


Q3 2026 SUPPLEMENTAL INFORMATION |
Orion Supplemental Information | |
September 30, 2026 |
Section | Page |
About the Data | |
Forward-Looking Statements | |
Company Overview | |
Balance Sheets | |
Statements of Operations | |
Funds From Operations (FFO), Core FFO and Funds Available for Distribution (FAD) | |
EBITDA, EBITDAre and Adjusted EBITDA | |
Capital Structure | |
Debt Detail | |
Ratio Analysis | |
Credit Facility Revolver Covenants | |
Net Operating Income (NOI) and Cash NOI | |
Leasing Activity | |
Vacant Property Operating Expenses | |
Acquisitions and Dispositions | |
Diversification Statistics: Operating Property Portfolio | |
Tenants Comprising Over 1% of Annualized Base Rent | |
Tenant Industry Diversification | |
Lease Expirations | |
Lease Summary | |
Operating Property Geographic Diversification | |
Operating Property Type | |
Operating Property Portfolio | |
Unconsolidated Joint Venture Investment Summary | |
Definitions |
Q3 2026 SUPPLEMENTAL INFORMATION |
About the Data |
Q3 2026 SUPPLEMENTAL INFORMATION |
Forward-Looking Statements |
Q3 2026 SUPPLEMENTAL INFORMATION |
Q3 2026 SUPPLEMENTAL INFORMATION |
Company Overview (unaudited) |
Q3 2026 SUPPLEMENTAL INFORMATION |
Company Overview (continued) |
Senior Management | Board of Directors | |
Paul H. McDowell, Chief Executive Officer, President | Reginald H. Gilyard, Non-Executive Chairman, Independent Director | |
Gavin B. Brandon, Executive Vice President, Chief Financial Officer and Treasurer | Kathleen R. Allen, Ph.D., Independent Director | |
Christopher H. Day, Executive Vice President, Chief Operating Officer | Richard J. Lieb, Independent Director | |
Paul C. Hughes, General Counsel and Secretary | Gregory J. Whyte, Independent Director | |
Revea L. Schmidt, Senior Vice President, Chief Accounting Officer | Paul H. McDowell, Chief Executive Officer, President and Director |
3200 E Camelback Road, Suite 100 | 122 E. 42nd Street, Suite 5100 | |
Phoenix, AZ 85018 | New York, NY 10168 | |
602-698-1002 | ||
www.ONLREIT.com |
Computershare Trust Company, N.A. |
c/o Computershare Investor Services |
P.O. Box 43006 |
Providence, RI 02940-3006 |
Toll Free: 877-218-2434 |
International: 781-575-3017 |
Q3 2026 SUPPLEMENTAL INFORMATION |
Balance Sheets (unaudited, in thousands) |
September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||
Assets | ||||||||||
Real estate investments, at cost: | ||||||||||
Land | $167,254 | $167,254 | $178,765 | $176,532 | $187,415 | |||||
Buildings, fixtures and improvements | 962,663 | 956,882 | 983,994 | 976,676 | 986,834 | |||||
Total real estate investments, at cost | 1,129,917 | 1,124,136 | 1,162,759 | 1,153,208 | 1,174,249 | |||||
Less: accumulated depreciation | 204,111 | 196,198 | 197,281 | 195,042 | 188,317 | |||||
Total real estate investments, net | 925,806 | 927,938 | 965,478 | 958,166 | 985,932 | |||||
Accounts receivable, net | 44,553 | 41,111 | 47,644 | 35,333 | 32,611 | |||||
Intangible lease assets, net | 74,054 | 77,872 | 81,691 | 75,947 | 80,102 | |||||
Cash and cash equivalents | 13,731 | 16,870 | 10,274 | 22,362 | 32,639 | |||||
Restricted cash | 50,450 | 46,659 | 50,259 | 38,277 | 30,126 | |||||
Real estate assets held for sale, net | — | — | — | 12,803 | 14,969 | |||||
Other assets, net | 27,956 | 29,625 | 32,945 | 27,614 | 46,414 | |||||
Total assets | $1,136,550 | $1,140,075 | $1,188,291 | $1,170,502 | $1,222,793 | |||||
Liabilities and Equity | ||||||||||
Mortgages payable, net | $331,955 | $331,802 | $366,927 | $371,957 | $371,772 | |||||
Credit facility revolver | 102,000 | 102,000 | 127,000 | 92,000 | 110,000 | |||||
Accounts payable and accrued expenses | 26,860 | 25,471 | 35,318 | 40,219 | 40,300 | |||||
Below-market lease liabilities, net | 16,964 | 17,429 | 17,939 | 18,449 | 18,959 | |||||
Distributions payable | 1,141 | 1,141 | 1,137 | 1,208 | 1,126 | |||||
Other liabilities, net | 27,254 | 28,203 | 30,180 | 22,154 | 20,519 | |||||
Total liabilities | 506,174 | 506,046 | 578,501 | 545,987 | 562,676 | |||||
Common stock | 57 | 57 | 57 | 56 | 56 | |||||
Additional paid-in capital | 1,153,510 | 1,152,706 | 1,151,892 | 1,151,644 | 1,150,246 | |||||
Accumulated other comprehensive loss | — | — | — | (5) | (17) | |||||
Accumulated deficit | (524,436) | (520,011) | (543,432) | (528,482) | (491,463) | |||||
Total stockholders' equity | 629,131 | 632,752 | 608,517 | 623,213 | 658,822 | |||||
Non-controlling interest | 1,245 | 1,277 | 1,273 | 1,302 | 1,295 | |||||
Total equity | 630,376 | 634,029 | 609,790 | 624,515 | 660,117 | |||||
Total liabilities and equity | $1,136,550 | $1,140,075 | $1,188,291 | $1,170,502 | $1,222,793 |
Q3 2026 SUPPLEMENTAL INFORMATION |
Statements of Operations (unaudited, in thousands, except per share data) |
Three Months Ended | ||||||||||
September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||
Revenues: | ||||||||||
Rental | $35,235 | $34,098 | $36,134 | $35,010 | $36,918 | |||||
Fee income from Unconsolidated Joint Venture | 198 | 206 | 137 | 209 | 204 | |||||
Total revenues | 35,433 | 34,304 | 36,271 | 35,219 | 37,122 | |||||
Operating expenses: | ||||||||||
Property operating | 14,282 | 12,477 | 14,783 | 15,199 | 17,284 | |||||
General and administrative | 4,735 | 4,611 | 5,140 | 5,972 | 4,607 | |||||
Depreciation and amortization | 12,518 | 13,520 | 13,159 | 13,087 | 14,709 | |||||
Impairments | — | — | 6,296 | 14,466 | 63,698 | |||||
Transaction related | 120 | 312 | 259 | 645 | 114 | |||||
