FR 10-K & 10-Q changes, risk factors and insider trading

InternationalOngoing international trade disputes, including threatened or implemented tariffs imposedand other measures employed by the U.S. and threatenedits ortrading implementedpartners tariffscontinue imposedto bycreate foreignuncertainty countriesand inpotential retaliationdisruption oracross otherwise,supply could adversely impact our business.chains. Many of our tenants sellrely on imported goods or components, and tariffs or otherincreased trade restrictionsbarriers could increase coststheir for these tenants.costs. To the extent our tenants are unable to pass these costs on to their customers, our tenants could be adversely impacted.impacted, Inwhich addition,in internationalturn tradecould disputes,impact includingtheir those relatedability to tariffs,meet couldlease result in inflationary pressures that directly impact our costs, such as construction materials applicable to our development and redevelopment projects. Trade disputes could also adversely impact global supply chains which could further increase costs for us and our tenants or delay delivery of key inventories and supplies.obligations.

•we may not be able to obtain financing for these projects on favorable terms or within desired timeframes;

•we may haveexperience delays in obtaining construction materialsmaterials, or risingcost material costs (including as a result of the imposition of tariffs)overruns may occur due to inflationary pressures, supply chain disruptions, or increased material costs, including those driven by tariffs or other trade-related factors;

•contractor and subcontractor disputes, strikes, lack of available labor, labor disputesshortages, or supply chain disruptions may occur;

•contractor,contractors, subcontractorsubcontractors, andor design professionals may cause damage, design errors or other negligent actions with respect to our properties; and

To the extent these risks result in increased debt service expense, higher construction costs andor delays in budgeted leasing, they could adversely affect our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and unitholders, as well as the market price of the Company's common stock and the market value of the Units.

Under various federal, state and local laws and regulations, we may,may be liable, as a current or previous owner, developer or operator of real estate, be liable for the costs of cleaning up hazardous or toxic materials found on, in or emanating from a property as well as for any related damages to natural resources. These laws and regulations oftenmay impose liability without regard to whether the owner or operator knew of, or was responsible for, the presence of hazardous or toxic materials. The presence of such materials, or the failure to properly address thosethe conditions properly,conditions, may adversely affect our ability to rentrent, sell or sellfinance a property or to use it as collateral for a financing.indebtedness. In addition, we may be held liable for clean-up costs or natural resource damages stemming from the treatment or disposal of hazardous materials disposed or treated at off-site facilities, even if the facility is not owned or operated by us. No assurance can be given that existing environmental assessments performed with respect to any of our properties have identified all existing or potential environmental liabilities, that prior owners or operators did not create unknown materialundiscovered environmental conditions, or that such conditions will not arise in the future. Moreover, we cannot predict whether (i) changes to environmental laws and regulationsregulations, or their interpretation or enforcement, will not result in material environmental liability;liabilities, or (ii)whether our properties willmay be adversely affected by nearby activities,activities or conditions beyond our control, such as underground storage tankstank leaks,leaks or releases by unrelated third parties.

At the time of acquisition, all of our properties are subject to a Phase I or similar environmental assessment conducted by an independent consultant. These assessments are intended to discoveridentify and evaluate information regarding therecognized environmental conditionconditions ofassociated with the surveyed property and surrounding areas but typically do not include soil sampling, subsurface investigation, remediation or asbestos surveys. While some assessments have led to further investigation and sampling, none have identified material environmental liabilities that we believebelieve, individually or in the aggregate, would adversely affect our business, financial condition or results of operations taken as a whole.operations. However, we cannot give any assurance that such conditions do not exist or may not arise in the future.

Environmental laws and regulations in the U.S. also impose obligations on building owners or operators regarding asbestosthe management.management Theseof includeasbestos-containing materials, including requirements for proper handling, disclosure, and abatement during renovation or demolition, as well as penalties for non-compliance. ThirdIn addition, third parties may also seek recovery for asbestos-related injuries. Some of our properties may contain asbestos-containing building materials.

