Core Insights - David A. Johnson is the founder and principal of Endurance Capital Management, specializing in various investment vehicles including stocks, bonds, options, ETFs, REITs, real estate, closed-end funds, hedge funds, and private credit [1] Group 1 - David A. Johnson has over 30 years of experience in investing and holds a Master of Science (MS) Degree in Finance with a concentration in Investment Analysis from Boston University [1] - He also possesses a Certificate in Financial Planning and an MBA from Fordham University [1]

Core Insights - Corporación Inmobiliaria Vesta, S.A.B. de C.V. (NYSE:VTMX) is recognized as a strong investment opportunity in the Mexican stock market, with a Buy rating reaffirmed by Barclays analyst Pablo Monsivais and a price target set at $40 [1] Financial Performance - In Q3 2025, Vesta reported total revenues of $72.4 million, reflecting a year-over-year increase of 13.7% compared to Q3 2024, driven by $7.8 million from new revenue-generating contracts and a $1.9 million positive impact from inflation [2] - Excluding energy income, revenues for the quarter were $69.9 million, marking a 14.5% year-over-year growth, primarily attributed to the core rental and related business [3] - Adjusted net operating income (Adjusted NOI) increased by 14.7% year-over-year to $66.1 million, with an adjusted NOI margin of 94.4%, which is approximately 16 basis points higher than the previous year [3] Management Outlook - Management emphasized strong leasing momentum and tenant demand as key factors contributing to revenue growth, alongside new contracts and inflation adjustments that enhanced rental income [4] - The company has revised its full-year 2025 guidance, now anticipating an EBITDA margin of about 84.5% and revenue growth between 10% and 11% for the year [4] Company Overview - Corporación Inmobiliaria Vesta, S.A.B. de C.V. is a fully-integrated industrial real estate company based in Mexico City, focusing on the acquisition, development, management, and leasing of industrial buildings and distribution facilities throughout Mexico [5]

Core Insights - Rexford Industrial Realty, Inc. is implementing a reformed capital allocation strategy focused on maximizing risk-adjusted returns and enhancing shareholder value through various initiatives [2][3] - The company is undergoing a leadership transition with Laura Clark set to become CEO on April 1, 2026, as part of a succession plan [5] - Rexford Industrial is committed to reducing general and administrative (G&A) expenses, targeting net savings of $20 million to $25 million in 2026 [3] Capital Allocation Strategy - The company aims to maximize returns through a programmatic disposition strategy, focusing on high-yielding repositioning projects and share repurchases [2] - Future investment opportunities will be benchmarked against risk-adjusted returns from share repurchases, ensuring alignment with current market dynamics [2] - A disciplined balance sheet management approach is being adopted, targeting a leverage ratio of 4.0x to 4.5x on a Net Debt to EBITDA basis [2] Cost Management - Rexford Industrial has implemented several cost-reduction initiatives, including a reduction in force and organizational restructuring, to achieve significant G&A savings [3] - The projected G&A for 2026 is expected to be between $57 million and $62 million, aiming to reduce G&A as a percentage of revenues below the peer average of 6.2% [3] Board of Directors Updates - The company plans to add a new independent director to its Board by the end of 2025, following constructive engagement with Elliott Investment Management [4] - The Board will consist of seven directors after the upcoming 2026 Annual Meeting, with the retirement of current Co-CEOs and the addition of Laura Clark [4] Leadership Transition - Laura Clark, currently COO, will succeed the outgoing Co-CEOs, Howard Schwimmer and Michael Frankel, effective April 1, 2026 [5] - The leadership transition is part of a broader strategy to enhance operational efficiency and governance [5] Company Overview - Rexford Industrial focuses on investing in and operating industrial properties in Southern California, a high-demand market with limited supply [7] - As of September 30, 2025, the company’s portfolio includes 420 properties with approximately 50.9 million rentable square feet [7]

