What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2025-09-25 compared with 2024-09-26 · 43 added, 36 removed, 7 unchanged (92% of the section changed)

Our principal executive offices are located in

City of Walnut at 20301 East Walnut Drive North, Walnut, California, where we lease office space and a warehouse from DNA Motor Inc.

Motor”) pursuant to a sublease agreement, with an area of approximately 350,000 square feet, with a lease term from January 1,

2022 to December 31, 2028, and monthly rent of approximately $370,000.

City of Walnut at 20301 East Walnut Drive North, Walnut, California 91789, where we lease office space and a warehouse from DNA Motor

(“DNA Motor”) pursuant to a sublease agreement, with an area of approximately 350,000 square feet, with a lease term

from January 1, 2022 to December 31, 2028, and monthly rent of approximately $370,000.

In addition, Armstrong Logistic, one of our subsidiaries,

leases four warehouses in California, including:

● at 19545 San Jose Avenue, City of Industry, California 91746,

from DNA Motor, a company owned by Jacky Chen, the former chief executive officer of Armstrong Logistic, pursuant to a sublease agreement,

with an area of approximately 130,000 square feet, with a lease term from September 1, 2020 to September 30, 2025, and monthly

rent of approximately $100,000;

● at 18400-18450 Gale Avenue, City of Industry, California

91748, from DNA Motor pursuant to a sublease agreement, with an area of approximately 140,000 square feet, with a lease term from July 1,

2022 to December 31, 2025, and monthly rent of approximately $127,000;

As of October 1, 2023, Armstrong Logistic no longer operated

at this warehouse location, pursuant to an operating services agreement with an agreement term from October 1, 2023 to November 30, 2025;

● at 280 Machlin Court, City of Industry, California 91789, from Sun-Yin USA Inc, pursuant to a

sublease agreement, with an area of approximately 50,000 square feet, with a lease term from March 1, 2023 to February 28,

2025, and monthly rent of approximately $98,000.

Armstrong Logistic temporarily ceased operations at this location and subleased the

warehouse to a subtenant pursuant to a sublease agreement with an agreement term from October 1, 2023 to February 28, 2025.

13, 2024, the subtenant terminated the sublease agreement early and Armstrong Logistic resumed operations at the warehouse;

● at 11618 Mulberry Ave, Fontana, CA 92337, from United Facilities,

Inc., pursuant to a lease agreement and its amendment, with an area of approximately 633,953 square feet, with a lease term from August

10, 2023 to September 30, 2028, and monthly rent of approximately $560,000.

Armstrong Logistic also leases one warehouse in

at 1001 Trade Center Boulevard Building 4A, Rincon, Georgia 31326, from SFG CH Chatham Tract, LLC, pursuant to a lease agreement with an area of approximately 734,000 square feet, with a lease term from February 29, 2024 to July 31, 2034 .

leases the following three warehouses in California:

at 19545 San Jose Avenue, City of Industry, California 91746, from

DNA Motor, a company owned by Jacky Chen, the former chief executive officer of Armstrong Logistic, pursuant to a sublease agreement,

with an area of approximately 130,000 square feet, with a lease term from September 1, 2020 to December 31, 2027, and a monthly rent

of approximately $110,600;

at 5450 E Francis St, Ontario, CA 91761, from JCC California Properties

LLC, pursuant to a lease agreement, with an area of approximately 480,000 square feet, with a lease term from January 1, 2025 to December

31, 2029, and a monthly rent of approximately $229,600;

at 11618 Mulberry Ave, Fontana, CA 92337, from United Facilities, Inc.,

pursuant to a lease agreement and its amendment, with an area of approximately 633,953 square feet, with a lease term from August 10,

2023 to September 30, 2028, and a monthly rent of approximately $785,600.

Armstrong Logistic also leases one warehouse in

● at 645 Independence Parkway, La Porte, Texas 77571, from

DNA Motor pursuant to a sublease agreement, with an area of approximately 200,000 square feet, with a lease term of from April 1,

2021 to August 31, 2026, and monthly rent of approximately $80,000.

Armstrong Logistic also leases two warehouses

in New Jersey, including:

● at 839 Railroad Avenue, Florence, New Jersey 08554, from

DNA Motor pursuant to a sublease agreement, with an area of approximately 300,000 square feet, with a lease term from July 1, 2021

to September 30, 2029, and monthly rent of approximately $210,000;

● at 250 Carter Dr, Edison, New Jersey 07090, from Romark Logistics

at 1001 Trade Center Boulevard Building 4A, Rincon, Georgia 31326,

from HREX GITC4, DST, pursuant to a lease agreement with an area of approximately 734,000 square feet, with a lease term from July 1,

2024 to November 30, 2034, and a monthly rent of approximately $268,600.

Armstrong Logistic also leases the following

two warehouses in Texas:

at 645 Independence Parkway, La Porte, Texas 77571,

from BCI IV Monument BP LP, pursuant to a lease agreement, with an area of approximately 200,000 square feet, which was assigned to Armstrong

Logistic by DNA Motor from April 1, 2021 to August 31, 2026, and a monthly rent of approximately $84,900;

at 615, 619 E Sam Houston Pkwy, Pasadena, Texas 77503, from First Industrial

LP, pursuant to a lease agreement, with an area of approximately 241,280 square feet, which was assigned to Armstrong Logistic by DNA

Motor from January 24, 2025 to April 30, 2029, and a monthly rent of $121,479.

Armstrong Logistic also leases the following

two warehouses in New Jersey:

at 839 Railroad Avenue, Florence, New Jersey 08554, from DNA Motor

pursuant to a sublease agreement, with an area of approximately 300,000 square feet, with a lease term from November 1, 2021 to September 30,

2029, and monthly rent of approximately $210,000;

at 250 Carter Dr, Edison, New Jersey 07090, from Romark Logistics of

pursuant to a sublease license agreement, with an area of approximately 87,000 square feet, with a lease term from May 1, 2023

to October 31, 2027, and monthly rent of approximately $130,000.

This warehouse was subsequently expanded through a lease agreement

with NL Cedars Group LLC, with an additional area of approximately 144,000 square feet, with a lease term from January 1, 2024 to February

28, 2029, and monthly rent of approximately $195,000.

This warehouse was subsequently expanded through a lease agreement with

NL Cedars Group LLC, with a lease term from January 1, 2024 to February 28, 2029.

Phase 1 of the lease with NL Cedars Group LLC commenced

on January 1, 2024 and ended on November 30, 2024 and added approximately 144,000 square feet, at a monthly rent of approximately $195,000.

Phase 2 of the lease with NL Cedars Group LLC commenced on December 1, 2024 and ends on October 31, 2027, adding an additional area of

approximately 113,000 square feet for a total of approximately 257,000 square feet, at a monthly rent of approximately $360,000.

3 of the lease with NL Cedars Group LLC will commence on November 1, 2027 and end on February 28, 2029, adding an additional area of approximately

86,936 square feet for a total of approximately 343,936 square feet, at a monthly rent of approximately $520,000.

Armstrong Logistic also leases one warehouse in

at 28 Gateway Commerce Center Dr W, Edwardsville, IL 62025, from Walgreens.com,

Inc, pursuant to a sublease agreement, with an area of approximately 500,000 square feet, with a lease term from December 27, 2024 to

February 29, 2032, and a monthly rent of $58,333.

We believe that the offices and warehouses that

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties