What changed in this filing

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Item 2. Properties

2026-02-11 compared with 2025-02-12 · 38 added, 39 removed, 426 unchanged (15% of the section changed)

33 unchanged sentences

Wallingford 1 105,000

State City Number of Buildings Total Rentable Square Feet

Delaware New Castle 1 485,987

1 unchanged sentence

Fort Myers 1 260,620

Gibsonton 2 298,466

Jacksonville 5 1,256,750

7 unchanged sentences

Buford 1 103,720

Calhoun 1 151,200

Dallas 1 92,807

2 unchanged sentences

Lithonia 1 210,858

State City Number of Buildings Total Rentable Square Feet

Norcross 1 152,036

Savannah 1 504,300

Shannon 1 568,516

Smyrna 1 102,150

10 unchanged sentences

Belvidere 3 536,960

Buffalo Grove 2 231,964

Carol Stream 1 89,381

10 unchanged sentences

McHenry 2 169,311

Monee 1 621,246

Montgomery 1 584,301

9 unchanged sentences

Wood Dale 1 137,607

Elkhart 2 170,100

State City Number of Buildings Total Rentable Square Feet

Indiana Elkhart 2 170,100

Fort Wayne 1 108,800

14 unchanged sentences

Wichita 3 248,550

State City Number of Buildings Total Rentable Square Feet

Kentucky Bardstown 1 102,318

24 unchanged sentences

Gardiner 1 265,000

Lewiston 1 60,000

Portland 1 100,600

8 unchanged sentences

Marshall 1 57,025

State City Number of Buildings Total Rentable Square Feet

Novi 3 685,010

12 unchanged sentences

Eagan 1 276,550

Inver Grove Heigh 1 80,655

Inver Grove Height 1 80,655

Lakeville 1 360,000

Maple Grove 2 207,875

State City Number of Buildings Total Rentable Square Feet

Mendota Heights 2 183,279

36 unchanged sentences

Omaha 5 464,558

State City Number of Buildings Total Rentable Square Feet

New Hampshire Londonderry 1 125,060

Nashua 1 337,391

New Jersey Branchburg 1 113,973

11 unchanged sentences

Paradise 2 80,422

State City Number of Buildings Total Rentable Square Feet

Reno 1 87,264

2 unchanged sentences

Cheektowaga 1 121,760

Farmington 1 149,657

Gloversville 3 211,554

19 unchanged sentences

Salem 1 271,000

Sharonville 1 215,670

Streetsboro 1 343,416

2 unchanged sentences

Twinsburg 2 467,689

Union 1 524,160

West Chester 2 967,368

3 unchanged sentences

Oregon Beaverton 2 121,426

North Plains 1 201,750

Salem 2 155,900

1 unchanged sentence

Wilsonville 1 78,000

State City Number of Buildings Total Rentable Square Feet

Pennsylvania Allentown 3 454,784

16 unchanged sentences

New Kingstown 1 330,000

State City Number of Buildings Total Rentable Square Feet

O'Hara Township 1 887,084

Pittston 1 437,446

Reading 1 248,000

3 unchanged sentences

Duncan 3 996,841

Edgefield 1 126,190

Fountain Inn 3 700,343

1 unchanged sentence

Goose Creek 1 500,355

Greenwood 2 175,055

Greer 8 1,372,344

28 unchanged sentences

Humble 2 751,450

State City Number of Buildings Total Rentable Square Feet

Irving 1 120,900

12 unchanged sentences

Independence 1 120,000

State City Number of Buildings Total Rentable Square Feet

Chesterfield 1 109,520

29 unchanged sentences

Total 601 119,974,349

Not reflected in the table above are 11 buildings under development.

As of December 31, 2024, one of our 591 buildings was encumbered by mortgage indebtedness totaling approximately $4.3 million (excluding unamortized deferred financing fees, debt issuance costs, and fair market value premiums or discounts).

Not reflected in the table above are seven buildings under development.

As of December 31, 2025, one of our 601 buildings was encumbered by mortgage indebtedness totaling approximately $4.1 million (excluding any unamortized deferred financing fees, debt issuance costs, and fair market value premiums or discounts).

See Note 4 in the accompanying Notes to the Consolidated Financial Statements and the accompanying Schedule III for additional information.

6 unchanged sentences

Pittsburgh, PA 3.8 %

Detroit, MI 3.9 %

Columbus, OH 3.7 %

Detroit, MI 3.6 %

South Central, PA 3.2 %

1 unchanged sentence

Boston, MA 2.5 %

Houston, TX 2.4 %

Kansas City, MO 2.4 %

El Paso, TX 2.4 %

Milwaukee, WI 2.2 %

Kansas City, MO 2.1 %

Charlotte, NC 2.1 %

Houston, TX 2.0 %

Raleigh, NC 2.1 %

Sacramento, CA 1.9 %

Charlotte, NC 1.9 %

Indianapolis, IN 1.8 %

Cincinnati, OH 1.8 %

Cleveland, OH 1.8 %

Columbia, SC 1.4 %

Grand Rapids, MI 1.4 %

Cincinnati, OH 1.7 %

Nashville, TN 1.4 %

(1) Market classification based on CBRE-EA industrial market geographies.

5 unchanged sentences

Containers & Packaging 7.2 %

Automobile Components 6.2 %

Machinery 6.5 %

Automobile Components 5.9 %

Commercial Services & Supplies 5.7 %

4 unchanged sentences

Broadline Retail 3.4 %

Household Durables 3.2 %

Specialty Retail 3.0 %

Household Durables 2.8 %

Electrical Equipment 2.6 %

Beverages 2.4 %

Food Products 2.4 %

Chemicals 1.9 %

Ground Transportation 1.9 %

Electronic Equip, Instruments 2.4 %

Electrical Equipment 1.7 %

Automobiles 1.6 %

Ground Transportation 1.9 %

Chemicals 1.9 %

Construction & Engineering 1.8 %

(1) Industry classification based on Global Industry Classification Standard methodology.

5 unchanged sentences

Amazon 7 2.8 %

Schneider Electric USA, Inc.

American Tire Distributors, Inc.

Soho Studio, LLC 1 0.8 %

Schneider Electric USA, Inc.

International Paper Company 4 0.8 %

DSV Solutions, LLC 4 0.8 %

CHEP USA 6 0.7 %

KUEHNE+NAGEL INC.

Tempur Sealy International Inc 2 0.7 %

2 unchanged sentences

Hachette Book Group, Inc.

DHL Supply Chain 5 0.6 %

Penguin Random House LLC 1 0.6 %

Penske Truck Leasing Co.

Kenco Logistic Services, LLC 3 0.6 %

FedEx Corporation 4 0.6 %

Penske Truck Leasing Co.

WestRock Company 6 0.6 %

Lippert Component Manufacturing 4 0.6 %

DHL Supply Chain 4 0.6 %

GXO Logistics, Inc.

DS Smith North America 2 0.6 %

Carolina Beverage Group 3 0.6 %

AFL Telecommunications LLC 2 0.6 %

Total 74 16.1 %

3 unchanged sentences

The following table summarizes lease expirations for leases in place as of December 31, 2025, plus available space, for each of the ten calendar years beginning with 2026 and thereafter in our portfolio.

Lease Expiration Year Number of

Lease Expiration Year (1)

Expiring Total Rentable

Square Feet (2)

Square Feet % of Total

Square Feet Total Annualized

17 unchanged sentences

(1) Leases previously scheduled to expire in 2026, totaling approximately 10.5 million square feet, have been amended to extend their lease expiration date as of December 31, 2025.

These leases are excluded from 2026 expirations and are reflected in the new year of expiration.

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