| Schedule III - Real Estate and Accumulated Depreciation |
Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2025
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Initial Cost |
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Costs Capitalized
Subsequent to Acquisition |
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Gross Amounts at which
Carried at the Close
of Period |
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Description |
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Market |
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Number
of
Properties |
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Encumbrances |
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Land and
Land
Improvements |
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Buildings |
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Land and
Land
Improvements |
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Buildings |
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Land and
Land
Improvements |
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Buildings |
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Total |
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Accumulated
Depreciation |
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Year
Acquired |
Industrial Properties |
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Los Angeles, CA |
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1 |
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$ |
116,267 |
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$ |
126,934 |
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$ |
60,355 |
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$ |
— |
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$ |
— |
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$ |
126,934 |
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$ |
60,355 |
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$ |
187,289 |
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$ |
(343 |
) |
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2025 |
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New York City / New Jersey |
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1 |
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81,659 |
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28,777 |
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92,400 |
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— |
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— |
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28,777 |
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92,400 |
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121,177 |
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(2,026 |
) |
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2025 |
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Los Angeles, CA |
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1 |
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73,389 |
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20,066 |
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92,791 |
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— |
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— |
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20,066 |
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92,791 |
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112,857 |
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(1,994 |
) |
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2025 |
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Chicago, IL |
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1 |
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66,000 |
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6,960 |
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95,747 |
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— |
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— |
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6,960 |
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95,747 |
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102,707 |
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(548 |
) |
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2025 |
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Fremont, CA |
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1 |
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— |
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26,189 |
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62,975 |
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— |
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— |
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26,189 |
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62,975 |
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89,164 |
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- |
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2025 |
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New York, NY |
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1 |
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56,300 |
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40,319 |
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46,945 |
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— |
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— |
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40,319 |
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46,945 |
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87,264 |
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(209 |
) |
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2025 |
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Atlanta, GA |
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1 |
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45,000 |
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6,446 |
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70,247 |
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— |
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— |
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6,446 |
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70,247 |
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76,693 |
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(1,397 |
) |
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2025 |
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Washington, D.C. |
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1 |
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50,722 |
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13,218 |
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59,231 |
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— |
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296 |
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13,218 |
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59,527 |
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72,745 |
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(2,058 |
) |
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2025 |
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Inland Empire, CA |
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1 |
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55,200 |
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56,593 |
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12,909 |
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— |
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— |
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56,593 |
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12,909 |
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69,502 |
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(213 |
) |
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2025 |
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St. Louis, MO |
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1 |
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45,705 |
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5,378 |
