Wimbush Frederick Blair 4

What Happened

• Wimbush Frederick Blair, a director of AH Realty Trust, Inc. (AHRT), was granted 2,281 Time‑Based LTIP Units on 2026-03-16 at an attributed value of $6.03 each, totaling $13,750. The units were issued in lieu of his cash retainer (award, not an open-market purchase or sale).

Key Details

• Transaction date: 2026-03-16; Form 4 filed 2026-03-18 (filed two days after the transaction; appears timely).
• Amount granted: 2,281 Time‑Based LTIP Units at $6.03 per unit; aggregate value $13,750.
• Shares/units owned after transaction: not specified in the filing.
• Footnotes of note:
  • F1: Units were issued in lieu of the director's cash retainer.
  • F2: Time‑Based LTIP Units are units in AH Realty Trust, LP (the Operating Partnership) that, subject to the OP Agreement, can be converted into Common Units at the holder’s option; except in a Change of Control, they may not be converted until two years after grant; they have no expiration.
  • F3: Common Units are redeemable for cash equal to the then-current market value of one share of AHRT common stock or, at the company’s election, for one share of the company’s common stock.

Context

• These are compensation awards (LTIP units) rather than a cash purchase or sale. Such grants are routine director compensation and do not necessarily signal the director’s view on the stock.
• The Time‑Based LTIP Units are a derivative-like equity interest in the Operating Partnership with conversion and timing restrictions—holders generally cannot convert them to Common Units for two years (unless a Change of Control occurs).