AH Realty Trust

Recent leasing spreads and same‑store NOI suggest moderate pricing power. In Q2‑26, cash renewal spreads were 8.7% in retail and 21.6% in office; new office lease cash spreads were 9.5%, and retail new leasing cash spreads were 5.2%. Same‑store NOI on a cash basis increased 2.9% (retail) and 8.3% (office).

These results reflect healthy demand in AHRT’s markets and embedded mark‑to‑market potential as leases roll. Offsetting factors include category cyclicality for discretionary retail, market‑level competition for open‑air centers, and ongoing uncertainty in broader office fundamentals even if mixed‑use assets are outperforming.

Net: evidence of some latent pricing power, but not monopolistic.