page at AHRealtyTrust.com. Webcast and Conference Call The Company will host a webcast and conference call on Tuesday, August 4, 2026 at 8:30 a.m. Eastern Time to review financial results and discuss recent events. The recorded webcast will be available through the Investors page of the Company’s website, AHRealtyTrust.com. To participate in the call, please dial (+1) 800 715 9871 (toll-free dial-in number) or (+1) 646 307 1963 (toll dial-in number). The conference ID is 7079783. A telephonic replay will be available shortly after the conclusion of the call through Thursday, September 3, 2026. This replay may be accessed by dialing (+1) 800 770 2030 and providing passcode 7079783#. A replay of the webcast will also be available for 30 days beginning approximately two hours after the conclusion of the conference call. About AH Realty Trust 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. Forward-Looking Statements Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, 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, the Company’s development pipeline, financing activities, as well as acquisitions, dispositions, and the Company’s financial outlook, guidance, and expectations. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and the Company may not be able to realize any forward-looking statement. 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 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. Non-GAAP Financial Measures The Company calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("Nareit"). Nareit defines FFO as net income (loss) (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains or losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. FFO is a supplemental non-GAAP financial measure. The Company uses FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the Company’s operational performance. Specifically, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared period-over-period, captures trends in occupancy rates, rental rates, and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the Company’s operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the Company’s properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of the Company’s properties, all of which have real economic effects and could materially impact the Company’s results from operations, the utility of FFO as a measure of the Company’s performance is limited. In addition, other equity REITs may not calculate FFO in accordance with the Nareit definition as the Company does, and, accordingly, the Company’s FFO may not be comparable to such other REITs’ FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of the Company’s performance. FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or service indebtedness. Also, FFO should not be used as a supplement to or substitute for cash flow from operating activities computed in accordance with GAAP. Management also believes that the computation of FFO in accordance with Nareit’s definition includes certain items that are not indicative of the results provided by the Company’s operating property portfolio and affect the comparability of the Company’s period-over-period performance. Accordingly, management believes that FFO, As Adjusted is a more useful performance measure that excludes income or loss from discontinued operations related to general contracting and real estate services, multifamily, and real estate financing. Other equity REITs may not calculate FFO, As Adjusted in the same manner as we do, and, accordingly, our FFO, As Adjusted may not be comparable to such other REITs' FFO, As Adjusted. NOI is the measure used by the Company’s chief operating decision-maker to assess segment performance. The Company calculates NOI as segment revenues less segment expenses. Segment revenues include rental revenues (base rent, expense reimbursements, termination fees, and other revenue) for our property segments. Segment expenses include rental expenses and real estate taxes for our property segments. NOI is not a measure of operating income or cash flows from operating activities as measured in accordance with GAAP and is not indicative of cash available to fund cash needs. As a result, NOI should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s retail and office real estate businesses. To calculate NOI on a cash basis, we adjust NOI to exclude the net effects of straight line rent and the amortization of lease incentives and above/below market rents. Total Adjusted EBITDAre is calculated as EBITDAre further adjusted for debt extinguishment losses, non-cash stock compensation, mark-to-market adjustments on interest rate derivatives, preferred dividends, accelerated amortization of intangible assets and liabilities, acquisition, development, and other pursuit costs, unrealized credit loss release or provision, non-controlling interest in investment entities, development/redevelopment net operating income, and other one-time adjustments including non-recurring bad debt and termination fees. Management believes Total Adjusted EBITDAre is useful to investors in evaluating and facilitating comparisons of our operating performance between periods and with other REITs by removing the impact of our capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from our operating results along with other non-comparable items. For reference, as an aid in understanding the Company’s computation of NOI, NOI Cash Basis, FFO, and FFO, As Adjusted, a reconciliation of net income calculated in accordance with GAAP to NOI, NOI Cash Basis, FFO, and FFO, As Adjusted has been included further in this release. ____________________(1) The adjustment for depreciation and amortization excludes amortization of above and below-market ground lease assets. The adjustment for depreciation and amortization for the three and six months ended June 30, 2026 excludes $0.2 million and $0.4 million, respectively, of depreciation attributable to our partners. The adjustment for depreciation and amortization for the three and six months ended June 30, 2025 excludes $0.3 million and $0.6 million, respectively, of depreciation attributable to our partners.