AH Realty Trust, Inc.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
View on SEC.govAbout this filing
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.
Sep 30, 2026 · Filed Nov 4, 2026
AHRT$6.38-2.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001569187-26-000142
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001569187-26-000170
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 272 previous paragraphs and 275 current paragraphs.
170 unchanged; 74 reworded; 31 added; 25 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 19 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (31)
Current report
•On October 28, 2026, the Company refinanced the loan secured by the Constellation Energy Building, extending the maturity date to October 28, 2029. In conjunction with the refinancing, the Company executed a $121.8 million notional derivative swap effective October 28, 2026, with a maturity date aligned with the maturity of the refinanced loan, fixing the effective rate of the loan to 6.36%.
Current report
•On October 28, 2026, the Company recast its credit facility, including the M&T term loan facility and the TD Bank term loan facility, as described in Note 8 to our condensed consolidated financial statements, which is now comprised of the following: a $150.0 million revolving credit facility with a 5 year maturity, a $200.0 million term loan with a 4 year maturity, and a $200.0 million term loan with a 5 year maturity. As part of the recast, we reduced the borrowing capacity of the revolving credit facility to better align its capacity with our anticipated business and liquidity needs. The Company also entered into a $100.0 million term loan with a 7 year term. The recast credit facility includes an accordion feature that allows the total commitments to be increased to $1.0 billion, subject to certain conditions, including obtaining commitments from any one or more lenders. The recasting is intended to simplify the Company's capital structure and extend maturities. The terms and covenants remain materially similar to those in the previous facilities. In conjunction with the recasting, the Company executed $150.0 million notional derivative swaps effective October 28, 2026, with maturity dates aligned with the maturity of the recast term loans, fixing the weighted average interest rate of the recast facility to 4.93%.
Current report
•On October 29, 2026, the Solis Kennesaw real estate financing investment was fully redeemed for $15.7 million.
Current report
•On October 30, 2026, the Company sold The Everly and Solis Gainesville II multifamily assets, for a purchase price of $95.5 million.
Current report
◦New leasing spreads of 27.5% (GAAP) and 16.5% (Cash).
Current report
◦Renewal leasing spreads of 11.6% (GAAP) and 5.8% (Cash).
Current report
◦New leasing spreads of 22.8% (GAAP) and 23.3% (Cash).
Current report
◦Renewal leasing spreads of 12.4% (GAAP) and 1.5% (Cash).
Current report
Retail rental revenues, property expenses, and NOI for the three and nine months ended September 30, 2026 and 2025 were as follows (in thousands):
Current report
Retail segment NOI for the three and nine months ended September 30, 2026 was materially consistent with the three and nine months ended September 30, 2025.
Current report
Office rental revenues, property expenses, and NOI for the three and nine months ended September 30, 2026 and 2025 were as follows (in thousands):
Current report
Office segment NOI for the three months ended September 30, 2026 decreased $0.7 million, or 4.3%, compared to the three months ended September 30, 2025. The decrease in office segment NOI was primarily due to a one time assignment fee at The Interlock Office. Office segment NOI for the nine months ended September 30, 2026 was materially consistent with the nine months ended September 30, 2025.
Current report
Rental revenues decreased $0.8 million, or 1.5%, for the three months ended September 30, 2026 and increased $3.2 million, or 2.1%, for the nine months ended September 30, 2026, compared to the same periods ended September 30, 2025 as follows (in thousands):
Current report
Retail rental revenues for the three and nine months ended September 30, 2026 was materially consistent with the three and nine months ended September 30, 2025.
Current report
Other rental revenues for the three months ended September 30, 2026 was materially consistent with the three months ended September 30, 2025. Other rental revenues for the nine months ended September 30, 2026 increased $0.9 million, or 8.4%, compared to the nine months ended September 30, 2025. The increase in other rental revenues was primarily due to increased parking revenue at Allied | Harbor Point Garage due to lease-up.
Current report
Rental expenses for the three and nine months ended September 30, 2026 increased $0.3 million and $3.1 million, or 2.6% and 9.0%, respectively, compared to the three and nine months ended September 30, 2025 as follows (in thousands):
Current report
Retail rental expenses for the three and nine months ended September 30, 2026 was materially consistent with the three and nine months ended September 30, 2025.
Current report
Real estate taxes for the three and nine months ended September 30, 2026 was materially consistent with the three and nine months ended September 30, 2025, as follows (in thousands):
Current report
Office real estate taxes for the three months ended September 30, 2026 increased $0.3 million, or 16.1% compared to the three months ended September 30, 2025, primarily due to increased assessed values across the Harbor Point properties. Office real estate taxes for the nine months ended September 30, 2026 was materially consistent with the nine months ended September 30, 2025.