We maintain a portfolioportfolio-level environmental insurance policy intended to address certain unknown environmental liabilities,liabilities; buthowever coverage is under this policy is subject to policy terms, conditions and limitations. Renewal of this policylimitations, may not be guaranteed,sufficient to cover all potential losses and coveragemay maynot be insufficientavailable toon fullycommercially mitigatereasonable potentialterms, losses.or at all, upon renewal. From time to time, we may acquire properties or interests in properties, with known adverse environmental conditions where we believe that the environmentalassociated liabilitiesrisks and costs are quantifiable and the acquisition will yield a superior risk-adjusted return. In such an instance,cases, we underwrite the costs of environmental investigation, clean-upremediation and monitoring intocosts in the cost.purchase price. Additionally, in connection with certain property dispositions, we may agree to retain responsibility for certain environmental conditions, including costs associated with monitoring and/or remediating such conditions.

We may incur significant costs complyingto comply with various federal, state and local laws and regulations that are applicable to our properties.

WeOur mayproperties incurare significantsubject costs complying withto various federal, state and local laws and regulations that are applicable to our propertiesregulations, including, without limitation, those related to zoning, zoning moratoria, the Americans with Disabilities Act of 1990 (the "ADA"), fire and safety regulations, and greenhouse gas emissions. WeCompliance with these laws and regulations may berequire requiredus to make substantial improvements or capital expenditures, or implement operational changes, to comply with applicable laws and regulations, and we may not be able to effectively pass on these additionalcosts costson to our tenants. NoncomplianceFailure to comply with theseapplicable laws and regulations could result in thefines, imposition of finespenalties, or the award of damages or attorneys’ fees to private litigants. AnyIn suchaddition, lawscompliance orobligations regulations could also impose substantial costsimposed on our tenants,tenants potentiallycould impactingadversely affect their financial condition and ability to meet their lease obligations, which could negatively impact leasing or re-leasing our properties. There can be no assurance that existing laws and regulatory policies will not adversely affect us or the timing or cost of any future acquisitions or renovations, or that additional laws or regulationregulations will not be adopted that increase such delays or result in additional costs. If we incur substantial costscompliance-related to comply with applicable laws or regulations,costs, our financial condition, results of operations, cash flow, our ability to satisfy debt service obligations and to make distributions to our stockholders and unitholders, the market price of the Company's common stock and the market value of the Units could be adversely affected.

We couldmay be subject to risks and liabilities in connection with joint venture arrangements.

Our organizational documents do not limit the amount of funds that we may invest in joint ventures. We currentlyhave haveentered into, and may in the future selectivelyenter into, joint venture arrangements to acquire, ownown, develop and/or developoperate properties throughwhen we determine such arrangements to be appropriate. Investments in joint ventures with other parties when circumstances warrant. However, joint venture investments involve risks that are not present wherewhen we actoperate alone,properties independently, including: (i) joint venture partners may have sharedapproval approvalor veto rights over major decisions, which mightcould significantlydelay, delayrestrict or make impossibleprevent actions and decisionsthat we believe are necessary or advisable withand respect to properties owned through a joint venture, and/orcould adversely affect our ability to develop, finance, lease or sell properties owned through a joint venture atproperties theon mosta advantageoustimely timebasis foror us,on iffavorable terms, or at all; (ii) joint venture partners mightmay experience financial distress andor otherwise fail to fund their share of any required capital contributions; (iii) joint venture partners may have economiceconomic, business or other business goalsobjectives that arediffer competitivefrom or inconsistentconflict with oursours, thatwhich wouldcould adversely affect ourthe abilityoperation, tomanagement, develop, finance, lease, operate, managefinancing or selldisposition anyof joint venture properties; (iv) joint venture partners may have the power to act contrary to our policies or objectives, including those necessary to maintain the Company's qualification as a REIT; (v) joint venture agreements oftentypically restrict the transfertransfers of ownership interests orand may otherwise restrictlimit our ability to sell our interest whenin wea wouldjoint likeventure toat a time or on advantageousterms termsthat are favorable to us; (vi) disputes with joint venture partners may result in costly litigation or arbitration that wouldarbitration, increase our expensesexpenses, anddivert preventthe attention of our employees, officers and directors from focusingour their timebusiness, and effort on our business andmay subject the properties owned by the applicable joint venture properties to additional risk; and (vii) we may in certain circumstancescircumstances, we may be held liable for the actions or decisions of our joint venture partners.

