AH Realty Trust, Inc.
AHRT NYSE Real Estate Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$210M
2.7%
vs prior year
Operating margin
Operating income as a share of revenue.
23.1%
5.8 pts
Net income
Profit after all expenses, interest and tax.
$5.6M
84.3%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
2.0%
1.0 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.63 EPS (TTM)
What AH Realty Trust, Inc. does
No business description yet.
- Legal name
- AH Realty Trust, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001569187-26-000019
0001569187
Revenue and margins
AH Realty Trust, Inc. had $210M of revenue in fiscal 2025, up 2.7% on the year before.
FY16
Revenue $258M
FY17
Revenue $303M
FY18
Revenue $193M
FY19
Revenue $257M
FY20
Revenue $384M
FY21
Revenue $303M
FY22
Revenue $471M
FY23
Revenue $254M
FY24
Revenue $204M
FY25
Revenue $210M
Q3 '23
Revenue $166M
Q4 '23
Revenue −$222M
Q1 '24
Revenue $49.0M
Q2 '24
Revenue $50.4M
Q3 '24
Revenue $55.4M
Q4 '24
Revenue $49.5M
Q1 '25
Revenue $50.2M
Q2 '25
Revenue $50.7M
Q3 '25
Revenue $53.1M
Q4 '25
Revenue $55.9M
Q1 '26
Revenue $52.3M
Q2 '26
Revenue $52.5M
FY16
Gross —
Operating 22.1%
Net 10.9%
FCF —
FY17
Gross 38.4%
Operating 13.1%
Net 7.0%
FCF —
FY18
Gross 41.9%
Operating 16.6%
Net 8.9%
FCF —
FY19
Gross 41.4%
Operating 16.6%
Net 9.4%
FCF —
FY20
Gross 30.5%
Operating 12.7%
Net 7.6%
FCF —
FY21
Gross 47.2%
Operating 19.6%
Net 7.2%
FCF —
FY22
Gross 35.5%
Operating 28.5%
Net 15.9%
FCF —
FY23
Gross 72.5%
Operating 24.1%
Net 3.3%
FCF —
FY24
Gross —
Operating 29.0%
Net 17.4%
FCF —
FY25
Gross —
Operating 23.1%
Net 2.7%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross 29.1%
Operating 13.5%
Net 4.2%
FCF —
Q4 '23
Gross −20.6%
Operating 2.4%
Net 6.9%
FCF —
Q1 '24
Gross 98.1%
Operating 21.4%
Net 28.7%
FCF —
Q2 '24
Gross 96.8%
Operating 10.9%
Net 6.3%
FCF —
Q3 '24
Gross 92.9%
Operating 24.7%
Net −9.1%
FCF —
Q4 '24
Gross —
Operating 59.6%
Net 58.6%
FCF —
Q1 '25
Gross —
Operating 15.7%
Net −5.6%
FCF —
Q2 '25
Gross —
Operating 26.9%
Net 11.7%
FCF —
Q3 '25
Gross —
Operating 21.0%
Net 0.2%
FCF —
Q4 '25
Gross —
Operating 28.5%
Net 4.1%
FCF —
Q1 '26
Gross —
Operating 22.2%
Net −44.3%
FCF —
Q2 '26
Gross —
Operating 18.6%
Net −29.8%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $28.1M
FY17
Net income $21.0M
FY18
Net income $17.2M
FY19
Net income $24.1M
FY20
Net income $29.2M
FY21
Net income $21.9M
FY22
Net income $74.7M
FY23
Net income $8.3M
FY24
Net income $35.6M
FY25
Net income $5.6M
Q3 '23
Net income $6.9M
Q4 '23
Net income −$15.2M
Q1 '24
Net income $14.1M
Q2 '24
Net income $3.2M
Q3 '24
Net income −$5.0M
Q4 '24
Net income $29.0M
Q1 '25
Net income −$2.8M
Q2 '25
Net income $5.9M
Q3 '25
Net income $0.1M
Q4 '25
Net income $2.3M
Q1 '26
Net income −$23.2M
Q2 '26
Net income −$15.7M
FY16
Diluted EPS $0.85
FY17
Diluted EPS $0.50
FY18
Diluted EPS $0.36
FY19
Diluted EPS $0.41
FY20
Diluted EPS $0.38
FY21
Diluted EPS $0.17
FY22
Diluted EPS $0.94
FY23
Diluted EPS −$0.05
FY24
Diluted EPS $0.34
FY25
Diluted EPS −$0.08
Q3 '23
Diluted EPS $0.06
Q4 '23
Diluted EPS −$0.27
Q1 '24
Diluted EPS $0.17
Q2 '24
Diluted EPS $0.00
Q3 '24
Diluted EPS −$0.12
Q4 '24
Diluted EPS $0.26
Q1 '25
Diluted EPS −$0.07
Q2 '25
Diluted EPS $0.04
Q3 '25
Diluted EPS −$0.04
Q4 '25
Diluted EPS −$0.01
Q1 '26
Diluted EPS −$0.33
Q2 '26