Total operating expenses | 31,655 | 30,920 | 39,637 | 49,369 | 100,412 | |||||
Other (expenses) income: | ||||||||||
Interest expense, net | (7,099) | (7,330) | (7,250) | (7,473) | (7,880) | |||||
Gain on disposition of real estate assets | — | 28,826 | — | 2,902 | 3,265 | |||||
Loss on extinguishment of debt, net | — | (288) | (244) | — | — | |||||
Other income | 117 | 63 | 243 | 312 | 317 | |||||
Other expenses | — | (1) | (3,319) | (360) | (1,116) | |||||
Recovery of (reserve on) Member Loan | — | — | 439 | (5,926) | — | |||||
Equity in loss and impairment of investment in Unconsolidated Joint Venture, net | — | — | — | (11,049) | (256) | |||||
Total other (expenses) income, net | (6,982) | 21,270 | (10,131) | (21,594) | (5,670) | |||||
(Loss) income before taxes | (3,204) | 24,654 | (13,497) | (35,744) | (68,960) | |||||
Provision for income taxes | (69) | (71) | (71) | (59) | (67) | |||||
Net (loss) income | (3,273) | 24,583 | (13,568) | (35,803) | (69,027) | |||||
Net income attributable to non-controlling interest | (11) | (4) | (10) | (7) | (8) | |||||
Net (loss) income attributable to common stockholders | $(3,284) | $24,579 | $(13,578) | $(35,810) | $(69,035) | |||||
Weighted average common shares outstanding - basic | 57,045 | 56,946 | 56,565 | 56,316 | 56,313 | |||||
Weighted average common shares outstanding - diluted | 57,045 | 58,106 | 56,565 | 56,316 | 56,313 | |||||
Net (loss) income per share attributable to common stockholders - basic | $(0.06) | $0.43 | $(0.24) | $(0.64) | $(1.23) | |||||
Net (loss) income per share attributable to common stockholders - diluted | $(0.06) | $0.42 | $(0.24) | $(0.64) | $(1.23) | |||||
Q3 2026 SUPPLEMENTAL INFORMATION |
Funds From Operations (FFO), Core FFO and Funds Available for Distribution (FAD) (unaudited, in thousands, except per share data) |
Three Months Ended | ||||||||||
September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||
Net (loss) income attributable to common stockholders | $(3,284) | $24,579 | $(13,578) | $(35,810) | $(69,035) | |||||
Adjustments: | ||||||||||
Depreciation and amortization of real estate assets | 12,480 | 13,481 | 13,125 | 13,050 | 14,681 | |||||
Gain on disposition of real estate assets | — | (28,826) | — | (2,902) | (3,265) | |||||
Impairment of real estate | — | — | 6,296 | 14,466 | 63,698 | |||||
Impairment of investment in Unconsolidated Joint Venture and proportionate share of adjustments for items above, as applicable | — | — | — | 11,280 | 474 | |||||
FFO attributable to common stockholders | $9,196 | $9,234 | $5,843 | $84 | $6,553 | |||||
Transaction related | 120 | 312 | 259 | 645 | 114 | |||||
Amortization of deferred financing costs | 1,081 | 928 | 845 | 932 | 933 | |||||
Amortization of deferred lease incentives, net | 207 | 221 | 162 | 136 | 175 | |||||
Equity-based compensation, net | 804 | 814 | 770 | 1,242 | 852 | |||||
Loss on extinguishment of debt, net | — | 288 | 244 | — | — | |||||
Other adjustments, net | 41 | 1 | 3,618 | 7,508 | 2,366 | |||||
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable | — | — | — | 11 | 14 | |||||
Core FFO attributable to common stockholders | $11,449 | $11,798 | $11,741 | $10,558 | $11,007 | |||||
Amortization of above and below market leases, net | (279) | (312) | (312) | (312) | (312) | |||||
Straight-line rental revenue | (3,109) | (2,998) | 1,830 | (2,077) | (4,898) | |||||
Unconsolidated Joint Venture basis difference amortization | — | — | — | 114 | 114 | |||||
Capital expenditures and leasing costs | (6,943) | (8,852) | (18,651) | (17,777) | (18,283) | |||||
Other adjustments, net | 164 | 222 | 123 | 75 | 66 | |||||
Proportionate share of Unconsolidated Joint Venture adjustments for the items above, as applicable | — | — | — | 33 | 27 | |||||
FAD attributable to common stockholders | $1,282 | $(142) | $(5,269) | $(9,386) | $(12,279) | |||||
Weighted average common shares outstanding - basic | 57,045 | 56,946 | 56,565 | 56,316 | 56,313 | |||||
Effect of weighted average dilutive securities (1) | 986 | 1,160 | 698 | 705 | 530 | |||||
Weighted average common shares outstanding - diluted | 58,031 | 58,106 | 57,263 | 57,021 | 56,843 | |||||
FFO attributable to common stockholders per diluted share | $0.16 | $0.16 | $0.10 | $0.00 | $0.12 | |||||
Core FFO attributable to common stockholders per diluted share | $0.20 | $0.20 | $0.21 | $0.19 | $0.19 | |||||
FAD attributable to common stockholders per diluted share | $0.02 | $0.00 | $(0.09) | $(0.17) | $(0.22) | |||||
Q3 2026 SUPPLEMENTAL INFORMATION |
EBITDA, EBITDAre and Adjusted EBITDA (unaudited, in thousands) |
Three Months Ended | ||||||||||
September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||
Net (loss) income attributable to common stockholders | $(3,284) | $24,579 | $(13,578) | $(35,810) | $(69,035) | |||||
Adjustments: | ||||||||||
Interest expense, net | 7,099 | 7,330 | 7,250 | 7,473 | 7,880 | |||||
Depreciation and amortization | 12,518 | 13,520 | 13,159 | 13,087 | 14,709 | |||||
Provision for income taxes | 69 | 71 | 71 | 59 | 67 | |||||
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable | — | — | — | 972 | 1,004 | |||||
EBITDA | $16,402 | $45,500 | $6,902 | $(14,219) | $(45,375) | |||||
Gain on disposition of real estate assets | — | (28,826) | — | (2,902) | (3,265) | |||||
Impairment of real estate | — | — | 6,296 | 14,466 | 63,698 | |||||