Current report
Other real estate taxes for the three and nine months ended September 30, 2026 was materially consistent with the three and nine months ended September 30, 2025.
Current report
Depreciation and amortization for the three and nine months ended September 30, 2026 was materially consistent with the three and nine months ended September 30, 2025.
Current report
Multifamily rental revenues, property expenses, and NOI for the nine months ended September 30, 2026 and 2025 were as follows (in thousands):
Current report
On October 28, 2026, we refinanced the $121.8 million loan secured by the Constellation Energy Building, scheduled to mature in November 2026, extending the maturity date to October 28, 2029.
Current report
On October 28, 2026, we recast our credit facilities, including the the M&T term loan facility, and the TD term loan facility, as described below. The recast facility is now comprised of the following: a $150.0 million revolving credit facility with a 5 year maturity, a $200.0 million term loan with a 4 year maturity, and a $200.0 million term loan with a 5 year maturity. As part of the recast, we reduced the borrowing capacity of the revolving credit facility to better align its capacity with our anticipated business and liquidity needs. We also entered into a $100.0 million term loan with TD Bank, with a 7 year term. The recasting is intended to simplify our capital structure and extend maturities. We expect the recast facilities to continue to provide sufficient liquidity and financial flexibility to support our operating, investing, and financing activities, and the terms and covenants are materially similar to those in the previous facility.
Current report
On October 28, 2026, we recast the credit facility. The terms and covenants remain materially similar to the previous facility, with certain amendments to the financial covenants. Among these amendments, the aggregate value of construction in progress may not exceed 20% of total asset value, as defined in the credit agreement, compared to 25% of under the previous facility, and the minimum tangible net worth covenant was reset as of the closing date of the recast.
Current report
On October 28, 2026, we repaid the M&T term loan facility using proceeds from the recast credit facility.
Current report
On October 28, 2026, we repaid the TD term loan facility using proceeds from the recast credit facility.
Current report
(3) On October 28, 2026, we refinanced this loan, extending its maturity to October 28, 2029. In connection with the refinancing, we also entered into a new swap, effective immediately following the refinancing.
Current report
(6) Effective June 2, 2026, we refinanced this loan, extending its maturity to September 30, 2031. In connection with the refinancing, we also entered into a new swap, effective September 30, 2026, with a fixed rate of 3.86%. The disclosed rate reflects the effective rate related to the new swap, and the stated rate as of September 30, 2026, 1.30%, which increased to 1.80% as of October 1, 2026.
Current report
(7) On October 28, 2026, we recast our existing credit facilities, including the M&T Term loan facility and the TD Bank term loan facility. The recast facilities are now comprised of the following: $150.0 million revolving credit facility with a 5-year maturity, $200.0 million term loan with a 4-year maturity, and $200.0 million term loan with a 5-year maturity. As part of the recast, we reduced the borrowing capacity of the revolving credit facility to better align its capacity with our anticipated business and liquidity needs. We also entered into a $100.0 million term loan with TD Bank, with a 7-year term.
Current report
(3) On October 28, 2026, we refinanced the $121.8 million loan secured by the Constellation Energy Building, extending its maturity to October 28, 2029.
Removed paragraphs (25)
Previous report
•As part of its ongoing governance enhancements supporting the Company’s strategic transformation, the Company advanced its board refreshment process by electing Theodore Bigman and Lori Wittman as independent directors at the Company’s 2026 Annual Meeting of Stockholders (the “2026 Annual Meeting”). Following the 2026 Annual Meeting, Dennis Gartman and George Allen retired from the Board and each of Mr. Bigman and Ms. Wittman were appointed to the board’s Audit Committee. Additionally, F. Blair Wimbush was appointed Chair of the Board's Nominating and Corporate Governance Committee and was appointed to the Board's Compensation Committee.
Previous report
•On May 20, 2026, we completed the sale of nine multifamily properties and six of the retail and office components of the properties, for aggregate gross proceeds of $485.0 million, generating a net gain on sale of $18.8 million, after transaction costs and escrow amounts. Using these proceeds, we repaid $265.5 million of secured debt and $195.0 million of unsecured debt on our revolving credit facility. Two multifamily properties remain under contract for $77.0 million.
Previous report
•On April 30, 2026, we completed the sale of the general contracting and real estate services business for total economic consideration of $2.4 million, further advancing our strategic plan to simplify the business and focus on core retail and office operations.
Previous report
◦New leasing spreads of 9.4% (GAAP) and 5.2% (Cash).
Previous report
◦Renewal leasing spreads of 11.5% (GAAP) and 8.7% (Cash).
Previous report
◦New leasing spreads of 20.5% (GAAP) and 9.5% (Cash).
Previous report
◦Renewal leasing spreads of 40.2% (GAAP) and 21.6% (Cash).
