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, 2024, we own 100 properties with an aggregate net book value of $672.3 million. Our occupancy rate, based on square footage, was 99.2%, 98.8% and 99.8% as of December 31, 2024, 2023 and 2022, respectively. The following table details, as of December 31, 2024, certain information about our properties (except as otherwise indicated, each property is tenanted by a single tenant):
| · · · · · · · · · |
|---|
| · · · · Percentage of · · Approximate · · 2025 Contractual |
|---|
| · · · · 2025 Contractual · · Square Footage · · Rental Income |
|---|
| Location | | Type of Property | | Rental Income | | of Building | per Square Foot |
|---|
| Fort Mill, SC | | Industrial | 4.3 | | 701,595 | | $4.46 |
|---|
| Hauppauge, NY | | Industrial | 4.2 | | 201,614 | | $14.98 |
|---|
| Baltimore, MD | | Industrial | 3.5 | | 367,000 | | $6.87 |
|---|
| El Paso, TX | | Industrial | 3.3 | | 419,821 | | $5.72 |
|---|
| Royersford, PA (1) | | Retail | 3.3 | | 194,600 | | $12.46 |
|---|
| Fort Mill, SC | | Industrial | 3.2 | | 303,188 | | $7.48 |
|---|
| Council Bluffs, IA (2) | | Industrial | 3.0 | | 302,347 | | $7.18 |
|---|
| Lebanon, TN | | Industrial | 3.0 | | 540,200 | | $3.93 |
|---|
| Delport, MO (3) | | Industrial | 2.4 | | 339,094 | | $5.14 |
|---|
| Littleton, CO (4) | | Retail | 2.2 | | 94,166 | | $19.25 |
|---|
| Pittston, PA | | Industrial | 2.1 | | 249,600 | | $5.98 |
|---|
| El Paso, TX (5) | | Retail | 2.0 | | 110,179 | | $13.32 |
|---|
| McCalla, AL | | Industrial | 2.0 | | 294,000 | | $4.80 |
|---|
| Brooklyn, NY | | Office | 1.9 | | 66,000 | | $20.39 |
|---|
| Moorestown, NJ | | Industrial | 1.7 | | 219,881 | | $5.69 |
|---|
| Ankeny, IA (3) | | Industrial | 1.7 | | 208,234 | | $5.92 |
|---|
| Lowell, AR | | Industrial | 1.7 | | 248,370 | | $4.95 |
|---|
| Joppa, MD | | Industrial | 1.7 | | 258,710 | | $4.69 |
|---|
| St. Louis Park, MN (3) | | Retail | 1.7 | | 131,710 | | $9.00 |
|---|
| Englewood, CO | | Industrial | 1.5 | | 63,882 | | $16.89 |
|---|
| Tucker, GA | | Health & Fitness | 1.4 | | 58,800 | | $17.45 |
|---|
| Pennsburg, PA (3) | | Industrial | 1.4 | | 291,203 | | $3.43 |
|---|
| Dalton, GA | | Industrial | 1.3 | | 212,740 | | $4.46 |
|---|
| Indianapolis, IN | | Industrial | 1.2 | | 125,622 | | $7.13 |
|---|
| Greenville, SC (2) | | Industrial | 1.2 | | 142,200 | | $5.97 |
|---|
| Bakersfield, CA | | Industrial | 1.1 | | 218,116 | | $3.78 |
|---|
| Huntersville, NC | | Industrial | 1.1 | | 78,319 | | $10.47 |
|---|
| Lehigh Acres, FL (3) | | Industrial | 1.1 | | 103,044 | | $7.43 |
|---|
| Ronkonkoma, NY (3) | | Industrial | 1.0 | | 90,599 | | $8.34 |
|---|
| Green Park, MO | | Industrial | 1.0 | | 119,680 | | $6.02 |
|---|
| Greensboro, NC | | Theater | 1.0 | | 61,213 | | $11.41 |
|---|
| Ashland, VA | | Industrial | 0.9 | | 88,003 | | $7.73 |
|---|
| New Hope, MN (2) | | Industrial | 0.9 | | 123,892 | | $5.46 |
|---|
| Memphis, TN | | Industrial | 0.9 | | 224,749 | | $2.94 |
|---|
| New Hyde Park, NY | | Industrial | 0.9 | | 38,000 | | $17.18 |
|---|
| Chandler, AZ | | Industrial | 0.9 | | 62,121 | | $10.44 |
|---|
| Louisville, KY | | Industrial | 0.9 | | 125,370 | | $5.13 |
|---|
| Northwood, OH (3) | | Industrial | 0.9 | | 123,500 | | $5.14 |
|---|
| Moorestown, NJ | | Industrial | 0.9 | | 64,000 | | $9.80 |
|---|
| Bensalem, PA (6) | | Industrial | 0.9 | | 85,663 | | $7.33 |
|---|
| Northwood, OH (7) | | Industrial | 0.8 | | 126,990 | | $4.82 |
|---|
| Omaha, NE | | Industrial | 0.8 | | 101,584 | | $5.85 |
|---|