For certain of our properties, we own the building and other improvements but have leased the underlying land pursuant to a long-term ground lease. These arrangements expose us to unique risks, including the potential loss of our interest in the properties if we breach the terms of the ground leases, fail to extend or renew them, or if they are otherwise terminated. As the ground lease termination dates approach, the values of the properties could decline if extensions or renewals are not secured. Additionally, certain ground leases include annual payment escalations and/or periodic fair market value adjustments which could increase our lease obligations over time. These factors may adversely affect our financial condition, results of operations or ability to generate income from these properties.

We are exposed to the impacts of climateadverse change.weather events and natural disasters.

WeOur areportfolio is subject to the physical and financial impactsrisks of climateadverse change,weather events and natural disasters, particularly due to our significant investment in properties located in coastal markets, including Southern California, Northern California, HoustonHouston, Seattle and South Florida. These areas are also targeted markets for future growth. Properties in these regions are vulnerable to catastrophic weather and natural events, such as severe storms, drought, earthquakes, floods, wildfiresfreezes orand otherwildfires. extreme weather conditions. An increase in theThe frequency orand severity of such events couldmay heighten our exposurecontinue to these risks,rise, potentially disrupting tenant operations, damaging our tenants'properties, operationsincreasing operating and capital costs and impairing theirtenants' ability to pay rent. Furthermore,Climate-related thedisruption effectscould of climate change mayalso adversely affect our ability to lease, develop or sell properties or to use them as collateral for financings. We maintain comprehensive insurance coverage to mitigate casualty risks, in amounts and of a kind that we believe are appropriate for the markets where each of our properties and their business operations are located. However, as climate change risks intensify, there is no assurance that insurance companies will continue to offer sufficient coverage or do so at commercially reasonable rates. A lack of adequate insurance or significant increases in premiums could materially affect our financial performance and operations.

Our insurance coverage doesmay not includecover all potential losses.

Additionally, adverse events in the banking or financial services sectionssectors could directly or indirectly affect our liquidity. Events such as defaults, non-performance or limited liquidity at banks or financial institutions that hold our funds, or broader concerns affecting financial institutions, could expose us to risk. While we actively manage our relationships with financial institutions, we cannot guarantee that disruptions will not occur. Additionally, if any of our tenants or other parties with whom we conduct business are unable to access funds from their bank or financial institutions, such parties’ ability to pay their obligations to us could be adversely affected.

Furthermore, our access to liquidity under our Unsecured Credit Facility depends on the continued performance of the participating lenders. If one or more lenders default on their commitments, our ability to borrow under this facility could be restricted. AIf lack ofour access to debt or equity securities or our ability to borrow under our Unsecured Credit Facility were to be impaired by volatility in or disruption of the capital markets, it could have a material adverse effect on our liquidity and financial condition.

The terms of our agreements governing our indebtedness require that we comply with a number of financial and other covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage. Complying with such covenants may limit our operational flexibility. A failurebreach toof complyany with these covenants,covenant, even if we have satisfied our payment obligations, could result in a default under the applicable debt agreement. Consistent with our historical practice, we will continueintend to interpret and certify our performance under these covenants in a good faith manner that we deem reasonable and appropriate. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by the noteholders or lenders in a manner that could impose and cause us to incur material costs. Our ability to meet our financial covenants may be adversely affected if economic and credit market conditions limit our ability to reduce our debt levels consistent with, or result in net operating income below, our current expectations. Under our Unsecured Credit Facility and our unsecured term loans, an event of default can also occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred that could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreement.

If the Company fails to qualify as a REIT in any taxable year, it would be subject to federal income tax at corporate rates. This could result in a discontinuation or substantial reduction in distributions to our stockholders and unitholders and could reduce the cash available for debt repayment or to makefor further investments in real estate. Unless entitled to statutory relief, the Company would be disqualified from electing REIT status for the four taxable years following the year of disqualification.

The IRS, the United States Treasury Department and Congress frequently review federal income tax legislation, and we cannot predict whether, when or to what extent new federal laws, regulations, and administrative interpretations or rulings will be adopted. Additional changes to tax laws are likely to continue to occur in the future and any such legislative action may prospectively or retroactively modify the Company's tax treatment and therefore, may adversely affect taxation of us and/or our stockholders and unitholders. Any such changes could have an adverse effect on an investment in shares of our common stock or on the market value or the resale potential of our properties. Stockholders and unitholders are urged to consult with their own tax advisoradvisors with respect toregarding the impact of recent legislation, the status of legislative, regulatory, or administrative developments and proposals, and their potential effect on ownership of our shares.

