Publicly traded REIT focused on single-tenant or anchored multi-tenant net lease industrial assets, with 151 properties and 109 unique tenants across 27 states as of June 30, 2026.
Portfolio totals $1.8 billion in gross assets and 17.7 million square feet, with 98.7% occupancy and an average remaining lease term of 7.1 years.
Industrial assets comprise 69% of annualized straight-line base rent, with a target to reach at least 70% in the next 12 months.
Portfolio diversified by geography, tenant industry, and asset class, with no tenant accounting for more than 6% of annualized rent.
Most leases have fixed annual escalations up to 3.5%, supporting steady contractual revenue growth.
Gross asset base grew 78% and total revenue 93% from 2015 to 2025, with continued moderate growth through Q2 2026.
Funds from operations (FFO) per share (diluted) was $0.38 for Q2 2026, with core FFO per share (diluted) also at $0.38.
Net income available to common stockholders was $5.1 million for Q2 2026, with distributions declared per share of $0.30.
Net debt/gross assets reduced from 56.9% in 2015 to 47.2% in 2026; 94% of debt is fixed or hedged, and only 2.5% matures before 2027.
$80.8 million in available liquidity as of June 30, 2026, and institutional stock ownership increased to 61.2%.
Focus on acquiring mission-critical industrial properties in growth markets, with long-term leases and strong tenant credit.
In-house underwriting platform ensures high rent collection (100% in 2021-2026, 99% in 2020) and minimal tenant defaults (six in 20+ years).
53% of tenants are investment grade or equivalent; 61% of rent comes from privately held tenants.
More than 77% of annualized base rent expires in 2029 or later, supporting long-term income stability.
Conservative balance sheet and proactive asset management position the company for accretive acquisitions.
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