| Nashville, TN (8) | | Industrial | 0.8 | | 99,500 | | $9.11 |
|---|
| Melville, NY | | Industrial | 0.8 | | 51,351 | | $11.56 |
|---|
| Greenville, SC (2) | | Industrial | 0.8 | | 128,000 | | $4.44 |
|---|
| Shakopee, MN | | Industrial | 0.8 | | 114,000 | | $4.97 |
|---|
| Monroe, NC | | Industrial | 0.8 | | 93,170 | | $6.05 |
|---|
| Blythewood, SC (3) | | Industrial | 0.8 | | 177,040 | | $3.15 |
|---|
| | | | | | | | | | |
|---|
| · · · · Percentage of · · Approximate · · 2025 Contractual |
|---|
| · · · · 2025 Contractual · · Square Footage · · Rental Income |
|---|
| Location · · Type of Property · Rental Income · · of Building · · per Square Foot |
|---|
| Greenville, SC | | Industrial | | 0.8 | | 88,800 | | | $6.26 |
|---|
| Saco, ME | | Industrial | | 0.7 | | 131,400 | | | $3.92 |
|---|
| Cedar Park, TX | | Retail—Furniture | | 0.7 | | 50,810 | | | $10.00 |
|---|
| Tyler, TX | | Retail—Furniture | | 0.7 | | 72,000 | | | $6.75 |
|---|
| Fort Myers, FL | | Industrial | | 0.7 | | 52,710 | | | $9.20 |
|---|
| Lake Charles, LA (9) | | Retail—Office Supply | | 0.7 | | 54,229 | | | $11.23 |
|---|
| Lexington, KY | | Industrial | | 0.7 | | 74,150 | | | $6.50 |
|---|
| Rincon, GA | | Industrial | | 0.7 | | 95,000 | | | $5.06 |
|---|
| Indianapolis, IN | | Theater | | 0.7 | | 57,688 | | | $8.28 |
|---|
| Durham, NC | | Industrial | | 0.7 | | 46,181 | | | $10.30 |
|---|
| Plymouth, MN | | Industrial | | 0.6 | | 82,565 | | | $5.58 |
|---|
| Highland Ranch, CO (3) | | Retail | | 0.6 | | 42,920 | | | $10.39 |
|---|
| Albuquerque, NM | | Industrial | | 0.6 | | 63,421 | | | $6.94 |
|---|
| Eugene, OR | | Retail—Office Supply | | 0.6 | | 24,978 | | | $17.32 |
|---|
| Deptford, NJ | | Retail | | 0.6 | | 25,358 | | | $16.90 |
|---|
| Newark, DE | | Other | | 0.6 | | 23,547 | | | $18.13 |
|---|
| Richmond, VA | | Retail—Furniture | | 0.6 | | 38,788 | | | $10.53 |
|---|
| Hillside, IL (3) | | Industrial | | 0.6 | | 60,832 | | | $6.69 |
|---|
| Amarillo, TX | | Retail—Furniture | | 0.6 | | 72,027 | | | $5.64 |
|---|
| El Paso, TX | | Retail—Office Supply | | 0.6 | | 25,000 | | | $16.08 |
|---|
| Champaign, IL (3) | | Retail | | 0.6 | | 50,940 | | | $7.85 |
|---|
| Lexington, KY | | Retail—Furniture | | 0.5 | | 30,173 | | | $12.48 |
|---|
| Savannah, GA | | Industrial | | 0.5 | | 35,249 | | | $10.64 |
|---|
| Newport, VA | | Retail—Furniture | | 0.5 | | 49,865 | | | $7.09 |
|---|
| LaGrange, GA | | Industrial | | 0.5 | | 80,000 | | | $4.39 |
|---|
| Naples, FL | | Retail—Furniture | | 0.5 | | 15,912 | | | $20.57 |
|---|
| Greensboro, NC | | Retail | | 0.4 | | 12,950 | | | $24.00 |
|---|
| Somerville, MA | | Retail | | 0.4 | | 12,054 | | | $25.72 |
|---|
| Gurnee, IL | | Retail—Furniture | | 0.4 | | 22,768 | | | $13.43 |
|---|
| Selden, NY | | Retail | | 0.4 | | 14,555 | | | $21.00 |
|---|
| Bluffton, SC | | Retail—Furniture | | 0.4 | | 35,011 | | | $7.92 |
|---|
| Crystal Lake, IL | | Retail | | 0.4 | | 32,446 | | | $8.25 |
|---|
| Pinellas Park, FL | | Industrial | | 0.3 | | 53,064 | | | $4.61 |
|---|
| Chicago, IL | | Retail—Office Supply | | 0.3 | | 23,939 | | | $10.15 |
|---|
| Hyannis, MA | | Retail | | 0.3 | | 9,750 | | | $24.85 |
|---|
| Chandler, AZ | | Industrial | | 0.3 | | 25,035 | | | $9.58 |
|---|
| Myrtle Beach, SC | | Restaurant | | 0.3 | | 6,734 | | | $34.85 |
|---|
| Everett, MA | | Retail | | 0.3 | | 18,572 | | | $11.43 |
|---|
| Cary, NC | | Retail—Office Supply | | 0.3 | | 33,490 | | | $6.09 |
|---|
| Marston, MA | | Retail | | 0.3 | | 8,775 | | | $22.00 |
|---|
