AH Realty Trust (NYSE: AHH) maps portfolio exit, leverage cuts and 2026 FFO outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
AH Realty Trust furnished an investor presentation outlining its strategic transformation into a pure-play retail and mixed-use office REIT and updated its 2026 outlook. The company is exiting multifamily, construction services, and real estate financing, using roughly $562 million of asset sale proceeds mainly to reduce debt. Net debt/total adjusted EBITDAre is about 8.3x, with a target range of 5.5x–6.5x post-transformation. For 2026, AH Realty Trust projects total commercial NOI of $130.4–$133 million and FFO, As Adjusted of $50.7–$54 million, or $0.51–$0.55 per diluted share.
Positive
- None.
Negative
- None.
Insights
AH Realty Trust details a major portfolio simplification and deleveraging plan with updated 2026 FFO outlook.
AH Realty Trust is pivoting to a focused open-air retail and mixed-use office platform, exiting multifamily, construction management, and its real estate financing portfolio. Dispositions totaling about $562M of assets under contract or held for sale are intended to streamline earnings and reduce volatility.
The company reports current net debt/total adjusted EBITDAre of about 8.3x and targets a post-transformation range of 5.5x–6.5x, funded largely by asset sale proceeds and secured and unsecured debt paydowns. Management also highlights a $2.2B enterprise value, strong occupancy metrics, and BBB credit rating as of Q1 2026.
For 2026, AH Realty Trust guides to commercial NOI of $130.4M–$133M and FFO, As Adjusted of $50.7M–$54M, or $0.51–$0.55 per diluted share. Execution on multifamily and financing exits, leverage reduction, and lease-up assumptions will be key drivers of how actual results compare to this outlook.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
2026 FFO, As Adjusted: $50.7M–$54M
2026 FFO, As Adjusted per share: $0.51–$0.55
Total commercial NOI 2026: $130.4M–$133M
+5 more
8 metrics
2026 FFO, As Adjusted
$50.7M–$54M
Full-year 2026 guidance range
2026 FFO, As Adjusted per share
$0.51–$0.55
Full-year 2026 diluted per-share guidance
Total commercial NOI 2026
$130.4M–$133M
Projected 2026 retail and office NOI
Current net debt/total adj. EBITDAre
8.3x
Leverage before full transformation
Target net debt/adj. EBITDAre
5.5x–6.5x
Post-transformation leverage goal
Multifamily portfolio sale proceeds
$485M
Nine assets sold to Harbor Group International
Total expected disposition proceeds
$562M
Assets under PSA and held for sale
Share repurchases YTD
5.6M shares
More than 5% of common equity through May 22, 2026
Key Terms
FFO, As Adjusted, Net debt/total adj. EBITDAre, Same-Store NOI Cash, equity method investment, +2 more
6 terms
FFO, As Adjusted financial
"Raised FFO, As Adjusted guidance midpoint, 2026E"
Funds From Operations, "as adjusted," is a measure used mainly for real estate companies that starts with reported profit then adds back routine accounting write-downs and strips out gains, losses, and other one-time or non-cash items to show the business’s recurring cash-generating ability. For investors it’s useful because it focuses on steady operational cash flow—like comparing a store’s everyday sales rather than including occasional big one-off transactions—to assess dividend sustainability and operating health.
Net debt/total adj. EBITDAre financial
"8.3x Net debt/total adj. EBITDAre 9.2x Net debt + preferred / total adj. EBITDAre"
Same-Store NOI Cash financial
"0.7% Office SS NOI Cash increase 1Q26 vs 1Q25 2.2% Retail SS NOI Cash increase 1Q26 vs 1Q25"
equity method investment financial
"$3 $3.4M EQUITY METHOD INVESTMENT ("EMI") PROPERTY INCOME"
An equity method investment is an accounting way to report ownership in another company when an investor has significant influence (commonly around 20–50% of voting rights). Instead of listing the other company’s full assets and debts, the investor records its share of that company’s profits or losses on its own income statement—like keeping track of your share of a neighborhood bakery’s monthly earnings. Investors care because those shared profits, losses and changes in the investee’s value directly affect the investor’s reported earnings and balance sheet, so this method can materially change a company’s financial picture and valuation.
Cumulative Redeemable Perpetual Preferred Stock financial
"6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share"
A cumulative redeemable perpetual preferred stock is a type of ownership share that pays fixed dividends forever unless the company stops them, and any missed dividends accumulate and must be paid later. It can be redeemed (bought back) by the issuer at specified times or prices, so it behaves partly like a long-term loan; investors care because it sits ahead of common shares for payments and can affect a company’s cash needs and perceived credit risk.
investment grade financial
"BBB Credit rating 14.4% First quarter retail new lease spread, cash"
A credit rating label assigned to bonds or borrowers that signals relatively low risk of default; think of it as a strong health check for a company's or government's ability to repay debt. It matters to investors because investment-grade status typically means lower interest costs for the borrower, greater eligibility for conservative funds and pension portfolios, and generally more stable returns compared with higher-risk, non-investment-grade debt.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 1, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| , | |||||||||||||||||
| , | |||||||||||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||||||||
Registrant’s telephone number, including area code: (757 ) 366-4000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
Beginning on June 1, 2026, Shawn J. Tibbetts, the President and Chief Executive Officer of AH Realty Trust, Inc. (the “Company”), and Matthew T. Barnes-Smith, the Chief Financial Officer and Treasurer of the Company, will use the presentation materials that are included as Exhibit 99.1 to this Current Report on Form 8-K in meetings with investors. A copy of the presentation materials also will be available on the Company’s website, ir.ahrealtytrust.com.