Impairment of investment in Unconsolidated Joint Venture and proportionate share of adjustments for items above, as applicable | — | — | — | 10,805 | — | |||||
EBITDAre | $16,402 | $16,674 | $13,198 | $8,150 | $15,058 | |||||
Transaction related | 120 | 312 | 259 | 645 | 114 | |||||
Amortization of above and below market leases, net | (279) | (312) | (312) | (312) | (312) | |||||
Amortization of deferred lease incentives, net | 207 | 221 | 162 | 136 | 175 | |||||
Loss on extinguishment of debt, net | — | 288 | 244 | — | — | |||||
Other adjustments, net | 41 | 1 | 3,618 | 7,508 | 2,366 | |||||
Proportionate share of Unconsolidated Joint Venture adjustments for items above, as applicable | — | — | — | (8) | (7) | |||||
Adjusted EBITDA | $16,491 | $17,184 | $17,169 | $16,119 | $17,394 | |||||
Q3 2026 SUPPLEMENTAL INFORMATION |
Capital Structure (unaudited, dollars and shares in thousands, except per share amounts) |

Capitalization Table | |||||
September 30, 2026 | |||||
Common stock outstanding | 57,045 | ||||
Stock price | $2.49 | ||||
Implied Equity Market Capitalization | $142,042 | ||||
Wtd. Avg. Maturity (Years) | Wtd. Avg. Interest Rate (1) | Principal Outstanding | |||
Mortgages payable (2) | 2.5 | 5.02% | $334,494 | ||
Credit facility revolver (3) | 1.4 | 6.62% | 102,000 | ||
Total secured debt | 2.3 | 5.39% | $436,494 | ||
Total unsecured debt | — | —% | — | ||
Total Principal Outstanding | 2.3 | 5.39% | $436,494 | ||
Total Capitalization | $578,536 | ||||
Cash and cash equivalents | 13,731 | ||||
Restricted cash | 50,450 | ||||
Enterprise Value | $514,355 | ||||
Net Debt/Enterprise Value | 72.4% | ||||
Net Debt/Gross Real Estate Investments | 27.8% | ||||
Fixed Charge Coverage Ratio | 2.74x | ||||
Liquidity (4) | $177,181 | ||||
Net Debt/Annualized Most Recent Quarter Adjusted EBITDA | 5.64x | ||||
Net Debt/Annualized Year-to-Date Adjusted EBITDA | 5.49x | ||||
Common equity | 24.6% | ||
Mortgages payable (2) | 57.8% | ||
Credit facility revolver (3) | 17.6% |

Q3 2026 SUPPLEMENTAL INFORMATION |
Debt Detail (unaudited, dollars in thousands) |
Principal Payments Due | Total | 2026 | 2027 | 2028 | Thereafter | |||||
Credit facility revolver (1) | $102,000 | $— | $— | $102,000 | $— | |||||
Mortgages payable (2) | 334,494 | — | — | — | 334,494 | |||||
Total Principal Outstanding | $436,494 | $— | $— | $102,000 | $334,494 |
Debt Type | Percentage of Principal Outstanding | Weighted Average Interest Rate (3) | Weighted Average Years to Maturity | |||
Credit facility revolver (1) | 23.4% | 6.62% | 1.4 | |||
Mortgages payable (2) | 76.6% | 5.02% | 2.5 | |||
Total | 100.0% | 5.39% | 2.3 | |||
Total unsecured debt | —% | —% | — | |||
Total secured debt | 100.0% | 5.39% | 2.3 | |||
Total | 100.0% | 5.39% | 2.3 | |||
Total fixed-rate debt | 76.6% | 5.02% | 2.5 | |||
Total variable-rate debt | 23.4% | 6.62% | 1.4 | |||
Total | 100.0% | 5.39% | 2.3 |
Q3 2026 SUPPLEMENTAL INFORMATION |
Ratio Analysis (unaudited, dollars in thousands) |
Three Months Ended | ||||||||||
September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||
Interest Coverage Ratio | ||||||||||
Interest Expense, excluding non-cash amortization (1) | $6,018 | $6,402 | $6,405 | $7,028 | $7,463 | |||||
Adjusted EBITDA (2) | 16,491 | 17,184 | 17,169 | 16,119 | 17,394 | |||||
Interest Coverage Ratio | 2.74x | 2.68x | 2.68x | 2.29x | 2.33x | |||||
Fixed Charge Coverage Ratio | ||||||||||
Interest Expense, excluding non-cash amortization (1) | $6,018 | $6,402 | $6,405 | $7,028 | $7,463 | |||||
Proportionate share of Unconsolidated Joint Venture adjustments for secured debt principal amortization | — | — | — | 144 | 146 | |||||
Total fixed charges | 6,018 | 6,402 | 6,405 | 7,172 | 7,609 | |||||
Adjusted EBITDA (2) | 16,491 | 17,184 | 17,169 | 16,119 | 17,394 | |||||
Fixed Charge Coverage Ratio | 2.74x | 2.68x | 2.68x | 2.25x | 2.29x | |||||
September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||
Net Debt Ratios | ||||||||||
Net Debt (1) | $372,313 | $373,069 | $436,745 | $428,039 | $444,168 | |||||
Annualized Most Recent Quarter Adjusted EBITDA | 65,964 | 68,736 | 68,676 | 64,476 | 69,576 | |||||
Net Debt to Annualized Most Recent Quarter Adjusted EBITDA Ratio | 5.64x | 5.43x | 6.36x | 6.64x | 6.38x | |||||
Net Debt (1) | $372,313 | $373,069 | $436,745 | $428,039 | $444,168 | |||||
Annualized Year-to-Date Adjusted EBITDA (2) | 67,792 | 68,706 | 68,676 | 68,957 | 70,451 | |||||
Net Debt to Annualized Year-to-Date Adjusted EBITDA Ratio (2) | 5.49x | 5.43x | 6.36x | 6.21x | 6.30x | |||||
Net Debt (1) | $372,313 | $373,069 | $436,745 | $428,039 | $444,168 | |||||
Gross Real Estate Investments (1) | 1,340,130 | 1,334,983 | 1,374,543 | 1,382,757 | 1,423,695 | |||||
Net Debt Leverage Ratio | 27.8% | 27.9% | 31.8% | 31.0% | 31.2% |
Q3 2026 SUPPLEMENTAL INFORMATION |
Credit Facility Revolver Covenants (unaudited) |
Credit Facility Revolver Financial Covenants | Required | September 30, 2026 | ||
Ratio of total indebtedness to total asset value | ≤ 60% | 45.5% | ||
Ratio of adjusted EBITDA to fixed charges | ≥ 1.5x | 2.58x | ||
Consolidated tangible net worth | ≥ $740.6 million | $993.5 million | ||
Collateral property availability | ≥ $215.0 million | $301.8 million | ||
Collateral property debt yield | ≥ 13% | 32.3% |
Q3 2026 SUPPLEMENTAL INFORMATION |
Net Operating Income (NOI) and Cash NOI (unaudited, dollars in thousands) |
Three Months Ended | ||||||||||
September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||
