AHRT on NYSE
AH Realty Trust, Inc.
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Last updated Oct 16, 2026.
Overview
Compare with GETTY REALTY CORP /MD/, Claros Mortgage Trust, Inc. or Curbline Properties Corp., or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
23.1%Operating margin3
2.7%Net margin4
-51.5%Revenue growth, 20253
0.9%Return on equity4
2.43×Debt to equity4
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs97¢$203.8M
- Income tax0¢$482.0K
- Profit3¢$5.6M
Financial statements
Every line of the income statement in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Rental revenues | $269.6M | $256.7M | $238.9M |
| Interest income | $15.6M | $17.4M | $15.0M |
| Total revenues | $285.2M | $274.1M | $253.9M |
| Rental expenses | $66.9M | $62.4M | $56.4M |
| Real estate taxes | $25.1M | $23.3M | $22.4M |
| Depreciation and amortization | $91.5M | $90.8M | $97.3M |
| General and administrative expenses | $20.3M | $19.3M | $17.2M |
| Acquisition, development, and other pursuit costs | $93.0K | $5.5M | $84.0K |
| Impairment charges | $373.0K | $1.5M | $102.0K |
| Total expenses | $204.3M | $202.9M | $193.6M |
| Gain on real estate dispositions, net | $0 | $21.3M | $738.0K |
| Operating income | $80.9M | $92.5M | $61.1M |
| Interest expense | -$85.3M | -$79.0M | -$57.8M |
| Equity in (loss) income of unconsolidated real estate entities | -$2.1M | $245.0K | $0 |
| Gain on consolidation of real estate entities | $6.6M | $0 | $0 |
| Loss on extinguishment of debt | -$69.0K | -$247.0K | $0 |
| Change in fair value of derivatives and other | -$1.5M | $14.3M | -$6.2M |
| Unrealized credit loss release (provision) | $437.0K | -$156.0K | -$574.0K |
| Other (expense) income, net | -$57.0K | $209.0K | $31.0K |
| (Loss) income from continuing operations | -$1.2M | $27.9M | -$3.5M |
| Income before taxes | $4.6M | $14.0M | $12.5M |
| Income tax (provision) benefit from discontinued operations | $482.0K | $614.0K | -$1.3M |
| Income from discontinued operations, net of taxes | $5.1M | $14.6M | $11.2M |
| Investment entities | $99.0K | -$43.0K | -$605.0K |
| Operating Partnership | $1.6M | -$6.8M | $1.2M |
| Net income attributable to Armada Hoffler Properties, Inc. | $5.6M | $35.6M | $8.3M |
| Preferred stock dividends | -$11.5M | -$11.5M | -$11.5M |
| Net (loss) income attributable to common stockholders | -$5.9M | $24.1M | -$3.3M |
| Net (loss) income attributable to common stockholders from continuing operations per share (basic) (in dollars per share) | -$0 | $0 | -$0 |
| Net (loss) income attributable to common stockholders from continuing operations per share (diluted) (in dollars per share) | -$0 | $0 | -$0 |
| Net income attributable to common stockholders from discontinued operations per share (basic) (in dollars per share) | $0 | $0 | $0 |
| Net income attributable to common stockholders from discontinued operations per share (diluted) (in dollars per share) | $0 | $0 | $0 |
| Net (loss) income attributable to common stockholders per share (basic) (in dollars per share) | -$0.07 | $0.34 | -$0.05 |
| Net (loss) income attributable to common stockholders per share (diluted) (in dollars per share) | -$0.07 | $0.34 | -$0.05 |
| Weighted-average common shares outstanding (basic) (in shares) | 80.1M shares | 70.7M shares | 67.7M shares |
| Weighted-average common shares outstanding (diluted) (in shares) | 80.1M shares | 70.7M shares | 67.7M shares |
| Net income | $3.9M | $42.5M | $7.7M |
| Unrealized cash flow hedge (losses) gains | -$1.3M | $4.3M | $6.9M |
| Realized cash flow hedge gains reclassified to net income | -$1.1M | -$7.3M | -$20.0M |
| Comprehensive income (loss) | $1.5M | $39.5M | -$5.5M |
| Comprehensive income (loss) attributable to Armada Hoffler Properties, Inc. | $3.6M | $33.5M | -$1.5M |
Every line of the balance sheet in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Income producing property | $2.5B | $2.2B | |
| Held for development | $5.7M | $5.7M | |
| Construction in progress | $17.1M | $17.5M | |
| Gross real estate investments | $2.5B | $2.2B | |
