What changed in this filing

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Item 2. Properties

2026-02-04 compared with 2025-02-05 · 29 added, 23 removed, 154 unchanged (25% of the section changed)

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.

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.

51 unchanged sentences

1 Annualized base rent is calculated as contractual monthly base rent per the leases, excluding any partial or full rent abatements, as of December 31, 2025, multiplied by 12.

Annualized base rent for our New York City assets was $38.0 million as of December 31, 2024.

Annualized base rent for our New York City assets was $46.8 million as of December 31, 2025, representing approximately 13.1% of total annualized base rent.

2 Weighted average remaining lease term is calculated by summing the remaining lease term of each lease as of December 31, 2025, weighted by the respective square footage.

3 Includes six properties under development or redevelopment that, upon completion, will consist of nine buildings aggregating approximately 0.9 million square feet and approximately 22.4 acres of land entitled for future development.

4 Occupancy decreased from 98.5% at December 31, 2023 to 97.4% at December 31, 2024 due, in part, to approximately 176,000 square feet of acquired vacancy, 42,000 square feet of which have leases that commence in January 2025.

As of December 31, 2024, we owned six properties under development or redevelopment that, upon completion, will consist of nine buildings aggregating approximately 0.9 million square feet and approximately 22.4 acres of land entitled for

future development, with a total expected investment of approximately $432.9 million, including redevelopment costs, capitalized interest and other costs.

3 Includes six properties under development or redevelopment that, upon completion, will consist of nine buildings aggregating approximately 1.2 million square feet.

As of December 31, 2025, we owned six properties under development or redevelopment that, upon completion, will consist of nine buildings aggregating approximately 1.2 million square feet, with a total expected investment of approximately $372.5 million, including redevelopment costs, capitalized interest and other costs.

The following table summarizes our capital expenditures incurred during the three months and years ended December 31, 2025 and 2024 (dollars in thousands):

2 unchanged sentences

Operating portfolio:

Building and tenant improvements $ 10,476 $ 8,826 $ 37,853 $ 33,475

Leasing commissions 3,056 2,454 12,927 11,821

Recurring capital expenditures $ 18,205 $ 8,698 $ 47,832 $ 34,985

Non-recurring capital expenditures 1

8,142 4,834 16,225 15,795

Properties under development and redevelopment:

Development, redevelopment, renovation and expansion $ 18,949 $ 51,098 $ 129,564 $ 139,974

1 Includes approximately $4.8 million and $3.6 million for the three months ended December 31, 2024 and 2023, respectively, and approximately $15.8 million and $17.4 million for the years ended December 31, 2024 and 2023, respectively, of costs incurred related to leasing acquired vacancy, renovation and expansion projects (stabilization capital).

Development, redevelopment, renovation and expansion expenditures 11,634 16,628 59,546 118,587

Capitalized interest 4

1,202 2,321 5,011 10,977

1 Consists of costs incurred related to leasing acquired vacancy, renovation, and expansion projects (stabilization capital).

2 Includes a net increase in accrued capital expenditures for the operating portfolio of approximately $5.9 million during the three months ended December 31, 2025 and a net increase of approximately $4.0 million during the three months ended December 31, 2024.

3 Includes a net increase in accrued capital expenditures for the operating portfolio of approximately $0.7 million during the year ended December 31, 2025 and a net increase of approximately $10.8 million during the year ended December 31, 2024.

4 Consists of capitalized interest associated with development, redevelopment, renovation and expansion activities.

We do not capitalize any general and administrative costs associated with these activities.

5 Includes a net increase in accrued capital expenditures for properties under development and redevelopment of approximately $1.5 million during the three months ended December 31, 2025 and a net decrease of approximately $5.6 million during the three months ended December 31, 2024.

6 Includes a net decrease in accrued capital expenditures for properties under development and redevelopment of approximately $5.4 million during the year ended December 31, 2025 and a net decrease of approximately $3.2 million during the year ended December 31, 2024.

Our industrial properties are typically subject to leases on a “triple net basis,” in which tenants pay their proportionate share of real estate taxes, insurance and operating costs, or are subject to leases on a “modified gross basis,” in which tenants pay expenses over certain threshold levels.

11 unchanged sentences

6 645,677 3.2 % 7.7 7,788 2.1 %

3 Imperial Bag & Paper Co LLC

1 505,729 2.6 % — 4,729 1.5 %

4 United States Government

3 Quanta Manufacturing Nashville LLC

1 225,861 1.1 % — 4,879 1.4 %

5 O'Neill Logistics

4 Imperial Bag & Paper Co LLC

1 505,729 2.6 % — 4,870 1.3 %

6 Meta Platforms, Inc.

3 171,707 0.9 % — 4,739 1.3 %

6 United States Government

9 316,796 1.6 % — 4,627 1.3 %

3 unchanged sentences

2 284,161 1.4 % — 3,701 1.0 %

9 Fisica Inc.

(previously L3 Harris Applied Technologies, Inc.)

1 279,032 1.4 % 2.3 3,640 1.0 %

10 International Cargo Terminals Inc.

2 unchanged sentences

3 101,234 0.5 % — 3,169 0.9 %

12 Sentury Tire USA Inc.

12 Home Depot U.S.A., Inc.

1 134,400 0.7 % — 2,905 0.8 %

13 Impulse Space, Inc.

1 103,200 0.5 % — 2,848 0.8 %

14 Costco-Innovel Solutions LLC

2 328,716 1.7 % 2.8 2,760 0.8 %

15 Lucid USA, Inc.

1 161,680 0.8 % 2,756 0.8 %

14 Northrop Grumman Systems Corporation

16 Sentury Tire USA Inc.

1 161,787 0.8 % — 2,710 0.8 %

5 unchanged sentences

1 190,907 1.0 % — 2,426 0.7 %

18 B&B Granite Block Sales, LLC

1 33,414 0.2 % — 2,400 0.7 %

19 JAM'N Logistics Inc.

1 110,336 0.6 % — 2,231 0.7 %

20 Fisica Inc.

(previously L3 Harris Applied Technologies, Inc.)

1 170,114 0.9 % — 2,230 0.7 %

Total 51 5,661,770 28.6 % 34.6 $ 86,127 24.1 %

38 unchanged sentences

1 Includes leases that expire on or after December 31, 2025 and month-to-month leases totaling approximately 56,091 square feet.

Approximately 0.8 million square feet of the space expiring during 2026 has either been renewed or pre-leased as of December 31, 2025.

2 Annualized base rent is calculated as contractual monthly base rent per the leases at expiration, excluding any partial or full rent abatements, as of December 31, 2025, multiplied by 12.

17 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