Focuses on single tenant or anchored multi-tenant net lease industrial assets with long-term leases averaging 7.3 years and strong credit tenants in growth markets.
Portfolio consists of 151 properties, 109 unique tenants, and 17.7 million square feet, with 98.7% occupancy as of March 31, 2026.
Industrial assets now represent 69% of annualized straight-line base rent, up from 35% in 2018, with a target of at least 70% in the next year.
Diversified across 27 states and multiple industries, with no tenant accounting for more than 6% of annualized rent.
Most industrial leases have fixed annual escalations up to 3.5%, supporting steady revenue growth.
Gross assets total $1.8 billion, with a 93% revenue growth and 78% asset growth from 2015 to 2025.
Funds from operations (FFO) per share (diluted) was $0.37 for Q1 2026, with distributions declared per share at $0.30.
Net income available to common stockholders was $3.8 million for Q1 2026.
Institutional stock ownership increased to 51.8% by March 2026.
Weighted average interest rate on mortgage debt is 4.20%, with total net debt/gross assets at 47%.
In-house underwriting team critically evaluates tenant credit, with only six tenant defaults in 20+ years.
53% of tenants are investment grade rated or equivalent; 61% of rent comes from privately held tenants.
100% cash rent collection from 2021 to April 2026, and 99% in 2020 during the pandemic.
Portfolio occupancy has never dropped below 95%, with industrial occupancy at 99.8% as of March 2026.
Over 74% of base rent expires in 2029 or later, reducing near-term lease rollover risk.
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