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As of December 31, 2024, we had net investments of approximately $606.0 million in 1,703 real estate properties (including two properties accounted for as financing leases).
−Removed: The properties are located in 49 states and one territory, totaling approximately 5.9 million net leasable interior square feet in the aggregate and were 99.7% occupied as of December 31, 2023 with a weighted average remaining lease term of approximately three years.
+Added: The properties are located in 49 states and one territory, totaling approximately 6.4 million net leasable interior square feet in the aggregate and were 99.6% occupied as of December 31, 2024 with a weighted average remaining lease term of approximately four years.
As of December 31, 2024, we manage, through our taxable REIT subsidiary ("TRS"), an additional 360 properties owned by our chief executive officer, Andrew Spodek, and his affiliates.
−Removed: We have a right of first offer to purchase 250 of our 397 managed properties.
+Added: During the year ended December 31, 2024, we acquired from our chief executive officer, Andrew Spodek, and his affiliates a portfolio of 36 properties currently leased to the USPS for approximately $12.5 million in cash, excluding closing costs.
+Added: We have a remaining right of first offer to purchase 214 of our 360 managed properties.
The majority of our leases are modified double-net leases, whereby the USPS is responsible for utilities, certain maintenance obligations and reimbursement of property taxes and the landlord is responsible for insurance, roof and structure.
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2024 Highlights
−Removed: • We collected 100% of our contractual rents and our owned portfolio was 99.7% occupied as of December 31, 2023.
+Added: • Our owned portfolio was 99.6% occupied as of December 31, 2024.
• We acquired 197 properties leased primarily to the USPS totaling approximately 560,895 net leasable interior square feet, for approximately $90.8 million, excluding closing costs, during 2024.
−Removed: • We amended our existing Credit Facilities (as defined below) in July 2023 to, among other things, add a daily simple Secured Overnight Financing Rate ("SOFR") based option to the term SOFR-based floating interest rate option as a benchmark rate for borrowings under the Credit Facilities and further exercised $35.0 million of accordion under the term loans.
−Removed: We also entered into two interest rate swaps in 2023 with a total notional amount of $35.0 million to manage our interest rate risks under the Credit Facilities.
+Added: • We sold two real estate properties for net proceeds of $6.0 million and recorded a net gain of $2.4 million.
+Added: • We amended our existing Credit Facilities (as defined below) in October 2024 to among other things, replace the Bank of Montreal with Truist Bank as the administrative agent, letter of credit issuer and swingline lender.
+Added: In addition, we increased the 2022 Term Loan commitments in an aggregate principal amount of up to $50.0 million, which we fully exercised.
• We issued 1,420,791 shares of Class A common stock under our at-the-market equity offering program (the "ATM Program") during 2024, raising approximately $20.4 million in gross proceeds.
−Removed: In August 2023, we also amended the ATM Program to increase the aggregate offering amount under the program from up to $50.0 million to up to $150.0 million.
• We have increased our quarterly dividend from $0.2375 for the fourth quarter 2023 dividend to $0.2425 for the fourth quarter 2024 dividend.
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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.