(2) The adjustment for gain on operating real estate dispositions for the six months ended June 30, 2026 excludes $0.2 million for the loss on the disposition of a non-operating parcel of undeveloped land under predevelopment. The adjustment for gain on operating real estate dispositions for the three and six months ended June 30, 2026 includes the $2.2 million loss on disposition of the general contracting and real estate services business.(3) Impairment recognized for the three months ended June 30, 2026 represents impairment of the multifamily properties Greenside Apartments, Solis Gainesville II, and The Everly, notes receivable secured by the Solis Kennesaw real estate financing investments, and development projects that management has determined are no longer probably of execution and no longer intends to pursue development of the projects. Impairment recognized for the six months ended June 30, 2026 represents impairment of notes receivable secured by the Solis North Creek, Solis Peachtree Corners, and Solis Kennesaw real estate financing investments. ____________________(1) Retail same-store portfolio for the six months ended June 30, 2026 and June 30, 2025 excludes Allied | Harbor Point Retail, Liberty Retail, Point Street Retail, The Edison Retail, and Chronicle Mill Retail, which were sold in May 2026 as part of the Multifamily Portfolio Sale First Closing. They also exclude Southern Post Retail, which is not yet stabilized.(2) GAAP Adjustments include adjustments for the net effects of straight-line rental revenues, the amortization of lease incentives and above/below market rents, the net effects of straight-line rental expenses, and ground rent expenses for finance leases.(3) Includes expenses associated with the Company's in-house asset management division.(4) Office same-store portfolio for the six months ended June 30, 2026 and 2025 excludes Chronicle Mill Office, which was sold in May 2026 as part of the Multifamily Portfolio Sale First Closing, and Southern Post Office, which is not yet stabilized. (1) Excludes GAAP Adjustments.(2) Reflects total debt less GAAP adjustments, cash, restricted cash, and other notes payable. Contact: Chelsea ForrestAH Realty TrustExecutive Vice President of Investor Relations and AdministrationEmail: [email protected]: (757) 612-4248

Major strategic overhaul: AH Realty Trust agreed to sell 11 of 14 multifamily assets for about $562 million, completed the sale of its construction business and is winding down real-estate financing, with total dispositions expected to generate roughly $750 million to simplify the portfolio toward retail and mixed‑use office. Raised 2026 guidance after solid Q1: management lifted full‑year FFO as adjusted to $0.51–$0.55 per diluted share after reporting Q1 FFO as adjusted of $0.15 per diluted share and net operating income of $34.7 million (up 1.8% YoY). Capital allocation and de‑leveraging focus: the company repurchased about 4.2 million shares for $24.1 million year‑to‑date, will use disposition proceeds primarily to reduce leverage (net debt/EBITDA was 8.3x vs. a target of 5.5x–6.5x), and is progressing refinancing plans for near‑term maturities. Interested in Armada Hoffler Properties, Inc.? Here are five stocks we like better. Armada Hoffler Properties (NYSE:AHRT), now operating under the name AH Realty Trust, used its first-quarter 2026 earnings call to highlight what CEO Shawn Tibbetts called an unusually fast pace of strategic change, including a major multifamily exit, the sale of its construction business, continued wind-down activity in real estate financing, and an expanded share repurchase program. “Since announcing our strategic restructuring on February 16th, we have executed more transformation milestones in a single quarter than in any comparable period in the company's history,” Tibbetts said. He added that the company raised its full-year 2026 outlook for FFO as adjusted, citing performance in its retail and mixed-use office portfolio and improved visibility into the quarters ahead. → Roblox Stock Slides to New Low as Safety Changes Weigh on Outlook Tibbetts said the company increased its full-year 2026 FFO as adjusted guidance to $0.51 to $0.55 per diluted share. The company reported FFO as adjusted of $0.15 per diluted share in the first quarter, which management said exceeded internal expectations. CFO Matthew Barnes-Smith reported FFO attributable to common shareholders of $20.6 million, or $0.20 per diluted share, and FFO as adjusted attributable to common shareholders of $15.1 million, or $0.15 per diluted share. Barnes-Smith said FFO as adjusted excludes multifamily, construction, and real estate financing because those segments are considered discontinued or non-core as the company completes its transformation. → The Real SpaceX Play: 5 Chip Stocks Powering the IPO Before It Launches Net operating income in the quarter was $34.7 million, up 1.8% year over