The information contained in Item 7.01 of this Current Report on Form 8-K (including Exhibit 99.1 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly provided by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. | Description | |||||||
| 99.1 | Investor Presentation | |||||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AH REALTY TRUST, INC. | ||||||||
| Date: June 1, 2026 | By: | /s/ Matthew Barnes-Smith | ||||||
| Matthew Barnes-Smith | ||||||||
| Chief Financial Officer and Treasurer | ||||||||
AH Realty Trust 1 AH Realty Trust INVESTOR PRESENTATION Q1 2026
2 Forward-looking Statements This presentation should be read in conjunction with the unaudited condensed consolidated financial statements appearing in our press release dated May 4, 2026, which has been furnished as Exhibit 99.1 to our Form 8-K furnished on May 4, 2026. The Company makes statements in this presentation that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), and, as such, may involve known and unknown risks and uncertainties, and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These forward-looking statements may include comments relating to the current and future performance of the Company’s operating property portfolio, the Company’s development pipeline, the Company’s real estate financing program, the Company’s construction and development business, including backlog and timing of deliveries and estimated costs, financing activities, as well as acquisitions, dispositions, and the Company’s financial outlook, guidance, and expectations. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and the other documents filed by the Company with the Securities and Exchange Commission (the “SEC”) from time to time. The Company’s actual future results and trends may differ materially from expectations depending on a variety of factors discussed in the Company’s filings with the SEC from time to time. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company’s expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by applicable law.
3 Positioned For Sustainable Shareholder Value Creation Simplified, More Focused REIT Platform • High-quality open-air retail & mixed-use office portfolio • Curated, high-traffic assets in strong secondary and tertiary markets with strong demand drivers throughout the Sunbelt, Mid-Atlantic and Southeast • Reduced complexity and improved transparency Embedded NOI Growth • Embedded mark-to-market opportunity driven by positive leasing spreads, continued occupancy gains, contractual rent commencements, and identified lease-up across the portfolio Clear Deleveraging Path • Targeting leverage reduction from ~8.3x to 5.5x–6.5x range post transformation Disciplined Capital Allocation • Capital recycling strategy alongside opportunistic share repurchases • YTD share repurchase of 5.6M shares at a weighted average price of $5.92 through May 22, 2026 Attractive Valuation • Low FFO multiple • High dividend yield • High implied cap rate
4 AH Realty Trust is a pure- play, high-quality retail and mixed-use office REIT focused on identifying and realizing dominant market competitive advantages throughout the Sunbelt, mid- Atlantic and Southeast. Our company is primarily comprised of and focused on open-air shopping centers and mixed-use ecosystems within our markets. AH Realty Trust 0.7% Office SS NOI Cash increase 1Q26 vs 1Q25 +$0.01 Raised FFO, As Adjusted guidance midpoint, 2026E 2.2% Retail SS NOI Cash increase 1Q26 vs 1Q25 7.2% First quarter office new lease spread, cash BBB Credit rating 14.4% First quarter retail new lease spread, cash 2.3M Stabilized office SF $2.2B Enterprise Value 3.8M Stabilized retail SF 4
5 Financial Discipline Reset dividend to sustainable level (March 2025) Completed first private placement (July 2025) G&A alignment with current business model Initiated strategy to reduce leverage – on track to achieve target range of 5.5x-6.5x post transformation Disposing of nonrecurring income streams Disciplined investment approach Appointed Shawn Tibbetts as CEO and Chairman – unified direction and enhanced efficiency as the Company advances long-term strategic plan Appointed four independent directors over the past three years, including two nominees standing for election at the 2026 Annual Meeting; two legacy board members will not stand for reelection at the 2026 Annual Meeting. Expanded the executive team with cross-industry expertise spanning finance, operations, logistics, and infrastructure. Leadership & Governance Transforming AHRT Into a More Focused, Resilient REIT
6 With Significant Progress to Date • Sold 9 assets to Harbor Group International for $485M - Closing complete 5/20/26 • 2 remaining assets under contract for $77M - Closing expected end of 2026 and mid-2027 • Approximately $562M of total proceeds generated, excluding The Everly and Gainesville II assets held for sale • Proceeds primarily deployed toward debt reduction, significantly improving leverage and liquidity Exit of Multifamily Portfolio • Completed divestiture of construction management business • Eliminated fee-based earnings volatility, reduced execution risk and project-related variability, increasing earnings predictability Exit General Contracting • Executing disposition of 4 remaining investments • Completed sales of Peachtree and North Creek (~$63M proceeds) • JV partner completed sale of Allure at Edinburgh ($91.8M) • Kennesaw asset actively being marketed Exit of Real Estate Financing (REF) Platform Advanced proactive board refreshment process to align governance with the Company’s strategic transformation • Nominated Theodore Bigman and Lori Wittman as new independent directors; both brings deep expertise in real estate, capital markets, and capital allocation • Dennis Gartman and George Allen to retire from the Board following the 2026 Annual Meeting Governance Enhancements • Launched AH Realty Trust • New corporate identity reflects the fundamental restructuring and repositioning of the business • Reinforces a simplified strategy, focused portfolio, and long-term value creation objectives Company Rebrand
