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AH Realty Trust (AHRT) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · AH Realty Trust (AHRT) Q3 2026 earnings results →
Q3 2026 Revenue down 28% year over year to $52.3M · 7¢ of every $1 of revenue lost · operating margin 22.4%
AH Realty Trust made $52.3M in Q3 2026 (-28% Y/Y). Operating margin 22.4%, net loss $3.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $52.3M in Q3 2026, down 28% year over year and roughly flat from the previous quarter.
Operating profit was $11.7M, a 22.4% margin (down 6.8 points year over year). Total costs fell 21% while revenue fell 28%. The fastest-growing cost line was General & admin (+24%). The quarter ended with a net loss of $3.6M, narrower than the previous quarter's $21.0M loss. Minority interests bore $1.4M of it: to shareholders the quarter was a loss of $2.2M. Net interest and other expense of $15.3M was the main reason.
Operating cash flow was $19.3M (down 26% year over year). Non-cash charges added back $13.6M of depreciation and $1.4M of share-based compensation. Working capital and other items added $8.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $52.3M | -28% | 22.4% | −$3.6M | $19.3M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $52.5M | -24% | 18.6% | −$21.0M | $29.2M |
| Q1 2026 | 10-Q | May 7, 2026 | $52.3M | -23% | 22.2% | −$30.4M | $12.5M |
| Q4 2025 | 10-K | Feb 26, 2026 | $75.6M | +12% | 31.0% | $2.4M | $26.7M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $72.7M | -0.5% | 29.2% | −$738K | $26.3M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $69.1M | +2% | 29.6% | $5.9M | $11.1M |
| Q1 2025 | 10-Q | May 9, 2025 | $67.8M | +2% | 23.2% | −$4.3M | $107K |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About AH Realty Trust
References to "we," "our," "us," "our company," and "Armada Hoffler" refer to Armada Hoffler Properties, Inc., a Maryland corporation, together with our consolidated subsidiaries, including Armada Hoffler, L.P., a Virginia limited partnership (the "Operating Partnership"), of which we are the sole general partner. We are a self-managed REIT with over four decades of experience managing high-quality properties located primarily in the Mid-Atlantic and Southeastern United States. Our focus is to deliver long-term, sustainable shareholder value by consistently investing in and operating the highest-quality assets, maintaining a robust and resilient balance sheet, and fostering a dynamic, highly skilled team.
In its own words, from its 10-K, filed Feb 26, 2026.
AH Realty Trust against its Real Estate peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -28% against the peers' median +8%. Operating margin: 22.4% against the peers' median 22.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AHRT AH Realty Trust | Q3 2026 | $52.3M | -28% | 22.4% |
| CBRE CBRE Group | Q3 2026 | $11.5B | +13% | 4.9% |
| CWK Cushman & Wakefield | Q3 2026 | $2.8B | +8% | 4.6% |
| Prologis, L.P. | Q3 2026 | $2.4B | +8% | 43.8% |
| Digital Realty Trust, L.P. | Q3 2026 | $1.9B | +21% | 15.9% |
| FOR Forestar Group | Q4 FY26 | $581M | -13% | 13.5% |
| Regency Centers LP | Q3 2026 | $419M | +8% | 72.3% |
| Tiaa Real Estate Account | Q3 2026 | $303M | -0.8% | 298.8% |
| MRP Millrose Properties | Q3 2026 | $211M | +18% | 85.5% |
Source: AH Realty Trust 10-Q on SEC EDGAR · CIK 1569187 · Real Estate
Guidance and outlook
13F: who owns AHRT and who is buying
More on AHRT
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results