| Accumulated depreciation | -$521.2M | -$450.4M | |
| Net real estate investments | $2.0B | $1.7B | |
| Real estate investments held for sale | $4.8M | $4.8M | |
| Assets of discontinued operations | $30.0M | $131.5M | |
| Cash and cash equivalents | $49.1M | $31.9M | $20.0M |
| Restricted cash | $3.2M | $1.6M | $2.2M |
| Accounts receivable, net | $66.2M | $52.8M | |
| Notes receivable, net | $128.7M | $132.6M | |
| Equity method investments | $47.9M | $158.2M | |
| Operating lease right-of-use assets | $22.6M | $22.8M | |
| Finance lease right-of-use assets | $87.5M | $89.0M | |
| Acquired lease intangible assets | $77.6M | $89.7M | |
| Other assets | $52.8M | $53.2M | |
| Total Assets | $2.6B | $2.5B | |
| Indebtedness, net | $1.5B | $1.3B | |
| Accounts payable and accrued liabilities | $40.2M | $35.1M | |
| Operating lease liabilities | $31.2M | $31.4M | |
| Finance lease liabilities | $93.5M | $92.6M | |
| Other liabilities | $45.7M | $54.4M | |
| Liabilities of discontinued operations | $30.6M | $114.1M | |
| Total Liabilities | $1.8B | $1.6B | |
| Preferred stock, $0.01 par value, 100,000,000 shares authorized: 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, 9,980,000 shares authorized, 6,843,418 shares issued and outstanding as of December 31, 2025 and 2024 | $171.1M | $171.1M | |
| Common stock, $0.01 par value, 500,000,000 shares authorized; 80,166,778 and 79,695,938 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $805.0K | $797.0K | |
| Additional paid-in capital | $724.7M | $714.6M | |
| Distributions in excess of earnings | -$269.5M | -$218.6M | |
| Accumulated other comprehensive income | $703.0K | $2.7M | |
| Total stockholders equity | $627.8M | $670.6M | |
| Noncontrolling interests in investment entities | $8.5M | $9.2M | |
| Noncontrolling interests in Operating Partnership | $192.9M | $209.9M | |
| Total Equity | $829.2M | $889.7M | $805.2M |
| Total Liabilities and Equity | $2.6B | $2.5B | |
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Preferred stock, shares authorized (in shares) | 100.0M shares | 100.0M shares | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Common stock, shares authorized (in shares) | 500.0M shares | 500.0M shares | |
| Common stock, shares issued (in shares) | 80.2M shares | 79.7M shares | |
| Common stock, shares outstanding (in shares) | 80.2M shares | 79.7M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $3.9M | $42.5M | $7.7M |
| Less: net income from discontinued operations, net of tax | -$5.1M | -$14.6M | -$11.2M |
| Net income (loss) from continuing operations | -$1.2M | $27.9M | -$3.5M |
| Depreciation of buildings and tenant improvements | $72.5M | $68.1M | $63.4M |
| Amortization of leasing costs, in-place lease intangibles, and right-of-use assets | $19.0M | $22.7M | $34.0M |
| Accrued straight-line rental revenue | -$10.2M | -$8.3M | -$6.3M |
| Amortization of leasing incentives and above or below-market rents | -$1.8M | -$1.6M | -$2.2M |
| Accrued straight-line ground rent expense | -$14.0K | $28.0K | $64.0K |
| Unrealized credit loss provision (release) | -$437.0K | $156.0K | $574.0K |
| Adjustment for uncollectible lease accounts | $2.8M | $2.0M | $4.0M |
| Noncash acquisition, development, and other pursuit costs | $0 | $5.5M | $0 |
| Noncash stock compensation | $6.8M | $5.1M | $3.7M |
| Impairment charges | $373.0K | $1.5M | $102.0K |
| Noncash interest expense | $5.6M | $3.7M | $7.1M |
| Noncash loss on extinguishment of debt | $69.0K | $247.0K | $0 |
| Gain on consolidation of real estate entities | -$6.6M | $0 | $0 |
| Gain on real estate dispositions, net | $0 | -$21.3M | -$738.0K |
| Change in fair value of derivatives and other | $22.5M | $9.6M | $14.2M |
| Adjustment for receipts on off-market interest rate derivatives | -$24.1M | -$22.8M | -$7.9M |
| Equity in income (loss) of unconsolidated real estate entities | $2.1M | -$245.0K | $0 |
| Property assets | -$9.5M | -$11.2M | -$6.9M |
| Property liabilities | $1.5M | $12.5M | $16.3M |
| Interest receivable | -$15.2M | -$11.6M | -$13.9M |