7 Simplifying and Refocusing The Portfolio Simplifying and focusing on the portfolio • Executing an exit from multifamily • Concentrating on high quality retail and office assets • Streamlined portfolio for clearer focus, predictable cash flow, and operational efficiency Clear capital allocation framework • Prioritizing risk-adjusted returns and predictable cash flow • Decisions driven by underwriting discipline and market realities Comparative Income Streams Composition Retail NOI Office NOI Multifamily NOI GCRES Gross Profit Real Estate Financing Gross Profit Other NOI Post TransformationPre Transformation
8 High-quality Portfolio Positioned For Sustainable Growth 92.5% Retail economic occupancy 110K New & renewed retail sf in 1Q26 20K New & renewed office sf in 1Q26 94.8% Retail leased occupancy 96.0% Office leased occupancy 87.7% Office economic occupancy Commercial Expirations ABR By Vintage Available M-T-M 2025 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Thereafter Retail Office 7% 38% 54% < 2000 2000 - 2009 2010+ 4.0% --% 3.0% 8.0% 8.0% 11.0% 12.0% 10.0% 7.0% 3.0% 3.0% 11.0% 11.0% 8.0%
9 Weighted Average Lease Term Remaining (Years) Favorable Lease Terms With Significant Mark To Market Opportunity 7.7 Office weighted average lease term (years) 5.6 Retail weighted average lease term (years) 5.4 5.9 5.3 5.8 5.7 5.6 5.6 5.5 5.6 5.6 5.6 5.6 7.7 8.8 7.9 8.4 8.2 8.3 8.1 8.5 8.4 8.1 7.9 7.7 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Retail Office
10 Portfolio Overview Retail Percentage Of NOI By Retail Classification(1) 42 Number of Retail Properties(2) 3.8M Net Rentable Square Footage Retail Properties(2) Sandbridge Commons | Virginia Beach, Virginia (1) Retail classifications are reflective of ICSC’s U.S Shopping-Centers Classifications, with the exception of Street Retail. Street Retail includes Chronicle Mill Retail, Liberty Retail, and The Edison Retail. (2) Includes stabilized properties only. Excludes 5 retail properties sold on May 20, 2026, as detailed on slide 32. (3) Mixed Use Retail is primarily classified as Lifestyle Center, with the exception of One City Center. 40.9% 23.7% 20.9% 10.4% 3.6% 0.5% Community Center Lifestyle Center Neighborhood Center Power Center Strip/Convenience Street Retail (3)
11 Portfolio Overview Office Mixed Use Vs. Non-mixed Use By ABR(1) HIGHLY DIFFERENTIATED OFFICE ASSETS IN GROWTH MARKETS • Materially concentrated within mixed use settings • Benefit from integrated retail, residential, and experiential components --- driving consistently high occupancy levels • Roster of high credit tenants 2.3M Net Rentable Square Footage Office Properties(2) 13 Number of Office Properties(2) Name | Location (1) Mixed-Use consists of Town Center of Virginia Beach, Harbor Point – Baltimore Waterfront, One City Center, The Interlock, and Southern Post (2) Includes stabilized properties only. Also excludes 1 office property under PSA, as detailed on slide 32. 94.8% 5.2% Mixed-Use Non Mixed-Use
12 Communities Overview Mixed-use Total Portfolio ABR* 3.0M SF Commercial space in mixed-use portfolio 0.8M SF Of premier retail space 2.2M SF Of class a premier office space Adjacent Multifamily Strategically located in core submarkets Average walk score of 90 Mixed-Use Retail 25.0% Mixed-Use Office 75.0% * Stabilized properties only. Excludes retail and office properties under PSA. ** Mixed-Use consists of Town Center of Virginia Beach, Harbor Point – Baltimore Waterfront, One City Center, and The Interlock. Southern Post | Roswell, Georgia 61.9% 35.6% 2.6% OfficeMixed-Use** Grocery Anchored and Power Centers
13 Diversified, Investment Grade(1) Tenant Base Strategic approach supports durable demand and consistently strong occupancy • Financial Services Hubs at Harbor Point and Town Center • Innovation-Driven Technology Tenants Leveraging Georgia Tech Adjacency (The Interlock) • Established Legal and Professional Services Firms • Broad Base of Institutional Corporate Users • Grocery-Anchored Retail Driving Daily Traffic and Footfall Tenants by ABR As of March 31, 2026 (1) Investment Grade per management judgment or public sources. (2) Reflects T. Rowe Price at 50% ABR to account for AHRT JV Ownership %. 11.0% 6.3% 5.4% 2.6% 1.7% 1.3% 1.2% 1.1% 1.1% 1.0%
14 Optimizing Balance Sheet To Enhance Flexibility Targeted Deleveraging • Reducing leverage to target range of 5.5x-6.5x using proceeds from asset dispositions • Improving financial flexibility and strengthens the company’s risk profile Enhanced Financial Resilience • Strengthened balance sheet positions the company to weather market cycles • Supports future strategic opportunities with available capital LONG-TERM TARGET: 5.5x - 6.5x Net Debt / Total Adjusted EBITDAre4.2% Portfolio wtd. Avg. Interest rate 8.3x Net debt/total adj. EBITDAre 9.2x Net debt + preferred / total adj. EBITDAre 98.3% Fixed or hedged 5.9X 7.5X 7.2X 8.1X 5.5X 6.5X 5.0X 6.0X 7.0X 8.0X 9.0X 2022 2023 2024 2025 2026E Post-Transformation
15 Executing Disciplined Capital Allocation Strategy AFFO Payout Ratio Deleveraging • Committed to reducing leverage from ~8.3x to 5.5x–6.5x • $465 million of proceeds from completed sale of nine multifamily properties used to paydown debt Share repurchases • Increased share repurchase authorization to $100 Million • Repurchased approximately 5.6 million shares representing more than 5% of the common equity YTD through May 22, 2026 Dividend • Reset to sustainable level fully covered by core property operating cash flow 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 2Q25 3Q25 4Q25 Th ou sa nd s AFFO Total Dividend
16 (1) Includes T. Rowe Price Global HQ. EMI property income is reflected as the property's NOI less interest expense, times the Company's ownership percentage (50%). (2) Other NOI includes NOI from Smith's Landing and NOI from parking. (3) Refer to AHRT's 1Q26 Supplemental Financial Package for a reconciliation of funds from operations ("FFO") as defined by Nareit to FFO, As Adjusted for the current period. FFO, As Adjusted is a forward-looking, non-GAAP measure that presents the Company's projected Funds From Operations as adjusted for certain items that the Company believes are not indicative of its ongoing operating performance, including: (i) estimated income and expenses related to the GCRES business; (ii) estimated income and expenses associated with assets held for sale or under LOI; and (iii) estimates of certain non-recurring transaction costs. The Company presents FFO, As Adjusted to provide investors with a supplemental measure of the Company's anticipated operating performance following the completion of its announced strategic initiatives, but investors are cautioned against placing undue reliance on the Company's presentation of FFO, As Adjusted. 2026 Revised Outlook Continued Operations HIGHLOW $70.0M$68.5MRETAIL NOI $60.0M$58.5MOFFICE NOI $3.9M$3.4MEQUITY METHOD INVESTMENT ("EMI") PROPERTY INCOME(1) $0.0M$0.0MACQUISITION NOI $133.9M$130.4MTOTAL COMMERCIAL NOI -$18.7M-$19.7MG&A EXPENSES -$54.2M-$57.2MINTEREST EXPENSE $9.9M$8.9MOTHER NOI(2) -$11.5M-$11.5MPREFERRED STOCK DIVIDENDS $54.7M$50.7MFUNDS FROM OPERATIONS AS ADJUSTED ("FFO, AS ADJUSTED")(3) $0.55$0.51FFO, AS ADJUSTED PER DILUTED SHARE
