Our principal executive office is located at 60 Cutter Mill Road, Suite 303, Great Neck, New York. We believe that our facilities are satisfactory for our current and projected needs.
Our Properties
As of December 31, 2025, we own 103 properties with an aggregate net book value of $777.6 million. Our occupancy rate, based on square footage, was 98.5%, 99.2% and 98.8% as of December 31, 2025, 2024 and 2023, respectively. The following table details, as of December 31, 2025, certain information about our properties (except as otherwise indicated, each property is tenanted by a single tenant):
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| · · · · Percentage of · · Building · · 2026 Base Rent |
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| Location · · Type of Property · · 2026 Base Rent · · Square Feet · · per Square Foot |
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| Fort Mill, SC | | Industrial | 3.8 | | 701,595 | | $4.53 |
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| Hauppauge, NY | | Industrial | 3.7 | | 201,614 | | $15.35 |
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| Baltimore, MD | | Industrial | 3.1 | | 367,000 | | $6.87 |
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| El Paso, TX | | Industrial | 3.0 | | 419,821 | | $5.89 |
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| Fort Mill, SC | | Industrial | 2.9 | | 303,188 | | $7.79 |
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| Royersford, PA (1) | | Retail | 2.9 | | 194,600 | | $12.31 |
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| Council Bluffs, IA (2) | | Industrial | 2.7 | | 302,347 | | $7.36 |
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| Lebanon, TN | | Industrial | 2.6 | | 540,200 | | $3.96 |
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| Council Bluffs, IA (3) | | Industrial | 2.4 | | 236,324 | | $8.30 |
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| Delport, MO (3) | | Industrial | 2.2 | | 339,094 | | $5.43 |
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| Theodore, AL (3) | | Industrial | 2.1 | | 203,571 | | $8.53 |
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| Pittston, PA | | Industrial | 1.9 | | 249,600 | | $6.16 |
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| Theodore, AL (3) | | Industrial | 1.9 | | 168,015 | | $9.14 |
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| Blythewood, SC | | Industrial | 1.9 | | 210,600 | | $7.28 |
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| Oakdale, MN | | Industrial | 1.9 | | 199,919 | | $7.54 |
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| El Paso, TX (4) | | Retail | 1.8 | | 110,179 | | $13.70 |
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| McCalla, AL | | Industrial | 1.7 | | 294,000 | | $4.90 |
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| Brooklyn, NY | | Other | 1.6 | | 66,000 | | $20.39 |
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| Moorestown, NJ | | Industrial | 1.6 | | 219,881 | | $5.81 |
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| Ankeny, IA (3) | | Industrial | 1.5 | | 208,234 | | $6.08 |
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| Lowell, AR | | Industrial | 1.5 | | 248,370 | | $4.95 |
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| Englewood, CO | | Industrial | 1.3 | | 63,882 | | $17.31 |
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| Bakersfield, CA | | Industrial | 1.3 | | 218,116 | | $4.80 |
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| Joppa, MD | | Industrial | 1.2 | | 258,710 | | $3.97 |
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| Tucker, GA | | Other | 1.2 | | 58,800 | | $17.45 |
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| Blythewood, SC (3) | | Industrial | 1.2 | | 177,665 | | $5.77 |
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| Pennsburg, PA (3) | | Industrial | 1.2 | | 291,203 | | $3.50 |
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| Wichita, KS | | Industrial | 1.2 | | 138,000 | | $7.14 |
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| Dalton, GA | | Industrial | 1.2 | | 212,740 | | $4.59 |
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| Nashville, TN (2) | | Industrial | 1.2 | | 99,500 | | $9.53 |
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| Huntersville, NC | | Industrial | 1.1 | | 78,319 | | $11.95 |
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| Indianapolis, IN | | Industrial | 1.1 | | 125,622 | | $7.34 |
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| Greenville, SC (2) | | Industrial | 1.1 | | 142,200 | | $6.35 |
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| Greenville, SC (2) | | Industrial | 1.0 | | 128,000 | | $6.44 |
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| Lehigh Acres, FL (3) | | Industrial | 1.0 | | 103,044 | | $7.88 |
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| Ronkonkoma, NY (3) | | Industrial | 0.9 | | 90,599 | | $8.53 |
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| Green Park, MO | | Industrial | 0.9 | | 119,680 | | $6.02 |
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| New Hyde Park, NY | | Industrial | 0.9 | | 38,000 | | $18.92 |
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| Greensboro, NC | | Other | 0.8 | | 61,213 | | $11.41 |
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| Ashland, VA | | Industrial | 0.8 | | 88,003 | | $7.89 |
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| Memphis, TN | | Industrial | 0.8 | | 224,749 | | $3.00 |
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| Louisville, KY | | Industrial | 0.8 | | 125,370 | | $5.34 |
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| Chandler, AZ | | Industrial | 0.8 | | 62,121 | | $10.65 |
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| Sewickley, PA (2) | | Industrial | 0.8 | | 89,268 | | $7.41 |
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| Bensalem, PA (5) | | Industrial | 0.8 | | 85,663 | | $7.54 |
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| Moorestown, NJ | | Industrial | 0.8 | | 64,000 | | $10.05 |
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| Northwood, OH (3) | | Industrial | 0.8 | | 123,500 | | $5.14 |
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| Northwood, OH (6) | | Industrial | 0.7 | | 126,990 | | $4.86 |
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| Omaha, NE | | Industrial | 0.7 | | 101,584 | | $6.03 |
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| · · · · Percentage of · · Building · · 2026 Base Rent |
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| Location · · Type of Property · 2026 Base Rent · · Square Feet · · per Square Foot |
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| Pinellas Park, FL | | Industrial | | 0.7 | | 53,064 | | | $11.43 |
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| Melville, NY | | Industrial | | 0.7 | | 51,351 | | | $11.79 |
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| Sewickley, PA (7) | | Industrial | | 0.7 | | 81,520 | | | $7.73 |
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| Monroe, NC | | Industrial | | 0.7 | | 93,170 | | | $6.23 |
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| Shakopee, MN | | Industrial | | 0.7 | | 114,000 | | | $5.08 |
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| Champaign, IL (3) | | Retail | | 0.7 | | 50,940 | | | $11.36 |
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| Greenville, SC | | Industrial | | 0.7 | | 88,800 | | | $6.48 |
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| Sewickley, PA | | Industrial | | 0.7 | | 70,449 | | | $7.57 |
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| Saco, ME | | Industrial | | 0.6 | | 131,400 | | | $4.01 |
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| Cedar Park, TX | | Retail | | 0.6 | | 50,810 | | | $10.00 |
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| St. Louis Park, MN (8) | | Retail | | 0.6 | | 131,710 | | | $15.00 |
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| Fort Myers, FL | | Industrial | | 0.6 | | 52,710 | | | $9.55 |
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| Durham, NC | | Industrial | | 0.6 | | 46,181 | | | $10.61 |
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| Tyler, TX | | Retail | | 0.6 | | 72,000 | | | $6.75 |
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| Lake Charles, LA (9) | | Retail | | 0.6 | | 54,229 | | | $11.23 |
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| Rincon, GA | | Industrial | | 0.6 | | 95,000 | | | $5.06 |
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| Indianapolis, IN | | Other | | 0.6 | | 57,688 | | | $8.28 |
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| Plymouth, MN | | Industrial | | 0.6 | | 82,565 | | | $5.69 |
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| New Hope, MN (2) | | Industrial | | 0.6 | | 123,892 | | | $3.71 |
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| Albuquerque, NM | | Industrial | | 0.5 | | 63,421 | | | $7.05 |
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| Highland Ranch, CO (3) | | Retail | | 0.5 | | 42,920 | | | $10.39 |
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| Deptford, NJ | | Retail | | 0.5 | | 25,358 | | | $16.90 |
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| El Paso, TX | | Retail | | 0.5 | | 25,000 | | | $16.72 |
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| Hillside, IL (3) | | Industrial | | 0.5 | | 60,832 | | | $6.84 |
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| Sewickley, PA (10) | | Industrial | | 0.5 | | 55,704 | | | $7.35 |
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| Richmond, VA | | Retail | | 0.5 | | 38,788 | | | $10.53 |
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| Amarillo, TX | | Retail | | 0.5 | | 72,027 | | | $5.64 |
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| Savannah, GA | | Industrial | | 0.5 | | 35,249 | | | $10.96 |
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| Lexington, KY | | Retail | | 0.5 | | 30,173 | | | $12.48 |
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| Sewickley, PA (11) | | Industrial | | 0.4 | | 60,304 | | | $9.80 |
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| LaGrange, GA | | Industrial | | 0.4 | | 80,000 | | | $4.48 |
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| Newport News, VA (12) | | Retail | | 0.4 | | 49,865 | | | $7.09 |
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| Sewickley, PA | | Industrial | | 0.4 | | 40,195 | | | $8.49 |
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| Naples, FL | | Retail | | 0.4 | | 15,912 | | | $20.57 |
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| Somerville, MA | | Retail | | 0.4 | | 12,054 | | | $25.72 |
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| Sewickley, PA (13) | | Industrial | | 0.4 | | — | | | $— |
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| Selden, NY | | Retail | | 0.4 | | 14,555 | | | $21.00 |
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| Crystal Lake, IL | | Retail | | 0.3 | | 32,446 | | | $8.25 |
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| Chandler, AZ | | Industrial | | 0.3 | | 25,035 | | | $9.87 |
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| Hyannis, MA | | Retail | | 0.3 | | 9,750 | | | $24.85 |
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| Lexington, KY | | Industrial | | 0.3 | | 74,150 | | | $3.25 |
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| Chicago, IL | | Retail | | 0.3 | | 23,939 | | | $9.09 |
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| Everett, MA | | Retail | | 0.3 | | 18,572 | | | $11.43 |
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| Marston, MA | | Retail | | 0.2 | | 8,775 | | | $22.00 |
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| Myrtle Beach, SC | | Other | | 0.2 | | 6,734 | | | $27.88 |
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| Monroeville, PA | | Retail | | 0.2 | | 6,051 | | | $28.99 |
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| West Palm Beach, FL | | Industrial | | 0.2 | | 10,634 | | | $15.34 |
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| Batavia, NY | | Retail | | 0.2 | | 23,483 | | | $6.60 |
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| Cuyahoga Falls, OH | | Retail | | 0.1 | | 6,796 | | | $17.21 |
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| South Euclid, OH | | Retail | | 0.1 | | 11,672 | | | $9.94 |
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| Seattle, WA | | Retail | | 0.1 | | 3,053 | | | $27.50 |
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| Rosenberg, TX | | Retail | | 0.1 | | 8,000 | | | $10.20 |
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| Louisville, KY | | Industrial | | 0.1 | | 9,642 | | | $7.38 |
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| Cary, NC (14) | | Retail | | — | | 33,490 | | | $— |
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| | | | | 100.0 | | 11,816,751 | | | |
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| (1) | This property, a community shopping center, is leased to 11 tenants. Base rent per square foot excludes 3,125 square feet of vacant space. |
| (2) | This property has three tenants. |
| (3) | This property has two tenants. |
| (4) | This property has four tenants. Base rent per square foot excludes 2,395 square feet of unleasable vacant space. |
| (5) | This property has three tenants. Base rent per square foot excludes 143 square feet of unleasable vacant space. |
| (6) | This property has five tenants. |
| (7) | This property has four tenants. Base rent per square foot excludes 4,642 square feet of vacant space. |
| (8) | Base rent per square foot excludes 98,059 square feet of vacant space. |
| (9) | This property has two tenants. Base rent per square foot excludes 11,248 square feet of vacant space. |
| (10) | This property has four tenants. |
| (11) | This property has three tenants. Base rent per square foot excludes 23,210 square feet of vacant space. |
| (12) | This property is anticipated to be sold in April 2026. |
| (13) | This property covers two parking lots leased to one tenant at an adjacent property. |
| (14) | The tenant’s lease at this property expired in May 2025. This property is anticipated to be sold in March 2026. |
Geographic and Property Type Concentrations
As of December 31, 2025, the 103 properties owned by us are located in 30 states. The following table sets forth information, presented by state, related to our properties as of December 31, 2025:
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| · · Number of · · · · Percentage of · · Building |
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| State · · Properties · · 2026 Base Rent · · 2026 Base Rent · · Square Feet |
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| South Carolina | | 8 | | $10,590,000 | | 12.8 | | 1,758,782 |
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| Pennsylvania | | 12 | | | 8,945,000 | | 10.8 | | 1,224,557 |
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| New York | | 7 | | | 6,999,000 | | 8.5 | | 485,602 |
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| Texas | | 7 | | | 5,849,000 | | 7.1 | | 757,837 |
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| Iowa | | 3 | | | 5,477,000 | | 6.6 | | 746,905 |
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| Alabama | | 3 | | | 4,712,000 | | 5.7 | | 665,586 |
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| Tennessee | | 3 | | | 3,758,000 | | 4.5 | | 864,449 |
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| Maryland | | 2 | | | 3,550,000 | | 4.3 | | 625,710 |
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| Minnesota | | 5 | | | 3,520,000 | | 4.3 | | 652,086 |
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| Georgia | | 5 | | | 3,228,000 | | 3.9 | | 481,789 |
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| North Carolina | | 5 | | | 2,705,000 | | 3.3 | | 312,373 |
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| Missouri | | 2 | | | 2,562,000 | | 3.1 | | 458,774 |
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| Florida | | 5 | | | 2,412,000 | | 2.9 | | 235,364 |
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| New Jersey | | 3 | | | 2,350,000 | | 2.8 | | 309,239 |
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| Colorado | | 2 | | | 1,552,000 | | 1.9 | | 106,802 |
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| Ohio | | 4 | | | 1,485,000 | | 1.8 | | 268,958 |
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| Illinois | | 4 | | | 1,480,000 | | 1.8 | | 168,157 |
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| Virginia | | 3 | | | 1,456,000 | | 1.8 | | 176,656 |
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| Indiana | | 2 | | | 1,400,000 | | 1.7 | | 183,310 |
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| Kentucky | | 4 | | | 1,358,000 | | 1.6 | | 239,335 |
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| Arkansas | | 1 | | | 1,231,000 | | 1.5 | | 248,370 |
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| California | | 1 | | | 1,046,000 | | 1.3 | | 218,116 |
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| Kansas | | 1 | | | 985,000 | | 1.2 | | 138,000 |
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| Massachusetts | | 4 | | | 958,000 | | 1.2 | | 49,151 |
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| Arizona | | 2 | | | 908,000 | | 1.1 | | 87,156 |
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| Nebraska | | 1 | | | 612,000 | | 0.7 | | 101,584 |
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| Maine | | 1 | | | 527,000 | | 0.6 | | 131,400 |
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| Louisiana | | 1 | | | 483,000 | | 0.6 | | 54,229 |
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| New Mexico | | 1 | | | 447,000 | | 0.5 | | 63,421 |
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| Washington | | 1 | | | 84,000 | | 0.1 | | 3,053 |
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| | | 103 | | | $82,669,000 | | 100.0 | | 11,816,751 |
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The following table sets forth information, presented by property type, related to our properties as of December 31, 2025:
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| · · · · · · · · · · |
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| · · Number of · · Number of · · Building · · · · Percentage of |
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| Type of Property · · States · · Properties · · Square Feet · · 2026 Base Rent · · 2026 Base Rent |
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| Industrial | 27 | 69 | | 10,389,169 | | | $66,896,000 | 80.9 |
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| Retail | 15 | 29 | | 1,177,147 | | | 12,037,000 | 14.6 |
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| Other | 5 | 5 | | 250,435 | | | 3,736,000 | 4.5 |
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| | | 103 | | 11,816,751 | | $82,669,000 | 100.0 |
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Mortgage Debt
At December 31, 2025, we had:
| ● | 61 first mortgages secured by 69 of our 103 properties; and |
| ● | $522.5 million of mortgage debt outstanding with a weighted average interest rate of 4.88% and a weighted average remaining term to maturity of approximately 5.8 years. Substantially all of such mortgage debt bears fixed interest at rates ranging from 3.05% to 6.42% and contains prepayment penalties. |
The following table sets forth scheduled principal mortgage payments due on our properties as of December 31, 2025 (dollars in thousands):
| · · · |
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| | | Principal |
|---|
| Year | | Payments Due |
|---|
| 2026 | | $28,875 |
| 2027 | | 48,676 |
| 2028 | | 39,671 |
| 2029 | | 86,839 |
| 2030 | | 77,898 |
| Thereafter | | 240,542 |
| Total | | $522,501 |
The mortgages on our properties are generally non-recourse, subject to standard carve-outs.
