AH REALTY TRUST INC

NYSE:AHRT Stock Report

Market Cap: US$684.8m

AH REALTY TRUST Past Earnings Performance

Past criteria checks 1/6

AH REALTY TRUST's earnings have been declining at an average annual rate of -39.3%, while the REITs industry saw earnings growing at 5.8% annually. Revenues have been declining at an average rate of 6.7% per year. AH REALTY TRUST's return on equity is 0.7%, and it has net margins of 0.3%.

Key information

-39.33%

Earnings growth rate

-40.27%

EPS growth rate

REITs Industry Growth19.39%
Revenue growth rate-6.70%
Return on equity0.65%
Net Margin0.27%
Last Earnings Update31 Mar 2026

Recent past performance updates

Recent updates

Narrative Update • May 23

AHRT: Same Store Income And Funding Clarity Will Drive Bearish Outlook

Analysts have reduced the AH REALTY TRUST price target by $0.50 to $7.00, citing a need for stronger same-store net operating income growth relative to peers and more detailed plans for funding and external growth. Analyst Commentary Recent research on AH REALTY TRUST points to a more cautious tone, with some analysts trimming price targets and highlighting execution risks around income growth and capital deployment.
Seeking Alpha • May 07

AH Realty Trust: 7.95% Yielding Preferred Stock Is Increasingly Attractive

Summary AH Realty Trust delivers strong preferred dividend coverage, with only 17%-20% of pre-dividend FFO required for payouts. Applying reasonable NOI yields, AHRT's NAV per share is estimated near $10, well above current market pricing. The Series A preferred shares offer a compelling 7.95% yield, with cumulative, well-covered dividends and a significant common equity cushion. Monetizing the multifamily portfolio and potential dividend cuts could further strengthen AHRT’s balance sheet and investment case. Read the full article on Seeking Alpha
Narrative Update • Apr 20

AHRT: Rebrand And Funding Clarity Will Shape Future Confidence And Execution Risk

The analyst price target for AH REALTY TRUST has been trimmed by $0.50 to $7, as analysts point to lower expectations for same store net operating income growth relative to peers, reduced profit margin assumptions, and a desire for clearer visibility into funding and external growth, even as the fair value estimate remains unchanged at $6 and the assumed future P/E rises. Analyst Commentary Bearish analysts trimming the AH REALTY TRUST price target to $7 from $7.50 are signaling that they want more proof that the current valuation is backed by consistent operational delivery and a clearer funding plan.
Narrative Update • Apr 06

AHRT: Future Same Store NOI And Funding Clarity Could Unlock Rerating Potential

Analysts have trimmed their price target on AH Realty Trust by $0.50 to $7, citing a desire to see same store net operating income growth more in line with peers and clearer visibility on funding and external growth before becoming more positive. Analyst Commentary Recent research on AH Realty Trust highlights a mixed but constructive backdrop, with some firms calling for more evidence on execution, while others across the broader real estate and healthcare REIT space point to supportive readthroughs on valuation and growth potential.
Narrative Update • Mar 22

AHRT: Future Same Store NOI Execution Will Likely Drive Rerating Potential

Analysts cut AH Realty Trust's fair value estimate from $10.50 to $9.00 and lowered the price target to $9, citing more conservative revenue assumptions, a slightly higher discount rate, and a lower future P/E multiple, even though projected profit margins are higher. Analyst Commentary Recent Street research around AH Realty Trust and comparable healthcare focused REITs gives you a sense of how sentiment is splitting between caution and optimism.
Narrative Update • Mar 08

AHRT: Earnings Beat And Rebrand Will Shape Future Market Confidence

Analysts have trimmed their price target on AH REALTY TRUST to $9 from $10.50, citing updated assumptions around fair value, discount rate, revenue trends, profit margins, and a lower expected future P/E multiple. Analyst Commentary Bearish analysts are signaling a more cautious stance on AH REALTY TRUST, even as recent results have come in ahead of expectations.
Narrative Update • Feb 17

AHH: Strong Q4 FFO Execution Will Support Future Margin Expansion

Analysts have trimmed their average price target on Armada Hoffler Properties to $9, down from $10.50, citing recent revisions to fair value estimates, updated discount rate assumptions, and a shift to a lower projected future P/E multiple, despite stronger profit margin expectations. Analyst Commentary Analysts are recalibrating their views on Armada Hoffler Properties around the updated US$9 price target, with recent earnings and valuation work driving both optimism and caution.
Narrative Update • Jan 06