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55,096 |
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— |
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— |
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5,378 |
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55,096 |
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60,474 |
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(2,574 |
) |
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2024 |
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Boston, MA |
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1 |
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35,123 |
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3,334 |
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52,702 |
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— |
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— |
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3,334 |
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52,702 |
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56,036 |
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(3,435 |
) |
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2024 |
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Kansas City, KS |
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1 |
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37,545 |
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3,736 |
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50,123 |
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— |
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— |
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3,736 |
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50,123 |
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53,859 |
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(2,151 |
) |
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2024 |
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Kansas City, MO |
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1 |
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29,400 |
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1,327 |
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38,258 |
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— |
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— |
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1,327 |
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38,258 |
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39,585 |
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(1,914 |
) |
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2024 |
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Nashville, TN |
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1 |
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— |
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4,138 |
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32,565 |
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— |
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— |
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4,138 |
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32,565 |
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36,703 |
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- |
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2025 |
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Boston, MA |
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1 |
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24,843 |
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6,926 |
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29,335 |
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— |
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— |
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6,926 |
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29,335 |
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36,261 |
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(2,061 |
) |
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2024 |
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Seattle, WA |
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1 |
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21,900 |
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17,774 |
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17,572 |
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— |
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— |
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17,774 |
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17,572 |
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35,346 |
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(78 |
) |
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2025 |
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Fremont, CA |
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1 |
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|
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30,600 |
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7,811 |
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27,439 |
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— |
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— |
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7,811 |
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27,439 |
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35,250 |
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(205 |
) |
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2025 |
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Dallas, TX |
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1 |
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|
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22,824 |
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11,633 |
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23,332 |
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— |
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|
|
— |
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|
|
11,633 |
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|
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23,332 |
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34,965 |
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|
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(644 |
) |
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2025 |
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Norfolk, VA |
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1 |
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|
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21,468 |
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3,536 |
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29,702 |
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— |
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— |
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|
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3,536 |
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29,702 |
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33,238 |
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|
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(285 |
) |
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2025 |
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Bedford, IN |
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|
1 |
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|
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28,000 |
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|
2,132 |
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|
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30,819 |
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— |
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|
|
— |
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|
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2,132 |
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|
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30,819 |
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32,951 |
