AH Realty director granted 941 shares in lieu of cash

AH Realty Trust director James A. Carroll received equity in lieu of cash, increasing his direct and partnership-based exposure to AHRT common stock.

Rhea-AI Filing Summary

AH Realty Trust, Inc. (symbol: AHRT) is the issuer of record for a Form 4 filing submitted to the SEC. Carroll James A reported acquisition or exercise transactions in this Form 4 filing.

AH Realty Trust, Inc. (AHRT) reported that director James A. Carroll received a grant of 941 shares of common stock on September 15, 2026, issued in lieu of a portion of his cash retainer at a reference value of $6.472 per share. After this award, he holds 44,616 common shares directly, plus direct interests in Time-Based LTIP Units representing 19,633 underlying common shares and Common Units representing 9,626 underlying common shares, which are ultimately redeemable or convertible into common stock under partnership agreements.

Insider Trade Summary

Grant/Award: 941 shares

Grant/Award 3 txns

Insider Carroll James A

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	941	$6.472	$6K
holding	Time-Based LTIP Units F2, F3	--	--	--
holding	Common Units F3, F4	--	--	--

Holdings After Transaction: Common Stock — 44,616 shares (Direct); Time-Based LTIP Units — 19,633 contracts (Direct); Common Units — 9,626 contracts (Direct)

Footnotes (4)

1. F1. These shares were issued to the director in lieu of a portion of his cash retainer.
2. F2. 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. 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. Time-Based LTIP Units have no expiration date.
3. F3. 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. F4. Represents Common Units. All Common Units reflected in this report may be tendered for redemption by the holder.

Key Figures

Shares granted: 941 shares of common stock Grant reference price: $6.472 per share Common shares held after transaction: 44,616 shares +3 more

6 metrics

Shares granted 941 shares of common stock Grant to director on September 15, 2026 in lieu of cash retainer

Grant reference price $6.472 per share Value reported for 941-share common stock grant on September 15, 2026

Common shares held after transaction 44,616 shares Director’s direct common stock holdings following the September 15, 2026 grant

Underlying shares from Time-Based LTIP Units 19,633 shares Underlying AH Realty Trust, Inc. common stock tied to Time-Based LTIP Units held directly

Underlying shares from Common Units 9,626 shares Underlying AH Realty Trust, Inc. common stock tied to Common Units held directly

Holding entries reported 2 holding positions Time-Based LTIP Units and Common Units reported as holdings on September 15, 2026

Key Terms

Time-Based LTIP Units, Common Units, Change of Control, OP Agreement, +1 more

5 terms

Time-Based LTIP Units financial

"Represents Time-Based LTIP Units ("Time-Based LTIP Units") in AH Realty Trust, LP"

Common Units financial

"Each Common Unit is redeemable for cash equal to the then-current market value"

Common units are the basic ownership stakes in a company, limited partnership, or trust that function like common stock: they give holders a claim on profits and often voting rights. Think of them as the ordinary seats at a table—the most directly affected by the business’s success or failure, so they typically offer higher upside but carry greater risk than preferred claims or creditors, which matters to investors evaluating potential return and safety.

Change of Control financial

"except in connection with a Change of Control (as defined in the OP Agreement)"

A change of control occurs when the ownership or management of a company shifts significantly, such as through a sale, merger, or acquisition, resulting in new leadership or ownership structure. This change can impact the company's direction and decision-making, which is important for investors because it may affect the company's stability, strategy, and future prospects.

OP Agreement financial

"Under the agreement of limited partnership of the Operating Partnership (the "OP Agreement")"

redemption financial

"All Common Units reflected in this report may be tendered for redemption by the holder"

Redemption is when an issuer or holder settles a financial instrument by paying it off or returning it for cash, such as a bond being paid at maturity or a preferred share bought back by the company. It matters to investors because redemption changes when and how they get their money back, can cut off future income from the investment, and affects the issuer’s cash needs—think of it like a loan being paid off early or a store refunding a returned purchase.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did AHRT director James A. Carroll report on this Form 4?

He reported a grant of 941 shares of AH Realty Trust, Inc. common stock on September 15, 2026, issued in lieu of a portion of his cash retainer, and updated his holdings in Time-Based LTIP Units and Common Units tied to AHRT common stock.

How many AHRT common shares does James A. Carroll hold after this transaction?

Following the September 15, 2026 grant, James A. Carroll holds 44,616 shares of AHRT common stock directly, according to the Form 4 filing.

What was the reference value per share for the AHRT stock granted to James A. Carroll?

The 941 AHRT common shares granted to James A. Carroll in lieu of cash were reported with a value of $6.472 per share on September 15, 2026.

What Time-Based LTIP Units tied to AHRT stock does James A. Carroll hold?

He holds Time-Based LTIP Units in AH Realty Trust, LP representing 19,633 underlying shares of AH Realty Trust, Inc. common stock. After vesting and subject to the partnership agreement, these units may be converted into Common Units and then effectively linked to AHRT common stock.

What AHRT-related Common Units does James A. Carroll hold?

He holds Common Units representing 9,626 underlying shares of AH Realty Trust, Inc. common stock. Each Common Unit is redeemable for cash equal to the then-current market value of one AHRT share or, at the company’s election, one AHRT common share.

Was this AHRT Form 4 transaction under a Rule 10b5-1 trading plan?

The filing indicates that the Rule 10b5-1 checkbox is not affirmed, and there is no footnote stating that the grant or holdings were made pursuant to a Rule 10b5-1 trading plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/16/2026 - 04:05 PM Accepted by SEC EDGAR 09/16/2026 - 04:05 PM Learn about SEC filing dates

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Carroll James A

(Last) (First) (Middle)

C/O AH REALTY TRUST, INC.

4605 COLUMBUS STREET

(Street)

VIRGINIA BEACH VIRGINIA 23462

(City) (State) (Zip)

UNITED STATES

(Country)

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
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2026

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

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

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

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	09/15/2026		A		941(1)	A	$6.472	44,616	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	(2)(3)							(2)(3)	(2)(3)	Common Stock	19,633		19,633	D
Common Units	(3)(4)							(3)(4)	(3)(4)	Common Stock	9,626		9,626	D

Explanation of Responses:

1. These shares were issued to the director in lieu of a portion of his cash retainer.

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

Remarks:

	/s/ Matthew T. Barnes-Smith, as Attorney-in-Fact for James A. Carroll	09/16/2026
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)