Publicly traded REIT focused on single-tenant or anchored multi-tenant net lease industrial assets in growth markets, with 151 properties, $1.8 billion in gross assets, and 17.7 million square feet at 99.1% occupancy as of December 31, 2025.
Portfolio diversified across 109 unique tenants in 27 states, with no tenant accounting for more than 6% of annualized straight-line rent.
Industrial assets comprise 69% of annualized straight-line base rent, up from 35% in 2018, with a target of at least 70% in the next 12 months.
Most industrial leases have fixed annual escalations up to 3.5%, supporting steady contractual revenue growth.
Average remaining lease term is 7.3 years, with over 72% of base rent expiring in 2029 or later.
2025 total revenue reached $161.3 million, with funds from operations (FFO) per diluted share at $1.41 and core FFO per diluted share at $1.42.
Distributed over $68.6 million in dividends to shareholders in 2025.
Net debt/gross assets reduced from 56.9% in 2015 to 47.4% in 2025; 95% of debt is fixed or hedged, with only 4.2% maturing before 2027.
$73.6 million in available liquidity as of year-end 2025, with institutional stock ownership rising to 50.2%.
Weighted average interest rate on mortgage debt is 4.21%.
Focus on acquiring mission-critical, well-located industrial properties with long-term NNN leases in growth markets.
In-house underwriting team critically evaluates tenant credit; only six tenant defaults in 20+ years.
Consistently high rent collection: 100% in 2021–2025, 99% in 2020.
Recent acquisitions include industrial assets in Dallas-Fort Worth, Milwaukee, Detroit, Michigan, Indiana, Georgia, and Houston, with lease terms ranging from 10 to 20 years.
Asset management includes proactive leasing and maintaining high occupancy, with occupancy never below 95% historically.
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