4 unchanged sentences
Infill locations are geographic locations surrounded by high concentrations of already developed land and existing buildings.
−Removed: As of December 31, 2024, we owned a total of 299 buildings (including one building held for sale) aggregating approximately 19.3 million square feet, 47 improved land parcels consisting of approximately 150.6 acres, six properties under development or redevelopment and approximately 22.4 acres of land entitled for future development.
+Added: As of December 31, 2025, we owned a total of 309 buildings (including one building held for sale) aggregating approximately 19.8 million square feet, 46 improved land parcels consisting of approximately 147.0 acres and six properties under development or redevelopment.
As of December 31, 2025, the buildings and improved land parcels were approximately 96.1% and 95.4% leased, respectively, to 683 customers, the largest of which accounted for approximately 4.9% of our total annualized base rent.
43 unchanged sentences
We have directly managed certain of our properties in the past and may do so in the future if we determine such direct property management is in our best interest.
−Removed: We have no current intention to acquire undeveloped or unimproved industrial land or to pursue greenfield ground-up development.
+Added: We do not generally target undeveloped or unimproved industrial land or pursue greenfield ground-up development.
Nevertheless, we pursue development, redevelopment, renovation and expansion opportunities of properties that we own, acquire properties and improved land parcels with the intent to redevelop in the near-term, and acquire adjacent land to expand our existing facilities.
8 unchanged sentences
Capital from such sales is reinvested into properties that are expected to provide better prospective returns or returned to shareholders.
−Removed: We have disposed of 37 properties since inception in 2010 for an aggregate sales price of approximately $727.6 million and a total gain of approximately $332.3 million.
+Added: We have disposed of 45 properties since inception in 2010 for an aggregate sales price of approximately $1.1 billion and a total gain of approximately $570.7 million, producing an unleveraged IRR of 12.7%.
Competitive Strengths
3 unchanged sentences
markets and focus on infill locations.
−Removed: We selected our six target markets based upon the experience of our executive management investing and operating in over 50 global industrial markets located in North America, Europe and Asia, the fundamentals of supply and demand, and in anticipation of trends in logistics patterns resulting from population changes, regulatory, geopolitical and
−Removed: physical constraints, changes in technology, e-commerce, the economic and environmental benefits of reducing vehicle miles traveled and other factors.
−Removed: We have no current intention to acquire undeveloped or unimproved land or pursue greenfield ground-up development, but we pursue development, redevelopment, renovation and expansion activities.
+Added: We selected our six target markets based upon the experience of our executive management investing and operating in over 50 global industrial markets located in North America, Europe and Asia, the fundamentals of supply and demand, and in anticipation of trends in logistics patterns resulting from population changes, regulatory, geopolitical and physical constraints, changes in technology, e-commerce, the economic and environmental benefits of reducing vehicle miles traveled and other factors.
+Added: We do not generally target undeveloped or unimproved land or pursue greenfield ground-up development, but we pursue development, redevelopment, renovation and expansion activities.
• Highly Aligned Compensation Structure.
10 unchanged sentences
In the future, we will not adopt a stockholder rights plan unless our stockholders approve in advance the adoption of such a plan or, if adopted by our board of directors, we will submit the stockholder rights plan to our stockholders for a ratification vote within 12 months of adoption or the plan will terminate.
+Added: • Long-Term Results.
+Added: Since our 2010 initial public offering, we have produced the following:
+Added: – 10.0% compound annual total shareholder return;
+Added: – 11.1% average cash same store net operating income growth;
+Added: – 12.7% unleveraged IRR on $1.1 billion of properties sold, with a gain of $570.7 million;
+Added: – 11.8% compound annual growth rate in dividends since 2011 dividend initiation.
Our Financing Strategy
6 unchanged sentences
• have staggered debt maturities that are aligned to our expected average lease term (5-7 years), positioning us to re-price parts of our capital structure as our rental rates change with market conditions.
−Removed: We intend to preserve a flexible capital structure with a long-term goal to maintain our investment grade rating and be in a position to issue additional unsecured debt and perpetual preferred stock.
+Added: We intend to preserve a flexible capital structure and maintain our investment grade rating and be in a position to issue additional unsecured debt and perpetual preferred stock.
Fitch Ratings assigned us an issuer rating of BBB+ with a stable outlook.
9 unchanged sentences
We are not structured as an Umbrella Partnership Real Estate Investment Trust, or (“UPREIT”), although we could put in place a similar structure to facilitate an acquisition if needed.
−Removed: We currently own our properties indirectly through subsidiaries, including through taxable REIT subsidiaries and subsidiaries that intend to qualify as REITs for U.S.
+Added: We currently own our properties indirectly through subsidiaries, including through taxable REIT subsidiaries (“TRS”) and subsidiaries that also elected to qualify as REITs for U.S.
federal income tax purposes.
1 unchanged sentence
We elected to be taxed as a REIT under Sections 856 through 860 of the Code commencing with our taxable year ended December 31, 2010.
−Removed: We believe that our organization and method of operation has enabled and will continue to enable us to meet the requirements for qualification and taxation as a REIT for U.S.
+Added: We believe that our organization and method of operation have enabled and will continue to enable us to meet the requirements for qualification and taxation as a REIT for U.S.
federal income tax purposes.
9 unchanged sentences
We believe the leasing of real estate to be competitive.
−Removed: We experience competition for customers from owners and managers of competing properties.
+Added: We experience competition for tenants from owners and managers of competing properties.
As a result, we may have to provide free rental periods, incur charges for tenant improvements or offer other inducements, all of which may have an adverse impact on our results of operations.
17 unchanged sentences
The costs to clean up a contaminated property, to defend against a claim, or to comply with environmental laws could be material and could adversely affect the funds available for distribution to our stockholders.
−Removed: We generally obtain “Phase I environmental site assessments”, or ESAs, on each property prior
−Removed: to acquiring it.
+Added: We generally obtain “Phase I environmental site assessments”, or (“ESAs”), on each property prior to acquiring it.
However, these ESAs may not reveal all environmental costs that might have a material adverse effect on our business, assets, results of operations or liquidity and may not identify all potential environmental liabilities.
20 unchanged sentences
As an equal opportunity employer, we reward our employees based on merit and their contributions.
−Removed: Since 2019, we have continued to increase our board diversity in terms of gender, underrepresented communities and work experience.
+Added: Our board of directors is diverse in terms of gender, underrepresented communities and work experience.
We have designed an executive compensation program intended to (i) align the interests of our executives and stockholders, (ii) motivate our executives to manage our business to meet our near, medium and long-term objectives, (iii) assist in attracting and retaining talented and well-qualified executives, (iv) be competitive with other industrial REITs and (v) encourage and provide the opportunity for our executives to obtain meaningful ownership levels of our stock.
11 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.