Previous report
Retail rental revenues, property expenses, and NOI for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):
Previous report
Retail segment NOI for the three and six months ended June 30, 2026 was materially consistent with the three and six months ended June 30, 2025.
Previous report
Office rental revenues, property expenses, and NOI for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):
Previous report
Office segment NOI for the three months ended June 30, 2026 increased $0.5 million, or 3.5%, respectively, compared to the three months ended June 30, 2025. The increase in office segment NOI was primarily due to new leases at 222 Central Park Office, The Interlock Office, and Thames Street Wharf. This is partially offset by an increase in utilities, salaries and compensation, and contracted property services primarily across the Harbor Point properties. Office segment NOI for the six months ended June 30, 2026 was materially consistent with the six months ended June 30, 2025.
Previous report
Rental revenues for the three and six months ended June 30, 2026 increased $1.8 million and $4.0 million, or 3.6% and 3.9%, respectively, compared to the three and six months ended June 30, 2025 as follows (in thousands):
Previous report
Retail rental revenues for the three and six months ended June 30, 2026 were materially consistent with the three and six months ended June 30, 2025.
Previous report
Rental expenses for the three and six months ended June 30, 2026 increased $1.3 million and $2.8 million, or 11.8% and 12.4%, respectively, compared to the three and six months ended June 30, 2025 as follows (in thousands):
Previous report
Retail rental expenses for the three months ended June 30, 2026 were materially consistent with the three months ended June 30, 2025. Retail rental expenses for the six months ended June 30, 2026 increased $0.3 million or 3.8%, respectively, compared to the six months ended June 30, 2025. The increases in retail rental expenses was primarily due to higher utilities at Constellation Retail due to higher rates and Columbus Village due to commencing operations following redevelopment.
Previous report
Other rental expenses for the three and six months ended June 30, 2026 were materially consistent with the three and six months ended June 30, 2025.
Previous report
Retail real estate taxes for the three and six months ended June 30, 2026 were materially consistent with the three and six months ended June 30, 2025.
Previous report
Office real estate taxes for the three and six months ended June 30, 2026 decreased $0.1 million and $0.2 million, or 6.3% and 5.4%, respectively, compared to the three and six months ended June 30, 2025. The decreases in office real estate taxes were primarily due to tax credits received at The Interlock Office and Southern Post Office, decreased tax rates at One City Center Office, and a prior year special benefit tax payment paid in 2025 at Wills Wharf.
Previous report
Other real estate taxes for the three and six months ended June 30, 2026 were materially consistent with the three and six months ended June 30, 2025.
Previous report
Depreciation and amortization for the three months ended June 30, 2026 increased $1.2 million, or 7.4%, compared to the three months ended June 30, 2025. The increase in depreciation and amortization was primarily due to the non-material correction of a prior year depreciation calculation that resulted in lower expense in the current period. Depreciation and amortization for the six months ended June 30, 2026 was materially consistent with the six months ended June 30, 2025.
Previous report
Multifamily rental revenues, property expenses, and NOI for the six months ended June 30, 2026 and 2025 were as follows (in thousands):
Previous report
As of June 30, 2026, we had the $121.8 million loan secured by the Constellation Energy Building that will mature during the remainder of 2026, for which we are in the process of refinancing.
Previous report
We are currently in the process of recasting the credit facility, to include the M&T term loan facility and TD term loan facility as described below. Management is working with its lending group to finalize the revised financing arrangements and currently expects the recasting process to be completed by the end of 2026. The proposed recasting is intended to simplify our capital structure and extend maturities. While the definitive terms remain subject to negotiation and execution of final agreements, we expect the recast facility to continue to provide sufficient liquidity and financial flexibility to support our operating, investing, and financing activities, and the terms and covenants are expected to be materially similar to the current facility. Until the recasting is completed, the existing credit agreements remain in effect. We do not anticipate any disruption to our access to credit or our ability to meet our short-term or long-term liquidity requirements during the transition process. However, we can provide no assurances that the recasting will be completed on the timeline or terms currently anticipated, or at all.
Previous report
(1) We paid $5.5 million to reduce the swap fixed rate on July 28, 2025.
Previous report
(2) We paid $1.5 million to reduce the swap fixed rate on July 28, 2025.