As part of our business, we sell properties to third parties as opportunities arise. However, under the Code, a 100% penalty tax could be assessed on the taxable gain recognizedattributable fromto sales of properties that are deemed to be prohibited transactions. TheWhether questiona of whattransaction constitutes a prohibited transaction is based on the facts and circumstances surrounding each transaction. The IRS could contend that certain sales of properties by us are prohibited transactions. While we implement controls designed to avoid prohibited transactions, if a dispute were to arise thatand wasbe successfully arguedasserted by the IRS, the 100% penalty tax could be assessed against the Company's profits from these transactions, which could materially and adversely impact our financial results.

A future contagious disease outbreak or pandemic could cause disruptions todisrupt regional and global economies and cause significant volatility and negative pressure in the financial markets. The adverse effects on our business, financial condition, results of operations and cash flows could include: (i) reduced economic activity which may severelyadversely impact our tenants' businessesbusinesses, andresulting mayin causean certain of our tenants to be unableinability to meet theirlease obligationsobligations, toearly uslease interminations, full,non-renewals or atrequests all,for attempt to terminate early or non-renew of their leases or otherwise seeklease modifications of their obligations to us; (ii) delays to or halting of construction activities, including permitting and obtaining approvals, related to our ongoing development, redevelopment and tenant improvements projects; (iii) difficulty in accessing the capital and lending markets (or a significant increase in the costs of doing so), impacts to our credit ratings, a severe disruption or instability in the global financial markets, or deterioration in credit and financing conditions, which may affect our access to capital necessary to fund business operations or address maturing debt obligations on a timely basis; (iv) potential impact on our ability to meet the financial covenants of our Unsecured Credit Facility and other debt agreements, which may result in a default or andefaults, acceleration of indebtedness, andrestrictions such non-compliance could negatively impact our ability to makeon additional borrowings under our Unsecured Credit Facility and paylimitations dividendson dividend payments; (v) any impairment inof the value of our tangible or intangible assets whichdue couldto bethe recorded as a result of weakerweakened economic conditions; (vi) a general decline in business activity and demand for real estate transactions, which could adversely affect our ability to sell or purchase properties,properties aton attractivefavorable pricingterms or at all; (vii) anlimitations inabilityon our ability to initiate or pursue litigation due to various court closures, increased case volume and/or moratoriums on certain types of activities; (viii) theadverse potential negative impactimpacts on theemployee health of our employees,health, particularly if a significant number of them are impacted, which could result in a deterioration in our ability to ensure business continuity during the disruption and which may negatively impact our disclosure controls and procedures over financial reporting; and (ix) extended remote work arrangements for our employees could strain our business continuity plans and introduce operational inefficiencies risk including, but not limited to, cybersecurity risks.

We rely extensively on computer systems to manage our business, and our business is at risk from and may be impacted by cybersecurity attacks, data breaches and other systemsignificant disruptions. These risks could include attempts to gain unauthorized access to our computer systems, data and the data of third parties retained within our systems through malware, computer viruses, attachmentsemail to e-mails,attachments, persons inside our Company or persons with access to systems inside our Company, and other significant disruptions of our information technology networks and related systems. Our business is also at risk from and may be impacted by our computer systems malfunctioningmalfunctions or being subject of aother significant disruption.

The risk of a cybersecurity breach or disruption, particularlyincluding through a cyber-incident,cyber-incident including byinvolving computer hackers, foreign governments andor cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Although we employ a number of measures to prevent, detect and mitigate these threats, even the most well-protected information, networks, systems and facilities remain potentially vulnerable because the techniques and tools (including artificial intelligence) used in such attempted security breachesattacks evolve and generally are not recognized until launched against a target and, in some cases, are designed to notavoid be detected and, in fact, may not be detected.detection. Accordingly, we may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures, and thus it is impossible for us to entirely mitigate this risk.

Moreover, our risk exposure extends beyond our internal systems. Cybersecurity events or disruptions impacting our vendors, sub-processors and service providers could impact our data and operations or the data of third parties retained within our systemsystems via unauthorized access to information or disruption of services.