Rental revenue: | ||||||||||
Cash rental revenue | $21,932 | $22,534 | $26,511 | $20,372 | $21,469 | |||||
Fixed reimbursements | 1,790 | 1,711 | 1,659 | 1,546 | 1,526 | |||||
Variable reimbursements | 7,759 | 6,021 | 7,208 | 7,385 | 7,889 | |||||
Straight-line rental revenue | 3,109 | 2,998 | (1,830) | 2,077 | 4,898 | |||||
Amortization of above and below market leases, net | 279 | 312 | 312 | 312 | 312 | |||||
Amortization of deferred lease incentives, net | (207) | (221) | (162) | (136) | (175) | |||||
Other rental revenue | 573 | 743 | 2,436 | 3,454 | 999 | |||||
Total rental revenue | 35,235 | 34,098 | 36,134 | 35,010 | 36,918 | |||||
Property operating expense | (14,282) | (12,477) | (14,783) | (15,199) | (17,284) | |||||
NOI | $20,953 | $21,621 | $21,351 | $19,811 | $19,634 | |||||
Adjustments: | ||||||||||
Straight-line rental revenue | (3,109) | (2,998) | 1,830 | (2,077) | (4,898) | |||||
Amortization of above and below market leases, net | (279) | (312) | (312) | (312) | (312) | |||||
Amortization of deferred lease incentives, net | 207 | 221 | 162 | 136 | 175 | |||||
Other non-cash adjustments | 33 | 47 | 48 | 48 | 48 | |||||
Proportionate share of Unconsolidated Joint Venture Cash NOI | — | — | — | 893 | 900 | |||||
Cash NOI | $17,805 | $18,579 | $23,079 | $18,499 | $15,547 | |||||
Q3 2026 SUPPLEMENTAL INFORMATION |
Leasing Activity (unaudited, square feet and dollars in thousands) |
Three Months Ended September 30, 2026 | ||||||
New Leases | Renewals | Total | ||||
Number of leases | 3 | 2 | 5 | |||
Rentable square feet leased | 48 | 95 | 143 | |||
Weighted average lease term (by rentable square feet) (years) - firm term (1) | 10.4 | 3.0 | 5.5 | |||
Weighted average lease term (by rentable square feet) (years) - non-firm term (1) | 10.4 | 3.0 | 5.5 | |||
Weighted average new term rental rate per rentable square foot per year (cash basis) | $23.41 | $25.91 | $25.07 | |||
Weighted average rental rate change (cash basis) (2) (3) | N/A | 25.2% | 25.2% | |||
Tenant rent concessions and leasing costs per rentable square foot per year - firm term (4) (5) | $9.26 | $0.68 | $6.17 | |||
Tenant rent concessions and leasing costs per rentable square foot per year - non-firm term (4) | $9.26 | $0.68 | $6.17 | |||
Three Months Ended September 30, 2025 | ||||||
New Leases | Renewals | Total | ||||
Number of leases | 2 | 5 | 7 | |||
Rentable square feet leased | 83 | 220 | 303 | |||
Weighted average lease term (by rentable square feet) (years) - firm term (1) | 5.8 | 11.6 | 10.0 | |||
Weighted average lease term (by rentable square feet) (years) - non-firm term (1) | 5.8 | 12.0 | 10.3 | |||
Weighted average new term rental rate per rentable square foot per year (cash basis) | $17.71 | $16.98 | $17.18 | |||
Weighted average rental rate change (cash basis) (2) (3) | 9.4% | 2.2% | 4.1% | |||
Tenant rent concessions and leasing costs per rentable square foot per year - firm term (4) (5) | $4.64 | $5.74 | $5.57 | |||
Tenant rent concessions and leasing costs per rentable square foot per year - non-firm term (4) | $4.64 | $5.54 | $5.40 | |||
Q3 2026 SUPPLEMENTAL INFORMATION |
Leasing Activity (continued) (unaudited, square feet and dollars in thousands) |
Nine Months Ended September 30, 2026 | ||||||
New Leases | Renewals | Total | ||||
Number of leases | 7 | 7 | 14 | |||
Rentable square feet leased | 249 | 451 | 700 | |||
Weighted average lease term (by rentable square feet) (years) - firm term (1) | 11.4 | 3.9 | 6.6 | |||
Weighted average lease term (by rentable square feet) (years) - non-firm term (1) | 11.4 | 3.9 | 6.6 | |||
Weighted average new term rental rate per rentable square foot per year (cash basis) | $17.52 | $29.65 | $25.34 | |||
Weighted average rental rate change (cash basis) (2) (3) | N/A | 1.8% | 1.8% | |||
Tenant rent concessions and leasing costs per rentable square foot per year - firm term (4) (5) | $6.25 | $4.05 | $5.40 | |||
Tenant rent concessions and leasing costs per rentable square foot per year - non-firm term (4) | $6.25 | $4.05 | $5.40 | |||
Nine Months Ended September 30, 2025 | ||||||
New Leases | Renewals (6) | Total | ||||
Number of leases | 5 | 10 | 15 | |||
Rentable square feet leased | 312 | 550 | 862 | |||
Weighted average lease term (by rentable square feet) (years) - firm term (1) | 9.5 | 6.7 | 7.7 | |||
Weighted average lease term (by rentable square feet) (years) - non-firm term (1) | 9.5 | 6.9 | 7.8 | |||
Weighted average new term rental rate per rentable square foot per year (cash basis) | $26.17 | $19.09 | $21.67 | |||
Weighted average rental rate change (cash basis) (2) (3) | 9.4% | (9.0)% | (7.1)% | |||
Tenant rent concessions and leasing costs per rentable square foot per year - firm term (4) (5) | $8.03 | $5.28 | $6.51 | |||
Tenant rent concessions and leasing costs per rentable square foot per year - non-firm term (4) | $8.03 | $5.15 | $6.42 | |||
Q3 2026 SUPPLEMENTAL INFORMATION |
Vacant Property Operating Expenses (unaudited, square feet and dollars in thousands for the nine months ended September 30, 2026) |
Square Feet | Total Expenses | |||
Operating Properties | ||||
Fully vacant - full period (1) | 241 | $1,414 | ||
Fully vacant - partial period | 451 | 1,032 | ||
Substantially vacant - full period (2) | 291 | 1,426 | ||
Substantially vacant - partial period (2) | — | — | ||
Fully and substantially vacant subtotal | 983 | $3,872 | ||
Partially vacant (3) | 570 | 2,822 | ||
