Portfolio consists of 151 properties totaling 17.7 million sq. ft. across 27 states, with 99.1% occupancy and a 7.5-year average lease term.
Achieved 100% cash rent collection for Q3 2025 and October, reflecting strong tenant performance.
Acquired a six-facility industrial portfolio for $54.5 million, increasing industrial concentration to 69% of annualized straight-line rents.
Completed leasing activity on 14 properties totaling 734,000 sq ft, resulting in a $1.1 million annual straight-line rent increase.
Continued capital recycling with non-core property sales and redeployment of proceeds to acquisitions or debt repayment.
Q3 2025 lease revenue was $40.8 million, up from $39.2 million in Q3 2024; nine-month lease revenue was $117.9 million, up 5.2%.
FFO and core FFO per share were $0.35 for Q3 2025, down from $0.38 in Q3 2024; Core FFO rose 1.8% from Q2 2025.
Net income for Q3 2025 was $4.1 million, down from $11.7 million in Q3 2024.
Common stock dividend maintained at $0.30 per share per quarter ($1.20 annualized).
Net assets increased to $1.27 billion due to portfolio growth.
Focus remains on acquiring high-quality industrial assets, extending tenant leases, and redeploying capital from non-core asset sales.
Management expects stable business conditions through year-end 2025, with close monitoring of government shutdowns, interest rates, and tariffs.
Anticipates further increase in industrial allocation beyond 70% of straight-line rent.
Expects capital expenditures to decrease as recent leasing activity was unusually high.
Ongoing access to debt and equity markets is expected for liquidity needs.
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