AH Realty Trust
AHRT on NYSE. Real estate. Market value $445m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Capital spending looks too small to be complete, so we leave free cash flow out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 30.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 3 cents a year. Above 10 is good.
Quality score: 48 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$6.04 a share, 18% above its 1-year low
Over the past year the price has ranged from $5.13 to $7.33.
Dividend: 16.7% a year
Paid every year for at least 5 years
Yields this high often come before a cut. Check the company's latest news.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $303m | $471m | $254m | $274m | $285m |
| Operating margin | |||||
| Operating margin | 19.6% | 28.5% | 24.1% | 33.8% | 28.4% |
| Debt to equity | |||||
| Debt to equity | 1.74 | 1.72 | 2.60 | 2.07 | 2.58 |
| Shares outstanding | |||||
| Shares outstanding | 0.07bn | 0.07bn | 0.08bn | 0.08bn | 0.07bn |
Health checks
- Free cash flow positive4 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt2.58× equity
- Revenue growth, five yearsShrinking, 5.8% a year
- Buying back its own sharesNo, 10% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $53 million last quarter, up 4% on a year ago.
- A loss of $16 million, after a profit of $6 million a year ago.
- 6% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $1 billion more than cash, down from $1.5 billion a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $55m |
| December 2024 | $50m |
| March 2025 | $50m |
| June 2025 | $51m |
| September 2025 | $53m |
| December 2025 | $56m |
| March 2026 | $52m |
| June 2026 | $53m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$5m |
| December 2024 | $23m |
| March 2025 | -$3m |
| June 2025 | $6m |
| September 2025 | $80,000 |
| December 2025 | $2m |
| March 2026 | -$23m |
| June 2026 | -$16m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 196 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $2m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Irenic CapitalAdam Katz | $21m | 1.5% | Cut |
| LSV Asset ManagementJosef Lakonishok | $2m | <0.1% |
Largest holders overall
- BlackRock$48m
- Vanguard Portfolio Management$29m
- Vanguard Capital Management$24mCut
- Mirae Asset Global Etfs Holdings$22mAdded
- Irenic Capital$21mCut
- Geode Capital Management$16mAdded
- Franklin Resources$16m
- Invesco$13m
- State Street$13mCut
- Jane Street Group$11mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor8.3%−6.9 ptsSince 31 March 2026
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- Vanguard Portfolio ManagementPassive investor5.1%Since 31 March 2026
- STATE STREET CORPORATIONPassive investorSold down below 5%Since 30 June 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 8.3%−6.9 pts | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 5.1% | 31 March 2026 | |
STATE STREET CORPORATION Passive investor | Sold down below 5% | 30 June 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $93,874 of shares on the open market.
- Wittman LoriDirectorBought
- Date
- 28 September 2026
- Shares
- 3,000
- Price
- $5.95
- Value
- $17,835
- Wimbush Frederick BlairDirectorBought
- Date
- 2 July 2026
- Shares
- 529
- Price
- $7.01
- Value
- $3,711
- Wimbush Frederick BlairDirectorBought
- Date
- 1 July 2026
- Shares
- 358
- Price
- $7.00
- Value
- $2,505
- Wimbush Frederick BlairDirectorBought
- Date
- 2 April 2026
- Shares
- 669
- Price
- $5.41
- Value
- $3,621
- Wimbush Frederick BlairDirectorBought
- Date
- 1 April 2026
- Shares
- 395
- Price
- $5.38
- Value
- $2,128
- Wimbush Frederick BlairDirectorBought
- Date
- 3 March 2026
- Shares
- 10,000
- Price
- $6.19
- Value
- $61,900
- Wimbush Frederick BlairDirectorBought
- Date
- 8 January 2026
- Shares
- 328
- Price
- $6.63
- Value
- $2,175
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 28 September 2026 | Wittman Lori Director | Bought | 3,000 | $5.95 | $17,835 |
| 2 July 2026 | Wimbush Frederick Blair Director | Bought | 529 | $7.01 | $3,711 |
| 1 July 2026 | Wimbush Frederick Blair Director | Bought | 358 | $7.00 | $2,505 |
| 2 April 2026 | Wimbush Frederick Blair Director | Bought | 669 | $5.41 | $3,621 |
| 1 April 2026 | Wimbush Frederick Blair Director | Bought | 395 | $5.38 | $2,128 |
| 3 March 2026 | Wimbush Frederick Blair Director | Bought | 10,000 | $6.19 | $61,900 |
| 8 January 2026 | Wimbush Frederick Blair Director | Bought | 328 | $6.63 | $2,175 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 8 later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On February 27, 2026, the Company appointed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2026. In addition, on February 27, 2026, the Company dismissed EY as the independent registered public accounting firm for the Company.”
From an 8-K filed 5 March 2026: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 2.6× its equity.
- Sales have shrunk: 5.8% a year.
- It isn't cheap on profits: 30.3× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.