10-K · February 26, 2026
The 2025 Form 10-K discloses a strategic repositioning: the company has exited its general contracting and real estate services segment (presented as discontinued operations for 2023–2025) and is pursuing divestitures…
Earnings analysis · 10-Q
AHRT earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
AH Realty Trust (AHRT) reported its Q1 2026 results, demonstrating strong improvements in EPS and operational restructuring. While EPS of $0.15 surpassed analyst expectations of $0.12, revenues fell slightly short at…
Read full summary
AH Realty Trust (AHRT) reported its Q1 2026 results, demonstrating strong improvements in EPS and operational restructuring. While EPS of $0.15 surpassed analyst expectations of $0.12, revenues fell slightly short at $52.32 million, compared to a forecast of $52.52 million.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.15
- Segment
- retail
- Segment
- office
What stood out
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EPS Beat Expectations
Reported EPS of $0.15 exceeded estimates of $0.12 by 25%.
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Revenue Increase Year-over-Year
Total revenue grew by $2.14 million, or 4.3%, from $50.18 million in Q1 2025.
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Operating Income Growth
Operating income improved by $3.77 million, reaching $11.63 million compared to $7.86 million in Q1 2025.
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Reduction in G&A Expenses
General and administrative expenses declined by 34.1%, from $7.16 million to $4.72 million.
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Positive Same Store NOI Growth
Same Store NOI increased 2.2% for retail and 0.7% for office properties.
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Asset Sales Expected in 2026
Completed strategic sale of construction business for $2.4 million, and multifamily portfolio sale for $562 million is anticipated to close Q2 2026.
What to watch
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Discontinued Operations Impact
Discontinued operations reported a loss of $29.53 million, primarily from exiting the multifamily sector.
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Increased Rental Expenses
Total rental expenses increased by 13.1% to $12.86 million, impacting margins.
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Interest Expense Growth
Interest expense rose by 10.8% due to increasing debt balances, totaling $13.78 million this quarter.
Management's outlook
Management indicated ongoing focus on core business and restructuring but deferred specific numeric guidance.
Earlier filings 4
10-Q · November 5, 2025
Armada Hoffler reported total revenue of $96,082k for Q3 2025, with rental revenue essentially flat at $68,724k (+$126k vs. Q3 2024) but a large decline in general contracting revenues to $23,192k from $114,353k in Q3…
10-Q · August 7, 2025
Q2 2025 revenue declined materially to $101,263 (three months ended June 30, 2025) from $184,736 in Q2 2024, driven by a sharp drop in general contracting revenue. Rental operations held up (rental revenue $65,147,…
10-Q · November 7, 2023
Armada Hoffler reported Q3 (period ended Sept 30, 2023) revenue of $166.011M, up from $126.257M a year ago, driven largely by a 44% increase in general contracting revenues. Despite top-line and NOI growth, GAAP net…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.