Diluted EPS −$0.25
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 8.8%
Return on equity 19.0%
Return on assets 2.9%
FY17
Return on capital 5.4%
Return on equity 11.2%
Return on assets 2.1%
FY18
Return on capital 3.4%
Return on equity 6.9%
Return on assets 1.5%
FY19
Return on capital 3.2%
Return on equity 7.0%
Return on assets 1.6%
FY20
Return on capital 3.4%
Return on equity 6.3%
Return on assets 1.6%
FY21
Return on capital 4.1%
Return on equity 4.1%
Return on assets 1.1%
FY22
Return on capital 8.1%
Return on equity 12.4%
Return on assets 3.6%
FY23
Return on capital 2.7%
Return on equity 1.4%
Return on assets 0.3%
FY24
Return on capital 3.0%
Return on equity 5.7%
Return on assets 1.4%
FY25
Return on capital 2.0%
Return on equity 0.9%
Return on assets 0.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations $57.0M
Capital spending —
FY17
Cash from operations $51.2M
Capital spending —
FY18
Cash from operations $56.1M
Capital spending —
FY19
Cash from operations $67.7M
Capital spending —
FY20
Cash from operations $91.2M
Capital spending —
FY21
Cash from operations $91.2M
Capital spending —
FY22
Cash from operations $117M
Capital spending —
FY23
Cash from operations $93.3M
Capital spending —
FY24
Cash from operations $112M
Capital spending —
FY25
Cash from operations $64.2M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $37.8M
Capital spending —
Q4 '23
Cash from operations $15.0M
Capital spending —
Q1 '24
Cash from operations $46.5M
Capital spending —
Q2 '24
Cash from operations $17.4M
Capital spending —
Q3 '24
Cash from operations $27.3M
Capital spending —
Q4 '24
Cash from operations $20.8M
Capital spending —
Q1 '25
Cash from operations $0.1M
Capital spending —
Q2 '25
Cash from operations $11.1M
Capital spending —
Q3 '25
Cash from operations $26.3M
Capital spending —
Q4 '25
Cash from operations $26.7M
Capital spending —
Q1 '26
Cash from operations $12.5M
Capital spending —
Q2 '26
Cash from operations $29.2M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
AH Realty Trust, Inc. returned $75.2M to shareholders in fiscal 2025. The diluted share count rose 13.4%.
FY16
Dividends $33.8M
Buybacks —
FY17
Dividends $43.6M
Buybacks —
FY18
Dividends $50.9M
Buybacks —
FY19
Dividends $61.5M
Buybacks —
FY20
Dividends $47.6M
Buybacks —
FY21
Dividends $58.7M
Buybacks $0.0M
FY22
Dividends $72.6M
Buybacks $0.0M
FY23
Dividends $80.4M
Buybacks $12.6M
FY24
Dividends $83.9M
Buybacks $0.0M
FY25
Dividends $75.2M
Buybacks $0.0M
Dividends
Buybacks
Q3 '23
Dividends $20.4M
Buybacks —
Q4 '23
Dividends $20.7M
Buybacks —
Q1 '24
Dividends $20.1M
Buybacks —
Q2 '24
Dividends $21.1M
Buybacks —
Q3 '24
Dividends $21.2M
Buybacks —
Q4 '24
Dividends $21.5M
Buybacks —
Q1 '25
Dividends $23.7M
Buybacks $0.0M
Q2 '25
Dividends $17.2M
Buybacks $0.0M
Q3 '25
Dividends $28.4M
Buybacks —
Q4 '25
Dividends $6.0M
Buybacks —
Q1 '26
Dividends $27.7M
Buybacks $21.0M
Q2 '26
Dividends $16.5M
Buybacks $12.4M
Dividends
Buybacks
FY16
Diluted shares 0.05B
FY17
Diluted shares 0.04B
FY18
Diluted shares 0.05B
FY19
Diluted shares 0.05B
FY20
Diluted shares 0.06B
FY21
Diluted shares 0.06B
FY22
Diluted shares 0.07B
FY23
Diluted shares 0.07B
FY24
Diluted shares 0.07B
FY25
Diluted shares 0.08B
Balance sheet
Cash, debt and the ratios that show how comfortably AH Realty Trust, Inc. can carry it.
