ADDED
Number of the registrant s common shares outstanding as of February 16, 2026: 66,653,129 .
As of December 31, 2025, our portfolio was comprised of 409 properties containing approximately 59,604,000 rentable square feet located in 39 states with 94.5% occupancy, including properties owned by Mountain Industrial REIT LLC, or Mountain JV, or our consolidated joint venture.
As of December 31, 2025, our properties located in 38 of the contiguous states, or our Mainland Properties, represented 72.2% of our annualized rental revenues and our properties located primarily on the island of Oahu, Hawaii, or our Hawaii Properties, represented 27.8% of our annualized rental revenues.
Our Business and Growth Strategies We seek to extend or enter new leases as leases approach expiration.
We believe our current properties provide a stable base of increasing rents.
Our internal growth strategy is to increase rents and corresponding cash flows we receive from our current properties .
Many of our Mainland Properties leases require us to maintain the roof, exterior walls, foundation, parking lots and other structural elements of the buildings at our expense.
We also evaluate our properties for improvements and may selectively develop industrial and logistics properties in the United States.
The following table summarizes information about the 10 largest tenants in our portfolio based on total annualized rental revenues as of December 31, 2025 (square feet in thousands): % of Total % of Total Annualized No.
of Leased Leased Rental Top 10 Tenants (1) Location Properties Square Feet (2) Square Feet (2) Revenues FedEx Corporation Various (33 States) 78 12,781 22.7 % 27.9 % Amazon.com Services, Inc.
REMOVED
Number of the registrant s common shares outstanding as of February 14, 2025: 66,144,308 .
As of December 31, 2024, our portfolio was comprised of 411 properties containing approximately 59,890,000 rentable square feet located in 39 states with 94.4% occupancy, including properties owned by Mountain Industrial REIT LLC, or Mountain JV, or our consolidated joint venture.
As of December 31, 2024, our properties located in 38 of the contiguous states, or our Mainland Properties, represented 72.0% of our annualized rental revenues and our properties located primarily on the island of Oahu, Hawaii, or our Hawaii Properties, represented 28.0% of our annualized rental revenues.
Acquisition of Monmouth Real Estate Investment Corporation On February 25, 2022, we completed the acquisition of Monmouth Real Estate Investment Corporation, or MNR, pursuant to the merger of MNR with and into one of our wholly owned subsidiaries, or the Merger.
MNR s portfolio included 124 class A, single tenant, net leased, e-commerce focused industrial properties containing approximately 25,745,000 rentable square feet and two then committed, but not yet then completed, property acquisitions.
In connection with the Merger, we entered into our consolidated joint venture with an institutional investor for 95 of the acquired MNR properties, including the two committed MNR property acquisitions, one of which was subsequently completed.
Our consolidated joint venture subsequently terminated the agreement for the other committed MNR property acquisition.
Our Business and Growth Strategies We believe our current properties provide a stable base of increasing rents.
We seek to extend or enter new leases as leases approach expiration and selectively develop industrial and logistics properties in the United States.
Our external growth strategy is defined by our investment, disposition and financing policies as described below.