year and about $700,000 ahead of guidance, Barnes-Smith said. The company also reported AFFO of $19.9 million, or $0.19 per diluted share, and Barnes-Smith said this exceeded the cash dividend, with a 72% payout ratio. The company’s transformation plan centers on exiting multifamily and other non-core activities to become “a pure play, high-quality retail and mixed use office REIT,” Tibbetts said. During the quarter, the company entered into a binding agreement with an affiliate of Harbor Group International to sell 11 of its 14 multifamily assets for $562 million. Tibbetts said the sale is expected to close “in the coming weeks,” subject to customary closing conditions. → 3 Emerging Markets ETFs to Maximize Exposure to High-Potential Countries Tibbetts said AH Realty Trust is marketing the remaining two multifamily assets in Gainesville and intends to retain one residential asset, Smith’s Landing, due to its ground lease structure and stable cash flow. In response to a question from Scotiabank’s Viktor Fediv, Tibbetts said the Gainesville assets are “stabilized now,” but the company believes market conditions can support a better price than what a buyer was willing to pay at the time. Beyond multifamily, Tibbetts said the company has now completed the sale of its construction business and advanced the wind-down of its real estate financing platform, including the sale of two multifamily financing investments. He also said the company’s partner closed on the sale of Allure. In total, Tibbetts said the dispositions underway or completed are expected to generate about $750 million in proceeds, which the company intends to use primarily to reduce leverage while also repurchasing shares. EVP of Asset Management Craig Ramiro highlighted a change in disclosure, noting that AH Realty Trust is now providing both leased occupancy and economic occupancy, which accounts for free rent and abatements and is intended to better correlate with cash NOI. Retail: leased occupancy of 94.8% and economic occupancy of 92.5% at quarter-end. Office: leased occupancy of 96% and economic occupancy of 87.7% at quarter-end. Ramiro said the company expects retail economic occupancy to rise in the second half of 2026, driven primarily by rent commencements at Columbus Village and the Interlock. Retail same-store NOI grew 2.2% in the quarter, supported by rent commencements and positive cash spreads, but Ramiro said growth is expected to slow due to vacancies and store closures, with full-year same-store NOI growth anticipated to fall within the company’s 1% to 2% projected range. Ramiro pointed to tenant performance and foot traffic at several properties, including Columbus Village and the Interlock. He said visits to the new Trader Joe’s at Columbus Village were running nearly twice the pace of the only other location in the market, while the new Golf Galaxy ranked in the top three nationwide. At the Interlock, Ramiro said F1 Arcade opened during the quarter and contributed to a 30% year-over-year increase in visits and a 45% increase in parking volume. He also said some retail performance was offset by vacancies at Southgate Square, Broadmoor Plaza, and Broad Creek Shopping Center and store closures at Hilltop and Town Center. Ramiro said the company is working to backfill spaces previously occupied by Conn’s, Party City, Jo-Ann, West Elm, and Orvis and described tenant demand as “strong.” In retail leasing, Ramiro reported positive spreads of 14.4% on new leases and 4.5% on renewals in the first quarter. For office, Ramiro said first-quarter same-store NOI rose 0.7% on contractual rent increases, rent commencements, and 7% positive cash spreads on new leases. He said the company expects full-year office same-store NOI growth to land within its 1.4% to 2.5% projected range, despite the impact of vacancy at One City Center following space reclaimed from WeWork last year. Ramiro also provided updates on leasing and occupancy dynamics at several office properties, including the Interlock and Southern Post. He said Southern Post leased 22,000 square feet to Industrious during the quarter and signed another 9,000-square-foot lease the prior week, bringing office leased occupancy to “over 93%.” However, he noted that economic occupancy at Southern Post is expected to increase over time as free rent periods burn off. Management repeatedly emphasized share repurchases as a primary near-term use of capital. Tibbetts said the company repurchased about 4.2 million shares year to date for $24.1 million at a weighted average price of about $5.70 per share—more than 4% of common equity. Barnes-Smith framed the buyback decision as taking advantage of a “dislocation between our share price and underlying asset value,” and both executives referenced an implied cap rate above 9% for repurchased shares. Tibbetts also said the company had initially modeled up to $50 million of retail acquisitions to offset potential gains from the multifamily sale, but after gaining clarity that the transaction is not expected to create material tax consequences to the REIT, AH Realty Trust redirected about half of that modeled acquisition capital toward share repurchases. On leverage, Barnes-Smith said net debt to total adjusted EBITDA was 8.3x at quarter-end, which he described as “temporarily elevated.” The company reiterated a target leverage range of 5.5x to 6.5x and plans to use multifamily sale proceeds to reach that level. The company ended the quarter with about $142 million of liquidity, Barnes-Smith said. He also outlined