AHH: High Office Lease Occupancy Will Support Earnings Despite Sector Reset

Analysts have trimmed their price target for Armada Hoffler Properties to US$7 from US$8, citing a broader reset of U.S. Real Estate and REIT valuations as they refresh their coverage models. Analyst Commentary Analysts are framing the lower US$7 price target as part of a broader reset across U.S. Real Estate and REIT names, rather than a company specific call.
Narrative Update • Dec 17

AHH: Office Lease Momentum Will Support Future Earnings Despite Lower Street Expectations

Analysts have trimmed their price target on Armada Hoffler Properties to $7.00 from $8.00, reflecting a modestly lower valuation amid a broader reset of U.S. real estate and REIT assumptions. Analyst Commentary Bullish Takeaways Bullish analysts note that the Sector Perform rating signals expectations for Armada Hoffler Properties to track broader REIT peers despite the reduced price target.
Narrative Update • Dec 03

AHH: Office Lease Strength Will Support Future Earnings And Undervalued Upside Potential

Analysts trimmed their price target on Armada Hoffler Properties by $1, to $7 from $8, citing a sector wide reset of U.S. real estate and REIT valuation assumptions despite only modest changes to the company’s long term fair value and earnings outlook. Analyst Commentary Recent research updates suggest that the revised price target reflects a recalibration of sector wide assumptions rather than a company specific deterioration in fundamentals.
Narrative Update • Nov 19

AHH: Office Lease Momentum Will Support Near-Term Earnings Stability

Analysts have lowered their price target for Armada Hoffler Properties from $8 to $7 per share, citing updated models that reflect softer projected revenue growth and slightly reduced profit margins. Analyst Commentary Recent updates from research analysts have led to a reduction in the price target for Armada Hoffler Properties.
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New Narrative • Apr 30

T Rowe Price HQ Will Offer Promise Though Challenges Remain

Strategic asset sales and leasing improvements are set to enhance margins, support investments, and boost earnings through renewed profitability in key sectors.
Seeking Alpha • Apr 13

Armada Hoffler: Very Cheap And A Hefty 8%+ Yield

Summary Armada Hoffler Properties is a REIT with high-quality, diversified properties, maintaining a strong 96% occupancy rate and positive re-leasing spreads. Despite recent share price declines and headwinds from interest rates and share dilution, AHH's long-term outlook remains positive, with potential FFO growth in 2026. Trading at a low 6.4x FFO and offering an 8% dividend yield, AHH presents a compelling investment opportunity for long-term investors. The current valuation is historically low, making it an attractive entry point, especially with a sustainable dividend payout ratio in the 50% range. Read the full article on Seeking Alpha
Seeking Alpha • Mar 12

Armada Hoffler Properties: A REIT, A Real Intelligent Investment Today

Summary I rate Armada Hoffler Properties a buy because the stock is selling at a large discount to NAV. The equity dilution and high leverage even for a REIT does not justify the current market price. Investors can earn a nice return on the dividend while they wait for the market to realize the value of AHH’s assets. AHH has strong assets that have been through market cycles with over 40-years of experience. Read the full article on Seeking Alpha
Seeking Alpha • Mar 04

Armada Hoffler: High Yield Spells Big Opportunity

Summary Armada Hoffler Properties is a diversified REIT with strong fundamentals, trading near its 52-week low and offering an attractive 8.9% dividend yield. AHH's robust leasing activity, high occupancy rates, and strategic portfolio recycling highlight its solid performance. Its P/FFO is significantly below its historical average, indicating that near-term headwinds are already priced in. AHH presents a compelling buy-the-drop opportunity for value and high-yield investors, with potential for strong future gains as results normalize. Read the full article on Seeking Alpha
Seeking Alpha • Feb 23

Armada Hoffler Properties: Catching A Falling Knife Or Diamond? I'm Still Long

Summary Since my first article on Armada Hoffler Properties back in mid-2024, the total return level has landed at negative ~20%. The key driver for this performance has been the equity dilution event. Now, the business trades at an even lower multiple and has a more de-risked balance sheet. In this article, I discuss why I remain long on AHH stock. Read the full article on Seeking Alpha
Seeking Alpha • Jan 15