17 1Q26 Revised Outlook & Assumptions • Disposition of the General Contracting and Real Estate Services ("GCRES") business in 2Q26 • Disposition of the Multifamily Portfolio, with the exception of Smith's Landing(1) • Realization of The Allure at Edinburgh in 2Q26 • Exit of the remaining Real Estate Financing Portfolio(2) • Retail Same-Store NOI Cash, growth of 1.50% and Office Same-Store NOI, Cash growth of 1.95% • Secured Debt Paydowns of ~$300M as a result of the Multifamily Disposition(3) • Net Unsecured Debt Paydowns of ~$400M(3) • Includes Share Repurchases of $24.1M for 4.2M shares through April 2, 2026 • No Acquisitions in 2026, capital redirected toward Share Repurchases (1) Refer to slide 35, Discontinued Operations, for management’s expectations on timing of multifamily dispositions. (2) Solis Peachtree Corners and Solis North Creek were sold on March 27, 2026. Refer to slide 36 for management’s expectations on timing of real estate financing exits. (3) Assumed debt paydowns are derived from the expected sales proceeds of Multifamily and Real Estate Financing assets under PSA or being actively marketed based on valuations underwritten by commercial brokerages. Also includes the impact of expected borrowings on the Company's line of credit. The Company can provide no assurances that the proceeds ultimately received by the Company will not be different than anticipated, and such difference could be material.
18 AH Realty Trust is a pure- play, high-quality retail and mixed-use office REIT focused on identifying and realizing dominant market competitive advantages throughout the Sunbelt, mid- Atlantic and Southeast. Our company is primarily comprised of and focused on open-air shopping centers and mixed-use ecosystems within our markets. AH Realty Trust 0.7% Office SS NOI Cash increase 1Q26 vs 1Q25 +$0.01 Raised FFO, As Adjusted guidance midpoint, 2026E 2.2% Retail SS NOI Cash increase 1Q26 vs 1Q25 7.2% First quarter office new lease spread, cash BBB Credit rating 14.4% First quarter retail new lease spread, cash 2.3M Stabilized office SF $2.2B Enterprise Value 3.8M Stabilized retail SF 18
19 Appendix
20 $ And Shares/Units In Thousands Net Asset Value Component Data As of March 31, 2026 LIABILITIESSTABILIZED PORTFOLIO NOI (CASH) (1) As of 3/31/2026AnnualizedThree Months Ended $1,492,742Mortgages and Notes Payable3/31/2026 86,552Mortgages, JV Pro Rata ShareRetail $1,579,294Total Debt, including JV Pro Rata Share$71,028$17,757Stabilized Retail NOI, Cash(2) (464)(116)Stabilized Retail NOI, Cash under PSA(3) 6,129Accounts Payable and Accrued Liabilities, Non-Property1,720430Signed Not Yet Occupied or in Free Rent Period, Retail 6,080Other Liabilities, Non-Property$72,284$18,071Adjusted Stabilized Retail NOI, Cash $1,591,503Total Liabilities Office $68,776$17,194Stabilized Office NOI, Cash(2) (240)(60)Stabilized Office NOI, Cash under PSA(3) 4,7121,178Signed Not Yet Occupied or in Free Rent Period, Office $73,248$18,312Adjusted Stabilized Office NOI, Cash $10,232$2,558Other NOI, Cash PREFERRED EQUITYNON-STABILIZED PORTFOLIO Liquidation ValueAs of 3/31/2026 $171,085Series A Cumulative Redeemable Perpetual Preferred Stock$81,510Properties in Lease Up at Cost(4) COMMON EQUITYASSETS OF DISCONTINUED OPERATIONS OR HELD FOR SALE As of 3/31/2026As of 3/31/2026 76,553Total Common Shares Outstanding$562,000Real Estate Assets under PSA(3) 24,757Total Units Outstanding104,468Multifamily Assets HFS at Net Book Value(3) 101,310Total Common Shares and Units Outstanding39,273Real Estate Financing Investments at Book Value(5) 2,512Net Assets of GCRES at Book Value $708,253 (1) Excludes $1.1M of expenses associated with the Company’s in-house asset management division for the three months ended March 31, 2026. NON-PROPERTY ASSETS As of 3/31/2026 (2) Includes $2.1M and less than $(0.1)M of AHRT’s JV Pro Rata Share of Cash NOI for T. Rowe Price Global HQ for Office and Retail, respectively. $17,963Cash and Restricted Cash 5,367Accounts Receivable, Net (3) Refer to slide 32 for a break-out of real estate assets under PSA and Held for Sale.9,951Other Assets (4) Refer to slide 36 for the make-up of Non-Stabilized properties.$33,281Total Non-Property Assets (5) Excludes allowance for current expected credit losses
21 $ In Thousands As of March 31, 2026 Redevelopment Estimated Cost(1)Projected Date of Completion(1)DescriptionProjects $ 3,3004Q26TI Allowances for space previously occupied by the Company in Armada Hoffler Tower.Town Center of Virginia Beach DescriptionProperty Option for future expansion and activation on undeveloped lotsTown Center of Virginia Beach Expansion and densification of existing undeveloped green spaceThe Interlock Redevelopment of +/- 4 acres for alternate commercial or residential useColumbus Village II Redevelopment for alternate commercial or residential use; outparcel development potentialHarrisonburg Regal Outparcel creation and development in the existing parking fieldRed Mill Commons Right-size existing tenants to accommodate backfill demandSouthgate Square Conversion of 2nd floor retail into alternate commercial usesFountain Plaza Outparcel creation opportunity on the hard cornerSouth Square Conversion of existing office space for commercial retail usePembroke Square Outparcel creation and development in the existing parking fieldPembroke Square Densification of surface parking and optimization of the day/night use of the structured parking deckProvidence Plaza Outparcel creation and development in the existing parking fieldBroad Creek Shopping Center In-progress Opportunities(2) (1) Represents estimates that may change as the project proceeds. (2) Assumptions regarding future opportunities are subject to change.