Reworded paragraphs (74)
Previous wording
On March 13, 2026, certain wholly owned subsidiaries of the Company entered into a purchase and sale agreement with an unrelated third-party to sell eleven out of the Company's fourteen multifamily properties for a combined purchase price of $562.0 million in cash, subject to certain adjustments, with a $15.0 million non-refundable deposit (the "Multifamily Portfolio Sale"). The Multifamily Portfolio Sale is not contingent on the receipt of financing by the buyer. On May 20, 2026, the Company completed the disposition of nine properties, which included the disposition of retail components of five of the properties and the office component of one of the properties, for aggregate proceeds of $485.0 million (the "First Closing"). The nine properties that were disposed of were: (1) Encore Apartments, (2) The Cosmopolitan, (3) Allied | Harbor Point, (4) 1405 Point Street, (5) 1305 Dock Street, (6) Chronicle Mill Apartments, (7) Chandler Residences, (8) The Edison and (9) Liberty Apartments. The Company expects to complete the disposition of the remaining assets included in the Multifamily Portfolio Sale as follows: Greenside Apartments by the end of 2026 and Premier Apartments by mid-2027. Two of the Company's other multifamily assets, The Everly and Solis Gainesville II, became subject to a purchase and sale agreement as of July 17, 2026 and are expected to close by the end of the third quarter of 2026.
Current wording
On March 13, 2026, certain wholly owned subsidiaries of the Company entered into a purchase and sale agreement with an unrelated third-party to sell eleven out of the Company's fourteen multifamily properties for a combined purchase price of $562.0 million in cash, subject to certain adjustments, with a $15.0 million non-refundable deposit (the "Multifamily Portfolio Sale"). The Multifamily Portfolio Sale is not contingent on the receipt of financing by the buyer. On May 20, 2026, the Company completed the disposition of nine properties, which included the disposition of retail components of five of the properties and the office component of one of the properties, for aggregate proceeds of $485.0 million (the "First Closing"). The nine properties that were disposed of were: (1) Encore Apartments, (2) The Cosmopolitan, (3) Allied | Harbor Point, (4) 1405 Point Street, (5) 1305 Dock Street, (6) Chronicle Mill Apartments, (7) Chandler Residences, (8) The Edison and (9) Liberty Apartments. The Company expects to complete the disposition of the remaining assets included in the Multifamily Portfolio Sale as follows: Greenside Apartments in November 2026 and Premier Apartments by mid-2027. Two of the Company's other multifamily assets, The Everly and Solis Gainesville II, closed on October 30, 2026 for a purchase price of $95.5 million.
Previous wording
In addition, on March 27, 2026, the Company sold two of the real estate financing investments and on April 30, 2026, the investment secured by The Allure at Edinburgh was fully redeemed. The remaining investment, Solis Kennesaw, is expected to close by the end of the first quarter of 2027.
Current wording
In addition, on March 27, 2026, the Company sold two of the real estate financing investments and on April 30, 2026, the investment secured by The Allure at Edinburgh was fully redeemed. The remaining investment, Solis Kennesaw, was fully redeemed on October 29, 2026.
Previous wording
There can be no assurances that the Multifamily Portfolio Sale or the sale of the Company's other assets will occur on the timeline or on the terms the Company anticipates, if at all.
Current wording
There can be no assurances that the Multifamily Portfolio Sale, including Greenside Apartments and Premier Apartments, or the sale of the Company's other assets will occur on the timeline or on the terms the Company anticipates, if at all.
Previous wording
The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto appearing in Item 1 of this Quarterly Report on Form 10-Q. All historical financial information has been retrospectively adjusted to reflect the general contracting and real estate services, multifamily, and real estate financing businesses as discontinued operations. The decision to exit these segments resulted in the reclassification of approximately $21.1 million in revenue for the three months ended June 30, 2026 to discontinued operations.
Current wording
The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto appearing in Item 1 of this Quarterly Report on Form 10-Q. All historical financial information has been retrospectively adjusted to reflect the general contracting and real estate services, multifamily, and real estate financing businesses as discontinued operations. The decision to exit these segments resulted in the reclassification of approximately $3.6 million in revenue for the three months ended September 30, 2026 to discontinued operations.
Previous wording
Retail real estate: The Company’s retail portfolio is concentrated in high-barrier-to-entry markets and is anchored by credit-worthy tenants, including grocery stores and big-box retailers. As of June 30, 2026, the retail portfolio had a leased occupancy level of 95.1%, and renewal spreads (on a GAAP basis) of 11.5% .
Current wording
Retail real estate: The Company’s retail portfolio is concentrated in high-barrier-to-entry markets and is anchored by credit-worthy tenants, including grocery stores and big-box retailers. As of September 30, 2026, the retail portfolio had a leased occupancy level of 95.0%, and renewal spreads (on a GAAP basis) of 11.6% .
Previous wording
Office real estate: The office portfolio consists primarily of Class A office space located in mixed-use town centers, such as the Town Center of Virginia Beach and Harbor Point in Baltimore. The segment continues to benefit from the "flight to quality" trend, maintaining an occupancy level of 96.7% and new leasing spreads (on a GAAP basis) of 20.5%.
