AH REALTY TRUST INC

AHRT

Real EstateSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

AH REALTY TRUST INC is a vertically integrated, self-managed real estate investment trust. With over four decades of experience developing, building, acquiring, and managing high-quality retail, office, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. The Company also provides general construction and development services to third-party clients, in addition to developing and building properties to be placed in their stabilized portfolio. Founded in 1979 by Daniel A. Hoffler, Armada Hoffler has elected to be taxed as a REIT for U.S. federal income tax purposes. AH REALTY TRUST INC was incorporated in 1979 in Maryland, USA.

Valuation

Market Cap$660M

Current Price$6.72as of Jun 23, 2026

P/E Ratio117.68

P/B Ratio1.44

EV / EBITDA12.87

EV / Sales7.93

Profitability

Operating Margin28.7%

Net Profit Margin2.0%

EBITDA Margin61.6%

Returns

ROE1.2%

ROCE3.3%

ROIC %2.7%

ROA0.2%

Solvency

Current Ratio3.33

Debt / Equity3.61

Debt / Assets0.64

CFO / Net Profit11.46

Price History▼ 6.22% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$285M▲ 4.1%

EBITDA$176M▼ 11.1%

Net Profit$6M▼ 84.3%

Cash from Ops (CFO)$64M▼ 21.6%

Free Cash Flow (FCF)$64M▼ 21.6%

Revenue CAGR 3Y-15.4%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-57.8%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$285M	$176M	$6M	$64M	1.2%	4.1%	-84.3%
2024	$274M	$198M	$36M	$82M	7.1%	7.9%	330.1%
2023	$254M	$152M	$8M	$102M	2.1%	-46.1%	-88.9%
2022	$471M	$214M	$75M	$117M	15.7%	-	-
2021	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	471.13	253.91	274.07	285.20
Operating Revenue	-	471.13	253.91	274.07	285.20
Cost Of Revenue	-	299.96	78.86	85.72	92.01
Gross Profit	-	171.17	175.05	188.35	193.19
Operating Expense	-	90.40	115.10	110.27	111.43
Selling General And Administration	-	15.69	17.19	19.29	20.34
Total Expenses	-	390.36	193.96	195.99	203.44
Operating Income	-	80.77	59.95	78.08	81.76
Total Operating Income As Reported	-	134.41	61.07	92.52	80.86
EBITDA	-	213.57	151.63	197.65	175.68
Normalized EBITDA	-	155.24	157.32	169.36	171.09
EBIT	-	139.49	54.29	106.82	84.16
Interest Income	18.46	16.98	15.10	-	-
Interest Expense	-	39.68	57.81	78.96	85.31
Net Interest Income	-	-39.68	-57.81	-78.96	-85.31
Other Non Operating Income Expenses	-	0.38	0.03	0.21	-0.06
Other Income Expense	-	58.72	-5.66	28.74	2.39
Interest Income Non Operating	18.46	16.98	15.10	-	-
Interest Expense Non Operating	-	39.68	57.81	78.96	85.31
Net Non Operating Interest Income Expense	-	-39.68	-57.81	-78.96	-85.31
Pretax Income	-	99.81	-3.52	27.85	-1.15
Tax Provision	-0.74	-0.14	1.33	-0.61	-
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	12.25	0	5.94	0
Net Income Continuous Operations	-	99.95	-3.52	27.85	-1.15
Net Income From Continuing And Discontinued Operation	-	74.75	8.29	35.65	5.60
Net Income From Continuing Operation Net Minority Interest	-	74.75	-2.90	21	0.54
Net Income	-	74.75	8.29	35.65	5.60
Net Income Common Stockholders	-	63.20	-3.26	24.10	-5.94
Net Income Including Noncontrolling Interests	-	99.95	7.66	42.49	3.91
Normalized Income	-	28.66	2.79	-1.34	-4.05
Diluted NI Availto Com Stockholders	-	63.20	-3.26	24.10	-5.94
Basic Average Shares	-	67.73	66.79	70.66	80.12
Diluted Average Shares	-	88.19	88.86	92.33	80.12
Reconciled Depreciation	-	54.55	63.38	68.15	72.46
Reconciled Cost Of Revenue	-	319.49	112.82	108.40	111.07
Total Unusual Items	-	58.34	-5.69	28.28	4.59
Total Unusual Items Excluding Goodwill	-	58.34	-5.69	28.28	4.59
Preferred Stock Dividends	-	11.55	11.55	11.55	11.55
Minority Interests	-	-25.21	0.62	-6.85	1.70
Net Income Discontinuous Operations	-	-	11.19	14.64	5.06
Special Income Charges	-	-3.83	-0.19	-7.27	6.11
Other Special Charges	3.81	3.37	-	0.25	0.07
Impairment Of Capital Assets	-	0.42	0.10	1.49	0.37
Restructuring And Mergern Acquisition	-	0.04	0.08	5.53	-6.55
Gain On Sale Of Security	-	62.16	-5.50	35.56	-1.52
Depreciation Amortization Depletion Income Statement	-	74.08	97.34	90.83	91.52
Depreciation And Amortization In Income Statement	-	74.08	97.34	90.83	91.52
General And Administrative Expense	-	15.69	17.19	19.29	20.34
Other Gand A	-	15.69	17.19	19.29	20.34
Rent Expense Supplemental	-	50.74	56.42	62.41	66.91
Other Operating Expenses	-0.79	-	-	-	-
Provision For Doubtful Accounts	-	0.63	0.57	0.16	-0.44
Earnings From Equity Interest	-	0	0	0.24	-2.14
Depreciation Income Statement	69.88	74.08	97.43	-	-