22 Mixed-Use Community Southern Post • New mixed-use project, diverse income stream • High barrier to entry • Outdoor spaces • Amenitized walkable environment LOCATION Roswell, Georgia PROPERTY SQUARE FOOTAGE 42K SF of retail 95K SF of office anchored by Vestis LEASED OCCUPANCY 83.9% Office 93.3% Retail Adjacent Multifamily
23 Mixed-Use Community Southern Post FOOT TRAFFIC DWELL & DURATION BEHAVIOR PATTERNS ~400K Annual Visits ~150K Annual Unique Visitors 2.6x Annual Visit Frequency +196%(1) YoY Growth +3,000%(2) 2-Year Growth 81 mins (~1.4 hours) Avg. Dwell Time 70 mins Median Stay Rapid growth indicates strong early traction Repeat visitation (2.6x) shows emerging loyalty ~81 min dwell supports quick, purpose-driven trips Affluent trade area drives premium spending potential (1) YoY: For the period April 1, 2025 to March 31, 2026 compared to April 1, 2024 to March 31, 2025. (2) 2 Year Growth: For the period April 1, 2025 to March 31, 2026 compared to April 1, 2023 to March 31, 2024.
24 Mixed-Use Community The Interlock • An unparalleled destination for entertainment, dining, shopping and more • Located in the West Midtown neighborhood • Amenitized walkable environment LOCATION Atlanta, Georgia Nine-acre development featuring 200k square feet of office and 105k square feet of carefully curated retail Partnership with Georgia Tech Private membership club, Retreat at The Gathering Spot 161-room Bellyard, a Tribute Portfolio Hotel Adjacent Townhomes
25 Mixed-Use Community The Interlock FOOT TRAFFIC DWELL & DURATION BEHAVIOR PATTERNS ~820K Annual Visits ~431K Annual Unique Visitors 2x Annual Visit Frequency +7%(1) YoY Growth -9%(2) 2-Year Growth 170 mins (~2.8 hours) Avg. Dwell Time 103 mins Median Stay High Engagement Destination Moderate Repeat visitation (2x) shows emerging loyalty Experience-Led Visitation Affluent Urban Professional Core (1) YoY: For the period April 1, 2025 to March 31, 2026 compared to April 1, 2024 to March 31, 2025. (2) 2 Year Growth: For the period April 1, 2025 to March 31, 2026 compared to April 1, 2023 to March 31, 2024.
26 Mixed-Use Community Town Center of Virginia Beach LOCATION Virginia Beach, Virginia PROPERTY SQUARE FOOTAGE 641K SF of retail 806K SF of office Integrated Mixed-Use Setting with Adjacent Multifamily Additional Parcels for Development/Redevelopment
27 Mixed-Use Community Town Center of Virginia Beach FOOT TRAFFIC DWELL & DURATION BEHAVIOR PATTERNS 6.9M Annual Visits 1.6M Annual Unique Visitors 4.3x Annual Visit Frequency +4%(1) YoY Growth +3%(2) 2-Year Growth 76 mins (~1.3 hours) Avg. Dwell Time 53 mins Median Stay High-Frequency, Routine-Driven Visitation Shorter, Purposeful Trips Strong Local Dependence Errand + Convenience Behavior High Traffic, Broad Appeal Diverse, Mid-to-Upper Income Customer Base (1) YoY: For the period April 1, 2025 to March 31, 2026 compared to April 1, 2024 to March 31, 2025. (2) 2 Year Growth: For the period April 1, 2025 to March 31, 2026 compared to April 1, 2023 to March 31, 2024.
