AH Realty Trust (AHRT) Investor presentation summary

Strategic transformation overview

• Executing a business transformation to exit multifamily, construction, and real estate financing, focusing on retail and office assets.

• Rebranding as AH Realty Trust effective March 2026 to reflect the new strategic direction.

• Leadership transition with a new CEO and Chairman, and a refreshed, more independent board.

• Streamlining operations for a simplified, pure-play REIT model with recurring income from stabilized assets.

• Emphasis on disciplined asset management, capital allocation, and operational excellence.

Portfolio and income stream optimization

• Exiting multifamily and non-core businesses to concentrate on high-quality retail and office properties.

• Retail portfolio is diversified, with the largest share in neighborhood centers (39.1% of 2025 NOI).

• Office portfolio is predominantly mixed-use, with 96.4% occupancy as of December 2025.

• Income stream post-transformation will be more stable, relying on property-level NOI from commercial assets.

• Eliminating higher-risk, capital-intensive activities to reduce volatility and risk.

Balance sheet and financial discipline

• Targeting net debt/EBITDA leverage of 5.5x–6.5x through asset sales and deleveraging.

• Reset dividend to a sustainable, fully covered level, supported by recurring cash flow.

• Completed first debt private placement to diversify capital sources and focus on long-term fixed-rate debt.

• Optimizing debt structure and maintaining healthy liquidity to support growth.

• Strengthened balance sheet to enhance resilience and support future opportunities.