Total | 1,553 | $6,694 | ||
Disposed Properties | ||||
Fully vacant - full period | N/A | 1,885 | ||
Grand Total | $8,579 |
Q3 2026 SUPPLEMENTAL INFORMATION |
Acquisitions and Dispositions (unaudited, square feet and dollars in thousands) |
Date Purchased | Property Location | Square Feet | Gross Purchase Price | Adjusted Purchase Price (1) | Lease Term (Years) (2) | Cash Capitalization Rate | Average Capitalization Rate | |||||||
February 27, 2026 | Northbrook, IL | 75 | $15,000 | $14,064 | 10.8 | 8.1% | 9.0% | |||||||
June 30, 2026 | Lincoln, NE (3) | N/A | 575 | 575 | N/A | N/A | N/A | |||||||
Total | 75 | $15,575 | $14,639 |
Date Sold | Property Location | Square Feet | Gross Sales Price | Adjusted Sales Price (1) | Lease Term (Years) | Cash Capitalization Rate | Average Capitalization Rate | |||||||
January 9, 2026 | Bedford, MA | 328 | $5,600 | $5,600 | Vacant | N/A | N/A | |||||||
January 15, 2026 | Malvern, PA | 188 | 7,500 | 7,500 | Vacant | N/A | N/A | |||||||
April 21, 2026 | Deerfield, IL (2) | N/A | 13,100 | 13,100 | Vacant | N/A | N/A | |||||||
May 1, 2026 | Glen Burnie, MD | 120 | 22,500 | 22,490 | Vacant | N/A | N/A | |||||||
June 5, 2026 | Columbus, OH | 140 | 35,000 | 35,000 | 5.8 | 5.6% | 5.7% | |||||||
Total | 776 | $83,700 | $83,690 |
Q3 2026 SUPPLEMENTAL INFORMATION |
Diversification Statistics: Operating Property Portfolio (unaudited, percentages based on portfolio Annualized Base Rent as of September 30, 2026, other than Occupancy Rate and Leased Rate which are based on Rentable Square Feet as of September 30, 2026) |




Statistics (square feet and dollars in thousands) | ||
Operating Properties | 57 | |
Non-Operating Properties | — | |
Rentable Square Feet | 6,352 | |
Annualized Base Rent | $107,017 | |
Occupancy Rate | 78.3% | |
Leased Rate | 78.3% | |
Weighted Average Remaining Lease Term | 6.1 | |
Investment-Grade Tenants | 67.8% | |
NN leases | 57.6% | |
NNN leases | 7.0% | |
Q3 2026 SUPPLEMENTAL INFORMATION |
Tenants Comprising Over 1% of Annualized Base Rent (unaudited, square feet and dollars in thousands as of September 30, 2026) |
Tenant | Number of Leases | Occupied Square Feet | % of Total Rentable Square Feet | Annualized Base Rent | % of Total Annualized Base Rent | Credit Rating | ||||||
General Services Administration | 16 | 810 | 12.8% | $22,013 | 20.6% | AA+ | ||||||
Merrill Lynch | 1 | 482 | 7.6% | 11,136 | 10.4% | A- | ||||||
Ingram Micro | 1 | 161 | 2.5% | 4,795 | 4.5% | BB | ||||||
Sekisui House U.S. | 1 | 145 | 2.3% | 4,562 | 4.3% | BBB | ||||||
T-Mobile | 3 | 216 | 3.4% | 4,180 | 3.9% | BBB+ | ||||||
Cigna/Evernorth | 2 | 244 | 3.8% | 3,966 | 3.7% | A- | ||||||
Encompass Health | 1 | 65 | 1.0% | 3,646 | 3.4% | BB | ||||||
Collins Aerospace | 1 | 207 | 3.3% | 3,587 | 3.3% | BBB+ | ||||||
AT&T | 1 | 203 | 3.2% | 3,484 | 3.3% | BBB | ||||||
Home Depot/HD Supply | 2 | 153 | 2.4% | 3,448 | 3.2% | A | ||||||
Top Ten Tenants | 29 | 2,686 | 42.3% | 64,817 | 60.6% | |||||||
Remaining Tenants: | ||||||||||||
Linde | 1 | 175 | 2.8% | 2,972 | 2.8% | A | ||||||
Maximus | 2 | 168 | 2.7% | 2,737 | 2.6% | BB+ | ||||||
Mercury One | 1 | 172 | 2.7% | 2,586 | 2.4% | NR | ||||||
Valent U.S.A. | 1 | 97 | 1.5% | 2,585 | 2.4% | NR | ||||||
Charter Communications | 1 | 156 | 2.5% | 2,476 | 2.3% | BB+ | ||||||
Brown University Health | 1 | 136 | 2.1% | 2,209 | 2.1% | NR | ||||||
GE Vernova | 1 | 152 | 2.4% | 2,117 | 2.0% | BBB | ||||||
Banner Life Insurance | 1 | 116 | 1.8% | 2,113 | 2.0% | A | ||||||
Day Pitney | 1 | 56 | 0.9% | 2,049 | 1.9% | NR | ||||||
Elementis | 1 | 66 | 1.0% | 1,980 | 1.9% | NR | ||||||
AGCO | 1 | 126 | 2.0% | 1,830 | 1.7% | BBB- | ||||||
FedEx | 1 | 90 | 1.4% | 1,623 | 1.5% | BBB | ||||||
Honeywell | 1 | 81 | 1.3% | 1,586 | 1.5% | A | ||||||
B&G Foods | 1 | 49 | 0.8% | 1,540 | 1.4% | B- | ||||||
Ifm Efector | 1 | 45 | 0.7% | 1,406 | 1.3% | NR | ||||||
Barilla America | 1 | 75 | 1.2% | 1,167 | 1.1% | NR | ||||||
Becton Dickinson | 1 | 50 | 0.8% | 1,116 | 1.0% | BBB | ||||||
Change Healthcare Operations | 1 | 55 | 0.9% | 1,097 | 1.0% | A+ | ||||||
Total | 48 | 4,551 | 71.8% | $100,006 | 93.5% |
Q3 2026 SUPPLEMENTAL INFORMATION |
Tenant Industry Diversification (unaudited, square feet and dollars in thousands as of September 30, 2026) |
Industry | Number of Leases (1) | Occupied Square Feet | % of Total Rentable Square Feet | Annualized Base Rent | % of Total Annualized Base Rent | |||||
Government & Public Services | 18 | 854 | 13.4% | $22,573 | 21.1% | |||||
Health Care Equipment & Services | 11 | 703 | 11.1% | 14,205 | 13.3% | |||||
Capital Goods | 8 | 664 | 10.5% | 11,647 | 10.9% | |||||
Financial Institutions | 1 | 482 | 7.6% | 11,136 | 10.4% | |||||
Telecommunication Services | 4 | 419 | 6.6% | 7,664 | 7.2% | |||||
Materials | 4 | 343 | 5.4% | 7,636 | 7.1% | |||||
Commercial & Professional Services | 10 | 304 | 4.8% | 6,577 | 6.2% | |||||
Software & Services | 2 | 220 | 3.5% | 5,708 | 5.3% | |||||
Consumer Durables & Apparel | 1 | 145 | 2.3% | 4,562 | 4.3% | |||||
Retailing | 3 | 157 | 2.5% | 3,526 | 3.3% | |||||
Top Ten Tenant Industries | 62 | 4,291 | 67.7% | 95,234 | 89.1% | |||||
Remaining Tenant Industries: | ||||||||||
Food & Beverage | 2 | 124 | 1.9% | 2,707 | 2.5% | |||||
Charity & Non-Profit | 1 | 172 | 2.7% | 2,586 | 2.4% | |||||
Media & Entertainment | 1 | 156 | 2.5% | 2,476 | 2.3% | |||||
Insurance | 1 | 116 | 1.8% | 2,113 | 2.0% | |||||
Transportation | 1 | 90 | 1.4% | 1,623 | 1.5% | |||||