| Net cash provided by operating activities of continuing operations | $64.2M | $82.0M | $101.9M |
| Development of real estate investments | -$10.6M | -$29.8M | -$58.8M |
| Tenant and building improvements | -$46.3M | -$30.2M | -$24.4M |
| Acquisitions of real estate investments, net of cash received | -$33.7M | $0 | -$8.4M |
| Dispositions of real estate investments, net of selling costs | $0 | $58.6M | $246.0K |
| Notes receivable issuances | -$21.6M | -$47.7M | -$48.2M |
| Notes receivable paydowns | $450.0K | $20.6M | $0 |
| Payments to purchase off-market interest rate derivatives | -$18.5M | $0 | -$31.3M |
| Receipts on off-market interest rate derivatives | $24.1M | $22.8M | $7.9M |
| Leasing costs | -$8.2M | -$4.9M | -$4.1M |
| Leasing incentives | -$10.0K | $0 | -$20.0K |
| Contributions to equity method investments | -$6.6M | -$15.9M | -$70.0M |
| Net cash used for investing activities of continuing operations | -$121.0M | -$26.5M | -$237.0M |
| (Costs)/proceeds from issuance of common stock, net | -$134.0K | $129.4M | -$208.0K |
| Common shares tendered for tax withholding | -$1.4M | -$1.6M | -$1.1M |
| Repurchase and retirement of common stock, net | $0 | $0 | -$12.6M |
| Debt issuances, credit facility, and construction loan borrowings | $371.0M | $269.5M | $402.6M |
| Debt and credit facility repayments, including principal amortization | -$164.6M | -$257.6M | -$180.9M |
| Debt issuance costs | -$2.8M | -$2.2M | -$2.8M |
| Cash paid on extinguishment of debt | -$69.5M | -$95.9M | $0 |
| Acquisition of non-controlling interest in consolidated real estate investments | -$4.3M | $0 | $0 |
| Redemption of operating partnership units | -$15.0K | -$205.0K | -$705.0K |
| Distributions to noncontrolling interests | -$701.0K | -$810.0K | -$1.6M |
| Dividends and distributions | -$75.2M | -$83.9M | -$80.4M |
| Net cash provided by (used for) financing activities of continuing operations | $52.5M | -$43.3M | $122.3M |
| Net cash flows (used in) provided by operating activities of discontinued operations | -$13.8M | $30.0M | -$8.6M |
| Net cash flows used in investing activities of discontinued operations | $0 | -$175.0K | -$278.0K |
| Net change in cash and cash equivalents of discontinued operations | -$13.8M | $29.9M | -$8.8M |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | -$18.0M | $42.1M | -$21.7M |
| Cash paid for interest | $73.0M | $71.6M | $44.9M |
| Cash (paid) refunded for income taxes | -$1.4M | -$1.1M | $33.0K |
| (Decrease) increase in dividends and distributions payable | -$6.5M | $3.4M | $153.0K |
| Decrease in accrued capital improvements and development costs | -$12.3M | -$115.0K | -$4.8M |
| Issuance of operating partnership units for acquisitions | $0 | $0 | $12.2M |
| Operating Partnership units redeemed for common shares | $2.5M | $767.0K | $514.0K |
| Debt assumed at fair value in conjunction with real estate purchases | $0 | $0 | $105.6M |
| Note receivable redeemed in conjunction with real estate purchase | $26.9M | $0 | $90.2M |
| Equity method investment redeemed due to consolidation | $114.7M | $0 | $0 |
| Notes receivable redeemed for acquisition of non-controlling interests | $13.3M | $0 | $0 |
| Parcel consideration for acquisition of non-controlling interests | $16.7M | $0 | $0 |
| Acquisitions of noncontrolling interests | $0 | $0 | $12.8M |
| Other liability satisfied in connection with a real estate disposal | $0 | $0 | $750.0K |
| Recognition of finance lease right-of-use assets | $0 | $0 | $47.7M |
| Recognition of finance lease liabilities | $0 | $0 | $46.6M |
| Adjustment to finance lease ROU assets | $0 | $0 | $1.7M |
| Adjustment to finance lease liabilities | $0 | $0 | $1.7M |
Former names
- Armada Hoffler Properties, Inc.Feb 12, 2013 to Feb 27, 20262
Recent filings
- Oct 9, 20264
- Oct 9, 20264
- Sep 29, 20264
- Sep 16, 20268-K
- Sep 16, 20264
- Sep 16, 20264
- Sep 16, 20264
- Aug 6, 202610-Q
- Aug 3, 20268-K
- Jul 6, 20264
- Jul 6, 20264
- Jul 6, 20264
- Jul 6, 20264
- Jul 6, 20264
- Jun 30, 20264
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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