Increased Industrial Concentration
Acquired a 6-facility industrial manufacturing portfolio for $54.5 million, increasing industrial concentration to 69% of annualized straight-line rents from 63% at the start of the year.
High Occupancy and Lease Renewals
Achieved a 99.1% occupancy rate, the highest since Q1 2019, and completed leasing activity of 734,000 square feet across 14 properties with straight-line rental growth of $1.1 million.
Increased Credit Facility
Extended and increased the credit facility to $600 million, with revolving credit facility maturity extended to October 2029 and term loans extended until 2030, reflecting lender confidence.
Same-Store Lease Revenue Growth
Same-store lease revenues increased by 3.1% compared to the same period a year ago, driven by increased recovery revenue from property expenses and higher rental rates.