AH Realty Trust

Balance sheet is improving but remains the main risk. As of June 30, 2026: total debt ≈ $1.04 billion; 100% fixed or economically hedged; net debt to total adjusted EBITDAre 7.1x; fixed‑charge coverage 1.8x.

Q2’s $485 million multifamily sale enabled roughly $460 million of debt paydown, and two additional assets under contract provide more deleveraging potential. Management’s long‑term leverage target is 5.5x–6.5x.

The company holds a BBB issuer rating from Morningstar DBRS (legacy coverage under Armada Hoffler LP), which supports funding access but could be pressured if deleveraging slips. Elevated rates (10‑year Treasury near 4.7% to 4.8% in early September 2026) keep refinancing and cap‑rate risks in focus.