Greenside contract price is $50 million, while completion of sale remains uncertain
Key Facts
Completion of the sale of the Greenside Apartments complex in Charlotte, North Carolina, could not be confirmed, although the company expected it to close in November 2026. AH Realty Trust said in its quarterly report that the complex has a contract price of $50 million and recorded an impairment of $8.7 million during the nine months ended September 30, 2026. The company had classified Greenside as held for sale on September 30. This places the complex within a plan to sell real estate assets, while the reported completion date remains the company's expectation. AHRT shares closed at $6.34 on November 12, according to EL7 data.
Greenside is one of two residential properties that remained in the portfolio transaction after its first phase closed. AH Realty Trust said the initial closing, on May 20, 2026, included nine of 11 properties, along with retail components in five of those properties and an office component in one. Gross proceeds from those assets totaled $485 million. In a statement announcing the transaction's completion, the company said about $465 million of the proceeds from the initial closing was used to repay debt. Under the contract, Greenside and Premier Apartments remained after the initial closing, and the company had expected to sell Greenside in November and Premier by mid-2027.
The company included debt reduction among its objectives when it announced the portfolio sale in May 2026. It said directing the sale proceeds to debt repayment supports its long-term leverage target of 5.5 to 6.5 times net debt to adjusted gross earnings before interest, taxes, depreciation and amortization. In its third-quarter results update, the company said property sales and debt repayment reduced leverage to 7.1 times during the quarter. That means the reported third-quarter level remained above the long-term target range set by the company. Greenside's $50 million contract price falls within this financial context, but the available report does not establish that its proceeds were realized or used to repay debt.
AH Realty Trust also tied its expectations for the two transactions to future dates, while cautioning that completion of the remaining sale was not assured on the expected date or terms. Its report set November 2026 as the expected sale date for Greenside and indicated that the sale of Premier was expected to close by mid-2027. The mid-2027 date applies to Premier and is not evidence that the Greenside sale has closed. The next stated step for the latter property therefore remains tied to the November expectation, while Premier remains on the expected schedule for the following year. The latest closing price for the stock available in the data provided was $6.34 on November 12, 2026.