Shares declined 1.2% following the quarter as cautious outlook nuances and margin pressures offset steady operational metrics, suggesting investors remain wary despite stable fundamentals.

• FFO and core FFO per share rose modestly to $0.35 from $0.34 year-over-year, reflecting limited earnings growth.
• Same-store lease revenue increased by 1%, driven by higher recovery fees and rental rate bumps from leasing activity.
• Operating revenues grew to $41.9 million from $37.5 million year-over-year, primarily due to portfolio expansion and improved recovery revenues.
• Operating expenses increased to $25.2 million from $23.9 million, with higher depreciation from portfolio growth offset only partially by incentive fee credits.
• Portfolio occupancy remained strong at 98.7% with a 7.3-year average lease term, though the company continues to evaluate office holdings and focus on strategic industrial asset growth.