AH Realty Trust, Inc.
For the period ended Mar 31, 2026. Filed May 7, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 7, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
(In thousands) (Unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities of continuing operations: | ||
| Net loss | $(30,382) | $(4,343) |
| Less: net income (loss) from discontinued operations, net of tax | 29,889 | (2,261) |
| Net loss from continuing operations | (493) | (6,604) |
| Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities of continuing operations: | ||
| Depreciation of buildings and tenant improvements | 13,560 | 14,397 |
| Amortization of leasing costs, in-place lease intangibles, and right-of-use assets | 4,683 | 4,634 |
| Accrued straight-line rental revenue | (2,444) | (2,167) |
| Amortization of leasing incentives and above or below-market rents | (426) | (573) |
| Adjustment for uncollectible lease accounts | 556 | 2,060 |
| Noncash stock compensation | 1,355 | 3,464 |
| Noncash interest expense | 662 | 1,088 |
| Gain on real estate dispositions, net | 141 | — |
| Change in fair value of derivatives and other | 1,655 | 5,442 |
| Adjustment for receipts on off-market interest rate derivatives | (4,166) | (5,232) |
| Equity in (loss) income of unconsolidated real estate entities | (243) | 1,415 |
| Changes in operating assets and liabilities: | ||
| Property assets | 5,073 | 1,547 |
| Property liabilities | (7,436) | (7,050) |
| Net cash provided by operating activities of continuing operations | 12,477 | 12,421 |
| Cash flows from investing activities: | ||
| Development of real estate investments | (686) | (1,726) |
| Tenant and building improvements | (8,011) | (13,785) |
| Dispositions of real estate investments, net of selling costs | 4,627 | — |
| Payments to purchase off-market interest rate derivatives | — | (4,577) |
| Receipts on off-market interest rate derivatives | 4,166 | 5,232 |
| Leasing costs | (1,643) | (168) |
| Leasing incentives | — | (9) |
| Contributions to equity method investments | (8) | (2,032) |
| Net cash used for investing activities of continuing operations | (1,555) | (17,065) |
| Cash flows from financing activities: | ||
| (Costs)/proceeds from issuance of common stock, net | (154) | (14) |
| Common shares tendered for tax withholding | (239) | (1,299) |
| Repurchase and retirement of common stock, net | (20,965) | — |
| Debt issuances, credit facility, and construction loan borrowings | 48,000 | 29,904 |
| Debt and credit facility repayments, including principal amortization | (79,055) | (5,908) |
| Debt issuance costs | (196) | (15) |
| Acquisition of non-controlling interest in consolidated real estate investments | (2,003) | — |
| Redemption of operating partnership units | — | (4) |
| Distributions to noncontrolling interests | (229) | (301) |
| Dividends and distributions | (27,710) | (23,665) |
| Net cash used for financing activities of continuing operations | (82,551) | (1,302) |
| Cash flows from discontinued operations: | ||
| Net cash flows provided by (used in) operating activities of discontinued operations | 3,836 | (12,314) |
| Net cash flows provided by (used in) investing activities of discontinued operations | 58,067 | (4,423) |
| Net cash flows used in financing activities of discontinued operations | (2,950) | (973) |
| Net cash flows from discontinued operations | 58,953 | (17,710) |
| Net decrease in cash, cash equivalents, and restricted cash | (12,676) | (23,656) |
| Cash, cash equivalents, and restricted cash, beginning of period (including discontinued operations)(1) | 54,183 | 72,223 |
| Cash, cash equivalents, and restricted cash, end of period (including discontinued operations)(1) | $41,507 | $48,567 |
Condensed Consolidated Statements of Cash Flows (Continued)
(In thousands) (Unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Supplemental Disclosures: | ||
| Decrease in dividends and distributions payable | $(11,102) | $(6,514) |
| Decrease in accrued capital improvements and development costs | (438) | (7,815) |
| Operating Partnership units redeemed for common shares | 179 | 2,528 |
(1)The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the Condensed Consolidated Statements of Cash Flows (in thousands):
| March 31, 2026 | March 31, 2025 | |
|---|---|---|
| Beginning of quarter: | ||
| Cash and cash equivalents (1) | $40,743 | $21,986 |
| Restricted cash (2)(3) | 1,622 | 103 |
| Cash, cash equivalents, and restricted cash | $42,365 | $22,089 |
| End of quarter: | ||
| Cash and cash equivalents (4) | $28,545 | $25,323 |
| Restricted cash (2)(5) | 2,013 | 968 |
| Cash, cash equivalents, and restricted cash | $30,558 | $26,291 |
(1)Excludes cash and cash equivalents from discontinued operations as of December 31, 2025 and December 31, 2024 of $10.2 million and $48.7 million, respectively.
(2)Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.
(3)Excludes restricted cash from discontinued operations as of December 31, 2025 and December 31, 2024 of $1.6 million and $1.5 million, respectively.
(4)Excludes cash and cash equivalents from discontinued operations as of March 31, 2026 and March 31, 2025 of $8.9 million and $20.4 million, respectively.
(5)Excludes restricted cash from discontinued operations as of March 31, 2026 and March 31, 2025 of $2.0 million and $1.9 million, respectively.
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