Cherry James C. 4

What Happened

• James C. Cherry, a director of AH Realty Trust, reported the exercise/conversion of 4,981 in‑the‑money Time‑Based LTIP derivative units on July 1, 2026. The filing shows both an acquisition and a matching disposition of 4,981 units at an exercise price of $0.00, reflecting a conversion rather than a market purchase or sale. No cash changed hands in the reported transactions.

Key Details

• Transaction date: July 1, 2026. Report filed July 6, 2026 (five days after the transaction).
• Reported entries: 4,981 units Acquired @ $0.00 (derivative) and 4,981 units Disposed @ $0.00 (derivative) — indicates conversion of LTIP Units into Common Units (see footnote F3).
• Shares/units owned after transaction: Not specified in the provided filing excerpt.
• Notable footnotes:
  • F1/F3: These were Time‑Based LTIP Units granted July 1, 2024 that the holder elected to convert into Common Units on the earliest permitted date (two years after grant).
  • F2/F4: Each Common Unit is redeemable for cash equal to the market value of one share (or, at the company’s election, one share of common stock); Common Units may be tendered for redemption.
• Filing timeliness: The Form 4 was filed five days after the transaction. Form 4s are normally due within two business days; the filing does not explicitly state a late filing reason.

Context

• This was a conversion/exercise of LTIP (long‑term incentive) units, not an open‑market buy or sale. Such conversions often reflect grant vesting/holder election rather than a direct bullish or bearish trade.
• The exercise price reported is $0.00, meaning the conversion did not require cash payment by the director. The resulting Common Units carry redemption/convertibility features described in the footnotes.