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The provided transcript only includes the question-and-answer portion of the earnings call, with no opening prepared management remarks or formal operational highlights. Key operational principles confirmed during discussion are as follows:

• Capital deployment and asset strategy
  • The firm targets new industrial acquisitions with entry cap rates of ~7.5% and average lifetime cap rates above 9%, and cannot competitively bid on properties with cap rates in the 6% range
  • The firm follows a non-core asset rotation strategy: proceeds from non-core asset sales are used to fund new accretive acquisitions, eliminating the need to raise new equity and avoiding shareholder dilution
  • All capital expenditures for tenant improvements follow a strict 6-9 month payback period requirement; the firm will only spend capital that is accretive to cash flow
• Leasing strategy
  • The firm prioritizes occupied properties generating consistent cash flow over holding vacant properties for higher potential future rents
  • Current market conditions are showing improving lease rates, with the firm capturing rent increases on renewed leases
  • The firm targets the lowest possible CapEx and lease commissions for new and renewed leases

No formal full-year or quarterly financial/operational guidance (including upward/downward revisions or maintenance of prior guidance) was provided in the available transcript. The only forward-looking operational update is that the recently purchased adjacent land parcel for expansion is expected to be completed by the second quarter of next year.

No segment-level financial performance data (absolute revenue figures or revenue contribution percentages) was shared in the provided transcript, so this section has no applicable disclosures.

The following risks were referenced in the available discussion:

• Of the 15 lease expirations scheduled over the next two years, two are expected to result in vacancy, though management has already received property tours from prospective tenants and expects a net increase in rental income overall
• One Florida office building lease matures in September 2027, and management is actively working to either re-tenant the space or sell the property before maturity to avoid prolonged vacancy

Q: Analyst asks for insight on cap rate variance between the firm's recent industrial acquisitions, and what factors drive cap rate expectations for new deals. / A: Management confirms the firm cannot compete for assets with cap rates in the 6% range. Proceeds from non-core asset sales are used to fund new purchases, making these deals more accretive since no new equity needs to be raised. The firm targets entry cap rates of ~7.5% for new deals, with average lifetime cap rates expected to be above 9%, with longer lease terms improving overall cap rate outcomes.

Q: Analyst asks why capital spending on improvements to existing properties came in lower than expected, and if the miss signals any underlying issues. / A: The lower spending is purely a timing issue, not a sign of operational trouble. Management reiterated that the firm only spends on tenant improvements that meet a 6-9 month payback requirement to preserve cash flow and protect returns, so spending is pulled back if accretive projects are not immediately available.

Q: Analyst asks for context on the recent industrial asset sale, and whether more non-core industrial assets will be sold to fund redeployment. / A: The 2021-vintage asset was sold when the tenant offered an attractive price, and the proceeds were redeployed into the Huntington transaction, which doubled both straight-line and current rent without requiring new equity. Management notes that a small number of existing leases include purchase options, but no imminent sales are planned. The firm will consider selling additional assets if the offered economics make strategic sense.

Q: A private investor asks why the REIT's current payout ratio (just under 80% for the last quarter) is below the 90% requirement for REIT tax status, and if future rent increases will lead to a dividend hike. / A: The 90% distribution requirement applies to taxable income, not GAAP income, and the firm already distributes well above the required 90% to maintain REIT status, so there is no risk of losing favorable tax treatment. Maintaining a lower payout ratio allows management to reinvest more retained cash into new portfolio growth without issuing dilutive new equity, which supports long-term dividend increases. Management will consider a dividend hike as future rental growth is realized.