28 Virginia Beach Market Review Key Industries & Growth Sectors Largest MSA in Virginia2nd Largest MSA on East Coast12th Population growth since 2010 6% MSA population (37th most populous MSA in U.S.) 1.8M Median household income $79K Unemployment3.0% QUICK FACTS Notable Employers Market Commentary STABLE, RECESSION RESISTANT ECONOMY • World’s largest naval base and largest collection of military installations of any MSA in the US • The Port of Virginia: One of the most active in the U.S. • Healthcare and Education: 33 universities, colleges, and trade schools plus 22 hospitals • Tourism: Over 4M annual visitors to Virginia Beach • Landing site of the world’s fastest transoceanic fiber cables with connections to South America and Europe • Over 38 miles of beaches • Improved 15 places in ULI’s annual survey of U.S. Markets to Watch (from 65th in 2022 to 50th in 2023) • 10 miles from both the Virginia Beach Oceanfront and Norfolk STABLE, RECESSION RESISTANT ECONOMY • Main & Main: Serves as the center of the MSA • Tremendous growth opportunity to fill the void of the urban core • 20+ years and ongoing public-private partnership with the city • Full office occupancy with no plans for downsizing • Employers in the region want to be here • Provides on-site and walkable retail, dining, and entertainment options Defense Advanced Manufacturing Healthcare Distribution & Logistics Education Business & Administrative Services
29 Mixed-Use Community Harbor Point AHRT OWNED 263,000 Office SF1 - Thames Street Wharf 328,000 Office SF3 - Wills Wharf 444,000 Office SF 39,000 Retail SF 4 - Constellation Energy Building(1) 550,000 Office SF 20,000 Retail SF 6 - T. Rowe Price Global HQ(2) MULTIFAMILY ADJACENT 289 MF Units 18,632 Retail(3)2 - 1405 Point 103 MF Units4 - 1305 Dock Street 312 MF Units 20,000 Retail(3) 5 - Allied | Harbor Point (1) Represents 100% of the property of which the company owns 90% economic interest. (2) AHRT owns 50% of the property. (3) 1405 Point Retail & Allied Retail were sold on May 20, 2026. AHRT retained ownership of Allied's garage which includes 1,246 parking spaces. LOCATION Baltimore, Maryland 29
30 Mixed-Use Community Harbor Point FOOT TRAFFIC DWELL & DURATION BEHAVIOR PATTERNS ~700K Annual Visits ~250K Annual Unique Visitors 2.8x Annual Visit Frequency +4% YoY Growth +12% 2-Year Growth 158 mins (~2.6 hours) Avg. Dwell Time 59 mins Median Stay Strong evening usage in addition to midday office traffic Activity aligned with mixed-use environment (1) YoY: For the period April 1, 2025 to March 31, 2026 compared to April 1, 2024 to March 31, 2025. (2) 2 Year Growth: For the period April 1, 2025 to March 31, 2026 compared to April 1, 2023 to March 31, 2024. 30
31 Baltimore Market Review Key Industries & Growth Sectors Largest MSA on the East Coast7th MSA population, 28th highest2.8M Population growth over last 10 years 7% Most populous city in the U.S.29th Average household income $94K Unemployment3.7% QUICK FACTS The New “Main & Main” – That Cannot Be Outflanked • Last developable waterfront site • Strategically and centrally located • Walking distance to Harbor East, Fell’s Point, Inner Harbor, and Federal Hill • Corporate relocations from the CBD (Light & Pratt) • Unparalleled amenities - The newest, livable, walkable, urban destination • Opportunity as a result of 20-year, ongoing relationship with Beatty Development Group • Originated from Armada Hoffler’s construction arm then evolved and transitioned into a true partnership • Public-private partnership with the City of Baltimore 9 other colleges and universities Education Business and Administrative Services
32 As of May 20, 2026 Discontinued Operations Multifamily Dispositions Expected Disposition PeriodHeld for SaleUnder PSASoldUnitsLocationProperty 2Q26X286Virginia Beach, VAEncore Apartments 2Q27X131Virginia Beach, VAPremier Apartments 2Q26X342Virginia Beach, VAThe Cosmopolitan 2Q26X103Baltimore, MD1305 Dock Street 2Q26X289Baltimore, MD1405 Point Street 2Q26X312Baltimore, MDAllied Apartments 2Q26X137Roswell, GAChandler Residences 2Q26X238Belmont, NCChronicle Mill 4Q26 - 1Q27X223Gainesville, GAThe Everly 4Q26 - 1Q27X184Gainesville, GASolis Gainesville II 4Q26X225Charlotte, NCGreenside Apartments 2Q26X199Newport News, VALiberty Apartments 2Q26X174Richmond, VAThe Edison Commercial Properties Included In Multifamily Sale Expected Disposition PeriodHeld for SaleUnder PSASoldNet Rentable SFLocationProperty 2Q26X18,632Baltimore, MDPoint Street Retail 2Q26X12,700Baltimore, MDAllied Retail 2Q26X11,530Belmont, NCChronicle Mill Retail 2Q26X5,932Belmont, NCChronicle Mill Office 2Q26X25,461Newport News, VALiberty Retail 2Q26X20,196Richmond, VAThe Edison Retail
33 As of May 20, 2026 Discontinued Operations, Cont. Real Estate Financing Expected Exit PeriodHeld for SaleSoldMultifamily UnitsLocationProject 2Q26X280Chesapeake, VAThe Allure at Edinburgh 4Q26 - 1Q27X239Kennesaw, GASolis Kennesaw 1Q26X249Peachtree Corners, GASolis Peachtree Corners 1Q26X303Charlotte, NCSolis North Creek General Contracting & Real Estate Services The General Contracting & Real Estate Services business was sold on April 30, 2026, for consideration of $2.4 million.