FY16
Cash $21.9M
Debt $522M
FY17
Cash $20.0M
Debt $517M
FY18
Cash $21.3M
Debt $694M
FY19
Cash $39.2M
Debt $968M
FY20
Cash $41.0M
Debt $982M
FY21
Cash $35.2M
Debt $964M
FY22
Cash $47.5M
Debt $1.1B
FY23
Cash $20.0M
Debt $1.5B
FY24
Cash $22.0M
Debt $1.4B
FY25
Cash $40.7M
Debt $1.4B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $35.2M | $47.5M | $20.0M | $22.0M | $40.7M |
| Debt incl. finance leases | $964M | $1.1B | $1.5B | $1.4B | $1.4B |
| Net debt / EBITDA | 7.3x | 5.1x | 11.8x | 10.7x | 11.0x |
| Debt / equity | 1.7x | 1.7x | 2.4x | 1.9x | 2.0x |
| Interest coverage | 1.7x | 3.4x | 1.1x | 0.8x | 0.6x |
| Total assets | $1.9B | $2.2B | $2.6B | $2.5B | $2.6B |
| Total liabilities | $1.2B | $1.3B | $1.8B | $1.6B | $1.8B |
| Shareholders' equity | $555M | $647M | $573M | $671M | $628M |
| Net debt (− = net cash) | $928M | $1.1B | $1.5B | $1.4B | $1.3B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✕ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ |
| Current ratio rose | — | — | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ | — | — |
| Revenue rose relative to assets | — | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ | ✕ | ✕ | ✕ |
| F-score | — / 3 | 6 / 7 | 4 / 8 | 4 / 8 | 6 / 8 | 5 / 8 | 5 / 8 | 4 / 8 | 5 / 7 | 4 / 7 |
| Accruals ratio | −2.9% | −3.0% | −3.4% | −2.8% | −3.3% | −3.6% | −2.0% | −3.5% | −3.0% | −2.3% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $258M | $303M | $193M | $257M | $384M | $303M | $471M | $254M | $204M | $210M |
| Provision for credit losses | $0.0M | $0.0M | $0.0M | $0.0M | — | — | — | — | — | — |
| Gross profit | — | $116M | $81.1M | $106M | $117M | $143M | $167M | $184M | — | — |
| Operating income | $57.2M | $39.8M | $32.0M | $42.6M | $48.7M | $59.2M | $134M | $61.1M | $59.2M | $48.5M |
| Interest expense | $16.5M | $17.4M | $19.1M | $31.3M | $31.0M | $33.9M | $39.7M | $57.8M | $79.0M | $85.3M |
| Pretax income | $43.1M | $30.7M | $23.5M | $31.8M | $36.7M | $24.7M | $99.8M | $9.0M | $41.9M | — |
| Income tax | $0.3M | $0.7M | −$0.0M | −$0.5M | −$0.3M | −$0.7M | −$0.1M | $1.3M | −$0.6M | −$0.5M |
| Net income | $28.1M | $21.0M | $17.2M | $24.1M | $29.2M | $21.9M | $74.7M | $8.3M | $35.6M | $5.6M |
| Net income to common | — | $21.0M | $17.2M | $21.6M | $21.8M | $10.3M | $63.2M | −$3.3M | $24.1M | −$5.9M |
| Diluted EPS | $0.85 | $0.50 | $0.36 | $0.41 | $0.38 | $0.17 | $0.94 | −$0.05 | $0.34 | −$0.08 |
| Diluted shares | 0.05B | 0.04B | 0.05B | 0.05B | 0.06B | 0.06B | 0.07B | 0.07B | 0.07B | 0.08B |
| Cash flow | ||||||||||
| Cash from operations | $57.0M | $51.2M | $56.1M | $67.7M | $91.2M | $91.2M | $117M | $93.3M | $112M | $64.2M |
| Depreciation and amortization | $35.3M | $37.3M | $39.9M | $54.6M | $60.0M | $68.9M | $73.0M | $63.4M | $68.1M | $72.5M |
| Stock-based compensation | $1.1M | $1.3M | $1.3M | $1.6M | $2.4M | $2.2M | $3.3M | $3.7M | $5.1M | $6.8M |
| Acquisitions | $196M | $30.0M | $57.5M | $138M | $35.2M | $73.6M | $120M | — | — | — |