Restaurant | 5 | 20 | 0.3% | 228 | 0.2% | |||||
Real Estate | 1 | 2 | —% | 50 | —% | |||||
Total | 74 | 4,971 | 78.3% | $107,017 | 100.0% |
Q3 2026 SUPPLEMENTAL INFORMATION |
Lease Expirations (unaudited, square feet and dollars in thousands as of September 30, 2026) |
Year of Expiration | Number of Leases Expiring (1) | Occupied Square Feet | % of Total Rentable Square Feet | Annualized Base Rent | % of Total Annualized Base Rent | |||||
2026 | 2 | 45 | 0.7% | $1,364 | 1.3% | |||||
2027 | 8 | 586 | 9.2% | 10,163 | 9.5% | |||||
2028 | 13 | 1,073 | 16.9% | 24,685 | 23.1% | |||||
2029 | 7 | 427 | 6.7% | 7,492 | 7.0% | |||||
2030 | 7 | 277 | 4.4% | 7,814 | 7.3% | |||||
2031 | 6 | 98 | 1.6% | 3,077 | 2.9% | |||||
2032 | 2 | 83 | 1.3% | 1,908 | 1.8% | |||||
2033 | 4 | 297 | 4.7% | 6,045 | 5.7% | |||||
2034 | 6 | 305 | 4.8% | 5,071 | 4.7% | |||||
2035 | 3 | 614 | 9.7% | 14,028 | 13.1% | |||||
Thereafter | 16 | 1,166 | 18.3% | 25,370 | 23.6% | |||||
Total | 74 | 4,971 | 78.3% | $107,017 | 100.0% |
Q3 2026 SUPPLEMENTAL INFORMATION |
Lease Summary (unaudited, square feet and dollars in thousands as of September 30, 2026) |
Rent Escalations | Number of Leases (1) | Occupied Square Feet | % of Total Rentable Square Feet | Annualized Base Rent | % of Total Annualized Base Rent | |||||
Fixed Dollar or Percent Increase | 52 | 4,026 | 63.4% | $82,769 | 77.3% | |||||
GSA CPI | 15 | 775 | 12.2% | 21,272 | 19.9% | |||||
CPI | 1 | 81 | 1.3% | 1,586 | 1.5% | |||||
Flat | 6 | 89 | 1.4% | 1,390 | 1.3% | |||||
Total | 74 | 4,971 | 78.3% | $107,017 | 100.0% |
Tenant Expense Obligations | Number of Leases (1) | Occupied Square Feet | % of Total Rentable Square Feet | Annualized Base Rent | % of Total Annualized Base Rent | |||||
NN | 42 | 3,358 | 52.8% | $61,655 | 57.6% | |||||
Modified Gross | 24 | 1,319 | 20.8% | 37,762 | 35.3% | |||||
NNN | 6 | 284 | 4.5% | 7,495 | 7.0% | |||||
Gross | 2 | 10 | 0.2% | 105 | 0.1% | |||||
Total | 74 | 4,971 | 78.3% | $107,017 | 100.0% |
Q3 2026 SUPPLEMENTAL INFORMATION |
Operating Property Geographic Diversification (unaudited, square feet and dollars in thousands as of September 30, 2026) |
Location | Number of Properties | Rentable Square Feet | % of Total Rentable Square Feet | Annualized Base Rent | % of Total Annualized Base Rent | |||||
Texas | 15 | 1,351 | 21.2% | $22,764 | 21.2% | |||||
New Jersey | 3 | 714 | 11.2% | 16,705 | 15.6% | |||||
Kentucky | 1 | 438 | 6.9% | 10,350 | 9.7% | |||||
Colorado | 3 | 392 | 6.2% | 6,679 | 6.2% | |||||
New York | 6 | 756 | 11.9% | 6,466 | 6.0% | |||||
California | 3 | 214 | 3.4% | 6,065 | 5.7% | |||||
Georgia | 3 | 284 | 4.5% | 4,928 | 4.6% | |||||
Tennessee | 4 | 240 | 3.8% | 4,907 | 4.6% | |||||
Virginia | 1 | 207 | 3.3% | 3,587 | 3.4% | |||||
Nebraska | 1 | 150 | 2.4% | 2,971 | 2.8% | |||||
Top Ten States | 40 | 4,746 | 74.8% | 85,422 | 79.8% | |||||
Remaining States: | ||||||||||
Missouri | 1 | 181 | 2.8% | 2,692 | 2.5% | |||||
Wisconsin | 1 | 156 | 2.5% | 2,476 | 2.3% | |||||
Rhode Island | 1 | 136 | 2.1% | 2,209 | 2.1% | |||||
Maryland | 1 | 116 | 1.8% | 2,113 | 2.0% | |||||
Iowa | 2 | 92 | 1.4% | 2,089 | 1.9% | |||||
West Virginia | 1 | 63 | 1.0% | 1,475 | 1.4% | |||||
Pennsylvania | 1 | 45 | 0.7% | 1,406 | 1.3% | |||||
Oregon | 1 | 69 | 1.1% | 1,212 | 1.1% | |||||
Illinois | 1 | 75 | 1.2% | 1,167 | 1.1% | |||||
Kansas | 1 | 90 | 1.4% | 1,140 | 1.1% | |||||
Oklahoma | 1 | 330 | 5.2% | 866 | 0.8% | |||||
Idaho | 1 | 35 | 0.6% | 741 | 0.7% | |||||
Indiana | 1 | 83 | 1.3% | 664 | 0.6% | |||||
Arizona | 1 | 90 | 1.4% | 591 | 0.6% | |||||
Minnesota | 1 | 39 | 0.6% | 505 | 0.5% | |||||
Florida | 1 | 6 | 0.1% | 249 | 0.2% | |||||
Total | 57 | 6,352 | 100.0% | $107,017 | 100.0% |
Q3 2026 SUPPLEMENTAL INFORMATION |
Operating Property Type (unaudited, square feet and dollars in thousands as of September 30, 2026) |
Property Type | Number of Properties | Rentable Square Feet | % of Total Rentable Square Feet | Annualized Base Rent | % of Total Annualized Base Rent | |||||
Traditional Office | 29 | 4,354 | 68.5% | $63,574 | 59.4% | |||||
Governmental | 17 | 938 | 14.8% | 23,552 | 22.0% | |||||
Flex/Industrial | 5 | 612 | 9.7% | 8,825 | 8.2% | |||||
Flex/Laboratory and R&D | 4 | 293 | 4.6% | 6,829 | 6.4% | |||||
Medical Office | 2 | 155 | 2.4% | 4,237 | 4.0% | |||||
Total | 57 | 6,352 | 100.0% | $107,017 | 100.0% |
Q3 2026 SUPPLEMENTAL INFORMATION |
Operating Property Portfolio (unaudited, as of September 30, 2026 and Cash NOI for the trailing 12 months ended September 30, 2026) |
Industry | Address | Rentable Square Feet | Occupancy Rate | WALT | ABR | Trailing NOI (1) | Trailing Cash NOI (1) | |
Commercial & Professional Services | 4335 Paredes Line Road Brownsville, TX | 78 | 100.0% | 1.7 | $1,597 | $1,557 | $1,572 | (2) |
Telecommunication Services | 3750 Wheeler Road Augusta, GA | 78 | 100.0% | 6.0 | 1,781 | 1,501 | 1,685 | (2) |
Telecommunication Services | 4080 27th Court SE Salem, OR | 69 | 100.0% | 3.6 | 1,212 | 1,175 | 1,170 | (2) |
Health Care Equipment & Services | 8455 University Place Drive St. Louis, MO | 181 | 100.0% | 2.3 | 2,692 | 2,555 | 2,664 | (3) |
Government & Public Services | 2305 Hudson Boulevard Brownsville, TX | 11 | 100.0% | 7.4 | 354 | 131 | 179 | (3) |
Government & Public Services | 257 Bosley Industrial Park Parkersburg, WV | 63 | 100.0% | 12.6 | 1,475 | 1,104 | 1,147 | (2) |
Government & Public Services | 2805 Pine Mill Road Paris, TX | 11 | 100.0% | 4.9 | 437 | 248 | 257 | (3) |