34 As of March 31, 2026 Property Portfolio Major Tenant(s)ABR per Occupied SF ABREconomic Occupancy Leased OccupancyNet Rentable SFYear Built/RedevelopedLocation Town Center of Virginia Beach The Cheesecake Factory, Brooks Brothers, Keagan's, Three Notch'd Brewing Company$37.08$1,303,634100.0 %100.0 %35,1612004Virginia Beach, VA249 Central Park Retail Anthropologie, Tupelo Honey27.79453,63362.0 %62.0 %26,3282014Virginia Beach, VA4525 Main Street Retail Apex Entertainment15.951,339,800100.0 %100.0 %84,0002020Virginia Beach, VA4621 Columbus Retail Trader Joe's, Shake Shack, CAVA, Ulta, Five Below, Golf Galaxy, Barnes & Noble, David's Bridal, Regal Cinemas24.033,700,92199.9 %99.8 %154,2681996/2020/2025Virginia Beach, VAColumbus Village Yard House46.93899,818100.0 %100.0 %19,1732008Virginia Beach, VACommerce Street Retail Ruth's Chris, Bravo!, Nando's$36.33$988,18775.6 %75.6 %35,9612004Virginia Beach, VAFountain Plaza Retail Target (S), REI (S), Fresh Market, Nordstrom Rack, DSW, Decisions16.882,096,262100.0 %100.0 %124,1812015Virginia Beach, VAPembroke Square Pottery Barn, Williams Sonoma, J. Jill, Cantina Laredo, TASTE36.441,349,83894.9 %94.9 %39,0152018Virginia Beach, VAPremier Retail lululemon, Free People, Madewell, CPK32.531,064,22784.9 %84.9 %38,5152002Virginia Beach, VASouth Retail Legal Sea Foods (dark)35.85415,639100.0 %100.0 %11,5942007Virginia Beach, VAStudio 56 Retail Lego, Abercrombie, Solidcore, Bluemercury, South Moon Under33.171,338,46770.8 %96.4 %41,8722020Virginia Beach, VAThe Cosmopolitan Retail Fidelity Investments, Lenscrafters, Muse Paintbar38.75532,919100.0 %100.0 %13,7522009Virginia Beach, VATwo Columbus Retail PF Changs, The Men's Wearhouse33.88552,84483.4 %92.9 %17,5582002Virginia Beach, VAWest Retail Harbor Point - Baltimore Waterfront honeygrow$37.25$685,90037.5 %47.9 %38,4642016Baltimore, MDConstellation Retail(1) Grocery Anchored Target (S), Home Depot (S), Food Lion, PetSmart, Chick-fil-A$20.51$2,233,25389.6 %89.6 %121,5042001Norfolk, VABroad Creek Shopping Center(2) Kroger, Staples11.781,136,36283.8 %83.8 %115,0591980South Bend, INBroadmoor Plaza Piggly Wiggly (S)15.27255,83291.3 %91.3 %18,3492016Newport News, VABrooks Crossing Retail(1)(3) Whole Foods, First Watch, Pet Supplies Plus, Pollo Tropical35.462,820,68491.2 %91.2 %87,2072021Delray Beach, FLDelray Beach Plaza(2) Kroger, Homegoods, Dick's House of Sport, Five Below10.152,646,331100.0 %100.0 %260,6252017Chesapeake, VAGreenbrier Square Walmart Neighborhood Market (S)23.83374,545100.0 %100.0 %15,7192014Chesapeake, VAGreentree Shopping Center Harris Teeter, Petco21.192,089,656100.0 %100.0 %98,6382009Chesapeake, VAHanbury Village Lowes Foods, Sola Salon, Hollywood Feed22.631,878,98697.2 %97.2 %85,4402017Lexington, SCLexington Square Costco (S), Home Depot (S), Harris Teeter, Ross, Burlington, PetSmart, Shoe Station, Dollar Tree13.572,967,92196.8 %96.8 %226,0832009Durham, NCNorth Pointe Center Publix, Petsense, Surchero's14.25872,231100.0 %100.0 %61,2002017Moultrie, GAParkway Centre Food Lion (S), O'Reilly Auto Parts20.26743,54388.3 %97.1 %37,8041998Virginia Beach, VAParkway Marketplace Safeway15.901,180,501100.0 %100.0 %74,2512001Perry Hall, MDPerry Hall Marketplace Harris Teeter13.94967,787100.0 %100.0 %69,4172015Virginia Beach, VASandbridge Commons Harris Teeter11.46559,948100.0 %100.0 %48,8592011Portsmouth, VATyre Neck Harris Teeter(2) Southeast Sunbelt Target (S), Hobby Lobby, PetSmart, Dollar Tree$14.431,639,14296.7 %98.8 %114,9542004Taylors, SCNorth Hampton Market Bulldega Urban Market34.56436,29455.7 %55.7 %22,6792019Durham, NCOne City Center Retail T.J. Maxx / Homegoods, Ross, Burlington, Boot Barn, Five Below, Show Carnival15.902,326,85596.7 %96.7 %151,3651990Asheville, NCOverlook Village Home Depot (S), Kohl's (S), Total Wine, Bob's Discount Furniture, DSW, Boot Barn16.742,525,44694.4 %94.4 %159,8422004Durham, NCPatterson Place Chipotle, Orange Theory, Mezzanotte, Aqua-Tots32.431,583,62698.7 %98.7 %49,4472008Charlotte, NCProvidence Plaza Retail Target (S), Sam's Club (S), Ross, Petco, Office Depot19.102,053,17198.1 %98.1 %109,5902005Durham, NCSouth Square Puttshack, F1 Arcade, The Gathering Spot52.315,293,46974.8 %93.4 %108,3792021Atlanta, GAThe Interlock Retail(2) Costco (S), T.J. Maxx, Golf Galaxy, Petco, Five Below, Beautista, Rooms to Go Kids20.763,586,74497.6 %97.6 %176,9972004Greensboro, NCWendover Village Retail Properties - Stabilized (1) The Company does not have 100% ownership of the property. (2) The Company leases all or a portion of the land underlying this property pursuant to a ground lease. (3) The Company is entitled to a preferred return on its investment in this property. (S) Shadow anchor located adjacent to the property, but is not part of the owned property.
