AHRT

MKT CAP:$628M

AH Realty Trust, Inc.

Market Cap

$628M

Financial Services·REIT - Healthcare Facilities·🇺🇸 United States·NYSE

Financials·REIT·🇺🇸·NYSE

Stock Price

$6.03-$1.03 (-14.59%)

Apr 21, 2026

Company Details

AH Realty Trust, Inc. is a real estate company, which develops, builds, owns, and manages institutional-grade office, retail and multifamily properties in the Mid-Atlantic United States. It operates through the following segments: Office Re...

CEO

Shawn J. Tibbetts

IPO Date

May 8, 2013

Website

www.armadahoffler.com

Key Metrics TTM

Revenue

$455M

-39.9% YoY

Net Income

$27M

EPS (Diluted)

$0.13

Free Cash Flow

$9M

Revenue / Share

$5.67

Gross Margin

-1.4%

Operating Margin

18.2%

Net Margin

5.9%

FCF Margin

2.1%

P/S

1.4x

P/E

23.6x

Earnings Reports

Q4 2025

May 4, 2026

PENDING

Q3 2025

Sep 29, 2025

$96M-48.8%EPS -$0.04

Q2 2025

Jun 29, 2025

$101M-45.2%EPS $0.04

Q1 2025

Mar 30, 2025

$115M-40.8%EPS -$0.07

Q4 2024

Dec 31, 2024

$143M-25.4%EPS $0.20

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$70M	-$978.0K	$14M
Q1 22	$79M	-$452.0K	$18M
Q2 22	$101M	$268.0K	$18M
Q3 22	$123M	$3M	$17M
Q4 22	$152M	$3M	$19M
Q1 23	$144M	$7M	$18M
Q2 23	$166M	$7M	$28M
Q3 23	$166M	$3M	$25M
Q4 23	$191M	-$24M	-$4M
Q1 24	$194M	$8M	$36M
Q2 24	$185M	$9M	$24M
Q3 24	$188M	$6M	$15M
Q4 24	$143M	-$17M	$24M
Q1 25	$115M	$1M	$16M
Q2 25	$101M	$4M	$21M
Q3 25	$96M	$5M	$23M

Valuation

Quarter	P/S	P/E
Q4 21	2.3x	29.3x
Q1 22	2.3x	24.0x
Q2 22	2.0x	14.6x
Q3 22	1.7x	9.7x
Q4 22	1.4x	8.6x
Q1 23	1.2x	9.2x
Q2 23	1.1x	11.2x
Q3 23	1.0x	18.2x
Q4 23	1.0x	77.4x
Q1 24	0.9x	36.3x
Q2 24	0.9x	71.6x
Q3 24	0.8x	—
Q4 24	0.9x	18.0x
Q1 25	1.0x	34.2x
Q2 25	1.2x	29.8x
Q3 25	1.4x	24.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$22M	$13M
Q1 22	$30M	$29M
Q2 22	$16M	$8M
Q3 22	$32M	$28M
Q4 22	$39M	$33M
Q1 23	$12M	$5M
Q2 23	$27M	$25M
Q3 23	$33M	$27M
Q4 23	$20M	$11M
Q1 24	$46M	$34M
Q2 24	$17M	$18M
Q3 24	$27M	$20M
Q4 24	$20M	$9M
Q1 25	-$1M	-$16M
Q2 25	$11M	-$854.0K
Q3 25	$26M	$18M

Capital Expenditures

Quarter	CapEx
Q4 21	$9M
Q1 22	$727.0K
Q2 22	$8M
Q3 22	$3M
Q4 22	$5M
Q1 23	$7M
Q2 23	$3M
Q3 23	$6M
Q4 23	$9M
Q1 24	$12M
Q2 24	$110.0K
Q3 24	$8M
Q4 24	$11M
Q1 25	$15M
Q2 25	$12M
Q3 25	$9M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-29.0%	-32.7%
Q1 22	-2.5%	-15.3%
Q2 22	+52.7%	+47.4%
Q3 22	+82.9%	+92.3%
Q4 22	+116.5%	+135.4%
Q1 23	+81.7%	+105.6%
Q2 23	+65.0%	+67.5%
Q3 23	+35.1%	+34.2%
Q4 23	+25.9%	+47.3%
Q1 24	+34.1%	+24.5%
Q2 24	+11.3%	+16.4%
Q3 24	+13.0%	+22.2%
Q4 24	-25.4%	-39.1%
Q1 25	-40.8%	-37.3%
Q2 25	-45.2%	-49.7%
Q3 25	-48.8%	-57.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q3 24	$5M
Q4 24	$5M
Q1 25	$7M
Q2 25	$6M
Q3 25	$4M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$39M	$0	$39M
Q2 22	$76M	$0	$76M
Q3 22	$60M	$0	$60M
Q4 22	$52M	$0	$52M
Q1 23	$36M	$0	$36M
Q2 23	$36M	$0	$36M
Q3 23	$35M	$0	$35M
Q4 23	$30M	$0	$30M
Q1 24	$44M	$0	$44M
Q2 24	$22M	$0	$22M
Q3 24	$46M	$0	$46M
Q4 24	$34M	$0	$34M
Q1 25	$49M	$0	$49M
Q2 25	$55M	$0	$55M
Q3 25	$50M	$0	$50M
Q4 25	$52M	$0	$52M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	84M	+1.8%	+5.7%
Q1 22	88M	+5.6%	+48.6%
Q2 22	88M	+0.0%	+46.3%
Q3 22	88M	-0.0%	+7.5%
Q4 22	88M	-0.0%	+5.6%
Q1 23	88M	+0.2%	+0.2%
Q2 23	90M	+1.2%	+1.4%
Q3 23	89M	-0.1%	+1.2%
Q4 23	88M	-1.2%	+0.0%
Q1 24	89M	+0.4%	+0.2%
Q2 24	89M	+0.4%	-0.6%
Q3 24	101M	+13.8%	+13.3%
Q4 24	101M	-0.0%	+14.7%
Q1 25	80M	-21.1%	-9.8%
Q2 25	80M	+0.2%	-10.0%
Q3 25	80M	+0.0%	-20.9%

Shares Outstanding