| Monroeville, PA | | Retail | | 0.2 | | 6,051 | | | $27.83 |
|---|
| West Palm Beach, FL | | Industrial | | 0.2 | | 10,634 | | | $15.04 |
|---|
| Batavia, NY | | Retail | | 0.2 | | 23,483 | | | $6.60 |
|---|
| South Euclid, OH | | Retail | | 0.2 | | 11,672 | | | $9.94 |
|---|
| Cuyahoga Falls, OH | | Retail | | 0.1 | | 6,796 | | | $12.49 |
|---|
| Seattle, WA | | Retail | | 0.1 | | 3,053 | | | $27.50 |
|---|
| Rosenberg, TX | | Retail | | 0.1 | | 8,000 | | | $10.20 |
|---|
| Port Clinton, OH | | Retail | | 0.1 | | 6,749 | | | $10.98 |
|---|
| Louisville, KY | | Industrial | | 0.1 | | 9,642 | | | $7.10 |
|---|
| Beachwood, OH (10) | | Land | | — | | 349,999 | | | $— |
|---|
| Bolingbrook, IL (11) | | Retail | | — | | 33,111 | | | $— |
|---|
| Concord, NC (12) | | Restaurant | | — | | 4,749 | | | $— |
|---|
| | | | | 100.0 | | 10,870,285 | | | |
|---|
| (1) | This property, a community shopping center, is leased to 11 tenants. Contractual rental income 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, a community shopping center, is leased to 19 tenants. Contractual rental income per square foot excludes 10,433 square feet of vacant space. |
| (5) | This property has four tenants. Contractual rental income per square foot excludes 2,395 square feet of unleasable vacant space. |
| (6) | This property has three tenants. Contractual rental income per square foot excludes 143 square feet of unleasable vacant space. |
| (7) | This property has five tenants. |
| (8) | This property has two tenants. Contractual rental income per square foot excludes 34,362 square feet of vacant space. |
| (9) | This property has three tenants. One tenant, Party City, filed for Chapter 11 bankruptcy protection; as such, contractual rental income excludes $188,000 related to this tenant. |
| (10) | This property is ground leased to a multi-unit apartment complex owner/operator. As the property has not generated specified levels of positive operating cash flows, the tenant has not been required to pay rent since October 2020. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Challenges and Uncertainties Facing The Vue – Beachwood, Ohio” and Note 6 of our consolidated financial statements. |
| (11) | The tenant’s lease expired January 31, 2024 and we are pursuing the re-lease and/or sale of such property. |
| (12) | This property was sold on January 21, 2025. |
Properties Owned by Joint Ventures
As of December 31, 2024, we own a 50% equity interest in two joint ventures that own two properties. At December 31, 2024, our investment in these joint ventures was approximately $2.1 million and the occupancy rate at these properties, based on square footage, was 100%. Based on the leases in effect at December 31, 2024, we anticipate that our share of the base rent payable in 2025 to our joint ventures is approximately $233,000. The following table sets forth, as of December 31, 2024, information about the properties owned by these joint ventures:
| · · · · · · · · · |
|---|
| · · Percentage of · · · |
|---|
| · · · · Base Rent Payable · · · · · |
|---|
| · · · · in 2025 · · · · · |
|---|
| · · · · Contributed by · · Approximate · · 2025 |
|---|
| · · Type of · · the Applicable · · Square Footage · · Base Rent |
|---|
| Location · Property · Joint Venture (1) · of Building · per Square Foot |
|---|
| Savannah, GA | | Retail | 85.8 | 46,058 | | | $4.34 |
|---|
| Savannah, GA (2) | | Restaurant | 14.2 | — | | | — |
|---|
| | | | 100.0 | 46,058 | | | |
|---|