Core Insights - Parkit Enterprise Inc. reported strong financial performance in Q3 2025, with a year-over-year same property NOI growth of 9% and FFO growth of 31% [1][2] - The company acquired a multi-tenant industrial warehouse in Edmonton for $10.8 million, expanding its portfolio and entering a new market [2][15] - Parkit maintained a strong liquidity position with over $4.3 million in cash and cash equivalents, indicating readiness for future acquisitions [2][3] Financial Performance - Total revenue for Q3 2025 decreased by 4% to $7,365,674 compared to $7,671,945 in Q3 2024, while revenue for the nine months increased by 14% to $24,829,814 [2] - Net rental income increased by 5% to $4,751,070 for Q3 2025, and by 18% to $15,142,554 for the nine months [2] - Funds from operations (FFO) rose by 22% to $2,236,385 for Q3 2025 and by 31% to $6,190,105 for the nine months [2][8] Leasing Activity - During Q3 2025, Parkit renewed 2,200 square feet of leases and signed new leases for 24,665 square feet at market rates [2][3] - Stabilized Comparative Properties NOI increased by 8% to $3,133,565 for Q3 2025, reflecting effective management and tenant renewals [2][13] Cash Flow and Investments - Cash flow from operations for the nine months ended September 30, 2025, was $11,462,904, down from $12,664,922 in the same period of 2024 [2] - The company reported a net cash inflow of $30,796,370 from investing activities for the nine months ended September 30, 2025, compared to cash used of $9,841,084 in the previous year [2] Net Income - Parkit achieved a net income of $1,323,169 for Q3 2025, a significant turnaround from a net loss of $2,119,597 in Q3 2024 [2][8] - For the nine months ended September 30, 2025, net income was $17,961,695, compared to a net loss of $2,400,618 in the same period of 2024 [2][9]

Core Insights - Prologis, Inc. is the world's largest industrial real estate company with a market cap of $97.2 billion, focusing on logistics and distribution properties [1] Financial Performance - Prologis reported a third-quarter EPS of $0.82 and core FFO of $1.49, reflecting a year-over-year increase of 4.2% [4] - Total revenue for the quarter surged 8.7% year over year to $2.2 billion [4] - Analysts expect Prologis to report an FFO of $5.80 for the fiscal year ending December 2025, indicating a growth of 4.3% YoY [5] Market Performance - Prologis shares have increased 8.2% over the past year and 14.1% in 2025, although this is below the S&P 500 Index's gains of 17.5% and 15.6% respectively [2] - The Real Estate Select Sector SPDR ETF (XLRE) has declined 6.6% over the past year, highlighting Prologis as an outperformer in a sluggish real estate market [3] Leasing and Occupancy - Occupancy rates for Prologis rose to 95.3%, with same-store net operating income increasing by 3.9% on a net effective basis and 5.2% on a cash basis [4] - Record leasing activity was noted with signings totaling 62 million square feet, and rental growth showed a net effective rent change near 49% and cash rent change around 29% [4] Analyst Ratings - The consensus rating for Prologis among 25 analysts is a "Moderate Buy," with 14 "Strong Buys," two "Moderate Buys," and nine "Hold" ratings [5] - The current analyst configuration is more bullish compared to two months ago, when only 13 analysts recommended a "Strong Buy" [6]

Core Insights - Gladstone Commercial Corp. (NASDAQ: GOOD) demonstrated disciplined portfolio management in Q3 2025, ending the quarter with 151 properties across 27 states, marking an expansion from the previous quarter [1][3] Portfolio Management - The company executed a capital recycling strategy by selling a non-core property for $3.0 million [1][5] - GOOD acquired a fully occupied six-facility industrial portfolio totaling approximately 693,236 square feet for $54.8 million, with a cap rate of 9.53% [1][5] - During the same period, GOOD leased or renewed 14 properties covering 734,464 square feet, with lease terms ranging from 0.7 years to 11.4 years [1][5] Financial Performance - GOOD generated Funds From Operations (FFO) and Core FFO of $16.4 million, equating to $0.35 per diluted share [5]

Core Project Overview - Indochina Kajima and ITOCHU Corporation held a ground-breaking ceremony for Core5 Vietnam's second industrial project in Hải Phòng, which will provide approximately 80,000 square meters of ready-built factory space for lease, with a handover expected in Q1 2027 [1][2] Strategic Location - Core5 Hai Phong Phase 2 is strategically located 20-25 minutes from Đinh Vũ port and Lạch Huyện Deep Sea port, 30 minutes from Cát Bi International Airport, and two hours from Hà Nội's central business district, facilitating seamless logistics and travel [2][3] Design and Features - The project will feature international standard factory accommodations with sizes ranging from 2,994 square meters to 24,912 square meters, equipped with necessary utilities, advanced firefighting systems, 24/7 security, and a signature curved curtain wall office design [3][4] Sustainability Initiatives - Core5 Hai Phong Phase 2 incorporates sustainability into its design, aiming for LEED Silver certification, with energy-efficient construction, solar rooftops, EV chargers, and designated health and wellness areas [4] Tenant Support Services - Core5 Vietnam offers a comprehensive one-stop solution for tenants, including market entry support, supply chain studies, licensing services, and customized leasing options to ensure efficient business operations [5][6] Management and Operations - The assets will be managed by Indochina Kajima's in-house facility management team, providing tailored solutions and timely maintenance responses based on a deep understanding of tenants' needs [6] Future Development Plans - Indochina Kajima is also planning additional projects, including Core5 Phu Tho, Core5 Quang Ninh Phase 2, and Core5 Hai Phong Phase 3, indicating a strong commitment to expanding its industrial real estate portfolio in Vietnam [11] Market Demand - The demand for ready-built factories in Vietnam is increasing, as evidenced by Core5 Vietnam's fully leased projects in Quảng Ninh and Hai Phong Phase 1, with Core5 Hung Yen maintaining an 80% occupancy rate [10]