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|
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(1,910 |
) |
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2024 |
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Bluffton, IN |
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|
1 |
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|
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21,687 |
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5,700 |
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|
|
19,880 |
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|
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— |
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|
|
4,754 |
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|
|
5,700 |
|
|
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24,634 |
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|
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30,334 |
|
|
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(829 |
) |
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2024 |
|
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Detroit, MI |
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|
1 |
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|
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21,000 |
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|
|
2,075 |
|
|
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26,054 |
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|
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— |
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— |
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|
|
2,075 |
|
|
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26,054 |
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|
28,129 |
|
|
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(1,111 |
) |
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2024 |
|
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Columbus, OH |
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|
1 |
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|
|
13,800 |
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|
|
1,988 |
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|
|
19,032 |
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|
|
— |
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|
|
— |
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|
|
1,988 |
|
|
|
19,032 |
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|
21,020 |
|
|
|
(231 |
) |
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2025 |
|
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Cleveland, OH |
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|
1 |
|
|
|
13,300 |
|
|
|
966 |
|
|
|
19,244 |
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|
|
— |
|
|
|
— |
|
|
|
966 |
|
|
|
19,244 |
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|
|
20,210 |
|
|
|
(585 |
) |
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2024 |
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Norfolk, VA |
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|
1 |
|
|
|
17,500 |
|
|
|
5,431 |
|
|
|
14,436 |
|
|
|
— |
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|
25 |
|
|
|
5,431 |
|
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|
14,461 |
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|
19,892 |
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|
|
(1,138 |
) |
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2024 |
|
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Chicago, IL |
|
|
1 |
|
|
|
12,128 |
|
|
|
858 |
|
|
|
17,116 |
|
|
|
— |
|
|
|
— |
|
|
|
858 |
|
|
|
17,116 |
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|
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17,974 |
|
|
|
(438 |
) |
|
2025 |
|
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Allentown, PA |
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|
1 |
|
|
|
10,841 |
|
|
|
1,074 |
|
|
|
16,909 |
|
|
|
— |
|
|
|
— |
|
|
|
1,074 |
|
|
|
16,909 |
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|
|
17,983 |
|
|
|
(557 |
) |
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2025 |
|
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Charlotte, NC |
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|
1 |
|
|
|
10,350 |
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|
|
2,306 |
|
|
|
11,781 |
|
|
|
— |
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|
|
31 |
|
|
|
2,306 |
|
|
|
11,812 |
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|
14,118 |
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|
|
(853 |
) |
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2024 |
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Mount Pleasant, WI |
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|
1 |
|
|
|
9,184 |
|
|
|
1,418 |
|
|
|
10,401 |
|
|
|
— |
|
|
|
— |
|
|
|
1,418 |
|
|
|
10,401 |
|
|
|
11,819 |
|
|
|
(326 |
) |
|
2025 |
|
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Hartford, CT |
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|
1 |
|
|
|
7,039 |
|
|
|
2,085 |
|
|
|
8,014 |
|
|
|
— |
|
|
|
— |
|
|
|
2,085 |
|
|
|
8,014 |
|
|
|
10,099 |
|
|
|
(385 |
) |
|
2024 |
|
|
Midland, TX |
|
|
1 |
|
|
|
— |
|
|
|
1,244 |
|
|
|
6,881 |
|
|
|
— |
|
|
|
41 |
|
|
|
1,244 |
|
|
|
6,922 |
|
|
|
8,166 |
|
|
|
(33 |
) |
|
2025 |
|
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Panama City, FL |
|
|
1 |
|
|
|
4,971 |
|
|
|
1,035 |
|
|
|
6,009 |
|
|
|
— |
|
|
|
— |
|
|
|
1,035 |
|
|
|
6,009 |
|
|
|
7,044 |
|
|
|
(203 |
) |
|
2024 |
|
|
Canton, OH |
|
|
1 |
|
|
|
4,928 |
|
|
|
847 |
|
|
|
4,919 |
|
|
|
— |
|
|
|
— |
|
|
|
847 |
|
|
|
4,919 |
|
|
|
5,766 |
|
|
|
(177 |
) |
|
2024 |
Total Industrial Properties: |
|
|
|
|
33 |
|
|
$ |
988,673 |
|
|
$ |
420,254 |
|
|
$ |
1,161,219 |
|
|
$ |
— |
|
|
$ |
5,147 |
|
|
$ |
420,254 |
|
|
$ |
1,166,366 |
|
|
$ |
1,586,620 |
|
|
$ |
(30,911 |
) |
|
|
Retail Property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
Triadelphia, WV |
|
|
1 |
|
|
$ |
26,870 |
|
|
$ |
18,540 |
|
|
$ |
14,940 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
18,540 |
|
|
$ |
14,940 |
|
|
$ |
33,480 |
|
|
$ |
(53 |
) |
|
2025 |
|
|
Dallas, TX |
|
|
1 |
|
|
|
— |
|
|
|
3,820 |
|
|
|
18,515 |
|
|
|
— |
|
|
|
— |
|
|
|
3,820 |
|
|
|
18,515 |
|
|
|
22,335 |
|
|
|
(56 |
) |
|
2025 |
|
|
Phoenix, AZ |
|
|
1 |
|
|
|
15,751 |
|
|
|
6,887 |
|
|
|
14,288 |
|
|
|
— |
|
|
|
— |
|
|
|
6,887 |
|
|
|
14,288 |
|
|
|
21,175 |
|
|
|
(656 |
) |
|
2024 |
|
|
Phoenix, AZ |
|
|
1 |
|
|
|
— |
|
|
|
2,312 |
|
|
|
17,239 |
|
|
|
— |
|
|
|
— |
|
|
|
2,312 |
|
|
|
17,239 |
|
|
|
19,551 |
|
|
|
(58 |
) |
|
2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Retail Properties: |
|
|
|
|
4 |
|
|
$ |
42,621 |
|
|
$ |
31,559 |
|
|
$ |
64,982 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
31,559 |
|
|
$ |
64,982 |
|
|
$ |
96,541 |
|
|
$ |
(823 |
) |
|
|
Healthcare Property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York, NY |
|
|
1 |
|
|
$ |
33,600 |
|
|
$ |
15,336 |
|
|
$ |
27,215 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15,336 |
|
|
$ |
27,215 |
|
|
$ |
42,551 |
|
|
$ |
(57 |
) |
|
2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Total |
|
|
|
|
38 |
|
|
$ |
1,064,894 |
|
|
$ |
467,149 |
|
|
$ |
1,253,416 |
|
|
$ |
— |
|
|
$ |
5,147 |
|
|
$ |
467,149 |
|
|
$ |
1,258,563 |
|
|
$ |
1,725,712 |
|
|
$ |
(31,791 |
) |
|
|
The aggregate cost basis of our investments in real estate as of December 31, 2025 for U.S. federal income tax purposes was approximately $1,966,391 (unaudited).
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Real Estate: |
|
|
|
|
|
|
Balance at the beginning of the period: |
|
$ |
431,147 |
|
|
$ |
— |
|
Additions during the period: |
|
|
|
|
|
|
Land and land improvements |
|
|
416,984 |
|
|
|
50,165 |
|
Building and site improvements |
|
|
877,581 |
|
|
|
380,982 |
|
Balance at the end of the period: |
|
$ |
1,725,712 |
|
|
$ |
431,147 |
|
Accumulated Depreciation: |
|
|
|
|
|
|
Balance at the beginning of the period: |
|
$ |
(4,855 |
) |
|
$ |
— |
|
Depreciation expense |
|
|
(26,936 |
) |
|
|
(4,855 |
) |
Balance at the end of the period: |
|
$ |
(31,791 |
) |
|
$ |
(4,855 |
) |
|