| (1) | Represents our share of the base rent payable in 2025 with respect to such joint venture property, expressed as a percentage of the aggregate base rent payable in 2025 by all of our joint venture properties. |
| (2) | This property is a parking lot which is ground leased to a restaurant. |
Geographic Concentration
As of December 31, 2024, the 100 properties owned by us are located in 31 states. The following table sets forth information, presented by state, related to our properties as of December 31, 2024:
| | | | | | | | | | |
|---|
| · · · · Percentage of · |
|---|
| · · · · 2025 · · 2025 · · |
|---|
| · · · · Contractual · · Contractual · · Approximate |
|---|
| · · Number of · · Rental · · Rental · · Building |
|---|
| State · Properties · Income · Income · Square Feet |
|---|
| South Carolina | | 8 | | $8,440,000 | | 11.70 | | 1,582,568 |
|---|
| New York | | 7 | | | 6,828,000 | | 9.50 | | 485,602 |
|---|
| Texas | | 7 | | | 5,720,000 | | 7.90 | | 757,837 |
|---|
| Pennsylvania | | 5 | | | 5,673,000 | | 7.90 | | 827,117 |
|---|
| Maryland | | 2 | | | 3,736,000 | | 5.20 | | 625,710 |
|---|
| Iowa | | 2 | | | 3,402,000 | | 4.70 | | 510,581 |
|---|
| Tennessee | | 3 | | | 3,377,000 | | 4.70 | | 864,449 |
|---|
| Georgia | | 5 | | | 3,181,000 | | 4.40 | | 481,789 |
|---|
| Colorado | | 3 | | | 3,136,000 | | 4.40 | | 200,968 |
|---|
| North Carolina | | 7 | | | 3,073,000 | | 4.30 | | 330,072 |
|---|
| Minnesota | | 4 | | | 2,890,000 | | 4.00 | | 452,167 |
|---|
| Missouri | | 2 | | | 2,462,000 | | 3.40 | | 458,774 |
|---|
| New Jersey | | 3 | | | 2,306,000 | | 3.20 | | 309,239 |
|---|
| Florida | | 5 | | | 1,982,000 | | 2.80 | | 235,364 |
|---|
| Illinois | | 6 | | | 1,624,000 | | 2.30 | | 224,036 |
|---|
| Kentucky | | 4 | | | 1,570,000 | | 2.20 | | 239,335 |
|---|
| Ohio | | 6 | | | 1,521,000 | | 2.10 | | 625,706 |
|---|
| Virginia | | 3 | | | 1,443,000 | | 2.00 | | 176,656 |
|---|
| Alabama | | 1 | | | 1,411,000 | | 2.00 | | 294,000 |
|---|
| Indiana | | 2 | | | 1,373,000 | | 1.90 | | 183,310 |
|---|
| Arkansas | | 1 | | | 1,231,000 | | 1.70 | | 248,370 |
|---|
| Massachusetts | | 4 | | | 958,000 | | 1.30 | | 49,151 |
|---|
| Arizona | | 2 | | | 888,000 | | 1.20 | | 87,156 |
|---|
| California | | 1 | | | 825,000 | | 1.10 | | 218,116 |
|---|
| Nebraska | | 1 | | | 594,000 | | 0.80 | | 101,584 |
|---|
| Maine | | 1 | | | 515,000 | | 0.70 | | 131,400 |
|---|
| Louisiana | | 1 | | | 483,000 | | 0.70 | | 54,229 |
|---|
| New Mexico | | 1 | | | 440,000 | | 0.60 | | 63,421 |
|---|
| Oregon | | 1 | | | 433,000 | | 0.60 | | 24,978 |
|---|
| Delaware | | 1 | | | 427,000 | | 0.60 | | 23,547 |
|---|
| Washington | | 1 | | | 84,000 | | 0.10 | | 3,053 |
|---|
| | | 100 | | | $72,026,000 | | 100.0 | | 10,870,285 |
|---|
Mortgage Debt
At December 31, 2024, we had:
| ● | 62 first mortgages secured by 63 of our 100 properties; and |
| ● | $425.0 million of mortgage debt outstanding with a weighted average interest rate of 4.56% and a weighted average remaining term to maturity of approximately 6.1 years. Substantially all of such mortgage debt bears fixed interest at rates ranging from 3.05% to 6.25% and contains prepayment penalties. |
The following table sets forth scheduled principal mortgage payments due on our properties as of December 31, 2024 (dollars in thousands):
| · · · |
|---|
| · PRINCIPAL |
|---|
| YEAR · PAYMENTS DUE |
|---|
| 2025 | | $33,542 |
| 2026 | | 29,499 |
| 2027 | | 48,524 |
| 2028 | | 39,511 |
| 2029 | | 86,670 |
| Thereafter | | 187,232 |
| Total | | $424,978 |
The mortgages on our properties are generally non-recourse, subject to standard carve-outs.
