MeritValue

AH Realty Trust, Inc.

AHRTdata completeness 88%15 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

AH Realty Trust, Inc. earns about 4% on invested capital, but has diluted owners by 32% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $2.83 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$91.9M1$234.9M2$413.1M2$433.2M2$285.2M3
Net income$21.9M4$74.7M5$8.29M6$35.6M6$5.6M6
Operating cash flow$91.2M7$116.9M8$93.3M8$112M8$64.2M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$917.6M10$1.07B11$1.4B12$1.3B13$1.53B13
Cash & equivalents$35.2M14$47.5M15$20M15$31.9M15$49.2M15
Diluted shares60.6M67.6M67.7M70.7M80.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$78.36
your share of equity
Profit it earned you last year
$0.7
Free cash flow it threw off
—
Debt you’d be carrying
$190.49

10 shares is a claim on $78.36 of net worth that earned you $0.7 last year, against $190.49 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
4% avg · 5y
FY21 4%FY22 8%FY23 3%FY24 3%FY25 —

It earned an average 4% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+32% shares · 5y

Share count is up 32% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 66% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$2.83
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$21.9M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001569187-24-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001569187-25-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2025-12-31 · accession 0001569187-26-000021 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001569187-24-000012 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001569187-25-000016 (NetIncomeLoss)
  6. 10-K/A · period ending 2023-12-31 · accession 0001569187-26-000021 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001569187-24-000012 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001569187-25-000016 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2025-12-31 · accession 0001569187-26-000021 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  10. 10-K · period ending 2021-12-31 · accession 0001569187-23-000010 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0001569187-24-000012 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0001569187-25-000016 (LongTermDebt)
  13. 10-K/A · period ending 2024-12-31 · accession 0001569187-26-000021 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001569187-23-000010 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K/A · period ending 2022-12-31 · accession 0001569187-26-000021 (CashAndCashEquivalentsAtCarryingValue)