Tibbetts Shawn J 4

What Happened

• Shawn J. Tibbetts, CEO, President and Director of AH Realty Trust, Inc. (AHRT), exercised/converter a derivative award on March 11, 2026, resulting in 55,080 underlying common units/shares. The exercise price was $0.00, so no cash was paid and the reported value is $0. This transaction reflects conversion of LTIP units into common units rather than an open-market purchase or sale.

Key Details

• Transaction date: March 11, 2026; Form 4 filed March 13, 2026 (appears timely under the 2-business-day rule).
• Reported transactions: 55,080 units converted/exercised (listed as both disposition of the derivative and acquisition of the underlying common units); exercise price $0.00; total reported cash value $0.
• Shares owned after transaction: not specified in the provided filing extract.
• Relevant footnotes: F4 indicates these were Time‑Based LTIP Units granted March 11, 2024 converted at the holder’s election. F1–F3 explain that LTIP units convert to Operating Partnership Common Units (which are redeemable for cash or, at the company’s option, shares of common stock) and outline vesting/holding restrictions.
• This was a conversion/exercise of compensation awards (derivative instruments), not a sale (no proceeds) and not a purchase with cash.

Context

• These were Time‑Based LTIP Units (long‑term incentive plan units) being converted into common units; such LTIP units typically vest and may carry additional holding periods (per footnotes). The filing shows no immediate sale of the acquired units (i.e., not a cashless exercise and not an open‑market sale), so it does not signal a directional open‑market trade by the insider.
• Common Units received may be redeemable for cash or shares under the operating partnership agreement; conversion and any restrictions are governed by the OP Agreement and the award terms.