AH Realty Trust, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AH Realty Trust, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	258	303	193	257	384	303	471	413	433	285
Cost of revenue		187	73.6	102
Gross profit		116	81.1	106	117	143	167	184
General and administrative	9.55	10.4	11.4	12.4	12.9	14.6	15.7	17.2	19.3	20.3
Operating expenses	232	271	166	219					117	112
Operating income	57.2	39.8	32	42.6	48.7	59.2	134	61.1	92.5	80.9
Interest expense	16.5	17.4	19.1	31.3	31	33.9	39.7	57.8	79	85.3
Other non-operating income	0.15	0.08	0.38	0.62	0.52	0.3	0.38	0.03	-64.7	-82
Pre-tax income	43.1	30.7	23.5	31.8	36.7	24.7	99.8	8.99	41.9
Income tax	0.34	0.73	-0.03	-0.49	-0.28	-0.74	-0.15	1.33	-0.61	-0.48
Net income to minority interests	14.7	8.88	6.29						6.85	-1.7
Net income	28.1	21	17.2	24.1	29.2	21.9	74.7	8.29	35.6	5.6
EBITDA	92.5	77.1	71.9	97.2	109	128	207	124	161	153
EPS, basic	0.85	0.50	0.36	0.41	0.38	0.17	0.94	-0.05	0.34	-0.07
EPS, diluted	0.85	0.50	0.36	0.41	0.38	0.17	0.94	-0.05	0.34	-0.07
Shares, basic (weighted)	33.1	42.4	47.5	53.1	57.3	60.6	67.6	67.7	70.7	80.1
Shares, diluted (weighted)	50.2	42.4	47.5	53.1	57.3	60.6	67.6	67.7	70.7	80.1
Dividend per share	0.72	0.76	0.80	0.84	0.44	0.64	0.72	0.78	0.82	0.56

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	21.9	20	21.3	39.2	41	35.2	47.5	20	22	40.7
Lease right-of-use assets				33.1	32.8	23.5	23.4	23.1	22.8	22.6
Total assets	982	1,043	1,265	1,805	1,917	1,938	2,242	2,563	2,513	2,597
Total liabilities	633	623	809	1,149	1,160	1,158	1,338	1,758	1,623	1,767
Total debt	522	517	694	951	964	918	1,068	1,397	1,296	1,284
Paid-in capital	197	287	357	456	473	525	588	581	715	725
Other comprehensive income	0	0	-1.28	-4.24	-8.87	-0.03	14.7	4.91	2.74	0.7
Shareholders' equity	148	227	274	409	523	555	647	573	671	628
Minority interests	201	194	182
Total equity	349	420	456	655	757	780	904	805	890	829
Total liabilities and equity	982	1,043	1,265	1,805	1,917	1,938	2,242	2,563	2,513	2,597
Shares outstanding	37.5	44.9	50	56.3	59.1	63	67.7	66.8	79.7	80.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	42.8	29.9	23.5	32.3	37	25.5	100	7.66	42.5	3.91
Depreciation and amortization	35.3	37.3	39.9	54.6	60	68.9	73	63.4	68.1	72.5
Stock-based compensation	1.08	1.32	1.28	1.61	2.38	2.23	3.27	3.68	5.1	6.85
Cash from operations	57	51.2	56.1	67.7	91.2	91.2	117	93.3	112	64.2
Acquisitions	-196	-30	-57.5	-138	-35.2	-73.6	-120
Cash from investing	-223	-95.4	-241	-295	-26.2	-57.6	-33.2	-237	-26.7	-121
Debt issued	317	163	350	427	177	162	679	403	269	371
Debt repaid	-187	-161	-174	-271	-299	-188	-724	-181	-258	-165
Stock issued	68.5	91.4	65.2	96.8	19.7	51.7	65.2	-0.21	129	-0.13
Share buybacks						0	0	-12.6	0	0
Dividends paid	-33.8	-43.6	-50.9	-61.5	-47.6	-58.7	-72.6	-80.4	-83.9	-75.2
Cash from financing	161	41.8	186	247	-58.1	-43.5	-72.2	122	-43.3	52.5
Net change in cash	-4.62	-2.28	1.14	19.5	6.85	-9.99	11.4	-21.7	42.1	-18
Interest paid	15.3	16.3	17.3	28.9	28.6	29.2	29.9	44.9	71.6	73
Income taxes paid	0.12	0.37	0.03	0.25	-0.17	-0	-0	0.03	-1.15	-1.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.91 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	22.7%	Operating income / revenue.
EBITDA margin	52.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-18.4%	Net income / revenue.
Return on equity (ROE)	-7.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.0%	Net income / average total assets.
Return on invested capital (ROIC)	2.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	2.2%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	29.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-34.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-15.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-5.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-12.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-15.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	10.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-4.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-9.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-84.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-57.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-28.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-120.6%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-42.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-18.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-6.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-31.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-8.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-6.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	3.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	13.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	1.81x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	49.6%	Total debt / total assets.
Liabilities / assets	62.9%	Total liabilities / total assets.
Net debt	$935.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	8.31x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.66x	Operating income / interest expense.
Tangible book value	$529.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.11x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.63	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.84	Revenue / diluted weighted shares.
Book value per share	$7.10	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.10	Tangible book value / shares outstanding.
Cash per share	$0.28	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$440.8M	Share price x shares outstanding.
Enterprise value	$1.38B	Market cap + total debt - cash - short-term investments.
P/S	2.06x	Market cap / revenue.
P/B	0.83x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.83x	Market cap / tangible book value, when positive.
EV/Sales	6.43x	Enterprise value / revenue.
EV/EBIT	28.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.2x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-8.9%	Net income / market cap (the inverse of P/E).
Dividend yield	17.8%	Dividends paid over the period / market cap.
Shareholder yield	17.8%	(Dividends paid + share buybacks) / market cap.

What was AH Realty Trust, Inc.'s revenue in fiscal 2025?

AH Realty Trust, Inc. reported revenue of $285.2M for fiscal 2025, 34.2% lower than the year before.

Was AH Realty Trust, Inc. profitable in fiscal 2025?

Yes. Net income was $5.6M, a net margin of 2%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to AH Realty Trust, Inc.