AHRT AH Realty Trust, Inc.

Overview and Growth

AH Realty Trust, Inc. generated $285.20M of revenue in fiscal 2025, with net income of $5.60M and an operating cash inflow of $64.25M. At $285.20M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 4.1% above fiscal 2024 revenue of $274.07M, marking a year-over-year increase. Diluted earnings per share were -$0.07, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 120.6% decrease from fiscal 2024 diluted EPS of $0.34. Diluted shares averaged 80.12M; this is the reported share base over which the company’s diluted per-share earnings were spread. The diluted share count was 13.4% higher than fiscal 2024, when diluted shares averaged 70.66M, adding context to the EPS comparison. At period end, total assets were $2.60B, framing the scale of the company’s operating and financing commitments. Revenue equaled 0.11x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Operations produced $80.86M of income after the reported operating expense base, before the remaining non-operating and tax effects. Operating margin measured 28.4%, showing the portion of revenue preserved after the full set of operating costs. Net income came to $5.60M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 2.0%, meaning that this portion of revenue remained as net income after all recognized expenses. EBITDA was $153.32M, adding a pre-interest, tax, depreciation, and amortization view of the company’s earnings capacity. The reported tax benefit was $482.00K, favorably bridging the pretax and after-tax results. Net income equaled 0.7% of period-end equity, showing the earnings generated on shareholders’ book capital. The net-income-to-assets relationship measured 0.2%, showing earnings relative to the full balance sheet. Current net income of $5.60M was below fiscal 2024 net income of $35.65M, showing the direction of the bottom-line change.

Liquidity and Capital Structure

The company held $2.60B of assets against $1.77B of liabilities and $829.19M of equity, revealing how the asset base was financed. Cash and equivalents totaled $49.15M, identifying the most liquid reported component available within the broader current-asset balance. Total debt was $1.53B, establishing the amount of borrowing carried within the company’s capital structure. Debt equaled 1.84x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 58.8%, showing how much of the asset base was matched by borrowing. Equity equaled 31.9% of assets, showing the shareholder-capital layer within the company’s balance sheet. Liabilities represented 68.1% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 1.9% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 3.3% higher than fiscal 2024 assets of $2.51B, measuring the company’s own balance-sheet change. Against $889.67M of equity in fiscal 2024, the current book-equity balance moved 6.8% and ended lower. Compared with $31.94M in fiscal 2024, the current cash balance moved 53.9% and finished higher.

Cash Flow and Earnings Quality

The company reported $64.25M of operating cash flow, a cash inflow that shows the cash generated by operations. Operating cash flow equaled 11.46x of net income, showing how strongly accounting earnings converted into cash from operations. Compared with $112.02M in fiscal 2024, current operating cash flow of $64.25M was below the prior result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 26, 2026.