AH Realty Trust (NYSE: AHH) CEO exercises 55,080 LTIP units into Common Units

Rhea-AI Filing Summary

AH Realty Trust, Inc. CEO and President Shawn J. Tibbetts exercised derivative awards on March 11, 2026. He converted 55,080 Time-Based LTIP Units into 55,080 Common Units of AH Realty Trust, LP, reflecting an in-the-money derivative exercise rather than an open‑market trade.

Following these transactions, Tibbetts directly holds 57,518 shares of Common Stock, 55,080 Common Units, and Performance LTIP Units tied to 538,770 underlying Common Shares. The Common Units can later be redeemed for cash or, at the company’s election, an equal number of common shares.

Insights

Equity compensation analyst

CEO converted incentive units into Common Units, a routine equity compensation step.

CEO Shawn J. Tibbetts exercised in-the-money derivative awards, turning 55,080 Time-Based LTIP Units into an equal number of Common Units on March 11, 2026. No open-market buying or selling occurred; this is a structural equity move within the partnership framework.

Afterward, Tibbetts held 57,518 Common Shares, 55,080 Common Units, and Performance LTIP Units linked to 538,770 underlying shares. The filing also notes that all Common Units may be redeemed for cash or, at the company’s election, common stock, so future redemptions could shift his mix of partnership versus corporate equity.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Tibbetts Shawn J

(Last) (First) (Middle)

C/O AH REALTY TRUST, INC.

222 CENTRAL PARK AVENUE, SUITE 1000

(Street)

VIRGINIA BEACH VA 23462

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AH Realty Trust, Inc. [ AHRT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO and President

3. Date of Earliest Transaction (Month/Day/Year)
03/11/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								57,518	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Time-Based LTIP Units	(1)(2)(3)	03/11/2026		X			55,080(4)	(1)(2)(3)	(1)(2)(3)	Common Stock	55,080	$0	654,711	D
Common Units	(3)(5)	03/11/2026		X		55,080(4)		(3)(5)	(3)(5)	Common Stock	55,080	$0	55,080	D
Performance LTIP Units	(3)(6)							(3)(6)	(3)(6)	Common Stock	538,770		538,770	D

Explanation of Responses:

1. Represents Time-Based LTIP Units ("Time-Based LTIP Units") in AH Realty Trust, LP (the "Operating Partnership"), the operating partnership of AH Realty Trust, Inc. (the "Company"), and of which the Company is the general partner. Under the agreement of limited partnership of the Operating Partnership (the "OP Agreement") and subject to conditions set forth in the OP Agreement, following the date on which the Time-Based LTIP Units vest, Time-Based LTIP Units are convertible into common units of limited partnership interest in the Operating Partnership ("Common Units"), at the holder's option.

2. Under the award agreement pursuant to which the Time-Based LTIP Units were granted to the reporting person, except in connection with a Change of Control (as defined in the OP Agreement), the Time-Based LTIP Units may not be converted to Common Units until two years following the date of grant. 436,046 of the Time-Based LTIP Units are also subject to an additional one year holding period following the vesting. Time-Based LTIP Units have no expiration date.

3. Each Common Unit is redeemable for cash equal to the then-current market value of one share of the Company's common stock or, at the election of the Company, one share of the Company's common stock. Common Units have no expiration date.

4. Represents the conversion of Time-Based LTIP Units granted on March 11, 2024 into Common Units at the election of the reporting person.

5. Represents Common Units. All Common Units reflected in this report may be tendered for redemption by the holder.

6. Represents Performance LTIP Units in the Operating Partnership ("Performance LTIP Units"). Under the OP Agreement and subject to conditions set forth in the OP Agreement, following the date on which the Performance LTIP Units vest, Performance LTIP Units are convertible into Common Units at the holder's option. Under the award agreement pursuant to which the Performance LTIP Units were granted to the Reporting Person, except in connection with a Change of Control (as defined in the OP Agreement), the Performance LTIP Units may not be converted to Common Units until two years following the date of grant. Additionally, 373,754 of the Performance LTIP Units are subject to an additional one year holding period following the vesting. Performance LTIP Units have no expiration date.

Remarks:

	/s/ Matthew T. Barnes Smith, as Attorney-in-Fact for Shawn J. Tibbetts	03/13/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What did AH Realty Trust (AHH) CEO Shawn Tibbetts report in this Form 4?

Shawn J. Tibbetts reported exercising derivative awards on March 11, 2026, converting 55,080 Time-Based LTIP Units into 55,080 Common Units. This was an in-the-money derivative exercise within the operating partnership, not an open-market stock purchase or sale.

Did the AH Realty Trust (AHH) CEO buy or sell common stock in the market?

No, the CEO did not report any open-market stock purchases or sales. The Form 4 shows derivative exercises converting Time-Based LTIP Units into Common Units, with no transaction price per unit and no reported market trades in the company’s common stock.

How many AH Realty Trust securities does the CEO hold after this Form 4?

After the transactions, Shawn J. Tibbetts holds 57,518 shares of Common Stock, 55,080 Common Units, and Performance LTIP Units tied to 538,770 underlying common shares. These positions reflect both direct stock ownership and equity interests in the operating partnership.

What are Common Units referenced in the AH Realty Trust (AHH) Form 4?

Common Units are partnership interests in AH Realty Trust, LP that can be redeemed for cash equal to the market value of one common share, or, at the company’s election, for one share of common stock. They have no expiration date under the described terms.

What are Time-Based LTIP Units in AH Realty Trust (AHH)?

Time-Based LTIP Units are long-term incentive units in the operating partnership that vest over time. After vesting and certain waiting periods in the partnership agreement and award terms, they may be converted into Common Units at the holder’s option and have no stated expiration date.

What are Performance LTIP Units held by the AH Realty Trust (AHH) CEO?

Performance LTIP Units are incentive units in the operating partnership that can convert into Common Units after vesting and specified holding periods. The CEO’s Performance LTIP Units currently represent 538,770 underlying common shares, with additional restrictions and no expiration date under the described terms.