Acquired $206.7 million in industrial assets across 19 fully-occupied facilities, increasing industrial concentration to 69% of annualized straight-line rent as of December 31, 2025, up from 63% in 2024.
Owns 151 properties totaling 17.7 million sq. ft. across 27 states, with 99.1% occupancy and an average lease term of 7.3 years.
Portfolio is diversified across 20 industries, with 53% of tenants investment grade or equivalent.
Renewed or extended 1.2 million sq ft of leases at 18 properties, resulting in a $2.1 million net increase in GAAP rent.
Continued capital recycling by selling non-core assets and redeploying proceeds into growth markets.
Q4 2025 FFO and Core FFO were $17.8M and $17.9M, or $0.37 per share, up from $0.35 in Q4 2024.
Full-year 2025 FFO was $64.9M ($1.38/share) and Core FFO was $65.7M ($1.40/share), both up nearly 9% year-over-year.
Net income for 2025 was $19.3M, down from $24.0M in 2024.
Same-store lease revenue increased by 4% year-over-year.
Total assets at year-end were $1.25B; real estate assets before depreciation grew 15% year-over-year to $1.4B.
Targeting further growth in industrial concentration, aiming to surpass 70% of annualized straight-line rent.
Management expects continued access to debt and equity markets for liquidity.
Focused on acquiring high-quality, mission-critical industrial assets and strategic capital recycling.
Monitoring lease maturities, with eight leases (half office, half industrial) representing 8% of straight-line rent due in 2026; confident in renewals or re-leasing for most.
Pipeline of $300 million in potential transactions, with cap rates generally between 7.5% and 8.5%.
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