35 As of March 31, 2026 Property Portfolio, Cont. Major Tenant(s) ABR per Occupied SFABR Economic OccupancyLeased OccupancyNet Rentable SF Year Built/RedevelopedLocationRetail Properties - Stabilized Mid-Atlantic Target (S), Best Buy, Old Navy, Five Below, pOpshelf, Shoe Carnival$18.40$1,953,189100.0 %100.0 %106,1661998Colonial Heights, VADimmock Square Regal Cinemas15.38753,620100.0 %100.0 %49,0001999Harrisonburg, VAHarrisonburg Regal Total Wine, Michaels, Chick-Fil-A, Panera25.202,866,30094.5 %97.3 %116,9532001Virginia Beach, VAMarketplace at Hilltop(1) Target (S), Walmart (S), Home Depot (S), T.J. Maxx, Homegoods, Five Below, Michaels, Petco, Dollar Tree, Walgreens19.927,222,30195.0 %97.0 %373,8082005Virginia Beach, VARed Mill Commons Burlington, PetSmart, Michaels, Staples, 7 Brew16.183,561,23384.6 %84.6 %260,1312016Colonial Heights, VASouthgate Square Buffalo Wild Wings22.99826,07189.1 %89.1 %40,3072006Midlothian, VASouthshore Shops $20.35$74,077,13092.5 %94.8 %3,839,615Stabilized Retail Total Major Tenant(s) ABR per Occupied SFABR Economic OccupancyLeased OccupancyNet Rentable SF Year Built / RedevelopedLocationOffice Properties- Stabilized Town Center of Virginia Beach Gather, HDR$26.06$1,493,213100.0 %100.0 %57,2952004Virginia Beach, VA249 Central Park Office Clark Nexsen, Mythics, Kimley-Horn, City of Virginia Beach28.065,624,52196.0 %96.0 %208,7602014Virginia Beach, VA4525 Main Street Office AH Realty Trust27.81537,706100.0 %100.0 %19,3352002Virginia Beach, VA4605 Columbus Office(2) Troutman Pepper, Williams Mullen, Trader Interactive, Morgan Stanley, KPMG, Hourigan, Old Dominion University, Pender & Coward, Cherry Bekaert, Mass Mutual, Mason & Hanger, Strayer University30.388,998,89891.0 %99.3 %298,3532002Virginia Beach, VAArmada Hoffler Tower(2) Atlantic Union Bank, Northwestern Mutual, HBA, Movement Mortgage, Truist28.083,624,46788.9 %100.0 %129,0661984Virginia Beach, VAOne Columbus VHB, Hazen & Sawyer, Insight Global28.272,584,17692.6 %97.7 %93,5852009Virginia Beach, VATwo Columbus Office Harbor Point - Baltimore Waterfront Constellation Energy Group$35.87$15,946,114100.0 %100.0 %444,6002016Baltimore, MDConstellation Office(3) Morgan Stanley32.138,362,13374.0 %98.8 %263,4262010Baltimore, MDThames Street Wharf(2) Franklin Templeton, Morgan Stanley, Transamerica, Stifel, EY, RBC, Bright Horizons, Canopy by Hilton31.589,441,22980.8 %91.5 %326,8952020Baltimore, MDWills Wharf(1) Southeast Sunbelt Duke University, WeWork$31.362,871,98471.0 %71.0 %128,9202019Durham, NCOne City Center Office Choate Construction, Cranfill Sumner31.461,688,543100.0 %100.0 %53,6712008Charlotte, NCProvidence Plaza Office Georgia Tech, Pindrop, The Gathering Spot, Stream, Directional Capital, Innovien Solutions, Alloy, The HoneyPot41.817,861,38070.8 %94.4 %199,1702021Atlanta, GAThe Interlock Office(1) Mid-Atlantic Huntington Ingalls Industries$20.83$2,043,004100.0 %100.0 %98,0612019Newport News, VABrooks Crossing Office $31.89$71,077,36887.7 %96.0 %2,321,137Stabilized Office Total (1) The Company leases all or a portion of the land underlying this property pursuant to a ground lease. (2) The Company occupies 38,879 square feet at these three properties at an ABR of $1.1M, or $28.46 per leased square foot, which is reflected in this table. The rent paid by the Company is eliminated in accordance with GAAP in the consolidated financial statements. (3) The Company does not have 100% ownership of the property. (4) The Company is entitled to a preferred return on its investment in this property. (S) Shadow anchor located adjacent to the property, but is not part of the owned property.
36 As of March 31, 2026 Property Portfolio, Cont. ABR per Occupied SFABR Economic Occupancy Leased OccupancyNet Rentable SF Year Built / RedevelopedOwnership %LocationUnstabilized Southeast Sunbelt $39.92$1,565,20473.6%93.3%42,0162024100%Roswell, GASouthern Post Retail 24.351,978,04617.4%83.9%96,8032024100%Roswell, GASouthern Post Office $29.42$3,543,25039.5%86.7%138,819Unstabilized Total ABR per Occupied SFABR (1) Economic Occupancy Leased OccupancyNet Rentable SF Year Built/RedevelopedOwnership %LocationEquity Method Investments Harbor Point - Baltimore Waterfront $14.29$7,900,064100.0%100.0%553,000202550%Baltimore, MDT. Rowe Price ——0.0%0.0%20,200202550%Baltimore, MDParcel 3 Retail $14.29$7,900,06496.5%96.5%573,200Equity Method Investments Total (1) Represents the Company’s 50% share of ABR.
FAQ
What strategic changes is AH Realty Trust (AHH) highlighting in this 8-K and presentation?
AH Realty Trust is repositioning as a pure-play retail and mixed-use office REIT. It is exiting multifamily assets, construction management, and its real estate financing platform, focusing on open-air shopping centers and mixed-use ecosystems across Sunbelt, Mid-Atlantic, and Southeast markets.
How is AH Realty Trust (AHH) planning to reduce leverage after its portfolio transformation?
AH Realty Trust reports net debt/total adjusted EBITDAre of about 8.3x and targets 5.5x–6.5x post-transformation. The plan uses roughly $562 million of asset-sale proceeds, including multifamily and financing exits, to pay down secured and unsecured debt and strengthen the balance sheet.
What 2026 financial outlook does AH Realty Trust (AHH) provide for NOI and FFO?
For 2026, AH Realty Trust projects total commercial NOI of $130.4–$133 million. Funds From Operations, As Adjusted are guided to $50.7–$54 million, or $0.51–$0.55 per diluted share, reflecting its streamlined portfolio and assumptions on same-store NOI growth and debt reduction.
What recent asset sales and proceeds does AH Realty Trust (AHH) disclose?
AH Realty Trust reports selling nine assets to Harbor Group International for $485 million and having two remaining assets under contract for $77 million. Combined multifamily-related and other planned transactions are expected to generate approximately $562 million of total proceeds for debt reduction.
What are AH Realty Trust’s (AHH) key operating metrics for its retail and office portfolio?
As of Q1 2026, AH Realty Trust reports retail economic occupancy of 92.5% and leased occupancy of 94.8%. Office leased occupancy is 96.0% with economic occupancy of 87.7%. Retail and office same-store NOI cash increased 2.2% and 0.7%, respectively, versus Q1 2025.