Our computer systems are essential to our day-to-day operations and, in some cases, may be critical to the operations of certain of our tenants. A successful cybersecurity attack or system disruption could have severe consequences, including: (i) disruptdisruption to the proper functioning of our networks and systems, and therefore our operations and/or those of certain of our tenants; (ii) result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of proprietary, confidential, sensitive or otherwise valuable information of ours or others, which others could usebe used to compete against us or for disruptive, destructive or otherwiseother harmful purposes and outcomes; (iii) result in misstated financial reports, violations of loan covenants or missed reporting deadlines; (iv) result in ouran inability to properly monitor our compliance with the rules and regulations regarding our qualification as a REIT; (v) divertdiversion of significant management resources to remedy any damages and restore systems; (vi) subject us to claims for breach of contract, damages, credits, penalties or termination of leases or other agreements; (vii) subject us to legal liability or regulatory actions stemming from data breaches or disruptions; or (viii) damage to our reputation among our tenants, investors and other stakeholders.

Acts of violence, including terrorism and armed conflicts, or other destabilizing geopolitical events could occur in areas where we conduct business. More generally, these events could cause consumer confidence and spending to decrease or result in increased volatility in the worldwide financial markets and economy. These events may adversely impact our operations or financial condition. In addition, losses resulting from these types of events may be uninsurable.

The design and effectiveness of our disclosure controls and procedures and internal control over financial reporting may not prevent all errors, misstatements or misrepresentations. While management will continue to review the effectiveness of our disclosure controls and procedures and internal control over financial reporting, there can be no guarantee that our internal control over financial reporting will be effective in accomplishing all control objectives at all of the time.times. Deficiencies, including any material weakness, in such internal controls could result in misstatements of our results of operations, restatements of our financial statements, a decline in the price/value of our securities, damage to our business reputation or otherwise materially adversely affect our business, results of operations, financial condition or liquidity. Such outcomes could erode investor confidence and materially affect our business and financial performance. We remain committed to monitoring and improving our internal controls over financial reporting, but no system can entirely eliminate the risk of deficiencies.

Our success significantly depends on the expertise and contributions of key personnelpersonnel, including our executive officers, whose continued service is not guaranteed. If we lose key personnel, experience changes in their roles, or face limitations on their availability, we may not be able to find replacements with comparable skill, ability and industry expertise. Until suitable replacements are identified and retained, if at all, our operating results and financial condition could be materially and adversely affected.

InDuring 2024,2025, we completed the followingseveral significant real estate activitiestransactions:

•We acquired one income-producing land parcel in our Northern California market for a purchase price of $10.6 million, excluding transaction costs and approximately 81.461.4 acres of land for development located in our SouthPhiladelphia Florida and Southern California marketsmarket for an aggregatea purchase price of $25.9$15.7 million, excluding transaction costs.

•We sold 22seven industrial properties totaling approximately 1.20.3 million square feet of GLAGLA, along with a land parcel, for gross proceeds of $162.8$42.3 million.

We also completed the following financing activities during the year ended December 31, 20242025:

•At December 31, 2024,2025, we had $467.5$664.9 million of available forborrowing additional borrowingscapacity under our Unsecured Credit Facility and held $72.7 million in cash and cash equivalents and restricted cash was $51.2 million, afterequivalents, excluding our Joint Venture partner's 6% share that we consolidate and report in our financial statements.

•increase in net operating income ("NOI") from same store properties, acquired properties and recently developed properties of $48.7$56.3 million,million offset by a decrease in net operating incomeNOI due to the disposition of real estate of $8.8$7.7 million; and

Investing Activities: Cash used in investing activities decreasedincreased $246.7$392.6 million, primarily due to the following:

•decreaseincrease of $203.6$340.9 million related to the acquisition, development and investment in real estate activity, primarily attributed to fewerhigher acquisitionsacquisition-related spending and reducedincreased expenditures for developments under construction during the year ended December 31, 20242025 as compared to the year ended December 31, 20232024; and

•increasedecrease of $38.5$118.9 million in net proceeds received from the disposition of real estate in 20242025 as compared to 20232024; andoffset by:

The Company is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). As of MarchJune 31,30, 2026, we owned 420419 industrial properties located in 19 states, containing an aggregate of approximately 70.971.2 million square feet of gross leasable area ("GLA"). Of the 420419 properties owned on a consolidated basis, none of them are directly owned by the Company.

