Owns 143 properties totaling 17 million sq ft across 27 states, with 98.7% occupancy as of June 30, 2025.
Acquired up to ten industrial properties for $153.1M in the first half of 2025, including two facilities for $79M in Q2.
Sold non-core/office properties for capital recycling, with gains recognized and proceeds redeployed into industrial assets.
Portfolio leased to 107 tenants in 20 industries; 51% of tenants have investment grade or equivalent credit ratings.
Weighted average remaining lease term is 7.1 years, with only 1.3%–1.5% of annualized rent expiring through 2025.
Q2 2025 FFO and Core FFO were $15.3M–$16.1M ($0.33–$0.35/share); net income was $4.6M, up 189.6% year-over-year.
Six-month 2025 FFO was $30.5M ($0.67/share), up 9% year-over-year; net income was $9.8M, up 90.7%.
Lease revenue for Q2 2025 was $39.5M, up 6.7% year-over-year; operating expenses decreased 3.2%.
Paid $0.30/share in common dividends for Q2 2025, annualized at $1.20/share.
Total assets reached $1.21B; real estate assets before depreciation increased 4.9% sequentially to $1.35B.
Focus on acquiring high-quality industrial assets in secondary growth markets and recycling capital from non-core sales.
Six LOIs outstanding and a $50M transaction expected soon; anticipates increased acquisition activity post-summer.
Confident in proactive lease renewals for expirations in 2025–2027; expects same store rents to rise by 2% annually.
Management expects continued access to debt and equity markets for liquidity.
Cautions on inflation, higher interest rates, and geopolitical risks impacting future results.
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