Note 12. Subsequent Events

On October 8, 2026, the Company closed the purchase of two industrial properties totaling approximately 306,000 square feet near Minneapolis, Minnesota for a combined purchase price of $34.4 million. Both properties are fully occupied with weighted average lease terms remaining of 1.2 and 5.1 years, respectively.

On October 9, 2026, the Company, through its wholly owned TRS, TRS JV, entered into a joint venture agreement with IDV Risinger L.L.C. to form Sealy IDV Risinger, LLC (the "IDV JV II"). IDV JV II acquired a land parcel in Fort Worth, Texas for development of an industrial property. The Company contributed $5.0 million to IDV JV II and maintains a 95% interest in IDV JV II.

On October 15, 2026, the Company contributed $55.1 million to Sealy Industrial II, DST ("DST-II") through its wholly owned TRS, TRS-I. On the same day, DST-II completed an acquisition of an industrial property of 534,000 square feet in Cincinnati, Ohio, for $55.0 million, plus transaction costs. TRS-I owned 100% of the beneficial interest in DST-II as of October 15, 2026. On October 16, 2026, DST-II commenced a private placement offering of up to 100% of its beneficial interests to certain qualified accredited investors (the "DST-II Offering"). The maximum offering amount is approximately $66.5 million. As the beneficial interests in DST-II are sold and investor contributions are received, DST-II will pay TRS-I for the purchase price plus transaction costs of the DST-II property, as well as a bridge carry fee of up to $2.6 million, or 3.9% of the maximum offering amount.