We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 96.8%96.7% ownership interest ("General Partner Units") at MarchJune 31,30, 2026. The Operating Partnership also conducts operations through several other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. The noncontrolling interest in the Operating Partnership of approximately 3.2%3.3% at MarchJune 31,30, 2026 represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units").

•Internal Growth. We seek to grow internally by: (i) increasing revenues by renewing or re-leasing expiring leases at higher rental levels; (ii) obtaining contractual rent escalations on our long-term leases; (iii) increasing occupancy at properties with existing vacancies while maintaining high occupancy across the remainder of the portfolio; (iv) controlling and minimizing property operating expenses, general and administrative expenses and releasingre-leasing costs; and (v) selectively renovating existing properties.

Summary of the ThreeSix Months Ended MarchJune 31,30, 2026

Our operating results were strong for the threesix months ended MarchJune 31,30, 2026, highlighted by a robust 31.7%35.1% average increase in cash rental rates on new and renewal commenced leases, tenantsame retentionstore cash net operating income growth of 85.7%7.7% and quarter-end in-service occupancy of 94.3%,94.9%, demonstrating healthy demand.

As of MarchJune 31,30, 2026, we had fourthree development projects underway, totaling 0.70.9 million square feet of GLA, with an aggregate estimated investment of approximately $124.2$146.4 million.

During the threesix months ended MarchJune 31,30, 2026, we completed the following significant real estate transactions:

•We substantiallyacquired completed development of twoone industrial buildingsbuilding totaling 0.4approximately 0.2 million square feet of GLA in our PhiladelphiaDallas market.market for a purchase price of $25.6 million, excluding transaction costs.

During the threesix months ended MarchJune 31,30, 2026, our key financing activities included:

•We declared afirst firstand second quarter cash dividenddividends of $0.50 per common share or Unit, an increase of 12.4% over the 2025 quarterly dividend rate.

•In January, we refinanced our $425.0 million and $300.0 million unsecured term loans, extending their maturities to January 2030 (with an additional one-year extension option) and January 2029 (with two one-year extension options), respectively. We also increased the principal balance on our $300.0 million term loan by $75.0 million, bringing it to $375.0 million. In connection with these refinancings, we amended our existing $200.0 million unsecured term loan and eliminated the 10 basis point Secured Overnight Financing Rate ("SOFR") adjustment across all unsecured term loans.

•As of MarchJune 31,30, 2026, we had $723.9$724.9 million of available borrowing capacity under our Unsecured Credit Facility and held $37.1$114.2 million in cash and cash equivalents,equivalents and restricted cash, excluding our Joint Venture partner's 6% effective interest, which is consolidated in our financial statements.

The tables below summarize our revenues, property expenses and depreciation and other amortization by category for the three and six months ended MarchJune 31,30, 2026 and 2025.

Same Store Properties: Same store properties include those that were owned and in service prior to January 1, 2025 and remained in service through MarchJune 31,30, 2026. Same store properties also includes developments and redevelopments placed in service prior to January 1, 2025. A property is considered placed in service when it meets one of the following criteria: (i) acquired properties with occupancy of at least 75% at acquisition, unless we anticipate tenant move-outs within two years of ownership would reduce occupancy below 75%; (ii) acquired properties with occupancy less than 75% at acquisition are placed in service upon reaching the earlier of 90% occupancy or one year subsequent to acquisition; (iii) developments, redevelopments and acquired income-producing land parcels for which our ultimate intent is to redevelop or develop on the land parcel are placed in service upon the earlier of reaching 90% occupancy or one year after construction completion; and (iv) properties acquired with occupancy greater than 75% but with anticipated move out within two years of ownership, are placed in service upon the earlier of reaching 90% occupancy or twelve months after tenant move out. Properties are moved from the same store category to the redevelopment classification when projected capital expenditures are estimated to exceed 20% of the property's undepreciated gross book value.

Acquired Properties: Acquired properties are properties that were purchased subsequent to December 31, 2024 and held as an operating property through MarchJune 31,30, 2026.

Comparison of ThreeSix Months Ended MarchJune 31,30, 2026 to ThreeSix Months Ended MarchJune 31,30, 2025

Our net income was $147.9$227.6 million and $52.9$109.8 million for the threesix months ended MarchJune 31,30, 2026 and 2025, respectively.

