AH Realty Trust Sells 407 Gainesville Apartments, Refinances $121.8 Million Constellation Energy Building Loan

AH Realty Trust (NYSE: AHRT) announced Nov. 2 that it completed a series of dispositions and financing transactions the prior week, including the sale of two multifamily properties in Gainesville, Georgia, and the refinancing of the $121.8 million loan on the Constellation Energy Building at Harbor Point. The Virginia Beach, Virginia-based real estate investment trust said the transactions advance a strategic transformation announced at the start of the year to simplify the company and strengthen its balance sheet.

AH Realty Trust Sells The Everly and Solis Gainesville II

AH Realty Trust closed the sale of The Everly and Solis Gainesville II, which together total 407 units in Gainesville, Georgia. The two multifamily properties sold for a combined $95.5 million, equating to roughly $234,644 per unit across the 407 units. Because the consideration was not allocated between the two assets, the per-unit figure is a blended calculation and not a property-level valuation.

The company also said its partner completed the sale of Solis Kennesaw, marking AH Realty Trust's exit from its final real estate financing investment. The company used proceeds from the dispositions to reduce debt.

Credit Facility Recast, New Term Loan and Constellation Energy Building Refinancing

On the financing side, AH Realty Trust closed the recast of its unsecured credit facility. The recast consolidated previously separate term loans into a $150 million revolving credit facility and two $200 million term loans maturing in 2030 and 2031. The company also entered into a new $100 million seven-year term loan maturing in 2033.

The company also refinanced the $121.8 million loan on the Constellation Energy Building at Harbor Point. The refinancing extended the loan's maturity from November 2026 to October 2029, removing a near-term maturity.

Leverage Target and Debt Maturity Profile

AH Realty Trust said the disposition proceeds brought leverage within its long-term target of 5.5x to 6.5x Net Debt to Total Adjusted EBITDAre. The company said it now has no material debt maturities until 2029, and its weighted average debt maturity has increased to 4.4 years from 2.0 years.

"When we began implementing our transformation, we told shareholders we would simplify the Company by exiting multifamily, construction and real estate financing, while strengthening AH Realty Trust's balance sheet with the proceeds," said Shawn Tibbetts, Chairman, President and Chief Executive Officer of AH Realty Trust. "Last week's transactions underscore the significant progress we have made in carrying out that commitment. With the transformation now substantially complete and no material maturities until 2029, AH Realty Trust is a simpler, stronger retail and mixed-use office REIT, well-positioned to create long-term value for shareholders."

Strategic Transformation: Multifamily Exit Nears Completion

Since announcing its transformation in February, AH Realty Trust has rebranded under its current name, sold its general contracting and real estate services business and, with the latest closings, completed its exit from real estate financing. In May 2026, the company sold nine multifamily properties to affiliates of Harbor Group International, LLC (HGI) for $485 million of gross proceeds, producing an $18.8 million net gain on sale after transaction costs and escrow amounts. The company directed approximately $460 million of those proceeds toward debt repayment. That first closing reduced net variable-rate debt by approximately $353 million and total net debt by approximately $456 million during the quarter.

Following the Gainesville sale, the company has sold 11 of the 13 multifamily properties it previously identified for sale. Two properties, Greenside and Premier, remain under contract with HGI affiliates. The company expects to close the sale of Greenside in November 2026 and Premier in the second quarter of 2027. The company's stated outlook included no acquisitions for fiscal 2026, with available proceeds directed primarily toward deleveraging.

Market Implications

The Constellation Energy Building refinancing addresses a loan that had been scheduled to mature in November 2026, and the broader debt recast extends maturities into 2030, 2031 and 2033. With the multifamily and real estate financing businesses largely wound down, AH Realty Trust describes itself as a REIT focused on retail and mixed-use office assets located primarily in the Mid-Atlantic and Southeastern United States. The remaining sales of Greenside and Premier are subject to closing conditions and timing.

Sources

• AH Realty Trust Completes Dispositions and Financing Transactions, Advancing Transformation and Strengthening Balance Sheet (GlobeNewswire, Nov. 2, 2026)