Peer Comparison

Real Estate sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
AH REALTY TRUST INCthis co.	AHRT	$660M	117.68↑ premium	1.44	1.2%	12.87
BrightSpire Capital, Inc.	BRSP	$726M	-23.30	0.77	-3.3%	-13935.72
CTO Realty Growth, Inc.	CTO	$678M	67.19	1.20	1.8%	13.39
Redwood Trust, Inc.	RWT	$667M	-9.53	0.73	-7.6%	-
Franklin BSP Realty Trust, Inc.	FBRT	$658M

Learn while you research

Hand-picked academy chapters to deepen your understanding of AH REALTY TRUST INC and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$285M

$176M

$6M

$64M

1.2%

4.1%

-84.3%

2024

$274M

$198M

$36M

$82M

7.1%

7.9%

330.1%

2023

$254M

$152M

$8M

$102M

2.1%

-46.1%

-88.9%

2022

$471M

$214M

$75M

$117M

15.7%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

471.13

253.91

274.07

285.20

Operating Revenue

471.13

253.91

274.07

285.20

Cost Of Revenue

299.96

78.86

85.72

92.01

Gross Profit

171.17

175.05

188.35

193.19

Operating Expense

90.40

115.10

110.27

111.43

Selling General And Administration

15.69

17.19

19.29

20.34

Total Expenses

390.36

193.96

195.99

203.44

Operating Income

80.77

59.95

78.08

81.76

Total Operating Income As Reported

134.41

61.07

92.52

80.86

EBITDA

213.57

151.63

197.65

175.68

Normalized EBITDA

155.24

157.32

169.36

171.09

EBIT

139.49

54.29

106.82

84.16

Interest Income

18.46

16.98

15.10

Interest Expense

39.68

57.81

78.96

85.31

Net Interest Income

-39.68

-57.81

-78.96

-85.31

Other Non Operating Income Expenses

0.38

0.03

0.21

-0.06

Other Income Expense

58.72

-5.66

28.74

2.39

Interest Income Non Operating

18.46

16.98

15.10

Interest Expense Non Operating

39.68

57.81

78.96

85.31

Net Non Operating Interest Income Expense

-39.68

-57.81

-78.96

-85.31

Pretax Income

99.81

-3.52

27.85

-1.15

Tax Provision

-0.74

-0.14

1.33

-0.61

Tax Rate For Calcs

Tax Effect Of Unusual Items

12.25

5.94

Net Income Continuous Operations

99.95

-3.52

27.85

-1.15

Net Income From Continuing And Discontinued Operation

74.75

8.29

35.65

5.60

Net Income From Continuing Operation Net Minority Interest

74.75

-2.90

0.54

Net Income

74.75

8.29

35.65

5.60

Net Income Common Stockholders

63.20

-3.26

24.10

-5.94

Net Income Including Noncontrolling Interests

99.95

7.66

42.49

3.91

Normalized Income

28.66

2.79

-1.34

-4.05

Diluted NI Availto Com Stockholders

63.20

-3.26

24.10

-5.94

Basic Average Shares

67.73

66.79

70.66

80.12

Diluted Average Shares

88.19

88.86

92.33

80.12

Reconciled Depreciation

54.55

63.38

68.15

72.46

Reconciled Cost Of Revenue

319.49

112.82

108.40

111.07

Total Unusual Items

58.34

-5.69

28.28

4.59

Total Unusual Items Excluding Goodwill

58.34

-5.69

28.28

4.59

Preferred Stock Dividends

11.55

Minority Interests

-25.21

0.62

-6.85

1.70

Net Income Discontinuous Operations

11.19

14.64

5.06

Special Income Charges

-3.83

-0.19

-7.27

6.11

Other Special Charges

3.81

3.37

0.25

0.07

Impairment Of Capital Assets

0.42

0.10

1.49

0.37

Restructuring And Mergern Acquisition

0.04

0.08

5.53

-6.55

Gain On Sale Of Security

62.16

-5.50

35.56

-1.52

Depreciation Amortization Depletion Income Statement

74.08

97.34

90.83

91.52

Depreciation And Amortization In Income Statement

74.08

97.34

90.83

91.52

General And Administrative Expense

15.69

17.19

19.29

20.34

Other Gand A

15.69

17.19

19.29

20.34

Rent Expense Supplemental

50.74

56.42

62.41

66.91

Other Operating Expenses

-0.79

Provision For Doubtful Accounts

0.63

0.57

0.16

-0.44

Earnings From Equity Interest

0.24

-2.14

Depreciation Income Statement

69.88

74.08

97.43

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

AH REALTY TRUST INCthis co.

AHRT

$660M

117.68↑ premium

1.44

1.2%

12.87

BrightSpire Capital, Inc.

BRSP

$726M

-23.30

0.77

-3.3%

-13935.72

CTO Realty Growth, Inc.

CTO

$678M

67.19

1.20

1.8%

13.39

Redwood Trust, Inc.

RWT

$667M

-9.53

0.73

-7.6%

Franklin BSP Realty Trust, Inc.

FBRT

$658M

AH REALTY TRUST INC

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

AH REALTY TRUST INC

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on