For the threesix months ended MarchJune 31,30, 2026 and 2025, the average daily occupancy rate of our same store properties was 94.5%94.3% and 95.7%,95.2%, respectively.

Revenues from same store properties increased $10.0$18.3 million primarily due to increases in rental rates and tenant recoveries, partially offset by a slight decrease in occupancy. Revenues from acquired properties increased $5.1$8.2 million due to the fourfive industrial properties acquired subsequent to December 31, 2024 totaling approximately 1.92.0 million square feet of GLA. Revenues from sold properties decreased $0.7$1.5 million due to the seven11 industrial properties sold subsequent to December 31, 2024 totaling approximately 0.30.6 million square feet of GLA. Revenues from (re)developments increased $4.1$9.4 million primarily due to an increase in occupancy. Revenues from other decreased by $0.7$1.9 million,million primarily due to alegal decreasesettlement inproceeds revenuesreceived fromduring athe previouslysix occupiedmonths propertyended thatJune was30, taken out of service in preparation for future redevelopment2025, as well as decreases inlower joint venture fees and interest income, partially offset by an increase in revenues from income-producing land parcels.

Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties increased $3.9$5.4 million primarily due to increases in real estate taxes andtaxes, repairs and maintenance expenses,maintenance, partially offset by a decrease in insurance expenses.expense. Property expenses from acquired properties increased $0.9$1.6 million due to properties acquired subsequent to December 31, 2024. Property expenses from sold properties decreased $0.2$0.3 million due to properties sold subsequent to December 31, 2024. Property expenses from (re)developments increased $1.2$2.1 million primarily due to the substantial completion of developments. Property expenses from other wasdecreased not$1.0 significantmillion fordue eitherto three-montha period.decrease in real estate taxes on certain income-producing land parcels as well as certain miscellaneous expenses.

General and administrative expense increased by $7.1$7.5 million, or 44.5%,30.8%, primarily due to $5.6 million of costs as of the date hereof related to financial advisors, legal counsel and other consultants in connection with a threatened contested proxy campaign initiated by the principal of Land & Buildings Investment Management, LLC, who nominated himself for election at the Company's annual meeting (with notice provided in November 2025) before subsequently withdrawing his nomination in March 2026. These expenses were incurred during the six months ended June 30, 2026.

Joint Venture development services expense, representing payments made to a third party for property development assistance within the Joint Venture for both three-monthsix-month periods was not significant.

Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $4.7$7.2 million due to properties acquired subsequent to December 31, 2024. Depreciation and other amortization from sold properties decreased $0.1$0.3 million due to properties sold subsequent to December 31, 2024. Depreciation and other amortization from (re)developments increased $1.8$3.3 million primarily due to an increase in depreciation and amortization related to completed developments. Depreciation from corporate furniture, fixtures and equipment and other wasremained notrelatively significant for either three-month period.unchanged.

For the three months ended March 31, 2026, gain on sale of real estate included $109.0 million of gain related to the reclassification of an operating lease to a sales-type lease following the tenant's exercise of its option to purchase the land site. The sale is expected to close during the threesix months ended June 30, 2026. For the three months ended March 31, 2025,2026, we recognized $6.8$125.6 million of gain on sale of real estate related to the sale of twofour industrial properties totaling approximately 0.3 million square feet of GLA and a land site. For the six months ended June 30, 2025, we recognized $8.0 million of gain on sale of real estate related to the sale of three industrial properties totaling approximately 0.1 million square feet of GLA.

Interest expense increased $4.4by $7.1 million, or 22.3%,17.2%, primarily due to a higher weighted average debt balance of $2,581.9$2,599.3 million for the threesix months ended MarchJune 31,30, 2026 as compared to $2,250.4$2,334.8 million for the threesix months ended MarchJune 31,30, 2025,2025 as well as an increase in the weighted average interest rate to 4.21%4.22% for the threesix months ended MarchJune 31,30, 2026 fromas 4.03%compared to 4.07% for the threesix months ended MarchJune 31,30, 2025,2025 offset by a $0.1 millionan increase in capitalized interest of $0.2 million during the threesix months ended MarchJune 31,30, 2026 as compared to the threesix months ended MarchJune 31,30, 2025.