Government & Public Services | 3381 U.S. Highway 277 Eagle Pass, TX | 20 | 100.0% | 11.5 | 562 | 286 | 298 | (2) |
Government & Public Services | 2475 Cliff Creek Crossing Dr Dallas, TX | 17 | 100.0% | 4.0 | 683 | 306 | 338 | (2) |
Government & Public Services | 3644 Avtech Parkway Redding, CA | 44 | 100.0% | 0.1 | 1,349 | 1,037 | 1,049 | (2) |
Government & Public Services | 5100 W 36th Street Minneapolis, MN | 39 | 100.0% | 3.6 | 505 | 491 | 494 | (2) |
Government & Public Services | 4525 State Route 11 Malone, NY | 29 | 100.0% | 4.8 | 1,036 | 565 | 634 | (3) |
Government & Public Services | 2600 Voyager Avenue Sioux City, IA | 11 | 100.0% | 0.8 | 503 | 217 | 271 | (2) |
Government & Public Services | 135 Circle Lane Knoxville, TN | 26 | 100.0% | 2.8 | 1,000 | 333 | 359 | (2) |
Health Care Equipment & Services | 2304 State Highway 121 Bedford, TX | 65 | 100.0% | 4.1 | 3,646 | 3,631 | 3,633 | (3) |
Government & Public Services | 3369 U.S. Highway 277 Eagle Pass, TX | 9 | 100.0% | 12.4 | 314 | 97 | 97 | (2) |
Transportation | 942 S. Shady Grove Road Memphis, TN | 90 | 100.0% | 8.3 | 1,623 | 1,746 | 1,605 | (3) |
Capital Goods | 601 Third Street SE Cedar Rapids, IA | 81 | 100.0% | 1.4 | 1,586 | 1,429 | 1,559 | (3) |
Health Care Equipment & Services | 15 LaSalle Square Providence, RI | 136 | 100.0% | 9.5 | 2,209 | 2,519 | 1,405 | (2) |
Materials | 100 Sci Park Boulevard East Windsor, NJ | 66 | 100.0% | 5.6 | 1,980 | 1,319 | 825 | (3) |
Vacant | 6005 Fair Lakes Road East Syracuse, NY | 109 | —% | — | — | 2,298 | 2,298 | (3) |
Government & Public Services | 310 Canaveral Groves Blvd Cocoa, FL | 6 | 100.0% | 1.4 | 249 | 102 | 102 | |
Government & Public Services | 103 & 104 Airport Road Grangeville, ID | 35 | 100.0% | 1.1 | 741 | 494 | 494 | |
Government & Public Services | 2901 Alta Mesa Boulevard Fort Worth, TX | 16 | 100.0% | 9.3 | 438 | 136 | 128 | (2) |
Government & Public Services | 59 Dunning Way Plattsburgh, NY | 13 | 100.0% | 7.0 | 585 | 343 | 345 | (2) |
Capital Goods | 1800 Nelson Road Longmont, CO | 152 | 100.0% | 8.0 | 2,117 | 2,335 | 2,253 | (2) |
Telecommunication Services | 2270 Lakeside Boulevard Richardson, TX | 203 | 100.0% | 0.5 | 3,484 | 3,380 | 3,535 | |
Health Care Equipment & Services | 5859 Farinon Drive San Antonio, TX | 96 | 52.1% | 1.0 | 1,116 | 833 | 871 | |
Commercial & Professional Services | 202 S. Cheyenne Tulsa, OK | 330 | 11.8% | 10.5 | 866 | (1,555) | (1,729) | (2) |
Consumer Durables & Apparel | 4350 South Monaco Street Denver, CO | 145 | 100.0% | 2.1 | 4,562 | 1,823 | 2,829 | (2) |
Vacant | 2250 Lakeside Boulevard Richardson, TX | 116 | —% | — | — | (740) | (740) | |
Commercial & Professional Services | 3833 Greenway Drive Lawrence, KS | 90 | 100.0% | 1.7 | 1,140 | 1,080 | 1,106 | (2) |
Materials | 1585 Sawdust Road The Woodlands, TX | 175 | 100.0% | 6.7 | 2,972 | 2,297 | 2,689 | (2) |
Vacant | 7390 S. Iola Street Englewood, CO | 95 | —% | — | — | (689) | (689) | (3) |
Media & Entertainment | 1254-1320 N. MLK Jr. Drive Milwaukee, WI | 156 | 100.0% | 0.5 | 2,476 | 2,380 | 2,354 | |
Telecommunication Services | 695 Grassmere Park Nashville, TN | 69 | 100.0% | 7.3 | 1,187 | 1,254 | 1,185 | (3) |
Commercial & Professional Services | 1575 Sawdust Road The Woodlands, TX | 153 | 79.1% | 2.6 | 2,512 | 2,041 | 2,080 | |
Retailing | 101 Riverview Parkway Santee, CA | 73 | 100.0% | 2.2 | 2,131 | 1,873 | 1,890 | (2) |
Charity & Non-Profit | 6655 North MacArthur Boulevard Irving, TX | 172 | 100.0% | 12.1 | 2,586 | 325 | (1,093) | (2) |
Government & Public Services | 333 Scott St & 300 Madison Ave Covington, KY | 438 | 96.3% | 1.9 | 10,350 | 6,206 | 6,051 | (2) |
Vacant | 1759 Wehrle Drive Amherst, NY | 170 | —% | — | — | 642 | 1,248 | |
Capital Goods | 22640 Davis Drive Sterling, VA | 207 | 100.0% | 2.6 | 3,587 | 3,475 | 3,522 | (3) |
Capital Goods | 1100 Atwater Drive, Lot 11A Malvern, PA | 45 | 100.0% | 5.1 | 1,406 | 1,389 | 1,447 | (3) |
Health Care Equipment & Services | 7353 Company Drive Indianapolis, IN | 83 | 100.0% | 1.0 | 664 | 613 | 605 | (2) |
Q3 2026 SUPPLEMENTAL INFORMATION |
Health Care Equipment & Services | 1640 Dallas Parkway Plano, TX | 209 | 50.2% | 7.9 | $2,063 | $2,206 | $1,903 | (2) |
Government & Public Services | 777 Research Road Lincoln, NE | 150 | 96.7% | 4.9 | 2,971 | 1,679 | 5,066 | (2) |
Software & Services | 249 - 257 West Genesee Street Buffalo, NY | 405 | 41.0% | 12.5 | 4,845 | 2,309 | (564) | (2) |
Insurance | 3275 Bennett Creek Avenue Urbana, MD | 116 | 100.0% | 12.9 | 2,113 | 2,453 | 3,456 | (3) |
Health Care Equipment & Services | 100 Airpark Center Drive East Nashville, TN | 55 | 100.0% | 4.0 | 1,097 | 1,170 | 1,075 | (2) |
Retailing | 3074 Chastain Meadows Pkwy NW Kennesaw, GA | 80 | 100.0% | 1.5 | 1,317 | 1,510 | 1,731 | (3) (5) |
Capital Goods | 4205 River Green Parkway Duluth, GA | 126 | 100.0% | 14.8 | 1,830 | 2,289 | 1,285 | (3) |
Commercial & Professional Services | 8 Sylvan Way Parsippany, NJ | 166 | 63.3% | 14.6 | 3,589 | 150 | (1,052) | (2) |
Financial Institutions | 1500-1600 American Boulevard Hopewell, NJ | 482 | 100.0% | 9.2 | 11,136 | 11,082 | 6,580 | (3) |
Health Care Equipment & Services | 3003 N. 3rd Street Phoenix, AZ | 90 | 25.6% | 9.9 | 591 | (362) | (784) | (3) |
Vacant | 395 S. Youngs Road Amherst, NY | 30 | —% | — | — | (223) | (223) | |
Materials | 4600 Norris Canyon Road San Ramon, CA | 97 | 100.0% | 12.9 | 2,585 | 4,282 | 2,730 | (4) |
Food & Beverage | 885 Sunset Ridge Road Northbrook, IL | 75 | 100.0% | 10.3 | 1,167 | 779 | 727 | (2) |
Q3 2026 SUPPLEMENTAL INFORMATION |
Unconsolidated Joint Venture Investment Summary (1) (unaudited, square feet and dollars in thousands) |
Property | Tenant Industry | Weighted Average Remaining Lease Term | Proportionate Share of Gross Real Estate Investments | Proportionate Share of Rentable Square Feet | Proportionate Share of Annualized Base Rent | Proportionate Share of Principal Outstanding | ||||||
Schneider Electric - Foxboro, MA | Capital Goods | 1.2 | $4,206 | 50 | $757 | $4,662 | ||||||
Sysmex - Lincolnshire, IL | Health Care Equipment & Services | 10.1 | 5,935 | 33 | 844 | 4,739 | ||||||
DHL - Westerville, OH | Transportation | 5.3 | 4,896 | 29 | 466 | 3,638 | ||||||
Peraton - Herndon, VA | Software & Services | 3.3 | 5,287 | 33 | 1,243 | 5,195 | ||||||
Atlas Air - Erlanger, KY | Transportation | 9.5 | 4,399 | 20 | 337 | 2,836 | ||||||
Spire Energy - St. Louis, MO | Utilities | 8.4 | 4,423 | 26 | 394 | 3,283 | ||||||
5.6 | $29,146 | 191 | $4,041 | $24,353 |
Q3 2026 SUPPLEMENTAL INFORMATION |
Definitions (unaudited, in thousands, except share and per share data) |
Q3 2026 SUPPLEMENTAL INFORMATION |
Definitions (continued) (unaudited, in thousands, except share and per share data) |
Q3 2026 SUPPLEMENTAL INFORMATION |
Definitions (continued) (unaudited, in thousands, except share and per share data) |
September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||
Total real estate investments, at cost - as reported | $1,129,917 | $1,124,136 | $1,162,759 | $1,153,208 | $1,174,249 | |||||
Adjustments: | ||||||||||
Gross intangible lease assets | 248,873 | 249,507 | 261,557 | 250,204 | 253,127 | |||||
Gross intangible lease liabilities | (38,660) | (38,660) | (38,660) | (38,660) | (38,660) | |||||
Non-Operating Properties total real estate investments, at cost | — | — | (11,113) | (11,113) | (11,113) | |||||
Proportionate share of Unconsolidated Joint Venture Gross Real Estate Investments | — | — | — | 29,118 | 46,092 | |||||
Gross Real Estate Investments | $1,340,130 | $1,334,983 | $1,374,543 | $1,382,757 | $1,423,695 |
Q3 2026 SUPPLEMENTAL INFORMATION |
Definitions (continued) (unaudited, in thousands, except share and per share data) |
Three Months Ended | ||||||||||
September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||
Interest expense, net - as reported | $7,099 | $7,330 | $7,250 | $7,473 | $7,880 | |||||
Adjustments: | ||||||||||
Amortization of deferred financing costs and other non- cash charges | (1,081) | (928) | (845) | (932) | (933) | |||||
Proportionate share of Unconsolidated Joint Venture Interest Expense, excluding non-cash amortization | — | — | — | 487 | 516 | |||||
Interest Expense, excluding non-cash amortization | $6,018 | $6,402 | $6,405 | $7,028 | $7,463 | |||||
Q3 2026 SUPPLEMENTAL INFORMATION |
Definitions (continued) (unaudited, in thousands, except share and per share data) |
September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||
Mortgages payable, net | $331,955 | $331,802 | $366,927 | $371,957 | $371,772 | |||||
Credit facility revolver | 102,000 | 102,000 | 127,000 | 92,000 | 110,000 | |||||
Total debt - as reported | 433,955 | 433,802 | 493,927 | 463,957 | 481,772 | |||||
Deferred financing costs, net | 2,539 | 2,796 | 3,351 | 1,043 | 1,228 | |||||
Principal Outstanding | 436,494 | 436,598 | 497,278 | 465,000 | 483,000 | |||||
Proportionate share of Unconsolidated Joint Venture Principal Outstanding | — | — | — | 25,753 | 25,897 | |||||
Adjusted Principal Outstanding | $436,494 | $436,598 | $497,278 | $490,753 | $508,897 | |||||
Cash and cash equivalents | (13,731) | (16,870) | (10,274) | (22,362) | (32,639) | |||||
Restricted cash | (50,450) | (46,659) | (50,259) | (38,277) | (30,126) | |||||
Proportionate share of Unconsolidated Joint Venture cash and cash equivalents | — | — | — | (495) | (394) | |||||
Proportionate share of Unconsolidated Joint Venture restricted cash | — | — | — | (1,580) | (1,570) | |||||
Net Debt | $372,313 | $373,069 | $436,745 | $428,039 | $444,168 |
Q3 2026 SUPPLEMENTAL INFORMATION |
Definitions (continued) (unaudited, in thousands, except share and per share data) |
Three Months Ended | ||||||||||
September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||
Total revenues | $35,433 | $34,304 | $36,271 | $35,219 | $37,122 | |||||
Less: total operating expenses | (31,655) | (30,920) | (39,637) | (49,369) | (100,412) | |||||
Fee income from Unconsolidated Joint Venture | (198) | (206) | (137) | (209) | (204) | |||||
Transaction related | 120 | 312 | 259 | 645 | 114 | |||||
General and administrative | 4,735 | 4,611 | 5,140 | 5,972 | 4,607 | |||||
Depreciation and amortization | 12,518 | 13,520 | 13,159 | 13,087 | 14,709 | |||||
Impairment of real estate assets | — | — | 6,296 | 14,466 | 63,698 | |||||
NOI | 20,953 | 21,621 | 21,351 | 19,811 | 19,634 | |||||
Straight-line rental revenue | (3,109) | (2,998) | 1,830 | (2,077) | (4,898) | |||||
Amortization of above and below market leases, net | (279) | (312) | (312) | (312) | (312) | |||||
Amortization of deferred lease incentives, net | 207 | 221 | 162 | 136 | 175 | |||||
Other non-cash adjustments | 33 | 47 | 48 | 48 | 48 | |||||
Proportionate share of Unconsolidated Joint Venture Cash NOI | — | — | — | 893 | 900 | |||||
Cash NOI | $17,805 | $18,579 | $23,079 | $18,499 | $15,547 | |||||