ADDED
As of December 31, 2025, we owned 601 buildings in 41 states with approximately 120.0 million rentable square feet.
As of December 31, 2025, we had seven development projects (which are not included in the building count noted above).
As of December 31, 2025, our buildings were approximately 96.4% leased, with no single tenant accounting for more than approximately 2.8% of our total annualized base rental revenue and no single industry accounting for more than approximately 11.4% of our total annualized base rental revenue.
As of December 31, 2025, our Operating Portfolio was approximately 97.2% leased.
Straight-line Rent Change on new and renewal leases together grew approximately 38.2% and 41.8% during the years ended December 31, 2025 and 2024, respectively, and our Cash Rent Change on new and renewal leases together grew approximately 24.0% and 28.3% during the years ended December 31, 2025 and 2024, respectively.
Industrial properties generally require less capital expenditure than other commercial property types.
For instance, a person exposed to asbestos at one of our properties may seek to recover damages if he or she suffers injury from the asbestos.
Competition In acquiring our target properties and development projects, we compete with other real estate investors and operators.
The investors, operators, owners and managers with whom we compete may be national, regional, or local, public or private, and may have different availabilities and costs of capital and return requirements.
Corporate Responsibility Program We maintain a corporate responsibility program that incorporates sustainability, environmental, social and governance initiatives, into our overall business, investment, and asset management strategies.
REMOVED
As of December 31, 2024, we owned 591 buildings in 41 states with approximately 116.6 million rentable square feet.
As of December 31, 2024, we had 11 development projects (which are not included in the building count noted above).
As of December 31, 2024, our buildings were approximately 96.5% leased, with no single tenant accounting for more than approximately 2.9% of our total annualized base rental revenue and no single industry accounting for more than approximately 11.3% of our total annualized base rental revenue.
We intend to maintain a diversified mix of tenants to limit our exposure to any single tenant or industry.
As of December 31, 2024, our Operating Portfolio was approximately 97.3% leased.
Straight-line Rent Change on new and renewal leases together grew approximately 41.8% and 44.0% during the years ended December 31, 2024 and 2023, respectively, and our Cash Rent Change on new and renewal leases together grew approximately 28.3% and 31.0% during the years ended December 31, 2024 and 2023, respectively.
Our wider focus results in an advantage versus the local and regional buyers we compete with for acquisition opportunities who may not have the same access to debt or equity capital as us.
Lastly, some of these environmental laws restrict the use of a property or place conditions on various activities.
Competition In acquiring our target properties, we often compete with local or regional operators due to our broad and differentiated geographical focus.
Those owners and managers may be national, regional, or local operators, public or private.