AH Realty Trust Raises 2026 FFO Guidance Again

The Tip Desk · November 10, 2026 · 3 min read

The Sunbelt retail and office REIT lifted full-year FFO, As Adjusted to $0.57 to $0.59 a share after retail same-store cash NOI rose 6.8%.

AH Realty Trust (AHRT) raised its full-year 2026 FFO, As Adjusted guidance for a third time, to $0.57 to $0.59 a diluted share, an 11.5% increase from original guidance, citing NOI growth across the retail and mixed-use office portfolio, earlier-than-planned debt paydown from the Multifamily Portfolio Sale First Closing, and share repurchases.

The company had already lifted the range to $0.53 to $0.57 after the second quarter and to $0.51 to $0.55 after the first quarter.

Retail same-store cash NOI growth accelerated to 6.8% in the third quarter from 2.9% in the second quarter. Office same-store cash NOI growth slowed to 5.2% from 8.3%.

Retail same-store cash NOI was $16.95 million in the three months ended September 30, 2026. Office same-store cash NOI was $13.64 million.

GAAP net loss available to common stockholders and OP unitholders widened to $6.6 million, or $0.07 a diluted share, from $3.6 million, or $0.04 a share, a year earlier. The company said the change reflected a $2.1 million decrease in interest expense after $456.0 million of net debt repayments in the second quarter, partially offset by $3.4 million of impairment on Gainesville, Georgia multifamily assets.

FFO, As Adjusted was $15.3 million, or $0.16 a share, down from $17.0 million, or $0.17 a share, a year earlier. The company attributed the year-over-year decline primarily to reduced termination fees and higher stock compensation and information technology costs, partially offset by lower interest expense.

FFO was $15.2 million, or $0.16 a share. The company said the year-over-year drop in FFO was primarily due to a $2.2 million decrease in real estate financing gross profit after disposing of most of that portfolio and Solis Kennesaw moving to non-accrual, and a $2.1 million decrease in general contracting and real estate services gross profit after the second-quarter sale of that business.

Total revenues were $52.32 million. Interest expense was $13.14 million.

Weighted average stabilized leased occupancy was 95.7% as of September 30, 2026, with retail at 95.0% and office at 96.6%. Economic occupancy was 90.3%, with retail at 91.0% and office at 89.6%.

The company executed 14 retail lease renewals and 2 new leases totaling 86,803 net rentable square feet. New-lease spreads were 27.5% GAAP and 16.5% cash; renewal spreads were 11.6% GAAP and 5.8% cash. Office leasing included 2 renewals and 4 new leases totaling 29,574 net rentable square feet, with new-lease spreads of 22.8% GAAP and 23.3% cash.

Total debt outstanding was $1.0 billion, of which 61.4% was fixed or economically hedged. Chairman, President and Chief Executive Officer Shawn Tibbetts said the company had reduced debt by nearly $500 million this year.

During the third quarter the company repurchased 0.8 million shares for $4.9 million at an average $6.25, bringing year-to-date buybacks to 6.4 million shares for $38.2 million at an average $5.96.

On October 28, 2026, the company refinanced the Constellation Energy Building loan to October 28, 2029, and recast credit facilities into a $150.0 million five-year revolver, a $200.0 million four-year term loan, a $200.0 million five-year term loan, and a $100.0 million seven-year term loan, with an accordion to $1.0 billion. On October 30 it sold The Everly and Solis Gainesville II for $95.5 million, and on October 29 Solis Kennesaw was redeemed for $15.7 million.

Full-year 2026 guidance assumes retail same-store cash NOI growth of 2.50% to 3.50% and office of 3.00% to 4.00%, with total commercial NOI of $134.1 million to $136.9 million and FFO, As Adjusted of $56.3 million to $58.3 million.