AH Realty Trust, Inc. AHRT

Real estate SIC 6500 - Real Estate NAICS Real Estate and Rental and Leasing › Real Estate derived NYSE

We are a self-managed REIT 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.

We were formed on October 12, 2012 under the laws of the State of Maryland and are headquartered in Virginia Beach, Virginia. We elected to be taxed as a REIT for U.S. federal income tax purposes commencing with the taxable year ended December 31, 2013. Substantially all of our assets are held by, and all of our operations are conducted through, our Operating Partnership. As of December 31, 2025, we owned, through a combination of direct and indirect interests, 77.3% of the common units of limited partnership interest in our Operating Partnership ("OP Units").

Last close 6.10 2026-10-23
Market cap $455.0M 2026-06-30 share count
52-week range 5.13 - 7.20

Valuation FY2025 figures against the last close

P/S1.6x
P/E—
P/FCF7.1x
EV/EBITDA12.6x
Dividend yield16.5%
Diluted EPS-0.07

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $285.2M$274.1M$253.9M$234.9M$91.9M$217.1M$105.9M$76.4M$302.8M$258.4M
Cost of revenue ——————$101.5M$73.6M$186.6M—
Gross profit ——$184.0M$167.2M$142.8M$117.1M$106.4M$81.1M$116.2M—
SG&A $20.3M$19.3M$17.2M$15.7M$14.6M$12.9M$12.4M$11.4M$10.4M$9.6M
Total operating expenses $112.3M$117.1M$193.6M$390.2M$262.4M$341.3M$219.3M$165.5M$271.1M$231.7M
Operating income $80.9M$92.5M$61.1M$134.4M$59.2M$48.7M$42.6M$32.0M$39.8M$57.2M
Interest expense $85.3M$79.0M$57.8M$39.7M$33.9M——$19.1M$17.4M$16.5M
Pre-tax income $4.4M$41.9M$9.0M$99.8M$24.7M$36.7M$31.8M$23.5M$30.6M$43.1M
Income tax $482.0K$614.0K$1.3M$145.0K$742.0K$283.0K$491.0K$29.0K$725.0K$343.0K
Net income $3.9M$42.5M$7.7M$100.0M$25.5M$29.2M$24.1M$17.2M$21.0M$28.1M
EPS, basic -0.070.34-0.050.940.170.380.41———
EPS, diluted -0.070.34-0.050.940.170.380.410.360.500.85
Shares, diluted (wtd. avg.) 80.1M70.7M67.7M67.6M60.6M57.3M53.1M47.5M42.4M33.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $49.1M$31.9M$20.0M$47.5M$40.4M$50.4M$43.6M$24.1M$22.9M$25.2M
Total assets $2.60B$2.51B$2.56B$2.24B$1.94B$1.92B$1.80B$1.27B$1.04B$982.5M
Long-term debt $1.53B$1.30B$1.40B$1.07B$917.6M$963.8M$950.5M$694.2M$517.3M$522.2M
Total liabilities $1.77B$1.62B$1.76B$1.34B$1.16B$1.16B$1.15B$809.5M$622.8M$633.5M
Total equity $627.8M$670.6M$805.2M$904.0M$779.8M$756.8M$655.4M$455.9M$420.3M$349.0M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $64.2M$82.0M$101.9M$116.9M$91.2M$91.2M$67.7M$56.1M$51.2M$57.0M
Depreciation and amortisation $72.5M$68.1M$63.4M$54.5M$51.5M$43.7M$37.8M$30.4M$26.0M$23.5M
Stock-based compensation $6.8M$5.1M$3.7M$3.3M$2.2M$2.4M$1.6M$1.3M$1.3M$1.1M
Investing cash flow -$121.0M-$26.5M-$237.0M-$33.2M-$57.6M-$26.2M-$295.1M-$240.6M-$95.4M-$223.0M
Financing cash flow $52.5M-$43.3M$122.3M-$72.2M-$43.5M-$58.1M$246.9M$185.6M$41.8M$161.4M
Dividends paid $75.2M$83.9M$80.4M$72.6M$58.7M$47.6M$61.5M$50.9M$43.6M$33.8M
Buybacks $0$0$12.6M$0$0—————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001569187-26-000061.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 100M 200M 300M 400M Revenue, FY2016: 258.4M Net income, FY2016: 28.1M Revenue, FY2017: 302.8M Gross profit, FY2017: 116.2M Net income, FY2017: 21M Revenue, FY2018: 76.4M Gross profit, FY2018: 81.1M Net income, FY2018: 17.2M Revenue, FY2019: 105.9M Gross profit, FY2019: 106.4M Net income, FY2019: 24.1M Revenue, FY2020: 217.1M Gross profit, FY2020: 117.1M Net income, FY2020: 29.2M Revenue, FY2021: 91.9M Gross profit, FY2021: 142.8M Net income, FY2021: 25.5M Revenue, FY2022: 234.9M Gross profit, FY2022: 167.2M Net income, FY2022: 100M Revenue, FY2023: 253.9M Gross profit, FY2023: 184M Net income, FY2023: 7.7M Revenue, FY2024: 274.1M Net income, FY2024: 42.5M Revenue, FY2025: 285.2M Net income, FY2025: 3.9M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $258.4M $302.8M $76.4M $105.9M $217.1M $91.9M $234.9M $253.9M $274.1M $285.2M
Gross profit — $116.2M $81.1M $106.4M $117.1M $142.8M $167.2M $184.0M — —
Net income $28.1M $21.0M $17.2M $24.1M $29.2M $25.5M $100.0M $7.7M $42.5M $3.9M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Regulation FD disclosure Item 7.01
  • Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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