Current wording
Office real estate: The office portfolio consists primarily of Class A office space located in mixed-use town centers, such as the Town Center of Virginia Beach and Harbor Point in Baltimore. The segment continues to benefit from the "flight to quality" trend, maintaining a leased occupancy level of 96.6% and renewal spreads (on a GAAP basis) of 22.8%.
Previous wording
Second Quarter 2026 and Recent Highlights
Current wording
Third Quarter 2026 and Recent Highlights
Previous wording
•During the quarter ended June 30, 2026, we repurchased 2.0 million shares of common stock for a total of $12.4 million, bringing the total for the year to 5.6 million for a total of $33.2 million.
Current wording
•During the quarter ended September 30, 2026, we repurchased 0.8 million shares of common stock for a total of $4.9 million at an average cost of $6.25 per share, bringing the total for the year to 6.4 million shares repurchased for a total cost of $38.2 million, at an average cost of $5.96 per share.
Previous wording
•Net loss attributable to common stockholders and holders ("OP Unitholders") of units of limited partnership interest in the Operating Partnership ("OP Units") of $24.2 million, or $0.25 per diluted share, compared to net income attributable to common stockholders and OP Unitholders of $3.9 million, or $0.04 per diluted share, for the three months ended June 30, 2025.
Current wording
•Net loss available to common stockholders and holders ("OP Unitholders") of units of limited partnership interest in the Operating Partnership ("OP Units") of $6.6 million, or $0.07 per diluted share, compared to net loss available to common stockholders and OP Unitholders of $3.6 million, or $0.04 per diluted share, for the three months ended September 30, 2025.
Previous wording
•Funds from operations attributable to common stockholders and OP Unitholders ("FFO") of $15.4 million, or $0.16 per diluted share, compared to $19.0 million, or $0.19 per diluted share, for the three months ended June 30, 2025. See "Non-GAAP Financial Measures."
Current wording
•Funds from operations available to common stockholders and OP Unitholders ("FFO") of $15.2 million, or $0.16 per diluted share, compared to $20.2 million, or $0.20 per diluted share, for the three months ended September 30, 2025. See "Non-GAAP Financial Measures."
Previous wording
•FFO, As Adjusted from operations attributable to common stockholders and OP Unitholders ("FFO, As Adjusted") of $14.1 million, or $0.14 per diluted share, compared to $13.8 million, or $0.14 per diluted share, for the three months ended June 30, 2025. See "Non-GAAP Financial Measures."
Current wording
•FFO, As Adjusted available to common stockholders and OP Unitholders ("FFO, As Adjusted") of $15.3 million, or $0.16 per diluted share, compared to $17.0 million, or $0.17 per diluted share, for the three months ended September 30, 2025. See "Non-GAAP Financial Measures."
Previous wording
•As of June 30, 2026, weighted average stabilized portfolio leased occupancy was 95.9%. Retail leased occupancy increased 0.3% to 95.1% and office leased occupancy increased 0.7% to 96.7%.
Current wording
•As of September 30, 2026, weighted average stabilized portfolio leased occupancy was 95.7%. Retail leased occupancy decreased 0.1% to 95.0% and office leased occupancy decreased 0.1% to 96.6%.
Previous wording
•As of June 30, 2026, weighted average stabilized portfolio economic occupancy was 90.7%. Retail economic occupancy decreased 1.6% to 90.9%, and office economic occupancy increased 2.8% to 90.5%.
Current wording
•As of September 30, 2026, weighted average stabilized portfolio economic occupancy was 90.3%. Retail economic occupancy increased 0.1% to 91.0%, and office economic occupancy decreased 0.9% to 89.6%.
Previous wording
•Executed 11 retail lease renewals and 6 new leases during the second quarter for an aggregate of 107,736 net rentable square feet. Positive spreads on both new leases and renewals:
Current wording
•Executed 14 retail lease renewals and 2 new leases during thethird quarter for an aggregate of 86,803 net rentable square feet. Positive spreads on both new leases and renewals:
Previous wording
•Executed 3 office lease renewals and 5 new leases during the second quarter for an aggregate of 55,739 net rentable square feet. Positive spreads on both new leases and renewals:
Current wording
•Executed 2 office lease renewals and 4 new leases during the third quarter for an aggregate of 29,574 net rentable square feet. Positive spreads on both new leases and renewals:
Previous wording
•Same Store Net Operating Income ("NOI") on a cash basis increased 2.9% for the retail segment and 8.3% for the office segment compared to the quarter ended June 30, 2025.
Current wording
•Same Store Net Operating Income ("NOI") on a cash basis increased 6.8% for the retail segment and 5.2% for the office segment compared to the quarter ended September 30, 2025.
