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AHRT NYSE Earnings call

AH Realty Trust, Inc. (AHRT) · Q2 2026 results

Share price: $6.37 · 2026-11-11

Results Q2 2026 vs Q1 2026 · previous quarter · published 3 Aug 2026 and 5 May 2026

Net loss narrowed on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.

Only a basic analysis is available for this company at the moment.

1 · Numbers

Loss narrowed

Net income vs Q1 2026

Outlook given

Net income -15.7M vs -30.4M

Revenue +0.4%

2 · How management spoke

Typical

Less upbeat than 58% of company calls

Answers to analysts: typical, in line with the script.

Similar to last call.

3 · What stood out Nothing unusual flagged this period.

Valuation

Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

Valuation unavailable: no OCF/capex (bank, utility, or SEC gap).

Current price

$6.37

close of 2026-11-11

Revenue growth, 3 years

−15.4% a year

compound annual rate (CAGR)

Read between the lines

  1. Guidance

    Economic occupancy gains continuing to build

    Source quote
    “Our office portfolio ended the quarter at 96.7% leased occupancy, with economic occupancy gains continuing to build as new tenants... ...year 2026 same-store NOI growth of approximately 2.5% to 3.5%, and we expect our retail lease percentage to continue building as our signed not occupied pipeline commences with the bulk of that activity weighted towards 2027. Last quarter, we completed the consolidation, downsizing and relocation of AH Realty Trust's owned corporate offices, moving from the main tower at Town Center into the least desirable retail space elsewhere in the Town...”
  2. Guidance

    AH Realty Trust has also executed a purchase and sale agreement on the Everly and Gainesville II for an aggregate gross sales price of $95.5 million with the buyer's deposit…

  3. Figure

    Sales volume increased 26% year-over-year as investor demand for retail real estate remains strong and cap rates are stabilizing.

    Source quote
    “Investor demand for retail real estate remains strong as well, with sales volume up 26% year-over-year and cap rates stabilizing...”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Typical (was typical)
Answers to analysts Typical (was upbeat)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone
“At the end of the second quarter, small shop vacancy in the shopping center portfolio stands at around 8%, presenting growth opportunity as we intend to capitalize on the success...”
“Available retail space remains near a multi-decade low, roughly 12% below the 10-year average, while new construction is still well below pre-pandemic levels, keeping a lid on new supply.”
“AH Realty Trust delivered another quarter of solid execution against our transformation, highlighted by the first closing of our multifamily portfolio sale, a meaningful reduction in leverage and continued strength...”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric Q2 2026period end 2026-06-30 Q1 2026period end 2026-03-31 Change Q2 2025 YoY
Revenue 52.5M 52.3M +0.4% 50.7M +3.6%
Operating income 9.8M 11.6M −15.9% 13.6M −28.2%
Net income -15.7M -30.4M Loss narrowed 5.9M Turned loss
EPS -0.25 -0.33 Loss narrowed 0.04 Turned loss
P/E 12-mo loss 12-mo loss — 49.1 —

Topics

Most discussed now

  • AH Realty Trust sold nearly all of the multifamily portfolio, exited the majority of the real estate financing positions, paid down debt,...
  • I am proud to report that AH Realty Trust has delivered on every one of them even faster than expected, resulting...
  • Same-store NOI from the shopping center portfolio increased 5.7% year-over-year, driven by economic occupancy from the backfill of over…
  • Successful anchor tenants drive traffic to AH Realty Trust's shopping centers, supporting sales for small shop tenants, thereby driving…
  • The results this quarter demonstrate that AH Realty Trust is ahead of schedule with its transformation substantially complete and the…

Faded since Q1 2026

  • Fading AH Realty Trust is a pure-play, high-quality retail and mixed-use office REIT focused on identifying and realizing dominant market…
  • Fading In the first quarter of 2026, AH Realty Trust delivered solid operating results, reflecting strong performance in its retail and mixed-use…
  • Fading Net operating income for Q1 was $34.7 million, representing a 1.8% increase year-over-year and approximately $700,000 ahead of guidance.
  • Fading With these actions largely behind us, AH Realty Trust is now squarely focused on execution and on delivering sustainable performance that…

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