AH Realty Trust

Moat components and weights: Intangible assets 60/100 (25% weight) driven by unique mixed‑use districts (Town Center of Virginia Beach, Harbor Point Baltimore) and hard‑to‑replicate entitlements; these ecosystems attract high‑credit tenants such as Constellation Energy and Morgan Stanley.

Switching costs 65/100 (30% weight) because relocation is disruptive and expensive for tenants in integrated mixed‑use environments. Efficient scale 70/100 (25% weight) in micro‑markets with limited competing sites. Cost advantage 45/100 (10% weight) reflects modest scale benefits in operations and financing.

Network effects 35/100 (10% weight) are minimal. Weighted result ≈ 61/100. Evidence: stabilized office leased occupancy 96.7% and retail 95.1%, ABR concentration in mixed‑use nodes, and blue‑chip tenant rosters at Harbor Point and other flagship assets. Key properties and tenant detail are provided in the Q2‑26 supplemental.

Risks: suburban strip centers remain competitive; Baltimore office and select urban exposures are sensitive to local demand; moats are property‑level rather than corporate‑wide.