Previous wording
•During the second quarter of 2026, unrealized losses on non-designated interest rate derivatives that negatively affected FFO were $2.2 million. As of June 30, 2026, the value of the Company’s entire interest rate derivative portfolio, net of unrealized losses, was $4.0 million.
Current wording
•During the third quarter of 2026, unrealized losses on non-designated interest rate derivatives that negatively affected FFO were $0.9 million As of September 30, 2026, the value of the Company’s entire interest rate derivative portfolio, net of unrealized losses, was $5.4 million.
Previous wording
Retail same store results for the three and six months ended June 30, 2026 and 2025 exclude Allied | Harbor Point Retail, Liberty Retail, The Edison Retail, Point Street Retail, and Chronicle Mill Retail due to being disposed as part of the First Closing of the Multifamily Portfolio Sale. They also exclude Southern Post Retail, which is not yet stabilized.
Current wording
Retail same store results for the three and nine months ended September 30, 2026 and 2025 exclude Allied | Harbor Point Retail, Liberty Retail, The Edison Retail, Point Street Retail, and Chronicle Mill Retail due to being disposed as part of the First Closing of the Multifamily Portfolio Sale. They also exclude Southern Post Retail, which reached stabilization in the third quarter of 2026.
Previous wording
Retail same store rental revenues, property expenses, and NOI for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):
Current wording
Retail same store rental revenues, property expenses, and NOI for the three and nine months ended September 30, 2026 and 2025 were as follows (in thousands):
Previous wording
Retail same store NOI for the three and six months ended June 30, 2026 increased $0.5 million and $0.8 million, or 2.9% and 2.5%, respectively, compared to the three and six months ended June 30, 2025, primarily due to new leases at Columbus Village due to commencing operations following redevelopment and the favorable resolution of a real estate tax appeal at Patterson Place, which resulted in a reduction of property tax expense during the period.
Current wording
Retail same store NOI for the three and nine months ended September 30, 2026 increased $1.1 million and $2.0 million, or 6.8% and 4.1%, respectively, compared to the three and nine months ended September 30, 2025. The increase in same store NOI was primarily due to new leases at Columbus Village due to commencing operations following redevelopment, as well as new leases at The Interlock Retail and Patterson Place.
Previous wording
Office same store results for the three and six months ended June 30, 2026 and 2025 exclude Chronicle Mill Office, due to being disposed as part of the First Closing of the Multifamily Portfolio Sale, and Southern Post Office, which is not yet stabilized.
Current wording
Office same store results for the three and nine months ended September 30, 2026 and 2025 exclude Chronicle Mill Office, due to being disposed as part of the First Closing of the Multifamily Portfolio Sale, and Southern Post Office, which is not yet stabilized.
Previous wording
Office same store rental revenues, property expenses, and NOI for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):
Current wording
Office same store rental revenues, property expenses, and NOI for the three and nine months ended September 30, 2026 and 2025 were as follows (in thousands):
Previous wording
Office same store NOI for the three and six months ended June 30, 2026 increased $1.1 million and $1.2 million, or 8.3% and 4.5%, respectively, compared to the three and six months ended June 30, 2025. The increase in office same store NOI was primarily due to new leases at The Interlock Office, Two Columbus Office, One Columbus, and 222 Central Park Office, partially offset by a partial termination at One City Center in the prior year.
Current wording
Office same store NOI for the three and nine months ended September 30, 2026 increased $0.7 million and $1.8 million, or 5.2% and 4.7%, respectively, compared to the three and nine months ended September 30, 2025. The increase in office same store NOI was primarily due to new leases at The Interlock Office, One Columbus, and 222 Central Park Office and scheduled rent increases at Constellation Office, offset by increased real estate taxes across the Baltimore properties due to higher assessed values.
Previous wording
The following table summarizes the results of operations for the three and six months ended June 30, 2026 and 2025 (unaudited, in thousands):
Current wording
The following table summarizes the results of operations for the three and nine months ended September 30, 2026 and 2025 (unaudited, in thousands):
Previous wording
Office rental revenues for the three and six months ended June 30, 2026 increased $1.5 million and $2.4 million, or 6.3% and 5.1%, respectively, compared to the three and six months ended June 30, 2025. The increases in office rental revenues was primarily due to new leases at The Interlock Office, Two Columbus Office, and 222 Central Park Office. In addition, higher expenses, mainly related to utilities and delivery of an expansion space at Thames Street Wharf, contributed to an increase in reimbursable income.
Current wording
Office rental revenues for the three months ended September 30, 2026 was materially consistent with the three months ended September 30, 2025. Office rental revenues for the nine months ended September 30, 2026 increased $2.2 million, or 3.1%, compared to the nine months ended September 30, 2025. The increase in office rental revenues was primarily due to higher reimbursement income at Constellation Office, due to higher real estate taxes caused by increased assessed property values, and Thames Street Wharf, due to space expansion for a tenant, as well as new leases at The Interlock Office, Two Columbus Office, and 222 Central Park Office.
