Strong AFFO and FFO Growth
Q4 FFO and AFFO per diluted common share were $0.54, a 22.7% increase vs. prior-year quarter; full-year FFO and AFFO were $1.88 and $1.89 per diluted share, representing ~8.6% growth year-over-year.
Record Annual Investment Activity
Completed $142.1M of investments in Q4 and a record $277.7M for full-year 2025 at a weighted average initial yield of 11.7% (Q4) and 10.3% (full year).
Balanced Acquisition Program
Q4 acquisitions: 8 properties for ~ $40M at a weighted avg initial cash cap rate of 6.9%; full-year acquisitions: 13 properties for $100.6M at a weighted avg initial cap rate of 7.4% (barbell approach including investment-grade tenants and higher-yield assets).
Active Portfolio Recycling and Dispositions
Q4 sold 9 noncore properties for $38.4M at a weighted avg exit cap rate of 7.7%; full-year dispositions $72.8M (including $67.4M income-producing properties at a weighted avg exit cap rate of 8.0% and $5.3M vacant properties).
Rapid Growth of Commercial Loan Platform
Net commercial loan portfolio grew to ~$129.8M at year-end from $48M at start of year; full-year loan originations were $177M at a weighted avg initial coupon of ~12% (including PIK); Q4 commitments totaled $102.3M at a weighted avg initial coupon of 13.5%.
Improved Liquidity and Debt Profile
Closed new unsecured credit package ( $250M revolver, $100M 3-year term loan, $100M 5-year term loan), resulting in no debt maturities for 3 years and 10–15 bps improved pricing; net debt to pro forma adjusted EBITDA improved to 6.7x from 7.4x year-start.
Capital Raising and Dividend Increase
Issued $50M Series A preferred at 8% (net proceeds $48.1M) and raised ~$18.3M via ATM programs; Board increased quarterly common dividend by 5.3% to $0.30 per share (AFFO payout ratio ~56% on Q4 AFFO).
Portfolio Quality and Occupancy
Year-end portfolio: 127 properties, 4.3M sq ft across 32 states, WALT 8.4 years, 99.5% occupancy; 51% of ABR from investment-grade tenants and top tenants (Lowe's, Dick's Sporting Goods, Walmart) represent 29% of ABR.