Amortization of debt issuance costs increased $0.6by $0.8 million, or 59.0%,35.4%, primarily due to financing costs incurred related to the amendment and restatement of the Unsecured Credit Facility in March 20252025, the amendment and restatement of our $425.0 million term loan in January 2026 and the issuance of $450.0 million of senior notes in May 2025.

Equity in income (loss) of joint venture decreased by $3.4$3.2 million, or 96.9%,94.4%, primarily due to a decrease in gain on sale and incentive fees associated with the Joint Venture's sale of two properties during the threesix months ended MarchJune 31,30, 2025. As we were the purchaser of the properties, our economic share of the gain and incentive fees was offset against the basis of the real estate acquired. The remaining portion of the gain on sale and incentive fees representsreflects our partner’s share, which is consolidated in our financial statements. Additionally, the decrease also reflects a reduction in our pro-rata share of operating income, as the Joint Venture disposed of its final real estate assets during the year ended December 31, 2025.

The incomeIncome tax benefit (provision) decreased by $1.9$3.1 million, or 32.0%,52.6%, primarily duedriven toby a decrease in our pro-rata share of gain and incentive fees recognized from the sale of real estate by the Joint Venture during the threesix months ended MarchJune 31,30, 2026 as compared to the threesix months ended MarchJune 31,30, 2025. Our equity interest in the Joint Venture is held through a wholly-owned TRS.

The following table provides a summary of our leasing activity for the three and six months ended MarchJune 31,30, 2026. The table does not include month-to-month leases or leases with terms less than twelve months.

The following table provides a summary of our leases that commenced during the three and six months ended MarchJune 31,30, 2026, which included rent concessions (abated rent) during the lease term.

At MarchJune 31,30, 2026, our cash and cash equivalents and restricted cash were approximately $37.1$114.2 million, excluding our Joint Venture partner's share of cash and cash equivalents that we consolidate and report in our financial statements. We also had $723.9$724.9 million of availability for additional borrowings under our Unsecured Credit Facility as of MarchJune 31,30, 2026.

We have considered our short-term liquidity requirements through MarchJune 31,30, 2027, as well as the adequacy of our estimated cash flow from operations and other expected liquidity sources to meet those requirements. AsWe have $125.0 million of Marchprivate 31,placement 2026,notes wematuring hadin noApril debt2027 maturitiesand within$6.1 million in public notes maturing in May 2027. We expect to satisfy these obligations on or prior to their respective maturity dates with borrowings under our Unsecured Credit Facility or the nextissuance twelveof months.other Beyondindebtedness. this period, weWe believe that our principal short-term liquidity needs include funding normal recurring expenses, property acquisitions, developments, expansions, renovations and other nonrecurring capital improvements, debt service requirements, the minimum distributions required to maintain the Company's REIT status under the Code and distributions approved by the Company's Board of Directors. We anticipate meeting these short-term liquidity requirements primarily through cash flows generated by operating activities and proceeds from select asset dispositions. Additional sources of liquidity may include the issuance of other debt or equity securities or borrowings under our Unsecured Credit Facility, subject to market conditions.

We expect to meet our long-term liquidity requirements (beyond MarchJune 31,30, 2027) such as property acquisitions, development projects, scheduled debt maturities, major renovations, expansions and other nonrecurring capital improvements through a combination of select asset dispositions, long-term unsecured and secured indebtedness and the issuance of additional equity securities, subject to market conditions.

We believe that we were in compliance with our financial covenants as of MarchJune 31,30, 2026, and we anticipate that we will be able to operate in compliance for the next twelve months. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs and our access to borrowings on the Unsecured Credit Facility may be limited if we fail to meet any of these covenants.

As of AprilJuly 24,23, 2026, we had approximately $642.9$742.5 million available for additional borrowings under our Unsecured Credit Facility.

The following table summarizes our cash flow activity for the Company for the threesix months ended MarchJune 31,30, 2026 and 2025:

The following table summarizes our cash flow activity for the Operating Partnership for the threesix months ended MarchJune 31,30, 2026 and 2025:

Changes in cash flow for the threesix months ended MarchJune 31,30, 2026, compared to the prior year comparable period are described as follows:

Operating Activities: Cash provided by operating activities increaseddecreased $0.3$11.8 million, primarily due to the following: