AH Realty Trust, Inc. AHRT
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").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -0.07 | 0.34 | -0.05 | 0.94 | 0.17 | 0.38 | 0.41 | — | — | — |
| EPS, diluted | -0.07 | 0.34 | -0.05 | 0.94 | 0.17 | 0.38 | 0.41 | 0.36 | 0.50 | 0.85 |
| Shares, diluted (wtd. avg.) | $80.1M | $70.7M | $67.7M | $67.6M | $60.6M | $57.3M | $53.1M | $47.5M | $42.4M | $33.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 6500
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| MRP | Millrose Properties, Inc. | $5.32B | 13.1x | — |
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| CWK | Cushman & Wakefield Ltd. | $3.21B | 35.9x | 8.9% |
| CURB | Curbline Properties Corp. | $3.11B | 79.6x | 51.3% |
| UE | Urban Edge Properties | $2.64B | 28.4x | 6.1% |
| GTY | GETTY REALTY CORP /MD/ | $2.01B | 24.1x | 9.0% |