What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2026-03-05 compared with 2025-03-05 · 19 added, 25 removed, 112 unchanged (28% of the section changed)

1 unchanged sentence

As of December 31, 2025, the Company owned 58 operating properties with an aggregate of 6.5 million leasable square feet located in 26 states with an occupancy rate of 78.1% and a weighted average remaining lease term of 5.6 years.

Including the Company’s proportionate share of leasable square feet and annualized base rent from the Arch Street Joint Venture, it owned an aggregate of 8.1 million leasable square feet, with an occupancy rate of 73.7%, or 73.1% adjusted for two operating properties that are currently under agreements to be sold, and a weighted-average remaining lease term of 5.2 years as of December 31, 2024.

As of December 31, 2025, the Company had eight properties designated as non-operating properties.

Including the Company’s proportionate share of leasable square feet and annualized base rent from the Arch Street Joint Venture, it owned an aggregate of 6.7 million leasable square feet, with an occupancy rate of 78.7%, or 78.2% adjusted for one consolidated operating property and its proportionate share of the square footage of one Arch Street Joint Venture operating property that are currently under agreements to be sold, and a weighted average remaining lease term of 5.7 years as of December 31, 2025.

See Schedule III – Real Estate and Accumulated Depreciation for more information about the Company’s properties and see Note 6 – Debt, Net for more information about mortgages and other indebtedness related to the Company’s properties.

During the year ended December 31, 2024, we split the properties located in Amherst, New York and Denver, Colorado, each containing two buildings, into four separate properties for reporting purposes.

Also during the year ended December 31, 2024, we commenced classifying certain of our properties which are being repositioned, redeveloped, developed or held for sale as non-operating properties rather than operating properties, resulting in seven properties being removed from the presentation of the Company’s portfolio of operating properties as of December 31, 2024.

Tenant Industry Diversification

4 unchanged sentences

Health Care Equipment & Services 10 748 11.1 % 15,233 13.7 %

Financial Institutions 2 546 6.7 % 13,772 11.4 %

Capital Goods 9 714 10.6 % 12,015 10.8 %

Consumer Durables & Apparel 3 375 4.6 % 8,971 7.5 %

Financial Institutions 1 482 7.2 % 11,136 10.0 %

Software & Services 4 422 6.3 % 9,986 9.0 %

Materials 5 463 6.9 % 8,581 7.7 %

Telecommunication Services 4 419 6.2 % 7,511 6.7 %

Energy 1 309 3.8 % 5,866 4.9 %

Commercial & Professional Services 10 281 4.2 % 5,613 5.0 %

Software & Services 3 263 3.3 % 5,056 4.2 %

Consumer Durables & Apparel 1 145 2.2 % 4,562 4.1 %

Transportation 4 279 4.1 % 4,457 4.0 %

Top Ten Tenant Industries 65 4,721 70.2 % 99,475 89.3 %

Remaining Tenant Industries:

Transportation 4 279 3.5 % 4,536 3.8 %

Media & Entertainment 2 264 3.9 % 3,902 3.5 %

12 unchanged sentences

New Jersey 3 714 10.6 % 14,927 13.4 %

New York 6 766 11.4 % 11,102 10.0 %

Kentucky 2 458 6.8 % 10,538 9.5 %

1 unchanged sentence

California 3 214 3.2 % 5,990 5.4 %

Oklahoma 3 585 7.2 % 7,017 5.8 %

New York 6 781 9.6 % 6,151 5.1 %

Maryland 2 236 3.5 % 4,870 4.4 %

Tennessee 4 240 3.0 % 4,708 3.9 %

Virginia 2 240 3.6 % 4,726 4.2 %

Georgia 3 284 4.2 % 4,704 4.2 %

Tennessee 4 240 3.6 % 4,623 4.2 %

Top Ten States 43 4,895 72.8 % 89,242 80.2 %

Remaining States:

Virginia 2 240 3.0 % 4,623 3.8 %

Missouri 2 207 3.1 % 3,033 2.7 %

South Carolina 1 64 0.8 % 2,513 2.1 %

Ohio 2 169 2.5 % 2,497 2.2 %

Rhode Island 2 206 2.5 % 2,446 2.0 %

Wisconsin 1 155 2.3 % 2,416 2.2 %

Illinois 2 163 2.0 % 2,240 1.9 %

Rhode Island 1 136 2.0 % 2,209 2.0 %

Iowa 2 92 1.4 % 2,046 1.8 %

West Virginia 1 63 0.9 % 1,463 1.3 %

Nebraska 2 180 2.2 % 1,411 1.2 %

Pennsylvania 1 45 0.7 % 1,375 1.2 %

1 unchanged sentence

Kansas 1 90 1.3 % 1,107 1.0 %

Nebraska 1 150 2.2 % 913 0.8 %

Illinois 1 33 0.5 % 844 0.8 %

Massachusetts 1 50 0.7 % 757 0.7 %

3 unchanged sentences

Florida 1 6 0.1 % 247 0.2 %

Oklahoma 1 330 4.9 % 105 0.1 %

Arizona 1 90 1.3 % — — %

4 unchanged sentences

General Services Administration 15 724 10.7 % $ 19,821 17.8 %

Bank of America 1 482 5.9 % 11,260 9.4 %

Coterra Energy 1 309 3.8 % 5,866 4.9 %

Merrill Lynch 1 482 7.2 % 11,136 10.0 %

Ingram Micro 2 330 4.9 % 7,860 7.1 %

Cigna/Express Scripts 2 275 4.1 % 4,866 4.4 %

MDC Holdings Inc.

Sekisui House U.S.

1 145 2.2 % 4,562 4.1 %

8 unchanged sentences

AT&T 1 203 3.0 % 3,383 3.0 %

Ingram Micro 1 170 2.1 % 2,985 2.5 %

Linde 1 175 2.6 % 2,886 2.6 %

Maximus 2 168 2.5 % 2,673 2.4 %

Citigroup 1 64 0.8 % 2,513 2.1 %

Hasbro 1 136 1.7 % 2,446 2.0 %

Valent U.S.A.

1 97 1.4 % 2,510 2.3 %

CVS/Aetna 1 127 1.6 % 2,403 2.0 %

Brown University Health 1 136 2.0 % 2,209 2.0 %

GE Vernova 1 152 2.3 % 2,117 1.9 %

Pulte Mortgage 1 95 1.2 % 2,053 1.7 %

NetJets 1 140 2.1 % 2,040 1.8 %

4 unchanged sentences

Intermec 1 81 1.2 % 1,545 1.4 %

Abbott Laboratories 1 131 1.6 % 1,412 1.2 %

Becton Dickinson 1 73 1.1 % 1,425 1.3 %

1 unchanged sentence

Peraton 1 33 0.5 % 1,213 1.1 %

Ineos Pigments 1 120 1.8 % 1,108 1.0 %

Change Healthcare Operations 1 55 0.8 % 1,097 1.0 %

Total 49 4,793 71.3 % $ 103,245 92.9 %

31 unchanged sentences

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