LXP Industrial Trust
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
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ITEM 2. Properties
Real Estate Portfolio
General. As of December 31, 2025, we had ownership interests in approximately 108 consolidated real estate properties containing approximately 52.7 million square feet of rentable space, which were approximately 97.1% leased based upon net rentable square feet. All properties in which we have an interest are held through at least one property owner subsidiary.
Ground Leases. Certain of the properties in which we have an interest are subject to long-term ground leases where either the tenant of the building on the property or a third party owns and leases the underlying land to the property owner subsidiary. Certain of these properties are economically owned through the holding of industrial revenue bonds primarily for real estate tax abatement purposes and as such, neither ground lease payments nor bond interest payments are made or received, respectively. For certain of the properties held under a ground lease, the ground lessee has a purchase option. At the end of these long-term ground leases, unless extended or the purchase option is exercised, the land together with all improvements thereon reverts to the landowner.
Office Leases. We lease our headquarters office space in West Palm Beach, Florida and our satellite offices in Dallas, Texas and New York, New York.
Property-Level Leverage. As of December 31, 2025, we had an aggregate outstanding principal balance for our consolidated mortgages and notes payable of approximately $49.9 million with a weighted-average interest rate of approximately 4.1% and a weighted-average maturity of 4.8 years.
Property Charts. The following tables list our properties by type, their locations, the net rentable square feet, the expiration of the current lease term and percent leased, as applicable, as of December 31, 2025.
| LXP CONSOLIDATED PORTFOLIOPROPERTY CHARTWAREHOUSE/DISTRIBUTION | |||||
|---|---|---|---|---|---|
| As of December 31, 2025 | |||||
| Property Location | City | State | Net Rentable Square Feet | Primary Tenant Current Lease Term Expiration | Percent Leased |
| 3405 S. McQueen Rd. | Chandler | AZ | 201,784 | 3/31/2033 | 100% |
| 4445 N. 169th Ave. | Goodyear | AZ | 160,140 | N/A | —% |
| 255 143rd Ave. | Goodyear | AZ | 801,424 | 9/30/2030 | 100% |
| 3815 N Cotton Ln. | Goodyear | AZ | 488,400 | 1/31/2031 | 100% |
| 16811 W. Commerce Dr. | Goodyear | AZ | 540,349 | 7/31/2031 | 100% |
| 3595 N Cotton Ln. | Goodyear | AZ | 392,278 | 8/31/2033 | 100% |
| 17510 W. Thomas Rd. | Goodyear | AZ | 468,182 | 11/30/2036 | 100% |
| 1515 South 91st Ave. | Phoenix | AZ | 496,204 | 12/31/2027 | 100% |
| 8989 W Buckeye Rd. | Phoenix | AZ | 268,872 | 5/31/2037 | 100% |
| 9494 W. Buckeye Rd. | Tolleson | AZ | 186,336 | 9/30/2026 | 100% |
| 5275 Drane Field Rd. | Lakeland | FL | 222,134 | 5/31/2036 | 100% |
| 3400 NW 35th Street Rd. | Ocala | FL | 617,055 | 8/31/2030 | 100% |
| 3775 Fancy Farms Rd. | Plant City | FL | 510,484 | 3/31/2028 | 100% |
| 3420 Clover Ridge Ave | Ruskin | FL | 132,212 | N/A | —% |
| 1075 NE 30th St. | Ruskin | FL | 138,673 | 1/31/2029 | 42% |
| 3102 Queen Palm Dr. | Tampa | FL | 229,605 | 2/28/2026 | 100% |
| 200 Momeni Ln. | Adairsville | GA | 447,753 | 8/31/2027 | 100% |
| 95 International Pkwy. | Adairsville | GA | 225,211 | 11/30/2030 | 45% |
| 7875 White Rd. SW | Austell | GA | 604,852 | 1/31/2030 | 100% |
| 1001 Old Grassdale Rd | Cartersville | GA | 273,576 | 5/31/2029 | 100% |
| 51 Busch Dr. | Cartersville | GA | 328,000 | 7/31/2031 | 100% |
| 41 Busch Dr. | Cartersville | GA | 396,000 | 9/30/2031 | 100% |
| 1625 Oakley Industrial Blvd. | Fairburn | GA | 907,675 | 10/31/2028 | 100% |
| 5380 Dixie Industrial Dr. | Lake City | GA | 157,371 | 9/30/2030 | 100% |
| 490 Westridge Pkwy. | McDonough | GA | 1,121,120 | 1/31/2028 | 100% |
| 493 Westridge Pkwy. | McDonough | GA | 676,000 | 10/31/2030 | 100% |
| 335 Morgan Lakes Industrial Blvd. | Pooler | GA | 499,500 | 7/31/2027 | 100% |
| 1001 Gateway Pkwy. | Rincon | GA | 204,824 | 1/31/2034 | 100% |
| 1315 Dean Forest Rd. | Savannah | GA | 88,503 | N/A | —% |
| 1319 Dean Forest Rd. | Savannah | GA | 355,527 | N/A | —% |
| 1004 Trade Center Pkwy. | Savannah | GA | 419,667 | 7/31/2026 | 100% |
| 7225 Goodson Rd. | Union City | GA | 370,000 | 5/31/2029 | 100% |
| 4015 Lakeview Corporate Dr. | Edwardsville | IL | 1,017,780 | 5/31/2030 | 100% |
| 3931 Lakeview Corporate Dr. | Edwardsville | IL | 769,500 | 9/30/2031 | 100% |
| 1001 Innovation Rd. | Rantoul | IL | 813,126 | 10/31/2034 | 100% |
| 1627 Veterans Memorial Pkwy. E. | Lafayette | IN | 309,400 | 9/30/2029 | 100% |
| 1285 W. State Road 32 | Lebanon | IN | 741,880 | 1/31/2029 | 100% |
| 76 Bob Glidden Blvd. | Whiteland | IN | 168,480 | 12/31/2026 | 100% |
| 180 Bob Glidden Blvd. | Whiteland | IN | 179,530 | 12/31/2026 | 100% |
| 19 Bob Glidden Blvd. | Whiteland | IN | 530,400 | 3/31/2031 | 100% |
| LXP CONSOLIDATED PORTFOLIOPROPERTY CHARTWAREHOUSE/DISTRIBUTION | |||||
|---|---|---|---|---|---|
| As of December 31, 2025 | |||||
| 4600 Albert S. White Dr. | Whitestown | IN | 149,072 | 1/31/2028 | 100% |
| 4900 Albert S. White Dr. | Whitestown | IN | 149,072 | 8/31/2028 | 43% |
| 5424 Albert S. White Dr. | Whitestown | IN | 1,016,244 | 11/30/2031 | 100% |
| 5352 Performance Way | Whitestown | IN | 380,000 | 7/31/2036 | 100% |
| 200 Richard Knock Way | Walton | KY | 232,500 | 12/31/2031 | 100% |
| 300 Richard Knock Way | Walton | KY | 544,320 | 4/30/2032 | 100% |
| 1550 Hwy 302 | Byhalia | MS | 615,600 | 9/30/2027 | 100% |
| 549 Wingo Rd. | Byhalia | MS | 855,878 | 3/31/2030 | 100% |
| 554 Nissan Pkwy. | Canton | MS | 1,466,000 | 2/28/2027 | 100% |
| 6495 Polk Ln. | Olive Branch | MS | 269,902 | 5/31/2028 | 100% |
| 11624 S. Distribution Cv. | Olive Branch | MS | 1,170,218 | 6/30/2029 | 100% |
| 8500 Nail Rd. | Olive Branch | MS | 716,080 | 7/31/2029 | 100% |
| 11555 Silo Dr. | Olive Branch | MS | 927,742 | 9/30/2029 | 100% |
| 671 Washburn Switch Rd. | Shelby | NC | 673,425 | 5/31/2036 | 100% |
| 2203 Sherrill Dr. | Statesville | NC | 639,800 | 10/31/2026 | 100% |
| 736 Addison Rd. | Erwin | NY | 408,000 | 11/30/2026 | 100% |
| 29-01 Borden Ave./29-10 Hunters Point Ave. | Long Island City | NY | 140,330 | 3/31/2028 | 100% |
| 1860 Walcutt Rd. | Columbus | OH | 292,730 | 11/21/2029 | 100% |
| 10300 Schuster Way | Etna | OH | 250,020 | 10/14/2029 | 100% |
| 9800 Schuster Way | Etna | OH | 1,074,840 | 10/31/2033 | 100% |
| 200 Arrowhead Dr. | Hebron | OH | 400,522 | 8/31/2027 | 100% |
| 191 Arrowhead Dr. | Hebron | OH | 250,410 | 2/28/2034 | 100% |
| 2155 Rohr Rd. | Lockbourne | OH | 320,190 | 6/30/2035 | 100% |
| 600 Gateway Blvd. | Monroe | OH | 994,013 | 8/31/2027 | 100% |
| 575-599 Gateway Blvd. | Monroe | OH | 194,936 | 6/30/2028 | 100% |
| 700 Gateway Blvd. | Monroe | OH | 1,299,492 | 6/30/2030 | 100% |
| 675 Gateway Blvd. | Monroe | OH | 143,664 | 2/29/2032 | 100% |
| 10345 Philipp Pkwy. | Streetsboro | OH | 649,250 | 10/31/2031 | 100% |
| 231 Apple Valley Rd. | Duncan | SC | 196,000 | 1/31/2026 | 62% |
| 425 Apple Valley Rd. | Duncan | SC | 327,360 | 9/30/2026 | 100% |
| 235 Apple Valley Rd. | Duncan | SC | 177,320 | 10/31/2026 | 100% |
| 417 Apple Valley Rd. | Duncan | SC | 195,000 | 3/31/2027 | 100% |
| 70 Tyger River Dr. | Duncan | SC | 408,000 | 1/31/2029 | 100% |
| 230 Apple Valley Rd. | Duncan | SC | 275,400 | 4/30/2029 | 100% |
| 402 Apple Valley Rd. | Duncan | SC | 235,600 | 12/31/2029 | 100% |
| 160 Smith Farms Pkwy. | Greer | SC | 1,091,888 | 5/31/2027 | 100% |
| 140 Smith Farms Pkwy. | Greer | SC | 304,884 | 2/28/2029 | 100% |
| 7820 Reidville Rd. | Greer | SC | 210,820 | 4/30/2030 | 100% |
| 7870 Reidville Rd. | Greer | SC | 396,073 | 9/30/2030 | 100% |
| 21 Inland Pkwy. | Greer | SC | 1,318,680 | 12/31/2034 | 100% |
| 170 Smith Farms Pkwy. | Greer | SC | 797,936 | 4/30/2035 | 100% |
| 923 Matrix Pkwy. | Piedmont | SC | 625,238 | 12/31/2036 | 100% |
| 5795 North Blackstock Rd. | Spartanburg | SC | 341,660 | 7/31/2029 | 100% |
| 1021 Tyger Lake Rd. | Spartanburg | SC | 213,200 | 2/28/2031 | 100% |
| 6050 Dana Way | Antioch | TN | 674,528 | 6/30/2031 | 100% |
| 1520 Lauderdale Memorial Hwy. | Cleveland | TN | 851,370 | 3/31/2031 | 100% |
| 201 James Lawrence Rd. | Jackson | TN | 1,062,055 | 10/31/2027 | 100% |
| 633 Garrett Pkwy. | Lewisburg | TN | 310,000 | 3/31/2026 | 100% |
| 3820 Micro Dr. | Millington | TN | 701,819 | 9/30/2029 | 100% |
| 200 Sam Griffin Rd. | Smyrna | TN | 1,505,000 | 4/30/2027 | 100% |
| LXP CONSOLIDATED PORTFOLIOPROPERTY CHARTWAREHOUSE/DISTRIBUTION | ||||||
|---|---|---|---|---|---|---|
| As of December 31, 2025 | ||||||
| 2115 East Belt Line Rd. | Carrollton | TX | 356,855 | 6/30/2035 | 84% | |
| 3737 Duncanville Rd. | Dallas | TX | 510,400 | 12/31/2029 | 100% | |
| 4600 Underwood Rd. | Deer Park | TX | 402,648 | 12/31/2026 | 100% | |
| 4005 E. I-30 | Grand Prairie | TX | 215,000 | 3/31/2037 | 100% | |
| 13600/13901 Industrial Road | Houston | TX | 132,449 | 3/31/2038 | 100% | |
| 1704 S. I-45 | Hutchins | TX | 120,960 | 6/30/2030 | 100% | |
| 3115 N Houston School Rd. | Lancaster | TX | 124,450 | N/A | —% | |
| 3201 N. Houston School Rd. | Lancaster | TX | 468,300 | 1/31/2030 | 100% | |
| 13930 Pike Rd. | Missouri City | TX | — | 4/30/2032 | 100% | |
| 8601 E. Sam Lee Ln. | Northlake | TX | 1,214,526 | 8/31/2029 | 100% | |
| 17505 Interstate Hwy. 35W | Northlake | TX | 500,556 | 10/31/2034 | 100% | |
| 10565 Red Bluff Rd. | Pasadena | TX | 248,240 | N/A | —% | |
| 4100 Malone Dr. | Pasadena | TX | 233,190 | 8/31/2028 | 100% | |
| 10535 Red Bluff Rd. | Pasadena | TX | 257,835 | 4/30/2029 | 100% | |
| 9701 New Decade Dr. | Pasadena | TX | 102,863 | 10/31/2029 | 100% | |
| 10575 Red Bluff Rd. | Pasadena | TX | 253,426 | 2/28/2034 | 100% | |
| 16407 Applewhite Rd. | San Antonio | TX | 849,275 | 4/30/2027 | 100% | |
| 2601 Bermuda Hundred Rd. | Chester | VA | 782,119 | 6/30/2030 | 100% | |
| Warehouse / Distribution Total | 52,676,980 | 97.1% | ||||
As of December 31, 2025, Annualized Cash Base Rent for the consolidated portfolio, excluding assets primarily consisting of land leases, was $5.26 per square foot. The weighted-average remaining lease term was 4.8 years.
| LXP NON-CONSOLIDATED PORTFOLIO PROPERTY CHART | |||||||
|---|---|---|---|---|---|---|---|
| As of December 31, 2025 | |||||||
| Property Location · City · State · Percent Owned · Net Rentable Square Feet · Primary Tenant Current Lease Term Expiration · Percent Leased | |||||||
| Special purpose industrial properties: | |||||||
| 318 Pappy Dunn Blvd. | Anniston | AL | 20% | 276,782 | 11/24/2029 | 100% | |
| 4801 North Park Dr. | Opelika | AL | 20% | 165,493 | 5/31/2042 | 100% | |
| 1020 W. Airport Rd. | Romeoville | IL | 20% | 188,166 | 10/31/2031 | 100% | |
| 10000 Business Blvd. | Dry Ridge | KY | 20% | 336,350 | 6/30/2031 | 100% | |
| 730 North Black Branch Rd. | Elizabethtown | KY | 20% | 167,770 | 6/30/2030 | 100% | |
| 750 North Black Branch Rd. | Elizabethtown | KY | 20% | 539,592 | 6/30/2030 | 100% | |
| 301 Bill Bryan Blvd. | Hopkinsville | KY | 20% | 424,904 | 6/30/2030 | 100% | |
| 4010 Airpark Dr. | Owensboro | KY | 20% | 211,598 | 6/30/2030 | 100% | |
| 113 Wells St. | North Berwick | ME | 20% | 993,685 | 4/30/2029 | 100% | |
| 904 Industrial Rd. | Marshall | MI | 20% | 246,508 | 9/30/2037 | 100% | |
| 43955 Plymouth Oaks Blvd. | Plymouth | MI | 20% | 311,612 | 10/31/2030 | 100% | |
| 26700 Bunert Rd. | Warren | MI | 20% | 260,243 | 10/31/2032 | 100% | |
| 2880 Kenny Biggs Rd. | Lumberton | NC | 20% | 423,280 | 11/30/2031 | 100% | |
| 10590 Hamilton Ave. | Cincinnati | OH | 20% | 264,598 | 12/31/2027 | 100% | |
| 590 Ecology Ln. | Chester | SC | 20% | 420,597 | N/A | —% | |
| 50 Tyger River Dr. | Duncan | SC | 20% | 221,833 | 8/31/2027 | 100% | |
| 900 Industrial Blvd. | Crossville | TN | 20% | 222,200 | 9/30/2033 | 100% | |
| 120 Southeast Pkwy. Dr. | Franklin | TN | 20% | 289,330 | 12/31/2028 | 100% | |
| 7007 F.M. 362 Rd. | Brookshire | TX | 20% | 262,095 | 3/31/2035 | 100% | |
| 13863 Industrial Rd. | Houston | TX | 20% | 187,800 | 3/31/2035 | 100% | |
| 901 East Bingen Point Way | Bingen | WA | 20% | 124,539 | 12/31/2032 | 100% | |
| Special purpose industrial total | 6,538,975 | 93.6% | |||||
| Non-consolidated land: | |||||||
| 30 Light St. | Baltimore | MD | 41.1% | — | 12/31/2048 | 100% | |
| Office properties: | |||||||
| 3902 Gene Field Rd. | St. Joseph | MO | 20% | 98,849 | 6/30/2027 | 100% | |
| 1210 AvidXchange Ln. | Charlotte | NC | 20% | 201,450 | 4/30/2032 | 100% | |
| 2221 Schrock Rd. | Columbus | OH | 20% | 42,290 | 7/6/2027 | 100% | |
| 500 Olde Worthington Rd. | Westerville | OH | 20% | 97,747 | 7/31/2031 | 86% | |
| 8900 Freeport Pkwy. | Irving | TX | 20% | 261,305 | 9/30/2033 | 61% | |
| Office total | 701,641 | 83.5% | |||||
| Non-consolidated portfolio total | 7,240,616 | 92.6% | |||||
In addition, we have two non-consolidated joint ventures with a developer, which own developable parcels of land in Etna, Ohio.
As of December 31, 2025, the Annualized Cash Base Rent for the non-consolidated portfolio was $7.51 per square foot and the weighted-average remaining lease term was 6.5 years.
Ongoing Development and Redevelopment
The following is a summary of our ongoing development and redevelopment as of December 31, 2025 (in $000s):
| Project (% owned) | # of Buildings | Market | Estimated Sq. Ft. | Estimated Project Costs | GAAP Investment Balance as of 12/31/2025 | LXP Amount Funded as of 12/31/2025 | Estimated Base Building Completion Date | % Leased as of 12/31/2025 |
|---|---|---|---|---|---|---|---|---|
| Redevelopment Projects | ||||||||
| Orlando (100%) | 1 | Central FL | 350,990 | $9,400 | $16,402 | $2,471 | 3Q 2026 | —% |
| Richmond (100%) | 1 | Richmond, VA | 252,351 | 3,900 | 12,884 | 1,219 | 2Q 2026 | —% |
| Total Redevelopment Projects | 2 | 603,341 | $13,300 | $29,286 | $3,690 | |||
| Land Infrastructure Improvements | ||||||||
| Reems & Olive (95.5%) | N/A | Phoenix, AZ | N/A | $16,350 | $12,483 | $14,771 | N/A | N/A |
| Total | 2 | 603,341 | $29,650 | $41,769 | $18,461 | |||
Land Held for Development
The following is a summary of our land held for development as of December 31, 2025 (in $000s):
| Project (% owned) · Market · Approximate Acres · GAAP Investment Balance as of 12/31/2025 · LXP Amount Funded as of 12/31/2025 | |||||
|---|---|---|---|---|---|
| Consolidated | |||||
| Reems & Olive (95.5%) | Phoenix, AZ | 315 | $75,359 | $74,288 | |
| Mt. Comfort Phase II (80%) | Indianapolis, IN | 116 | 5,879 | 4,761 | |
| ATL Fairburn (100%) | Atlanta, GA | 14 | 1,733 | 1,779 | |
| Total Consolidated Land Projects | 445 | $82,971 | $80,828 | ||
| Non-consolidated | |||||
| Etna Park 70 (90%) | Columbus, OH | 48 | $9,084 | $10,675 | |
| Etna Park 70 East (90%) | Columbus, OH | 21 | 2,390 | 3,157 | |
| Total Non-Consolidated Land Projects | 69 | $11,474 | $13,832 | ||
Tenant Diversification
We believe our tenant mix is well diversified. Below are the industries in our portfolio based on 2025 ABR for consolidated properties owned as of December 31, 2025:
| Industries | Percentage of ABR |
|---|---|
| Consumer Products | 23.2% |
| Transportation/Logistics | 22.6% |
| E-Commerce | 14.1% |
| Automotive | 11.6% |
| Construction/Materials | 11.3% |
| Food | 5.3% |
| Apparel | 3.5% |
| Specialty | 2.2% |
| Retail Department | 2.0% |
| Energy Products | 1.1% |
| Other | 3.1% |
| Total | 100.0% |
The following table sets forth information about the 15 largest tenants/guarantors in our portfolio as of December 31, 2025, based on total annualized base rental revenue as of December 31, 2025 ($000s):
| Tenants(1) | Lease Expirations | Number of Leases | Square Feet Leased | Square Feet Leased as a % of the Consolidated Portfolio(2) | ABR | Percentage of ABR(3) |
|---|---|---|---|---|---|---|
| Amazon | 2030-2033 | 5 | 3,418,231 | 6.7% | $18,085 | 6.5% |
| Nissan | 2027 | 2 | 2,971,000 | 5.8% | 13,438 | 4.8% |
| Black and Decker | 2029 & 2033 | 2 | 2,289,366 | 4.5% | 9,968 | 3.6% |
| Wal-Mart | 2027-2031 | 3 | 2,351,917 | 4.6% | 9,224 | 3.3% |
| GXO Logistics | 2026 & 2028 | 2 | 1,547,475 | 3.0% | 7,366 | 2.7% |
| Watco | 2038 | 1 | 132,449 | 0.3% | 6,705 | 2.4% |
| FedEx | 2028 | 2 | 292,021 | 0.6% | 6,301 | 2.3% |
| Olam | 2029 & 2037 | 2 | 1,196,614 | 2.3% | 6,215 | 2.2% |
| DHL Supply Chain | 2027 | 1 | 1,091,888 | 2.1% | 6,005 | 2.2% |
| Owens Corning | 2027 & 2029 | 2 | 844,622 | 1.7% | 5,759 | 2.1% |
| Undisclosed(4) | 2034 | 1 | 1,318,680 | 2.6% | 5,556 | 2.0% |
| Drive Automotive Industries | 2036 | 1 | 625,238 | 1.2% | 5,248 | 1.9% |
| Georgia-Pacific | 2028 & 2031 | 2 | 1,283,102 | 2.5% | 5,241 | 1.9% |
| FIGS | 2031 | 1 | 488,400 | 1.0% | 4,864 | 1.8% |
| Asics | 2030 | 1 | 855,878 | 1.7% | 4,728 | 1.7% |
| 28 | 20,706,881 | 40.6% | $114,703 | 41.4% | ||
(1)Tenant, guarantor or parent.
(2)Excludes vacant square feet.
(3)Based on ABR for consolidated properties owned as of December 31, 2025.
(4)Lease restricts certain disclosures.
In 2025, 2024 and 2023, no tenant/guarantor represented greater than 10% of our annual base rental revenue.
The following chart sets forth certain information regarding lease expirations for the next ten years in our consolidated portfolio at December 31, 2025:
| Year | Number of Lease Expirations | Square Feet | ABR ($000s) | Percentage of ABR |
|---|---|---|---|---|
| 2026 | 17 | 3,827,985 | $19,793 | 7.1% |
| 2027 | 15 | 9,684,817 | 45,572 | 16.4% |
| 2028 | 11 | 3,416,876 | 21,554 | 7.8% |
| 2029 | 24 | 9,564,358 | 47,258 | 17.1% |
| 2030 | 14 | 7,944,518 | 38,837 | 14.0% |
| 2031 | 14 | 6,480,456 | 31,711 | 11.4% |
| 2032 | 4 | 805,584 | 6,554 | 2.4% |
| 2033 | 3 | 1,668,902 | 13,082 | 4.7% |
| 2034 | 6 | 3,272,731 | 18,868 | 6.8% |
| 2035 | 4 | 1,597,087 | 8,439 | 3.0% |
The following chart sets forth ABR ($000s) based on the credit rating of our consolidated tenants at December 31, 2025(1):
| ABR | Percentage of ABR | |
|---|---|---|
| Investment Grade | $131,423 | 47.4% |
| Non-investment Grade | 46,667 | 16.9% |
| Unrated | 99,004 | 35.7% |
| $277,094 | 100.0% |
(1) Credit ratings are based upon either tenant, guarantor or parent/ultimate parent. See Item 1A “Risk Factors”.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.