Armada Hoffler: I'm Expanding My Position Before The Market Catches On

Summary Armada Hoffler focuses on A-class multifamily, office, and retail assets, primarily in the Greater Baltimore/Washington D.C. area, enhancing returns through development and construction. Deleveraging efforts combined with a strong portfolio should make AHH even more resilient going into the future. With new assets coming online as we speak and shares trading at depressed levels, you get paid a well-covered 8.5% dividend yield while you wait for a mean reversion. Read the full article on Seeking Alpha
Seeking Alpha • Nov 19

Armada Hoffler: Resilient 7.4% Yield With Upside Potential

Summary Armada Hoffler Properties offers a diversified, high-quality portfolio with strong occupancy rates and resilient performance, despite market bearishness and office sector headwinds. Recent developments, including the Southern Post property and T. Rowe Price headquarters, position AHH for future growth, supported by robust leasing spreads and FFO growth. With a 7.4% dividend yield, well-covered payout, and discounted valuation at 8.8x forward P/FFO, AHH presents significant income and upside potential. Risk-conscious investors may consider AHH’s Preferred Series A stock for a 7.5% yield and a significant discount to par value. Read the full article on Seeking Alpha
Seeking Alpha • Nov 12

Indebtedness Warrants A Hold For Armada Hoffler

Summary Armada Hoffler offers a 7% dividend yield, but is troubled by near-term debt maturities and uncertain dividend growth prospects. Despite revenue and FFO growth, AHH's dividends haven't fully recovered post-pandemic, as management prioritized reinvestment over immediate dividend restoration. Overall, the commercial real estate portfolio is historically sound, and the company smartly leverages its expertise to earn additional revenues. Because of this mixed picture, the current yield seems a fair one for income investors, deserving a Hold rating. Read the full article on Seeking Alpha
Seeking Alpha • Aug 30

Armada Hoffler Properties: The P/FFO Multiple Of 9.7x Provides An Opportunity

Summary Armada Hoffler Properties has continued to register solid results across the board. While the normalized FFO per share slightly increased, the key performance indicators across the portfolio exhibited much stronger dynamics. Because of elevated leasing activity, the AFFO has dropped, we have to keep in mind that this will bounce back in Q3, 2024, as there are no meaningful lease expirations left. Given the strong cash leasing spreads and NOI growth, the prospects for continued increases in cash generation look solid. In this article, I explain in more detail why I remain bullish on AHH after Q2 and why the risk of high leverage is well-mitigated. Read the full article on Seeking Alpha

Revenue & Expenses Breakdown

How AH REALTY TRUST makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NYSE:AHRT Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 262871180
31 Dec 25283-11200
30 Sep 25-46-2210
30 Jun 2546-7220
31 Mar 25130-10210
31 Dec 242749190
30 Sep 24757-15200
30 Jun 24735-3190
31 Mar 247166190
31 Dec 23254-14170
30 Sep 2363424170
30 Jun 2359546170
31 Mar 2353258160
31 Dec 2247163160
30 Sep 2238355160
30 Jun 2232432150
31 Mar 2228615150
31 Dec 2130310150
30 Sep 2131311140
30 Jun 2134414140
31 Mar 2137518130
31 Dec 2038422130
30 Sep 2036726120
30 Jun 2033826130
31 Mar 2029923130
31 Dec 1925722120
30 Sep 1922014130
30 Jun 1919911120
31 Mar 1919011120
31 Dec 1819417110
30 Sep 1821018110
30 Jun 1823021100
31 Mar 1826420100
31 Dec 1730312100
30 Sep 1731920100
30 Jun 1731518110
31 Mar 1728917100
31 Dec 1625828100
30 Sep 162443090
30 Jun 162562790
31 Mar 162653290
31 Dec 152522080
30 Sep 152391880
30 Jun 152121780

Quality Earnings: AHRT has a large one-off gain of $5.8M impacting its last 12 months of financial results to 31st March, 2026.

Growing Profit Margin: AHRT became profitable in the past.

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: AHRT's earnings have declined by 39.3% per year over the past 5 years.

Accelerating Growth: AHRT has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: AHRT has become profitable in the last year, making it difficult to compare its past year earnings growth to the REITs industry (-31.5%).

Return on Equity

High ROE: AHRT's Return on Equity (0.7%) is considered low.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/02 13:10
End of Day Share Price 2026/06/02 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

AH REALTY TRUST INC is covered by 11 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
David RodgersBaird
Nicholas ThillmanBaird
Jana GalanBofA Global Research