Revenue: As of FY2026 Q1, the actual value is USD 52.32 M.EPS: As of FY2026 Q1, the actual value is USD -0.33.EBIT: As of FY2026 Q1, the actual value is USD 25.35 M.AH REALTY TRUST INC underwent a strategic restructuring in early 2026, divesting its multifamily, real estate financing, and general contracting businesses to focus on core retail and office real estate segments, aiming to simplify its business model, strengthen its balance sheet, and enhance focus on core competencies .<h4>Retail Real Estate Segment</h4><ul><li>Rental Revenues: $24,497 thousand for the three months ended March 31, 2026, increased by $533 thousand from $23,964 thousand in the same period of 2025 .</li><li>Property Expenses: $6,956 thousand for the three months ended March 31, 2026, increased by $328 thousand from $6,628 thousand in the same period of 2025 .</li><li>Segment Net Operating Income (NOI): $17,541 thousand for the three months ended March 31, 2026, increased by $205 thousand from $17,336 thousand in the same period of 2025 .</li><li>Leased Occupancy: 94.8% as of March 31, 2026 .</li><li>Renewal Spreads: 10.7% (GAAP) and 4.5% (Cash) .</li><li>Same Store NOI (Cash Basis): Increased by 2.2% to $16,177 thousand for the three months ended March 31, 2026, from $15,829 thousand in the same period of 2025 .</li></ul><h4>Office Real Estate Segment</h4><ul><li>Rental Revenues: $23,920 thousand for the three months ended March 31, 2026, increased by $905 thousand from $23,015 thousand in the same period of 2025, primarily due to increased occupancy at The Interlock Office and Thames Street Wharf .</li><li>Property Expenses: $9,295 thousand for the three months ended March 31, 2026, increased by $925 thousand from $8,370 thousand in the same period of 2025, mainly due to increased utilities and higher expenses at The Interlock Office and Southern Post Office .</li><li>Segment Net Operating Income (NOI): $14,625 thousand for the three months ended March 31, 2026, decreased by $20 thousand from $14,645 thousand in the same period of 2025 .</li><li>Leased Occupancy: 96.0% as of March 31, 2026 .</li><li>New Leasing Spreads: 9.6% (GAAP) as of March 31, 2026 .</li><li>Same Store NOI (Cash Basis): Increased by 0.7% to $12,630 thousand for the three months ended March 31, 2026, from $12,545 thousand in the same period of 2025 .</li></ul><h4>Discontinued Operations</h4><ul><li>General Contracting and Real Estate Services:<ul><li>Revenues: $13,500 thousand for the three months ended March 31, 2026, a decrease from $46,614 thousand in 2025 .</li><li>Expenses: $13,415 thousand for the three months ended March 31, 2026, a decrease from $45,250 thousand in 2025 .</li><li>Segment Gross Profit: $85 thousand for the three months ended March 31, 2026, significantly down from $1,364 thousand in 2025, reflecting reduced third-party project backlog .</li><li>Operating Margin: 0.6% in 2026, down from 2.9% in 2025 .</li><li>Ending Backlog: $55,972 thousand as of March 31, 2026, compared to $80,423 thousand in 2025 .</li></ul></li><li>Multifamily Real Estate:<ul><li>Rental Revenues: $16,743 thousand for the three months ended March 31, 2026, up from $13,619 thousand in 2025 .</li><li>Rental Expenses: - $5,926 thousand for the three months ended March 31, 2026, compared to - $4,255 thousand in 2025 .</li></ul></li><li>Real Estate Financing:<ul><li>Interest Income: $2,255 thousand for the three months ended March 31, 2026, down from $3,736 thousand in 2025 .</li><li>Impairment of Notes Receivable: - $29,229 thousand recognized in Q1 2026 .</li><li>Notes Receivable (Net): $39,099 thousand as of March 31, 2026, significantly lower than $128,674 thousand as of December 31, 2025 .</li><li>Allowance for Loan Losses (Funded): $174 thousand as of March 31, 2026, down from $1,914 thousand as of December 31, 2025 .</li><li>Unfunded Loan Commitments: $2.5 million as of March 31, 2026 .</li></ul></li></ul><h4>Consolidated Operational Metrics (Continuing Operations)</h4><ul><li>Total Revenues: $52,317 thousand for the three months ended March 31, 2026, an increase of $2,135 thousand (4.3%) from $50,182 thousand in 2025 .</li><li>Operating Income: $11,627 thousand for the three months ended March 31, 2026, an increase of $3,770 thousand from $7,857 thousand in 2025 .</li><li>Depreciation and Amortization: $18,241 thousand for the three months ended March 31, 2026, a decrease of $789 thousand (4.1%) from $19,030 thousand in 2025 .</li><li>General and Administrative Expenses: $4,716 thousand for the three months ended March 31, 2026, a decrease of $2,439 thousand (34.1%) from $7,155 thousand in 2025 .</li><li>Interest Expense: - $13,782 thousand for the three months ended March 31, 2026, an increase of - $1,345 thousand (10.8%) from - $12,437 thousand in 2025 .</li><li>Equity in Income (Loss) of Unconsolidated Real Estate Entities: $243 thousand income in 2026, a significant improvement from - $1,415 thousand loss in 2025 .</li><li>Change in Fair Value of Derivatives and Other: $1,344 thousand gain in 2026, compared to - $749 thousand loss in 2025 .</li><li>Loss from Continuing Operations: - $493 thousand for the three months ended March 31, 2026, an improvement from - $6,604 thousand in 2025 .</li></ul><h4>Cash Flow (Consolidated)</h4><ul><li>Net Cash Provided by Operating Activities of Continuing Operations: $12,477 thousand for the three months ended March 31, 2026, consistent with $12,421 thousand in 2025 .</li><li>Net Cash Used for Investing Activities of Continuing Operations: - $1,555 thousand for the three months ended March 31, 2026, an improvement from - $17,065 thousand in 2025 .</li><li>Net Cash Used for Financing Activities of Continuing Operations: - $82,551 thousand for the three months ended March 31, 2026, significantly higher than - $1,302 thousand in 2025, primarily due to debt repayments and common stock repurchases .</li><li>Net Cash Flows from Discontinued Operations: $58,953 thousand provided in 2026, a reversal from - $17,710 thousand used in 2025, driven by investing activities from asset sales .</li><li>Net Decrease in Cash, Cash Equivalents, and Restricted Cash: - $12,676 thousand for the three months ended March 31, 2026, an improvement from - $23,656 thousand in 2025 .</li></ul><h4>Outlook/Guidance</h4>AH REALTY TRUST INC is executing a fundamental business restructuring to eliminate complexity, strengthen its balance sheet, and focus on retail and office properties . The company expects to continue divesting non-core assets, including an 11-asset multifamily portfolio and remaining real estate financing investments, with proceeds to be used for debt reduction . These strategic changes aim to enhance clarity, efficiency, and market recognition among investors, while maintaining a robust and resilient balance sheet .

AH Realty Trust | 10-Q: FY2026 Q1 Revenue: USD 52.32 M