Core Viewpoint - Rexford Industrial Realty is positioned in a strong market with a competitive dividend yield, making it an attractive option for income-focused investors [1][2]. Group 1: Market Position - Rexford operates in Southern California, a region with a low industrial vacancy rate of approximately 4.8%, compared to the U.S. average of 6.6% [3][4]. - The demand for industrial properties in Southern California remains robust, with vacancy rates fluctuating within a narrow band of around 420 basis points, significantly tighter than the 880 basis points seen in other markets [4]. - Limited supply and a trend of converting industrial properties to other uses, such as housing, further enhance Rexford's market position [5]. Group 2: Financial Performance - In Q3 2025, Rexford signed 69 new leases with an effective rent increase of 25.6% and 54 renewal leases with an average increase of 26.5%, indicating strong demand for its properties [6]. - The REIT's core funds from operations (FFO) increased by 9% year over year in Q3, supported by a high occupancy rate of 96.8%, which is up 60 basis points from the previous quarter [7][8]. Group 3: Dividend Attractiveness - Rexford offers a dividend yield of 4.1%, which is higher than the S&P 500's yield of 1.2% and the average REIT yield of 3.9% [9]. - The company has a strong balance sheet with an FFO payout ratio of approximately 72%, ensuring dividend safety [10]. - The dividend has been increased annually for 12 years, with a total growth of 200% over the past decade, indicating potential for future dividend growth [11].

Fund Performance - The Third Avenue International Real Estate Value Fund generated a return of +3.96% for the quarter ended September 30, 2025, compared to the FTSE EPRA/NAREIT Global ex US Index, which returned +4.03% [3] - Annualized returns for the Fund over various periods are as follows: 1 Year: 11.67%, 3 Year: 13.13%, 5 Year: 9.22%, 10 Year: 7.63%, Inception: 6.19% [4] Investment Strategy - The Fund adopts a cautious investment approach in listed real estate companies with significant emerging market exposure, focusing on experienced management teams, well-capitalized balance sheets, and smart capital allocation decisions [5] - CTP NV, a holding in the Fund, has approximately 35% exposure in Eastern Europe and manages high-quality industrial real estate across 13.5 million square meters [6] Market Trends - CTP's management highlighted strong growth rates driven by the 'nearshoring' trend, with a +16% return on equity and raised growth targets indicating potential mid-teens earnings per share growth over the next five years [7] - The demand for leasing from Asian-based manufacturers has increased to 20%, up from 10%, driven by the 'China plus one' strategy to diversify supply chains [8][9] Regional Insights - Southeast Asian countries like Malaysia, Thailand, and Vietnam are benefiting from the diversification strategy, with Thailand experiencing a 132% growth in foreign direct investment in the first half of the year [10][12] - Amata Corporation, a new investment by the Fund, specializes in developing industrial estates in Thailand and Vietnam, with a strong annual earnings growth of 20% over the past three years [13][14] Valuation and Growth Potential - The Fund acquired Amata shares at attractive valuations, around half of a conservative net-asset value estimate and a 6 times price-to-earnings ratio compared to a ten-year average of 12 times [14] - Big Yellow Group PLC, another Fund holding, has a share price offering 45% upside to the assessed net asset value, with potential interest from Blackstone for acquisition [29][32] Sector Exposure - The Fund's industrial real estate exposure accounts for 20%, with a focus on companies benefiting from 'nearshoring' and 'China plus one' trends, particularly in Central and Eastern Europe, Mexico, and Southeast Asia [17] - The Asia Pacific region now constitutes half of the Fund's assets, with the UK and Europe making up about one-third [20]

SUPPLEMENTAL INFORMATION UNAUDITED THIRD QUARTER 2025 Forward-Looking Statements This supplemental information package contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. STAG Industrial, Inc. (STAG) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of ...