Debt Maturity Management
Successfully recasted the revolver to 2029 and extended the $350 million Term Loan A, breaking it into three distinct loans and extending the weighted average debt term by 3 years.
Same-Store NOI Growth
Achieved 2.7% same-store NOI growth, indicating improved property performance and consistent results.
Strong Leasing and Occupancy
Portfolio was 95.2% leased with expectations to trend towards 96% occupancy by year-end. Successful re-leasing of an 85,000 square foot facility in Beaumont, Texas.
Funds from Operations Growth
Delivered funds from operations of $14.5 million, growing 4% on a per share basis relative to the prior year.
Credit Facility Amendment
Amended credit facility to extend the term of revolver and Term Loan A, removing the 10 basis point SOFR credit spread from borrowings.