refinancing activity for three 2026 maturities: a term loan maturing at the end of May, Thames Street Wharf maturing at the end of September, and the Constellation Building loan. Barnes-Smith said the company had received term sheets or was in the final stages of each refinancing, including an expected five-year non-recourse note for Thames Street Wharf priced in the 5.25% to 5.5% range. Looking ahead, Tibbetts summarized the company’s near-term priorities as closing the multifamily transaction, reducing leverage, and continuing buybacks “at a compelling discount to intrinsic value,” while aiming to demonstrate consistent operating results from the retail and mixed-use office portfolio. Armada Hoffler Properties, Inc is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and development of retail, office and mixed-use properties. The company’s portfolio primarily comprises neighborhood and community shopping centers, urban infill retail sites and select office buildings located in high-growth markets. Armada Hoffler also provides in-house property management and leasing services, leveraging its vertically integrated platform to enhance asset value and tenant satisfaction. Founded on a legacy of commercial real estate development dating back to the 1970s, Armada Hoffler went public in 2016 through a strategic combination of private real estate entities. The article "Armada Hoffler Properties Q1 Earnings Call Highlights" was originally published by MarketBeat.

GAAP Net Loss of $0.33 Per Diluted Share for the First Quarter FFO, As Adjusted of $0.15 Per Diluted Share for the First Quarter Office Same Store NOI Growth of 0.7% (Cash) Positive Office New Lease Spreads of 9.6% (GAAP) and 7.2% (Cash) Retail Same Store NOI Growth of 2.2% (Cash) Positive Retail Renewal Spreads of 10.7% (GAAP) and 4.5% (Cash) VIRGINIA BEACH, Va., May 04, 2026 (GLOBE NEWSWIRE) -- AH Realty Trust (NYSE: AHRT) today announced its results for the quarter ended March 31, 2026 and provided an update on current events and earnings guidance. First Quarter and Recent Highlights: On February 16, 2026, we announced a fundamental business restructuring to eliminate complexity, strengthen the balance sheet, and relentlessly focus on operating a streamlined real estate platform. The restructuring includes: Exiting the multifamily property sector to unlock embedded value, reduce leverage, and sharpen focus on retail and office properties; Divesting construction and real estate financing businesses; and Launching AH Realty Trust, effective March 2, 2026, a new corporate identity that reflects the fundamental restructuring of the business. As part of its ongoing governance enhancements supporting the Company’s strategic transformation, AH Realty Trust advanced its board refreshment process by nominating Theodore Bigman and Lori Wittman as independent directors; Dennis Gartman and George Allen will retire from the Board following the 2026 Annual Meeting and F. Blair Wimbush was appointed Chair of the Nominating and Corporate Governance Committee. On March 13, 2026, we entered into a binding purchase and sale agreement to sell an 11-asset multifamily portfolio for $562.0 million in cash, subject to certain adjustments. On March 27, 2026, we sold the Peachtree and North Creek real estate financing investments for an aggregate purchase price of $63.8 million and used the proceeds to pay down our debt. Through April 2, 2026, we repurchased 4.2 million shares of common stock for a total of $24.1 million On April 30, 2026, we fully realized $17.2 million for The Allure at Edinburgh real estate financing investment and used the proceeds to pay down our debt. On April 30, 2026, we completed the sale of the construction business for $2.4 million. "In the first quarter of 2026, we delivered solid operating results driven by strong performance in our retail and office portfolios, exceeding our internal expectations," said Shawn Tibbetts, Chairman, President and Chief Executive Officer. "As a result of the performance of the retail, and mixed use office portfolio, our visibility into the coming quarters and the transformational actions taken to date, we are raising full-year 2026 FFO, As Adjusted guidance to $0.51 to $0.55 per diluted share, underscoring the progress we are making to simplify AH Realty Trust into a more focused real estate platform centered on disciplined operations and long term shareholder value creation." Net loss attributable to common stockholders and OP Unitholders of $33.3 million, or $0.33 per diluted share, compared to net loss attributable to common stockholders and OP Unitholders of $7.2 million, or $0.07 per diluted share, for the three months ended March 31, 2025. Funds from operations attributable to common stockholders and OP Unitholders ("FFO") of $20.6 million, or $0.20 per diluted share, compared to $17.2 million, or $0.17 per diluted share, for the three months ended March 31, 2025. See "Non-GAAP Financial Measures." FFO, As Adjusted from operations attributable to common stockholders and OP Unitholders ("FFO, As Adjusted") of $15.1 million, or $0.15 per diluted share, compared to $14.6 million, or $0.14 per diluted share, for the three months ended March 31, 2025. See "Non-GAAP Financial Measures." As of March 31, 2026, weighted average stabilized portfolio leased occupancy was 95.4%. Retail leased occupancy was 94.8% and office leased occupancy was 96.0%. As of March 31, 2026, weighted average stabilized portfolio economic occupancy was 90.1%. Retail economic occupancy was 92.5% and office