AH Realty Trust Inc 2025年度报告

Message toAourShareholders 2o25wasapivotalyearforourAHRealtyTrustFollovfocused,disciplinedapproachtolong-termrealestateownership.We are buildingafoundation forscreationthroughaphiiosophygroundedindisciplinepatienceandintentionality.Ourphilosophyguitookin2o25,shapedourplanfor Febr2026narkingthebeginning ofourtransfodisciplined,data-drivenprocessthatchallenged assumptionsand eliminated complexity.Weare simntingatincultutheinstillingandconcentratingcalong-term sustainablegrowthand value creation. OurRoadmap 2o25:StrippingItDowntotheFoundation n2025,wetookabottom-upapproachtoreviewingeveryaspectofthebusinessandhonestlyevaliworkingandwhatwasnot Weanalyzedeveryasset,everyprocess,everydollarandeverypartnership.Wechallengedlong-hesurfaced hard truths and eliminated anything that did not support ourabilityto create durable,long-te Asaresultofthisprocess,werightsizedthedividendtoalignwithstabilized,recurringcashflows,incore markets Mostimportantiy,we laidthe foundation to executeour strategic transformation 2o26:Rebuilding,Streamlining,andResetting the Value Equation 2o26representsatransitionyearfocusedonrebuildingAHRealtyTrustwithamoredisciplinedandoperatingmodelandportfolio.Oureffortsare centeredontwo coredrivers oflong-termvalue Disciplinedcapital allocation supported by a strong balance sheet with responsible leverage ley Simplifyingourbusiness by instilling discipline andoperational excellencewhile.refocusing ou Tothatend,in 2o26 we launched a bold strategic reset that includes:Exitingthemuitifamilysectoructionbusinessandrealestate financingplatform investmentsAllocatingproceedstowardpayingdowndebt mademeaningfulprogressexecutingthisstrategy.inMarchweenteredintoanagreementrealestatefinancing.platform,and entered intoan agreementto sellourconstructionbusiness.ThesmultifamilyGrouplnternationalcompletedthesaleoftwomuitifamilynotespredeliberate exitfromnon-core businesses to create a morefocused and efficientplatform. ahead,mplishnconvictionthatv 2o27andBeyond:AcceleratingfromaPositionofStrength We expect to enter2o27 with a streamlined portfolio,enhanced operating model and stronger bal.adjusted returns across marketcyclesbundationwillpositionustogenerateconsistentcashflowsa Weintendtoselectivelyexpandourfootprintinmarketswhereourdata showsdurabledemand,c OurlnvestmentMandate:BuiltforDurability Ourinvestmentfocusisclear:necessity-based Weinvestwhereourproprietary datatells usto invest.Ouranalysis startswith: TenantsalesReplacement-costeconomicsBarriers tonewsupply Population densityawth within five milesHouseholdincome durabilityTraffic counts and connectivity We decapital wheredemandmeaningfullyeeplacementcostsitsfacquisition basis. DrivingSustainableValueforYou Wearecommittedtocreatinglong-termvalueforshareholders.Everydecisionwemakeandeverbeevaluatedwiththisoverarchingobjectiveinmind Wewillbedisciplinedandintentionalthroughourtransformationprocess,focusingonourcorepr Every action is data-driven DebtreductioncomesfirstBalance-sheet strength drives growth.Operational excellenceis non-negotiable. Thankyouforinvestors. Sincerely, TibbettsChairmarChief ExecutiveOfficer,and President UNITEDSTATESSECURITIESANDEXCHANGECOMMISSIONWashington, D.C.20549 ANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTFor the fiscal yearended December 31,20251934For the transition period fromtoCommission file number001-35908 ARMADAHOFFLERPROPERTIES,INC. (Exact Name of Registrant as Specified in Its Charter) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 ofthe Securities Act.Yes No Indicate by check mark ifthe registrant is not required to file reports pursuant to Section 13 or 15(d) ofthe Act.YesNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act ofthe preceding 12 months (orfor such shorter period that the registrant was required tofile such reports),and (2) has been subject to such filing requthepast90days.YesμNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 40files). Yes β No Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,a smaller reporting companyemerginggrowthcompany.Seethedefinitionsof"largeacceleratedfiler"acceleratedfiler,""smallerreporing company,"andemerginggrowthin Rule 12b-2 of the Exchange Act. Large accelerated filer口Non-accelerated filer口 Accelerated filer Smaller reporting company Emerging growth company revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicateby checkmark whethertheregistrant hasfiled areport on and attestation to its management's assessment oftheeffectiveness ofits internaover financial reporting under Section 404(b) of the S