Previous wording
Office rental expenses for the three and six months ended June 30, 2026 increased $1.1 million and $2.1 million, or 17.9% and 17.3%, respectively, compared to the three and six months ended June 30, 2025. The increases in office rental expenses was primarily due to an increase in utilities at the Harbor Point properties and 222 Central Park Office due to higher usage and rates, and higher contracted property services related to window cleaning, security, and salaries and compensation at Constellation Office and Thames Street Wharf.
Current wording
Office rental expenses for the three months ended September 30, 2026 was materially consistent with the three months ended September 30, 2025. Office rental expenses for the nine months ended September 30, 2026 increased $2.3 million, or 12.2%, compared to the nine months ended September 30, 2025. The increase in office rental expenses was primarily due to increased utility rates and consumption primarily at the Harbor Point properties and 222 Central Park Office. Also, salaries and compensation increased due to increased staffing at the Harbor Point properties, and there were increases in contracted property services due to higher occupancy at 222 Central Park Office, One Columbus, Two Columbus, and The Interlock Office.
Previous wording
Other rental revenues for the three and six months ended June 30, 2026 increased $0.1 million and $0.8 million, or 3.9% and 12.6%, respectively, compared to the three and six months ended June 30, 2025. The increases in other rental revenues was primarily due to the consolidation of Allied | Harbor Point Garage in May 2025.
Current wording
Other rental expenses for the three and nine months ended September 30, 2026 increased $0.1 million and $0.5 million, or 10.2% and 16.0%, respectively, compared to the three and nine months ended September 30, 2025. The increase in other rental expenses was primarily due to increased repairs and maintenance and management fees at Allied | Harbor Point Garage.
Previous wording
Real estate taxes for the three and six months ended June 30, 2026 decreased $0.3 million and $0.2 million, or 5.1% and 2.5%, respectively, compared to the three and six months ended June 30, 2025 as follows (in thousands):
Current wording
Retail real estate taxes for the three and nine months ended September 30, 2026 decreased $0.2 million and $0.2 million, or 10.1% and 3.0%, respectively, compared to the three and nine months ended September 30, 2025. The decrease in retail real estate taxes was primarily due to the disposition of five retail components as part of the Multifamily Portfolio Sale.
Previous wording
General and administrative expenses for the three months ended June 30, 2026 increased $0.8 million, or 18.5% compared to the three months ended June 30, 2025 primarily due to professional services fees. General and administrative expenses for the six months ended June 30, 2026 decreased $1.7 million, or 14.6%, compared to the six months ended June 30, 2025 primarily due to the one-time acceleration of the former Chief Executive Officer's performance award in 2025 related to the prior year performance.
Current wording
General and administrative expenses for the three months ended September 30, 2026 increased $1.0 million, or 24.4%, compared to the three months ended September 30, 2025. The increase in general and administrative expenses was primarily due to professional service fees. General and administrative expenses for the nine months ended September 30, 2026 decreased $0.6 million, or 4.1%, compared to the nine months ended September 30, 2025. The decrease in general and administrative expenses was primarily due to the one-time acceleration of the former Chief Executive Officer's performance award in 2025 related to the prior year performance.
Previous wording
Acquisition, development, and other pursuit costs for the three and six months ended June 30, 2026 and 2025 were immaterial.
Current wording
Acquisition, development, and other pursuit costs for the three and nine months ended September 30, 2026 was materially consistent with the three and nine months ended September 30, 2025.
Previous wording
Management determined that certain prospective development projects no longer met the Company's investment and strategic criteria and ceased pursuit of these opportunities. As a result, we recorded an impairment charge of $1.8 million to write off capitalized predevelopment, planning, and pursuit costs associated with these projects for the three and six months ended June 30, 2026, in line with our strategic direction.
Current wording
Management determined that certain prospective development projects no longer met the Company's investment and strategic criteria and ceased pursuit of these opportunities. As a result, we recorded an impairment charge of $1.8 million to write off capitalized predevelopment, planning, and pursuit costs associated with these projects in the second quarter, in line with our strategic direction.
Previous wording
Interest income for the three and six months ended June 30, 2026 was materially consistent with the three and six months ended June 30, 2025.
Current wording
Interest income for the three and nine months ended September 30, 2026 was materially consistent with the three and nine months ended September 30, 2025.