economic occupancy was 87.7%. Positive spreads on renewals across retail segment at 10.7% (GAAP) and 4.5% (Cash). No renewals in office segment for the quarter. Executed 20 commercial lease renewals and 11 new commercial leases during the first quarter for an aggregate of 130,667 net rentable square feet. Same Store Net Operating Income ("NOI") increased 2.2% for the retail segment and 0.7% for the office segment on a cash basis compared to the quarter ended March 31, 2025. During the first quarter of 2026, unrealized losses on non-designated interest rate derivatives that negatively affected FFO were $2.1 million. As of March 31, 2026, the value of the Company’s entire interest rate derivative portfolio, net of unrealized losses, was $6.5 million. Financial Results Net loss attributable to common stockholders and OP Unitholders for the first quarter of 2026 was $33.3 million compared to net loss attributable to common stockholders and OP Unitholders of $7.2 million for the first quarter of 2025. The period-over-period change was primarily driven by impairment of notes receivable (included in loss from discontinued operations) of $29.2 million taken in the first quarter of 2026 as a result of transferring our real estate financing investments to held for sale. FFO attributable to common stockholders and OP Unitholders for the first quarter of 2026 was $20.6 million compared to $17.2 million for the first quarter of 2025. The period-over-period increase in FFO was primarily due to decreased general contracting and real estate services gross profit and decreased real estate financing gross profit, partially offset by decreased general and administrative expenses. FFO, As Adjusted attributable to common stockholders and OP Unitholders for the first quarter of 2026 increased to $15.1 million compared to $14.6 million for the first quarter of 2025. The year-over-year increase in FFO, As Adjusted was primarily due to decreased general and administrative expenses, decreased interest expense, and increased change in fair value of derivatives. Operating Performance At the end of the first quarter of 2026, the Company’s retail and office weighted average stabilized operating property portfolio leased occupancy were 94.8% and 96.0%, respectively, and weighted average stabilized portfolio economic occupancy were 92.5% and 87.7%. Interest income from real estate financing investments was $2.3 million for the three months ended March 31, 2026, and was reported in income from discontinued operations. Balance Sheet and Financing Activity As of March 31, 2026, the Company had $1.5 billion of total debt outstanding, including $211.0 million outstanding under its revolving credit facility. Total debt outstanding excludes GAAP adjustments and deferred financing costs. As of March 31, 2026, the Company’s debt was 98% fixed or economically hedged after considering interest rate swaps. Outlook The Company raised its 2026 full-year FFO, As Adjusted guidance range to $0.51 to $0.55 per diluted share. The following table updates the Company's assumptions underpinning its full-year guidance. The Company's executive management will provide further details regarding its 2026 earnings guidance during tomorrow's webcast and conference call. [1] Ranges exclude certain items per the Company's FFO, As Adjusted definition. FFO, As Adjusted is a forward-looking, non-GAAP measure that presents the Company's projected Funds From Operations as adjusted for certain items that the Company believes are not indicative of its ongoing operating performance, including: (i) estimated income and expenses related to the general contracting and real estate services business; (ii) estimated income and expenses associated with assets held for sale or under LOI; and (iii) 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. See "Non-GAAP Financial Measures." The Company does not provide a reconciliation for its guidance range of FFO, As Adjusted or FFO, As Adjusted per diluted share to net income or net income per diluted share, the most directly comparable forward-looking GAAP financial measures, because it is unable to provide a meaningful or accurate estimate of reconciling items and the information is not available without unreasonable effort as a result of the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income per diluted share. For the same reasons, the Company is unable to address the probable significance of the unavailable information and believes that providing a reconciliation for its guidance range of FFO, As Adjusted and FFO, As Adjusted per diluted share would imply a degree of precision for its forward-looking net income per diluted share that could be misleading to investors. [2] Includes the following assumptions: Disposition of the general contracting and real estate services business in 2Q26 Disposition of the Multifamily Portfolio, with the exception of Smith's Landing Exit of the remaining Real Estate Financing Portfolio Retail Same-Store NOI Cash, growth of 1.50% and Office Same-Store NOI, Cash Growth of 1.95% Debt Paydowns of approximately $700M Includes Share Repurchases of $24.1M for 4.2M shares through April 2, 2026 No Acquisitions in 2026, capital redirected toward Share Repurchases [3] Includes T. Rowe Price Global HQ. EMI property income is reflected as the property's NOI less interest expense, times the Company's ownership percentage (50%). [4] Other income includes NOI from Smith's Landing and NOI from parking income. Supplemental Financial Information Further details regarding