| Share buybacks | — | — | — | — | — | $0.0M | $0.0M | $12.6M | $0.0M | $0.0M |
| Dividends paid | $33.8M | $43.6M | $50.9M | $61.5M | $47.6M | $58.7M | $72.6M | $80.4M | $83.9M | $75.2M |
| Dividends and buybacks | $33.8M | $43.6M | $50.9M | $61.5M | $47.6M | $58.7M | $72.6M | $93.0M | $83.9M | $75.2M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $21.9M | $20.0M | $21.3M | $39.2M | $41.0M | $35.2M | $47.5M | $20.0M | $22.0M | $40.7M |
| Total debt | $522M | $517M | $694M | $951M | $964M | $918M | $1.1B | $1.4B | $1.3B | $1.3B |
| Finance lease liabilities | — | — | — | $17.9M | $18.0M | $46.2M | $46.5M | $91.9M | $92.6M | $84.8M |
| Total assets | $982M | $1.0B | $1.3B | $1.8B | $1.9B | $1.9B | $2.2B | $2.6B | $2.5B | $2.6B |
| Total liabilities | $633M | $623M | $809M | $1.1B | $1.2B | $1.2B | $1.3B | $1.8B | $1.6B | $1.8B |
| Preferred stock | $0.0M | $0.0M | $0.0M | $63.3M | $171M | $171M | $171M | $171M | $171M | $171M |
| Shareholders' equity | $148M | $227M | $274M | $409M | $523M | $555M | $647M | $573M | $671M | $628M |
| Margins | ||||||||||
| Gross margin | — | 38.4% | 41.9% | 41.4% | 30.5% | 47.2% | 35.5% | 72.5% | — | — |
| Operating margin | 22.1% | 13.1% | 16.6% | 16.6% | 12.7% | 19.6% | 28.5% | 24.1% | 29.0% | 23.1% |
| EBITDA margin | 35.8% | 25.5% | 37.2% | 37.8% | 28.3% | 42.3% | 44.0% | 49.0% | 62.3% | 57.6% |
| Net margin | 10.9% | 7.0% | 8.9% | 9.4% | 7.6% | 7.2% | 15.9% | 3.3% | 17.4% | 2.7% |
| Returns | ||||||||||
| Return on capital | 8.8% | 5.4% | 3.4% | 3.2% | 3.4% | 4.1% | 8.1% | 2.7% | 3.0% | 2.0% |
| Return on equity | 19.0% | 11.2% | 6.9% | 7.0% | 6.3% | 4.1% | 12.4% | 1.4% | 5.7% | 0.9% |
| Return on assets | 2.9% | 2.1% | 1.5% | 1.6% | 1.6% | 1.1% | 3.6% | 0.3% | 1.4% | 0.2% |
| Return on tangible equity | 19.0% | 9.3% | 6.3% | 5.3% | 4.2% | 1.9% | 9.8% | −0.6% | 3.6% | −0.9% |
| Growth | ||||||||||
| Revenue growth | — | 17.2% | −36.2% | 33.0% | 49.2% | −21.1% | 55.7% | −46.1% | −19.5% | 2.7% |
| Net income growth | — | −25.0% | −18.3% | 39.8% | 21.2% | −24.9% | 241.4% | −88.9% | 330.1% | −84.3% |
| EPS growth | — | −41.2% | −28.0% | 13.9% | −7.3% | −55.3% | 452.9% | −105.3% | — | −123.5% |
| Share count change | — | −15.5% | 12.0% | 11.8% | 7.9% | 5.8% | 11.4% | 0.2% | 4.4% | 13.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 5.4x | 6.4x | 9.4x | 9.6x | 8.7x | 7.3x | 5.1x | 11.8x | 10.7x | 11.0x |
| Debt / equity | 3.5x | 2.3x | 2.5x | 2.3x | 1.8x | 1.7x | 1.7x | 2.4x | 1.9x | 2.0x |
| Interest coverage | 3.5x | 2.3x | 1.7x | 1.4x | 1.6x | 1.7x | 3.4x | 1.1x | 0.8x | 0.6x |
| Capital allocation | ||||||||||
| Stock comp / revenue | 0.4% | 0.4% | 0.7% | 0.6% | 0.6% | 0.7% | 0.7% | 1.4% | 2.5% | 3.3% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 6.0 | 4.0 | 4.0 | 6.0 | 5.0 | 5.0 | 4.0 | 5.0 | 4.0 |
| Accruals ratio | −2.9% | −3.0% | −3.4% | −2.8% | −3.3% | −3.6% | −2.0% | −3.5% | −3.0% | −2.3% |
Source: SEC EDGAR XBRL filings (CIK 0001569187). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.