Portfolio comprised 152 properties totaling 17.8 million sq. ft. across 27 states; occupancy was 99.3%, average lease term was 7.1 years, and industrial represented 69% of annualized straight-line rent.
Q3 lease revenue rose 3.9% YoY to $42.4 million; FFO and Core FFO were each $16.9 million, or $0.35 per diluted share, while GAAP net loss was $2.1 million.
Strategy centers on increasing industrial concentration, leasing and investing in existing assets, and recycling capital from non-core properties.
Q3 operating expenses rose to $32.9 million from $26.0 million, including a $6.5 million impairment; net loss attributable to common stockholders was $5.2 million.
9M revenue was $128.3 million, up 8.9%; net income was $13.2 million versus $13.9 million in 9M 2025.
9M FFO was $51.8 million, or $1.07 per share, up 10.8% and 4.9%, respectively; 9M Core FFO per share was also $1.07.
Q3 FFO per share was flat YoY and down 7.8% QoQ; higher property and interest expenses and the absence of a prior-period lease termination fee weighed on Core FFO.
9M same-store lease revenue increased 0.2% to $94.5 million, supported by recoveries and rental-rate increases; Q3 same-store revenue declined 1.8% to $31.1 million.
Targeting industrial assets to exceed 70% of annualized straight-line rent; evaluating mission-critical industrial acquisitions while maintaining underwriting standards.
Acquisition criteria include ~7.5% entry cap rates and average cap rates above 9% over lease terms of 10+ years; pipeline included ~15 opportunities totaling more than $200 million.
Management expects occupancy may temporarily fall below 99% before leasing efforts restore it; no significant unusual Q4 income-statement items were expected.
Capital recycling through non-core asset sales, debt reduction, and acquisitions remains a priority; management expects access to debt and equity markets as needed.
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