operating results, properties, and leasing statistics can be found in the Company’s supplemental financial package available on the Investors page at AHRealtyTrust.com. Webcast and Conference Call The Company will host a webcast and conference call on Tuesday, May 5, 2026 at 8:30 a.m. Eastern Time to review financial results and discuss recent events. The recorded webcast will be available through the Investors page of the Company’s website, AHRealtyTrust.com. To participate in the call, please dial (+1) 800 715 9871 (toll-free dial-in number) or (+1) 646 307 1963 (toll dial-in number). The conference ID is 7079783. A telephonic replay will be available shortly after the conclusion of the call through Thursday, June 4, 2026. This replay may be accessed by dialing (+1) 800 770 2030 and providing passcode 7079783#. About AH Realty Trust AH Realty Trust (NYSE: AHRT) is a vertically integrated, self-managed real estate investment trust with over four decades of experience managing high-quality properties located primarily in the Mid-Atlantic and Southeastern United States. Our focus is to deliver long-term, sustainable shareholder value by consistently investing in and operating the highest quality assets, maintaining a robust and resilient balance sheet, and fostering a dynamic, highly skilled team. Founded in 1979 by Daniel A. Hoffler, AH Realty Trust has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information visit AHRealtyTrust.com. Forward-Looking Statements Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, 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, the Company’s development pipeline, financing activities, as well as acquisitions, dispositions, and the Company’s financial outlook, guidance, and expectations. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and the Company may not be able to realize any forward-looking statement. 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 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. Non-GAAP Financial Measures The Company calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("Nareit"). Nareit defines FFO as net income (loss) (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains or losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. FFO is a supplemental non-GAAP financial measure. The Company uses FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the Company’s operational performance. Specifically, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared period-over-period, captures trends in occupancy rates, rental rates, and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the Company’s operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the Company’s properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of the Company’s properties, all of which have real economic effects and could materially impact the Company’s results from operations, the utility of FFO as a measure of the Company’s performance is limited. In addition, other equity REITs may not calculate FFO in accordance with the Nareit definition as the Company does, and, accordingly, the Company’s FFO may not be comparable to such other REITs’ FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of the Company’s performance. FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or service indebtedness. Also, FFO should not be used as a supplement to or substitute for cash flow from operating activities computed in accordance with GAAP. Management also believes that the computation of FFO in accordance with Nareit’s definition includes certain items that are not indicative of the results provided by the Company’s operating property portfolio and affect the comparability of the Company’s period-over-period performance. Accordingly, management believes that FFO, As Adjusted is a more useful performance measure that excludes income or loss from discontinued operations related to general contracting and real estate services, multifamily, and real estate financing. Other equity REITs may not calculate FFO, As Adjusted in the same manner as we do, and, accordingly, our FFO, As Adjusted may not be comparable to such other REITs' FFO, As Adjusted. NOI is the measure used by the Company’s chief operating decision-maker to assess segment performance. The Company calculates NOI as segment revenues less segment expenses. Segment revenues include rental revenues (base rent, expense reimbursements, termination fees, and other revenue) for our property segments. Segment expenses include rental expenses and real estate taxes for our property segments. NOI is not a measure of operating income or cash flows from operating activities as measured in accordance with GAAP and is not indicative of cash available to fund cash needs. As a result, NOI should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s retail and office real estate businesses. To calculate NOI on a cash basis, we adjust NOI to exclude the net effects of straight line rent and the amortization of lease incentives and above/below market rents. For reference, as an aid in understanding the Company’s computation of NOI, NOI Cash Basis, FFO, and FFO, As Adjusted, a reconciliation of net income calculated in accordance with GAAP to NOI, NOI Cash Basis, FFO, and FFO, As Adjusted has been included further in this release. ________________________________________ ________________________________________ Contact: Chelsea Forrest AH Realty Trust Executive Vice President of Investor Relations and Administration Email: [email protected] Phone: (757) 612-4248