ADDED
Immigration and Customs Enforcement (ICE) arrests and detentions of immigrants within Southern California; 1 an epidemic or pandemic, and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities may implement to address it, which may precipitate or exacerbate one or more of the above-mentioned factors and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period; and other events outside of our control.
Illiquidity of real estate investments and our ability to complete dispositions on expected terms and timing could adversely affect our results of operations, financial condition and cash flows.
Stockholder activism and public campaigns could divert our board of directors and management, increase costs, and adversely affect financial results, as well as increase stock price volatility.
Our goal is to generate attractive risk-adjusted returns for our stockholders by providing superior access to industrial property investments and mortgage debt investments secured by industrial property in high-barrier Southern California infill markets.
We also sell assets programmatically as part of our capital allocation strategy.
As of December 31, 2025, our consolidated portfolio consisted of 419 properties with approximately 51.2 million rentable square feet.
In addition to these repositioning efforts, our strategy includes developing new industrial use buildings on a selective basis.
Our disciplined capital recycling strategy is positioned to enhance portfolio quality and drive long term value creation.
In 2025, disposition activity focused on the opportunistic and selective sale of underperforming or fully-valued assets.
Going forward, we expect disposition activity to be programmatic and continue to include such opportunistic sales, and we may also dispose of certain properties originally planned for development or repositioning when a sale represents a more attractive alternative to proceeding with additional capital investment.
REMOVED
Our goal is to generate attractive risk-adjusted returns for our stockholders by providing superior access to industrial property investments in Southern California infill markets.
As of December 31, 2024, our consolidated portfolio consisted of 425 properties with approximately 50.8 million rentable square feet.
We continue to grow our portfolio through disciplined acquisitions in prime Southern California infill markets.
We believe that our relationship-, data- and event-driven research allows us to identify and exploit asset mispricing and market inefficiencies.
We seek to acquire assets with value-add opportunities to increase their cash flow and asset values, often targeting and catalyzing off-market or lightly marketed transactions where our execution abilities and market credibility encourage owners to sell assets to us at what we consider pricing that is more favorable than heavily marketed transactions.
We have a portfolio of 425 properties totaling approximately 50.8 million square feet, which are all strategically located in Southern California infill markets.
As of December 31, 2024, we had 1,650 leases, with no single tenant accounting for more than 2.5% of our total annualized base rent.
Our portfolio is also geographically diversified within the Southern California market across the following submarkets: Los Angeles 56.2%; San Bernardino 18.9%; Orange County 11.7%; San Diego 7.1%; and Ventura 6.1%.
As of December 31, 2024, our ratio of net debt to total market capitalization was 26.5%.
Beginning in May 2024, we manage a portion of our earthquake insurance indirectly through our wholly-owned captive insurance company, which provides $25.0 million of earthquake coverage to the Company and its affiliates for earthquake claims in excess of $250.0 million.