Previous wording
Interest expense for the three months ended June 30, 2026 decreased $1.2 million, or 7.6%, compared to the three months ended June 30, 2025, primarily due to approximately $456.0 million of debt repayments (net of additional borrowings) following the First Closing of the Multifamily Portfolio Sale. Interest expense for the six months ended was materially consistent with the six months ended June 30, 2025, primarily a result of the current quarter decrease, offset by interest capitalized on a development property in the first quarter of 2025.
Current wording
Interest expense for the three and nine months ended September 30, 2026 decreased $2.1 million and $1.9 million, or 13.9% and 4.5%, respectively, compared to the three and nine months ended September 30, 2025. The decrease in interest expense was primarily due to approximately $456.0 million of debt repayments in the second quarter (net of additional borrowings) following the First Closing of the Multifamily Portfolio Sale.
Previous wording
Equity in income (loss) of unconsolidated real estate entities for the three months ended June 30, 2026 was materially consistent with the three months ended June 30, 2025. Equity in income (loss) of unconsolidated real estate entities for the six months ended June 30, 2026 increased $1.8 million, compared to the six months ended June 30, 2025. The increase is a result of Harbor Point Parcel 3 being fully operational in 2026 and Harbor Point Parcel 4 losses from the first quarter of 2025 while in lease up.
Current wording
Equity in income (loss) of unconsolidated real estate entities for the three months ended September 30, 2026 was materially consistent with the three months ended September 30, 2025. Equity in income (loss) of unconsolidated real estate entities for the nine months ended September 30, 2026 increased $2.0 million, compared to the nine months ended September 30, 2025. The increase is a result of Harbor Point Parcel 3 being fully operational in 2026 and Harbor Point Parcel 4 losses from the first quarter of 2025 while in lease up.
Previous wording
Gain on consolidation of real estate entities for the three and six months ended June 30, 2025 reflects the consolidation of Harbor Point Parcel 4, otherwise known as Allied | Harbor Point, in the second quarter of 2025.
Current wording
Gain on consolidation of real estate entities for the nine months ended September 30, 2025 reflects the consolidation of Harbor Point Parcel 4, otherwise known as Allied | Harbor Point, in the second quarter of 2025.
Previous wording
Loss on extinguishment of debt for the three and six months ended June 30, 2026 represents the unamortized deferred financing costs and prepayment penalties related to the extinguishment of $265.5 million in secured debt using the proceeds from the First Closing of the Multifamily Portfolio Sale. The charge was non-operating in nature and reflects the Company's efforts to optimize its capital structure and reduce future interest expense.
Current wording
Loss on extinguishment of debt for the three and nine months ended September 30, 2026 represents the unamortized deferred financing costs and prepayment penalties related to the extinguishment of $265.5 million in secured debt using the proceeds from the First Closing of the Multifamily Portfolio Sale. The charge was non-operating in nature and reflects the Company's efforts to optimize its capital structure and reduce future interest expense.
Previous wording
The change in fair value of derivatives and other for the three and six months ended June 30, 2026 included a decrease in interest receipts for non-designated derivatives due to lower SOFR rates on our non-designated hedges compared to the prior year, and a decrease in the fair value of our derivative instruments due to the changes in the forward SOFR curve.
Current wording
Change in fair value of derivatives and other for the three and nine September 30, 2026 included a decrease in interest receipts for non-designated derivatives and a decrease in the fair value compared to the prior year due to the expiration of $820.0 million notional of non-designated derivatives, partially offset by increases in the forward SOFR curve.
Previous wording
Changes in unrealized credit loss (provision) release for the three and six months ended June 30, 2026 were immaterial.
Current wording
Changes in unrealized credit loss (provision) release for the three and nine months ended September 30, 2026 were immaterial.
Previous wording
Changes in other income (expense), net for the three and six months ended June 30, 2026 were immaterial.
Current wording
Changes in other income (expense), net for the three and nine months ended September 30, 2026 were immaterial.
Previous wording
General contracting and real estate services revenues, expenses, and gross profit for the three and six months ended June 30, 2026 and 2025 were as follows ($ in thousands). The 2026 amounts reflect activity through April 30, 2026, the date on which the Company completed the sale of its general contracting and real estate services business:
Current wording
General contracting and real estate services revenues, expenses, and gross profit for the three and nine months ended September 30, 2026 and 2025 were as follows ($ in thousands). The 2026 amounts reflect activity through April 30, 2026, the date on which the Company completed the sale of its general contracting and real estate services business:
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Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
•On April 30, 2026, we fully realized $17.2 million for The Allure at Edinburgh real estate financing investment and used the proceeds to pay down our debt.
Previous report — wording carried elsewhere
During the second quarter, we received bids on the Solis Kennesaw real estate financing investment, and further recorded impairment of $13.5 million using an approximation of fair value as a level 3 input in the fair value.
Previous report — wording carried elsewhere
(5) Effective May 14, 2026, we executed a 12-month extension on this loan.